Sierra Metals Inc.

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Sierra Metals is a premier Latin American precious and base metals producer with significant resource growth potential. The Company owns and operates three mines in commercial production: the Yauricocha Mine in Peru, the Bolivar and Cusi mines in Mexico.

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Sierra Metals Inc.

lockPrivateGroup

Sierra Metals is a premier Latin American precious and base metals producer with significant resource growth potentia......

people9 Members       (0)

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8020 Admin

4 days ago

8020 Admin posted a press release Sierra Metals to Release Q4 and Year-End 2019 Consolidated Financial Results on March 30, 2020 in SIERRA METALS INC.


Shareholder Conference Call and Webcast to be held on Tuesday March 31, 2020


Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL: SMT) (“Sierra Metals” or the “Company”) will release its Q4 and Year-End 2019 consolidated financial results on Monday, March 30, 2020 after Market close. Senior Management will also host a webcast and conference call on Tuesday, March 31, 2020 at 10:30am ET. Details of the Conference Call and Webcast are as follows:


Via Webcast:


A live audio webcast of the meeting will be available on the Company’s website:


https://event.on24.com/wcc/r/2150668/EDC82A8986FB968F8563869E67061377


The webcast along with presentation slides will be archived for 180 days on www.sierrametals.com.


Via phone:


For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.


Participant Number (Toll Free North America): (833) 245-9659


Participant Number (International): +1 (647) 689-4231


Conference ID: 5236407


About Sierra Metals


Sierra Metals Inc. is Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.


The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


 

Continue to Follow, Like and Watch our progress:


Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc


Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the Company’s operations, including anticipated developments in the Company’s operations in future periods, the Company’s planned exploration activities, the adequacy of the Company’s financial resources, and other events or conditions that may occur in the future. Statements concerning mineral reserve and resource estimates may also be considered to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if and when the properties are developed or further developed. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in our Annual Information Form dated March 28, 2019 in respect of the year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above is not exhaustive of the factors that may affect any of the Company’s forward-looking information. Forward looking information includes statements about the future and are inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.


View source version on businesswire.com: https://www.businesswire.com/news/home/20200309005004/en/



Mike McAllister
Vice President, Corporate Development
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com


Igor Gonzales
President & CEO
Sierra Metals Inc.
Tel: +1 (416) 366-7777


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8020 Admin

24 days ago

8020 Admin posted a press release Sierra Metals Reports Strong Q4-2019 Financial Results at Its Sociedad Minera Corona Subsidiary in Peru in SIERRA METALS INC.

Sierra Metals Inc. (TSX:SMT, BVL:SMT) (“Sierra Metals” or the “Company”) announces the filing of Sociedad Minera Corona S.A.’s (“Corona”) audited Financial Statements and the Management Discussion and Analysis (“MD&A”) for the fourth quarter of 2019 (“Q4 2019”).


This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200218005393/en/


Yauricocha Mine Peru (Photo: Business Wire)

Yauricocha Mine Peru (Photo: Business Wire)



The Company holds an 81.8% interest in Corona. All amounts are presented in US dollars unless otherwise stated and have not been adjusted for the 18.2% non-controlling interest.


Corona’s Highlights for the Three Months Ended December 31, 2019



  • Revenues of US$42.2 million vs. US$39.2 million in Q4 2018

  • Adjusted EBITDA of US$17.9 million vs. US$17.6 million in Q4 2018

  • Total tonnes processed of 321,701, a 20% increase and a new record vs. 268,363 in Q4 2018

  • Net production revenue per tonne of ore milled decreased by 5% to US$136.82

  • Cash cost per zinc equivalent payable pound lower by 17% at US$0.43 in Q4 2019

  • All in sustaining cost (“AISC”) per zinc equivalent payable increased 11% to US$0.81 in Q4 2019

  • Zinc equivalent production of 58.1 million pounds vs. 40.6 million pounds in Q4 2018

  • US$35.0 million of cash and cash equivalents as at December 31, 2019

  • US$61.8 million of working capital as at December 31, 2019


The Company achieved record quarterly equivalent metal production and ore throughput from the Yauricocha Mine during Q4 2019, which has helped continue to make up for the lost production realized during the illegal strike in March and April 2019. Revenues increased by 8%, and Adjusted EBITDA increased by 2% during Q4 2019 compared to Q4 2018. Cash flows generated during Q4 2019 allowed the Company to fund its capital expenditure programs despite a challenging base metal price environment and significant increases in zinc treatment and refining costs. Cash costs per zinc equivalent payable pound were 17% lower while AISC per zinc equivalent payable pound were 11% higher in Q4 2019 compared to Q4 2018. Additionally, there was a build-up of approximately 4,160 tonnes of saleable concentrate including copper concentrate (978 lbs.), zinc concentrate (2,369 lbs.) and lead concentrate (816 lbs.) that was not shipped in Q4 2019 which affected revenue and realized metal production, but which is expected to be realized in Q1 2020.


Igor Gonzales, President and CEO of Sierra Metals commented, “I am pleased with Yauricocha’s performance in the fourth quarter which saw increases to revenue and consistent adjusted EBITDA compared to the same quarter in 2018. However, we realized both lower revenue and adjusted EBITDA on a year over year basis due to lower incomes resulting from increases to Zinc treatment and refining charges and a concentrate inventory build-up that was not shipped. We continue to reap the benefits of investments made at the Mine through increases in production tonnage as well as through lower cash costs, however we have seen a small increase in AISC due to higher treatment charges, sustaining capital costs and a small decrease in the net production revenue per tonne of ore milled mainly due to lower incomes.”


