{"success":true,"data":{"pressRelease":{"id":"154627","rtpr_id":"nNFC8gvh5R-20260928","ticker":"SM","exchange":"","all_tickers":["SM"],"title":"Sierra Madre Announces Guitarra Processing Plant Achieves Throughputs of up to 720 Tonnes per Day as Development at Nazareno and Guitarra Mines Accelerates","author":"Newsfile Corp","published_at":"2026-09-28T21:00:17.854Z","article_body":"Vancouver, British Columbia--(Newsfile Corp. - September 28, 2026) - Sierra\nMadre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) (\"Sierra Madre\" or the\n\"Company\") is pleased to provide an operational update on activities at its\nGuitarra silver-gold mine complex in Estado de Mexico, Mexico.\n\nThroughput at the Guitarra processing plant has significantly increased\nfollowing Phase 1 expansion modifications to the existing crushing and milling\ncircuits. Daily production has reached up to a steady 720 tonnes per day\n(\"tpd\"). This represents more than a 40% increase versus the previous\nnameplate capacity of 500 tpd. Further modifications to increase capacity are\nscheduled to be made following the commissioning of the new 11x12 ball mill.\n\nGreg Liller, Chief Operating Officer and Executive Chairman, commented, \"We\ncontinue to advance our Phase 1 and Phase 2 expansions at Guitarra. With the\nnew ball mill now installed, Sierra Madre has also accelerated underground\ndevelopment. We have started groundworks for the permitted dry stack tailings\nfacility expansion, a key component of our Phase 2 plan to increase\nthroughputs to 1,200 tpd to 1,500 tpd. We look forward to updating the market\nas we advance towards Phase 2 expansion.\"\n\nFoundation construction and installation of the 11x12 ball mill has been\ncompleted. The foundation and cement base required the pouring of 400 cubic\nmeters of cement along with 16 tonnes of steel rebar.\n\n(https://images.newsfilecorp.com/files/10436/316366_sierra.jpg)\n\nFigure 1: New Ball Mill Installed\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/10436/316366_sierra.jpg\n\nInstallation of the drive motor, cyclones and instrumentation is under way\nwith commissioning expected in November 2026. This ball mill, combined with\nthe existing ones, is expected to achieve the Phase 2 goal of 1200 tpd to 1500\ntpd of milling capacity, more than eight months ahead of schedule.\n\nColoso and Nazareno Development\n\nDevelopment has been accelerated at all three of the mines within La Guitarra\n- Guitarra, Nazareno and Coloso - to provide feed to the expanded plant.\nApproximately 2.6 kilometers of development drives have been completed since\nJune 2026. As haulage ramps are being driven both vertically and downward from\nthe 180-access level, this ramp development is expected to allow for\nadditional production areas to be developed. Since July 2026, over 800 meters\nof access and production drives have been completed. Based on the 2023 Mineral\nResource Estimate, the Nazareno Measured resource stood at 309,877 tonnes\ngrading 215 g/t silver and 0.55 g/t gold, for 257 g/t AgEq. Inferred resources\nare at 753,784 tonnes grading 229.2 g/t silver, 0.29 g/t gold for 251 g/t\nAgEq((1)). AgEq calculated at a 77.27:1 silver gold ratio. Reconciliation from\nactual stope mining to date has shown higher gold grades.\n\nGuitarra Development\n\nAt the Guitarra mine, over 1.5 kilometres of development has been completed\nsince June 2026. Work in the lower Central mine area has been accelerated and\nthis area now contributes an important portion of mill feed. Development work\nneeded to bring the Los Angeles bulk tonnage deposit into production has been\nstarted. The new design is expected to allow easier access and haulage\nalongside a lower mining cost in the future. The development and dewatering of\nthe San Raphael I and II areas has been accelerated with the purchase of\nadditional pumps. The current mine plan calls for initial production from\nhigher-grade blocks by the end of October 2026.\n\nEast District Development\n\nThe company is also examining the possibility of bringing a small portion of\nthe East District into production. At Santa Ana, an initial mine design has\nbeen completed and the Company is contemplating beginning construction of a\nportal in 2027. The Santa Ana mineralization is wide and mining is planned\nusing long hole methods. The 2023 resource estimate for the Santa Ana deposit\nstands at 761,292 tonnes in the Measured category, grading 159 g/t silver and\n0.19 g/t gold, or 174 g/t AgEq. The Inferred resource is 544,892 tonnes\ngrading 178 g/t silver, 0.13 g/t gold and an AgEq grade of 188 g/t((1)). AgEq\ncalculated at a 77.27:1 silver gold ratio.