Fortuna provides construction update at its Séguéla gold Project in Côte d´Ivoire

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VANCOUVER, British Columbia, Feb. 03, 2022 (GLOBE NEWSWIRE) — Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is joyful To current an replace on enchancment actions at its Séguéla gold Enterprise located in Côte d’Ivoire. In September of 2021, The agency made a enchancment choice to proceed To assemble a 3,750 tonnes per day open pit mine at Séguéla, with first gold pour anticipated in mid-2023 (Check with Fortuna information launch dated September 29, 2021). All references to greenback quantitys On this information launch are expressed in US greenbacks.

Paul Criddle, Chief Working Officer – West Africa, commented, “The Séguéla Enterprise is advancing on schedule following The enchancment choice On The prime of the third quarter of 2021.” Mr. Criddle proceedd, “The Enterprise is effectively transitioning from detailed engineering designal to enchancment and stays on price range and on schedule to pour gold by mid-2023.”

Construction Highlights

  • The general project is 32% full as of January 31, 2022
  • Roughly $48.9 million of the $173.5 million preliminary capital price range accrued as of December 31, 2021
  • Roughly $124.5 million dedicated
  • Primary gear packages secured
  • Primary enchancment contracts executed
  • Tender course of And selection of The favored mining contractor fulld
  • First gold pour stays On goal for mid-2023

Lodging Camp

The 156-particular person accommodation camp is full And ready for occupancy. Initially, this camp will assist the project’s enchancment and house the proprietor’s and contractors’ enchancment particular personnel with surplus particular personnel residing Inside the close by metropolis of Séguéla. The camp is approximately two kilometers from The tacticing plant space and is full with packagechen and mess, leisure amenities, water and sewage remedy crops, laundry providers and extreme-velocity internet. The camp administration contract has been tendered and awarded to Allterrain Services.

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Processing Plant

De Simone was awarded The tactic plant bulk earthworks contract and actions are ongoing with excavation for floor enchancment Inside the mill/carbon-in-leach circuit, thickener and crusher spaces full. Rock backfill Inside these spaces is properly superior and on-monitor to be fulld forward of the mobilization of the engineering procurement and enchancment contractor in March 2022.

Lycopodium was awarded the assured most worth contract for the engineering, procurement and enchancment of the gold course ofing facility. As of December 31, 2021 engineering actions have been 55 % full, procurement actions 44 % full and enchancment actions are on-monitor to start early Inside the second quarter of 2022. Of notice, the SAG mill buy order has been placeed and stays on-monitor to be delivered to website Inside the third quarter of 2022. Detailed engineering for the SAG mill is full and manuactualityuring of core elements Similar to shell, heads and trunnions And package and pinion has startd.

Site Bulk Earthworks

Contracts have been awarded for The state of affairs bulk earthworks contract for The enchancment of the tailings storage facility (TSF), water storage dam (WSD) and sediment administration assembleion (SCS). Bush clearing and primesoil stripping of the TSF footprint has been fulld. Bush clearing of the WSD startd in early January and is on-monitor to be fulld by The center of the second quarter of 2022, forward of the upcoming moist season and Shall be In a place to storing uncooked water for the commissioning, ramp-up and operation of The tacticing plant. Procurement of suppliess required for the TSF, WSD and SCS enchancment is beneathway with the TSF extreme density polyethylene liner already secured and anticipated to be delivered to website by The prime of The main quarter of 2022.

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Grid Connection

Contracts for The current and set up of the 90 kV grid connection transmission line and 33 kV transmission line diversion have been awarded. Likewise, contracts for The current and enchancment of the substation have been awarded. Supply and set up of the transmission strains Is predicted to start this month. Equally, civil works for the substation are additionally anticipated to start this month. Transformers are anticipated to be shipped to website by March 2022. Works is on-monitor To current power to The state of affairs by The prime of the 4th quarter of 2022 forward of commissioning actions On The tacticing plant.

Mining

Contract negotiations with a most properly-appreciated bidder are ongoing, concentrating on contract execution and The state of affairs of orders for prolonged lead gear in March 2022.

Value

As of December 31, 2021, $124.5 million of The complete apshowd price range of $173.5 million, collectively with $8.9 million contingency, has been dedicated. Roughly $108 million of complete commitments So far embrace contracts for a assured most worth for $87 million, fixed worth contract for $7.5 million and earthworks invoice of quantity/schedule of costs for $13.5 million, mitigating hazard to risky market circumstances and worth escalations. Remaining commitments embrace the onboarding of key operational particular personnel, pre-manufacturing mining, gear first fills and spare parts, mobile gear and the implementation of livelihood restoration packages.

