Fortuna discovers new Kingfisher prospect at Séguéla Mine and provides exploration update at the Diamba Sud Gold Project

Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its exploration programs at the Séguéla Mine in Côte d'Ivoire and the recently acquired Diamba Sud Gold Project in Senegal.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, "Emphasizing the exploration potential at Séguéla, the team has continued their impressive run-rate of discoveries with the new Kingfisher prospect. This follows the Barana, Badior and Kestrel discoveries made during 2022 and 2023." Mr. Weedon continued, "In addition to the exploration success at Kingfisher, drilling for Koula underground mining potential has resulted in several high-grade intersections. This includes 68.0 g/t Au over an estimated true width of 2.1 meters in SGRD1783, as part of a larger interval of 22.5 g/t Au over an estimated true width of 9.8 meters, highlighting the opportunity for underground mining."

Commenting on the successful drilling at the Diamba Sud Gold Project, Mr. Weedon noted, "With the initial campaign of confirmatory drilling wrapping up at Area A and Area D, exploration focus is progressing towards testing the satellite opportunities. Early success at the Moungoundi, Western Splay, and Kassasoko satellite prospects highlight the potential of Diamba Sud." Mr. Weedon continued, "In addition to improving the confidence at Area A, Area D, and Karakara, drilling intersected several mineralized zones extending beyond the historic pit optimization shells. These extensions will be incorporated into a resource model to be prepared later in 2024."

Exploration program highlights

Séguéla Mine, Côte d'Ivoire
Kingfisher prospect

SGRD1724 :	5.2 g/t Au over an estimated true width of 8.4 meters from 98 meters, including 14.8 g/t Au over an estimated true width of 2.1 meters from 100 meters
SGRC1728 :	1.9 g/t Au over an estimated true width of 17.5 meters from 41 meters
SGRC1762 :	2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters
SGRC1763 :	2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters
SGRC1764:	2.4 g/t Au over an estimated true width of 16.8 meters from 125 meters, including 19.2 g/t Au over an estimated true width of 1.4 meters from 147 meters

Koula deposit

SGRD1781:	20.3 g/t Au over an estimated true width of 2.1 meters from 110 meters
SGRD1783:	22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters, including 68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters, and 40.7 g/t Au over an estimated true width of 1.4 meters from 220 meters
SGRD1784:	4.9 g/t Au over an estimated true width of 7.7 meters from 268 meters, including 33.7 g/t Au over an estimated true width of 0.7 meters from 276 meters
SGRD1806:	11.6 g/t Au over an estimated true width of 2.8 meters from 36 meters

Diamba Sud Gold Project, Senegal

Area A

DSR515 :	3.5 g/t Au over an estimated true width of 23.4 meters from 74 meters
DSDD140 :	6.2 g/t Au over an estimated true width of 11.2 meters from 126.6 meters
Area D
DSDD163 :	6.0 g/t Au over an estimated true width of 32.0 meters from 7 meters, including 39.4 g/t Au over an estimated true width of 2.2 meters from 31 meters
DSDD173 :	3.5 g/t Au over an estimated true width of 44.8 meters from 8 meters
DSDD176 :	4.4 g/t Au over an estimated true width of 15.6 meters from 36 meters, including 20.6 g/t Au over an estimated true width of 2.4 meters from 38 meters
DSDD196:	6.3 g/t Au over an estimated true width of 18.4 meters from 3 meters, including 20.9 g/t Au over an estimated true width of 1.6 meters from 16 meters
DSDD206:	4.6 g/t Au over an estimated true width of 19.0 meters from 48 meters, including 70.7 g/t Au over an estimated true width of 0.8 meters from 63 meters
Karakara
DSDD205:	2.0 g/t Au over an estimated true width of 6.8 meters from 20 meters, and 5.2 g/t Au over an estimated true width of 14.4 meters from 74 meters
DSDD207:	8.5 g/t Au over an estimated true width of 9 meters from 79 meters, including 36.2 g/t Au over an estimated true width of 1.5 meters from 80 meters
DSR541:	4.2 g/t Au over an estimated true width of 12.8 meters from 92 meters
DSR546:	2.8 g/t Au over an estimated true width of 14.3 meters from 79 meters, and 4.5 g/t Au over an estimated true width of 11.3 meters from 117 meters
Moungoundi
DSR551:	2.1 g/t Au over an estimated true width of 20.3 meters from 31 meters
DSR558:	5.4 g/t Au over an estimated true width of 6.8 meters from 88 meters
DSR563:	2.7 g/t Au over an estimated true width of 14.2 meters from 45 meters
DSR568:	30.7 g/t Au over an estimated true width of 11.3 meters from 46 meters, including 146.0 g/t Au over an estimated true width of 2.25 meters from 46 meters
Kassasoko
DSR604:	1.5 g/t Au over an estimated true width of 11.3 meters from 29 meters
Western Splay
DSR584:	2.1 g/t Au over an estimated true width of 13.5 meters from 17 meters
DSR598:	7.4 g/t Au over an estimated true width of 7.5 meters from 56 meters, including 19.6 g/t Au over an estimated true width of 1.5 meters from 61 meters

