Sierra Madre

What Sierra Madre does

Sierra Madre Gold and Silver Ltd. is a Canadian-domiciled precious metals producer and explorer focused on silver-gold mining in Mexico's Sierra Madre mineral belt. The company's core asset is the La Guitarra mine complex in Estado de Mexico, a high-grade underground mine with an on-site 500 tonne-per-day flotation mill that achieved full commercial production on January 1, 2025. In June 2026, Sierra Madre closed the acquisition of the Del Toro Silver Mine in Zacatecas from First Majestic Silver Corp. for up to US$60 million, adding a second permitted, past-producing underground asset with a 3,000 tpd processing capacity and over 62.5 km of existing development. The company also holds the Tepic exploration project in Nayarit (2,612.5 hectares) and broader district-scale concessions totaling 39,714 hectares covering the Temascaltepec mining district, with 27.2 million ounces of measured-and-indicated silver-equivalent resources and a further 20.2 million ounces inferred.

The business model is direct commodity production: Sierra Madre extracts silver-gold ore using cut-and-fill, shrinkage, and long-hole underground mining methods, processes it through crushing, grinding, and flotation circuits into silver-gold concentrates, and sells those concentrates under a binding offtake agreement to smelters and precious metals refiners with monthly shipments. Revenue is therefore a function of throughput (currently 500 tpd, targeted at 750-800 tpd by Q2 2026 and 1,200-1,500 tpd by Q3 2027), head grade, recovery rates, and prevailing silver and gold prices on global markets. FY2025 revenue was $25 million with $6 million of EBITDA, and Q1 2026 alone generated $10.1 million in revenue with $2.8 million of adjusted EBITDA. Customers are global smelters and concentrate trading companies; pricing is commodity-market determined (LME/COMEX) and not publicly disclosed, with offtake terms held commercial-in-confidence.

Sierra Madre is publicly listed on the TSX Venture Exchange (SM) and OTCQX (SMDRF), with approximately 196.35 million shares outstanding (213.7 million fully diluted). First Majestic Silver Corp. is the largest shareholder at roughly 24.77% following the Del Toro transaction, Eric Sprott is a notable institutional holder via 2176423 Ontario Ltd., and the management team has previously raised over $1 billion for mining companies and contributed to the discovery and development of more than 22 million ounces of gold and 600 million ounces of silver in combined reserves and resources. Sierra Madre was recognized as a 2026 Top 50 TSX Venture Exchange Company based on 264% share price appreciation and 342% market cap growth in 2025.

Name

Sierra Madre

Legal name

Sierra Madre Gold and Silver Ltd.

Website

https://sierramadregoldandsilver.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Sierra Madre Gold and Silver is a Canadian-listed junior precious metals producer operating two permitted underground silver-gold mines in Mexico — La Guitarra (producing since Jan 2025) and Del Toro (acquired June 2026) — selling silver-gold concentrates to global smelters under offtake agreements.

Ownership category

akta.pro rank

Product category

Silver and Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222), Other Metal Ore Mining (212290)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Silver Mining (IMAKAEAB)

akta.pro secondary industry

Critical Minerals Trading, Offtake & Marketing (IMAKAFAJ)

Keywords

• Silver mining
• Gold mining
• Precious metals production
• Mineral exploration
• Silver-gold concentrates

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Silver and Gold Concentrate Sales: Sierra Madre generates revenue through the sale of silver and gold concentrates produced at its La Guitarra mine complex. Commercial production commenced January 1, 2025, with monthly concentrate shipments, concentrate inventories, and revenues increasing on a material basis. The company achieved full commercial production after test mining started in July 2024.
2. Concentrate Sales: 2025 full year revenue of $25 million with $6 million EBITDA from commercial production operations at the Guitarra mine complex.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Sierra Madre operates as a precious metals producer and explorer, with its core being underground mining and on-site processing of silver-gold ore at the La Guitarra Mine Complex in Estado de Mexico, producing silver-gold concentrates that are sold monthly to global smelters and refiners under a binding offtake agreement. The company also holds the Del Toro Silver Mine (acquired June 2026) as a second producing-ready asset and the Tepic exploration project in Nayarit.

Product overview

Sierra Madre Gold and Silver Ltd. is a precious metals producer and exploration company operating primarily in Mexico's Sierra Madre mineral belt. The company's portfolio consists of three core assets: the La Guitarra mine complex (the main producing asset, which achieved commercial production on January 1, 2025), the Del Toro Silver Mine (acquired in June 2026 as a second producing-ready asset with restart planned for mid-2027), and the Tepic exploration project in Nayarit. La Guitarra operates as an underground mine with on-site 500 t/d processing capacity currently undergoing a two-stage expansion to reach 1,200-1,500 tpd by Q3 2027. The company also holds the La Tigra project in Nayarit. Sierra Madre's management team has played key roles in developing more than 22Moz gold and 600Moz silver in combined mineral reserves and resources.

