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WWW.SIERRAMETALS.COM TSX-V: SMT BVL: SMTNewest Latin American Mid-Tier Metal ProducerApril 2013
Forward Looking StatementsForward Looking StatementsThis presentation includes certain "Forward-Looking Statements” as tha...
Low cash costproducerStrong track recordof delivering growthApplied to graduate toTSX main boardAnnualized EBITDA¹of >$84M...
Overview4Peru MexicoYauricocha Bolivar CusiOwnership 81.8% 100% 100%Stage Production ProductionAdvancedDevelopmentMetals A...
5Growing ProductionTSX-V:SMT BVL:SMT	  0.12 0.231.522.622.920.00.51.01.52.02.53.02009 2010 2011 2012 2013EMoz/yearSilver P...
6Diversified producer2012 Annual Revenue Mix by MetalTSX-V:SMT BVL:SMT	  
Increasing Reserves and Resources71 Measured & Indicated includes Proven & Probable Reserves, based on Gustavson Associate...
Solid Financial PositionFigures in C$000 2010 201112012Revenue 19,744 100,664 179,723EBITDA 922 42,843 83,768Adjusted Net ...
Profitable Operations9LTM EBITDA1 ($M) LTM EBITDA1 MarginTSX-V:SMT BVL:SMT	  1 Sources: S&P Capital IQ EBITDA ending Decem...
SierraMetalsYauricochaSilvercorpYing MinesHecla Fresnillo Hochschild Fortuna EndeavourSilverFirstMajesticCoeurD’AlènePanAm...
Strong Team with Proven Track Record11Recent AchievementsKey Leadership§  Founder and President of Arias Resource Capital...
2013 Project HighlightsPERU§ Yauricocha•  Six areas to be explored near Central Mine.10,000 m of exploration drilling•  C...
Peru – Yauricocha Overview13Property Highlights§  Central Mine Area:•  Yauricocha primarily produces silver and copperfro...
Peru – Yauricocha Central Mine Area14§  Developing new underground tunneland internal shaft to access deeperun-mined area...
Mexico – Production and Exploration Properties15Property Descriptions§  Bolivar:• Commercial production at new Piedras Ve...
Bolivar Mine Geology§  The upper and lower skarn horizons (El Gallo Superior and Inferior)are only partially drilled§  M...
Bolivar Mine AreaMap of High-Value TargetsFaults•  BFZ: Banda Fault Zone•  NWF: Northwest Fault•  EGF: El Gallo Fault•  NF...
TSX-V:SMT BVL:SMT	  Bolivar Mine Area18
Mexico – Cusi Mining District19Property Description§  Historical production of 100-200 million ouncesof silver, 1680-1940...
Cusi NW Area Showing Major Focus§  Promontorio:•  Install new skips and extend ramp to Level 9 and below to increaseprodu...
Why Sierra Metals ?1. Strong track record of delivering growth•  Brownfield exploration potential at existing mines + regi...
AppendixPublic Market OverviewWell Positioned for GrowthBoard of DirectorsManagementProduction SummaryPeru – Reserves and ...
Public Market Overview23Market Capitalization1Share Capitalization11As of April 15, 20132 Source: SEDI and ThomsonOne.Shar...
Well Positioned for GrowthMain ProjectsProject Capex 2013-20161 Expected BenefitsPeru $60MNew underground mine infrastruct...
Board of Directors25Name DescriptionJ. Alberto AriasFounder & Chairman§  Mr. Alberto Arias is the Founder and President o...
Management26Name DescriptionDaniel TellecheaPresident & CEO§  Mr. Tellechea received a B.Sc. in accounting (1968) and a M...
Production Summary27Metal  2010 2011  20122013 (projected)Low HighSilver (oz) 234,901 1,517,179 2,620,735 2,582,000 2,922,...
Peru – Reserves and Resources28Yauricocha Mine1,21 NI 43-101 compliant mineral reserves and resources estimate announced S...
Mexico – Reserves and Resources29Bolivar Mine1,21 NI 43-101 compliant mineral reserves and resources estimate announced Ap...
Drilling: Yauricocha Mine, Peru30Area 2011 (m) 2012 (m) Total (m)Mina CentralContractor 4,618 9,569 14,187Company 5,195 11...
Drilling: Mexico31Cusi: Meters drilled/yearYear Surface Mine Total2006 11,899 - 11,8992007 21,311 1,664 22,9752008 8,171 5...
Contact Information32INVESTOR RELATIONSSierra Metals Inc.Matt MorrishDirector of Investor RelationsTel: 866.493.9646info@s...
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Sierra Metals Investor Presentation

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Sierra Metals Inc. is a growing mid-tier precious and base metals producer in Latin America. The Company owns two low-cost mines in commercial production: the Yauricocha mine in Peru and the Bolivar mine in Mexico.

