# Sierra Madre Gold & Silver (TSXV:SM)

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

## About

Sierra Madre Gold and Silver is focused on precious metals projects in Mexico, particularly the La Guitarra mine located in the Silver Belt. The company has commenced commercial production at the Guitarra mine complex as of January 1, 2025, and aims to explore high-grade feeder zones at depth. The company has a strong capital markets expertise with over 100 years of combined mining experience in Mexico.

## Key facts

- **Cash position:** $390,902
- **Shares outstanding:** 152,339,000
- **Fully diluted shares:** 154296
- **Warrants:** 13,929,000
- **Options:** 12,659,667
- **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: 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. 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. 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.","Tepic Project: 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. 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."]
- **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: 2026-05-15_

## Recent filings

- 2026-05-19 — press_release — [SM_2026-05-19_06-50-00.pdf](https://chat.orbiton.app/sm/preview/51304?documentId=51304)
- 2026-05-19 — financials — [SM_2026-05-19_05-46-56.pdf](https://chat.orbiton.app/sm/preview/51288?documentId=51288)
- 2026-05-19 — mda — [SM_2026-05-19_05-45-55.pdf](https://chat.orbiton.app/sm/preview/51289?documentId=51289)
- 2026-05-18 — financials — [SM_2026-05-18_23-38-47.pdf](https://chat.orbiton.app/sm/preview/51286?documentId=51286)
- 2026-04-29 — press_release — [Sierra Madre Reports Q4 and Year-End 2025 Financial Results, Positive Operating Performance](https://chat.orbiton.app/sm/preview/34255?documentId=34255)
- 2026-04-29 — annual_report — [SM_2026-04-29_05-53-23.pdf](https://chat.orbiton.app/sm/preview/34250?documentId=34250)
- 2026-04-29 — mda — [SM_2026-04-29_05-52-23.pdf](https://chat.orbiton.app/sm/preview/34249?documentId=34249)
- 2026-04-29 — other — [SM_2026-04-29_05-50-52.pdf](https://chat.orbiton.app/sm/preview/34247?documentId=34247)

## Investor FAQ

### [Latest News?](https://chat.orbiton.app/sm/faq/latest-news)

As of May 19, 2026, Sierra Madre Gold & Silver has reported positive operating performance and financial results for Q4 and the year-end 2025. The company continues to focus on its projects in Mexico, particularly the La Guitarra mine, which commenced commercial production on January 1, 2025.

### [Projects Overview](https://chat.orbiton.app/sm/faq/projects-overview)

Sierra Madre Gold & Silver is primarily focused on the La Guitarra Project, which is now in commercial production and features a 500 t/d mill. The company also holds the Tepic Project, which has shown good metallurgical recoveries for gold and silver and is located in a mining-friendly jurisdiction.

## Live AI chat

- https://chat.orbiton.app/sm/chat
- Investor website: https://sierramadregoldandsilver.com/