07:34 AM EDT, 05/02/2025 (MT Newswires) -- Sierra Metals ( SMTSF ) on Friday said its board is reviewing Alpayana's sweetened offer to acquire the company at $1.15 per share, an increase from the previous bid of $1.11 per share.

Alpayana extended the bid until May 12. Sierra, the owner of the Yauricocha mine in Peru and the Bolivar mine in Mexico, said the offer remains subject to several conditions "which are not subject to materiality thresholds or reasonableness standards or any other objective criteria, but rather are in Alpayana's sole discretion."

The board, which told shareholders to reject Alpayana's initial bid, expects to make a recommendation to shareholders over the coming days, Sierra said.

The company's share price closed 3.6% lower on Thursday to $1.07 on the TSX.