Sierra Madre Gold & Silver Ltd. · TSXV:SM
Sierra Madre Gold & Silver — Investor Presentation (September 2026)
27 slides from Sierra Madre Gold & Silver's investor presentation, September 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION September 2026 TSXV: SM | O TC QX: SMD RF
Slide 2: Cautionary / Forward Looking Statement & Technical Disclosure
CAUTIONARY / FORWARD LOOKING STATEMENT & TECHNICAL DISCLOSURE Forward Looking Statements: Certain statements contained in this presentation constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian
Slide 3: Building Mexico's Next Mid-Tier Silver Producer
BUILDING MEXICO’S NEXT MID-TIER SILVER PRODUCER Del Toro Acquisition: Building Sierra Madre’s Production Base Sierra Madre Highlights La Guitarra: Mine in commercial production, with expansion and exploration underway Del Toro Silver Mine: acquisition from First Majestic closed Jun 2026-30,000m of d
Slide 4: Management
MANAGEMENT Alex Langer Director, President & CEO Gregory Liller B.Sc. Executive Chairman & COO Mr. Langer is a successful public markets specialist with 20 years of experience. He started his career as an Investment Advisor with Canaccord Genuity, where he helped fund over 100 private and publicly l
Slide 5: Board of Directors Continued
BOARD OF DIRECTORS CONTINUED A winning combination through decades of experience Mexican operations Capital markets Discovery success Jorge Ramiro Monroy Alejandro Caraveo-Vallina Sean McGrath LEAD DIRECTOR DIRECTOR & COUNTRY MANAGER CPA, CGA – DIRECTOR, AUDIT COMMITTEE • Founder and Managing Direct
Slide 6: La Guitarra: Expansion and Exploration Focus
BUILDING MEXICO’S NEXT MID-TIER SILVER PRODUCER La Guitarra: Expansion and Exploration Focus La Guitarra Highlights Guitarra Mine: Full commercial production started Jan 1, 2025 Q2 2026 sales 123,483 AgEq* ounces – expecting growth in H2 2026 Coloso and Nazareno mines ramping up La Guitarra two-stag
Slide 7: La Guitarra Mine: District Scale Mining Opportunity
LA GUITARRA MINE: DISTRICT SCALE MINING OPPORTUNITY Fully permitted mine and 500 t/d mill in Mexico’s Silver Belt Full commercial production commenced Jan 1, 2025 A high-grade underground mine that operated up to August 2018 Functional and expandable 500 t/d crushing, grinding and flotation facility
Slide 8: La Guitarra: 2023 Resource Update
LA GUITARRA: 2023 RESOURCE UPDATE 27.2M Silver-Equivalent M&I Ounces: Up 373% 20.2M Silver-Equivalent Inferred Ounces: Up 204% AgEq Ag Au AgEq Ag Au Class Tonnes (g/t) (g/t) (g/t) (oz) (oz) (oz) Indicated 3,842,000 220.2 146.3 0.96 27,207,000 18,073,000 118,000 Sierra Madre’s first project- Inferred
Slide 9: La Guitarra: Stage 1 Expansion Nearing Completion
LA GUITARRA: STAGE 1 EXPANSION NEARING COMPLETION Increased Production, Lower Costs Expected Starting in Q3 2026 •Improving Head Grades Expected: As development advances and a US$ Million Q2 2026 Q1 2026 Q2 2025 greater proportion of fresh, in-resource material from Coloso and Nazareno is processed.
Slide 10: La Guitarra Expansion Plans
LA GUITARRA EXPANSION PLANS Phase 1 Capacity Increase Expected Before End of Q3 2026 Second Expansion to Grow Throughputs to +100% of Current Levels by Q3 2027 Phase 1: Phase 2: Expansion to 750tpd to 800tpd Expansion to 1,200tpd to 1,500tpd Site’s nameplate capacity would Subsequent expansion to in
Slide 11: La Guitarra: District-Wide Exploration
LA GUITARRA: DISTRICT-WIDE EXPLORATION • District-scale geologic Exploration Started at the East District: US$3.5M Program mapping has delineated 59 km of mineralized quartz veins and breccias • Over 1,400 drill holes totaling 236,000 metres have been completed • Multiple historic resource reports •
Slide 12: Temascaltepec East District
TEMASCALTEPEC EAST DISTRICT Drill Target Definition Underway: +30,000m Drill Program Planned to Follow in H2 2026 Site of the Majority of Past Production – Limited Modern Drilling and Exploration Mapped to date within the East District: • +25km of Metasediment-hosted veins (blue) • +13 km of Volcani
Slide 13: East District Drilling to Start in Q4
EAST DISTRICT DRILLING TO START IN Q4 Drill Permits Received for 22 Drill Pads Phase One Drilling Plans Initial drilling at Tlacotal area (mining permitted) –7 holes, 1,000 to 1,500m long, sub- horizontal. Designed to intersect multiple vein systems. Magdalena vein (Rincon area): Four holes planned
Slide 14: Del Toro: Opportunity to Replicate Successful Mine Restart
