Further to its bulletin dated April 14, 2025, the Toronto Stock Exchange reports that Alpayana Canada Ltd., a wholly owned subsidiary of Alpayana S.A.C., has amended its offer to purchase all of the issued and outstanding shares of Sierra Metals Inc. by: (i) increasing the offer to $1.15 in cash per share; and (ii) extending the offer to May 12, 2025 (5 p.m. Toronto time).

To tender to the offer, shareholders must 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.

According to the TSX, 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. Trades on May 12, 2025, will settle on the same day.

For more information, see the offer dated Dec. 30, 2024, the notice of variation and extension dated April 2, 2025, and the second notice of variation and extension dated May 1, 2025, available on SEDAR+.