XIB Asset Management Inc. announced that, on behalf of certain investment funds under its management, it has acquired control and direction over 11,519,160 common shares of Sierra Metals Inc. through the open market facilities of the Toronto Stock Exchange after a take-over bid had been filed for the Common Shares.

Currently, XIB exercises control or direction over an aggregate of 11,519,160 Common Shares, representing approximately 5.4 percent of SMT's 212,300,000 outstanding Common Shares as reported by SMT in its MD&A dated March 26, 2025.

XIB exercises control and direction over the securities of SMT for investment purposes.  Depending on market conditions and other factors, XIB, on behalf of certain investment funds under its management, may from time to time increase or decrease its ownership, control or direction over securities of  SMT through market transactions, private agreements or otherwise.