He continued, “Looking ahead, 2020 continues to be an important time for projects, improvements, and exploration at Yauricocha. We recently completed and published the Yauricocha NI 43-101 Reserve and Resource Update. We are continuing surface drilling at Don Leona and Kilcaska which are high value, exploration targets and will hopefully have some news flow with results before the end of the first quarter. Additionally, work has been completed on the next level of the tailings deposition facility, needed for the expansion of Yauricocha to the 3,600 tonnes per day level. Furthermore, we continue to sink the Yauricocha shaft towards the 1270 level to provide the Company access to further reserves and resources in the Mine. Finally, work has commenced on the ramp connecting the 820 level with the 720 level of the Yauricocha Mine providing for an additional 10,000 tonnes per month of increased capacity to move ore and waste from the Mine. These improvements will assist us with the increase of production levels to the 3,600 tonne per day level at Yauricocha once the required permits are received from the authorities.”


He concluded, Corona continues to have a solid balance sheet and strong liquidity. Management remains optimistic that continued operational efficiencies and future operational and resource growth are possible at Yauricocha.”


The following table displays selected financial information for the three months and year ended December 31, 2019:


Read more here: https://quotemedia.com/portal/quote/?qm_symbol=SMT%3ACC&qmodStoryID=8150485209385828 

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8020 Admin

28 days ago

8020 Admin posted an update Sierra Metals CFO Discusses Substantial 2020 EBITDA Guidance and Distribution to Shareholders in SIERRA METALS INC.

Toronto, Ontario--(Newsfile Corp. - February 14, 2020) - Capital 10X interviews Sierra Metals (TSX: SMT) (NYSE: SMTS) CFO Ed Guimaraes to discuss the company's 2020 outlook.



Cannot view this video? Visit:
https://capital10x.com/sierra-metals-cfo-2020-ebitda-guidance-distribution-shareholders/


As a polymetallic miner, Sierra Metals benefits from the structural pricing strength of Copper and Silver. After expanding operations significantly over the past years, 2020 is now a period of cash harvesting.


Mr. Guimaraes outlines Sierra Metals' 2020 guidance, including their inaugural EBITDA guidance. We also discuss projected cash flows for the year, and Sierra's plans to return US$30 million capital to shareholders in 2020.


The interview finishes with a discussion of the release of 43-101's for their mines, and how they are thinking about life of mine at their three operating assets.


For more information, please contact:


Capital 10X
Evan Veryard, President
416-571-9037


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52448

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8020 Admin

1 month ago

8020 Admin posted a press release Sierra Metals Announces Settlement of Outstanding Polo Y Ron Litigation Related to the Bolivar Mine in Mexico in SIERRA METALS INC.

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) announces the settlement of the outstanding litigation with Polo y Ron pertaining to mining concessions from the Company’s Bolivar Mine, including the mining concessions where mine operations and mineral reserve estimates are located. The accord was executed in The Second District Court (“the Court”) in the state of Chihuahua, Mexico. The declaration of the termination of litigation was issued by the Court on February 6, 2020. This settlement ends all claims against and litigation against the Company and Dia Bras Mexicana S.A de C.V, a wholly owned subsidiary of Sierra Metals Inc. from Polo y Ron. The impact of the settlement amount paid on Sierra Metals’ financial condition and operating results is not significant.


Igor Gonzales commented, “This settlement is part of a corporate strategy to reduce the risk profile of Sierra Metals in a cost-effective way. As we had consistently disclosed in our financial statements, we believe that the Polo y Ron claim was without merit and Sierra Metals vigorously defended its position by applying the proper legal resources necessary.”


About Sierra Metals


Sierra Metals Inc. is Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.


The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


For further information regarding Sierra Metals, please visit www.sierrametals.com.


 

Continue to Follow, Like and Watch our progress:


Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals


Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the Company’s operations, including anticipated developments in the Company’s operations in future periods, the Company’s planned exploration activities, the adequacy of the Company’s financial resources, and other events or conditions that may occur in the future. Statements concerning mineral reserve and resource estimates may also be considered to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if and when the properties are developed or further developed. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in our Annual Information Form dated March 28, 2019 in respect of the year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above is not exhaustive of the factors that may affect any of the Company’s forward-looking information. Forward looking information includes statements about the future and are inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.




Mike McAllister
V.P., Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
Email: info@sierrametals.com


Igor Gonzales
President & CEO
Sierra Metals Inc.
+1(416) 366-7777


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8020 Admin

1 month ago

8020 Admin posted a press release Sierra Metals Announces Filing of NI 43-101 Technical Report on Reserves and Resources for the Yauricocha Mine in Peru in SIERRA METALS INC.

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) has filed an independent technical report (the “Report“) prepared in accordance with National Instrument 43-101 (“NI 43-101”) on the Yauricocha Mine in Peru.


The Report dated January 17, 2020, with an effective date of October 31, 2019 is entitled "NI 43-101 Technical Report on Resources and Reserves, Yauricocha Mine, Yauyos Province, Peru”. The Report was prepared for Sierra Metals by SRK Consulting (Canada) Inc. There are no material differences in the Report from those results disclosed in the Company’s press release dated December 19, 2019.


The Report is available for review on SEDAR (www.sedar.com), EDGAR www.SEC.gov and the Company’s website (www.sierrametals.com).


Signed by Qualified Persons:


Andre M. Deiss, B.Sc., (Hons), Pri.Nat.Sci., MSAIMM, SRK Principal Consultant (Resource Geology)


Carl Kottmeier, B.Sc., P. Eng., MBA, SRK Principal Consultant (Mining)


Daniel H. Sepulveda, B.Sc., SME-RM, SRK Associate Consultant (Metallurgy)


Daniel Mackie, M.Sc., B.Sc., P.Geo., SRK Practice Leader/Principal Consultant (Hydrogeologist)


Jarek Jakubec, C.Eng., FIMMM, SRK Practice Leader/Corporate Consultant (Mining and Geology)


Quality Control


All technical production data contained in this news release has been reviewed and approved by Americo Zuzunaga, FAusIMM (CP Mining Engineer) and Vice President of Corporate Planning is a Qualified Person and chartered professional qualifying as a Competent Person under the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.


