Anuncio • Jul 30
Sierra Metals Inc. Announces Election of Board of Directors Sierra Metals Inc. announced that at its AGM held on July 29, 2025, shareholders approved the election of Alpayana’s nominees, being Fernando Arrieta, José Cúneo and Dustin Perry,to the company’s board of directors. Anuncio • May 29
Sierra Metals Inc., Annual General Meeting, Jun 30, 2025 Sierra Metals Inc., Annual General Meeting, Jun 30, 2025. Anuncio • Apr 16
Sierra Metals Inc. to Report Q1, 2025 Results on May 14, 2025 Sierra Metals Inc. announced that they will report Q1, 2025 results After-Market on May 14, 2025 Anuncio • Mar 14
Sierra Metals Inc. to Report Q4, 2024 Results on Mar 26, 2025 Sierra Metals Inc. announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Mar 26, 2025 Anuncio • Jan 21
Sierra Metals Announces Drill Results from Its Bolivar Mine in Mexico Sierra Metals Inc. reported drill results for the 2024 drill program in the Marian Zone at the Company’s Bolivar Mine in Mexico. Marian is a mineralized ore body or “feeder zone” that trends in a northeast – southwest direction with a 67° dip to the southeast. It is located northwest of the Cieneguita Manto Zone, cutting carbonate rocks previously affected by calc-silicate metasomatism. The width of mineralization varies between 9 m and 26.4 m, with copper grades directly correlated to the presence of chalcopyrite, lesser bornite, and pyrite. Drill hole DB24BM958, at elevation of 1,200 m, is the deepest, and shows the potential of going additional 600 m at depth with the structure open laterally and verticallyAll sampling was conducted under the supervision of the Company's geologists, adhering to industry best practices. Drill core samples were split on-site, with one half sent to ALS Chemex de México, a certified laboratory, for preparation and assay, while the other half was retained for reference purposes. Only the samples of DB24BM936 were sent to the Piedras Verdes laboratory at the mine. Anuncio • Jan 15
Sierra Metals Inc. Provides Production Guidance for the Full Year of 2025 Sierra Metals Inc. provides production guidance for the full year of 2025. For the period, the company expects production of copper to be 44,600,000 lbs to 48,500,000 lbs. The production of Zinc to be 53,600,000 lbs to 58,400,000 lbs. The production of silver to be 1,900,000 oz to 2,060,000 oz. The production of gold to be 10,200,000 oz to 11,100,000 oz. The production of lead to be 13,700,000 lbs to 15,000,000 lbs. Anuncio • Dec 18
Alpayana S.A. proposed to acquire Sierra Metals Inc. (TSX:SMT) for approximately CAD 180 million. Alpayana S.A. proposed to acquire Sierra Metals Inc. (TSX:SMT) for approximately CAD 180 million on December 16, 2024. Alpayana intends to commence an all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra at a price of CAD 0.85 per Common Share. Alpayana intends to make the Offer directly to the shareholders of Sierra. The Board has formed a Special Committee of independent directors to advise the Board in relation to the Alpayana announcement.
The transaction is subject to (i) there having been validly deposited under the Offer and not withdrawn that number of Common Shares, representing more than 50% of the outstanding Common Shares; (ii) there having been validly deposited under the Offer and not withdrawn that number of Common Shares, representing at least 66 2/3% of the outstanding Common Share; and (iii) certain government and regulatory approvals having been obtained. The Offer is not subject to any due diligence, financing or Alpayana or Offeror shareholder approval conditions.
