Sierra Madre Gold & Silver(TSXV:SM)

Sierra Madre Gold and Silver is focused on precious metals projects in Mexico, particularly the La Guitarra mine in Mexico’s Silver Belt.

Investor website: https://sierramadregoldandsilver.com/

About

Sierra Madre Gold and Silver is focused on precious metals projects in Mexico, particularly the La Guitarra mine in Mexico’s Silver Belt. The company aims to leverage its extensive mining experience and strong capital markets expertise to enhance its operations and growth.

Verified company data

Cash position
$452,081
Shares outstanding
196,351,971
Fully diluted shares
213,721,260
Mineral resource
In November 2023, Sierra Madre announced its first project-wide Resource Estimate for La Guitarra and the Temascaltepec Mining District. The La Guitarra 2023 Mineral Resource Estimate features a 373% increase in Measured and Indicated silver-equivalent resources, to 27.2 million ounces, and a 204% increase in inferred silver-equivalent resources, to 20.2 million ounces. Summary La Guitarra 2023 Mineral Resource Estimate, David G. Thomas P. Geo (Effective Date: October 24, 2023): Class: Indicated, Tonnes: 3,842,000, AgEq (g/t): 220, Ag(g/t): 146, Au (g/t): 0.96, AgEq Ozs: 27,207,000, Ag Ozs: 18,073,000, Au Ozs: 118,000; Class: Inferred, Tonnes: 4,105,000, AgEq (g/t): 153, Ag (g/t): 113, Au (g/t): 0.52, AgEq Ozs: 20,199,000, Ag Ozs: 14,937,000, Au Ozs: 68,000.
Projects
["**La Guitarra Project** Overview: Located in the historic Temascaltepec mining district, 130 km SW of Mexico City, the Guitarra mine complex is now in commercial production. The site includes an on-site 500t/d mill that operated up to August 2018. There are two underground centres, three past-producing zones and +100 known epithermal veins at the site, with district-scale exploration potential across the property. Prime Location: State of Mexico, Mexico, covering 39,714 hectares. Fully Permitted: Current permits for Mining, processing, plus operating license, water use permit, EIA. Acquired 100% interest in La Guitarra in an all-share US$35 million purchase from First Majestic Silver – transaction closed March 30, 2023. High-grade, underground mine in the southeast end of the Mexican Silver Belt with on-site 500 t/d mill. Operated up to August 2018 and re-started commercial production January 1, 2025. Past production on the order of 1 million to 1.5 million AgEq oz annually between 2015 and 2018. District-scale geologic mapping has delineated 59 km of mineralized quartz veins and breccias. Test mining and processing of mineralized rock from the Guitarra mine started July 2024. As announced on September 8, 2025, Sierra Madre plans to increase capacity at La Guitarra by more than 50% from current levels, to 750 tpd to 800 tpd, by Q2 2026. A subsequent expansion is planned to increase capacity by more than 100% from current levels to 1,200 tpd to 1,500 tpd, by Q3 2027. The property hosts +100 NW to EW trending intermediate sulphidation epithermal veins that contain silver, gold, and some lead and zinc. Located at the southern intersection of the Sierra Madre Occidental with the Faja Volcanica Transmexicana (FVTM). The company´s mining concessions, covering 39,714 hectares, cover the entire Temascaltepec mining district and contain numerous Spanish Colonial, 19th, and early 20th-century mines. Over 100 epithermal veins at La Guitarra are contained in five main vein systems. These systems make up a belt that covers over 15 km of strike and is an estimated 4 km wide. Individual veins pinch and swell; vary in width from 10s of centimetres to +20 metres; shoots in the veins are usually 1 to 4 metres wide. From 2012 to 2018, First Majestic completed approximately 128,671 metres of drilling in 689 diamond drill holes. Following the closing of the La Guitarra acquisition, on November 1, 2023, Sierra Madre announced its first project-wide Resource Estimate for the La Guitarra silver-gold mine and the Temascaltepec mining district. Sierra Madre has also completed the first-ever district-wide mapping exercise of the Temascaltepec mining district. To date, surface mapping has delineated nearly 53 km of mineralized quartz veins, breccias, and stockwork zones. Mapping in the Eastern District has delineated over 37.9 km of veining. Mapping has been completed over a significant portion of the West district. Thus far, over 15 km of veins have been located at the surface. While the principal vein systems, Guitarra, Coloso, and Nazareno, have been exploited, the vein swarm north of Guitarra has yet to be drill tested despite having numerous old shafts, adits, and prospect pits. The eastern portion of the district was host to large high-grade mines that were significant producers during the Spanish colonial period. This area has only seen limited modern drilling and exploration even though it is host to hundreds of old mines, prospects, workings, and veins. Over 1,400 drill holes (236,000 metres) have been completed at the La Guitarra property, with multiple historic resource reports. The fully permitted mine and 500 t/d mill in Mexico’s Silver Belt was operated by Sierra Madre management between 2006 and 2009. The high-grade underground mine operated up to August 2018, producing approximately 1 to 1.5 million oz. of silver-equivalent annually. Under Sierra Madre, test mining restarted in July 2024 and commercial production