Augusto Chung, FAusIMM (CP Metallurgist) and Vice President Special Projects and Metallurgy and a chartered professional qualifying as a Competent Person on metallurgical processes.


About Sierra Metals


Sierra Metals Inc. is a Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.


The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


Continue to Follow, Like and Watch our progress:


Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals


Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the Company’s operations, including anticipated developments in the Company’s operations in future periods, the Company’s planned exploration activities, the adequacy of the Company’s financial resources, and other events or conditions that may occur in the future. Statements concerning mineral reserve and resource estimates may also be considered to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if and when the properties are developed or further developed. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in our Annual Information Form dated March 28, 2019 in respect of the year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above is not exhaustive of the factors that may affect any of the Company’s forward-looking information. Forward looking information includes statements about the future and are inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.


Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources


The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.





For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:


Mike McAllister
VP, Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com


Americo Zuzunaga
VP, Corporate Planning
Sierra Metals Inc.
+1 (416) 366-7777


Igor Gonzales
President & CEO
Sierra Metals Inc.
+1 (416) 366-7777


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8020 Admin

2 months ago

8020 Admin posted a press release Sierra Metals Reports Strong 2019 Production Results and Announces 2020 Guidanc in SIERRA METALS INC.

TORONTO





  • Continuing an 11-year track record of consolidated annual ore throughput growth



  • Record quarterly ore throughput at both the Yauricocha and Bolivar Mines



  • 2020 production guidance of 135* million copper equivalent pounds vs. 2019 production of 112 million pounds; 2020 silver equivalent production guidance of 21* million ounces vs. 2019 production of 19 million ounces; and 2020 zinc equivalent production guidance of 351* million pounds vs. 2019 production of 268 million pounds



  • The Company’s expansion projects are increasing the percentage revenues coming from copper to 45% expected in 2020 (using the mid-point of the guidance range); up from 40% in 2019; and 36% in 2018. Silver is the second most important revenue contributor with 23% of revenues projected in 2020 (mid-point of the guidance range)



  • EBITDA Guidance for 2020 is expected to be between US$109 million to US$126 million



*Assumes mid-point of 2020 production guidance ranges


Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report fourth quarter 2019 and full year 2019 production results, as well as 2020 guidance for production, cost, EBITDA and capex.


Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver mines in Mexico.


2019 Consolidated Production Highlights



  • Silver production of 3.4 million ounces; a 24% increase from 2018

  • Copper production of 39.9 million pounds; a 17% increase from 2018

  • Zinc production of 81.1 million pounds; a 6% increase from 2018

  • Lead production of 35.5 million pounds; a 28% increase from 2018

  • Gold production of 11,632 ounces; a 50% increase from 2018

  • Total of 2.7 million tonnes processed; a 15% increase from 2018


Fourth Quarter 2019 Production Highlights



  • Silver production of 0.9 million ounces; a 24% increase from Q4 2018

  • Copper production of 11.3 million pounds; a 27% increase from Q4 2018

  • Zinc production of 25.6 million pounds; a 46% increase from Q4 2018

  • Lead production of 9.9 million pounds; a 25% increase from Q4 2018

  • Gold production of 3,615 ounces; a 69% increase from Q4 2018


The Company achieved record consolidated quarterly ore throughput during Q4 2019, resulting from record quarterly ore throughput from the Yauricocha and Bolivar Mines. These results continued the Company’s successful production increases realized during the first three quarters of 2019, which resulted in strong annual consolidated production figures.


Metal production at Yauricocha increased 43% in Q4 2019 compared to Q4 2018 due to 20% higher ore throughput, 19% higher zinc head grade, and higher recoveries for all metals. At Bolivar, 28% higher ore throughput, and higher silver and gold head grades resulted in a 49% increase in copper equivalent pounds produced in Q4 2019 compared to Q4 2018. The Cusi Mine realized a 5% increase in throughput, 8% higher silver head grade offset by lower lead and gold head grades which resulted in silver equivalent ounces production that was in line with Q4 2018.


During 2019, the annual consolidated production of silver, copper, zinc, lead and gold increased 24%, 17%, 6%, 28% and 50% respectively.


Igor Gonzales, President and CEO of Sierra Metals, commented: “I am very pleased with the Company’s strong Q4 production results, which contributed to a solid year of production in 2019. The Company continues to reap the benefits of the successful operational improvement programs at all Mines.


The Company has completed expansion work at the Bolivar Mine and is ramping up to 5,000 tonnes per day while also implementing a throughput expansion at Cusi to 1,200 tonnes per day. The Company has also completed all the necessary work and has submitted all the required documentation to the authorities in Peru for its Yauricocha mine to expand to 3,600 tonnes per day and expects to receive its Environmental Impact Assessment permit this year. Furthermore, the Company has almost completed updated Life of Mine Plans, and is working to complete Pre-Feasibility and Feasibility studies, based on the encouraging PEA’s results released for all three Mines, demonstrating positive economics, and supporting the potential for future important production expansions.


At Yauricocha, during Q4 2019, we completed the refurbishment of the lower part of the Mascota Shaft as well as the infrastructure and tie-ins for the Yauricocha tunnel, allowing for faster turn-around in the cycle time of the trolley locomotives, and providing for increased capacity and handling of larger volumes of ore and waste. Tonnage through the tunnel can be ramped up further as larger locomotives and ore cars are added in the future.