Sierra Metals Inc., formerly known as Dia Bras Exploration Inc., began exploration and development work in Mexico in early 2003. In 2004, the Company acquired the Bolivar mine property and began active development to advance the property towards production. In 2006, a rapid expansion into the Cusihuiriachic (“Cusi”) silver district resulted in the Company acquiring a 100 km2 property encompassing 12 former silver mines situated within a close proximity to the wholly owned Malpaso Mill. From 2006 to 2011 the Company shipped high-grade development ore for custom milling to the Malpasso Mill from the Bolivar project. Starting in 2009 the Company also started producing silver dore at the Malpaso Mill from development ore at the Cusi project.

In the spring of 2011, the Company expanded operations into Peru with the purchase of 82% of Sociedad Minera Corona S.A. (“Corona”) for a total purchase price of $286 million. Corona’s main asset is the Yauricocha mine in the Yauyos province in western central Peru. This purchase dramatically changed the production profile of Sierra Metals and excelled the Company from a junior exploration and development company to a mid-tier precious and base metals producer.

This rapid expansion in Peru was followed by the completion of the Piedras Verdes mill in Mexico and the announcement of commercial production at the Bolivar mine. Located 6 km from the Bolivar mine, the Piedras Verdes mill has a throughput capacity of 1,000 tpd with plans to expand to 2,000 tpd by mid-2013.

Sierra Metals is currently focused on expanding production at its Yauricocha and Bolivar mines and advancing its Cusi Property into commercial production. Additionally, the Company is completing an aggressive exploration and development programme to expand global reserves and resources and advance its pipeline of projects towards to production.

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Sierra Metals Investor Presentation

  1. 1. WWW.SIERRAMETALS.COM TSX-V: SMT BVL: SMTNewest Latin American Mid-Tier Metal ProducerApril 2013
  2. 2. Forward Looking StatementsForward Looking StatementsThis presentation includes certain "Forward-Looking Statements” as that term is used in applicable securities law. All statements included herein, other than statements ofhistorical fact, including, without limitation, statements regarding potential mineralization and resources, exploration results, simplified geological images included forillustrative purposes, and future plans and objectives of Sierra Metals Inc. (“Sierra Metals”, or the “Company”), are forward-looking statements that involve various risks anduncertainties. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes", orvariations of such words and phrases or statements that certain actions, events or results “potentially”, "may", "could", "would", "might" or "will" be taken, occur or beachieved. There can be no assurance that such statements will prove to be accurate, and actual results could differ materially from those expressed or implied by suchstatements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in this presentation, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) there being nosignificant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (2) permitting, development, expansion and powerproceeding on a basis consistent with the Companys current expectations; (3) certain price assumptions for silver, gold, copper, lead and zinc; (4) prices for availability of fueloil, electricity, parts and equipment and other key supplies remaining consistent with current levels; (5) the accuracy of current mineral resource estimates on the Companysproperty; and (6) labour and material costs increasing on a basis consistent with the Companys current expectations. Important factors that could cause actual results todiffer materially from the Companys expectations are disclosed under the heading "Risk Factors" in the Company’s Filing Statement dated April 27, 2012 (a copy of which ispublicly available on SEDAR at www.sedar.com under the Companys profile) and elsewhere in documents filed from time to time, including MD&A, with the TSX VentureExchange and other regulatory authorities. Such factors include, among others, risks related to the ability of the Company to obtain necessary financing and adequateinsurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and forward price of silver, gold, copper, lead and zinc or certain othercommodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns orunanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on Forward-Looking Statements. Except as required underapplicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward Looking Statements, whether as a result of new information,future events or otherwise. References herein to "$" are to the United States dollar and ”C$" are to Canadian dollars.Cautionary StatementsThomas L. Robyn, Ph.D., CPG, RPG, is the ‘’Qualified Person’’ as defined in NI 43-101 and Senior Vice President, Exploration for Sierra Metals who supervised thepreparation of the scientific and technical information of Sierra Metals included in this preparation.For more information on Sierra Metal’s projects, readers should refer to Sierra Metal’s Annual Information Form and its technical reports, each of which is available onSEDAR at www.sedar.com and at www.sierrametals.com2TSX-V:SMT BVL:SMT  
  3. 3. Low cash costproducerStrong track recordof delivering growthApplied to graduate toTSX main boardAnnualized EBITDA¹of >$84M againstmarket cap of ~$403$10M annual cashdividend policy (Feb. 2013)Share RepurchaseProgram (March,2013)3Investment HighlightsTSX-V:SMT BVL:SMT  ¹ Based on 2012 annual figures.
