Sierra Metals Calls Annual General and Special Meeting of Shareholders

Sierra Metals Inc. (TSX: SMT | OTCQX: SMTSF | BVL: SMT) ("Sierra Metals" or the "Company") today announces that it has called an annual general and special meeting (the "Meeting") of shareholders (the "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 (the “Requisition”) that was delivered to the Company by Alpayana S.A.C. (the "Alpayana"), 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 (the "Board"), after consultation with its legal advisors, 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

Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico. The Company is intent on safely increasing production volume and growing 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.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra Metals and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra Metals to be materially different from any anticipated performance expressed or implied by such forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated March 26, 2025 for its fiscal year ended December 31, 2024 and other risks identified in the Company's filings with Canadian securities regulators, which are available at www.sedarplus.ca.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

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