In Q1 2020 the Yauricocha shaft continues to be sunk to the 1270 level to provide access to further reserves and resources at the Mine. Loading pockets are expected to be added later this year on the 1210 level. Also, work will continue on a ramp connecting the 920 level with the 720 level at Yauricocha providing for an additional 10,000 tonnes per month of increased capacity to move ore and waste from the mine.”


He concluded, "2020 will be an important year for the Company as we ramp up production in Mexico while continuing to modernize and improve all Mines implementing best operational practices. These changes should allow the Company to increase metal production to new highs. Our Company-wide ongoing brownfield exploration programs should also lead to further significant growth in reserves and resources, which will add to the value of our assets during the year ahead."


Consolidated Production Results



Read more here: https://quotemedia.com/portal/quote?qm_symbol=SMT%3ACC&qmodStoryID=5805269186035553 

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8020 Admin

2 months ago

8020 Admin posted a press release Sierra Metals Announces Plan to Return up to US$30 Million to Shareholders In 2020 in SIERRA METALS INC.

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or the “Company”) today announces that, as a result of the Company entering into a new phase as a generator of free cash flow, it is now in a position to start returning capital to its shareholders. In this regard, the Company’s board of directors (the “Board”) has approved a plan to return up to US$30 million to shareholders in the coming year.


In furtherance of this plan, Sierra Metals intends to launch a substantial issuer bid (the “Offer”) pursuant to which the Company will offer to repurchase for cancellation up to US$15 million of its common shares (the “Common Shares”) from shareholders for cash. The Offer will proceed by way of a modified Dutch auction.1 The Company intends to fund the Offer with available cash on hand and expects to announce the terms of the Offer in the second quarter of 2020.


The Board is continuing its ongoing review of and consideration with respect to the method by which the remaining US$15 million will be distributed to its shareholders including potential further substantial issuers bids. Going forward, the Company expects to be in a position to return a significant portion of its excess free cash flow to shareholders annually.


Igor Gonzales, President and CEO of Sierra Metals commented, “Management believes that Sierra’s underlying value along with its growth prospects are not reflected in the recent trading price of its Common Shares. As such, the Company will use a reasonable portion of its cash resources toward the purchase of its Common Shares under the Offer. Deploying a portion of the Company’s excess cash in this manner reflects management’s commitment to improving Sierra’s stock performance while allowing for the financial resources required to continue with our operations and growth strategy. The Offer should provide an important exit trading window to institutional shareholders who may have been concerned about the share trading liquidity of the Company.”


The foregoing is provided for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Common Shares. The solicitation and the offer to buy Common Shares will be made only pursuant to a separate offer to purchase and issuer bid circular and related documents. At the time the offer is commenced, Sierra Metals will file the offer to purchase, an issuer bid circular and related documents with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission (the “SEC”). Shareholders should carefully read the offer to purchase and the issuer bid circular, the letter of transmittal and other related documents when they are available because they will contain important information, including the various terms and conditions of the Offer. The issuer bid circular, the related letter of transmittal and certain other related documents will be delivered without charge to all holders of Common Shares. The offer to purchase and issuer bid circular, the letter of transmittal and other related documents filed by Sierra Metals with the SEC will be available without charge at the SEC’s website at www.sec.gov. Offer documents required to be filed in Canada will also be available without charge at www.sedar.com. Shareholders are urged to read these materials carefully prior to making any decision with respect to the offer.


About Sierra Metals


Sierra Metals is a Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new discoveries and still has additional brownfield exploration opportunities at all three Mines in Peru and Mexico that are within or close proximity to the existing Mines. Additionally, the Company has large land packages at all three Mines with several prospective regional targets providing longer term exploration upside and mineral resource growth potential.


The Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


For further information regarding Sierra Metals, please visit www.sierrametals.com.


Continue to Follow, Like and Watch our progress:


Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals


Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to: (i) the Company’s intention to return up to $30 million to its shareholders in the coming year; (ii) the Company’s intention to undertake the Offer and the terms thereof (including the maximum dollar value of Common Shares that Sierra Metals may purchase under the Offer and the timing for launch thereof); and (iii) the Company’s strategy with respect to returning excess cash to shareholders beyond 2020, as well as other statements that are not historical facts. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the Offer not occurring as expected or in the time frame expected, any failure of any condition to the Offer, any inability to obtain any required regulatory approvals or exemptive relief in the United States or Canada, the extent to which shareholders elect to tender their Common Shares under the Offer, the Company having sufficient financial resources to launch the Offer, the results of the review and consideration by the board of directors of the Company, the risks described under the heading “Risk Factors” in the Company’s Annual Information Form dated March 28, 2019 in respect of the fiscal year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the SEC, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.


1 A modified Dutch auction allows shareholders who choose to participate in the Offer to individually select the price, within a specified range as determined by the Company, at which to sell their Common Shares. Shareholders who wish to accept the Offer may do so proportionately by “Proportionate Tender” (such number of Common Shares that will result in maintaining their proportionate equity ownership in the Company following completion of the Offer at the purchase price determined pursuant to the Offer) or non-proportionately by “Auction Tender” (a specified number of Shares at a specified price) or “Purchase Price Tender” (a specified number of Shares at the purchase price determined pursuant to the Offer).




Mike McAllister
VP, Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com

Ed Guimaraes
CFO
Sierra Metals Inc.
+1 (416) 366-7777

Igor Gonzales
President & CEO
Sierra Metals Inc.
+1 (416) 366-7777


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Sierra Metals Inc.

