Year: 2024

“2023 was another year of significant advancements of the Los Ricos district. In less than five years, we have taken the district from having no resources to having 186 million silver equivalent ounces of measured & indicated resources and 87 million AgEq ounces of inferred resources. We also completed two preliminary economic assessments in each of Los Ricos South and Los Ricos North which showed a combined total NPV of US$871M for the district.”

Fortuna Silver Mines Inc. is pleased to report that the Company has paid down an additional $41 million of its revolving credit facility at the end of the fourth quarter of 2023, using cash on hand.

“We closed out 2023 on a high note with gold production of 137,993 ounces during the fourth quarter, the second-highest production quarter on record. With this strong finish, the team delivered on full-year production guidance for the fifth straight year. The operational performance was matched by an equally impressive safety performance, with no lost-time injuries at ELG or the Media Luna Project for the second quarter in a row.”

Dale Andres, CEO of Gatos Silver, commented: “The CLG mine performed very well during the fourth quarter and full year 2023. The operation achieved another record for mill throughput, with a quarterly average higher than 3,000 tonnes per day during the fourth quarter. This was the fourth consecutive quarterly increase in mill throughput rate, partially offsetting the expected lower grades of ore mined in 2023 compared with 2022.”

The net proceeds from the Offering will be used for ongoing drilling at the Company’s Sunnyside Property, property maintenance payments, trade payables and for general corporate purposes.

Glenn Jessome, President and CEO stated “2023 was a transformational year at Silver Tiger as the Corporation made the transition from explorer to developer. We delivered an updated robust Mineral Resource Estimate for the El Tigre Project in September and followed that up with the Preliminary Economic Assessment in November with an NPV of $287 Million US dollars and an IRR of 56%. We now turn our attention to 2024. We currently have 4 drill rigs completing a 25,000 metre drill program.”

President and CEO, Fred Davidson said, “We are thrilled to partner with world class contractors including Bell Internacional and TTN Energia, backed by the world-leading innovators at Tesla as we become the first truly green mining project. Shareholders can look forward to substantial cost savings and improving profit margins, as we solidify our position as a high-grade, low-cost zinc producer.”

“Since hiring Mariana back in late November, she has been boots on the ground, driven and determined to assist Monumental Energy with advancing both Laguna Blanca and Turi and engaging with the communities. Mariana spent four years living in San Pedro de Atacama and her knowledge and experience is something Monumental is delighted to have.”