Sierra Madre Gold and Silver Ltd. generated $8.23 million in net revenues and $1.58 million in gross profit during the second quarter of 2026 at its La Guitarra mine complex in Mexico, compared to $5.76 million in net revenues for the same period in 2025.

Daily mill throughput at La Guitarra reached up to 672 tonnes per day in August, marking a 34% increase over the baseline of 500 tonnes per day. Working capital rose to $25.0 million as of June 30, 2026, compared to $14.4 million at March 31, 2026, while cash and cash equivalents increased to $22.2 million from $13.2 million. During the quarter, the company closed the acquisition of the Del Toro silver mine in Zacatecas State and fully repaid its US$5 million secured term loan with First Majestic Silver.

“Q2 was a very productive quarter for Sierra Madre with $8.23 million in net revenues and $1.58 million in gross profit from La Guitarra, as we made significant progress on the expansion, continued the ramp up of the Coloso and Nazareno mines and added equipment and staff to support increased production. During the search for the required mill for Phase I, the Company located and purchased a larger-than-planned mill, with the expectation that it would meet the milling requirements for both phases of the expansion. While the additional foundation and electrical work for the larger mill, along with certain shipping delays for other components of the Phase I expansion extended the completion of Phase I by several weeks, we continue to expect Phase II commissioning prior to the end of Q3 2027. Throughput levels have reached up to 672 tonnes per day so far in August. In June, we also closed the acquisition of a second substantially production-ready asset, the Del Toro silver mine in Zacatecas State, building on our Mexico production-focused platform. We closed out the quarter with US$25 million in working capital and near-term catalysts, including completion of the Phase I expansion and the commencement of East District drilling at La Guitarra.”

— Alex Langer, Chief Executive Officer

Production from resource blocks below existing workings at the Coloso mine is scheduled to start in the second half of 2026, and Phase II commissioning across the La Guitarra complex is anticipated prior to the end of the third quarter of 2027.

Read the full announcement: Sierra Madre Reports Solid Q2 2026 Financial Results, Advances Growth Plans