BUILDING MEXICO’S NEXT MID-TIER SILVER PRODUCER Del Toro: Opportunity to Replicate Successful Mine Restart Achieved at La Guitarra Del Toro Highlights Del Toro project from First Majestic adds second production-ready asset Cash and share deal: up to US$60M over 4 years – US$30M upfront Historic (Fir
Slide 15: Del Toro Silver Mine in Chalchihuites District
DEL TORO SILVER MINE IN CHALCHIHUITES DISTRICT Fully Permitted Silver Mine Within Underexplored District in Zacatecas State Operated by First Majestic between 2013 and 2019 – currently on care and maintenance – US$175M spent on build +60km of underground development across three mines, 3,000 tpd flo
Slide 16: Del Toro Exploration Opportunity
DEL TORO EXPLORATION OPPORTUNITY Chalchihuites Mining District – Proximity to Operating Mines Mineralization is CRD, the most prolific silver deposits in Mexico The San Martín (Grupo Mexico), Sabinas (Peñoles), and La Colorada (Pan American Silver) mines are all located near the Chalchihuites villag
Slide 17: Del Toro: Exploration Opportunity
Notes for Historic Mineral Resource Estimates Resources as disclosed in the Annual Information Form of First Majestic for the year ended December 31, 2024, dated March 31, 2025, available for review under First Majestic´s SEDAR+ profile DEL TORO: EXPLORATION OPPORTUNITY at www.sedarplus.ca, Notes fo
Slide 18: Del Toro Exploration: US$12M Budget Over 24-30 Months
DEL TORO EXPLORATION: US$12M BUDGET OVER 24-30 MONTHS 30,000 Metre Drill Program and Resource Update Ahead of Anticipated Del Toro Restart New Resource Report: Expected Within Mina Perseverancia: disseminated and Cotorras Mine workings: thin mantos 18 Months of Acquisition veinlet-style Zn near Pers
Slide 19: Del Toro Mine Restart Plan
DEL TORO MINE RESTART PLAN Sierra Madre to Commence Possible Mine Restart Process Shortly After La Guitarra Expansion Plant includes 3 mills: Perseverancia portal 3,650 tpd total capacity Concentrate Filter Production slated for mid-2028 • San Juan, Perseverancia, Dolores mines developed. • Three op
Slide 20: Del Toro Possible Restart: US$10M Budget Over 1 Year
DEL TORO POSSIBLE RESTART: US$10M BUDGET OVER 1 YEAR Budget to allow for rapid mine startup at 800 tpd run rate Sierra Madre budgeting restart at 800 tpd: Aim to later double to 1,600 tpd Mining development restart cost: US$5M (May be done out of cash flows) Mine site provides silver price optionali
Slide 21: Sierra Madre: Catalysts Ahead
SIERRA MADRE: CATALYSTS AHEAD Addition of second asset will position Sierra Madre to scale and advance towards mid-tier producer status Expanding Production Base Exploration Focus Valuation and Re-Rate Potential La Guitarra expansions – to come on-line Del Toro acquisition from trusted partner in Q3
Slide 22: Share Structure
SHARE STRUCTURE Tight Share Structure and Large Insider Ownership Capital Structure Analyst Coverage Key Shareholders Market Cap Sept 10, 2026 C$392M First Majestic 24.7% Shares Outstanding 261,251,826 Beacon Bereket Berhe Securities Jupiter 9.9% Options 19,415,844 VSA Franklin Templeton 9.9% Oliver
Slide 23: Vancouver
VANCOUVER 1455 Bellevue Ave West Vancouver, BC, V7T 1C3, Canada Phone: (778) 820-1189 alanger@ptolemycapital.co.uk sierramadregoldandsilver.com
Slide 24: Temascaltepec West District
TEMASCALTEPEC WEST DISTRICT Site of all Modern Production – Three Underground Mines: Guitarra, Coloso and Nazareno To date, mapping within the West District delineated +15 km of mineralized veins and breccias. Veins are hosted in: • Metasediments (blue) • Volcanics (green, beige) • Intrusives (purpl
Slide 25: Tepic Project
TEPIC PROJECT Proximity to Infrastructure Lies 22 km, mostly on paved highway from Tepic City, the capital of the State of Nayarit, Mexico. Located 15 km from regional Tepic airport and 120 km from the Puerto Vallarta Airport Workforce familiar with heavy equipment and mining present in surrounding
Slide 26: Tepic Project: Exploration Potential
TEPIC PROJECT: EXPLORATION POTENTIAL Recent exploration indicates strike length potential of over 15km Historical veins: 3.5km New and historical veins: 15km An overly complex structural interpretation with New structural interpretation based on final 2011 drill inferred faults guided previous drill
Slide 27: Tepic: Central Area Diamond Drill Results
TEPIC: CENTRAL AREA DIAMOND DRILL RESULTS Core Drilling Highlights • With 20 core holes completed to date, 17 returned sections of at least 75 g/t silver • TDH002: 12.1m @145.8 g/t Ag, 0.64 g/t Au (194 g/t AgEq) • TDH007: 2.55m @ 878.4 g/t Ag, 3.041 g/t Au, (1106 g/t AgEq) • TDH014: 6.35 m @ 351.8 g
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