Sierra Madre Gold and Silver Ltd. (TSX-V: SM) (OTCQX: SMDRF) is pleased to announce the Company has generated in excess of $2.4 million in revenues since the commencement of the test mining and milling phase at the Guitarra mine complex. Daily throughput rates of economically interesting silver and gold mineralization have averaged 350 tonnes per day over the past 30 days. All amounts presented herein are expressed in United States Dollars, unless otherwise stated.

Chief Financial Officer, Ken Scott commented, “This marks a significant financial milestone for Sierra Madre. The Guitarra team is continuing to do a great job of incrementally increasing the daily production rate. Our next test mining and processing goal is 400 tonnes per day, followed by commercial production of 500 tonnes per day before year end.”

Test mining and processing has been in continuous daily operation since June 25^th, 2024. A total of 27,990 tonnes of material containing economically interesting silver and gold mineralization has been processed as of September 20, 2024. Eight (8) shipments totalling 466 dry metric tonnes of silver-gold concentrate have been delivered to MRI Trading. Provisional payment gold and silver concentrate grades continue to range from 2,752 g/t to 3,442 g/t silver and 28.65 to 38.45 g/t gold. Final assay grades will be determined upon shipment to the smelters.

About Sierra Madre

Sierra Madre Gold and Silver Ltd. 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.