Sierra Metals (SMTS) Announces Changes to Its Organizational Structure, Following Strategic Review

Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL: SMT) (“Sierra Metals” or the “Company”) is pleased to announce the completion of an internal organizational review, following the strategic review announced in late 2021.

Sierra Metals is strengthening its current operating portfolio through various value-enhancing opportunities. These include:

- Increased focus on the production of copper and steel-making products such as zinc and iron-ore;

- Advancement of the Company’s mine expansion plans, with the aim of increasing the return at both the Yauricocha and Bolivar Mines;

- Re-activation of brownfield and greenfield exploration activities, throughout Sierra’s extensive resource base;

- Heightened focus on ESG, Human Capital and Permitting

In order to align the organization to effectively achieve these goals, as well as to overcome current operational issues, the following appointments have been made:

James León – Vice President, Operations

Effective February 1st, following his previous appointment as Country Manager Perú, Mr. León will now manage both Yauricocha and Bolivar operations. Mr. León will be based in Mexico. He will oversee the delivery of increasingly improved operational results and efficiencies, following the difficult challenges Bolivar and Yauricocha have faced over the past two years.

Mr. León is a Peruvian Mining Engineer with over 25 years of experience and has been with Sierra Metals since August of 2017 in various roles including Operations Manager in Mexico until 2019, and then Country Manager in Peru.

Alonso Lujan – Vice President, Exploration

Effective February 1st, as Vice President, Exploration, Mr. Lujan will focus on the extensive resource growth and business opportunities, in both brownfield and greenfield exploration, at our properties in Perú and México. Both Yauricocha and Bolivar are in underexplored, highly prospective geological regions, with another 80,000 Hectares of greenfield properties owned by Sierra Metals. His role is fully aligned with the strategic objective of unlocking the significant potential value at these properties.

Mr. Lujan is a Mexican Geological and Mining Engineer with over 30 years international experience in mineral exploration with a positive track record for increasing companies' resources, output and company value.

Alberto Calle – Vice President, Human Resources

Effective November 1, 2021, Mr. Calle is taking the role of VP Human Resources, in charge of the HR function at Sierra Metals. Provided the changing environment and ongoing challenges on this area, this role is key to assist with strengthening our teams, and maintaining a healthy and motivated work environment, in both Peru and Mexico.

Mr. Calle has spent 20 years of his professional experience in Human Capital with 13 years dedicated to the large-scale mining industry. He previously held positions at MMG – Las Bambas as Human Resource Manager, and Regional Manager of Human Resources for Newmont

Juan Jose Mostajo – Vice President, Legal Affairs

Effective December 1, 2021, Mr. Mostajo joins our legal team and will assist in legal matters related to both Peru and Mexico. His role is key for managing the ongoing legal and permitting issues at both of our operations and supporting the strategy of the Company moving forward.

He has over 23 years of experience in the mining sector and has been legal advisor to various mining companies, both Peruvian and foreign. His previous positions include a role as part of the legal management team at Anglo American in Peru as well as Vice President of Legal Affairs of Minera Chinalco, Peru.

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