On December 16, 2024, Alpayana S.A.C. launched an all-cash offer of C$0.85 per share to acquire Sierra Metals Inc., representing a 26% premium over the 30-day volume-weighted average price. However, shareholders holding over 50% of Sierra's common shares rejected the offer as inadequate, citing significant undervaluation. Sierra's Board advised shareholders to take no action and adopted a shareholder rights plan to prevent unfair acquisition tactics. As a result, Alpayana cancelled the acquisition on December 26, 2024.

Sierra Metals engaged BMO Capital Markets as financial advisor, Mintz LLP as legal counsel, and Carson Proxy Advisors as communications advisor. The special committee of independent directors retained Bennett Jones as legal advisor.

Legal advisors for Alpayana included McCarthy Tétrault LLP (Canada), Rebaza, Alcázar & De Las Casas (Peru), and Creel, García-Cuéllar, Aiza y Enriquez, S.C. (Mexico). Shorecrest Group acted as Depositary and Information Agent, with LXG Capital serving as sole financial advisor.