Alpayana calls into question the reliability of the Company’s 2025 guidance, based on adjustments made to preliminary financial results during the 2024 year-end audit process. The Company reaffirms its guidance that 2025 EBITDA1 is expected to be approximately US$130 million2, representing year-over-year growth of 75%. Furthermore, the Company reminds its shareholders that the management team has successfully executed on all of its major objectives over the past two years, delivering significantly improved results and also met its guidance for 2024. The adjustments reflected in the Company’s 2024 audited financial statements are the result of a rigorous internal review initiated by the Company’s new financial leadership team. Attempts to cast doubt on the Company’s outlook based on responsible and transparent financial corrections are misleading and fail to recognize the significant operational and financial turnaround delivered by the Company over the past two years. Alpayana speculates that the Company may undertake a dilutive financing to service its debt. This statement disregards the significant improvement in the Company’s balance sheet and the outlook for increased cash generation as demonstrated by the above-noted 2025 EBITDA guidance. As noted in the Directors’ Circular, the Company’s anticipated net debt / 2025E EBITDA ratio1 is already below the industry median. Sierra Metals has not announced or initiated any new equity financing and any speculation about dilution is unwarranted and ignores the Company’s current trajectory and financial discipline. Alpayana notes that the Company has not announced any alternative offers. The Special Committee continues to evaluate a range of strategic options, working closely and actively with its external financial and legal advisors. As previously announced, the Company has engaged BMO Capital Markets as financial advisor and is currently undertaking a robust process to evaluate strategic options to maximize long-term value for all shareholders and stakeholders. The Special Committee plans to report to the Company’s shareholders on its recommendations following the completion of this process. Alpayana alleges that the Company is “entering into a hostile macro-economic and local and international political environment,” a situation not referenced in its earlier materials. As previously noted, the Hostile Bid is opportunistic and seeks to amplify market dissonance in order to spook our shareholders into accepting an offer price that undervalues Sierra Metals and does not reflect full and fair value for the Common Shares of Sierra Metals.