at the Guitarra Complex was achieved on January 1, 2025. Current mining is from the Guitarra mine. Potential to bulk mine mineralization in previously defined open pit deposits using underground bulk mining methods, and develop alternative underground mining options. Concentrate shipments and revenues expected weekly. The Guitarra mine has approximately 40 km of haulage ways, ramps, crosscuts, raises, and development drives. It is accessed from the surface at five primary levels along with several other hillside adits. A decline ramp accesses the San Rafael 1 and 2 areas and has two ventilation shafts. Sierra Madre management recognized that portions of the Guitarra veins and Santa Ana in the East District might be amenable to long-hole mining based on their previous mining experience at the Property and historic mining methods. The Los Angeles area in the Guitarra mine was found to have vein and stockwork mineralization in a configuration that could be amenable to long-hole mining methods. The Los Angeles mineralization is accessible on three haulage way levels, several ramps, and multiple development drives. Existing ore passes on the La Cruz, Los Angeles, San Francisco, and Garambullo levels connect to the San Rafael haulage way, the primary haulage way to the Guitarra flotation plant. Current mining at Guitarra is using cut and fill and shrinkage methods. La Guitarra includes current permits for mining and processing plus: an operating license, a water use permit, an Environmental Impact Authorization (EIA) for Guitarra and Coloso mines, and exploration permits for the Nazareno, Tlacotal, Trancas, La Guitarra NW, Temascaltepec and San Simon projects.","**Tepic Project** Overview: Located near the city of Tepic, Nayarit, previous metallurgical testing has shown good recoveries for both gold and silver recoveries. The project has excellent potential to further define and expand upon the historical resources in terms of both grade and tonnage. Most importantly, the project is in a mining friendly jurisdiction. Prime Location: State of Nayarit, Mexico covering 2,612.5 hectares. Excellent Geology: The Tepic Project lies within Sierra Madre Gold and Silver belt, home to numerous world class gold and silver deposits. Hosts a low-sulfidation epithermal gold and silver mineralization lying within the Sierra Madre Geologic Province. Existing historic resource estimation – Detailed in 2020 Technical Report. Former Flagship asset of Cream Minerals. Good preliminary metallurgical test results for both gold and silver recoveries. Excellent potential to increase the size of the defined Ag-Au mineralized system. Lies 22 km, mostly on paved highway from Tepic City, the capital of the State of Nayarit, Mexico. Located 15 km from regional airport and 120 km from the Puerto Vallarta Airport. Workforce familiar with heavy equipment and mining present in surrounding area. National electrical grid in immediate area. Industrial supplies, machine and fabrication plants readily available in Tepic. The company holds five mining concessions covering a total of 2,612.5 hectares. 100% Owned. Property hosts an epithermal gold-silver mineralization. Several identified zones of mineralization extend over a kilometer with widths up to 200m. These zones define segments of what is thought to be a single, continuous structure that crosses the property from northwest to southeast. 31,537 meters of core drilling in 149 holes, housed in Sierra Madre’s warehouse. Phase 2 drill program has been designed to test extensions of the previously defined breccia/vein structures, test newly defined targets and infill the existing drill pattern in order to facilitate the estimation of an updated NI 43-101 compliant resource. Poor core recovery, averaging 76%, within the mineralized intervals which may have resulted in an underestimation of both gold and silver grades. This is indicated by higher grade sampling in underground workings adjacent to cored intervals. A reverse circulation drilling campaign which would produce 100% recovery, is planned to test this potential. Recent exploration revealed that the defined Ag-Au mineralization has a great potential for expansion. New structural interpretation based on final 2011 drill program results shows both Dos Hornos structures are open along strike. This adds significant upside to the exploration potential. Defined Ag-Au mineralization can be expanded at depth and along strike. Historical Mineral Resource Estimate for the project was released in 2013. WGM McBride & Workman 2013 Resource - 75g/t AgEq Cut-off Restricted Projection Distances 4 Resource Areas Estimated: Class: Indicated, Tonnes: 1,106,753, Width (m): 6.81, Au (g/t): 0.81, Ag (g/t): 144, AgEq (70:1): 201, AgEq (oz): 7,100,000; Class: Inferred, Tonnes: 537,835, Width (m): 6.17, Au (g/t): 0.84, Ag (g/t): 122, AgEq (70:1): 181, AgEq (oz): 3,100,000."]
Leadership
Gregory Liller (Executive Chairman & COO), Alex Langer (CEO, President & Director), Jorge Ramiro Monroy (Lead Director), Greg Smith (B.Sc., P. Geo., Director), Ken Scott (CFO & Corporate Secretary), Alejandro Caraveo-Vallina (Director, Country Manager), Sean McGrath (Director), Kerry Spong (Controller and Senior Manager of Finance), David Palacio (Manager - Corporate Development)

Verified data last updated: 2026-06-12

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