\n\nDry Stack Tailings Facility\n\nGround work for the fully permitted Phase 4 tailings expansion has begun. Per\nSEMERNAT (Secretaría del Medio Ambiente y Recursos Naturales, the federal\nMexican regulatory agency in charge of environmental permitting) requirements,\ntrees have been measured and marked for cutting and the required paperwork\nsubmitted. Clearing of trees and vegetation is scheduled for October. Bid\ndocuments for earthworks have been prepared and sent out with mobilization of\nthe chosen contractor scheduled for November 2026. The first construction\nphase consists of three parts with a capacity of 877,000 tonnes. Total\ncapacity within the permitted area is on the order of over 5,000,000 tonnes.\n\n((1)) Notes for 2023 La Guitarra Mineral Resource Estimate: Canadian Institute\nof Mining Metallurgy and Petroleum (\"CIM\") definition standards were followed\nfor the resource estimate. The 2023 resource models used nominal cutoff grades\nwhich are based on mining and milling costs of US$50 for cut and fill mining,\nUS$38 per tonne for long-hole. A net payable recovery of 70% (historical plant\nrecovery plus an allowance for smelter deductions, refining costs, and\nconcentrate transportation). Silver price of US$22 and a gold price of $1700\nand a Gold Silver Ration of 77.27:1. Assays were capped at 825 g/t for silver\nand 6.55 g/t for gold. Variable cut-off by deposit: Nazareno and Coloso -\nBlock Model 135 AgEq cut-off grade (COG) and a 1 m Minimum True Thickness;\nGuitarra - Polygonals Estimates 135 g/t AgEq COG and a 1 m Minimum Horizontal\nWidth; Los Angeles - Block Model Long Hole Mining 90 g/t AgEq COG; Mina De\nAgua - East District Polygonal Estimate 135 g/t AgEq COG or 90 g/t AgEq COG\nand > 2 m Horizontal Width; The tailings used a 30 g/t AgEq COG. Mineral\nResources that are not mineral reserves do not have economic viability.\nNumbers may not add due to rounding. The estimate of mineral resources may be\nmaterially affected by: metal prices and exchange rate assumptions; changes in\nlocal interpretations of mineralization geometry and continuity; changes to\ngrade capping, density and domain assignments; changes to geotechnical, mining\nand metallurgical recovery assumptions; ability to maintain environmental and\nother regulatory permits and ability to maintain the social license to\noperate. A copy of the 2023 NI 43-101 report, prepared by TechSer Mining\nConsultants Ltd. (\"TechSer\") of Vancouver B.C., by David Thomas, P.Geo. and QP\nGeology and Cristian Garcia, P.Eng. and QP Mining, titled \"La Guitarra Mineral\nResource Estimate Guitarra Silver-Gold Project, Temascaltepec, Estado de\nMéxico, México\" with an effective date of October 24, 2023, is available on\nSEDAR+ and the company's website at\nhttps://sierramadregoldandsilver.com/presentations/NI-43-101-La-Guitarra-Mineral-Resource-Estimate.pdf\n\nQualified Person\n\nMr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as\ndefined by NI 43-101, and has reviewed and approved the technical data and\ninformation contained in this news release. Mr. Smith has verified the\ntechnical and scientific data disclosed herein.\n\nAbout Sierra Madre\n\nSierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious\nmetals producer and exploration company focused on the operation, exploration,\nand development at its Guitarra mine complex in the Temascaltepec mining\ndistrict, Mexico. The Guitarra mine is a permitted underground mine, which\nincludes a 500 tpd processing facility that operated until mid-2018 and\nrestarted commercial production in January 2025.\n\nIn June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine,\nadding a past-producing, fully permitted asset to its Mexico-focused silver\nand gold portfolio.\n\nThe Company also holds the +2,600 ha Tepic Project, which hosts\nlow-sulphidation epithermal gold and silver mineralization with an existing\nhistoric resource.\n\nSierra Madre's management team has played key roles in managing the\nexploration and development of silver and gold mineral reserves and mineral\nresources. Sierra Madre's team of professionals has collectively raised over\n$1 billion for mining companies.