Séguéla Mine, Côte d'Ivoire
Kingfisher prospect

A 2,040-meter, 20-hole program was completed at the newly discovered Kingfisher prospect identifying three lodes along a 1.9-kilometer strike, all of which remain open along strike and at depth (refer to Figures 1 and 2). Results include drill hole SGRC1762 intersecting 2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters downhole, and drill hole SGRC1763 intersecting 2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters downhole.

The Kingfisher prospect is hosted in a set of quartz veins along a moderately sheared contact between a series of basalt-dolerite units which also hosts the Boulder and Agouti deposits, one and three kilometers, respectively, to the north, with a steep easterly dip consistent with the majority of other deposits at Séguéla.

Additional drilling at Kingfisher is scheduled in the second quarter of 2024 to further test its strike and depth potential.

Figure 1: Kingfisher prospect location; approximately one kilometer east of the Sunbird deposit

Figure 2: Kingfisher prospect long section (looking west)

Koula deposit

A 3,106-meter, 12-hole program was completed at the Koula deposit in December 2023 (refer to Figure 3). As part of the support for potential underground mining, the program was designed to infill and further improve the understanding of the structural controls on the central and hanging wall high-grade lodes. Results such as 22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters downhole, including 68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters downhole in drillhole SGRD1783, highlight the potential of Koula. Drilling continues to expand Koula's underground potential and the further delineation of the hanging wall lodes.

Figure 3: Koula deposit long-section showing select recent results (looking west)

Refer to Appendix 1 for full details of the Séguéla drill holes and assay results.

Diamba Sud Gold Project, Senegal

The Diamba Sud Gold Project's initial 10,945-meter, three-drill rig drilling program, started on October 8, 2023 ( refer to Fortuna news release dated December 12, 2023 ) and was extended into the 2024 budget of $9.2 million which consists of a 42,700 meter RC and diamond drilling campaign. The current program has seen the completion of 181 drill holes totaling 23,170 meters since December 2023.

The objectives of the 2024 drilling program are to:

Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D, and Karakara (refer to Figure 4)
Drill to test for extensions to the existing historic resource in support of project development and advancing further economic studies
Advance prospective areas such as Moungoundi, Kassasoko, Western Splay, Area A North, and others (refer to Figure 4)
Improve understanding of key geological controls including controlling structures, favorable lithologies, alteration, and secondary enrichment zones

Figure 4: Location plan of the Diamba Sud Gold Project

Drilling continues at Diamba Sud focusing on growing the project's historic resource base through testing satellite areas and other anomalies with limited previous drilling. In addition, drilling is continuing to delineate extensions to high-grade lodes extending beyond the historic pit optimization shells at Area A, Area D, and Karakara.

