Inteligo Bank Ltd. Announces Intention to Vote its Common Shares of Sierra Metals Inc. (approximately 3.6% of the outstanding Shares) in Favour of Management-Nominated Board Slate at 2023 Annual Meeting

• Apprehensive of motivations behind dissident slate as not being in the best interests of shareholders.
• Concerned that a board controlled by Arias Resource Capital and its nominees does not have the company's long-term interests in mind.

PANAMA CITY, Panama, June 15, 2023 /CNW/ - Inteligo Bank Ltd. (the "Shareholder"), today announced that it intends to vote for the nominees proposed by management of Sierra Metals Inc. ("Sierra" or the "Company") for the board of directors of Sierra at its upcoming annual meeting of shareholders on June 28, 2023. The Shareholder owns 5,925,000 common shares of Sierra equal to approximately 3.6% of the outstanding common shares of the Company.

The Shareholder is committed to seeing the current management and board of the Company continue to have the opportunity to further implement their plan to rehabilitate Sierra from years of short-sightedness and misguided direction, which was the case when individuals associated with Arias Resource Capital ("ARC") were previously members of the board.

We believe that the dissident nominees may wish to control the board in order to maximize short term value for the benefit of ARC, the largest shareholder of the Company, at the expense and to the detriment of minority shareholders who believe in the long-term vision and potential of Sierra.

We therefore believe it is critical that each shareholder of the Company exercise our rights as shareholders and vote to ensure that the current leadership team stays in place to further their vision of creating long-term value for shareholders in a manner that benefits all stakeholders of Sierra, and we do not support the election of any member of the ARC slate of nominees.

Additional Information

The Shareholder is not acting jointly and in concert with any other party in disseminating this press release. The views expressed in this press release are those of the Shareholder alone, should not be attributed to any other person, and were formed based solely on the Shareholder's analysis of publicly available information. The information contained in this press release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable corporate or securities laws.

SOURCE Inteligo Bank Ltd.