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/AgEq oz is 79% higher than the peer producer average of $30.06/AgEq oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · La Guitarra is a past-producing mine with a mining history reaching back to the Spanish Colonial era and through the 19th century, per Sierra Madre's own project page. In the modern era, Sierra Madre's own predecessor management team 'operated [the mine] between 2006 and 2009,' after which First Majestic Silver owned it 2009-2023 (idle since 2018 per this miner's own existing COMMERCIAL_PRODUCTION row) before Sierra Madre reacquired 100% via an all-share US$35 million purchase from First Majestic that closed March 30, 2023. The underlying Mexican mining concession therefore long predates every one of these modern operating phases and was inherited/reused through each ownership change (Sierra Madre's own earlier tenure included) rather than newly granted ahead of the 2024 restart already documented in this miner's existing CONSTRUCTION_DECISION/CONSTRUCTION_START rows. No dated 'permit granted' event specific to the current restart was found. · Source
- May 2024 · Sierra Madre announced a US$5 million loan from First Majestic Silver (its predecessor owner) for finalizing restart preparations at La Guitarra -- the company's real financing/decision-equivalent event, two months ahead of test mining beginning in July 2024. · Source
- Reached — date not disclosed · Test mining and processing of mineralized rock from the Guitarra mine started in July 2024, following the May 8, 2024 First Majestic loan for restart preparations. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Jan 2025 · Commercial production commenced at the La Guitarra Complex. · Source
- Jan 2025 · Genuinely reached with a clean, single, well-documented date: Sierra Madre's own release states it 'commences full commercial production' at the Guitarra Mine Complex (State of Mexico) effective 2025-01-01, roughly 18 months after acquiring the past-producing (idle since 2018 under prior owner First Majestic Silver) operation and bringing it back online under its own ownership -- a genuine, clean, company's-own declared threshold, not inherited from the prior operator. Tepic and La Tigra remain exploration/development-stage projects, not the basis; La Guitarra is Sierra Madre's sole current producing asset. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · 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.
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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
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. 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. Written as an operational country-management officer rather than as an independent board seat, on the same basis as OCG's Thyana Alvarez and USL's Emilio Bastias (batch C).
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's own recurring "Cautionary Note Regarding Production Decisions" (verbatim, from the 14 Jul 2026 East District drilling-permit release, consistent with prior 2025-2026 releases): "The Company's decision to place the mine into commercial production, expand a mine, make other production related decisions, or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports from previous operations and the results of test mining and processing. The Company is not basing any production decisions on NI 43-101 compliant reserve estimates, preliminary economic assessments or feasibility studies..." No PEA/PFS/FS with a disclosed NPV/IRR/mine-life has ever been filed for the restarted La Guitarra Mining Complex (nor for the Del Toro Silver Mine, Durango, also held by Sierra Madre) -- confirmed by direct search; only the Nov 2023 NI 43-101 Mineral Resource Estimate (see ouncesFound citation) exists, and it is resource-only, no accompanying economic study. dcfNpvUsd, irrPct, and mineLifeYears left null and recorded RESEARCHED_UNKNOWN rather than fabricated or backed into from the resource estimate.