Cranley Investment Holdings, LLC Announces Intention to Vote 9,414,249 Common Shares of Sierra Metals Inc. (approximately 5.7% of the outstanding Common Shares) in Favour of Management Slate at 2023 Annual Meeting

• Concerned about Arias Resources Capital's history of governance failures and value destruction at Sierra Metals Inc.
• Believes that Arias Resources Capital's director nominees are being proposed to advance its selfish interests in relation to Sierra Metals Inc. and not in the best interests of Sierra Metals Inc. or its shareholders.

TORONTO, June 13, 2023 /CNW/ - Cranley Investment Holdings, LLC, the holder of 9,414,249 common shares of Sierra Metals Inc. (TSX: SMT) ("Sierra Metals") equal to approximately 5.7% of the Sierra Metal's outstanding common shares, announces today that it intends to vote for the Sierra Metals nominated candidates for the board of directors at the upcoming annual general meeting of the company to be held on June 28, 2023. 

As a shareholder of Sierra Metals for approximately 11 years, we seek to protect the long-term best interests of Sierra. We have confidence that management of Sierra Metals has made the difficult decisions that it believes will put the company on a solid footing for future success.

We are aware of Arias Resources Capital's ("ARC") history with Sierra Metals, including what we believe is a history of governance failures and value destruction. We were glad to see ARC's nominees forced off the board of directors in 2021, and do not wish to see ARC or its nominees exercise any future influence over the company.

We do not trust Mr. Arias or ARC, or their intentions in relation to Sierra Metals. For this reason, we do not support the election of any member of the ARC slate of nominees, and we intend to vote in favour of all members of the management slate.

Forward-Looking Statements

This press release contains "forward looking statements" and "forward-looking information" under applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information with respect the future prospects of Sierra. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made at the date that such statements are made.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Sierra to be materially different from those expressed or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the plans and objectives and may not be appropriate for other purposes. The Shareholder does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE Cranley Investment Holdings, LLC