Sierra Madre Gold and Silver (SM) Corporate Presentation summary

Operational highlights

• La Guitarra mine achieved full commercial production on January 1, 2025, generating $5.4 million in Q2 2025 revenues and a gross profit of $1.3 million, with 173,562 silver equivalent ounces sold in the quarter.

• The mine's process plant operates at 500 t/d, with plans to expand to 750–800 t/d by Q2 2026 and up to 1,200–1,500 t/d by Q3 2027, fully funded from treasury and cash flow.

• Q2 2025 saw 168,535 silver equivalent ounces produced, with 76.62% silver and 77.95% gold recoveries, despite weather-related downtime.

• A $5M loan from First Majestic Silver, extended to May 2027, supported final mine preparations and equipment upgrades.

• C$19.5M private placement closed in July 2025 to fund expansion and operational improvements.

Resource and exploration updates

• 2023 resource estimate for La Guitarra: 27.2M silver-equivalent indicated ounces (up 373%) and 20.2M inferred ounces (up 204%).

• Coloso mine resource grades are 1.7x higher in silver and 1.2x higher in gold compared to Guitarra mine veins.

• District-wide mapping identified 59 km of mineralized veins; over 1,400 drill holes totaling 236,000 meters completed.

• East District exploration program underway with a $3.5M budget and a planned 20,000–25,000m drill program in Q2 2026.

• Tepic project shows over 15 km strike length potential, with recent drilling confirming open structures and high-grade intercepts.

Financial and corporate structure

• Market cap as of October 31, 2025: C$234.6M; 183.3M shares outstanding, fully diluted 213.7M.

• Current assets (including cash) of $5.9M as of June 30, 2025.

• Key shareholders: First Majestic Silver (37.7%), institutions (24.3%), management and founders (21.4%).

• All-in sustaining cost per silver equivalent ounce sold in Q2 2025 was $30.10.

• Analyst coverage by Beacon Securities and VSA Capital.