  4. 4. Overview4Peru MexicoYauricocha Bolivar CusiOwnership 81.8% 100% 100%Stage Production ProductionAdvancedDevelopmentMetals Ag-Cu-Pb-Zn-Au Cu-Zn-Ag Ag-PbAnnual Production1Silver: 2,143,971 ozCopper: 9.1M lbLead: 35.2M lbZinc: 49.9M lbGold: 10,491 ozSilver: 191,285 ozCopper: 6.8M lbZinc: 9.1M lbSilver: 285,479 ozLead: 0.5M lbMill Capacity (tpm)75,000expanding to100,00030,000expanding to60,00019,500By-product cash costs1Ag $(27.28)/oz Cu $1.40/lb N/A1 For the 12 months ending December 31, 2012.TSX-V:SMT BVL:SMT  
  5. 5. 5Growing ProductionTSX-V:SMT BVL:SMT  0.12 0.231.522.622.920.00.51.01.52.02.53.02009 2010 2011 2012 2013EMoz/yearSilver ProductionBolivar Cusi Yauricocha 2013E Total Productionhigh2.58low3,123 2,92610,49315,85123,10005,00010,00015,00020,00025,0002009 2010 2011 2012 2013E000Lbs/yearCopper ProductionBolivar Yauricocha 2013E Total Productionhigh20,400low67 24819,63635,72048,100010,00020,00030,00040,00050,0002009 2010 2011 2012 2013E000lbs/yearLead ProductionYauricocha 2013E Cusi Total Productionhigh42,500low17,686 17,70536,43559,01260,800010,00020,00030,00040,00050,00060,0002009 2010 2011 2012 2013E000lbs/yearZinc ProductionBolivar Yauricocha 2013E Total Productionhigh53,700low
  6. 6. 6Diversified producer2012 Annual Revenue Mix by MetalTSX-V:SMT BVL:SMT  
  7. 7. Increasing Reserves and Resources71 Measured & Indicated includes Proven & Probable Reserves, based on Gustavson Associates’ NI 43-101 Technical ReportsTSX-V:SMT BVL:SMT  
  8. 8. Solid Financial PositionFigures in C$000 2010 201112012Revenue 19,744 100,664 179,723EBITDA 922 42,843 83,768Adjusted Net Income (2,105) 23,239 48,313Non-cash Charge on Corona’sAcquisition N.A. 36,587 76,990Net Loss (2,105) (13,348) (28,677)Cash Flow from Operations (2,620) 42,745 60,487Capex (13,575) (23,704) (27,496)Cash Flow from Op. minusCapex (16,195) 19,011 32,991Cash and Cash Equivalents 14,957 20,156 79,835Net Debt 4(9,253) 95,381 8,9918Select Financial Information Liquidity Position§  C$80 million in cash and cash equivalents2§  C$24 million of net proceeds3 from sale ofhydroelectric asset in March 2012•  C$45 million equity financing completed June2012§  Net debt4 balance of C$9 million2•  Current balance of $78 million on $150 millionacquisition financing•  $11 million drawn on working capital lines§  Adjusted net income attributable to shareholders of$48 million2•  Excludes $77 million non-cash depletion charge inPeru§  Net losses attributable to shareholders of $29million21 Includes Yauricocha figures since May 2011.2 As of December 31, 2012.3 Net of third-party payments4 Consolidated debt minus total cash and cash equivalents.TSX-V:SMT BVL:SMT  Net Income
  9. 9. Profitable Operations9LTM EBITDA1 ($M) LTM EBITDA1 MarginTSX-V:SMT BVL:SMT  1 Sources: S&P Capital IQ EBITDA ending December 31, 201286.0 83.872.026.216.5 15.6Endeavour Sierra Metals Fortuna Alexco Aurcana Scorpio46.6%43.9%40.5%34.0%32.4%31.0%Sierra Metals Fortuna Endeavour Scorpio Aurcana Alexco
  10. 10. SierraMetalsYauricochaSilvercorpYing MinesHecla Fresnillo Hochschild Fortuna EndeavourSilverFirstMajesticCoeurD’AlènePanAmericanSilverStandard$27.28$0.17$2.70$5.59 $6.50 $5.96$7.33$9.08$7.57$11.75$19.14Cash Costs of Silver Producers (after by-product credits)10Low cost producerSources: company reports$ cash cost per ounce of silver  TSX-V:SMT BVL:SMT  
