Sierra Metals Inc. is a mid-tier precious and base metals mining company that owns two producing mines in Mexico and Peru. The company produced over 2.6 million ounces of silver, 15,851 tonnes of copper, and 10,491 ounces of gold in 2012. Sierra Metals plans to invest $90 million over 2013-2016 to increase production, reserves, and resources through mine expansions and exploration. The company aims to double production at its Bolivar mine in Mexico and develop its high-potential exploration targets and Cusi project.

1. TSX-V: SMT BVL: SMT
Share Capital
At March 1st, 2013
Total issued and outstanding shares
157,737,476
Total fully diluted shares
161,753,848
Trading
Newest Latin American Mid-Tier Metal Producer At March 1st, 2013
52 week High:
CDN $3.10
CUSI PROJECT MEXICO 52 Week Low:
CDN $2.22
BOLIVAR MINE MEXICO
Market Capitalization
US $394 Million
Investor Highlights
Solid Financial Position
New $10M annual dividend
Three Low-Cash-Cost Producing Assets
70% of production revenue from copper, silver and gold
Strong Track Record of Delivering Growth
Applying to graduate to TSX main board
YAURICOCHA MINE PERU
Aggressive Program to Increase Resources and Production
$28 million exploration budget 2013-2016
HEAD OFFICE
Sierra Metals Inc. is a growing mid-tier precious and base metals
595 Burrard St. Suite 3083
P.O.Box 49298
producer in Latin America. The Company owns two low-cost mines in commercial Vancouver, British Columbia V7X 1L3
production: the Yauricocha mine in Peru and the Bolivar mine in Mexico. T 866.493.9646
F 604.566.9050
Formerly known as Dia Bras Exploration Inc., the company is focused on
expanding production at its Yauricocha and Bolivar mines and advancing its Cusi LIMA OFFICE
Property into commercial production. The Company is currently completing an Av. Pedro de Osma
aggressive exploration and development program to expand global reserves and 450 Barranco
Lima, Peru
resources and advance its projects towards production.
T +51.1.710.2400
F +51.1.467.0590
Selected Financial Highlights MEXICO OFFICE
Fernando de Borja No.100 Col. San Felipe
Figures in C$000 2010 2011 YTD-20121 Chihuahua, Chihuahua
Revenue 19,744 100,664 136,369 CP. 31203 Mexico
EBITDA 922 44,611 70,878 T +52.614.426.0212
F +52.614.426.6877
Operating Cash Flow (2,620) 38,788 37,295
Capex (13,575) (23,704) (16,812) AUDITORS
Op. Cash Flow after Capex (16,195) 15,084 20,483 PricewaterhouseCoopers LLP
Cash & Equivalents 14,957 20,156 92,565
1
For the nine month period ending Sept.30, 2012
TRANSFER AGENT & REGISTRAR
Computershare Investor Service
INVESTOR RELATIONS
T 866.493.9646
F 604.566.9050
E-mail: info@sierrametals.com

2. Overview
Yauricocha Bolivar Cusi
Ownership 81.8% 100% 100%
Stage Production Production Advanced Development Yauricocha Mine, Peru
Metals Ag-Cu-Pb-Zn-Au Cu-Zn-Ag Ag-Pb
Mill Capacity (tpm) 75,000 expanding to 100,000 30,000 expanding to 60,000 19,500
By-product cash costs1 Ag $(22.63)/oz Cu $1.25/lb N/A
1
For the 9 months ended September 30, 2012
Production Summary Bolivar Mine, Mexico
Metal 2010 2011 2012 2013 (projected) Zinc
17% Lead
Low High
Copper 13%
Silver (oz) 234,901 1,517,179 2,620,735 2,582,000 2,922,000 25%
Copper (000 lb) 2,926 10,493 15,851 20,400 23,100 Silver
Gold 37%
Lead (000 lb) 248 19,636 35,720 53,700 60,700 8%
Zinc (000 lb) 17,705 36,435 59,012 42,400 48,000
Gold (oz) N/A N/A 10,491 6,000 7,000
Cusi Project, Mexico
Reserves and Resources1,2
Contained Metal
Property & Classification Tonnes Ag Au Cu Pb Zn Ag Eq. Cu Eq. Ag Cu Pb Zn Au Ag Eq. Cu Eq.
