Klondike Silver Announces Private Placement

Q1 2024 highlights

• $40 million was repaid on the Firm’s credit score facility in Q1 2024, leading to a complete of
  $121 million paid since Q3 2023.
• 1,030,375 shares have been repurchased beneath its regular course issuer bid program at a median value of $3.42 per share totaling $3.52 million.
• On April 1, the Firm exercised its proper to accumulate 50 % of the 1.2 % internet smelter return (NSR) on the Séguéla Mine for AUD$10 million as per a royalty settlement with Franco Nevada Corp. dated March 30, 2021.
• Gold equal manufacturing of 112,543 ounces; a 20 % improve in comparison with Q1 2023 (94,110 oz Au Eq) ⁴ and a 17 % lower in comparison with This fall 2023 (136,154 oz Au Eq) ³ .
• Gold manufacturing of 89,678 ounces; a 49 % improve in comparison with Q1 2023 (60,092 oz Au) ⁴ . and a lower of 16 % in comparison with This fall 2023 (107,376 oz Au) ³ .
• Silver manufacturing of 1,074,571 ounces; a 32 % lower in comparison with Q1 2023 (1,586,378 oz Ag) and a lower of 21 % in comparison with This fall 2023 (1,354,003 oz Ag) ³ .
• Complete Recordable Harm Frequency Fee (TRIFR) of three.10 in comparison with 1.39 in Q1 2023.

Notes:

1. Au Eq consists of gold, silver, lead, and zinc and is calculated utilizing the next metallic costs: $2,087/oz Au, $23.43/oz Ag, $2,084/t Pb and $2,450/t Zn or Au:Ag = 1:89.08, Au:Pb = 1:1.00, Au:Zn = 1:0.85
2. Au Eq consists of gold, silver, lead and zinc and is calculated utilizing the next metallic costs: $1,800/oz Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn or Au:Ag = 1:81.82, Au:Pb = 1:0.90, Au:Zn = 1:0.72
3. Check with Fortuna information launch dated January 18, 2024, ” Fortuna reports record 2023 production of 452 koz Au Eq and 2024 annual guidance of 457 to 497 koz Au Eq ”
4. Check with Fortuna information launch dated April 12, 2023, ” Fortuna reports production of 94,110 gold equivalent ounces for the first quarter of 2023 ”

Q1 2024 Consolidated Gold and Silver Manufacturing

West Africa Area

Séguéla Mine, Côte d’Ivoire: Strong manufacturing with mill throughput above design capability

Word:

1. Manufacturing consists of doré solely

Mining

Within the first quarter of 2024, mine manufacturing totaled 420,538 tonnes of ore, averaging 2.23 g/t Au, and containing an estimated 30,192 ounces of gold from the Antenna and Ancien pits. Motion of waste through the quarter totaled 2,538,067 tonnes, for a strip ratio of 6:1.

Manufacturing was primarily centered on the Antenna pit which produced 401,109 tonnes of ore, the rest being mined on the Ancien pit. A complete of 700,229 tonnes of waste was additionally mined at Ancien. Waste mining commenced at Koula through the quarter with 18,063 tonnes of waste being mined.

Processing

On the processing plant, 394,837 tonnes of ore have been handled at a median grade of two.79 g/t Au, producing 34,556 ounces of gold.

Throughput for the quarter averaged 195 tonnes per hour (t/hr), versus identify plate design capability of 154. Mill constraints continued to be examined with throughputs of as much as 220 t/hr being recorded over a seven-day interval. This was achieved with a 60/20/20 mix of recent, transitional and oxide ore respectively. The Lifetime of Mine (LOM) mix consists of 85 % recent rock. A relining of the mill is deliberate in April, and additional assessments will then be carried out with a mix extra consultant of the LOM mix. Mine design and scheduling continues with the main focus being on the necessities to sustainably meet the anticipated greater throughput charges.

