Sierra Madre Gold and Silver Ltd
Sierra Madre operates the producing La Guitarra underground silver-gold mine and flotation mill in the State of Mexico, generating record Q1 2026 revenue of US$10.1M on 58,506 oz silver and 932 oz gold sold. In June 2026 the company closed the acquisition of First Majestic's fully-permitted, past-producing Del Toro silver-gold-lead mine (3,000 tpd flotation circuit, on care-and-maintenance since 2020) for US$20M cash plus shares, targeting a mid-2027 restart and mid-2028 production.
Notable vs. Peers
- All-in sustaining cost of $53.71/oz AgEq is 61% higher than the peer producer average of $33.26/oz AgEq.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- May 2024 · Source
- Reached — date not disclosed · Source
- Jan 2025 · Source
- Jan 2025 · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)6/10
Mexico has an established mining code and long mining history, but recent federal mining-law reform proposals and regional security/cartel-related risk in some mining states create real jurisdiction uncertainty versus top-tier jurisdictions.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at La Guitarra Mining Complex, State of Mexico (and Del Toro Silver Mine, Durango).
Nearby producing mine (20%)10/10
Tizapa (Industrias Penoles, S.A.B. de C.V.) is 16 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:8.4/10
Nearest producing mine: Tizapa (Industrias Penoles, S.A.B. de C.V.), 16 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:5/10
Primary commodity: Silver
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Executive Chairman and Chief Operating Officer of Sierra Madre Gold and Silver Ltd. (B.Sc. Geology, Western State College, 1977) Over 40 years of exploration and mine-development experience. Officer or director at TSX-listed Prime Mining, Genco Resources, Gammon Gold, Mexgold Resources and Oracle Mining. Key roles in discovering more than 11 million ounces of gold and 600 million ounces of silver in combined reserves; secured over $300 million in equity and $100 million in debt financing.
Chief Executive Officer, President and Director of Sierra Madre Gold and Silver Ltd. 20 years of public markets experience. Began his career at Canaccord Genuity, funding over 100 private and public companies and IPOs including Endeavour Silver, Fortuna Silver and Great Panther. Recently VP Capital Markets at Prime Mining and Millennial Lithium. Currently a Director of LI-ft Power Ltd.
Chief Financial Officer and Corporate Secretary of Sierra Madre Gold and Silver Ltd. (CPA, Canada) Retired PwC partner (Vancouver, 2018) with engagements at SSR Mining, Lundin Gold, B2Gold and Teck Resources spanning multi-location audits, M&A and financing advisory, and quality review leadership.
Controller and Senior Manager of Finance of Sierra Madre Gold and Silver Ltd.; also a director of Abacus Mining and Exploration Corp. Over 30 years of public and private accounting practice with an emphasis on mining and mineral exploration operations in Mexico. Director/CFO of Blackheath Resources, Director of Abacus Mining and Exploration, CFO of Canasil Resources and Gitennes Exploration.
Manager of Corporate Development of Sierra Madre Gold and Silver Ltd. Five years of corporate development and investor relations experience in the public and private sectors. Native Spanish speaker with project coordination experience in Mexico. Helped raise over $14 million via Reg A frameworks. Management degree, Western University; Canadian Securities Course designation.
Director and Country Manager of Sierra Madre Gold and Silver Ltd. Over 30 years of Mexican mining operations experience. Former Director/Country Manager, Gammon Gold (TSX, AMEX); former Managing Director, MexGold (TSXV). Founded a Mexican security company serving Frisco, Aurico Gold, Panamerican Silver and Coeur Mining.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
First Majestic Silver is Sierra Madre's largest shareholder, at roughly 38-44% depending on the measurement date, built mainly by selling two of its own Mexican silver mines (La Guitarra in 2023 and Del Toro in 2026) to Sierra Madre in exchange for stock rather than for cash. That is real producer backing, but it is share consideration for asset sales, and no independent specialist fund or insider buying was found.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Sierra Madre Gold and Silver operates the La Guitarra underground silver-gold mine and flotation mill in the State of Mexico, which entered commercial production on 1 January 2025, and in June 2026 acquired First Majestic's past-producing Del Toro silver-gold-lead mine in Durango, with a 3,000 tpd flotation circuit, targeting a restart in mid-2027. La Guitarra holds 18,073,000 oz of silver in indicated resources (3,842,000 t at 146 g/t Ag), with no measured category, plus 14,937,000 oz inferred, in an estimate effective 24 October 2023. Q1 2026 output was 58,506 oz of silver and 932 oz of gold, with record quarterly revenue of US$10.1M, at an all-in sustaining cost of US$53.71 per silver-equivalent ounce. The company's production decisions are not based on reserves or an economic study, and its mill expansion from 500 tpd towards 750-800 tpd had reached throughputs of up to 720 tpd by September 2026.