Arias Resource Capital Fund II L.P. and Arias Resource Capital Fund II (Mexico) L.P. Sale of Common Shares of Sierra Metals Inc.

TORONTO, June 28, 2024 (GLOBE NEWSWIRE) -- Since February 10, 2021, the date of the last early warning press release, through June, 27, 2024, Arias Resource Capital Fund II L.P. ("ARCF II") and Arias Resource Capital Fund II (Mexico) L.P. ("ARCF II Mexico", and together with ARCF II, the "ARC Funds") sold a total of 4,256,000 Common Shares of Sierra Metals Inc. ("Sierra") at a price of C$0.80 per share for an aggregate consideration of C$3,419,816.

The ARC Funds, Arias Resource Capital Management LP (the "Manager"), Arias Resource Capital GP Ltd. (the "General Partner"), and J. Alberto Arias own, in the aggregate, 39,486,624 Common Shares. Following the disposition, the Common Shares held by the ARC Funds, the Manager, the General Partner, and J. Alberto Arias, collectively, represent approximately 18.8% of the total outstanding Common Shares of Sierra, representing a decrease of approximately 2.03%, as summarized below:

This news release has been disseminated in accordance with the early warning requirements of Canadian provincial securities laws.

For further information, please contact: J. Alberto Arias, Director, phone: 305-913-5400

The dissemination of this release in the United States or to any United States news service may constitute a violation of U.S. securities laws.