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Sierra Metals is a premier Latin American precious and base metals producer with significant resource growth potential. The Company owns and operates three mines in commercial production: the Yauricocha Mine in Peru, the Bolivar and Cusi mines in Mexico.

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Sierra Metals Inc.

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Sierra Metals is a premier Latin American precious and base metals producer with significant resource growth potentia......

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8020 Admin

4 days ago

8020 Admin posted a press release Sierra Metals to Release Q4 and Year-End 2019 Consolidated Financial Results on March 30, 2020 in SIERRA METALS INC.


Shareholder Conference Call and Webcast to be held on Tuesday March 31, 2020


Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL: SMT) (“Sierra Metals” or the “Company”) will release its Q4 and Year-End 2019 consolidated financial results on Monday, March 30, 2020 after Market close. Senior Management will also host a webcast and conference call on Tuesday, March 31, 2020 at 10:30am ET. Details of the Conference Call and Webcast are as follows:


Via Webcast:


A live audio webcast of the meeting will be available on the Company’s website:


https://event.on24.com/wcc/r/2150668/EDC82A8986FB968F8563869E67061377


The webcast along with presentation slides will be archived for 180 days on www.sierrametals.com.


Via phone:


For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.


Participant Number (Toll Free North America): (833) 245-9659


Participant Number (International): +1 (647) 689-4231


Conference ID: 5236407


About Sierra Metals


Sierra Metals Inc. is Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.


The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


 

Continue to Follow, Like and Watch our progress:


Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc


Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the Company’s operations, including anticipated developments in the Company’s operations in future periods, the Company’s planned exploration activities, the adequacy of the Company’s financial resources, and other events or conditions that may occur in the future. Statements concerning mineral reserve and resource estimates may also be considered to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if and when the properties are developed or further developed. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in our Annual Information Form dated March 28, 2019 in respect of the year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above is not exhaustive of the factors that may affect any of the Company’s forward-looking information. Forward looking information includes statements about the future and are inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.


View source version on businesswire.com: https://www.businesswire.com/news/home/20200309005004/en/



Mike McAllister
Vice President, Corporate Development
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com


Igor Gonzales
President & CEO
Sierra Metals Inc.
Tel: +1 (416) 366-7777


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8020 Admin

24 days ago

8020 Admin posted a press release Sierra Metals Reports Strong Q4-2019 Financial Results at Its Sociedad Minera Corona Subsidiary in Peru in SIERRA METALS INC.

Sierra Metals Inc. (TSX:SMT, BVL:SMT) (“Sierra Metals” or the “Company”) announces the filing of Sociedad Minera Corona S.A.’s (“Corona”) audited Financial Statements and the Management Discussion and Analysis (“MD&A”) for the fourth quarter of 2019 (“Q4 2019”).


This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200218005393/en/


Yauricocha Mine Peru (Photo: Business Wire)

Yauricocha Mine Peru (Photo: Business Wire)



The Company holds an 81.8% interest in Corona. All amounts are presented in US dollars unless otherwise stated and have not been adjusted for the 18.2% non-controlling interest.


Corona’s Highlights for the Three Months Ended December 31, 2019



  • Revenues of US$42.2 million vs. US$39.2 million in Q4 2018

  • Adjusted EBITDA of US$17.9 million vs. US$17.6 million in Q4 2018

  • Total tonnes processed of 321,701, a 20% increase and a new record vs. 268,363 in Q4 2018

  • Net production revenue per tonne of ore milled decreased by 5% to US$136.82

  • Cash cost per zinc equivalent payable pound lower by 17% at US$0.43 in Q4 2019

  • All in sustaining cost (“AISC”) per zinc equivalent payable increased 11% to US$0.81 in Q4 2019

  • Zinc equivalent production of 58.1 million pounds vs. 40.6 million pounds in Q4 2018

  • US$35.0 million of cash and cash equivalents as at December 31, 2019

  • US$61.8 million of working capital as at December 31, 2019


The Company achieved record quarterly equivalent metal production and ore throughput from the Yauricocha Mine during Q4 2019, which has helped continue to make up for the lost production realized during the illegal strike in March and April 2019. Revenues increased by 8%, and Adjusted EBITDA increased by 2% during Q4 2019 compared to Q4 2018. Cash flows generated during Q4 2019 allowed the Company to fund its capital expenditure programs despite a challenging base metal price environment and significant increases in zinc treatment and refining costs. Cash costs per zinc equivalent payable pound were 17% lower while AISC per zinc equivalent payable pound were 11% higher in Q4 2019 compared to Q4 2018. Additionally, there was a build-up of approximately 4,160 tonnes of saleable concentrate including copper concentrate (978 lbs.), zinc concentrate (2,369 lbs.) and lead concentrate (816 lbs.) that was not shipped in Q4 2019 which affected revenue and realized metal production, but which is expected to be realized in Q1 2020.


Igor Gonzales, President and CEO of Sierra Metals commented, “I am pleased with Yauricocha’s performance in the fourth quarter which saw increases to revenue and consistent adjusted EBITDA compared to the same quarter in 2018. However, we realized both lower revenue and adjusted EBITDA on a year over year basis due to lower incomes resulting from increases to Zinc treatment and refining charges and a concentrate inventory build-up that was not shipped. We continue to reap the benefits of investments made at the Mine through increases in production tonnage as well as through lower cash costs, however we have seen a small increase in AISC due to higher treatment charges, sustaining capital costs and a small decrease in the net production revenue per tonne of ore milled mainly due to lower incomes.”


