Sierra Metals Inc. announced that it has appointed Ernesto Balarezo to Chief Executive Officer, he had been previously serving on an interim basis. Mr. Balarezo was appointed as Interim CEO and director of Sierra Metals on November 28, 2022. He will be nominated for re-election to the Board of Directors at the Company's annual and special meeting of shareholders to be held on June 28, 2023.

Mr. Balarezo's career spans over three decades with leading companies in the mining, cement and services industries, including as Executive Vice President for the Americas at Fields Ltd. and as CEO of Gold Fields La Cima S.A. where he oversaw the Cerro Corona Mining unit in Peru. His mining experience also includes a broad range of positions during 16 years with the Hochschild Group where he advanced to Vice President Operations after starting his tenure as General Manager of the Mexican branch and then as General Manager in Peru. Mr. Balarezo serves as an Independent Board Member in Compañía Minera Caravelí, Grupo LAR and Compañía Agrícola Chapi, as well as the Strategic Committees in Grupo Cobra Perú and Spencer Stuart - Perú.

Mr. Balarezo holds a Bachelor of Science degree in Industrial Engineering and a Master of Science degree in Industrial Management from Texas A&M University.