Sierra Madre announces first silver-gold concentrate shipment

Vancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company") is pleased to announce first shipments of silver and gold concentrates from the 100% owned Guitarra Mine Complex located in Estado de Mexico, Mexico. On July 25, 2024 the Company shipped 90.68 dry metric tonnes ("DMT") which contained approximately 3,000 grams of silver and 30 grams gold per DMT. The Company has approximately 90 dry metric tonnes of additional concentrate that is expected to ship later this week.

The Company will continue to increase production with a goal of reaching 500 tonnes per day ("TPD") of throughput for approximately 350 DMT of silver-gold concentrate production per month by year-end.

Alex Langer, Chief Executive Officer, stated, "This marks another important milestone for Sierra Madre. With the start of cashflows from concentrate the Company will be receiving revenues on a weekly basis. These revenues should allow us to comfortably expand to commercial production without further capital needs."

At the current test mining and test processing thruput of 259 TPD, the Company expects to have concentrate shipments and corresponding revenues on a weekly basis.

Figure 1: First Concentrate Shipment at Guitarra

To view an enhanced version of this graphic, please visit:

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Qualified Person

Mr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.

About Sierra Madre

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals development and exploration company focused on evaluating the potential of restarting the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted, past-producing underground mine, which includes a 500 t/d processing facility that operated until mid-2018.

The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Sierra Madre´s management team has played key roles in managing the exploration and development of more than 22Moz gold and 600Moz silver in combined mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

"Alexander Langer"
Alexander Langer
President, Chief Executive Officer and Director
1-604-765-1604

Contact:
investor@sierramadregoldandsilver.com