Sierra Madre Gold and Silver Announces Shareholder Approval of Acquisition of Del Toro Silver Mine

About this update from Sierra Madre Gold & Silver Ltd.

Vancouver, British Columbia--(Newsfile Corp. - April 28, 2026) - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company") is pleased to announce that at its special meeting of shareholders held on April 28, 2026 (the "Meeting"), shareholders approved the previously announced acquisition (the "Acquisition") of the Del Toro Silver Mine in the Chalchihuites District in Mexico ("Del Toro") from First Majestic Silver Corp. ("First Majestic"). For further information regarding the Acquisition, please refer to the Company's news release dated December 17, 2025. The Acquisition was approved by a majority of the votes cast by disinterested shareholders present or represented by proxy at the Meeting, as required under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. Completion of the Acquisition remains subject to acceptance of the TSXV and the receipt of Mexican antitrust approval. The closing of the Acquisition is anticipated to occur in mid-May 2026. All Sierra Madre shares issued to First Majestic under the Acquisition will be subject to a hold period ending on the date that is four months and one day following the date of issuance of such shares. In addition, First Majestic has agreed to further contractual resale restrictions on such shares. For further details regarding the Acquisition, please refer to the management information circular dated March 24, 2026 available on the Company's website at www.sierramadregoldandsilver.com and on the Company's profile on SEDAR+ at www.sedarplus.ca. About Sierra Madre Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals producer and exploration company focused on 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 underground mine, which includes a 500 t/d processing facility that operated until mid-2018 and restarted commercial production in January 2025. 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 silver and gold mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively ...

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