Sierra Metals Inc.

4

Canada & Ontario Toronto

79 Wellington Street West, Suite 2100, P.O. Box 157

+1 866 493-9646

www.sierrametals.com

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Company Press Releases

Sierra Metals Comments on Distribution of Sierra Shares

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or the “Company”) refers to the announcement earlier today by Arias Resource Capital Fund L.P. ("ARCF I") regarding its distribution of an aggregate of 52,721,964 common shares of the Company from ARCF I to underlying limited partners (the "Distribution”) which was made in connection with the winding-up and dissolution of ARCF I. In view of the ongoing strategic review process announced by Sierra on January 8, 2021, the Company confirms that the strategic review pr...

Sierra Metals Reports 2020 Production Results and Announces Strong 2021 Production and EBITDA Growth Guidance

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report fourth quarter 2020 and full year 2020 production results, as well as 2021 guidance for production, cost, EBITDA and capex. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210118005316/en/Arial Photo of Yaruricocha Mine, Peru (Photo: Business Wire) Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic mine in Peru, and the Bolivar cop...

Sierra Metals Undertaking Strategic Process

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or the “Company”) announces today that its Board of Directors, supported by its management team and with the full support of Arias Resource Capital Fund L.P., Arias Resource Capital Fund II L.P. (the Company’s two largest shareholders) and Arias Resource Capital Fund II (Mexico) L.P., has commenced a process to explore and evaluate potential strategic alternatives focused on maximizing shareholder value. These alternatives could include, among other things, the sale of part or al...

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