The Toronto Stock Exchange reports that Alpayana Canada Ltd., a wholly owned subsidiary of Alpayana S.A.C. (the offeror), has amended its offer on April 2, 2025, to purchase all of the issued and outstanding common shares of Sierra Metals Inc. by: (i) increasing the offer to $1.11 in cash per share; and (ii) extending the offer to April 25, 2025 (5 p.m. Toronto time).

To tender to the offer, return the letter of transmittal together with the share certificates or DRS advices to Shorecrest Group Ltd., as depositary and information agent, at its principal office in Toronto, or follow the procedures for book entry transfer as set out in the offer to purchase and circular.

The TSX notes that the notice of guaranteed delivery must be completed and received by the depositary and information agent on or prior to the expiry time. The letter of transmittal, along with the certificates or DRS advices representing the applicable shares if applicable, pertaining to the notice of guaranteed delivery must be received in Toronto prior to 5 p.m. Toronto time on the first trading day of the TSX after the expiry time.

The offeror expects that if a dealer manager is engaged and/or a soliciting dealer group is formed, then the offeror will provide notice of such event by a news release and/or other means as the offeror may determine. Trades on April 25, 2025, will settle on the same day. For more information, see the offer dated Dec. 30, 2024, and the notice of variation and extension dated April 2, 2025, available on SEDAR+.