Highlights of recent drilling at Area A and Area D include several areas where mineralization has extended beyond the historic pit optimization shells. Further drilling is planned to determine the full extent of the mineralization and the relationship with key structures and lithologies. In addition, infill drilling to support resource confidence has intersected several broad zones of mineralization in areas of previous low confidence, as demonstrated by drill hole DSDD176 at Area D intersecting the following estimated true width intervals (refer to Figure 5):

1.0 g/t Au over 15.2 meters from 10 meters, and
4.4 g/t Au over 15.6 meters from 36 meters, and
1.0 g/t Au over 10.2 meters from 81 meters, and
1.6 g/t Au over 8.6 meters from 111 meters

Figure 5: Area D cross-section showing select recent results (looking north)

Early-stage drilling returned encouraging results from Moungoundi, located approximately two to four kilometers south of Karakara (refer to Figure 4). Hosted in a shear zone traversing a sediment/granite contact, Moungoundi remains open at depth where additional follow up drilling is planned in the second quarter of 2024. Results include 2.1 g/t Au over an estimated true width of 20.3 meters from 31 meters in drill hole DSR551, and 5.4 g/t Au over an estimated true width of 6.8 meters from 88 meters in drill hole DSR558 (refer to Figure 6).

Figure 6: Moungoundi cross-section showing select recent results (looking north)

Encouraging results were also received from first pass drilling at Kassasoko, with highlights including 1.0 g/t Au over an estimated true width of 18.75 meters from 29 meters in drill hole DSR613 and 1.5 g/t Au over an estimated true width of 11.25 meters in drill hole DSR604. Similar results were also returned from first pass drilling at Western Splay, including 2.1 g/t Au over an estimated true width of 13.5 meters from drill hole DSR584, and 7.4 g/t Au over an estimated true width of 7.5 meters from drill hole DSR598.

Refer to Appendix 2 for full details of the Diamba Sud Gold Project drill holes and assay results.

Quality Assurance & Quality Control (QA - QC)

Séguéla Mine, Côte d'Ivoire and Diamba Sud Gold Project, Senegal

All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel.

All reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the company-controlled core yard.

All diamond drilling (DD) drill holes at Séguéla were drilled with HQ sized diamond drill bits, whereas DD holes at Diamba Sud started with HQ sized diameter before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.

All Séguéla RC and DD core samples were shipped to ALS Laboratories' preparation laboratory in Yamoussoukro for preparation and then, via commercial courier, to ALS's facility in Ouagadougou, Burkina Faso for finishing. All Diamba Sud RC and DD samples were transported to ALS's preparation laboratory in Kedougou, Senegal before also being transported via commercial courier, to ALS's facility in Ouagadougou. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates, and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.

Qualified Person

Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating 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 value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .

ON BEHALF OF THE BOARD

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

Investor Relations:

Forward-looking Statements

This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements regarding the exploration potential at Séguéla and the potential for underground mining operations at Koula; planned additional drilling during the second quarter of 2024 to further test the strike and depth potential at Kingfisher; statements relating to the potential of the Diamba Sud Gold Project based on the early success at Moungoundi, Western Splay and Kassasoko; the exploration budget at the Diamba Sud Gold Project and the objectives of the program; statements relating to growing the resource base at the Diamba Sud Gold Project and that encouraging results having been returned from Moungoundi and Kassasoko; the Company's objectives for the current drilling program at the Diamba Sud Gold Project and expectations regarding additional drilling programs budgeted for 2024; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver, gold and other metals; the timing and success of the Company's proposed exploration programs; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the possibility that the appeal in respect of the ruling in favor of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization (the "EIA") at the San Jose Mine will be successful; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form for the financial year ended December 31, 2022. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the results from the exploration programs conducted at the Séguéla Mine, and the Diamba Sud Gold Project; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's information derived from its exploration programs at the Company's mineral properties; current mineral resource and reserve estimates; the presence and continuity of mineralization at the Company's properties; that the Company's activities will be in accordance with the Company's public statements and stated goals; that the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

