Day: May 14, 2020

CEO, Glenn Jessome, states, “We believe this name change more accurately reflects the Company’s evolution as an emerging high-grade silver deposit in Sonora, Mexico. The new Silver Tiger name pays homage to the property’s namesake historic El Tigre mine. The old El Tigre mine produced over 200 million silver equivalent ounces at an average grade of over 2 kgs per ton from 1903 to 1938.”

The Company intends to use the proceeds from the Non-Brokered Private Placement for exploration of the Alamos Silver project and general working capital purposes.

Jorge A. Ganoza, President and CEO, commented, “Our results in the quarter were marked by lower production at the San Jose Mine, negative metal price adjustments at the end of March, and an unusually high income tax provision related to the devaluation of the Mexican peso. These factors compounded to reflect an adjusted net loss of $2.2 million.”

The Report dated May 8, 2020, with an effective date of December 31, 2019 is entitled “Independent Technical Report on Resources and Reserves, Bolivar Mine, Mexico”. The Report was prepared for Sierra Metals by SRK Consulting (Canada) Inc. There are no material differences in the Report from those results disclosed in the Company’s press release dated March 31, 2020.

“We will be holding a virtual annual meeting and will have a presentation on our response to COVID-19, key investment considerations, and a deep dive into the silver and gold markets.”

Net proceeds of the Offering, if any, together with the Company’s current cash resources and free cash flow, will be used to advance its Terronera project and for working capital purposes.

The Offering is expected to close on or about May 20, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the NYSE American.