Results from the six holes drilled at La Sidra returned a weighted average
grade of 6.90% CuEq over 4.7m which compares favorably with Bolivar’s resource grade of 1.23% CuEq. Results were highlighted by hole DB462 that returned
4.05 g/t Au, 390 g/t Ag, 4.99% Zn and 1.88% Pb (10.63% CuEq) over 9.75m. Drilling at Bolivar West returned a weighted average grade of 2.28% CuEq over
9.0m which is likewise above the mine’s resource grade. Results were highlighted by DB549 that returned 1.17 g/t Au, 60 g/t Ag, 2.70% Cu and 0.02%
Zn (4.26% CuEq) over 10.55m and DB541 that returned 0.07 g/t Au, 133 g/t Ag, 1.44% Cu and 0.71% Zn (3.28% CuEq) over 12.6m. Considering Sierra was
able to quickly bring the Esperanza zone at its Yauricocha mine into production, we would expect a similar path for the Bolivar West and La Sidra zones
should exploration success continue.
79 Wellington St. W. Suite 1630, PO Box 148
Priced as of prior trading day's market close, EST (unless otherwise noted).
All values in USD unless otherwise noted.
Red Cloud Klondike Strike Inc. is registered as an Exempt Market Dealer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec,
New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland & Labrador, and the Yukon. Part of Red Cloud Klondike Strike Inc.'s business
is to connect mining companies with suitable investors that qualify under available regulatory exemptions (the "Red Cloud KS Business").
Red Cloud Klondike Strike Inc., its affiliates and associates, and their respective officers, directors, representatives, researchers and members
of their families (collectively, "Red Cloud KS") may hold positions in the companies mentioned in this publication and may
buy or sell, or buy and sell their securities or securities of the same class on the market or otherwise. Additionally, Red Cloud KS may have
provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives
from issuers as consideration for the provision of such services.
Red Cloud KS has prepared this publication for general information purposes only, NOT as part of the Red Cloud KS Business.
This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information
provided by Red Cloud KS for the purposes of this publication has been derived from sources believed to be accurate, but cannot be guaranteed.
Opinions or analysis contained in this publication may be subject to change and Red Cloud KS does not undertake to advise the reader of such
changes. This publication does NOT take into account the particular investment objectives, financial situations, or
needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for
certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud KS
will not treat recipients of this publication as customers or clients by virtue of having viewed this report.
Company Specific Disclosure Details Sierra Metals Inc. - TSX:SMT, BVL: SMT - 2
1) A member of Red Cloud KS team has visited/viewed material operations of the issuer.
2) In the last 12 months, Red Cloud KS has been retained under a service or advisory agreement by the subject issuer.
3) In the last 12 months, Red Cloud KS has received compensation for investment banking services.
4) Red Cloud KS or a member of the Red Cloud KS team or household, has a long position in the shares and/or the options of the subject issuer.
5) Red Cloud KS or a member of the Red Cloud KS team or household, has a short position in the shares and/or the options of the subject issuer.
6) Red Cloud KS or a member of the Red Cloud KS team own more than 1% of any class of common equity of the subject issuer.
7) A member of Red Cloud KS team or a member’s household serves as a Director or Officer or Advisory Board Member of the subject issuer.