\n\nOn behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,\n\n\"Alexander Langer\"\nAlexander Langer\nPresident, Chief Executive Officer and Director\n778-820-1189\n\nContact:\ninvestor@sierramadregoldandsilver.com\n\nCautionary Note Regarding Production Decisions\n\nThe Company's decision to place the mine into commercial production, expand a\nmine, make other production related decisions, or otherwise carry out mining\nand processing operations, is largely based on internal non-public Company\ndata and reports from previous operations and the results of test mining and\nprocessing. The Company is not basing any production decisions on NI 43-101\ncompliant reserve estimates, preliminary economic assessments or feasibility\nstudies and, as a result, there is greater risk and uncertainty as to future\neconomic results from the Guitarra Mine Complex, including increased\nuncertainty of achieving any particular level of recovery of minerals or the\ncost of such recovery, including increased risks associated with developing a\ncommercially mineable deposit, and a higher technical risk of failure than\nwould be the case if a feasibility study were completed and relied upon to\nmake a production decision.\n\nCautionary Note Regarding Forward-Looking Information\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this news release.\n\nThis press release contains \"forward-looking information\" and \"forward-looking\nstatements\" within the meaning of applicable securities legislation. The\nforward-looking statements herein are made as of the date of this press\nrelease only, and the Company does not assume any obligation to update or\nrevise them to reflect new information, estimates or opinions, future events\nor results or otherwise, except as required by applicable law. Often, but not\nalways, forward-looking statements can be identified by the use of words such\nas \"plans\", \"expects\", \"is expected\", \"budgets\", \"scheduled\", \"estimates\",\n\"forecasts\", \"predicts\", \"projects\", \"intends\", \"targets\", \"aims\",\n\"anticipates\" or \"believes\" or variations (including negative variations) of\nsuch words and phrases or may be identified by statements to the effect that\ncertain actions \"may\", \"could\", \"should\", \"would\", \"might\" or \"will\" be taken,\noccur or be achieved. Forward-looking statements include, without limitation,\nstatements regarding discussions of future plans, including the expected\ntiming of concentrate shipments; the Company increasing production; the\nCompany receiving revenues on a weekly basis and such revenues allowing the\nCompany to comfortably expand to without further capital needs; production and\nthe expected timing and production levels thereof.\n\nThe forward-looking statements involve numerous risks and uncertainties, and\nactual results might differ materially from results suggested in any\nforward-looking statements. These risks and uncertainties include, among other\nthings, that predicted production levels will be achieved and that existing\nproduction levels will be maintained.\n\nIn making the forward-looking statements in this news release, the Company has\napplied certain material assumptions, including without limitation, that the\nCompany will be able to execute its future plans as intended, that predicted\nproduction levels will be achieved and that existing production levels will be\nmaintained.\n\nAlthough management of the Company has attempted identify important factors\nthat could cause actual results to differ materially from those contained in\nforward-looking statements or forward-looking information, there may be other\nfactors that cause results not to be as anticipated, estimated or intended.\nThere can be no assurance that such statements will prove to be accurate, as\nactual results and future events could differ materially from those\nanticipated in such statements. Accordingly, readers should not place undue\nreliance on forward-looking statements and forward-looking information.\nReaders are cautioned that reliance on such information may not be appropriate\nfor other purposes.\n\nSOURCE: Sierra Madre Gold and Silver Ltd.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/316366","article_body_html":"","raw_payload":{"data":{"id":"nNFC8gvh5R-20260928","title":"Sierra Madre Announces Guitarra Processing Plant Achieves Throughputs of up to 720 Tonnes per Day as Development at Nazareno and Guitarra Mines Accelerates","author":"Newsfile Corp","ticker":"SM","created":"2026-09-28T21:00:17.854Z","tickers":["SM"],"exchange":"","article_body":"Vancouver, British Columbia--(Newsfile Corp. - September 28, 2026) - Sierra\nMadre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) (\"Sierra Madre\" or the\n\"Company\") is pleased to provide an operational update on activities at its\nGuitarra silver-gold mine complex in Estado de Mexico, Mexico.\n\nThroughput at the Guitarra processing plant has significantly increased\nfollowing Phase 1 expansion modifications to the existing crushing and milling\ncircuits. Daily production has reached up to a steady 720 tonnes per day\n(\"tpd\"). This represents more than a 40% increase versus the previous\nnameplate capacity of 500 tpd. Further modifications to increase capacity are\nscheduled to be made following the commissioning of the new 11x12 ball mill.