NI 43-101 TECHNICAL REPORT ON THE YAURICOCHA MINE Yauyos Province, Peru PREPARED FOR Sierra Metals, Inc. 595 Burrard Street, Suite 3083 PO Box 49298, Vancouver, BC Canada V7X 1L3 Effective Date: December 31, 2014 Report Date: May 11, 2015 PREPARED BY Donald E. Hulse, P.E., SME-RM Thomas C. Matthews, MMSA-QP Deepak Malhotra, PhD, SME-RM Sierra Metals, Inc. Certificate of Author Forms Yauricocha Mine NI 43-101 Technical Report DONALD E. HULSE, P.E. Principal Mining Engineer Gustavson Associates, LLC 274 Union Boulevard, Suite 450 Lakewood, Colorado 80228 Telephone: 720-407-4062 Facsimile: 720-407-4067 Email:
[email protected] CERTIFICATE of AUTHOR I, Donald E. Hulse do hereby certify that: 1. I am currently employed as Vice President and Principal Mining Engineer by Gustavson Associates, LLC at: 274 Union Boulevard Suite 450 Lakewood, Colorado 80228 2. I am a graduate of the Colorado School of Mines with a Bachelor of Science in Mining Engineering (1982), and have practiced my profession continuously since 1983. 3. I am a registered Professional Engineer in the State of Colorado (35269). I am also a Registered Member of the Society of Mining, Metallurgy and Exploration (1533190RM). 4. I have worked as a mining engineer for a total of 30 years since my graduation from university; as an employee of a major mining company, a major engineering company, and as a consulting engineer. I have performed resource estimation and mine planning on over 30 gold deposits for over 11 mining companies in three countries working as a consultant as well as an engineer or engineering manager for the projects 5.