Sierra Madre Gold & Silver Ltd. · TSXV:SM
Sierra Madre Gold & Silver — Investor Presentation (April 2026)
27 slides from Sierra Madre Gold & Silver's investor presentation, April 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION April 2026 TSXV: S M | OTCQX: S MD 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: announced acquisition from First Majestic (Dec 2025) - plann
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 2025 sales of 628,196 AgEq* ounces – expecting growth in 2026 Coloso and Nazareno mines ramping up La Guitarra two-stage e
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: Strong 2025, Growing Revenues
LA GUITARRA: STRONG 2025, GROWING REVENUES First full year of commercial opera1ons under Sierra Madre US$ Million Q4 2025 FY 2025 • Consecu(ve Head Grade Improvements —head grades increased through each quarter of 2025, with further improved head grades an(cipated in Q1 2026. Revenues $8.32M $24.96M
Slide 10: La Guitarra Expansion Plans
LA GUITARRA EXPANSION PLANS Capacity Expected to Increase +50% by Q2 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 increase incr
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: 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 expected to add second production- ready asset Cash and share deal: US$60M over 4 years – US$30M upfront Histori
Slide 14: 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 15: 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 16: 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, DEL TORO: EXPLORATION OPPORTUNITY available for review under First Majestic´s SEDAR+ profile at www.sedarplus.ca, Notes fo
Slide 17: 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 18: 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 19: 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 20: Del Toro Acquisition from First Majestic Silver
DEL TORO ACQUISITION FROM FIRST MAJESTIC SILVER Total value of consideration is up to US$60M in cash and shares (SM Discretion) Within 4 yrs post-Closing Once Del Toro runs At Closing 18 months post Closing 100,000,000 AgEq* at 4,000 tpd** • US$20M in • US$10M in cash • US$10M in cash • US$10M in ca
Slide 21: Sierra Madre: Catalysts Ahead
SIERRA MADRE: CATALYSTS AHEAD Planned addition of second asset will position Sierra Madre to scale and advance towards mid-tier producer status Expanding Produc7on Base Explora7on Focus Valua7on and Re-Rate Poten7al La Guitarra expansions – to come on-line in Q2 2026 An@cipated Del Toro acquisi@on f
Slide 22: Share Structure
SHARE STRUCTURE Tight Share Structure and Large Insider Ownership Capital Structure as of Apr 28, 2026 Loan from First Majestic Analyst Coverage Key Shareholders Market Cap Apr 28 ‘26 C$328.6M Interest Rate 15% per annum First Majestic 26.2% Shares Outstanding 196,752,026 Beacon Bereket Berhe Jupite
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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