  11. 11. Strong Team with Proven Track Record11Recent AchievementsKey Leadership§  Founder and President of Arias Resource Capital§  Former Head of Equity Research at Goldman, Sachs & Co. formetals and mining in the U.S., Canada and Latin America§  Engineering degree in mining and metallurgy from the ColoradoSchool of Mines and MBA from Columbia University§  Former President of Teck Cominco (now Teck Resources Ltd.)§  Founding member of management of Normandy PoseidonGroup, the largest Australian gold producer until its sale toNewmont in 2002§  Founder and Chairman of several junior mining companies§  B.Sc. in accounting and MBA from the Tecnológico de Monterreyin Mexico§  Former President and CEO of Asarco LLC (2003 – 2005)§  Held various leadership positions at Asarco, Southern PeruCopper Corporation and Grupo Mexico from 1994 – 2003Steven DeanDirector, Chair ofCorporate StrategyCommitteeJ. Alberto AriasFounder &ChairmanDaniel TellecheaPresident & CEOCorporate§  Successfully raised over C$300 million in 2011§  Completed C$45 million in equity financing in 2012§  Announced new dividend policy and share buy-backprogram for 2013Peru§  Acquired Yauricocha for $286 million§  Sold non-core hydroelectric asset for $47 million§  Increased Proven and Probable Reserves atYauricocha and identified new target at depthMexico§  Completed the construction of the Piedras VerdesMill§  Commenced commercial production at Bolivar Mine§  Increased Measured and Indicated Resourcesat Bolivar§  Discovered new disseminated silver deposit at CusiTSX-V:SMT BVL:SMT  
  12. 12. 2013 Project HighlightsPERU§ Yauricocha•  Six areas to be explored near Central Mine.10,000 m of exploration drilling•  Continue drilling to add an additional 5-6 milliontonnes to reserves/resources•  Exploration: 9,780 m•  Convert resources to reserves: 13,200 m•  Start development of underground infrastructureto access lower un-mined areas•  Goal: expand production to 100,000 TPM in2015•  Metallurgical testing to increase gold & silverrecoveries from oxide ore tailings; completeddam for high grade tailings – Q1 2012MEXICO§ Bolivar•  Piedras Verde mill capacity to double to 60,000TPM•  New exploration targets to be drilled,•  Nathalie Fault, Fernandez Fault, etc. focusing onhigh-grade targets to upgrade quality of currentresources/reserves§ Cusi•  Increase production to 500 tpd from 170 tpd byOctober 2013•  New production from three additional mines; SanJuan, Minerva & La India•  Hoisting capacity increased at Promontorio mineand ramp operational to Level 9•  Drill new structural targets at San Juan NW, LaIndia, Minerva, etc. to increase resources•  NI 43-101 resource report in Q3 201312TSX-V:SMT BVL:SMT  
  13. 13. Peru – Yauricocha Overview13Property Highlights§  Central Mine Area:•  Yauricocha primarily produces silver and copperfrom 3 types of ore deposits: polymetallic, oxideand copper•  Products include copper, lead, and zincconcentrates with high silver and goldcontents•  Mining is accomplished by sub-level caving andoverhand cut-and-fill stoping§  Regional Exploration:§ Six areas to be explored in 2013 ($1.5 million)• Ipillo: large-tonnage, silver-lead-zinc deposit• Kilkaska: Central Mine target type; high gradesilver-lead-zinc-copper-gold• Victoria-Adrico: disseminated gold-copper andCentral Mine type mineralization• San Juan-San Antonio: vein-hosted gold-copper• Copper porphyry target• Cachi-Cachi SW: Central Mine target typemineralizationTSX-V:SMT BVL:SMT  
  14. 14. Peru – Yauricocha Central Mine Area14§  Developing new underground tunneland internal shaft to access deeperun-mined areas§  Production to be expanded to100 Kt/mo in 2015§  Tripled reserves with recentlyupdated NI 43-101 report1; drilling inlate 2012 built on 43-101 resources§  Metallurgical testing to increase gold& silver recoveries from oxide oretailings; completed dam for highgrade tailings – Q1 2012§  Currently drill testing additional 5-6million tonne resource target at depthwith objective of adding to 43-101reserves/resources•  Drill 7,400 m ($0.8 million) in CentralMine Area to convert resources toreserves•  Drill 11,700 m ($1.3 million) in CentralMine and Cachi-Cachi Areas forexploration§  Total mine and regional explorationbudget of US$3.6Description1 Please see Appendix, pg. 22, for summary table of NI 43-101 compliant reserves and resources.2 For the 9 months ended September 30, 2012.
