Mr. Alexander Langer reports

SIERRA MADRE ANNOUNCES UPSIZE OF BEST EFFORTS PRIVATE PLACEMENT OF UNITS TO $16.5 MILLION

Sierra Madre Gold and Silver Ltd. has upsized its previously announced best effort private placement. Under the amended terms, the company will issue up to 23,572,000 units of the company at a price of 70 cents per unit for aggregate gross proceeds to the company of up to $16,500,400. Beacon Securities Ltd. is acting as lead agent and sole bookrunner, on behalf of a syndicate of agents including Canaccord Genuity Corp., in connection with the offering.

Each unit will consist of one common share in the capital of the company to be issued pursuant to Part 5A of National Instrument 45-106 (Prospectus Exemptions), as amended and supplemented by co-ordinated blanket order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption), and one-half of one common share purchase warrant of the company. Each warrant will entitle the holder thereof to acquire one common share at a price per warrant share of 85 cents for a period of 12 months from the date of issuance.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, the units will be offered for sale to purchasers resident in Canada, other than Quebec, pursuant to the listed issuer financing exemption. The securities issued under the listed issuer financing exemption to Canadian subscribers will not be subject to a hold period in Canada.

An amended and restated offering document dated July 16, 2025, related to the offering will be filed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The offering is expected to close on or about July 24, 2025, and is subject to the company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Sierra Madre Gold and Silver Ltd.

Sierra Madre is a precious metal development and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500-tonne-per-day processing facility that operated until mid-2018 and restarted commercial production in January, 2025.

The 2,600-plus-hectare Tepic project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Sierra Madre's management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre's team of professionals has collectively raised over $1-billion for mining companies.

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