Sierra Madre Gold and Silver Ltd.'s non-offering prospectus dated March 31, 2021, has been filed with and accepted by the TSX Venture Exchange, and filed with and receipted on April 1, 2021, by the securities regulatory authorities in British Columbia and Alberta, pursuant to the provisions of the applicable securities acts, and has been filed under Multilateral Instrument 11-102, Passport System, in Alberta.

The common shares of the company will be listed and admitted to trading on the TSX Venture Exchange on the effective date stated below.

The company is classified as a gold and silver ore mining company (NAICS No. 212220).

Listing date:  at the close of business (5:01 p.m. EDT) on Friday, April 16, 2021

Commence date:  The common shares will commence trading on the TSX Venture Exchange at the opening on Monday, April 19, 2021.

Please refer to the company's news release of April 15, 2021, for further details.

Corporate jurisdiction:  British Columbia

Capitalization:  unlimited common shares with no par value, of which 63,938,388 common shares are issued and outstanding

Escrowed shares:  20,641,780 common shares

Transfer agent:  Odyssey Trust Company

Trading symbol:  SM

Cusip No.:  8263XP 10 4

For further information, please refer to the company's prospectus dated March 31, 2021.