Mr. Alexander Langer reports

SIERRA MADRE ANNOUNCES CLOSING FF $1 MILLION PRIVATE PLACEMENT

Sierra Madre Gold and Silver Ltd. has upsized and closed its previously announced non-brokered private placement financing, raising total gross proceeds of approximately $1,000,020. The company issued 3,571,500 shares at a price of 28 cents for aggregate gross proceeds of $1,000,020. 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 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 shares are not subject to resale restrictions pursuant to applicable Canadian securities laws.

In connection with the offering, the company paid to an arm's-length finder a cash commission totalling $15,000.30, being 1.5 per cent of the gross proceeds raised under the offering.

An amended and restated offering document related to this offering has been filed under the company's profile at SEDAR+ and at Sierra Madre's website.

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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