\n\nGreg Liller, Chief Operating Officer and Executive Chairman, commented, \"We\ncontinue to advance our Phase 1 and Phase 2 expansions at Guitarra. With the\nnew ball mill now installed, Sierra Madre has also accelerated underground\ndevelopment. We have started groundworks for the permitted dry stack tailings\nfacility expansion, a key component of our Phase 2 plan to increase\nthroughputs to 1,200 tpd to 1,500 tpd. We look forward to updating the market\nas we advance towards Phase 2 expansion.\"\n\nFoundation construction and installation of the 11x12 ball mill has been\ncompleted. The foundation and cement base required the pouring of 400 cubic\nmeters of cement along with 16 tonnes of steel rebar.\n\n(https://images.newsfilecorp.com/files/10436/316366_sierra.jpg)\n\nFigure 1: New Ball Mill Installed\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/10436/316366_sierra.jpg\n\nInstallation of the drive motor, cyclones and instrumentation is under way\nwith commissioning expected in November 2026. This ball mill, combined with\nthe existing ones, is expected to achieve the Phase 2 goal of 1200 tpd to 1500\ntpd of milling capacity, more than eight months ahead of schedule.\n\nColoso and Nazareno Development\n\nDevelopment has been accelerated at all three of the mines within La Guitarra\n- Guitarra, Nazareno and Coloso - to provide feed to the expanded plant.\nApproximately 2.6 kilometers of development drives have been completed since\nJune 2026. As haulage ramps are being driven both vertically and downward from\nthe 180-access level, this ramp development is expected to allow for\nadditional production areas to be developed. Since July 2026, over 800 meters\nof access and production drives have been completed. Based on the 2023 Mineral\nResource Estimate, the Nazareno Measured resource stood at 309,877 tonnes\ngrading 215 g/t silver and 0.55 g/t gold, for 257 g/t AgEq. Inferred resources\nare at 753,784 tonnes grading 229.2 g/t silver, 0.29 g/t gold for 251 g/t\nAgEq((1)). AgEq calculated at a 77.27:1 silver gold ratio. Reconciliation from\nactual stope mining to date has shown higher gold grades.\n\nGuitarra Development\n\nAt the Guitarra mine, over 1.5 kilometres of development has been completed\nsince June 2026. Work in the lower Central mine area has been accelerated and\nthis area now contributes an important portion of mill feed. Development work\nneeded to bring the Los Angeles bulk tonnage deposit into production has been\nstarted. The new design is expected to allow easier access and haulage\nalongside a lower mining cost in the future. The development and dewatering of\nthe San Raphael I and II areas has been accelerated with the purchase of\nadditional pumps. The current mine plan calls for initial production from\nhigher-grade blocks by the end of October 2026.\n\nEast District Development\n\nThe company is also examining the possibility of bringing a small portion of\nthe East District into production. At Santa Ana, an initial mine design has\nbeen completed and the Company is contemplating beginning construction of a\nportal in 2027. The Santa Ana mineralization is wide and mining is planned\nusing long hole methods. The 2023 resource estimate for the Santa Ana deposit\nstands at 761,292 tonnes in the Measured category, grading 159 g/t silver and\n0.19 g/t gold, or 174 g/t AgEq. The Inferred resource is 544,892 tonnes\ngrading 178 g/t silver, 0.13 g/t gold and an AgEq grade of 188 g/t((1)). AgEq\ncalculated at a 77.27:1 silver gold ratio.\n\nDry Stack Tailings Facility\n\nGround work for the fully permitted Phase 4 tailings expansion has begun. Per\nSEMERNAT (Secretaría del Medio Ambiente y Recursos Naturales, the federal\nMexican regulatory agency in charge of environmental permitting) requirements,\ntrees have been measured and marked for cutting and the required paperwork\nsubmitted. Clearing of trees and vegetation is scheduled for October. Bid\ndocuments for earthworks have been prepared and sent out with mobilization of\nthe chosen contractor scheduled for November 2026. The first construction\nphase consists of three parts with a capacity of 877,000 tonnes. Total\ncapacity within the permitted area is on the order of over 5,000,000 tonnes.