Sierra Metals Announces Results of 2024 Annual General Meeting

TORONTO, June 25, 2024 - Sierra Metals Inc. (TSX: SMT) (OTCQX: SMTSF) ("Sierra Metals" or the "Company") hereby announces the voting results from its annual general meeting ("Meeting) of shareholders held on Tuesday, June 25, 2024.

A total of 158,972,647 common shares were represented at the Meeting, being 75.66% of the Company's issued and outstanding shares. Shareholders voted in favour of the reappointment of PricewaterhouseCoopers LLP as auditors for the ensuing year and the election of Miguel Aramburu, Ernesto Balarezo, Robert Neal, Beatriz Orrantia, Wendy Kaufman and Roberto Maldonado (the "Management Nominees"), to the Company's board of directors (the "Board"). Mr. Douglas Cater received less than 50% of votes cast in favour of his re-election and has resigned from the Board with immediate effect in accordance with the majority voting provisions of the Canada Business Corporations Act.

Mr. Oscar Cabrera and Mr. Carlos Santa Cruz had both previously announced their intentions to retire from the Board and did not stand for re-election at this year's Meeting.

Ernesto Balarezo, CEO of Sierra Metals, comments, "On behalf of the Board and entire team at Sierra Metals we would like to thank Oscar, Doug and Carlos for their tremendous contributions and support as we turned Sierra Metals around during the past 18 months. In particular, we would like to recognize Oscar as Chair of the Board for his leadership as he led the Company through various challenges and helped stabilize our business, allowing Sierra Metals to be stronger and well positioned for the future. We wish Doug, Oscar and Carlos all the best."

Mr. Balarezo continues, "We are looking forward to having Roberto join the Board. His deep and extensive operating experience in the mining sector will help guide us through our next phase of growth."

Mr. Roberto Maldonado has over 35 years of professional experience in the mining sector, currently serving as the General Manager of Agnitia Consultores SAC in Peru. He previously held the position of Chief Operating Officer (2008-2017) at Volcan Compañía Minera and was responsible for five mining operations including supporting activities such as administration, human resources management, procurement management, control of contracts, appraisals, inventory control, safety, and environmental systems. Mr. Maldonado holds a masters in Mineral Engineering Management from The Pennsylvania State University and obtained his Mining Engineering degree from the National University of Engineering (Universidad Nacional de Ingeniería).

About Sierra Metals
Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico. The Company is intent on safely increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company has large land packages at each of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated March 15, 2024 for its fiscal year ended December 31, 2023 and other risks identified in the Company's filings with Canadian securities regulators, which are available at www.sedarplus.ca.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

SOURCE Sierra Metals Inc.