Vancouver, British Columbia – March 30, 2023 – Sierra Madre Gold and Silver Ltd. (TSXV: SM) (“Sierra Madre” or the “Company”) is pleased to announce that, pursuant to the share purchase agreement dated May 25, 2022, as amended and restated on October 28, 2022 (the “Share Purchase Agreement”), among the Company, First Majestic Silver Corp. (“First Majestic”) and Corporacion First Majestic, S.A. de C.V. (“CFM”), the Company has completed its previously announced acquisition (the “Acquisition”) of La Guitarra Compania Minera S.A. de C.V. (“Subco”), an indirect wholly-owned subsidiary of First Majestic incorporated under the laws of Mexico, that holds a 100% interest in the La Guitarra silver-gold property (the “La Guitarra Property”), as described in the Company’s newsreleases dated May 25, 2022, November 1, 2022, December 28, 2022, and March 21, 2023 (collectively, the “Prior News Releases”) and the Company’s information circular dated November 8, 2022 (the “Circular”).