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Schedule

Construction at Séguéla is monitoring on schedule with the project’s subsequent major milestones under:

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Licensed Person

Paul Criddle, FAusIMM, Chief Working Officer, West Africa for Fortuna, is Educated Person as outlined by Nationwide Instrument 43-101, Requirements of Disclosure for Mineral Tasks, and has reviewed and apshowd the scientific and technical information pertaining to the Séguéla gold Enterprise contained On this information launch and has verified the beneathlying knowledge.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian useful metallics mining agency with 4 operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine beneath enchancment in Côte d’Ivoire. Sustaincapability is integral to all our operations and relationships. We produce gold and silver and generate shared worth over the prolonged-time period for our stakeholders by way of environment nice manufacturing, environmental safety, and social obligation. For extra information, please go to our internet website.

ON BEHALF OF THE BOARD

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

Investor Relations:
Carlos Baca | [email protected]

Ahead wanting Statements

This information launch inagencys forward wanting statements which recurrent “forward wanting information” Contained in the which Method of relevant Canadian securities legal guidelines and “forward wanting statements” Contained in the which Method of the “protected harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Ahead wanting Statements”). All statements embraced herein, Aside from statements of historic actuality, are Ahead wanting Statements and are topic to Pretty a Little bit of acknowledged and unacknowledged hazards and uncertainties which might set off exact occasions or end outcomes To vary suppliesly from these mirrored Inside the Ahead wanting Statements. The Ahead wanting Statements On this information launch might embrace, with out limitation, statements Regarding The agency’s plans for The enchancment of an open pit gold mine On the Séguéla gold Enterprise, collectively with the timeline for enchancment, The prices of developing the mine, the securing of contracts needed for The enchancment of the mine, the signaling of the Mining Convention with The federal authorities of Côte d’Ivoire, The power to signal contracts for excellent gear and providers Based mostly on the estimates for similar, the timing of The main gold pour; The agency’s enterprise strategy, plans and outlook; the revenue of The agency’s mineral properties; mineral useful resource and reserve estimates; timestrains; The Long time period monetary or operating efficiency of The agency; expenditures; approvals and fullly different issues. Typically, however not On A daily basis, these Ahead wanting Statements Could be recognized Via phrases Similar to “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “obtain”, “deliberate”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that occasions, “might” or “ought to” happen or be obtaind and comparable expressions, collectively with adverse variations.

Ahead wanting Statements contain acknowledged and unacknowledged hazards, uncertainties and fullly different actualityors Which might set off the exact end outcomes, efficiency or obtainments of The agency to be suppliesly fullly different from any end outcomes, efficiency or obtainments expressed or implied by the Ahead wanting Statements. Such uncertainties and actualityors embrace, amongst fullly differents, modifications Usually financial circumstances and monetary markets; the interval and influences of the COVID-19 pandemic on our operations and workforce and The outcomes on The worldwide financial system and society; modifications in prices for silver, gold and fullly different metallics; modifications Inside The prices of currents required for The enchancment On the Séguéla gold Enterprise Similar to gear and providers; The power to signal the Mining Convention on time durations presently contemplated and acceptable to The agency; technological and operational hazards in Fortuna’s mining and mine enchancment actions; hazards inherent in mineral exploration; fluctuations in prices for power, labor, suppliess, currents and providers; fluctuations in currencies; uncertainties inherent Inside the estimation of mineral reserves, mineral useful assets, and metallic recoveries; our capability To buy all needed permits, licenses and regulatory approvals in a well timed method; authoritiesal and fullly different approvals; political unrest or instcapability in nations the place Fortuna is lively; labor relations factors; As properly as to these actualityors talked about beneath “Risk Elements” Inside The agency’s Annual Information Type. Although The agency has tried to decide important actualityors That would set off exact actions, occasions or end outcomes To vary suppliesly from these described in Ahead wanting Statements, there Could Even be fullly different actualityors that set off actions, occasions or end outcomes To vary from these anticipated, estimated or meant.

Ahead wanting Statements contained herein are based on the assumptions, beliefs, expectations and opinions of administration, collectively with however not restricted to thOn The enchancment On the Séguéla gold Enterprise will proceed on the time line and in accordance with the Budget as deliberate; that COVID-19 Will not have an antagonistic influence on The enchancment On the Séguéla gold Enterprise And gained’t antagonisticly have an effect on The current chain of suppliess and gear for The enchancment; anticipated tendencies in mineral prices and foreign money commerce costs; thOn The agency’s actions Shall be in accordance with The agency’s public statements and said goals; thOn there Shall be no supplies antagonistic change have an effect oning The agency or its properties; That Every one required approvals Shall be obtained; thOn there Shall be no vital disruptions have an effect oning operations and such fullly different assumptions as set out herein. Ahead wanting Statements are made as of the date hereof and The agency disclgoals any obligation to replace any Ahead wanting Statements, whether or not As a Outcome of Of latest information, future occasions or end outcomes or fullly differentwise, besides as required by regulation. There Could be no assurance that Ahead wanting Statements will show to be right, as exact end outcomes and future occasions might differ suppliesly from these anticipated in such statements. Accordingly, buyers Should not place undue reliance on Ahead wanting Statements.

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