Redox Reactions and Electrochemistry: JEE Main 2025 Chemistry question

Given below are two statements : 1 M aqueous solutions of each of $\mathrm{Cu(NO_3)_2}$, $\mathrm{AgNO_3}$, $\mathrm{Hg_2(NO_3)_2}$; $\mathrm{Mg(NO_3)_2}$ are electrolysed using inert electrodes. Given : $E^\theta_{\mathrm{Ag^+/Ag}}=0.80$ V, $E^\theta_{\mathrm{Hg_2^{2+}/Hg}}=0.79$ V, $E^\theta_{\mathrm{Cu^{2+}/Cu}}=0.24$ V and $E^\theta_{\mathrm{Mg^{2+}/Mg}}=-2.37$ V. Statement (I) : With increasing voltage, the sequence of deposition of metals on the cathode will be Ag, Hg and Cu. Statement (II) : Magnesium will not be deposited at cathode instead oxygen gas will be evolved at the cathode. In the light of the above statements, choose the most appropriate answer from the options given below :