Sierra Madre Gold and Silver (SM) 2025 Precious Metals Summit - Zurich summary

Operational highlights

• Achieved on-time, on-budget restart of silver mine in Mexico, producing 150,000–190,000 oz of silver per quarter since late 2024.

• Opened Coloso and Nazareno mines, adding higher-grade ore to production.

• Q2 revenue reached $5 million with $1.2 million net profit, prior to recent silver price increases.

• Current production facility operates at 500 t/d, with plans to expand.

• Fully permitted for underground mining at La Guitarra; open pit permitting under consideration.

Expansion and growth plans

• Plan to triple production over 24 months, increasing capacity from 500 t/d to 1,500 t/d by end of 2027.

• Targeting annual production of 3 million oz of silver, with production costs below $22/oz.

• Expansion funded by recent financing; simple plan involves adding a crusher and ball mill.

• Ongoing 25,000 meters of drilling to expand resources and explore new targets.

• Excited about drilling El Rincón, a high-grade historic mine, in the coming year.

Resource base and exploration

• District contains 50 million oz of silver resources, with potential for significant expansion.

• Historic district includes nine mines and 250,000 meters of historic drilling.

• Tepic project holds 10 million oz of silver and 15 km of undrilled strike, but focus remains on La Guitarra.

• Exploration next year will target both western and eastern parts of the district.

• Any new discoveries can be quickly monetized through existing infrastructure.