\n\n((1)) Notes for 2023 La Guitarra Mineral Resource Estimate: Canadian Institute\nof Mining Metallurgy and Petroleum (\"CIM\") definition standards were followed\nfor the resource estimate. The 2023 resource models used nominal cutoff grades\nwhich are based on mining and milling costs of US$50 for cut and fill mining,\nUS$38 per tonne for long-hole. A net payable recovery of 70% (historical plant\nrecovery plus an allowance for smelter deductions, refining costs, and\nconcentrate transportation). Silver price of US$22 and a gold price of $1700\nand a Gold Silver Ration of 77.27:1. Assays were capped at 825 g/t for silver\nand 6.55 g/t for gold. Variable cut-off by deposit: Nazareno and Coloso -\nBlock Model 135 AgEq cut-off grade (COG) and a 1 m Minimum True Thickness;\nGuitarra - Polygonals Estimates 135 g/t AgEq COG and a 1 m Minimum Horizontal\nWidth; Los Angeles - Block Model Long Hole Mining 90 g/t AgEq COG; Mina De\nAgua - East District Polygonal Estimate 135 g/t AgEq COG or 90 g/t AgEq COG\nand > 2 m Horizontal Width; The tailings used a 30 g/t AgEq COG. Mineral\nResources that are not mineral reserves do not have economic viability.\nNumbers may not add due to rounding. The estimate of mineral resources may be\nmaterially affected by: metal prices and exchange rate assumptions; changes in\nlocal interpretations of mineralization geometry and continuity; changes to\ngrade capping, density and domain assignments; changes to geotechnical, mining\nand metallurgical recovery assumptions; ability to maintain environmental and\nother regulatory permits and ability to maintain the social license to\noperate. A copy of the 2023 NI 43-101 report, prepared by TechSer Mining\nConsultants Ltd. (\"TechSer\") of Vancouver B.C., by David Thomas, P.Geo. and QP\nGeology and Cristian Garcia, P.Eng. and QP Mining, titled \"La Guitarra Mineral\nResource Estimate Guitarra Silver-Gold Project, Temascaltepec, Estado de\nMéxico, México\" with an effective date of October 24, 2023, is available on\nSEDAR+ and the company's website at\nhttps://sierramadregoldandsilver.com/presentations/NI-43-101-La-Guitarra-Mineral-Resource-Estimate.pdf\n\nQualified Person\n\nMr. Gregory Smith, P. Geo, Director of Sierra Madre, is a Qualified Person as\ndefined by NI 43-101, and has reviewed and approved the technical data and\ninformation contained in this news release. Mr. Smith has verified the\ntechnical and scientific data disclosed herein.\n\nAbout Sierra Madre\n\nSierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious\nmetals producer and exploration company focused on the operation, exploration,\nand development at its Guitarra mine complex in the Temascaltepec mining\ndistrict, Mexico. The Guitarra mine is a permitted underground mine, which\nincludes a 500 tpd processing facility that operated until mid-2018 and\nrestarted commercial production in January 2025.\n\nIn June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine,\nadding a past-producing, fully permitted asset to its Mexico-focused silver\nand gold portfolio.\n\nThe Company also holds the +2,600 ha Tepic Project, which hosts\nlow-sulphidation epithermal gold and silver mineralization with an existing\nhistoric resource.\n\nSierra Madre's management team has played key roles in managing the\nexploration and development of silver and gold mineral reserves and mineral\nresources. Sierra Madre's team of professionals has collectively raised over\n$1 billion for mining companies.\n\nOn behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,\n\n\"Alexander Langer\"\nAlexander Langer\nPresident, Chief Executive Officer and Director\n778-820-1189\n\nContact:\ninvestor@sierramadregoldandsilver.com\n\nCautionary Note Regarding Production Decisions\n\nThe Company's decision to place the mine into commercial production, expand a\nmine, make other production related decisions, or otherwise carry out mining\nand processing operations, is largely based on internal non-public Company\ndata and reports from previous operations and the results of test mining and\nprocessing. The Company is not basing any production decisions on NI 43-101\ncompliant reserve estimates, preliminary economic assessments or feasibility\nstudies and, as a result, there is greater risk and uncertainty as to future\neconomic results from the Guitarra Mine Complex, including increased\nuncertainty of achieving any particular level of recovery of minerals or the\ncost of such recovery, including increased risks associated with developing a\ncommercially mineable deposit, and a higher technical risk of failure than\nwould be the case if a feasibility study were completed and relied upon to\nmake a production decision.\n\nCautionary Note Regarding Forward-Looking Information\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this news release.