Goodmans LLP acting for the Chair of the Board of Sierra Metals (as special counsel) in connection with proxy fight and assisted in the successful defence of the proxy fight.

Sierra Metals shareholders are advised to VOTE ONLY on the YELLOW proxy for Arias Resource Capital’s five highly qualified nominees.

Sierra Metals Inc. hereby announces the voting results from its annual and special meeting of shareholders held on Wednesday, June 28, 2023 (the “Meeting”).

A total of 126,949,634common shares were represented at the Meeting, being 77.13% of the Company’s issued and outstanding shares. Shareholders voted in favour of each of the matters put to them at the Meeting, being the re-appointment of PricewaterhouseCoopers LLP as auditors for the ensuing year, the adoption of the Corporation’s omnibus incentive plan and the election of Oscar Cabrera, Miguel Aramburu, Ernesto Balarezo, Douglas Cater, Robert Neal, Beatriz Orrantia and Carlos Santa Cruz (the “Management Nominees”), to the Company’s board of directors (the “Board”).

Excluding votes cast by Arias Resource Capital Fund II L.P. and Arias Resource Capital Fund II (Mexico) L.P., together with other affiliates of Arias Resource Capital and Alberto Arias (the “Dissident Shareholders”),shareholders voted overwhelmingly in favour of the Management Nominees. Excluding the votes cast by the Dissident Shareholders, each Management Nominee received support from not less than 81% of all votes cast at the Meeting.