Sierra Metals Inc. announces that on December 13, 2022, the Peruvian Stock Market Superintendent issued Resolution Nº 087-2022-SMV/11.1. This confirms the removal of the Company's securities from the Stock Market Public Registry and approves the voluntary delisting of its common shares from the Lima Stock Exchange , effective December 15, 2022. Sierra Metals' common shares will continue to trade on the Toronto Stock [...]
Sierra Metals Inc. announced today the resignation of Mr. Luis Marchese as the Chief Executive Officer and a Director of the Company, and the appointment, effective immediately, of Mr. Ernesto Balarezo Valdez as Interim Chief Executive Officer to lead the Company during its current strategic review process. Mr. Balarezo will also join the Board of Directors of the Company. The previously announced strategic review process [...]
Sierra Metals Inc. will host a conference call on Wednesday November 16th, 2022, at 8:00am EST to provide attendees the opportunity to ask questions with respect to the Company's financial results for Q3 2022. The Company held its Q3 2022 earnings call earlier today, but due to technical issues attendees were not able to ask questions. Details of the November 16th, 2022 conference call are as follows: Via phone: To ensure [...]
Footnote following the first table of release dated November 14, 2022 should read: The negative working capital is largely due to the reclassification of the long-term portion of the credit facility as current, resulting from the breach of certain debt covenants as at September 30, 2022. The Company is seeking accommodation from the lending banks in the form of waivers for this non-compliance. Also in the Impairment [...]
Sierra Metals Inc. today reported revenue of $38.8 million, a 36% decline from Q3 2021 and a 22% decline from Q2 2022, and adjusted EBITDA of $ million, a 122% decrease from Q3 2021 and a 379% decrease from Q2 2022 on throughput of 561,906 tonnes and metal production of 16.6 million copper equivalent pounds for the three-month period ended September 30, 2022. Luis Marchese, CEO of Sierra Metals, commented, "the unexpected [...]
Sierra Metals Inc. confirms that it has received further correspondence from Compania Minera Kolpa S.A. and Arias Resource Capital Management LP regarding their previously announced unsolicited, non-binding letter of intent. The Company has been diligently and expeditiously pursuing both short-term financing opportunities and the strategic review process announced in Sierra's press release dated October 18, 2022. As [...]
Arias expresses concern for the Board of Sierra's apparent lack of urgency in solving Sierra's financial challenges Compañia Minera Kolpa , in conjunction with Arias Resource Capital and its affiliates , which are the largest shareholder of Sierra Metals Inc. , today announced the delivery of a new letter to the Board of Directors of Sierra highlighting certain key terms of the proposed business combination between Sierra [...]
Sierra Metals Inc. announces the filing at the BVL by its subsidiary, Sociedad Minera Corona S.A. of its unaudited Financial Statements and the Management's Discussion and Analysis for the third quarter of 2022 . The Company holds an 81.8% interest in Corona. The unaudited Financial Statements and MD&A can be viewed at: SMV -- Superintendencia del Mercado de Valores -- Información Financiera To search for the Company's [...]
Sierra Metals Inc. confirms that it received an unsolicited, non-binding letter of intent following the close of business on October 27, 2022 from Compañia Minera Kolpa S.A. , among others. The LOI outlines indicative terms for a proposed: business combination of Kolpa and Sierra Metals; and concurrent financing by an investment firm . The LOI was submitted by Kolpa with its shareholders Arias Resource Capital Fund II [...]
Compañia Minera Kolpa , a polymetallic mining company in Peru, today announced that it delivered of a letter of intent to the board of directors of Sierra Metals Inc. outlining indicative terms for a strategic transaction with Sierra, and a concurrent financing aimed at solving Sierra's current financial and operational challenges. The financing will be provided by a strategic investment firm that is not an affiliate of [...]
Sierra Metals Inc. reports third quarter 2022 production results and announces its decision to voluntarily delist its common shares from the New York Stock Exchange American and the Bolsa de Valores de Lima . Delisting is intended to reduce costs and simplify Sierra's administrative and compliance structure associated with these listings. The Company's common shares will continue to be listed and traded in Canadian [...]
Sierra Metals Inc. announced today that a special committee comprised of its independent directors has initiated a process to evaluate and consider the Company's current financial and liquidity position, operational challenges and possible financing and restructuring alternatives that may be available to the Company. Financial and Operational Matters The Company faces liquidity challenges as a result of the recent [...]
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