Denver Gold Group member

Sierra Madre

TSXV:SM
Producer (commercial production)
Silver
Gold

Company profile

Sierra Madre Gold & Silver (TSXV: SM; OTCQX: SMDRF) is a Canadian-listed silver and gold producer operating the La Guitarra Mine Complex in Mexico, where commercial production commenced in January 2025. The Company generated US$18.3 million in revenue in H1 2026 and is executing a two-phase expansion targeting processing capacity of 1,200–1,500 tonnes per day by Q3 2027.

In June 2026, Sierra Madre acquired the past-producing Del Toro silver mine from First Majestic Silver, establishing a second potential production platform. With an operating, cash-flow-generating asset, a strong balance sheet, an experienced Mexican mining team and significant organic growth potential, Sierra Madre is advancing its strategy to become a mid-tier silver producer.

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At Mining Forum Americas

A Denver Gold Group member company

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Peer groupthe five most similar Denver Gold Group members, 1 = most similar

Rank	Company	Stage	Minerals	Primary operations	Market cap	2025 production	Reserves
This company	Sierra MadreTSXV:SM	Producer	Silver, Gold	Mexico	$238M
1	Guanajuato SilverTSXV:GSVR	Producer	Silver, Gold	Mexico	$182M	2,349 koz	2349 Moz
2	Silverco MiningTSXV:SICO	Producer	Silver, Zinc	Mexico	$317M
3	GoGold ResourcesTSX:GGD	Producer	Silver, Gold	Mexico	$1.1B	2,150 koz	22 Moz
4	Silver Tiger MetalsOTC:SLVTF	Developer	Silver, Gold	Mexico	$336M
5	Heliostar Metals Ltd.TSX:HSTR	Producer	Gold, Silver	Mexico	$447M	33 koz	1.9 Moz

close partial distant not reported Dots run in the order market cap, stage, minerals, country, production, reserves. Similarity weighs market capitalisation 25%, stage of development 20%, primary and secondary minerals 20%, primary country of operations 10%, production 12.5% and reserves 12.5%, with sizes compared on a logarithmic scale. Production and reserves are compared only between companies with the same primary mineral, and a figure a company has not supplied is left out of the score instead of counting against it. A statistical grouping for orientation, not a recommendation or a valuation comparison.

Prepared for information only; it is not investment advice or a recommendation. Company data as supplied to Denver Gold Group by member companies and public market sources. Market figures as at 4 November 2026, in US dollars.

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