Sierra Madre Gold and Silver Ltd. reports developments tied to its silver-gold mining and exploration portfolio in Mexico. Company news centers on the La Guitarra silver-gold mine complex, including operating results, processing-plant upgrades, equipment purchases, tailings and land-use matters, and exploration activity in the East District.
Recurring updates also cover capital-structure items such as secured loan repayments, private-placement funding references, shareholder ownership changes, and governance matters. Additional property news includes the Tlacotal area within La Guitarra and the Tepic Project, which is described as hosting low-sulphidation epithermal gold and silver mineralization with a historic resource.
Sierra Madre (OTCQX: SMDRF) reported 2025 audited results: 628,196 AgEq ounces sold, net revenues US$24.96 million and Adjusted EBITDA US$6.03 million. Cash and short-term investments were US$17.3 million. A two-stage La Guitarra expansion aims to raise throughput from 500 tpd to 750–800 tpd in Phase 1 (expected end Q2 2026) and to 1,200–1,500 tpd by Q3 2027.
Key operational drivers include ramped production at Coloso and Nazareno, a Del Toro acquisition expected to close in May 2026, and a planned 30,000 m East District drill program starting H2 2026.
Sierra Madre (OTCQX: SMDRF) has repaid US$2.5 million of a US$5.0 million non-revolving, secured term loan from First Majestic, completing half of the facility as of March 24, 2026. The loan was extended to a May 2027 maturity.
The company attributes early repayment to stronger silver and gold prices and higher cash generation from La Guitarra, expects to repay the remaining balance in the coming months, and plans a first-stage production expansion by end of Q2 2026 to lift throughput by at least 50% from the current 500 tpd. Fourth-quarter and full-year 2025 results are expected mid-April 2026.
Sierra Madre (OTCQX: SMDRF, TSXV: SM) was named a 2026 TSX Venture 50 company on Feb 18, 2026. The ranking highlights top TSXV performers based on one-year share price appreciation, market-cap growth, and trading value. In 2025 Sierra Madre reported share price +264% and market cap +342%.
The company attributed the recognition to operations at La Guitarra, disciplined execution across its portfolio, and investor confidence. The TSX Venture 50 ranks the top 50 of over 1,500 TSXV issuers.
Sierra Madre (OTCQX: SMDRF) is advancing a two-stage expansion at La Guitarra to raise processing from 500 tpd to 750–800 tpd in stage one, and to 1,200–1,500 tpd by Q3 2027 in stage two. Plant upgrades, a 600 tpd ball mill purchase, a thickener tank, crushing upgrades and new mining fleet units are underway. First-stage civil and equipment works began December 2025, with key milestones (thickener completion and mill installation) targeted for late Q2 2026.
Sierra Madre (OTCQX: SMDRF) received federal land use authorization (Cambia de Suelos) for a 34.7-hectare Tlacotal area in the East District of the La Guitarra silver-gold complex and executed land purchase agreements covering Tlacotal plus an adjacent 33.1 hectares. The company also secured an option to purchase private lands (Lopez Extension) including land beneath the current tailings facility and extended the lease there for 30 years. Drilling of 20,000–25,000 metres is scheduled to start in H2 2026. The release reiterates the 2023 Santa Ana mineral resource estimate and notes that resources are not mineral reserves.
Sierra Madre (OTC:SMDRF) closed the first tranche of a brokered private placement on January 14, 2026, issuing 30,521,724 subscription receipts at $1.30 each for gross proceeds of $39,678,241.20. $38,568,280.26 was placed into escrow after deducting 50% of the Agents' fee and certain expenses. The company paid an Agents' fee of $2,032,276.06 and issued 1,562,366 compensation options exercisable at $1.30 for 24 months. Interested parties subscribed for 219,250 receipts totaling $285,025. Escrowed funds will be released on satisfaction of acquisition-related escrow release conditions, or returned if conditions are not met by 5:00 p.m. Toronto time on May 14, 2026. Securities carry a four-month hold and the offering remains subject to TSXV final approval.
Sierra Madre (OTCQX: SMDRF) reported Q3 2025 revenues of US$5.52M and gross profit of US$1.70M, with Adjusted EBITDA up 27% quarter-over-quarter to US$1.86M. The company sold 153,583 AgEq ounces in Q3 and produced from La Guitarra, Coloso and Nazareno operations.
Operationally, mill downtime from rainy-season power outages caused ~187 hours lost and reduced mill output to ~90% of nameplate capacity; backup power and equipment purchases are planned. A US$3.5M East District exploration program started Oct 23, 2025, with drilling targeted for Q2 2026. A two-stage plant expansion to 750–800 tpd by Q2 2026 is underway.
First Majestic Silver Corp (NYSE: AG) sold 17,500,000 Sierra Madre Gold and Silver shares on November 5, 2025 for CAD$1.33 per share, generating CAD$23,275,000 gross proceeds.
Before the sale First Majestic held 69,063,076 shares (≈37.13%); after the sale it holds 51,563,076 shares (≈27.72%) on a non-diluted basis. All Sierra Madre securities are held for investment; the company says it has no current intention to change its position but may review holdings depending on market conditions. An early warning report will be filed on SEDAR+ under Sierra Madre's profile.
Sierra Madre (OTCQX: SMDRF) has started a US$3.5 million exploration program in the East District of the Guitarra project, Estado de Mexico, covering the historic Temascaltepec mining area.
The program is two‑stage: a ~9‑month target definition campaign (mapping, surveying, sampling, structural analysis) followed by a 20,000–25,000 metre drill program over 12–18 months, with potential for later delineation drilling. Company funding is expected from treasury/cash flow following a C$19.5 million private placement closed July 2025.
The release cites a 2023 NI 43‑101 with an East District inferred/indicated resource at Mina de Agua and a 2002 assessment estimating an exploration target of 0.77–1.54 Mt grading ~440–670 g/t Ag and 2.4–3.6 g/t Au (conceptual).
Sierra Madre Gold and Silver (OTCQX: SMDRF) has commenced underground development at the Nazareno silver and gold mine within its La Guitarra complex in Mexico. Over 700 tonnes of mineralized material have been delivered to the Guitarra processing plant, with production grades exceeding the resource model by 40% for silver and 30% for gold.
The company has identified merged silver and gold-bearing veins forming zones up to 8 meters wide. The 2023 Mineral Resource Estimate shows 309,877 tonnes of Indicated resources at 257.3 g/t AgEq and 753,784 tonnes of Inferred resources at 251.5 g/t AgEq. Sierra Madre plans to expand plant capacity from 500 t/d to double capacity by Q3 2027.