Alpayana Initiates Payment to Fund the Depositary and Information Agent and Reminds Sierra Shareholders of Upcoming Offer Expiry

TORONTO, May 9, 2025 /CNW/ - Alpayana S.A.C. ("Alpayana") would like to remind shareholders of Sierra Metals Inc. ("Sierra") that Alpayana's premium all-cash offer to acquire all of the issued and outstanding common shares of Sierra for C$1.15 per share (the "Offer") will expire at 5:00 p.m. (Toronto time) on May 12, 2025 (the "Initial Expiry Time").

In preparation for the anticipated take-up and payment for any common shares of Sierra ("Sierra Shares") tendered to the Offer prior to the Initial Expiry Time, Alpayana has initiated a wire transfer to commence funding Shorecrest Group, the Depositary and Information Agent for the Offer, with the consideration to be paid to tendering Sierra shareholders.

All Sierra shareholders who have not yet tendered their Sierra Shares to the Offer are urged to do so today. Shareholders who hold their Sierra Shares through a financial intermediary or broker should be aware that their intermediary may have an earlier deadline to tender. It is recommended that you contact your intermediary promptly in advance of the Initial Expiry Time if you wish to tender Sierra Shares to the Offer.

Sierra shareholders are encouraged to read the full details of the Offer and other important information set forth in the offer to purchase and take-over bid circular dated December 30, 2024, the first notice of variation and extension dated April 2, 2025, the second notice of variation and extension dated May 1, 2025 and related offer documents. These materials, which contain detailed instructions on how to tender to the Offer, are available on SEDAR+ under Sierra's profile at www.sedarplus.ca and on www.sierrametalscashoffer.com. Sierra shareholders should consult their own tax advisors having regard to their own particular circumstances to determine the particular tax consequences to them of a disposition of Sierra Shares pursuant to the Offer, a compulsory acquisition or subsequent acquisition transaction.

SHAREHOLDER QUESTIONS AND HOW TO TENDER

All Sierra shareholders who have not yet tendered their Sierra Shares are urged to do so today. Sierra shareholders that have already deposited to Alpayana's initial offer should not withdraw their Sierra Shares.

Sierra shareholders who have questions or require assistance in tendering their Sierra Shares to the Offer may contact the Depositary and Information Agent for the Offer:

Shorecrest Group
telephone at 1-888-637-5789 (North American Toll-Free Number)
+1-647-931-7454 (outside North America)
email at contact@shorecrestgroup.com. 

Additional information can also be found at www.sierrametalscashoffer.com.

Shareholders who hold their Sierra Shares through a financial intermediary or broker should be aware that their intermediary may have an earlier deadline to tender. It is recommended that you contact your intermediary in advance of the Initial Expiry Time to tender Sierra Shares to the Offer.

ABOUT ALPAYANA

Alpayana Canada is a Canadian wholly-owned subsidiary of Alpayana and was incorporated for the sole purpose of making the Offer. Alpayana is a family-owned private mining company committed to the development and promotion of sustainable and responsible mining. It strives to leave a positive and meaningful legacy by prioritizing the wellbeing of its employees, the communities it impacts and the environment. Alpayana has been operating mines in Peru for over 38 years, has a successful M&A track record, and experience in developing projects with discipline and with a view on long-term intrinsic value.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" (as defined under applicable securities laws). These statements relate to future events and reflect Alpayana Canada Ltd.'s and Alpayana's expectations, beliefs, plans, estimates, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements include, but are not limited to, statements regarding Alpayana's intentions with respect to the take-up of Sierra Shares. Such forward-looking statements reflect Alpayana Canada and Alpayana's current beliefs and are based on information currently available. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions (including slowing economic growth, inflation and rising interest rates) and the dynamic nature of the industry in which Alpayana operates.

Although the forward-looking information contained in this document is based upon what Alpayana Canada and Alpayana believe are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this document are made as of the date of this document and should not be relied upon as representing views as of any date subsequent to the date of this document. Except as may be required by applicable law, Alpayana Canada and Alpayana do not undertake, and specifically disclaim, any obligation to update or revise any forward-looking information, whether as a result of new information, further developments or otherwise.

SOURCE Alpayana S.A.C.