Alpayana S.A.C. completes all-cash takeover bid for Sierra Metals at C$1.15/Share

On May 12, 2025, Alpayana S.A.C. (“Alpayana”) announced the successful completion of its take over bid at C$1.15 per share, having satisfied the statutory minimum tender condition, and by the expiry of the offer on May 23, 2025, acquired approximately 94% of the shares of Sierra Metals Inc. (“Sierra”). Alpayana completed the acquisition of the remaining 6% on August 1, 2025, valuing the total transaction at approximately C$250 million.

Previously, on December 30, 2024, Alpayana had launched a hostile all-cash take-over bid to acquire all outstanding shares of Sierra at C$0.85 per share. Alpayana amended and extended its offer several times throughout the course of its take-over bid, ultimately increasing its offer price to C$1.15 per share – a 49% premium over the pre-announcement closing price – offering shareholders a significant incentive.

Alpayana, headquartered in Lima, Peru, is a family-owned mining group specialized in underground mining, producing zinc, lead, copper and silver with four mining units in the central highlands of Peru: Americana, Yauliyacu, Iscaycruz and Morococha.

Sierra, headquartered in Vancouver, British Columbia, is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico.

McCarthy Tétrault LLP advised Alpayana and its wholly-owned Canadian subsidiary, with a team led by Eva Bellissimo that included Shea Small, Claire Lehan, Samantha Pettinato, Shaun Khullar, Khristoff Browning (Business); Stephanie Dewey, Alexandra Carbone, Emma Murrin (Tax); Jason Gudofsky (Competition)