McCarthy Tétrault LLP is acting as Canadian legal counsel to Alpayana. Rebaza, Alcázar & De Las Casas is acting as Peruvian legal counsel and Creel, García-Cuéllar, Aiza y Enriquez, S.C. is acting as Mexican legal counsel to Alpayana. Shorecrest Group is acting as the Depositary and Information Agent to Alpayana in respect of the Offer. LXG Capital is acting as the sole financial advisor to Alpayana. Anuncio • Jul 20
SILVERCO MINING CORP completed the acquisition of CUSI PROJECT IN MEXICO from Sierra Metals Inc. (TSX:SMT) for $2.5 million. SILVERCO MINING CORP entered into a binding agreement to acquire CUSI PROJECT IN MEXICO from Sierra Metals Inc. (TSX:SMT) for $2.5 million on May 22, 2024. As a part of consideration, SILVERCO MINING CORP will pay $2.5 million in cash consideration at closing and a 2.0% net smelter royalty in respect of the Cusi Mine granted in favor of Sierra Metals. SMC will have the right to purchase half of the Royalty (being 1.0%) at any time in exchange for a cash payment to Sierra Metals of $5 million. The Transaction is subject to entering into a definitive agreement in respect of the transaction and the satisfaction or waiver of all conditions thereunder and the receipt of any applicable regulatory approvals and is expected to complete in the second quarter of 2024. SCP Resource Finance LP acted as a financial advisor and Mintz LLP and RB Abogados acted as legal advisors to Sierra Metals Inc.
SILVERCO MINING CORP completed the acquisition of CUSI PROJECT IN MEXICO from Sierra Metals Inc. (TSX:SMT) on July 19, 2024. Anuncio • Jul 13
Sierra Metals Inc. to Report Q2, 2024 Results on Aug 09, 2024 Sierra Metals Inc. announced that they will report Q2, 2024 results After-Market on Aug 09, 2024 Anuncio • Jul 12
Sierra Metals Inc. Reaffirms Production Guidance for the Year 2024 Sierra Metals Inc. reaffirmed production guidance for the year 2024. Based on first half-2024 performance and expected production in second half-2024, Sierra Metals reaffirms 2024 annual guidance. Anuncio • Jun 29
Sierra Metals Inc. Announces Chief Financial Officer Changes Sierra Metals Inc. announced the appointment of Jean Pierre Fort to the position of Chief Financial Officer, effective July 1, 2024. Mr. Fort will succeed Jose Fernandez-Baca who is retiring from the Company effective June 30, 2024. Mr. Fort brings more than a decade of financial and operational experience as Sierra Metals' incoming CFO. He joined Sierra Metals in 2023 as head of business development and corporate finance. Previously, he was chief financial officer and head of corporate development at Silver Mountain Resources Inc., where he was instrumental in leading a successful initial public offering, multiple private placements and cost reduction initiatives while establishing the company's capital markets strategy. Prior to that, he was an associate in the mining and metals investment banking team at RBC Capital Markets in Toronto and worked in finance, investor relations, and supply chain operations at Volcan Compañia Minera, a Peruvian-based precious and base metals producer. Mr. Fort holds a Bachelor in Business Administration from Universidad de Lima in Peru and a Masters of Business Administration from the Rotman School of Management at the University of Toronto. Anuncio • Jun 26
