Sierra Metals Announces Automatic Share Purchase Plan

Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (NYSE AMERICAN:SMTS)
(“Sierra Metals” or the “Company”) announces that, in connection with
its normal course issuer bid (“NCIB”), which was previously announced on
December 11, 2018, it has entered into an automatic share purchase plan
(the “Plan”) with its designated broker.

The Plan permits the Company’s designated broker, CIBC Capital Markets
(“CIBC”), to purchase common shares of the Company (“Common Shares”) at
times when Sierra Metals ordinarily would not be active in the market
due to insider trading rules and its own internal trading blackout
periods. Purchases will be made by CIBC based upon parameters set out by
the Company prior to the commencement of any such blackout period and in
accordance with the terms of the Plan. Outside of these blackout
periods, Common Shares may continue to be purchased at the Company’s
discretion, subject to the rules of the TSX and applicable securities
laws. The Company’s NCIB commenced on December 17, 2018 and will remain
active until December 16, 2019.

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 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 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”.

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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 the Company’s operations, including the
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, risks inherent in the mining industry including
environmental hazards, industrial accidents, unusual or unexpected
geological formations, floods, labour disruptions, explosions, cave-ins,
weather conditions and criminal activity; commodity price fluctuations;
higher operating and/or capital costs; lack of available infrastructure;
the possibility that future exploration, development or mining results
will not be consistent with the Company's expectations; risks associated
with the estimation of mineral resources and the geology, grade and
continuity of mineral deposits and the inability to replace reserves;
fluctuations in the price of commodities used in the Company's
operations; risks related to foreign operations; changes in laws or
policies, foreign taxation, delays or the inability to obtain necessary
governmental permits; risks relating to outstanding borrowings; issues
regarding title to the Company's properties; risks related to
environmental regulation; litigation risks; risks related to uninsured
hazards; the impact of competition; volatility in the price of the
Company's securities; global financial risks; inability to attract or
retain qualified employees; potential conflicts of interest; risks
related to a controlling group of shareholders; dependence on third
parties; differences in U.S. and Canadian reporting of mineral reserves
and resources; potential dilutive transactions; foreign currency risks;
risks related to business cycles; liquidity risks; reliance on internal
control systems; credit risks, including risks related to the Company's
compliance with covenants with respect to its BCP Facility; uncertainty
of production and cost estimates for the Yauricocha Mine, the Bolivar
Mine and the Cusi Mine; and other risks identified in the Company's
filings with Canadian securities regulators and the U.S. Securities and
Exchange Commission ("SEC"), which filings are available at www.sedar.com
and www.sec.gov,
respectively.

This list 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.

Note Regarding Reserve and Resource Estimates

All reserve and resource estimates reported by the Company are
calculated in accordance with the Canadian National Instrument 43-101 -
Standards of Disclosure for Mineral Projects and the Canadian Institute
of Mining and Metallurgy Classification system. These standards differ
significantly from the requirements of the SEC. The differences between
these standards are discussed in our SEC filings. Mineral resources
which are not mineral reserves do not have demonstrated economic
viability.

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