
Growing Silver Production in Mexico, But Can It Remain Profitable?
Sierra Madre Gold and Silver’s flagship is the La Guitarra mine complex in the Temascaltepec district of Mexico State, acquired from First Majestic Silver in March 2023 for roughly US$35 million in shares. The company recently announced the acquisition of the Del Toro silver mine in Zacatecas from First Majestic for up to US$60 million in deferred and contingent payments, positioning it as a second potential flagship. The conversation covered the La Guitarra ramp-up, the planned mill expansion, the Del Toro transaction and restart plan, exploration programs at both assets, and the company’s longer-term mid-tier strategy.











