Peruvian mining company Alpayana S.A.C. announced on December 13, 2024, its intention to acquire all outstanding common shares of Canadian miner Sierra Metals Inc. at an all-cash offer of C$1.15 per share, representing a 50% premium over Sierra’s closing price of C$0.77 on the announcement date. The offer was initially set to expire on May 12, 2025, but ultimately closed on May 23, 2025, following the satisfaction of the statutory minimum tender condition. Alpayana indicated it would waive all remaining conditions and consider extending the offer period to allow more shareholders to tender.

On August 1, 2025, Alpayana announced it had completed the privatization of Sierra Metals through an amalgamation with 17199279 Canada Inc., a wholly owned Sierra subsidiary. The newly formed entity, “Amalco,” retained the name Sierra Metals Inc. Former shareholders received one Series A preferred share of Amalco per Sierra share, while Alpayana received one common share of Amalco per share held. Alpayana Canada acquired all preferred shares for C$1.15 each, finalizing full ownership.

As a result, Sierra Metals will be delisted from the Toronto Stock Exchange at the close of trading on August 6, 2025. Amalco will apply to cease being a reporting issuer with Canadian securities regulators.