Sierra Madre Secures Binding Off-Take Agreement for La Guitarra

Vancouver, July 15, 2024 - Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) ("Sierra Madre" or the "Company") is pleased to announce that it has signed a binding off-take agreement with Swiss-based global minerals trader MRI Trading AG ("MRI") for 100% of concentrate sales from the Guitarra silver-gold mine in Mexico for a 24-month term.

Alex Langer, Sierra Madre's President and CEO, states, "While we received extensive interest, including multiple offers from various parties for the Guitarra silver-gold concentrate, we ultimately chose to sign with MRI. MRI had previously received the concentrate from the time that the mine was last in production in 2018 and understands the high quality of the material. We are very pleased with the terms of this agreement and the 24-month length is in line with the recently executed US$5 million loan facility with First Majestic Silver Corp. This offtake agreement is a key finishing step needed for a possible restart of La Guitarra."

About MRI Trading AG

MRI is a leader in trading metals and minerals, petroleum products, bulk, and freight. It specializes in non-ferrous ores, concentrates, refined and precious metals and their related by-products for a global smelting and processing customer base.

About Sierra Madre

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals development and exploration company focused on evaluating the potential of restarting 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, past-producing underground mine, which includes a 500 t/d processing facility that operated until mid-2018.

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 more than 22Moz gold and 600Moz silver in combined mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively raised over $1 billion for mining companies.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

Cautionary Note

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE: Sierra Madre Gold and Silver Ltd.

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