Differentiator

Problem solved

Functional benefit

Products and services

• La Guitarra Mine Complex The company's flagship producing asset: a high-grade underground silver-gold mine in Estado de Mexico, Mexico, within the Temascaltepec mining district, with on-site 500 t/d mill, two underground mining centres (Guitarra and Coloso), three past-producing zones (Nazareno, Mina de Agua, El Rincón), and over 100 known epithermal veins across 39,714 hectares of concessions. Produces silver-gold concentrates sold to smelters/refiners under binding offtake agreement; in commercial production since January 1, 2025.
• Tepic Project

Quantifiable outcome

• 2025 full year revenue of $25M with EBITDA of $6M
• +3 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered supporting and major.

• COFECE (Comisión Federal de Competencia Económica)supportingOthers · 22 May 2026Mexico's antitrust agency that approved Sierra Madre's acquisition of the Del Toro Silver Mine, a required regulatory step for the transaction to close.
• Beacon Securities LimitedmajorChannel Partner/ Reseller/ Distributor · 14 January 2026Beacon Securities acted as lead agent for Sierra Madre's brokered private placement financing of approximately $57.5 million (later increased to $57,500,690) to fund the Del Toro acquisition. Part of syndicate including Canaccord Genuity, BMO Capital Markets, and VSA Capital.
• Canaccord GenuitymajorChannel Partner/ Reseller/ Distributor · 14 January 2026Part of syndicate acting as agents for Sierra Madre's brokered private placement of approximately $57.5 million to fund the Del Toro Silver Mine acquisition.
• BMO Capital MarketsmajorChannel Partner/ Reseller/ Distributor · 14 January 2026Part of syndicate acting as agents for Sierra Madre's brokered private placement to fund the Del Toro acquisition.
• VSA CapitalmajorChannel Partner/ Reseller/ Distributor · 14 January 2026Part of syndicate acting as agents for Sierra Madre's brokered private placement to fund the Del Toro acquisition.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• First Majestic Silver Corp. Large silver-gold producer in Mexico and Sierra Madre's largest shareholder (~24.77%) and the vendor of both La Guitarra and Del Toro. Directly comparable as a Mexico-focused precious metals miner, with overlapping jurisdiction, processing methodologies, and offtake channels.
• Endeavour Silver Corp. Mid-tier silver-gold producer operating multiple underground mines in Mexico. Closely comparable in asset size, jurisdiction, and silver-gold concentrate business model, and CEO Alex Langer previously led Endeavour's IPO.
• Fortuna Mining Corp. Mid-tier precious metals producer with significant silver-gold operations in Mexico and Latin America. Comparable business model and product mix (silver-gold concentrates and doré), though with a more diversified geographic footprint and broader resource base.
• MAG Silver Corp. Mexico-focused silver developer/producer with a primary asset (Juanicipio) joint-ventured with Fresnillo. Compares as a Mexico-focused silver play with high-grade underground operations and a similar capital-markets profile on Canadian exchanges.
• Avino Silver & Gold Mines Ltd. Mexico-based silver-gold producer with an underground mine and on-site mill processing silver-gold ores into concentrate. Similar scale of operations and concentrate-based revenue model, listed on TSX/OTC.
• SilverCrest Metals Inc. Mid-tier silver-gold producer focused on Mexico, recently acquired by Coeur Mining. Direct comparable in silver-gold underground mining in Mexico and in the concentrate-to-doré production profile.
• Gatos Silver, Inc. Silver-zinc producer operating the Cerro Los Gatos mine in Mexico through a joint venture. Compares as a Mexico-focused silver miner with similar underground scale and concentrate offtake model.
• Dolly Varden Silver Corporation: Silver-focused explorer/developer with high-grade projects in British Columbia's Golden Triangle. Comparable as a TSXV-listed pure-play silver growth story with high-grade silver mineralization, though in a different jurisdiction.

Broad incumbents

• Pan American Silver Corp. One of the world's largest primary silver producers with diversified Mexican and Latin American operations. Overlaps with Sierra Madre in product and region but at materially larger scale and broader portfolio.
• Hecla Mining Company: Largest U.S.-listed primary silver producer with operations across North America. Provides an incumbent-scale reference for silver mining economics, hedging practices, and capex benchmarks relevant to Sierra Madre's expansion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SierraMadreSM

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds7 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sierra Madre