Sierra Metals Inc. (formerly Dia Bras Exploration Inc.) is Latin America's newest mid-tier precious and base metals producer and offers a strong value proposition to investors based on: 1) Undervalued vs. Peers: Low cash cost producer with strong upside potential for growth. 2) A Solid Financial Position: Strong positive cash flow with $80 million in the treasury and $83 million in earnings during 2012. 3) Diversified Asset Base: Precious and base metals producer with three operating mines in Peru and Mexico. 4) Substantial Reserve Growth: Expanded Reserves 8x in two years; and, 30% annual production growth in 2012. 5) Stable Investment Yield: $10 million annual dividend plus share buyback program.

1. Investor Highlights
Undervalued vs. Peers
Low-cash-cost producer with strong upside potential for growth
Solid Financial Position
Positive cash flow with $80 M in treasury & $83 M in earnings during 2012
Substantial Reserve Growth
Expanded Reserves 8x in 2 years & 30% annual production growth in 2012
Stable Investment Yields
$10 Million annual dividend plus share buyback program
HEAD OFFICE
595 Burrard St. Suite 3083
P.O.Box 49298
Vancouver, British Columbia V7X 1L3
T 866.493.9646
F 604.566.9050
LIMA OFFICE
Av. Pedro de Osma
450 Barranco
Lima, Peru
T +51.1.710.2400
F +51.1.467.0590
MEXICO OFFICE
Fernando de Borja No.100 Col. San Felipe
Chihuahua, Chihuahua
CP. 31203 Mexico
T +52.614.426.0212
F +52.614.426.6877
AUDITORS
PricewaterhouseCoopers LLP
TRANSFER AGENT & REGISTRAR
Computershare Investor Service
INVESTOR RELATIONS
T 866.493.9646
F 604.566.9050
E-mail: info@sierrametals.com
Share Capital
At April 15, 2013
Total issued and outstanding shares
157,759,661
Total fully diluted shares
160,773,497
Trading
At April 15, 2013
52 week High
CDN $3.05
52 Week Low
CDN $2.20
Market Capitalization
US $403 Million
Selected Financial Highlights
Figures in C$000 2010 20111
2012
Revenue 19,744 100,664 179,723
EBITDA 922 42,843 83,768
Adjusted Net Income (2,105) 23,239 48,313
Non-cash Charge on Corona’s Acquisition N.A. 36,587 76,990
Net Loss (2,105) (13,348) (28,677)
Cash Flow from Operations (2,620) 42,745 60,487
Capex (13,575) (23,704) (27,496)
Cash Flow from Op. minus Capex (16,195) 19,011 32,991
Cash and Cash Equivalents 14,957 20,156 79,835
Net Debt 2
(9,253) 95,381 8,991
1
Includes Yauricocha figures since May 2011. 2
Consolidated debt minus total cash and cash equivalents.
TSX-V: SMT BVL: SMT
YAURICOCHA MINE PERU
BOLIVAR MINE MEXICO
CUSI PROJECT MEXICO
Newest Latin American Mid-Tier Metal Producer
Sierra Metals Inc.is Latin America’s newest mid-tier precious and base metals
producer offerring a strong value proposition to investors. The Company owns three mines in
commercial production; the Yauricocha mine in Peru and the Bolivar and Cusi mines in Mexico.
Formerly known as Dia Bras Exploration Inc., the company is dedicated to increasing global reserves
and resources, and adding value through production growth as it strives towards its objective of
becoming a premier low-cost precious and base metals mining company.

2. Cautionary Statements: This document includes certain "Forward-Looking Statements” as that term is used in applicable securities law. All statements included herein, other than statements of historical fact, including, without limitation, statements regarding potential mineralization and
resources and future plans and objectives of Sierra Metals Inc. (“Sierra Metals”, or the “Company”), are forward-looking statements that involve various risks and uncertainties. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects"
or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results “potentially”, "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that such statements will prove
to be accurate, and actual results could differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in
this document, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (2) permitting,
development, expansion and power proceeding on a basis consistent with the Company's current expectations; (3) certain price assumptions for silver, gold, copper, lead and zinc; (4) prices for availability of fuel oil, electricity, parts and equipment and other key supplies remaining
consistent with current levels; (5) the accuracy of current mineral resource estimates on the Company's property; and (6) labour and material costs increasing on a basis consistent with the Company's current expectations. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company’s Filing Statement dated April 27, 2012 (a copy of which is publicly available on SEDAR at www.sedar.com under the Company's profile) and elsewhere in documents filed from
time to time, including MD&A, with the TSX Venture Exchange and other regulatory authorities. Such factors include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency
markets; fluctuations in the spot and forward price of silver, gold, copper, lead and zinc or certain other commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or
unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on Forward-Looking Statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward Looking
Statements, whether as a result of new information, future events or otherwise. References herein to "$" are to the United States dollar and ”C$" are to Canadian dollars. Thomas L. Robyn, Ph.D., CPG, RPG, is the ‘’Qualified Person’’ as defined in NI 43-101 and Head of Exploration for
Sierra Metals Dia Bras Exploration who supervised the preparation of the scientific and technical information of Sierra Metals included in this preparation. For more information on Sierra Metal’s projects, readers should refer to Sierra Metal’s Annual Information Form and its technical
reports, each of which is available on SEDAR at www.sedar.com and at www.sierrametals.com.
