Mr. Alexander Langer reports

SIERRA MADRE DRILLING INTERSECTS 5.95 METERS OF 7.11 G/T GOLD AND 10.7 METERS OF 4.26 G/T GOLD AT LA TIGRA PROJECT, NAYARIT

Sierra Madre Gold and Silver Ltd. has provided the results of four additional drill holes from the phase I drill program at its La Tigra gold/silver project in the state of Nayarit, Mexico.

The results for holes LTDH004 through TLDH007 are in the attached table.

Gregory K. Liller, executive chairman and chief operating officer, commented: "The drilling program at La Tigra continues to deliver strong results with some intercepts being wider than initially expected. These results continue to expand on the positive results to date at La Tigra."

The phase I drilling program at La Tigra was designed using the data acquired from extensive surface mapping, sampling and trenching programs. This work has defined a 3.5-kilometre long structural corridor with stacked northwest-striking structures. Results for the first three holes from this phase 1 program were released on May 24, 2022.

The structures at La Tigra dip at 40 degrees to 45 degrees and holes 1 and 2 were drilled at minus 45 degrees and hole 3, minus 53 degrees. As such the true width of the intersections is approximately over 90 per cent of the intersected length.

About Sierra Madre Gold and Silver Ltd.

Sierra Madre is a precious metals development and exploration company, focused on evaluating the potential of restarting the La Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic and La Tigra properties in Nayarit, Mexico. The La Guitarra mine is a permitted, past-producing underground mine which includes a 550-tonne-per-day processing facility that operated until mid-2018.

The over 2,600-hectare Tepic project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource. La Tigra, located 148 km north of Tepic, has been mined historically; Sierra Madre's maiden 2022 drill program at the site intercepted shallow mineralization.

Sierra Madre's management has played key roles for managing exploration and development of more than 22 million ounces gold and 600 million oz silver in combined reserves and resources. Sierra Madres team of professionals has collectively raised over $1-billion for mining companies.

Qualified person

Gregory Smith, PGeo, director of Sierra Madre, is a qualified person as defined by National Instrument 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein.

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