He continued, “Looking ahead, 2020 continues to be an important time for projects, improvements, and exploration at Yauricocha. We recently completed and published the Yauricocha NI 43-101 Reserve and Resource Update. We are continuing surface drilling at Don Leona and Kilcaska which are high value, exploration targets and will hopefully have some news flow with results before the end of the first quarter. Additionally, work has been completed on the next level of the tailings deposition facility, needed for the expansion of Yauricocha to the 3,600 tonnes per day level. Furthermore, we continue to sink the Yauricocha shaft towards the 1270 level to provide the Company access to further reserves and resources in the Mine. Finally, work has commenced on the ramp connecting the 820 level with the 720 level of the Yauricocha Mine providing for an additional 10,000 tonnes per month of increased capacity to move ore and waste from the Mine. These improvements will assist us with the increase of production levels to the 3,600 tonne per day level at Yauricocha once the required permits are received from the authorities.”


He concluded, Corona continues to have a solid balance sheet and strong liquidity. Management remains optimistic that continued operational efficiencies and future operational and resource growth are possible at Yauricocha.”


The following table displays selected financial information for the three months and year ended December 31, 2019:


Read more here: https://quotemedia.com/portal/quote/?qm_symbol=SMT%3ACC&qmodStoryID=8150485209385828 

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8020 Admin

28 days ago

8020 Admin posted an update Sierra Metals CFO Discusses Substantial 2020 EBITDA Guidance and Distribution to Shareholders in SIERRA METALS INC.

Toronto, Ontario--(Newsfile Corp. - February 14, 2020) - Capital 10X interviews Sierra Metals (TSX: SMT) (NYSE: SMTS) CFO Ed Guimaraes to discuss the company's 2020 outlook.



Cannot view this video? Visit:
https://capital10x.com/sierra-metals-cfo-2020-ebitda-guidance-distribution-shareholders/


As a polymetallic miner, Sierra Metals benefits from the structural pricing strength of Copper and Silver. After expanding operations significantly over the past years, 2020 is now a period of cash harvesting.


Mr. Guimaraes outlines Sierra Metals' 2020 guidance, including their inaugural EBITDA guidance. We also discuss projected cash flows for the year, and Sierra's plans to return US$30 million capital to shareholders in 2020.


The interview finishes with a discussion of the release of 43-101's for their mines, and how they are thinking about life of mine at their three operating assets.


For more information, please contact:


Capital 10X
Evan Veryard, President
416-571-9037


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52448

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8020 Admin

1 month ago

8020 Admin posted a press release Sierra Metals Announces Settlement of Outstanding Polo Y Ron Litigation Related to the Bolivar Mine in Mexico in SIERRA METALS INC.

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) announces the settlement of the outstanding litigation with Polo y Ron pertaining to mining concessions from the Company’s Bolivar Mine, including the mining concessions where mine operations and mineral reserve estimates are located. The accord was executed in The Second District Court (“the Court”) in the state of Chihuahua, Mexico. The declaration of the termination of litigation was issued by the Court on February 6, 2020. This settlement ends all claims against and litigation against the Company and Dia Bras Mexicana S.A de C.V, a wholly owned subsidiary of Sierra Metals Inc. from Polo y Ron. The impact of the settlement amount paid on Sierra Metals’ financial condition and operating results is not significant.


Igor Gonzales commented, “This settlement is part of a corporate strategy to reduce the risk profile of Sierra Metals in a cost-effective way. As we had consistently disclosed in our financial statements, we believe that the Polo y Ron claim was without merit and Sierra Metals vigorously defended its position by applying the proper legal resources necessary.”


About Sierra Metals


Sierra Metals Inc. is Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.


The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


For further information regarding Sierra Metals, please visit www.sierrametals.com.


 

Continue to Follow, Like and Watch our progress:


Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals


Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the Company’s operations, including anticipated developments in the Company’s operations in future periods, the Company’s planned exploration activities, the adequacy of the Company’s financial resources, and other events or conditions that may occur in the future. Statements concerning mineral reserve and resource estimates may also be considered to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if and when the properties are developed or further developed. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in our Annual Information Form dated March 28, 2019 in respect of the year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above is not exhaustive of the factors that may affect any of the Company’s forward-looking information. Forward looking information includes statements about the future and are inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.




Mike McAllister
V.P., Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
Email: info@sierrametals.com


Igor Gonzales
President & CEO
Sierra Metals Inc.
+1(416) 366-7777


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8020 Admin

1 month ago

8020 Admin posted a press release Sierra Metals Announces Filing of NI 43-101 Technical Report on Reserves and Resources for the Yauricocha Mine in Peru in SIERRA METALS INC.

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) has filed an independent technical report (the “Report“) prepared in accordance with National Instrument 43-101 (“NI 43-101”) on the Yauricocha Mine in Peru.


The Report dated January 17, 2020, with an effective date of October 31, 2019 is entitled "NI 43-101 Technical Report on Resources and Reserves, Yauricocha Mine, Yauyos Province, Peru”. The Report was prepared for Sierra Metals by SRK Consulting (Canada) Inc. There are no material differences in the Report from those results disclosed in the Company’s press release dated December 19, 2019.


The Report is available for review on SEDAR (www.sedar.com), EDGAR www.SEC.gov and the Company’s website (www.sierrametals.com).


Signed by Qualified Persons:


Andre M. Deiss, B.Sc., (Hons), Pri.Nat.Sci., MSAIMM, SRK Principal Consultant (Resource Geology)


Carl Kottmeier, B.Sc., P. Eng., MBA, SRK Principal Consultant (Mining)


Daniel H. Sepulveda, B.Sc., SME-RM, SRK Associate Consultant (Metallurgy)


Daniel Mackie, M.Sc., B.Sc., P.Geo., SRK Practice Leader/Principal Consultant (Hydrogeologist)


Jarek Jakubec, C.Eng., FIMMM, SRK Practice Leader/Corporate Consultant (Mining and Geology)


Quality Control


All technical production data contained in this news release has been reviewed and approved by Americo Zuzunaga, FAusIMM (CP Mining Engineer) and Vice President of Corporate Planning is a Qualified Person and chartered professional qualifying as a Competent Person under the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.


