SIERRA MADRE GOLD SILVER - SMDRF STOCK NEWS

Sierra Madre Gold and Silver Ltd. (TSXV:SM)(OTCQX:SMDRF) announces the successful release of 5,123,092 subscription receipts, converting them into common shares and granting access to $3,330,010 in proceeds.

Sierra Madre Gold and Silver Ltd. announces its first project-wide Resource Estimate for the La Guitarra silver-gold mine and the Temascaltepec mining district in Mexico. The estimate shows indicated resources of 3,842,000 tonnes with an average silver equivalent grade of 220 g/t and inferred resources of 4,105,000 tonnes with an average silver equivalent grade of 153 g/t. The company plans to release a Mine and Restart Plan in Q1 2024 to evaluate the economic potential of the mine.

Sierra Madre engages Stantec for tailings deposition options at La Guitarra Silver-Gold Mine Complex in Mexico. Extension of Subscription Receipts announced.

Sierra Madre Gold and Silver Ltd. updates on its acquisition of the La Guitarra Silver-Gold Mine, following shareholder approval for the exchange of 69,063,076 common shares valued at US$35 million. The acquisition aims to enhance production and cash flow from the operational mine in Mexico. The company seeks Mexican antitrust approval, expected in Q1 2023, to finalize the transaction. This strategic move positions Sierra Madre to leverage La Guitarra's historical resources of approximately 7.45 million oz silver-equivalent for future growth.

Sierra Madre Gold and Silver Ltd. (SMDRF) announced that at their special meeting on December 9, 2022, shareholders voted overwhelmingly (99.99%) in favor of acquiring all shares of La Guitarra Compañia Minera S.A. de C.V. from Corporacion First Majestic for 69,063,076 common shares, valued at approximately CAD 44.89 million (USD 35 million). This transaction is pending final acceptance from the TSX Venture Exchange. Additionally, the issuance of shares will create a new Control Person with First Majestic, approved by the same majority.

Sierra Madre Gold and Silver Ltd. has updated its acquisition of the La Guitarra Silver-Gold Property following an amended agreement with First Majestic Silver Corp. The amended agreement, dated October 28, 2022, modifies terms regarding a 2% net smelter returns royalty that will now be granted prior to the closing of the transaction, rather than concurrently. Necessary governmental approvals must also be secured before closing. The company aims to finalize the acquisition by the end of 2022, maintaining other material terms unchanged from the initial announcement.

Sierra Madre Gold and Silver Ltd. (OTCQB:SMDRF) has successfully closed the first tranche of a brokered private placement financing, raising $6,178,020.55 through the issuance of 9,504,647 Subscription Receipts at $0.65 each. This offering contributes to an overall goal of raising up to $10,000,250 to support the acquisition of La Guitarra silver-gold property. Escrowed proceeds will be released upon satisfying specific conditions by January 6, 2023. Funds will be utilized for property development and working capital.

Sierra Madre Gold and Silver Ltd. (TSXV:SM, OTC PINK:SMDRF) announced the appointment of Kenneth Scott as the new Chief Financial Officer (CFO), effective immediately. Mr. Scott brings over 33 years of public company auditing experience, having worked with notable mining companies during his tenure at PricewaterhouseCoopers. The transition comes as the company prepares for operations at its La Guitarra project. The previous CFO, Kerry Spong, will continue to serve as Controller and Corporate Secretary.