  15. 15. Mexico – Production and Exploration Properties15Property Descriptions§  Bolivar:• Commercial production at new Piedras Verdes Millachieved in November 2011• Located 6 km from Bolivar Mine• Currently processing more than 30,000 tpm; increasingcapacity to 60,000 tpm in 2013• Copper by-product cash cost of $1.40 per pound1§  Cusi:• Produced in 2012 silver-lead concentrates by processing4,500 tonnes per month plus 2,500 tonnes per month ofhistoric tailings at the Company’s Malpaso Mill• Increasing capacity with installation of new skips andconstruction of ramp at Promontorio• Further production increase will come from three newmine operations: San Juan, Minerva and La India§  Exploration:• Sierra Metals holds a large land package covering234,877 ha in the states of Chihuahua and Sonora• Large exploration upside for major gold deposits atBatopilas, Arechuyvo and Maguarichic• Bacerac (Sonora) and Melchor Ocampo (Zacatecas)have major silver potential1 For the 12 month period ending December 31, 2012.TSX-V:SMT BVL:SMT  
  16. 16. Bolivar Mine Geology§  The upper and lower skarn horizons (El Gallo Superior and Inferior)are only partially drilled§  Mining by room & pillar and cut & fill methods§  Magnetite-Copper Horizon has major tonnage potential•  Over 6 km exploration potential along strike•  Open down-dip potential of over 1,500 m to NE•  NI 43-101 report; M&I Resources of 15.4 M tonnes @ 1.26% CuEquivalent and Inf. Resc. of 6.2 M tonnes @ 1.71% CuEq•  PFS completed with 7.46 million tonnes Proven & ProbableReserves @ 1.04% CuEqMexico – Bolivar Mining DistrictExtensive area of Cu-Ag mineralization16TSX-V:SMT BVL:SMT  Bolivar NW – La Narizona Section
  17. 17. Bolivar Mine AreaMap of High-Value TargetsFaults•  BFZ: Banda Fault Zone•  NWF: Northwest Fault•  EGF: El Gallo Fault•  NF: Nathalie Fault•  PAF: Pozo de Agua Fault•  RRT: Rosario-Rodolfo trend•  FT: Fernandez trendTargets: High-Value = 15-20% Cu+Zn(Resource deposits shown in pink)1.  Nathalie-Fernandez target2.  Nathalie Fault target3.  Northwest Fault target4.  NE El Gallo target17TSX-V:SMT BVL:SMT  
  18. 18. TSX-V:SMT BVL:SMT  Bolivar Mine Area18
  19. 19. Mexico – Cusi Mining District19Property Description§  Historical production of 100-200 million ouncesof silver, 1680-1940§  Production interrupted multiple times by Indianraids, wars, revolution, depression, etc.§  Historical operators needed 1,000 g/t silver ormore to be economic§  Many areas left un-mined that are now veryprofitable§  Multiple high-grade silver veins open to depth§  Wide zones of silver mineralized stockworkoccur near veins close to Cusi Fault•  Stockwork zone at Promontorio: largetonnage potential open to depth•  Recent drilling in extension of stockworkzone cut high-grade silver over wide widths;e.g., 49 m @ 753 g/t Ag (true width ± 6 m)•  Intercept below and SE of workings§  Mining by cut & fill method§  2012 pilot mining production of 54,125 t @ 185g/t silver and 0.57% lead (avg. 170 tpd)§  Release NI 43-101 report – Q3 2013TSX-V:SMT BVL:SMT  
  20. 20. Cusi NW Area Showing Major Focus§  Promontorio:•  Install new skips and extend ramp to Level 9 and below to increaseproduction and develop Cuerpo Oriente deposit•  Explore disseminated zone to depth by drilling and down-holegeophysics§  Santa Eduwiges/Cuerpo Oriente:•  Continue mining and development along high-grade veinsnear Cusi Fault, e.g. San Bartolo•  Explore high-grade veins under Cusi Fault, such as hole 509 with 49 m@ 753 g/t silver (true width ±6 m)•  Explore possible connection of deposits from San Juan →Promontorio→ Cuerpo Oriente → Santa Eduwiges → Minerva by undergrounddevelopment§  San Juan:•  Develop as 3rd operating mine•  Underground workings rehabilitated by Company and sampling/drillingcompleted; grades up to 1,240 g/t silver§  Minerva:•  Develop gold-rich Minerva vein as 4th operating mine•  Channel sample grades up to 33 g/t gold and 2,500 g/t silver; averageof 27 samples is 4 g/t gold and 400 g/t silver§  La India:•  Develop as 5th operating mine•  Drilling intersected 3.4 m true width averaging 3,929 g/t silver including0.4 m of 35,442 g/t silver•  Explore intersection of La India and Candelaria veins by drilling/drifting•  Develop Fatima drift into Candelaria vein and explore vein laterally20TSX-V:SMT BVL:SMT  
