Sierra Madre Gold and Silver (SM) Corporate Presentation summary

Strategic overview and management

• Achieved commercial production at La Guitarra mine on January 1, 2025, with a focus on both production and district-scale exploration.

• Management and board have extensive experience in mine development, capital markets, and Mexican mining operations.

• First Majestic Silver is the largest shareholder with a 44.5% stake, providing strong institutional backing.

• $5M loan from First Majestic in May 2024 supported final preparations for La Guitarra's restart.

• Attractive valuation and strong insider ownership position the company for potential re-rating.

La Guitarra mine operations and performance

• Full commercial production commenced in Q1 2025, generating $4.8M in revenue and $1.2M gross profit.

• Q1 2025 production totaled 165,093 silver equivalent ounces with 79.21% silver and 78.77% gold recoveries.

• Plant operates at 500 t/d, with expansion potential and a new 5.8M tonne tailings facility permitted.

• Coloso mine began supplementing feed in April 2025, expected to drive revenue growth in subsequent quarters.

• Test mining in 2024 ramped up to 500 t/d, with cost of sales at $22.40 per AgEq ounce sold.

Resource updates and exploration

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

• Over 59 km of mineralized structures mapped, with 1,400+ drill holes and 236,000m drilled.

• District-scale exploration ongoing, targeting both West (modern production) and East (historic production) districts.

• Coloso mine grades are significantly higher than Guitarra mine veins, enhancing overall resource quality.

• Exploration permits in place for multiple targets, with ongoing development and mapping.