Appendix 1: Séguéla Mine, Côte d'Ivoire

Hole ID	Easting (WGS84_29N)	Northing (WGS84_29N)	Elevation (m)	EOH Depth (m) ^1,4	UTM Azimuth (°)	Dip (°)	Depth From (m) ^2,4	Depth To (m) ⁴	Drilled Width (m) ⁴	ETW (m) ³	Au (ppm)	Hole Type ⁵	Area
SGRD1699	742578	892361	581	320.1	90	-60	178	181	3	2.1	4.52	RCD	Sunbird
						including	178	179	1	0.7	10.90	RCD	Sunbird
							188	193	5	3.5	2.67	RCD	Sunbird
						including	192	193	1	0.7	11.30	RCD	Sunbird
SGRD1700	742537	892362	573	405.1	90	-60	274	280	6	4.2	1.59	RCD	Sunbird
							286	294	8	5.6	3.31	RCD	Sunbird
SGRD1731	742489	892361	562	490	90	-60	376	382	6	4.2	0.92	RCD	Sunbird
							395	414	19	13.3	2.36	RCD	Sunbird
						including	410	411	1	0.7	12.85	RCD	Sunbird
							426	429	3	2.1	16.59	RCD	Sunbird
						including	427	429	2	1.4	19.93	RCD	Sunbird
SGRD1732	742535	892263	580	531.4	90	-60	324	327	3	2.1	3.33	RCD	Sunbird
SGRD1733	742495	892460	551	490	90	-60	418	423	5	3.5	1.54	RCD	Sunbird
							477	487	10	7	0.96	RCD	Sunbird
SGRD1734	742487	892504	549	498.2	90	-60	436	440	4	2.8	1.83	RCD	Sunbird
							482	497	15	10.5	1.91	RCD	Sunbird
SGRD1736	742533	892160	592	537.2	90	-60	NSI					RCD	Sunbird
SGRD1737	742391	892360	567	598.4	90	-60	76	83	7	4.9	0.97	RCD	Sunbird
							569	588	19	13.3	0.96	RCD	Sunbird

SGRC1719	743890	893102	410	54	90	-60	46	53	7	4.9	1.99	RC	Kingfisher
SGRC1720	743867	893103	412	110	90	-60	82	86	4	2.8	1.59	RC	Kingfisher
SGRC1721	743840	892901	414	54	90	-60	31	32	1	0.7	6.50	RC	Kingfisher
SGRD1722	743803	892898	420	120.2	90	-60	90	98	8	5.6	4.55	RCD	Kingfisher
						including	97	98	1	0.7	17.75	RCD	Kingfisher
SGRC1723	743785	892700	406	62	90	-60	19	32	13	9.1	0.89	RC	Kingfisher
SGRD1724	743751	892700	411	120.2	90	-60	98	110	12	8.4	5.21	RCD	Kingfisher
						including	100	103	3	2.1	14.82	RCD	Kingfisher
SGRC1725	743721	892501	404	67	90	-60	NSI					RC	Kingfisher
SGRC1726	743690	892502	406	118	90	-60	102	116	14	9.8	1.43	RC	Kingfisher
SGRC1727	743690	892091	413	50	90	-60	2	18	16	11.2	2.19	RC	Kingfisher
							32	38	6	4.2	1.44	RC	Kingfisher
SGRC1728	743658	892092	419	120	90	-60	41	66	25	17.5	1.92	RC	Kingfisher
						including	64	65	1	0.7	12.35	RC	Kingfisher
SGRC1729	743659	891892	425	60	90	-60	NSI					RC	Kingfisher
SGRC1730	743639	891692	416	84	90	-60	13	24	11	7.7	1.36	RC	Kingfisher
SGRC1741	743606	891693	421	140	90	-60	NSI					RC	Kingfisher
SGRC1742	743622	891493	401	65	90	-60	8	22	14	9.8	0.91	RC	Kingfisher
SGRC1743	743591	891493	402	110	90	-60	52	54	2	1.4	2.72	RC	Kingfisher
							61	69	8	5.6	0.78	RC	Kingfisher
SGRC1744	743622	891294	400	60	90	-60	NSI					RC	Kingfisher
SGRC1745	743591	891294	402	120	90	-60	66	71	5	3.5	7.68	RC	Kingfisher
						including	69	70	1	0.7	30.00	RC	Kingfisher
SGRC1762	743662	892500	409	167	90	-60	11	12	1	0.7	5.10	RC	Kingfisher
							106	134	28	19.6	2.92	RC	Kingfisher
						including	107	108	1	0.7	11.05	RC	Kingfisher
						and	128	129	1	0.7	12.80	RC	Kingfisher
						and	131	132	1	0.7	29.40	RC	Kingfisher
							157	161	4	2.8	4.38	RC	Kingfisher
						including	159	160	1	0.7	12.10	RC	Kingfisher
SGRC1763	743670	892594	425	189	90	-60	136	159	23	16.1	2.92	RC	Kingfisher
						including	152	153	1	0.7	27.90	RC	Kingfisher
							163	180	17	11.9	0.83	RC	Kingfisher
SGRC1764	743747	892803	409	170	90	-60	125	149	24	16.8	2.42	RC	Kingfisher
						including	147	149	2	1.4	19.18	RC	Kingfisher
							156	165	9	6.3	1.27	RC	Kingfisher