  21. 21. Why Sierra Metals ?1. Strong track record of delivering growth•  Brownfield exploration potential at existing mines + regionally•  Focused in 2 mining friendly jurisdictions, diversified metal production2. Annualized EBITDA¹ of >$84mm against market cap of~$403mm3. Low cash cost producer•  Consolidated silver cash cost of ($22.18) / oz. (including by-product credits)4. Capital management discipline•  Cash dividend policy•  Share buyback program•  CAPEX discipline5. Undervalued relative to its peers•  Trading at a considerable discount to its peers6. Near Term Value Catalysts•  Increased visibility (Marketing & Research)•  M&A event ?212013E FV/EBITDA Control Potential PotentialSierra Metals Peer Group Premium2FV/EBITDA Upside5.5x 7.1x 27% 9.0x 64%1 For the 12 months ended December 31, 2012.2 Source: RBC – previous week control premium for precedent silver transactions (2006 – 2012)TSX-V:SMT BVL:SMT  
  22. 22. AppendixPublic Market OverviewWell Positioned for GrowthBoard of DirectorsManagementProduction SummaryPeru – Reserves and ResourcesMexico – ResourcesDrilling – Yauricocha Mine, PeruDrilling – MexicoContact InformationTSX-V:SMT BVL:SMT  
  23. 23. Public Market Overview23Market Capitalization1Share Capitalization11As of April 15, 20132 Source: SEDI and ThomsonOne.Share Price PerformanceKey Shareholders2Shareholder Shares %Arias Resource Capital 81,241,049 51.7%BlackRock Group Ltd. 12,018,900 8.5%Goodman & Co 5,568,464 3.9%Figures in C$ millions, unless notedShare Price (C$) $2.55Basic Shares Outstanding (M) 157.8Market Capitalization 402.7Net Debt & Minority Interest 55.4Enterprise Value 458.1Basic Shares Outstanding 157,759,661Warrants Outstanding -Options Outstanding 1,077,385Restricted Share Units (RSU’s) 2,915,322Fully Diluted Shares Outstanding 160,773,497TSX-V:SMT BVL:SMT  -30.00%-20.00%-10.00%0.00%10.00%Sierra Metals Inc. S&P/TSX Metals and Mining Index
  24. 24. Well Positioned for GrowthMain ProjectsProject Capex 2013-20161 Expected BenefitsPeru $60MNew underground mine infrastructure $27M Have access to mineralized ore bodies at depthOxides tailings lixiviation plant $10M Increase gold and silver productionExpansion and improvements at Chumpe Mill $14MIncrease production, recoveries, revenue andEBITDAExploration $9M Advance high-priority regional exploration targetsMexico $30MIncrease production at Piedras Verdes Mill $11M Increase production, revenue and EBITDAExploration $19M Advance high-priority regional exploration targetsMain Projects Capex $90M241 Dollar figures presented in millions ( M ).TSX-V:SMT BVL:SMT  
  25. 25. Board of Directors25Name DescriptionJ. Alberto AriasFounder & Chairman§  Mr. Alberto Arias is the Founder and President of Arias Resource Capital Management LP (ARCM) and has over 15 years of experience in the field ofinternational mining finance§  Prior to founding Arias Resource Capital, he worked for 8 years at Goldman, Sachs & Co. as Head of Equity Research for metals and mining in the U.S., Canadaand Latin America, and for 4 years at UBS covering the Latin American metals and mining sector§  Mr. Arias has engineering degrees in mining and metallurgy from the Colorado School of Mines, an MBA from Columbia University, mining industry operationalexperience, and additionally holds a patent for a gold mineral processing technologySteven DeanDirector§  Mr. Dean has extensive experience internationally in mining, most recently as President of Teck Cominco (now Teck Resources Ltd.)§  Prior to Teck, he was a founding member of management of Normandy Poseidon Group, the largest Australian gold producer until its sale to Newmont in 2002§  He is also Founder and Chairman of several junior mining companiesDouglas CaterDirector§  Mr. Cater has actively practiced geoscience for the past 28 years and has worked at numerous operating mines and advanced stage mineral explorationproperties throughout Canada, US and Africa§  He has held the role of Chief Mine Geologist and Exploration Manager for several senior-tier mining companies and is currently employed as the Vice-Presidentof Exploration for St. Andrews Goldfields, a Toronto based mining and exploration companyJohn S. DonnellyDirector§  Mr. Donnelly is currently Chairman of the Board of Zurich Financial Services in