SIERRA METALS TO INVEST US$28 MILLION FOR AN IRON ORE PROCESSING PLANT EXPECTED TO PRODUCE APPROXIMATELY 500,000 TONNES PER YEAR OF MAGNETITE CONCENTRATE AT THE BOLIVAR MINE, MEXICO

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) today announces that its Board of Directors has approved the investment by the Company of US$28 million for the construction of a magnetite processing plant including an initial expenditure of $5.2 million for early procurement and contracting on the project. The plant is expected to produce approximately 500,000 tonnes per year of 62% iron ore fines concentrate at the Company’s Bolivar Mine located in the Chihuahua State, Mexico.

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