Sierra Metals Inc. Announces Board Changes Sierra Metals Inc. at its annual general meeting of shareholders held on June 25, 2024, approved the election of Roberto Maldonado to the Company's board of directors. Mr. Douglas Cater received less than 50% of votes cast in favour of his re-election and has resigned from the Board with immediate effect in accordance with the majority voting provisions of the Canada Business Corporations Act. Mr. Oscar Cabrera and Mr. Carlos Santa Cruz had both previously announced their intentions to retire from the Board and did not stand for re-election at this year's Meeting. Mr. Roberto Maldonado has over 35 years of professional experience in the mining sector, currently serving as the General Manager of Agnitia Consultores SAC in Peru. He previously held the position of Chief Operating Officer (2008-2017) at Volcan Compañía Minera and was responsible for five mining operations including supporting activities such as administration, human resources management, procurement management, control of contracts, appraisals, inventory control, safety, and environmental systems. Mr. Maldonado holds a masters in Mineral Engineering Management from The Pennsylvania State University and obtained his Mining Engineering degree from the National University of Engineering (Universidad Nacional de Ingeniería). Anuncio • May 15
Sierra Metals Inc. Provides Production Guidance for the Year 2024 Sierra Metals Inc. provided production guidance for the year 2024. For the year, the company expects Copper production to be in the range of 37,500,000 lbs to 43,300,000 lbs. Zinc production to be in the range of 38,600,000 lbs to 44,500,000 lbs. silver production to be in the range of 1,500,000 oz to 1,750,000 oz. Gold production to be in the range of 10,100 oz to 11,600 oz. Lead production to be in the range of 10,200,000 lbs to 11,800,000 lbs. Anuncio • May 08
Sierra Metals Inc. Announces an Updated NI 43-101 Mineral Reserve and Resource Estimates for its Yauricocha and Bolivar Mines Sierra Metals Inc. announced the updated results for its National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant Mineral Resource and Reserve Estimates (“MRE”) for its Yauricocha Mine in Peru and its Bolivar Mine in Mexico. Mineral resources are inclusive of mineral reserves. Assumes 347 operating days per year at full plant capacity, assuming 1.5 days per month of maintenance works. Assumes throughput rates of 3,600 tpd. Assumes throughput rates of 5,000 tpd. At Bolivar, the Company replaced and increased mineral resources mined in 2023 and with over 8,000 meters of mine development planned in 2024, expects to continue to replace mineral resources mined through exploration activities. At Yauricocha, mine development is currently underway below the 1120 level and expects to achieve full production by Fourth Quarter 2024. The Company expects to replace and increase minerals resources once it begins mining activities in that portion of the ore body with systematic infill drilling efforts. Anuncio • May 05
Sierra Metals Inc., Annual General Meeting, Jun 25, 2024 Sierra Metals Inc., Annual General Meeting, Jun 25, 2024. Anuncio • Apr 20
Sierra Metals Inc. to Report Q1, 2024 Results on May 13, 2024 Sierra Metals Inc. announced that they will report Q1, 2024 results Pre-Market on May 13, 2024 Anuncio • Nov 15
Sierra Metals Inc. Provides Production Guidance for the Fiscal Year 2023 Sierra Metals Inc. provided production guidance for the fiscal year 2023. The company is on-track to meet its 2023 production guidance as previously announced on August 14, 2023. For the period, the company now expects silver production to be in the range of 1,500,000 oz to 1,700,000 oz. Copper production to be in the range of 37,300,000 lbs to 42,400,000 lbs. Lead production to be in the range of 14,000,000 lbs to 15,400,000 lbs. Zinc production to be in the range of 46,000,000 lbs to 50,500,000 lbs. Gold production to be in the range of 13,500 oz to 15,400 oz. Anuncio • Oct 20
Sierra Metals Inc. to Report Q3, 2023 Results on Nov 13, 2023 Sierra Metals Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 13, 2023 Anuncio • Oct 15
Sierra Metals Inc. announced that it expects to receive CAD 16.380796 million in funding Sierra Metals Inc. announced a non-brokered private placement of 43,107,360 common shares at a price of CAD 0.38 per unit for the gross proceeds of CAD 16,380,796.80 on October 13, 2023.