Yaramoko Mine, Burkina Faso: Continues to fulfill targets

Word:

1. Manufacturing consists of doré solely

Within the first quarter of 2024, Yaramoko produced 27,177 ounces of gold at a median head grade of 8.79 g/t Au, a 4 % lower and 23 % improve, respectively, in comparison with the fourth quarter in 2023. A deliberate shutdown lowered throughput in This fall 2023 and Q1 2024. Through the quarter, the Firm recognized additional extensions to the mineralization within the western and japanese extremities of the 55 Zone.

Drilling centered on infill grade management and exploring for extensions past the mineralized useful resource envelope within the deeper japanese and western parts of the 55 Zone.

Stoping operations on the QVP orebody accelerated with batch mill assessments confirming grade expectations.

In whole 123,877 tonnes of ore have been mined from underground at a grade of 8.30 g/t Au containing an estimated 33,053 ounces of gold.

Latin America Area

Lindero Mine, Argentina: Regular gold manufacturing, on monitor to fulfill annual steering

Word:

1. Manufacturing consists of doré, gold in carbon, and gold in copper focus

Through the first quarter of 2024, ore mined was 2 million tonnes, with a stripping ratio of 0.54:1. A complete of 1.55 million tonnes of ore have been positioned on the leach pad at a median gold grade of 0.60 g/t, containing an estimated 29,670 ounces.

Lindero’s gold manufacturing within the quarter was 23,262 ounces, comprised of 20,423 ounces in doré bars, 2,814 ounces of gold contained in tremendous carbon, and 25 ounces contained in copper focus. That is
21 % decrease in comparison with the fourth quarter of 2023, defined by the decrease head grade of ore positioned on the leach pad and a discount within the gold-rich carbon stock. Gold manufacturing is aligned with the mining sequence and the Mineral Reserves estimates.

As of March 31, 2024, the $41 million leach pad enlargement challenge is roughly 35 % full. The development package deal of the challenge commenced in January 2024, and is eighteen % full, with contractors on web site endeavor earthworks and building of the impulsion line. The procurement and building administration (PCM) service was awarded to Knight Piésold consultants, with the PCM challenge places of work put in and personnel onsite as of the third quarter of 2023. Procurement is 92 % full, with crucial path gadgets onsite. The ultimate shipments of geomembrane and geosynthetic clay liner are presently in transit, and the pump manufacturing for the brand new impulsion line are all on schedule. Along with the present works, liner set up and main mechanical works are anticipated to start within the second quarter of 2024. The challenge is scheduled to be virtually full within the fourth quarter of 2024, with operations starting ore placement by the tip of 2024 in keeping with the stacking plan for the 12 months.

San Jose Mine, Mexico: Manufacturing according to mine plan

The San Jose Mine produced 759,111 ounces of silver at a median head grade of 147 g/t Ag and
4,533 ounces of gold at a median head grade of 0.90 g/t Au. The lower in silver and gold manufacturing for the primary quarter of 2024 when in comparison with the fourth quarter of 2023, is defined by decrease tonnage extracted, which is in step with the annual plan and steering. The processing plant milled 181,103 tonnes at a median of two,182 tonnes per day, according to the plan for the interval.

The San Jose Mine has much less operational flexibility in 2024 in comparison with 2023 as a result of lowered and extra dispersed Mineral Reserves related to the Trinidad deposit. Manufacturing areas comprise decrease head grades and the next presence of ferrous oxides within the higher ranges, which impacted recoveries by roughly 2 % within the quarter. The operation is experiencing value pressures, primarily pushed by a continued appreciation of the Mexican peso. The Firm conducts common assessments and trade-offs between sustaining operations and a care and upkeep choice.

Caylloma Mine, Peru: Constant performer

Word:

1. Metallurgical restoration for silver is calculated primarily based on silver content material in lead focus

Within the first quarter 2024, the Caylloma Mine produced 315,460 ounces of silver, 5 % decrease in comparison with the fourth quarter 2023, at a median head grade of 87 g/t Ag.

