Sierra Madre Gold and Silver (SM) investor relations material

Strategic vision and growth initiatives

• Aims to become Mexico's next mid-tier silver producer by expanding production and advancing exploration at two key assets: La Guitarra and Del Toro.

• La Guitarra mine is in commercial production with ongoing expansion and exploration, while Del Toro was acquired in June 2026 and is slated for a restart in mid-2028.

• Backed by major institutional investors and industry partners, providing financial strength and credibility.

• Mexico's favorable regulatory environment and status as the world's top silver producer support growth ambitions.

La Guitarra mine: operations, expansion, and exploration

• Achieved full commercial production in January 2025, with Q1 2026 sales of 128,827 AgEq ounces and ongoing head grade improvements.

• Two-stage expansion plan: Phase 1 increases capacity by 50% to 750–800 tpd by Q2 2026; Phase 2 targets 1,200–1,500 tpd by Q3 2027, doubling throughput.

• Expansion is fully funded from treasury and cash flow, with no additional permits required.

• District-scale exploration underway, with a $3.5M program and a 30,000m drill campaign in the East District starting H2 2026.

• 2023 resource update: 27.2M AgEq M&I ounces (up 373%) and 20.2M AgEq inferred ounces (up 204%).

Del Toro mine: acquisition, resource, and restart plan

• Acquired from First Majestic for $60M over four years; includes three underground mines and a 3,000 tpd flotation circuit.

• Historic resource: 7.6M AgEq M&I ounces and 11.2M AgEq inferred ounces as of 2020.

• $12M exploration budget over 24–30 months, with a 30,000m drill program and new resource report expected by early 2028.

• Restart plan targets mid-2028 production, with an initial 800 tpd run rate and a $10M budget for rapid startup.

• Del Toro offers significant exploration upside in an underexplored district with multiple historic mines and mineralization types.