On the same date, the company issued 33,781,930 common shares at a price of CAD 0.38 per unit for the gross proceeds of CAD 12,837,133.40 in its first tranche closing. Common shares issued pursuant to the private placement will be subject to a statutory hold period. Anuncio • Aug 23
Sierra Metals Inc. Announces Mineral Resource Expansion At Bolivar Mine in Mexico Sierra Metals Inc. after systematic drilling in 2023, announced additional 15.5 million copper equivalent pounds in measured and indicated mineral resources hosted by the Dulce structure at its Bolivar mine in Mexico. The results reported include 52 drill holes from a total of 91 holes in the 2023 drill program, which increases the mineral resources when compared to those reported in the 2021 preliminary economic assessment ("PEA"). By including these new bore holes in the evaluation, the dimensions of the mineralized ore body are now extended by approximately an additional 400m, along strike by 300m vertically. The recent results in the enlarged mineralized zone, now has higher copper ("Cu") and gold ("Au") grades in comparison to average grades published in 2022 (833,058 tonnes @ 0.74 % Cu, 0.36 grams per tonne ("g/t") Au, 26.03 g/t silver ("Ag"). Additional drilling is planned for the coming months. The mineralized body or "feeder zone" called Dulce strikes in a northeast - southwest trend with a 60° dip to the northwest. Its vertical projection extends from surface downwards until connecting with the mantos Bolivar NW and Cieneguita. Spatially, the Dulce zone is located between the mentioned manto bodies Bolivar NW and Cieneguita, cutting carbonate rocks previously affected by calc-silicate metasomatism. The width of mineralization varies between 0.50m and 57.30m, with the best skarn development occurring at the contact with the mantos. Copper and gold grades are directly correlated to the presence of chalcopyrite, lesser bornite, and pyrite. In addition, significant amounts of sphalerite and minor galena are present. Anuncio • Aug 22
Sierra Metals Inc. Appoints Ms. Wendy Kaufman to Its Board of Directors as an Independent Non-Executive Director Sierra Metals Inc. announced the appointment of Ms. Wendy Kaufman to its board of directors as an independent non-executive director, effective August 21, 2023. Ms. Kaufman is a senior financial executive and corporate director with over 25 years of experience leading junior and mid-tier publicly traded companies, largely in the resource sector. She currently serves as Chief Financial Officer of Canada Nickel Company Inc. which is focused on the development and financing of a large-scale nickel deposit in Canada and is a member of the Board of Directors and Audit Committee of BZAM Ltd. and ADAPT. Previous to Canada Nickel, she served as Chief Financial Officer of Pasinex Resources Limited and Primero Mining Corporation and was Vice President, Finance and Treasury at Inmet Mining Corporation. Ms. Kaufman brings extensive knowledge in the areas of liquidity, capital structuring, financial management and planning and corporate governance geared to support growth strategies. She also has expertise in public company accounting and reporting, corporate strategy, capital markets, acquisitions and integration. Ms. Kaufman is a CPA, CA and holds a Bachelor of Business Administration from Wilfrid Laurier University. Anuncio • Aug 15
Sierra Metals Inc. Provides Production Guidance for the Fiscal Year 2023 Sierra Metals Inc. provided production guidance for the fiscal year 2023. For the period, the company now expects silver production to be in the range of 1,500,000 oz to 1,700,000 oz. Copper production to be in the range of 37,300,000 lbs to 42,400,000 lbs. Lead production to be in the range of 14,000,000 lbs to 15,400,000 lbs. Zinc production to be in the range of 46,000,000 lbs to 50,500,000 lbs. Gold production to be in the range of 13,500 oz to 15,400 oz. Anuncio • Jul 26
Sierra Metals Inc. to Report Q2, 2023 Results on Aug 14, 2023 Sierra Metals Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 14, 2023 Anuncio • Jun 29
Sierra Metals Inc. Announces Board Changes Sierra Metals Inc. announced at Beatriz Orrantia annual and special meeting of shareholders held on June 28, 2023, the shareholders elected Beatriz Orrantia to the company's board of directors. Koko Yamamoto did not stand for re-election at the Meeting. Anuncio • May 13
Arias Resource Capital Solicits Proxies from Shareholders of Sierra Metals On May 12, 2023, Arias Resource Capital Management LP announced that it has issued a statement with shareholders of Sierra Metals Inc, stating that the Company has publicly announced that its annual general and special meeting of shareholders will be held on June 28, 2023, but it has not yet issued its formal notice of meeting, management information circular and other proxy materials, accordingly Arias Resource Capital has prepared and filed a Circular in order to allow it to have discussions with shareholders regarding its nominees J Alberto Arias, Derek White, Daniel Tellechea, Ricardo Arrarte, and Alonso Checa, for election to Company’s board of directors in compliance with the solicitation requirements under applicable Canadian corporate and securities laws. In addition, Arias Resource Capital stated that it intends to file a proxy statement for use at the meeting. Anuncio • May 10