SGRC1780	742462	895226	425	90	110	-60	NSI					RC	Koula
SGRD1781	742439	895235	426	150.5	110	-60	110	113	3	2.1	20.33	RCD	Koula
							120	126	6	4.2	0.88	RCD	Koula
SGRD1782	742448	895284	434	310.3	110	-60	NSI					RCD	Koula
SGRD1783	742549	895434	451	260.4	110	-60	208	222	14	9.8	22.46	RCD	Koula
						including	210	211	1	0.7	12.90	RCD	Koula
						and	215	218	3	2.1	68.03	RCD	Koula
						and	220	222	2	1.4	40.68	RCD	Koula
							227	230	3	2.1	2.19	RCD	Koula
SGRD1784	742519	895432	453	310.3	110	-60	268	279	11	7.7	4.85	RCD	Koula
						including	276	277	1	0.7	33.70	RCD	Koula
						and	278	279	1	0.7	11.40	RCD	Koula
SGRD1785	742558	895404	446	250.4	110	-60	194	200	6	4.2	1.78	RCD	Koula
							214	217	3	2.1	3.35	RCD	Koula
SGRD1786	742422	895295	432	354.4	110	-60	317	333	16	11.2	1.63	RCD	Koula
SGRD1787	742470	895276	435	288.2	110	-60	70	80	10	7	4.47	RCD	Koula
						including	79	80	1	0.7	11.95	RCD	Koula
							276	281	5	3.5	1.97	RCD	Koula
SGRC1805	742475	895248	429	24	110	-60	Not Sampled		Abandoned			RC	Koula
SGRD1806	742475	895248	429	300	110	-60	36	40	4	2.8	11.60	RCD	Koula
							244	247	3	2.1	1.75	RCD	Koula
SGRD1807	742382	895262	422	410	110	-60	NSI					RCD	Koula
SGRD1808	742410	895253	424	357	110	-60	NSI					RCD	Koula

Notes:

EOH: End of hole
NSI: No significant intercepts
ETW: Estimated true width
Depths and widths reported to nearest significant decimal place
RC: reverse circulation drilling | RCD: reverse circulation drilling with diamond tail