Mexico, member of the board and President of JP Morgan Mexico’s AuditCommittee and board member of CrediConfia, U-Storage and Paralelo 19, all in Mexico§  He has previously served as Country Head of Mexico at Bank of America, Board Member of JP Morgan and Consultant on the integration of the merger withChase Manhattan Bank, Country Manager of Mexico at Chase and Chemical Bank, and partner of Manufacturer Hannover’s investment banking JV in BrazilGuillermo KaelinDirector§  Mr. Kaelin is a Managing Director at Arias Resource Capital Management LP (ARCM), where he is currently in charge of overseeing the sourcing, execution andportfolio management operations of the firm§  Prior to joining ARCM, he worked within the Investment Banking Division of JP Morgan’s Metals & Mining Group in New York, as well as Banco Wiese in bothcredit officer and senior research analyst roles§  He has an MBA from the University of Chicago, an MS in Finance from ESAN (Peru) and a BS in Industrial Engineering from the Universidad de Lima. He isalso a board member of Sociedad Minera Corona S.A. in PeruPhilip RenaudDirector§  Mr. Philip Renaud is Managing Director of LB Advisors, a European investment advisory firm involved in private financings and is a graduate of Franklin Collegeof Switzerland with a Bachelor of Arts in international financial management§  Mr. Renaud has been instrumental in securing many private equity financings and has an extensive European and North American network. He currently is theChairman of Diagnos Inc., Chairman of Kane Biotech and a Director of Yorbeau Resources, and Officer and various private companiesDaniel TellecheaDirector§  See Management descriptions for detailsTSX-V:SMT BVL:SMT  
  26. 26. Management26Name DescriptionDaniel TellecheaPresident & CEO§  Mr. Tellechea received a B.Sc. in accounting (1968) and a Masters Degree in Business Administration (1983), both from the Tecnologico de Monterrey in Mexico§  From 2003 to 2005, he served as President and CEO of Asarco LLC, and from 1999 to 2003 as CFO of Asarco LLC, as well as VP of Finance for Southern PeruCopper Corporation§  Previous to that, Mr. Tellechea served as the Managing Director of Finance and Administration for Grupo Mexico, Asarcos parent corporation, from 1994 to 2003Fernando PicciniChief Financial Officer§  Mr. Piccini has a B.Sc. in Business Administration from the Universidad de Lima (1997) and a MBA from the University of Virginia (2005)§  From 2008 to 2011, he served as Chief Financial Officer and Head of Corporate Development of Volcan Compañía Minera S.A.A. in Peru§  He has held various finance and treasury positions with Goldman Sachs & Co. in New York, General Motors Corporation in New York, Quimiza Ltda. in Bolivia andQuimica Suiza S.A. in PeruCarlos VillanuevaGeneral Manager,Sociedad Minera Corona§  Since 1984, Mr. Villanueva has served as General Manager of Sociedad Minera Corona S.A., owner of the Yauricocha mine§  From 1974 to 1984 he served as superintendent of Compania Minera Santa Rita, previous to that he was mine superintendent of Minas Canarias from 1970 to1973, and he began his career in 1969 as mine manager at Cobre in Peru§  Mr. Villanueva received a geological mine engineering degree from the Universidad Nacional de Ingenieria de Peru in 1968Sergio RamirezGeneral Manager,Dia Bras Mexicana§  Mr. Ramirez graduated from the School of Mines at the University of Guanajuato, Mexico (1968) with a degree in Mining Engineering and Metallurgy.§  From 1968 to 2002 he worked with Grupo Mexico and achieved the position of Director of Mining Operations and Exploration (1989-2002). From 2002-2006 hewas the Director of State Programs within the Ministry of Economy for the Federal Government of Mexico.§  Most recently Mr. Ramirez was the Director of Mining Operations for First Majestic Silver Corp. (2007-2012).Herbert FiedlerCommercial Manager§  Mr. Fiedler has served as Commercial Manager of the Gubbins Group’s mines Sociedad Minera Corona, Compañía Minera Santa Rita, Sociedad MineraCarolina, Minera Yauli and Yauricocha mine from 1991 to 2011.§  From 1985 to 1989 he was partner and Commercial Manager of R.G.T. Minerales, one of the first Peruvian traders and commercial representative of Milpo inPeru. He has also held, since 1978, strategic positions in mining and trading companies such as Hochschild Mining, Gerald Metals Inc., Samin Corp. andSudamin.