Arias Resource Capital Provides Information to Shareholders On May 9, 2023, Arias Resource Capital announced it has launched ProtectYourSierraInvestment.com to highlight the urgent case for change at Sierra Metals Inc. and the need for a major reconstitution of the board of directors. In addition, Arias Resource Capital stated that regardless of any statements made by the Company, the facts are indisputable as is the urgent need for change at Sierra and encouraged shareholders to visit the website for important updates ahead of the Company’s pivotal shareholder meeting. Anuncio • Jan 17
Sierra Metals Inc. Announces Chief Financial Officer Changes Sierra Metals Inc. announced the departure of Mr. Ed Guimaraes, the Chief Financial Officer of the Company, and the appointment of Mr. José Fernández-Baca as Interim CFO. Mr. Fernandez-Baca has a degree in Economics from the Universidad del Pacifico, Lima-Peru, and an MBA from Northern Illinois University. He also has advanced executive program certifications from Northwestern, INCAE, Cambridge, and the Universidad de Piura, among others. Reported Earnings • Aug 13
Second quarter 2022 earnings released: US$0.093 loss per share (vs US$0.056 profit in 2Q 2021) Second quarter 2022 results: US$0.093 loss per share (down from US$0.056 profit in 2Q 2021). Revenue: US$49.9m (down 37% from 2Q 2021). Net loss: US$15.3m (down 268% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 30%, compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: US$0.002 (vs US$0.019 in 1Q 2021) First quarter 2022 results: EPS: US$0.002 (down from US$0.019 in 1Q 2021). Revenue: US$57.2m (down 18% from 1Q 2021). Net income: US$369.0k (down 88% from 1Q 2021). Profit margin: 0.6% (down from 4.4% in 1Q 2021). Over the next year, revenue is forecast to grow 6.9%, compared to a 39% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 14% per year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Dawn Whittaker was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Dawn Whittaker was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Dawn Whittaker was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Anuncio • Feb 25
Sierra Metals Announces the Appointment of Dawn Whittaker to its Board of Directors Sierra Metals Inc. announced the appointment of Ms. Dawn Whittaker to its Board of Directors effective immediately. Ms. Whittaker is a legal professional with over 30 years of experience in corporate law. She has provided legal counsel in domestic and international mergers and acquisitions and corporate finance transactions, including take-overs, joint ventures and strategic alliances, and in commercial transactions, corporate governance, directors’ and officers’ liabilities and shareholder rights. She retired as a Senior Partner from Norton Rose Fulbright in June of 2018 where she served as the Canadian Head of the firm’s mining practice. Having served on numerous boards and committees throughout her career, Ms. Whittaker has a wealth of experience with both public and private companies and as a member of governance, audit, compensation and strategic review committees. She is currently Chair of the Board of Directors and a member of the Audit Committee for Triple Flag Precious Metals Corp. and previously served on the Board of Directors for Detour Gold and Kirkland Lake Gold. In addition, she is currently the Vice President of the Board of Directors for the Badminton and Racquet Club of Toronto where she is a member. She has also served on the Board of the Canadian Mental Health Association and was on the Nominating and Governance Committee of the Ontario Division of the Canadian Cancer Society. Reported Earnings • Feb 21
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.97 (up from US$0.14 in FY 2020). Revenue: US$180.6m (down 27% from FY 2020). Net income: US$35.0m (up 49% from FY 2020). Profit margin: 19% (up from 9.5% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 69%, compared to a 12% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 21
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.97 (up from US$0.14 in FY 2020). Revenue: US$180.6m (down 27% from FY 2020). Net income: US$35.0m (up 49% from FY 2020). Profit margin: 19% (up from 9.5% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 69%, compared to a 12% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Anuncio • Feb 17
Sierra Metals Inc. to Report Q4, 2021 Results on Mar 16, 2022 Sierra Metals Inc. announced that they will report Q4, 2021 results After-Market on Mar 16, 2022 Anuncio • Jan 29