\n\nThis press release contains \"forward-looking information\" and \"forward-looking\nstatements\" within the meaning of applicable securities legislation. The\nforward-looking statements herein are made as of the date of this press\nrelease only, and the Company does not assume any obligation to update or\nrevise them to reflect new information, estimates or opinions, future events\nor results or otherwise, except as required by applicable law. Often, but not\nalways, forward-looking statements can be identified by the use of words such\nas \"plans\", \"expects\", \"is expected\", \"budgets\", \"scheduled\", \"estimates\",\n\"forecasts\", \"predicts\", \"projects\", \"intends\", \"targets\", \"aims\",\n\"anticipates\" or \"believes\" or variations (including negative variations) of\nsuch words and phrases or may be identified by statements to the effect that\ncertain actions \"may\", \"could\", \"should\", \"would\", \"might\" or \"will\" be taken,\noccur or be achieved. Forward-looking statements include, without limitation,\nstatements regarding discussions of future plans, including the expected\ntiming of concentrate shipments; the Company increasing production; the\nCompany receiving revenues on a weekly basis and such revenues allowing the\nCompany to comfortably expand to without further capital needs; production and\nthe expected timing and production levels thereof.\n\nThe forward-looking statements involve numerous risks and uncertainties, and\nactual results might differ materially from results suggested in any\nforward-looking statements. These risks and uncertainties include, among other\nthings, that predicted production levels will be achieved and that existing\nproduction levels will be maintained.\n\nIn making the forward-looking statements in this news release, the Company has\napplied certain material assumptions, including without limitation, that the\nCompany will be able to execute its future plans as intended, that predicted\nproduction levels will be achieved and that existing production levels will be\nmaintained.\n\nAlthough management of the Company has attempted identify important factors\nthat could cause actual results to differ materially from those contained in\nforward-looking statements or forward-looking information, there may be other\nfactors that cause results not to be as anticipated, estimated or intended.\nThere can be no assurance that such statements will prove to be accurate, as\nactual results and future events could differ materially from those\nanticipated in such statements. Accordingly, readers should not place undue\nreliance on forward-looking statements and forward-looking information.\nReaders are cautioned that reliance on such information may not be appropriate\nfor other purposes.\n\nSOURCE: Sierra Madre Gold and Silver Ltd.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/316366"},"type":"article","timestamp":"2026-09-28T21:00:17.957534245Z","server_sent_at_ms":1790629217957},"received_at":"2026-09-28T21:00:18.026Z","source_url":"https://www.newsfilecorp.com/release/316366"},"analysis":{"id":"143387","press_release_id":"154627","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["production decisions are not based on NI 43-101 compliant reserves or feasibility studies, increasing technical and economic risk","Phase 2 throughput targets and timelines are forward-looking and depend on successful ball mill commissioning"],"eventType":"operations_update","narrative":"Sierra Madre's Guitarra processing plant has reached steady throughput of up to 720 tonnes per day, a more than 40% increase over the prior 500 tpd nameplate following Phase 1 crushing and milling modifications.\n\nThe new 11x12 ball mill is installed with commissioning expected in November 2026, and management says the Phase 2 target of 1,200-1,500 tpd is tracking more than eight months ahead of schedule.\n\nUnderground development has accelerated at the Guitarra, Nazareno and Coloso mines, with groundwork started on the permitted dry stack tailings expansion supporting the Phase 2 plan.\n\nThe company also disclosed it may bring part of the East District into production, with initial mine design completed at Santa Ana and potential portal construction in 2027.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Small-cap silver producer delivers >40% throughput expansion at Guitarra with Phase 2 running eight months early."