§  Mr. Fiedler studied Business Administration in the Universidad de Lima (1978). He also has postgraduate education in Commerce, Negotiation, Finance and StockMarket.Thomas L. Robyn, Ph.D.Senior Vice PresidentExploration§  Dr. Robyn earned his Ph.D., Geology (1977) from the University of Oregon with a major in Igneous Petrology/Volcanology§  35 years’ experience in management of mineral exploration projects, mineral property review for the capital markets, and advisor to private interests§  He began his career with Anaconda Minerals Company and by 1982 was appointed as Anacondas regional exploration manager in Norway§  He has also held top-level positions with several junior companies and has overseen projects in such countries as Australia, Ecuador, Greenland, Norway, Liberia,Equatorial Guinea, Guyana and Suriname, as well as several U.S. StatesTSX-V:SMT BVL:SMT  
  27. 27. Production Summary27Metal  2010 2011  20122013 (projected)Low HighSilver (oz) 234,901 1,517,179 2,620,735 2,582,000 2,922,000Copper (000 lb ) 2,926 10,493 15,851 20,400 23,100Lead (000 lb) 248 19636 35,720 42,400 48,000Zinc (000 lb) 17,705 36,435 59,012 53,700 60,700Gold (oz) n/a n/a 10,491 6,000 7,000TSX-V:SMT BVL:SMT  
  28. 28. Peru – Reserves and Resources28Yauricocha Mine1,21 NI 43-101 compliant mineral reserves and resources estimate announced September 06, 2012.2 Please refer to press release dated September 6, 2012 for details on the calculation of the resources and reserves for Yauricocha.3 Includes Proven and Probable ReservesTSX-V:SMT BVL:SMT  Classification Tonnes(000)Head Grades Contained MetalAg(g/t)Cu(%)Pb(%)Zn(%)Au(g/t)Ageqv(g/t)Ag(M oz)Cu(M lb)Pb(M lb)Zn(M lb)Au(Oz)Ageqv(Moz)Proven andProbable Reserves 4,163 119.7 0.70 2.81 2.58 0.93 420.8 16.0 64.3 257.2 235.4 123,156 55.5Measured andIndicated3 4,181 121.8 0.72 2.91 2.54 0.93 420.8 16.3 66.6 268.0 233.3 125,026 56.6Inferred Resources  1,794 58.62 0.64 1.57 1.07 1.1 276.4 3.4 25.1 61.9 42.4 63,678 15.9
  29. 29. Mexico – Reserves and Resources29Bolivar Mine1,21 NI 43-101 compliant mineral reserves and resources estimate announced April 17, 2013.2 Please refer to press release dated April 17, 2013 for details on the calculation of the resources and reserves for Bolivar.3 Based on a copper equivalent (“CuEq”) cut-off grade of 0.66%.4 Includes Proven and Probable ReservesTSX-V:SMT BVL:SMT  Classification Tonnes(000)Head Grades Contained MetalAg(g/t)Cu(%)Zn(%)CuEq3(%)Au(g/t)Ag(M oz)Cu(M lb)Zn(M lb)CuEq3(M lb)Au(Oz)Proven andProbable Reserves 7,456 19.52 0.76 0.33 1.04 0.23 4.68 124.37 54.30 171.16 54,296Measured and Indicated415,404 19.45 0.79 1.06 1.26 0.24 9.63 266.70 357.70 428.02 80,457Inferred Resources36,164 18.10 0.73 0.93 1.17 - 3.59 99.80 106.40 158.40 -
  30. 30. Drilling: Yauricocha Mine, Peru30Area 2011 (m) 2012 (m) Total (m)Mina CentralContractor 4,618 9,569 14,187Company 5,195 11,531 16,726Convert to Reserves 4,453 12,628 17,081Semi-Regional Exploration 0 6,933 6,933Total (m) 14,266 40,661 54,927TSX-V:SMT BVL:SMT  
  31. 31. Drilling: Mexico31Cusi: Meters drilled/yearYear Surface Mine Total2006 11,899 - 11,8992007 21,311 1,664 22,9752008 8,171 5,131 13,3022009 7,611 1,064 8,6752010 11,430 540 11,9702011 19,233 965 20,1982012 33,735 4,026 37,761Total 113,390 13,390 126,780Bolivar: Meters drilled/yearYear Surface Mine Total2003 280 - 2802004 16,190 - 16,1902005 11,978 1,379 13,3572006 7,512 3,708 11,2202007 17,014 8,274 25,2882008 13,531 9,526 23,0572009 5,546 2,919 8,4652010 6,668 2,986 9,6542011 6,714 2,207 8,9212012 13,941 348 14,289Total 99,374 31,347 130,721TSX-V:SMT BVL:SMT  
  32. 32. Contact Information32INVESTOR RELATIONSSierra Metals Inc.Matt MorrishDirector of Investor RelationsTel: 866.493.9646info@sierrametals.comCORPORATE OFFICE595 Burrard Street, Suite 3083P.O. Box 49298Vancouver, BC Canada V7X1L3Tel: 866.493.9646Fax: 604.566.9050LIMA, PERU OFFICEAv. Pedro de Osma450 BarrancoLima, PeruTel: +51.1.710.2400Fax: +51.1.467.0590CHIHUAHUA, MEXICO OFFICEFernando de Borja No. 100Col. San FelipeChihuahua, Chihuahua C.P. 31203MexicoTel: +52.614.426.0212Fax: +52.614.426.6877TSX-V:SMT BVL:SMT  

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