“This permit is a game-changer for Yauricocha and a key pillar to support the overall growth strategy for Sierra Metals,” said Ernesto Balarezo, CEO, Sierra Metals. “The ore body below the 1120 level is vast and is expected to allow us to raise throughput rates back to full mill capacity of 3,600 metric tons per day, representing an increase of approximately 40% from current levels; lower operating costs given higher production volumes and less expensive mining methods; and secure Yauricocha’s long-term potential.”

The granting of the 1120 level permit has the potential to provide several significant catalysts for Sierra Metals, such as operational enhancements, maximized operating capacity and cost efficiencies. Most notably, with a modest capital investment in mining operations, the development below the 1120 level is expected to commence in the following weeks. Ramp up to full production levels will be progressive and is expected to take between 6 and 9 months to achieve.