Vancouver, British Columbia – September 8, 2022 – Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQB: SMDRF) (“Sierra Madre” or the “Company”) is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced “best efforts” brokered private placement financing (the “Offering”) pursuant to an agency agreement dated September 8, 2022 (the “Agency Agreement”) with Beacon Securities Limited and Canaccord Genuity Corp. (together, the “Co-Lead Agents”) on behalf of a syndicate of agents including Haywood Securities Inc. (together with the Co-Lead Agents, the “Agents”).