Sierra Metals Changes to Board of Directors

Rhea-AI Summary

Sierra Metals (TSX: SMT; NYSE American: SMTS) announced the resignation of directors J. Alberto Arias and Ricardo Arrarte following majority withhold votes at the annual shareholders' meeting on June 10, 2021. Chairman Jose Vizquerra acknowledged their service. The company focuses on mining precious and base metals from its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico, and aims to increase production and mineral resources. Recent discoveries and promising regional targets support long-term growth potential.

Positive

• Focus on increasing production and mineral resources.
• Recent key discoveries at multiple mines.
• Large land packages with prospective regional targets for exploration.

Negative

• Resignation of two directors may create continuity concerns.

Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL: SMT) (“Sierra Metals” or the “Company”) announced today that, following the majority of withhold votes cast by shareholders in respect of the re-election of J. Alberto Arias at the Company’s annual shareholders’ meeting held on June 10, 2021, Mr. Arias and Ricardo Arrarte have resigned as directors of the Company. Mr. Jose Vizquerra Benavides, the Chairman of the Board of Sierra Metals, stated: “We thank Messrs. Arias and Arrarte for their service as directors and wish them well in their future endeavors”.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on 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 at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

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Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian and U.S. securities laws (collectively, "forward-looking information"). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders' Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be 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 18, 2021 for its fiscal year ended December 31, 2020 and other risks identified in the Company's filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

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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FAQ

What prompted the resignations of directors at Sierra Metals?

The resignations of J. Alberto Arias and Ricardo Arrarte were due to majority withhold votes cast by shareholders during the annual meeting on June 10, 2021.

What impact could the director resignations have on Sierra Metals?

The resignation of directors may raise concerns about continuity and leadership experience within the company.

What are Sierra Metals' key mining operations?

Sierra Metals operates the Yauricocha Mine in Peru and the Bolivar and Cusi Mines in Mexico, focusing on precious and base metals.

How does Sierra Metals plan to increase production?

The company aims to increase production by focusing on recent discoveries and exploring its extensive land packages across its mining sites.