An anonymous representative of Cranley reports

CRANLEY INVESTMENT HOLDINGS, LLC ANNOUNCES INTENTION TO VOTE 9,414,249 COMMON SHARES OF SIERRA METALS INC. (APPROXIMATELY 5.7% OF THE OUTSTANDING COMMON SHARES) IN FAVOUR OF MANAGEMENT SLATE AT 2023 ANNUAL MEETING

Cranley Investment Holdings LLC, the holder of 9,414,249 common shares of Sierra Metals Inc., equal to approximately 5.7 per cent of Sierra Metal's outstanding common shares, intends to vote for the Sierra Metals nominated candidates for the board of directors at the coming annual general meeting of the company to be held on June 28, 2023.

As a shareholder of Sierra Metals for approximately 11 years, it seeks to protect the long-term best interests of Sierra Metals. It has confidence that management of Sierra Metals has made the difficult decisions that it believes will put the company on a solid footing for future success.

It is aware of Arias Resources Capital's history with Sierra Metals, including what it believes is a history of governance failures and value destruction. It was glad to see ARC's nominees forced off the board of directors in 2021, and does not wish to see ARC or its nominees exercise any future influence over the company.

It does not trust Mr. Arias or ARC, or their intentions in relation to Sierra Metals. For this reason, it does not support the election of any member of the ARC slate of nominees, and it intends to vote in favour of all members of the management slate.

We seek Safe Harbor.