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Section1: Company Overview

Sierra Madre Gold and Silver Ltd. (TSXV: SM) is a precious metals producer and exploration company focused on silver and gold assets in Mexico. Its portfolio includes the Guitarra mine complex, a permitted underground mine with a 500-tonne-per-day processing facility that resumed commercial production in January 2025, and the fully permitted, past-producing Del Toro silver mine, acquired in June 2026. The company also holds the Tepic Project, covering more than 2,600 hectares and hosting gold and silver mineralization with a historical resource.
This Report covers the Key Recommendation Rationale, Valuation, Target Price, and Recommendation on the stock.
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