• Copper grades from the drill results are higher than the ones reported in the current Measured & Indicated Mineral Resource for the Bolivar Mine.
  • These results underscore the Bolivar Mine’s potential for further resource growth and enhanced value creation for stakeholders.

Sierra Metals Inc. (TSX: SMT | OTCQX: SMTSF | BVL: SMT) (“Sierra Metals” or the “Company”) is pleased to report drill results for the 2024 drill program in the Marian Zone (“Marian”) at the Company’s Bolivar Mine (“Bolivar”) in Mexico (Figure 1).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250121511907/en/

Figure 1: Bolivar Mine. Marian structure is near the main developed zones next to the Cieneguita ore body (CNG). (Graphic: Business Wire)

These recent drill results have the potential to increase the Mine’s current mineral resource as set out in the Company’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant report entitled “Technical Report on the Bolivar Mine” dated June 14, 2024 (the “Bolivar Technical Report”). By including these new drill holes, the dimensions of the mineralized body have the potential to extend by up to an additional ~300 meters (“m”) along strike and by ~600 m vertically. Additional drilling is planned in 2025 to continue to extend the Marian Zone to the northeast and at depth.

Ernesto Balarezo, Sierra Metals CEO, comments, “We are very pleased with the results of our exploration strategy at Bolivar to date and these results only offer what we believe is a glimpse of the mine’s full potential. This drill program in the Marian Zone indicates higher metals grades that have the potential to add to the overall mineral resources at Bolivar. These significant drill results from the Marian Zone reflect the continuous success of our targeted exploration strategy and highlight the untapped potential of the Bolivar Mine. Exploration and drilling, both to replace and continuously grow the mineral resources, are an important part of Sierra’s strategy.”

Notable diamond drill intercepts in the Marian Zone:

Hole

Downhole Width

True Width

Cu %

Au g/t

Ag g/t

Zn %

DB24BM941

28.50

26.0

1.29

0.34

10.87

0.02

DB24BM951

23.95

20.0

1.37

0.31

23.52

0.19

DB24BM943

13.20

9.5

0.85

0.14

23.51

2.98

DB24BM946

14.30

10.0

1.26

0.26

40.23

8.3

DB24BM955

10.75

7.0

2.45

0.42

11.51

0.03

DB24BM936

9.10

6.7

0.93

0.22

2.04

0.02

Marian is a mineralized ore body or “feeder zone” that trends in a northeast – southwest direction with a 67° dip to the southeast. It is located northwest of the Cieneguita Manto Zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. The width of mineralization varies between 9 m and 26.4 m, with copper grades directly correlated to the presence of chalcopyrite, lesser bornite, and pyrite. Drill hole DB24BM958, at elevation of 1,200 m, is the deepest, and shows the potential of going additional 600 m at depth with the structure open laterally and vertically (Figure 2).

Quality Assurance and Quality Control Protocols

All sampling was conducted under the supervision of the Company's geologists, adhering to industry best practices. Drill core samples were split on-site, with one half sent to ALS Chemex de México, a certified laboratory, for preparation and assay, while the other half was retained for reference purposes. Only the samples of DB24BM936 were sent to the Piedras Verdes laboratory at the mine. Sierra Metals implemented a rigorous QA/QC program, as outlined in Sections 10 and 11 of the Bolivar Technical Report, which is available for review on the Company’s profile on SEDAR+ (www.sedarplus.ca).

Qualified Persons Statement

Ricardo Salazar Milla (AIG #8551), Corporate Manager – Mineral Resources of Sierra, is a Qualified Person as defined under NI 43-101. Mr. Salazar has reviewed and approved the scientific and technical content of this news release.

About Sierra Metals

Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico. The Company is intent on safely 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 in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company has large land packages at each of its mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to the significance of drill results, the ability to incorporate new drilling in an updated mineral resource and the Company’s ability to grow the deposit at the Bolivar Mine.

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 15, 2024 for its fiscal year ended December 31, 2023 and other risks identified in the Company's filings with Canadian securities regulators, which are available at www.sedarplus.ca.

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.

For further information regarding Sierra Metals, please visit www.SierraMetals.com or contact: Investor Relations Sierra Metals Inc. +1 (866) 721-7437 info@sierrametals.com Media Relations John Vincic Principal Oakstrom Advisors +1 (647) 402-6375 john@oakstrom.com

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