Production Summary
Overview
Yauricocha Bolivar Cusi
Ownership 81.8% 100% 100%
Stage Production Production Advanced Development
Metals Ag-Cu-Pb-Zn-Au Cu-Zn-Ag Ag-Pb
Mill Capacity (tpm) 75,000 expanding to 100,000 30,000 expanding to 60,000 19,500
By-product cash costs1
Ag $(27.28)/oz Cu $1.40/lb N/A
1
For the 9 months ended September 30, 2012
Metal 2010 2011 2012 2013 (projected)
Low High
Silver (oz) 234,901 1,517,179 2,620,735 2,582,000 2,922,000
Copper (000 lb) 2,926 10,493 15,851 20,400 23,100
Lead (000 lb) 248 19,636 35,720 53,700 60,700
Zinc (000 lb) 17,705 36,435 59,012 42,400 48,000
Gold (oz) N/A N/A 10,491 6,000 7,000
Project Capex Expected Benefits
2013-2016
Peru $60M
New underground $27M Have access to mineralized ore
mine infrastructure bodies at depth
Oxides tailings lixiviation plant $10M Increase gold and silver production
Expansion and improvements $14M Increase production, recoveries,
at Chumpe Mill revenue and EBITDA
Exploration $9M Advance high-priority regional
exploration targets
Mexico $30M
Increase production x 2 at $11M Increase production, revenue
Piedras Verdes Mill and EBITDA
Exploration $19M Advance high-priority regional
exploration targets
Main Projects Capex $90M
25
20
15
10
5
0
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
2010 20111
20121
1
Measured & Indicated includes Proven & Probable Reserves, based on Gustavson Associates’ NI 43-101 Technical Reports
1.3
1.0
0.1
M&I Resources P&P Reserves Annual Production
1.4 4.2
1.1
15.4
4.2
(milliontonnesperyear)
(milliontonnes)
Copper
25%
Gold
7%
Silver
35%
Lead
16%
Zinc
17%
Yauricocha Mine, Peru
Bolivar Mine, Mexico
Cusi Project, Mexico
Well Positioned for GrowthIncreasing Reserves and Resources
Reserves and Resources1
Contained Metal
Property & Classification Tonnes Ag Au Cu Pb Zn Ag Eq. Cu Eq. Ag Cu Pb Zn Au Ag Eq. Cu Eq.
(000) (g/t) (g/t) (%) (%) (%) (g/t) (%) (M oz) (M lbs) (M lbs) (M lbs) (oz) (M oz) (M lbs)
Proven & Probable Reserves2
Yauricocha 4,163 119.70 0.93 0.70 2.81 2.58 420.8 N/A 16.0 64.3 257.2 235.4 123,156 55.5 N/A
Bolivar 7,457 19.52 0.23 0.76 N/A 0.33 N/A 1.04 4.68 124.37 N/A 54.30 54,296 N/A 171.16
Measured & Indicated
Yauricocha 4,181 121.8 0.93 0.72 2.91 2.54 420.8 N/A 16.3 66.6 268.0 233.3 125,026 56.6 N/A
Bolivar 15,404 19.45 0.24 0.79 N/A 1.06 N/A 1.26 9.63 266.70 N/A 357.70 80,457 N/A 428.02
Inferred
Yauricocha 1,794 58.62 1.1 0.64 1.57 1.07 276.4 N/A 3.4 25.1 61.9 42.4 63,678 15.9 N/A
Bolivar 6,164 18.10 N/A 0.73 N/A 0.93 N/A 1.17 3.59 99.80 N/A 106.40 N/A N/A 158.40
1
NI 43-101 compliant mineral reserves and resources estimate announced September 6, 2012 (Yauricocha) and April 17, 2013 (Bolivar). 2
Proven & Probable Reserves are included in Measured & Indicated Resources.
www.sierrametals.com
TSX-V: SMT BVL: SMT