Summary:
The La Guitarra mine, located 130 km southwest of Mexico City in the historic Temascaltepec district, is an underground silver-gold operation owned by Sierra Madre. Acquired from First Majestic Silver in 2023 for US$35 million, the mine features a 500 tpd flotation mill and extensive infrastructure. Commercial production began in January 2025 after a ramp-up in 2024, with steady ore processing at 500 tpd
Historically producing 1–1.5 Moz AgEq per year, La Guitarra holds strong exploration upside, hosting over 100 known veins. A 2023 resource update outlined 27.2 Moz AgEq in Measured and Indicated Resources and 20.2 Moz AgEq in Inferred Resources.
On September 8, 2025, Sierra Madre outlined a two-stage expansion plan at La Guitarra. The planned expansions would increase the site’s nameplate processing capacity from 500 tonnes per day (“tpd”) to approximately 750–800 tpd by Q2 2026. Sierra Madre then intends to further increase capacity to roughly 1,200–1,500 tpd by Q3 2027 through the construction of a new dry-stack tailings facility and the installation of a second crushing circuit.
Metalla holds a 2% NSR royalty on La Guitarra, subject to a 1% buyback for $2 million.
Interest: 2% NSR Royalty
Location: Temascaltepec, Mexico
Project Status: Producing
Counterparty: Sierra Madre Gold & Silver