Zinc and lead manufacturing was 12.2 and 9.5 million kilos, respectively, which represents a 13 and 12 % lower from the fourth quarter 2023, respectively. Zinc and lead common head grades have been 4.46 % and three.48 %, an 11 and 9 % lower, respectively, towards the fourth quarter of 2023.

Decrease metallic manufacturing in comparison with the earlier quarter was as a result of decrease grades, that are according to the Mineral Reserves estimates and manufacturing steering for the 12 months.

Certified Particular person

Eric Chapman, Senior Vice President of Technical Providers of Fortuna, is a Skilled Geoscientist registered with Engineers and Geoscientists British Columbia (Registration Quantity 36328) and a Certified Particular person as outlined by Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks.
Mr. Chapman has reviewed and accredited the scientific and technical info contained on this information launch and has verified the underlying knowledge.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian valuable metals mining firm with 5 working mines in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared worth over the long-term for our stakeholders by means of environment friendly manufacturing, environmental safety, and social accountability. For extra info, please go to our website .

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.

Investor Relations:

Carlos Baca | data@fortunasilver.com | www.fortunasilver.com | Twitter | LinkedIn | YouTube

Ahead-looking Statements

This information launch comprises forward-looking statements which represent “forward-looking info” throughout the which means of relevant Canadian securities laws and “forward-looking statements” throughout the which means of the “secure harbor” provisions of the Personal Securities Litigation Reform Act of 1995 (collectively, “Ahead-looking Statements”). All statements included herein, apart from statements of historic reality, are Ahead-looking Statements and are topic to a wide range of recognized and unknown dangers and uncertainties which might trigger precise occasions or outcomes to vary materially from these mirrored within the Ahead-looking Statements. The Ahead-looking Statements on this information launch might embody, with out limitation, statements in regards to the Firm’s plans for its mines and mineral properties; modifications normally financial circumstances and monetary markets; the affect of inflationary pressures on the Firm’s enterprise and operations; statements reiterating the Firm’s 2024 annual manufacturing steering and the probability of the Firm assembly such annual manufacturing steering, together with that gold manufacturing on the Lindero Mine is on-track to fulfill annual steering; the anticipated timing for completion of the leach pad enlargement challenge on the Lindero Mine and the timing for the operations to start ore placement; the Firm’s expectations relating to the mill on the Séguéla Mine, together with the timing for the relining of the mill and for additional testing; the Firm’s enterprise technique, plans and outlook; the benefit of the Firm’s mines and mineral properties; the long run monetary or working efficiency of the Firm; the Firm’s capacity to adjust to contractual and allowing or different regulatory necessities; approvals and different issues. Typically, however not at all times, these Ahead-looking Statements will be recognized by means of phrases akin to “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “achieve”, “deliberate”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that occasions, “might” or “ought to” happen or be achieved and related expressions, together with detrimental variations.

