Sierra Metals (SMTS) announces changes to its organizational structure, following a strategic review

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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 at the end of 2021.

Sierra Metals is bolstering its current operating portfolio through various upscaling opportunities. These include:

– Increased emphasis on the production of copper and steel products such as zinc and iron ore;

– Advancement of the Company’s mine expansion plans, with the aim of increasing the yield of the Yauricocha and Bolivar mines;

– Reactivation of brownfield and greenfield exploration activities, across Sierra’s vast resource base;

– Increased focus on ESG, human capital and permits

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 1, following his previous appointment as Country Manager Perú, Mr. León will now manage 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 that 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 worked at Sierra Metals since August 2017 in a variety of roles including Director of Operations in Mexico until 2019 and then Country Director in Peru.

Alonso Lujan – Vice President, Exploration

Effective February 1, as Vice President, Exploration, Mr. Lujan will focus on resource growth and business opportunities, both in brownfield and greenfield exploration, at our properties in Peru and Mexico. Yauricocha and Bolivar are in under-explored and highly prospective geological regions, with an additional 80,000 hectares of virgin properties owned by Sierra Metals. His role is fully aligned with the strategic objective of unlocking the significant potential value of these properties.

Mr. Lujan is a Mexican geological and mining engineer with over 30 years of international experience in mineral exploration with a positive track record for increasing resources, production and company value.

Alberto Calle – Vice President, Human Resources

Effective November 1, 2021, Mr. Calle will serve as Vice President of Human Resources, responsible for the HR function at Sierra Metals. Given the changing environment and ongoing challenges in this area, this role is essential to help strengthen our teams and maintain a healthy and motivated work environment, both in Peru and Mexico.

Mr. Calle has spent 20 years of his professional experience in human capital with 13 years spent in the large-scale mining industry. He previously held positions at MMG – Las Bambas as Director of Human Resources and Regional Director 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 Peru and Mexico. His role is critical in managing ongoing legal and permit issues across our two operations and supporting the company’s strategy going forward.

He has over 23 years of experience in the mining sector and has served as legal advisor to various mining companies, both Peruvian and foreign. His previous roles include a role on Anglo American’s legal management team in Peru as well as vice president of legal affairs for Minera Chinalco, Peru.