Sec Form 4 Filing - Electrum Silver US LLC @ Gatos Silver, Inc. - 2025-01-16

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Electrum Silver US LLC 2. Issuer Name and Ticker or Trading Symbol Gatos Silver, Inc. [ GATO] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 600 FIFTH AVENUE, 24TH FLOOR, 3. Date of Earliest Transaction (MM/DD/YY) 01/16/2025 (Street) NEW YORK, NY10020 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 01/16/2025 J( 1 ) 17,894,672 D $ 0 ( 1 ) 0 D ( 2 ) ( 4 ) Common Stock 01/16/2025 J( 1 ) 4,109,704 D $ 0 ( 1 ) 0 D ( 3 ) ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Electrum Silver US LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X Electrum Silver US II LLC C/O THE ELECTRUM GROUP LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X Electrum Strategic Opportunities Fund II GP L.P. 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X ESOF II GP Ltd. 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X Electrum Group LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X Electrum Strategic Management LLC 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X Electrum Strategic Opportunities Fund II L.P. 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X ELECTRUM GLOBAL HOLDINGS L.P. 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X TEG Global GP Ltd. 600 FIFTH AVENUE, 24TH FLOOR NEW YORK, NY10020 X Signatures The Electrum Group LLC, By: /s/ Michael H. Williams, Name/Title: Michael H. Williams, Senior Managing Director 01/16/2025 Signature of Reporting Person Date Electrum Silver US LLC, By: Electrum Strategic Management, its Manager, By: /s/ Andrew M. Shapiro, Name/Title: Andrew M. Shapiro, Managing Director 01/16/2025 Signature of Reporting Person Date Electrum Silver US II LLC, By: Electrum Strategic Management, its Manager By: /s/ Andrew M. Shapiro, Andrew M. Shapiro, Managing Director 01/16/2025 Signature of Reporting Person Date Electrum Strategic Management LLC, By: /s/ Andrew M. Shapiro, Name/Title: Andrew M. Shapiro, Managing Director 01/16/2025 Signature of Reporting Person Date Electrum Global Holdings L.P., By: TEG Global GP Ltd., its general partner, By: /s/ Andrew M. Shapiro, Name/Title: Andrew M. Shapiro, Director 01/16/2025 Signature of Reporting Person Date TEG Global GP Ltd., By: /s/ Andrew M. Shapiro, Name/Title: Andrew M. Shapiro, Director 01/16/2025 Signature of Reporting Person Date Electrum Strategic Opportunities Fund II L.P., By: Electrum Strategic Opportunities Fund II GP L.P., its general partner, By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Director, Name/Title: Michael H. Williams, Director 01/16/2025 Signature of Reporting Person Date Electrum Strategic Opportunities Fund II GP L.P., By: ESOF II GP Ltd., its general partner, By: /s/ Michael H. Williams, Name/Title: Michael H. Williams, Director 01/16/2025 Signature of Reporting Person Date ESOF II GP Ltd., By: /s/ Michael H. Williams, Name/Title: Michael H. Williams, Director 01/16/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents shares of common stock of Gatos Silver, Inc. (the "Company"), disposed of as a result of the merger (the "Merger") contemplated by the Agreement and Plan of Merger, dated as of September 5, 2024 (the "Merger Agreement"), by and among the Company, Ocelot Transaction Corporation and First Majestic Silver Corp. ("First Majestic"). Pursuant to the Merger Agreement, the reporting persons have the right to exchange each share of the Company's common stock owned immediately prior to the effective time of the Merger for 2.55 First Majestic common shares, with any fractional shares to be paid in cash, without interest. On January 15, 2025, the day prior to the Merger, the closing price of First Majestic common shares was $5.64 per share. ( 2 )These securities were owned directly by Electrum Silver US LLC ("ESUS"). Electrum Strategic Management LLC ("ESM") is the manager of ESUS. ESM is wholly owned by Electrum Global Holdings L.P. ("Global Holdco"), and TEG Global GP Ltd. ("TEG Global") is the general partner of Global Holdco. The Electrum Group LLC ("TEG") acts as an investment advisor to Global Holdco. As a result, ESM, Global Holdco, TEG Global and TEG may be deemed to have beneficially owned shares of the Company's common stock held by ESUS. ( 3 )These securities were owned directly by Electrum Silver US II LLC ("ESUS II"). Electrum Strategic Opportunities Fund II L.P. ("ESOF II") owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."), and the general partner of ESOF II GP L.P. is ESOF II GP Ltd. ("ESOF II GP"). ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. As a result, ESOF II, ESM, Global Holdco, TEG Global, ESOF II GP L.P. and ESOF II GP may be deemed to have beneficially owned shares of the Company's common stock held by ESUS II. ( 4 )For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each reporting person disclaims beneficial ownership of these securities, except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that such reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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