Augusto Chung, FAusIMM (CP Metallurgist) and Vice President Special Projects and Metallurgy and a chartered professional qualifying as a Competent Person on metallurgical processes.


About Sierra Metals


Sierra Metals Inc. is a Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.


The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


Continue to Follow, Like and Watch our progress:


Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals


Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the Company’s operations, including anticipated developments in the Company’s operations in future periods, the Company’s planned exploration activities, the adequacy of the Company’s financial resources, and other events or conditions that may occur in the future. Statements concerning mineral reserve and resource estimates may also be considered to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if and when the properties are developed or further developed. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in our Annual Information Form dated March 28, 2019 in respect of the year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the U.S. Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above is not exhaustive of the factors that may affect any of the Company’s forward-looking information. Forward looking information includes statements about the future and are inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.


Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources


The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.





For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:


Mike McAllister
VP, Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com


Americo Zuzunaga
VP, Corporate Planning
Sierra Metals Inc.
+1 (416) 366-7777


Igor Gonzales
President & CEO
Sierra Metals Inc.
+1 (416) 366-7777


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8020 Admin

2 months ago

8020 Admin posted a press release Sierra Metals Reports Strong 2019 Production Results and Announces 2020 Guidanc in SIERRA METALS INC.

TORONTO





  • Continuing an 11-year track record of consolidated annual ore throughput growth



  • Record quarterly ore throughput at both the Yauricocha and Bolivar Mines



  • 2020 production guidance of 135* million copper equivalent pounds vs. 2019 production of 112 million pounds; 2020 silver equivalent production guidance of 21* million ounces vs. 2019 production of 19 million ounces; and 2020 zinc equivalent production guidance of 351* million pounds vs. 2019 production of 268 million pounds



  • The Company’s expansion projects are increasing the percentage revenues coming from copper to 45% expected in 2020 (using the mid-point of the guidance range); up from 40% in 2019; and 36% in 2018. Silver is the second most important revenue contributor with 23% of revenues projected in 2020 (mid-point of the guidance range)



  • EBITDA Guidance for 2020 is expected to be between US$109 million to US$126 million



*Assumes mid-point of 2020 production guidance ranges


Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report fourth quarter 2019 and full year 2019 production results, as well as 2020 guidance for production, cost, EBITDA and capex.


Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver mines in Mexico.


2019 Consolidated Production Highlights



  • Silver production of 3.4 million ounces; a 24% increase from 2018

  • Copper production of 39.9 million pounds; a 17% increase from 2018

  • Zinc production of 81.1 million pounds; a 6% increase from 2018

  • Lead production of 35.5 million pounds; a 28% increase from 2018

  • Gold production of 11,632 ounces; a 50% increase from 2018

  • Total of 2.7 million tonnes processed; a 15% increase from 2018


Fourth Quarter 2019 Production Highlights



  • Silver production of 0.9 million ounces; a 24% increase from Q4 2018

  • Copper production of 11.3 million pounds; a 27% increase from Q4 2018

  • Zinc production of 25.6 million pounds; a 46% increase from Q4 2018

  • Lead production of 9.9 million pounds; a 25% increase from Q4 2018

  • Gold production of 3,615 ounces; a 69% increase from Q4 2018


The Company achieved record consolidated quarterly ore throughput during Q4 2019, resulting from record quarterly ore throughput from the Yauricocha and Bolivar Mines. These results continued the Company’s successful production increases realized during the first three quarters of 2019, which resulted in strong annual consolidated production figures.


Metal production at Yauricocha increased 43% in Q4 2019 compared to Q4 2018 due to 20% higher ore throughput, 19% higher zinc head grade, and higher recoveries for all metals. At Bolivar, 28% higher ore throughput, and higher silver and gold head grades resulted in a 49% increase in copper equivalent pounds produced in Q4 2019 compared to Q4 2018. The Cusi Mine realized a 5% increase in throughput, 8% higher silver head grade offset by lower lead and gold head grades which resulted in silver equivalent ounces production that was in line with Q4 2018.


During 2019, the annual consolidated production of silver, copper, zinc, lead and gold increased 24%, 17%, 6%, 28% and 50% respectively.


Igor Gonzales, President and CEO of Sierra Metals, commented: “I am very pleased with the Company’s strong Q4 production results, which contributed to a solid year of production in 2019. The Company continues to reap the benefits of the successful operational improvement programs at all Mines.


The Company has completed expansion work at the Bolivar Mine and is ramping up to 5,000 tonnes per day while also implementing a throughput expansion at Cusi to 1,200 tonnes per day. The Company has also completed all the necessary work and has submitted all the required documentation to the authorities in Peru for its Yauricocha mine to expand to 3,600 tonnes per day and expects to receive its Environmental Impact Assessment permit this year. Furthermore, the Company has almost completed updated Life of Mine Plans, and is working to complete Pre-Feasibility and Feasibility studies, based on the encouraging PEA’s results released for all three Mines, demonstrating positive economics, and supporting the potential for future important production expansions.


At Yauricocha, during Q4 2019, we completed the refurbishment of the lower part of the Mascota Shaft as well as the infrastructure and tie-ins for the Yauricocha tunnel, allowing for faster turn-around in the cycle time of the trolley locomotives, and providing for increased capacity and handling of larger volumes of ore and waste. Tonnage through the tunnel can be ramped up further as larger locomotives and ore cars are added in the future.


