Ernesto Balarezo, CEO of Sierra Metals, commented, “As we complete our first half of 2023, we are pleased with the continued operational recovery at Bolivar. Q2 2023 marks the fourth sequential strong quarter for the mine, achieving production of more than 400,000 tonnes, a landmark amount not achieved by this mine since Q3 2020. These production numbers reinforce our confidence in Bolivar’s potential to grow further.

Shawn Howarth, President and CEO, commented: “We are pleased to have reached an agreement, providing critical financial flexibility and one step towards a broader restructuring. It also reconfirms the commitment by all parties to reach a solution for the future financial health of Excellon.”

Jorge A. Ganoza, Chief Executive Officer of Fortuna, commented, “We remain firmly committed to integrating sustainability into our business strategy, organizational culture, and day-to-day operations. As society increasingly demands higher social and environmental standards from the mining sector, we are dedicated to meeting these expectations in our efforts to achieve sustainable growth.”

The Company plans to use the net proceeds of the Offering for exploration and production improvements at the Mercedes gold mine located in Sonora, Mexico and for general corporate purposes.

Earlier today, the Company unexpectedly received a notice of termination of the previously announced acquisition of the La Negra project from the seller, Dalu S.à r.l., an entity owned by an investment fund managed by Orion Resource Partners. Prior to receipt of the termination notice, the Company had been in discussions with Orion regarding options to advance the acquisition of La Negra to closing, including securing necessary financing.

Avino Silver & Gold Mines Ltd. achieved production results of 587,317 silver equivalent ounces, bringing the 12-month trailing total to 2.8 million silver equivalent ounces from the Avino Mine.

James Anderson, Chairman & CEO, said, “Over the last two and a half years, Guanajuato Silver has purchased four Mexican silver mines as part of a strategy to grow our business through acquisitions; we are confident in our ability to identify and acquire additional mining assets that would immediately prove accretive to our shareholders. We are therefore strengthening our balance sheet at a time when the challenging market environment has created what we believe are favorable conditions for the procurement of additional opportunities within Mexico’s mining community.”

“During the quarter, silver production from our Mexican operations improved as a result of higher processed tonnes and grades,” said Keith Neumeyer, President & CEO. “San Dimas and La Encantada have been steady producers in the first half of 2023 and Santa Elena is now well positioned for significant production growth in the second half of 2023 as we traverse back into a higher grade area of the Ermitaño mine.”

The Company concluded open pit mining at the Rodeo mine during the month of June and moved to processing of stockpiled material.