Sierra Metals Responds to Inflammatory and Untrue Statements by Alpayana

Alpayana's Hostile Takeover of Sierra Metals: Alpayana pursued a hostile takeover of Sierra Metals, initially offering CAD $0.85 per share, which was rejected by the Board. Despite increasing its bid to CAD $1.15, Alpayana's aggressive tactics and lack of engagement with the Board prolonged the acquisition process beyond the typical three months for such transactions in Canada.

Change of Control Entitlements: Sierra Metals disclosed that Alpayana was aware of the customary change of control entitlements for senior officers prior to the acquisition attempt. The Board took steps to protect these entitlements and ensure business continuity, rejecting Alpayana's demands to unilaterally amend employment agreements.