An anonymous director reports

SIERRA METALS CALLS ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

Sierra Metals Inc. has called an annual general and special meeting of shareholders to be held on July 29, 2025. In addition to the annual business to be conducted at the meeting, the meeting will also consider the matters set out in the notice of requisition that was delivered to the company by Alpayana SAC, as further detailed in a press release disseminated by Alpayana on May 28, 2025. The record date for determining shareholders entitled to receive notice of and to vote at the meeting is June 23, 2025. The meeting date and the record date comply with the timelines requested by Alpayana in the requisition.

The board of directors of Sierra Metals, after consultation with its legal advisers, determined it is in the best interests of the company to hold only one shareholder meeting to conduct the annual business of the company and consider the matters set out in the requisition. Among other considerations deliberated by the board, this avoids the cost of holding both a separate special meeting and annual general meeting in close proximity to one another while still allowing the company to address the matters set forth in the requisition.

Further details about the meeting, the matters to be presented thereat and how to vote will be made available to shareholders in advance of the meeting, including in a management information circular to be mailed to shareholders of record as of the record date. Shareholders are not required to take any action at this time in respect of the meeting.

The board will continue to operate the business in accordance with its fiduciary duties and remains available to engage with Alpayana on a transition plan that is in the best interests of the company's stakeholders.

About Sierra Metals Inc.

Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metal byproduct credits at its Yauricocha mine in Peru and its Bolivar mine in Mexico. The company is intent on safely increasing production volume and increasing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities in Peru and Mexico that are within close proximity to the existing mines. Additionally, the company has large land packages at each of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

We seek Safe Harbor.