Ahead-looking Statements contain recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any outcomes, efficiency or achievements expressed or implied by the Ahead-looking Statements. Such uncertainties and elements embody, amongst others, operational dangers related to mining and mineral processing; uncertainty regarding Mineral Useful resource and Mineral Reserve estimates; uncertainty regarding capital and working prices, manufacturing schedules and financial returns; uncertainties associated to new mining operations such because the Séguéla Mine; dangers regarding the Firm’s capacity to exchange its Mineral Reserves; dangers related to mineral exploration and challenge growth; uncertainty regarding the repatriation of funds on account of forex controls; environmental issues together with acquiring or renewing environmental permits and potential legal responsibility claims; uncertainty regarding nature and local weather circumstances; dangers related to political instability and modifications to the laws governing the Firm’s enterprise operations; modifications in nationwide and native authorities laws, taxation, controls, laws and political or financial developments in nations during which the Firm does or might keep on enterprise; dangers related to battle, hostilities or different conflicts, such because the Ukrainian – Russian battle and the Israel – Hamas battle, and the impacts such conflicts might have on international financial exercise; dangers regarding the termination of the Firm’s mining concessions in sure circumstances; growing and sustaining relationships with native communities and stakeholders; dangers related to shedding management of public notion on account of social media and different web-based functions; potential opposition to the Firm’s exploration, growth and operational actions; dangers associated to the Firm’s capacity to acquire satisfactory financing for deliberate exploration and growth actions; property title issues; dangers regarding the combination of companies and property acquired by the Firm; impairments; dangers related to local weather change laws; reliance on key personnel; adequacy of insurance coverage protection; operational security and safety dangers; authorized proceedings and potential authorized proceedings; the likelihood that the enchantment in respect of the ruling in favour of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental affect authorization (the “EIA”) on the San Jose Mine will probably be profitable; uncertainties regarding common financial circumstances; dangers regarding a world pandemic, which might affect the Firm’s enterprise, operations, monetary situation and share value; competitors; fluctuations in metallic costs; dangers related to coming into into commodity ahead and choice contracts for base metals manufacturing; fluctuations in forex change charges and rates of interest; tax audits and reassessments; dangers associated to hedging; uncertainty relating to pay attention therapy costs and transportation prices; sufficiency of monies allotted by the Firm for land reclamation; dangers related to dependence upon info know-how techniques, that are topic to disruption, harm, failure and dangers with implementation and integration; dangers related to local weather change laws; labour relations points; in addition to these elements mentioned beneath “Danger Elements” within the Firm’s Annual Info Kind. Though the Firm has tried to determine essential elements that would trigger precise actions, occasions or outcomes to vary materially from these described in Ahead-looking Statements, there could also be different elements that trigger actions, occasions or outcomes to vary from these anticipated, estimated or supposed.

Ahead-looking Statements contained herein are primarily based on the assumptions, beliefs, expectations and opinions of administration, together with however not restricted to the accuracy of the Firm’s present Mineral Useful resource and Mineral Reserve estimates; that the Firm’s actions will probably be carried out in accordance with the Firm’s public statements and said objectives; that there will probably be no materials opposed change affecting the Firm, its properties or its manufacturing estimates (which assume accuracy of projected head grade, mining charges, restoration timing, and restoration price estimates and could also be impacted by unscheduled upkeep, labor and contractor availability and different working or technical difficulties); the length and impact of worldwide and native inflation; geo-political uncertainties on the Firm’s manufacturing, workforce, enterprise, operations and monetary situation; the anticipated developments in mineral costs, inflation and forex change charges; that the enchantment filed within the Mexican Collegiate Court docket difficult the reinstatement of the EIA will probably be unsuccessful; that each one required approvals and permits will probably be obtained for the Firm’s enterprise and operations on acceptable phrases; that there will probably be no vital disruptions affecting the Firm’s operations and such different assumptions as set out herein. Ahead-looking Statements are made as of the date hereof and the Firm disclaims any obligation to replace any Ahead-looking Statements, whether or not on account of new info, future occasions or outcomes or in any other case, besides as required by regulation. There will be no assurance that these Ahead-looking Statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, buyers shouldn’t place undue reliance on Ahead-looking Statements.

Cautionary Word to United States Traders Regarding Estimates of Reserves and Assets

Reserve and useful resource estimates included on this information launch have been ready in accordance with Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Requirements on Mineral Assets and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Directors that establishes requirements for public disclosure by a Canadian firm of scientific and technical info regarding mineral initiatives. Except in any other case indicated, all Mineral Reserve and Mineral Useful resource estimates contained within the technical disclosure have been ready in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Requirements on Mineral Assets and Reserves.

Canadian requirements, together with NI 43-101, differ considerably from the necessities of the Securities and Alternate Fee, and Mineral Reserve and Mineral Useful resource info included on this information launch might not be similar to related info disclosed by U.S. corporations.

http://ml.globenewswire.com/Resource/Download/6462cda3-217b-413d-84bc-4dc848b978e5