The Toronto Stock Exchange reports that Alpayana Canada Ltd., a wholly owned subsidiary of Alpayana S.A.C., has extended its offer to purchase all of the issued and outstanding common shares of Sierra Metals Inc. at the previously increased price of $1.15 in cash per share. According to the TSX, the offer will now expire at 5 p.m. Toronto time on May 23, 2025, unless further extended, accelerated or withdrawn.

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.

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 of the offer.

There are no soliciting dealer fees at this 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 news release and/or other means as the offeror may determine. Trades on May 23, 2025, will settle on the same day.

For more information, see the TSX bulletins dated April 14, 2025, and May 5, 2025, and the offer dated Dec. 30, 2024, the notice of variation and extension dated April 2, 2025, the notice of variation and extension dated May 1, 2025, and the notice of variation and extension dated May 12, 2025.