Appendix 2: Diamba Sud Gold Project, Senegal

Hole ID	Easting (WGS84_29N)	Northing (WGS84_29N)	Elevation (m)	EOH Depth (m) ^1,4	UTM Azimuth (°)	Dip (°)	Depth From (m) ^2,4	Depth To (m) ⁴	Drilled Width (m) ⁴	ETW (m) ³	Au (ppm)	Hole Type ⁵	Area
DSDD137	233278	1429536	182	150	90	-60	88	97.25	9.25	8.33	4.73	DD	Area A
						incl	92	93	1	0.90	10.20	DD	Area A
DSDD138	233266	1429481	180	140	90	-60	97	109	12	10.80	2.43	RCD	Area A
DSDD139	233203	1429484	180	197	90	-60	103.75	111.3	7.55	6.80	21.08	RCD	Area A
						incl	103.75	107	3.25	2.93	34.67	RCD	Area A
						and	108	109	1	0.90	13.25	RCD	Area A
						and	109.75	110.75	1	0.90	20.90	RCD	Area A
							115	129.7	14.7	13.23	1.67	RCD	Area A
							138	148	10	9.00	1.11	RCD	Area A
DSDD140	233182	1429431	179	191	90	-60	126.6	139	12.4	11.16	6.16	RCD	Area A
						incl	129.2	131	1.8	1.62	16.20	RCD	Area A
							160	166	6	5.40	2.19	RCD	Area A
							184	187	3	2.70	2.59	RCD	Area A
DSDD141	233224	1429460	175	176	90	-60	112.9	115	2.1	1.89	4.79	RCD	Area A
						incl	113.5	114	0.5	0.45	10.10	DD	Area A
							119	135	16	14.40	1.40	DD	Area A
DSDD142	233142	1429359	178	246	90	-60	125	132	7	6.30	1.10	DD	Area A
							140	150	10	9.00	9.36	DD	Area A
						incl	141	142	1	0.90	10.10	DD	Area A
						and	144	146	2	1.80	24.48	DD	Area A
							156	169	13	11.70	1.95	DD	Area A
							179	187.4	8.4	7.56	0.83	DD	Area A
							213	225	12	10.80	1.33	DD	Area A
DSDD143	233173	1429408	179	198	90	-60	131.45	136	4.55	4.10	3.37	DD	Area A
							165	174.8	9.8	8.82	1.64	DD	Area A
DSDD150	233123	1429605	186	243	90	-60	60	64	4	3.60	2.43	DD	Area A
DSDD153	232846	1429579	184	220	90	-60	28	42	14	12.60	1.89	RCD	Area A
						incl	40	41	1	0.90	11.70	RCD	Area A
							193	195	2	1.80	9.12	RCD	Area A
						incl	194	195	1	0.90	16.35	RCD	Area A
							204	210	6	5.40	6.74	RCD	Area A
						incl	208	209	1	0.90	12.80	RCD	Area A
DSDD155	233067	1429469	182	236	90	-60	93	96	3	2.70	5.57	RCD	Area A
						incl	95	96	1	0.90	14.70	RCD	Area A
DSDD156	233091	1429414	181	263	90	-60	191.5	209	17.5	15.75	1.07	RCD	Area A
DSDD159	233229	1429410	175	161	90	-60	78	80	2	1.80	11.96	DD	Area A
						incl	78	79	1	0.90	22.50	DD	Area A
DSDD164	233289	1429459	178	125	90	-60	88	92.85	4.85	4.36	2.68	DD	Area A
DSDD220	233143	1429662	188	192					0	0.00		DD	Area A
DSDD221	233136	1429439	180	245.5					0	0.00		DD	Area A
DSDD224	231121	1429363	179	291					0	0.00		DD	Area A
DSR511	233179	1429532	182	212	90	-60	56	65	9	8.10	2.42	RCD	Area A
						incl	61	62	1	0.90	15.50	RCD	Area A
							72	78	6	5.40	6.86	RCD	Area A
						incl	73	74	1	0.90	25.80	RCD	Area A
DSR512	233045	1429577	185	90	90	-60	NSI					RC	Area A
DSR513	233176	1429481	182	215	90	-60	121	128	7	6.30	1.15	RCD	Area A
DSR514	233234	1429663	187	150	90	-60	78	83	5	4.50	2.64	RC	Area A
							92	96	4	3.60	1.25	RC	Area A
DSR515	233199	1429659	187	180	90	-60	74	100	26	23.40	3.46	RC	Area A
						incl	86	89	3	2.70	17.98	RC	Area A
DSR516	233160	1429457	181	224	90	-60	140	141	1	0.90	7.10	RCD	Area A