In Q1 2020 the Yauricocha shaft continues to be sunk to the 1270 level to provide access to further reserves and resources at the Mine. Loading pockets are expected to be added later this year on the 1210 level. Also, work will continue on a ramp connecting the 920 level with the 720 level at Yauricocha providing for an additional 10,000 tonnes per month of increased capacity to move ore and waste from the mine.”


He concluded, "2020 will be an important year for the Company as we ramp up production in Mexico while continuing to modernize and improve all Mines implementing best operational practices. These changes should allow the Company to increase metal production to new highs. Our Company-wide ongoing brownfield exploration programs should also lead to further significant growth in reserves and resources, which will add to the value of our assets during the year ahead."


Consolidated Production Results



Read more here: https://quotemedia.com/portal/quote?qm_symbol=SMT%3ACC&qmodStoryID=5805269186035553 

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8020 Admin

2 months ago

8020 Admin posted a press release Sierra Metals Announces Plan to Return up to US$30 Million to Shareholders In 2020 in SIERRA METALS INC.

Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or the “Company”) today announces that, as a result of the Company entering into a new phase as a generator of free cash flow, it is now in a position to start returning capital to its shareholders. In this regard, the Company’s board of directors (the “Board”) has approved a plan to return up to US$30 million to shareholders in the coming year.


In furtherance of this plan, Sierra Metals intends to launch a substantial issuer bid (the “Offer”) pursuant to which the Company will offer to repurchase for cancellation up to US$15 million of its common shares (the “Common Shares”) from shareholders for cash. The Offer will proceed by way of a modified Dutch auction.1 The Company intends to fund the Offer with available cash on hand and expects to announce the terms of the Offer in the second quarter of 2020.


The Board is continuing its ongoing review of and consideration with respect to the method by which the remaining US$15 million will be distributed to its shareholders including potential further substantial issuers bids. Going forward, the Company expects to be in a position to return a significant portion of its excess free cash flow to shareholders annually.


Igor Gonzales, President and CEO of Sierra Metals commented, “Management believes that Sierra’s underlying value along with its growth prospects are not reflected in the recent trading price of its Common Shares. As such, the Company will use a reasonable portion of its cash resources toward the purchase of its Common Shares under the Offer. Deploying a portion of the Company’s excess cash in this manner reflects management’s commitment to improving Sierra’s stock performance while allowing for the financial resources required to continue with our operations and growth strategy. The Offer should provide an important exit trading window to institutional shareholders who may have been concerned about the share trading liquidity of the Company.”


The foregoing is provided for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Common Shares. The solicitation and the offer to buy Common Shares will be made only pursuant to a separate offer to purchase and issuer bid circular and related documents. At the time the offer is commenced, Sierra Metals will file the offer to purchase, an issuer bid circular and related documents with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission (the “SEC”). Shareholders should carefully read the offer to purchase and the issuer bid circular, the letter of transmittal and other related documents when they are available because they will contain important information, including the various terms and conditions of the Offer. The issuer bid circular, the related letter of transmittal and certain other related documents will be delivered without charge to all holders of Common Shares. The offer to purchase and issuer bid circular, the letter of transmittal and other related documents filed by Sierra Metals with the SEC will be available without charge at the SEC’s website at www.sec.gov. Offer documents required to be filed in Canada will also be available without charge at www.sedar.com. Shareholders are urged to read these materials carefully prior to making any decision with respect to the offer.


About Sierra Metals


Sierra Metals is a Canadian based growing polymetallic mining company with production from its Yauricocha Mine in Peru, and its Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new discoveries and still has additional brownfield exploration opportunities at all three Mines in Peru and Mexico that are within or close proximity to the existing Mines. Additionally, the Company has large land packages at all three Mines with several prospective regional targets providing longer term exploration upside and mineral resource growth potential.


The Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.


For further information regarding Sierra Metals, please visit www.sierrametals.com.


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Forward-Looking Statements


This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws related to the Company (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to: (i) the Company’s intention to return up to $30 million to its shareholders in the coming year; (ii) the Company’s intention to undertake the Offer and the terms thereof (including the maximum dollar value of Common Shares that Sierra Metals may purchase under the Offer and the timing for launch thereof); and (iii) the Company’s strategy with respect to returning excess cash to shareholders beyond 2020, as well as other statements that are not historical facts. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.


Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the Offer not occurring as expected or in the time frame expected, any failure of any condition to the Offer, any inability to obtain any required regulatory approvals or exemptive relief in the United States or Canada, the extent to which shareholders elect to tender their Common Shares under the Offer, the Company having sufficient financial resources to launch the Offer, the results of the review and consideration by the board of directors of the Company, the risks described under the heading “Risk Factors” in the Company’s Annual Information Form dated March 28, 2019 in respect of the fiscal year ended December 31, 2018 and other risks identified in the Company’s filings with Canadian securities regulators and the SEC, which filings are available at www.sedar.com and www.sec.gov, respectively.


The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.


1 A modified Dutch auction allows shareholders who choose to participate in the Offer to individually select the price, within a specified range as determined by the Company, at which to sell their Common Shares. Shareholders who wish to accept the Offer may do so proportionately by “Proportionate Tender” (such number of Common Shares that will result in maintaining their proportionate equity ownership in the Company following completion of the Offer at the purchase price determined pursuant to the Offer) or non-proportionately by “Auction Tender” (a specified number of Shares at a specified price) or “Purchase Price Tender” (a specified number of Shares at the purchase price determined pursuant to the Offer).




Mike McAllister
VP, Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com

Ed Guimaraes
CFO
Sierra Metals Inc.
+1 (416) 366-7777

Igor Gonzales
President & CEO
Sierra Metals Inc.
+1 (416) 366-7777


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