SIERRA METALS INC ORD - SMTSF STOCK NEWS

Sierra Metals Inc. responds to a shareholder's proposal to elect a new slate of directors at the upcoming annual and special shareholders meeting. The company states that it did not have an opportunity to discuss the proposed director nominees or the issues raised in the proposal before the shareholder embarked on this process. Sierra Metals highlights recent initiatives that demonstrate positive operating momentum, improved financial flexibility, and a strong commitment to safety. The company also corrects false or misleading statements in the shareholder's proposal.

Sierra Metals reported a significant 28% increase in consolidated copper equivalent production in Q1 2023 compared to Q4 2022, and a 13% increase year-over-year. The Bolivar mine saw throughput rise by 59% compared to Q1 2022, while Yauricocha improved by 44% from the previous quarter, leading to an overall production recovery. Copper equivalent production at Yauricocha decreased 17% year-over-year due to restricted mining activity. The company emphasizes planned infrastructure enhancements expected to stabilize production and improve cash flow, with future investment aimed at unlocking Bolivar's full potential. Financial results for Q1 2023 will be disclosed on May 15, 2023.

Sierra Metals announced its fourth quarter and year-end 2022 financial results, reporting a revenue of $46.2 million for Q4 and $192.1 million for the full year. However, the company faced a significant net loss of $26.5 million in Q4 and $87.5 million for 2022, largely due to impairment charges totaling $50 million. As of December 31, 2022, cash and equivalents stood at $5.1 million with negative working capital of $84.4 million. The company aims to enhance operations in 2023, focusing on improved safety and productivity. Production guidance for 2023 includes 1,500,000 oz of silver and 13,500,000 lbs of copper.

Sierra Metals Inc. (TSX: SMT) announced it is in advanced discussions to refinance $18,750,000 of its $25,000,000 senior secured credit facility obligations due in 2023. A bridge loan of $6,250,000 has been secured to cover the first quarter's amortization payment. The refinancing contract aims to be completed by June 8, 2023. Additionally, the company announced a new date of March 28, 2023, for its 2022 financial results, with a conference call scheduled for March 29, 2023, at 11:00 AM EDT to discuss these results.

Sierra Metals Inc (TSX: SMT) has filed its unaudited Financial Statements and Management's Discussion and Analysis (MD&A) for Q4 and full-year 2022 via its subsidiary, Sociedad Minera Corona S.A. With an 81.8% interest in Corona, the financial statements are accessible for review. Consolidated financial results will be released on March 13, 2023, followed by an investor conference call on March 14, 2023. The company, engaged in copper and base metals production with precious metal byproducts, emphasizes increasing production volume and exploring mineral resource growth at its mines in Peru and Mexico.

Sierra Metals reported its Q4 2022 production results, showcasing a 69% increase in copper equivalent production at the Bolivar mine compared to Q3 2022. However, overall consolidated copper equivalent production decreased by 29% year-on-year due to operational challenges at the Yauricocha mine, which faced a 43% decline in throughput compared to Q3 2022 and a 45% decrease year-on-year. Despite these struggles, substantial progress was made in Q4 with safety enhancements and infrastructure upgrades. The company aims to stabilize production across its operations while pursuing a strategic review process initiated in October 2022.