Arias Resource Capital and Compañia Minera Kolpa Reiterate and Highlight Proposal for Transformative Transactions at Sierra Metals

Arias expresses concern for the Board of Sierra's apparent lack of urgency in solving Sierra's financial challenges

TORONTO, Nov. 11, 2022 /CNW/ - Compañia Minera Kolpa ("Kolpa"), in conjunction with Arias Resource Capital and its affiliates ("Arias", and together with Kolpa, "we" or "us"), which are the largest shareholder of Sierra Metals Inc. ("Sierra") (TSX: SMT) (NYSEAmerican:SMTS) (BVL or Bolsa de Valores de Lima: SMT), today announced the delivery of a new letter to the Board of Directors of Sierra (the "Board") highlighting certain key terms of the proposed business combination between Sierra and Kolpa, with a concurrent financing aimed at solving the financial and liquidity concerns at Sierra, following their submission of a letter of intent to the Board on October 27, 2022.