Sierra Metals Comments on Distribution of Sierra Shares

Sierra-Metals-220121

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or the “Company”) refers to the announcement earlier today by Arias Resource Capital Fund L.P. (“ARCF I“) regarding its distribution of an aggregate of 52,721,964 common shares of the Company from ARCF I to underlying limited partners (the “Distribution”) whichwas made in connection with the winding-up and dissolution of ARCF I. In view of the ongoing strategic review process announced by Sierra on January 8, 2021, the Company confirms that the strategic review process continues to have the full support of its Board of Directors, management team, Arias Resource Capital Fund II L.P. (now the Company’s largest shareholder) and Arias Resource Capital Fund II (Mexico) L.P.

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