Mr. Oscar Cabrera reports

SIERRA METALS ANNOUNCES APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Sierra Metals Inc. has appointed Wendy Kaufman to its board of directors as an independent non-executive director, effective Aug. 21, 2023.

Oscar Cabrera, chair of Sierra Metals, commented: "We are delighted to welcome Wendy to the Sierra Metals team. Wendy brings a wealth of operational and financial expertise along with significant mining industry experience to our board. We look forward to her playing a pivotal role in the growth of the company going forward."

About Ms. Kaufman

Ms. Kaufman is a senior financial executive and corporate director with over 25 years of experience leading junior and mid-tier publicly traded companies, largely in the resource sector. She currently serves as chief financial officer of Canada Nickel Company Inc., which is focused on the development and financing of a large-scale nickel deposit in Canada, and is a member of the board of directors and audit committee of BZAM Ltd. and Adapt. Previous to Canada Nickel, she served as chief financial officer of Pasinex Resources Ltd. and Primero Mining Corp. and was vice-president, finance and treasury, at Inmet Mining Corp.

Ms. Kaufman brings extensive knowledge in the areas of liquidity, capital structuring, financial management and planning, and corporate governance geared to support growth strategies. She also has expertise in public company accounting and reporting, corporate strategy, capital markets, acquisitions, and integration. Ms. Kaufman is a CPA, CA and holds a bachelor of business administration from Wilfrid Laurier University.

About Sierra Metals Inc.

Sierra Metals a diversified Canadian mining company with green metal exposure, including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha mine in Peru and its Bolivar mine in Mexico. The company is focused 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 at all three mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the company has large land packages at all three of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

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