(000) (g/t) (g/t) (%) (%) (%) (g/t) (%) (M oz) (M lbs) (M lbs) (M lbs) (oz) (M oz) (M lbs)
Proven & Probable Reserves
Yauricocha 4,163 119.70 0.93 0.70 2.81 2.58 414.56 N/A 16.0 64.3 257.2 235.4 123,156 55.5 N/A
Measured & Indicated
Yauricocha 4,181 121.28 0.93 0.72 2.91 2.54 420.78 N/A 16.3 66.6 268.0 233.3 125,026 56.6 N/A
Bolivar 15,404 19.40 N/A 0.79 N/A 1.01 N/A 1.26 9.6 266.7 N/A 342.2 N/A N/A 428.9
Inferred
Yauricocha 1,794 58.62 1.10 0.64 1.57 1.07 276.38 N/A 3.4 25.1 61.9 42.4 63,678 15.9 N/A
Bolivar 6,164 18.1 N/A 0.73 N/A 0.93 N/A 1.17 3.6 99.8 N/A 106.4 N/A N/A 158.4
1
NI 43-101 compliant mineral reserves and resources estimate announced September 6, 2012 and August 30, 2012 Please refer to the website for more information on Reserves and Resources
2
Increasing Reserves and Resources Well Positioned for Growth
Project Capex Expected Benefits
25 1.6 2013-2016
1.4 Peru $60M
1.3
20 New underground $27M Have access to mineralized ore
1.2 mine infrastructure bodies at depth
4.2
(million tonnes per year)
1.0 1.0 Oxides tailings lixiviation plant $10M Increase gold and silver production
(million tonnes)
15
0.8 Expansion and improvements $14M Increase production, recoveries,
at Chumpe Mill revenue and EBITDA
10 0.6
15.4 Exploration $9M Advance high-priority regional
exploration targets
1.1 0.4
5
Mexico $30M
0.1 1.4 4.2
0.2
Increase production x 2 at $11M Increase production, revenue
0 0.0 Piedras Verdes Mill and EBITDA
2010 20111 20121
Exploration $19M Advance high-priority regional
M&I Resources P&P Reserves Annual Production exploration targets
1
Measured & Indicated includes Proven & Probable Reserves, based on Gustavson Associates’ NI 43-101 Technical Reports Main Projects Capex $90M
Cautionary Statements: This document includes certain "Forward-Looking Statements” as that term is used in applicable securities law. All statements included herein, other than statements of historical fact, including, without limitation, statements regarding potential mineralization and
resources and future plans and objectives of Sierra Metals Inc. (“Sierra Metals”, or the “Company”), are forward-looking statements that involve various risks and uncertainties. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects"
or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results “potentially”, "may", "could", "would", "might" or "will" be taken, occur or be achieved. 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 such statements. 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 document, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (2) permitting,
development, expansion and power proceeding on a basis consistent with the Company's current expectations; (3) certain price assumptions for silver, gold, copper, lead and zinc; (4) prices for availability of fuel oil, electricity, parts and equipment and other key supplies remaining
consistent with current levels; (5) the accuracy of current mineral resource estimates on the Company's property; and (6) labour and material costs increasing on a basis consistent with the Company's current expectations. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company’s Filing Statement dated April 27, 2012 (a copy of which is publicly available on SEDAR at www.sedar.com under the Company's profile) and elsewhere in documents filed from www.sierrametals.com
time to time, including MD&A, with the TSX Venture Exchange and other regulatory authorities. Such factors include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency
markets; fluctuations in the spot and forward price of silver, gold, copper, lead and zinc or certain other commodities (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 or
unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on Forward-Looking Statements. Except as required under applicable 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. Thomas L. Robyn, Ph.D., CPG, RPG, is the ‘’Qualified Person’’ as defined in NI 43-101 and Head of Exploration for
Sierra Metals Dia Bras Exploration who supervised the preparation 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
TSX-V: SMT BVL: SMT
reports, each of which is available on SEDAR at www.sedar.com and at www.sierrametals.com.