},"keyFigures":{"customDimensions":{"phase2_target_tpd":"1200-1500","current_throughput_tpd":720,"previous_nameplate_tpd":500,"ball_mill_commissioning":"November 2026","nazareno_inferred_tonnes":753784,"nazareno_measured_tonnes":309877,"santa_ana_inferred_tonnes":544892,"santa_ana_measured_tonnes":761292,"nazareno_inferred_grade_azeq":"251 g/t","nazareno_measured_grade_azeq":"257 g/t","tailings_phase1_capacity_tonnes":877000,"tailings_permitted_capacity_tonnes":"over 5,000,000"}},"quotedText":"Daily production has reached up to a steady 720 tonnes per day (\"tpd\"). This represents more than a 40% increase versus the previous nameplate capacity of 500 tpd.","namedEntities":{"people":[{"name":"Greg Liller","role":"Chief Operating Officer and Executive Chairman"},{"name":"Alexander Langer","role":"President, CEO and Director"},{"name":"Gregory Smith","role":"Director, Qualified Person (P. Geo)"}],"products":["Guitarra silver-gold mine complex","Nazareno mine","Coloso mine","Los Angeles deposit","Santa Ana deposit","Del Toro silver mine","Tepic Project"],"companies":[{"name":"Sierra Madre Gold and Silver Ltd.","ticker":"SM","relationship":"filer"},{"name":"TechSer Mining Consultants Ltd.","relationship":"QP consultant"}],"dollarAmounts":[{"amount":"$1 billion","context":"cumulative capital raised by management team for mining companies"},{"amount":"US$50","context":"mining cost assumption for cut and fill in 2023 resource estimate"},{"amount":"US$38 per tonne","context":"mining cost assumption for long-hole in 2023 resource estimate"},{"amount":"US$22","context":"silver price assumption in 2023 resource estimate"},{"amount":"$1700","context":"gold price assumption in 2023 resource estimate"}]},"materialImpact":{"score":3,"reasoning":"Throughput at the producing Guitarra plant rose >40% to 720 tpd, and Phase 2 (1,200-1,500 tpd) is tracking eight months ahead of schedule. Material for a small-cap producer but not an earnings, M&A, or binary regulatory event."},"tickerRelevance":{"others":[{"ticker":"SMDRF","relevance":"OTCQX listing of the same filer"}],"primary":"SM"},"globalImportance":22,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap TSXV/OTCQX producer","eventGravity":"operational expansion milestone at producing mine","eventProvenance":"issuer-authored operational update","retailFavoriteBoost":"silver miners have retail following"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Sierra Madre's Guitarra processing plant has reached steady throughput of up to 720 tonnes per day, a more than 40% increase over the prior 500 tpd nameplate following Phase 1 crushing and milling modifications.\n\nThe new 11x12 ball mill is installed with commissioning expected in November 2026, and management says the Phase 2 target of 1,200-1,500 tpd is tracking more than eight months ahead of schedule.\n\nUnderground development has accelerated at the Guitarra, Nazareno and Coloso mines, with groundwork started on the permitted dry stack tailings expansion supporting the Phase 2 plan.\n\nThe company also disclosed it may bring part of the East District into production, with initial mine design completed at Santa Ana and potential portal construction in 2027.","key_figures":{"customDimensions":{"phase2_target_tpd":"1200-1500","current_throughput_tpd":720,"previous_nameplate_tpd":500,"ball_mill_commissioning":"November 2026","nazareno_inferred_tonnes":753784,"nazareno_measured_tonnes":309877,"santa_ana_inferred_tonnes":544892,"santa_ana_measured_tonnes":761292,"nazareno_inferred_grade_azeq":"251 g/t","nazareno_measured_grade_azeq":"257 g/t","tailings_phase1_capacity_tonnes":877000,"tailings_permitted_capacity_tonnes":"over 5,000,000"}},"named_entities":{"people":[{"name":"Greg Liller","role":"Chief Operating Officer and Executive Chairman"},{"name":"Alexander Langer","role":"President, CEO and Director"},{"name":"Gregory Smith","role":"Director, Qualified Person (P. Geo)"}],"products":["Guitarra silver-gold mine complex","Nazareno mine","Coloso mine","Los Angeles deposit","Santa Ana deposit","Del Toro silver mine","Tepic Project"],"companies":[{"name":"Sierra Madre Gold and Silver Ltd.","ticker":"SM","relationship":"filer"},{"name":"TechSer Mining Consultants Ltd.","relationship":"QP consultant"}],"dollarAmounts":[{"amount":"$1 billion","context":"cumulative capital raised by management team for mining companies"},{"amount":"US$50","context":"mining cost assumption for cut and fill in 2023 resource estimate"},{"amount":"US$38 per tonne","context":"mining cost assumption for long-hole in 2023 resource estimate"},{"amount":"US$22","context":"silver price assumption in 2023 resource estimate"},{"amount":"$1700","context":"gold price assumption in 2023 resource estimate"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-28T21:00:25.610Z","global_importance":22,"audience_relevance":25,"importance_components":{"tickerTier":"micro-cap TSXV/OTCQX producer","eventGravity":"operational expansion milestone at producing mine","eventProvenance":"issuer-authored operational update","retailFavoriteBoost":"silver miners have retail following"}},"durationMs":7564,"modelName":"glm-5.3-flashx"}}