# Sierra Madre Gold and Silver – Q1 Operations and Financial Update At La Guitarra Mining Complex, Phase 1 Plant Expansion, 60k-80k Meters Of Drilling Between La Guitarra and Del Toro Properties

Page: https://stenobird.com/podcast/the-ke-report-5642261/sierra-madre-gold-and-silver-q1-operations-and-financial-update-at-la-guitarra-mining-complex-phase-1-plant-expansion-60k-80k-meters-of-drilling-between-la-guitarra-and-del-toro-properties
Text version: https://stenobird.com/podcast/the-ke-report-5642261/sierra-madre-gold-and-silver-q1-operations-and-financial-update-at-la-guitarra-mining-complex-phase-1-plant-expansion-60k-80k-meters-of-drilling-between-la-guitarra-and-del-toro-properties.md
Podcast: [The KE Report](https://stenobird.com/podcast/the-ke-report-5642261)
Published: 2026-06-25T23:40:50+00:00
Episode link: https://kereport.podbean.com/e/sierra-madre-gold-and-silver-%e2%80%93q1-operationsand-financial-updateat-la-guitarramining-complexphase-1plantexpansion60k80kmeters-ofdrilling-betwee/
Audio file: https://mcdn.podbean.com/mf/web/94iar78hyunzmpxq/2026-06-25_-_Alex_Langer_-_Sierra_Madre_Gold_and_Silverauzca.mp3
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Duration seconds: 1055

## Resource

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to recap the Q1 operations and financial update at their La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines: La Guitarra, Coloso, and Nazareno. We look ahead to the 2-phase mill expansion and upcoming increased 30,000 meters of drilling planned across the La Guitarra property. Additionally, we discussed the closing of the transaction for the Del Toro mining complex this week, and the increased drill program to 30,000 - 50,000 meters of drilling at the property starting in the second half of this year. Highlights Revenues: Gross silver revenues for the quarter totalled $5.9 million ($85.14 per ounce) and gold revenues totalled $5.1 million ($4,906 per ounce). Silver revenues for the quarter ended March 31, 2025 ("Q1 2025") totalled $2.3 million ($31.13 per ounce) and gold revenues totalled $2.9 million ($2,828 per ounce). Sales: In Q1 2026, the Company sold 69,006 ounces of silver ("Ag") and 1,038 ounces of gold ("Au") or 128,827 silver equivalent ("AgEq") ounces, based on the ratio of silver and gold prices realized for each shipment in the quarter. This compares to 75,137 ounces of Ag and 1,022 ounces of Au or 165,093 AgEq ounces sold in Q1 2025. Cash Costs for the quarter were $42.55 per AgEq ounce produced, as compared to $33.63 per AgEq ounce produced in Q4 2025 and $22.51 in Q1 2025 due to a number of factors including the ramp up of operations at Coloso and Nazareno and inflationary pressures on our input costs, as detailed below. Adjusted EBITDA of $2.8 million for Q1 2026 compares to $1.1 million for Q1 2025. Cash from Operations: the Company generated $3.5 million of cash from operating activities in Q1 2026 as compared to $729 thous…

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