Mr. Alexander Langer reports

SIERRA MADRE ANNOUNCES $1 MILLION PRIVATE PLACEMENT

Sierra Madre Gold and Silver Ltd. has arranged a non-brokered private placement with an existing long-term institutional shareholder of the company. The offering consists of 3,571,428 shares for aggregate gross proceeds to the company of $1-million at a price of 28 cents per share. Net proceeds will be used to finance the continued care and maintenance on, and the mine restart plan at, Sierra Madre's 100-per-cent-owned past-producing La Guitarra silver-gold mine complex in Estado de Mexico, Mexico, 130 kilometres southwest of Mexico City. The offering is expected to close shortly and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The offering has been structured to take advantage of the listed issuer financing exemption from prospectus requirements in Part 5A of National Instrument 45-106 -- Prospectus Exemptions, whereby shares issued pursuant to the exemption are freely tradeable listed equity securities not subject to any hold period. The offering will be conducted in all the provinces of Canada, except Quebec, under the exemption. The shares will not be subject to resale restrictions, pursuant to applicable Canadian securities laws.

There is an offering document related to this offering that can be accessed under the company's SEDAR+ profile and at the company's website. Prospective investors should read this offering document before making an investment decision.

About Sierra Madre Gold and Silver Ltd.

Sierra Madre Gold & Silver 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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