Sierra Metals Announces Changes to Its Organizational Structure Sierra Metals Inc. announced that in order to align the organization to effectively achieve these goals, as well as to overcome current operational issues, the following appointments have been made: James León – Vice President, Operations: Effective February 1st, following his previous appointment as Country Manager Perú, Mr. León will now manage both Yauricocha and Bolivar operations. Mr. León will be based in Mexico. He will oversee the delivery of increasingly improved operational results and efficiencies, following the difficult challenges Bolivar and Yauricocha have faced over the past two years. Mr. León is a Peruvian Mining Engineer with over 25 years of experience and has been with Sierra Metals since August of 2017 in various roles including Operations Manager in Mexico until 2019, and then Country Manager in Peru. Alonso Lujan – Vice President, Exploration: Effective February 1st, as Vice President, Exploration, Mr. Lujan will focus on the extensive resource growth and business opportunities, in both brownfield and greenfield exploration, at properties in Perú and México. Both Yauricocha and Bolivar are in underexplored, highly prospective geological regions, with another 80,000 Hectares of greenfield properties owned by Sierra Metals. His role is fully aligned with the strategic objective of unlocking the significant potential value at these properties. Mr. Lujan is a Mexican Geological and Mining Engineer with over 30 years international experience in mineral exploration with a positive track record for increasing companies' resources, output and company value. Effective November 1, 2021, Mr. Alberto Calle is taking the role of VP Human Resources, in charge of the HR function at Sierra Metals. Provided the changing environment and ongoing challenges on this area, this role is key to assist with strengthening teams, and maintaining a healthy and motivated work environment, in both Peru and Mexico. Effective December 1, 2021, Mr. Juan Jose Mostajo joins legal team and will assist in legal matters related to both Peru and Mexico. His role is key for managing the ongoing legal and permitting issues at both of operations and supporting the strategy of the Company moving forward. Anuncio • Jan 22
Sierra Metals Inc. Announces Positive Updated Pea on the Expansion at Its Yauricocha Mine in Peru Sierra Metals Inc. reported the results of the updated Preliminary Economic Analysis ("PEA") for the expansion at its Yauricocha Mine operation, located in Yauyos Province in Peru. This updated PEA is based on the last reported resource, prepared by SRK and dated March 31st, 2021, and includes revised PFS level CAPEX and opex estimations. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that inferred resources can be converted to indicated or measured resources or mineral reserves and, as such, there is no certainty that the results of the PEA will be realised. Mining Methodology: The Yauricocha Mine is a producing underground mining operation with a long production history using well-established, proven mining methods. The majority of the mining is executed through mechanized sub-level caving with a relatively small portion of the mining using overhand cut and fill. PEA Production Profile: Developed mine plan for Yauricocha is based on the last reported resource, prepared by SRK and dated March 31st, 2021. Many of the assumptions used in the PEA mine plan are based on actual production figures. The economic envelope used to develop the mine plan is based on current operating costs. The economic envelope blocks by Net Smelter Return (NSR) value; blocks with an NSR value greater than $32.48/t are considered marginal and blocks with an NSR value greater than $42.94/t are considered potentially economic. Marginal blocks are only included in the mine plan when they are adjacent to potentially economic blocks and their recovery does not require additional mine development. NSR values considered planned and unplanned dilution (variable dilution between 10% and 25% respectively) and historical performance achieving mine recoveries of 80%. The mine schedule includes measured, indicated and inferred resources. Inferred resources to be mined in the LOM production plan include 7.6 M tonnes or 43.7% of total tonnes. The schedule establishes a LOM at Yauricocha of 11 years, with a maximum production rate of 5,500 tpd. This LOM considers mine development between 2022-2023, ramping up to 5,500 tpd in 2024 until 2029, where production would reduce until the end of the LOM. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €1.24, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total loss to shareholders of 39% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: US$0.029 loss per share (vs US$0.11 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$60.7m (down 17% from 3Q 2020). Net loss: US$4.82m (down 127% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Oscar Cabrera was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €1.80, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total loss to shareholders of 10.0% over the past three years.