SIERRA METALS UNDERTAKING STRATEGIC PROCESS

SierraMetals_080121

Toronto, ON – January 08, 2021 – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN:SMTS) (“Sierra Metals” or the “Company”) announces today that its Board of Directors, supported by its management team and with the full support of Arias Resource Capital Fund L.P., Arias Resource Capital Fund II L.P. (the Company’s two largest shareholders) and Arias Resource Capital Fund II (Mexico) L.P., has commenced a process to explore and evaluate potential strategic alternatives focused on maximizing shareholder value. These alternatives could include, among other things, the sale of part or all of the Company, a sale of some of the assets of the Company, a merger or other business combination with another party, or other strategic transactions. The Company has engaged CIBC World Markets Inc. to assist the Board of Directors in its review of strategic alternatives.

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