Mr. Alexander Langer reports

SIERRA MADRE ANNOUNCES CONVERSION OF SUBSCRIPTION RECEIPTS

Further to Sierra Madre Gold and Silver Ltd.'s news releases dated May 31, 2023, Sept. 14, 2023, and Oct. 17, 2023, the escrow release conditions of all 5,123,092 subscription receipts have been satisfied and the proceeds from the purchase of the subscription receipts have been released from escrow. As a result, the subscription receipts have converted into a total of 5,123,092 common shares in the capital of the company, and the company now has access to the $3,330,010 in proceeds. For additional information on the subscription receipts, please refer to the above-noted news releases.

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.

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