Vancouver, British Columbia--(Newsfile Corp. - July 15, 2024) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company") is pleased to announce that it has signed a binding off-take agreement with Swiss-based global minerals trader MRI Trading AG ("MRI") for 100% of concentrate sales from the Guitarra silver-gold mine in Mexico for a 24-month term.

Alex Langer, Sierra Madre's President and CEO, states, "While we received extensive interest, including multiple offers from various parties for the Guitarra silver-gold concentrate, we ultimately chose to sign with MRI. MRI had previously received the concentrate from the time that the mine was last in production in 2018 and understands the high quality of the material. We are very pleased with the terms of this agreement and the 24-month length is in line with the recently executed US$5 million loan facility with First Majestic Silver Corp. This offtake agreement is a key finishing step needed for a possible restart of La Guitarra."

About MRI Trading AG

MRI is a leader in trading metals and minerals, petroleum products, bulk, and freight. It specializes in non-ferrous ores, concentrates, refined and precious metals and their related by-products for a global smelting and processing customer base.

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:
[email protected]

Cautionary Note

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