Mr. Alexander Langer reports

SIERRA MADRE INCREASES M&I SILVER-EQUIVALENT RESOURCES AT LA GUITARRA BY 373% TO 27.2 MILLION OUNCES, INFERRED SILVER- EQUIVALENT RESOURCE INCREASED 204%TO 20.2 MILLION OUNCES

Sierra Madre Gold and Silver Ltd. has released its first project-wide resource estimate for the La Guitarra silver-gold mine and the Temascaltepec mining district in Estado de Mexico, Mexico. TechSer Mining Consultants Ltd. of Vancouver, B.C., prepared the mineral resource estimate (MRE): David Thomas, PGeo, qualified person (QP) for geology, and Cristian Garcia, PEng, QP for mining. The table entitled "Summary La Guitarra 2023 mineral resource estimate, David G. Thomas, PGeo (effective date: Oct. 24, 2023)" shows the La Guitarra estimated mineral resources.

Gregory K. Liller states: "I am extremely pleased with the results of the new mineral resource estimation. This study validates our belief that La Guitarra has a significantly overlooked resource base. Since April, our staff has been working on validating the project-wide database, incorporating historical data, auditing the previously mined areas, and refining the geologic interpretation of the vein and models. The next step to reopening the Guitarra mine will be a mine and restart plan, due in the first quarter of 2024, consisting of a capital and operating cost study, the results of which will be used to evaluate the economic potential of the mine."

The tables entitled "Indicated mineral resource estimate" and "Inferred mineral resource estimate" show the mineral resource estimates by classification and area.

Coloso and Nazareno development details

The Coloso mine supplied most of La Guitarra's production from 2015 to 2018, before being placed on care and maintenance. The Coloso and Narareno block models utilized wireframe models developed by First Majestic Silver, which have been validated. The Coloso veins average width is 1.5 metres and the Nazareno veins have an average width of 4.3 metres. The Coloso mine has over 12 kilometres of existing and accessible ramps, haulage ways, crosscuts, ventilation shafts and development drives. The Nazareno mineralization is accessed from the Coloso workings by a one km haulage way and was under development when the mine was closed.

Guitarra mine details

The Guitarra indicated resources are contained in seven veins with a weighted average width (width times tonnes) for the indicated resources of 3.4 metres. The Guitarra mine has approximately 40 km of haulage ways, ramps, crosscuts, raises and development drives. It is accessed from the surface at five primary levels, along with several other hillside adits. A decline ramp accesses the San Rafael 1 and 2 areas, and has two ventilation shafts.

Sierra Madre management recognized that portions of the Guitarra veins and Santa Ana in the East district might be amenable to long-hole mining based on previous mining experience at the property and historic mining methods. The Los Angeles area in the Guitarra mine was found to have vein and stockwork mineralization in a configuration that could be amenable to long-hole mining methods. The Los Angeles mineralization is accessible on three haulage way levels, several ramps and multiple development drives. Existing ore passes on the La Cruz, Los Angeles, San Francisco and Garambullo levels connect to the San Rafael haulage way, the primary haulage way to the Guitarra flotation plant.

Tlacotal project

The Santa Ana vein (also known as Mina de Agua, shown in the tables entitled "Indicated mineral resource estimate" and "Inferred mineral resource estimate") in the East district has an average width of 7.1 metres. First Majestic completed an approved environmental impact statement (MIA) to develop Santa Ana. The operating area is called La Tlacotal, and the company has a long-term land-use agreement on the surface.

Sierra Madre will participate in a webinar at 2 p.m. ET on Thursday, Nov. 2, to discuss the updated resource. Participants can register on-line.

The session will also be live streamed and a replay will be posted on the Adelaide Capital YouTube Channel.

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.

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 500-tonne-per-day processing facility that operated until mid-2018.

The greater-than-2,600-hectare Tepic project hosts low-sulphidation epithermal gold and silver mineralization with an existing historical resource. La Tigra, located 148 kilometres 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 of gold and 600 million ounces of silver in combined reserves and resources. Sierra Madre's team of professionals has collectively raised over $1-billion for mining companies.

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