Alpayana S.A.C. launches an all-cash takeover bid for Sierra Metals at C$0.85/Share

On December 30 2024, Alpayana S.A.C. ("Alpayana"), commenced an all-cash takeover bid to acquire all of the issued and outstanding common shares of Sierra Metals Inc. ("Sierra") at a price of C$0.85 per common share through its newly formed wholly-owned Canadian subsidiary. Alpayana made the offer directly to the shareholders of Sierra so that they can determine the outcome of their investment. The offer is fully funded, not subject to any financing condition, and is supported by Alpayana's substantial annual revenues and debt-free status.The Offer is open for acceptance until 5:00 p.m. (EST) on April 14, 2025, unless the Offer is extended, accelerated or withdrawn by Alpayana in accordance with its terms.

Alpayana, headquartered in Lima, Peru, is a family-owned mining group specialized in underground mining, producing zinc, lead, copper and silver with four mining units in the central highlands of Peru: Americana, Yauliyacu, Iscaycruz and Morococha.

Sierra, headquartered in Vancouver, British Columbia, is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico.

McCarthy Tétrault advised Alpayana and its wholly-owned Canadian subsidiary, with a team led by Eva Bellissimo that included Shea Small, Claire Lehan, Samantha Pettinato, Khristoff Browning (Business); Stephanie Dewey, Alexandra Carbone, Emma Murrin (Tax); Jason Gudofsky (Competition)