DSDD144	232995	1429497	183	56	90	-60	NSI					DD	Area D
DSDD145	232984	1429519	183	66	90	-60	6	10	4	3.20	1.43	DD	Area D
							15	22	7	5.60	1.40	DD	Area D
							36	38	2	1.60	13.27	DD	Area D
						incl	36	37	1	0.80	24.60	DD	Area D
DSDD146	232949	1429524	183	89	90	-60	8	19	11	8.80	5.44	DD	Area D
						incl	12	13	1	0.80	11.85	DD	Area D
						and	16	17	1	0.80	15.50	DD	Area D
							53	54	1	0.80	5.75	DD	Area D
DSDD147	232899	1429522	183	111	90	-60	102.1	103.1	1	0.80	71.40	DD	Area D
DSDD148	232851	1429523	183	98	90	-60	6	16	10	8.00	3.77	DD	Area D
DSDD149	232869	1429579	184	131	90	-60	8	15	7	5.60	3.75	DD	Area D
						incl	13	14	1	0.80	16.35	DD	Area D
							23	28	5	4.00	3.23	DD	Area D
							55.3	57	1.7	1.36	5.27	DD	Area D
						incl	56.4	57	0.6	0.48	11.40	DD	Area D
							92.6	103	10.4	8.32	1.75	DD	Area D
						incl	93.5	94	0.5	0.40	11.85	DD	Area D
DSDD151	232846	1429579	184	140	90	-60	17	21 ¹	4	3.20	4.34	DD	Area D
DSDD152	232716	1429548	183	98	90	-60	12	15	3	2.40	1.82	DD	Area D
							20	44 ²	24	19.20	1.84	DD	Area D
						incl	26	28	2	1.60	12.55	DD	Area D
DSDD154	232726	1429522	182	118	90	-60	14	39 ³	25	20.00	5.18	DD	Area D
						incl	28	29	1	0.80	39.70	DD	Area D
						and	35	36	1	0.80	13.10	DD	Area D
						and	37	38	1	0.80	16.55	DD	Area D
DSDD157	232802	1429547	183	63	90	-60	NSI					DD	Area D
DSDD158	232809	1429528	183	90	90	-60	4	48 ⁴	44	35.20	6.29	DD	Area D
						incl	12	13	1	0.80	11.15	DD	Area D
						and	16	24	8	6.40	21.99	DD	Area D
							55	64	9	7.20	3.65	DD	Area D
						incl	62	63	1	0.80	16.60	DD	Area D
DSDD160	232853	1429545	183	90	90	-60	7	21 ⁵	14	11.20	3.43	DD	Area D
						incl	12	13	1	0.80	14.20	DD	Area D
							26	36 ⁶	10	8.00	1.72	DD	Area D
DSDD161	232829	1429504	182	90	90	-60	3	27 ⁷	24	19.20	3.33	DD	Area D
						incl	13	14	1	0.80	14.85	DD	Area D
						and	19	20	1	0.80	14.55	DD	Area D
							31	38 ⁸	7	5.60	9.13	DD	Area D
						incl	31.7	32.5	0.8	0.64	63.10	DD	Area D
DSDD162	232650	1429517	181	155.5	90	-60	88.5	91	2.5	2.00	2.17	DD	Area D
							99.15	100.75	1.6	1.28	4.27	DD	Area D
DSDD163	232684	1429496	181	153	90	-60	7	47 ⁹	40	32.00	5.99	DD	Area D
						incl	9	10	1	0.80	10.45	DD	Area D
						and	11	12	1	0.80	28.50	DD	Area D
						and	31	33.7	2.7	2.16	39.41	DD	Area D
							58	61	3	2.40	8.48	DD	Area D
						incl	58	60	2	1.60	12.28	DD	Area D
							78	84	6	4.80	1.10	DD	Area D
DSDD165	232769	1429502	182	150	90	-60	27	34	7	5.60	1.95	DD	Area D
							38	41	3	2.40	18.26	DD	Area D
						incl	39	40	1	0.80	52.30	DD	Area D
							48	53	5	4.00	6.02	DD	Area D
						incl	49	50	1	0.80	10.90	DD	Area D
DSDD166	232703	1429479	181	134	90	-60	16	43 ¹⁰	27	21.60	3.38	DD	Area D
						incl	30	31	1	0.80	15.05	DD	Area D
						and	39	40	1	0.80	10.80	DD	Area D
							53	62	9	7.20	1.45	DD	Area D
							76	101	25	20.00	1.39	DD	Area D
						incl	76	76.6	0.6	0.48	12.75	DD	Area D
DSDD167	232755	1429478	181	122	90	-60	58	67	9	7.20	1.62	DD	Area D
							71	76	5	4.00	1.62	DD	Area D
							86	94	8	6.40	1.19	DD	Area D
DSDD168	232735	1429488	181	123	90	-60	24	28	4	3.20	4.26	DD	Area D
							68	76	8	6.40	1.07	DD	Area D
							89	97	8	6.40	0.98	DD	Area D
							109	110	1	0.80	5.51	DD	Area D
DSDD169	232651	1429478	181	152	90	-60	100	115	15	12.00	2.70	DD	Area D
						incl	101	102	1	0.80	12.05	DD	Area D
							133.5	138.25	4.75	3.80	2.40	DD	Area D
DSDD170	232727	1429400	179	146	90	-60	13	22	9	7.20	2.20	DD	Area D
							26	43	17	13.60	1.88	DD	Area D
							49	93 ¹¹	44	35.20	2.57	DD	Area D
						incl	78	79	1	0.80	32.40	DD	Area D
						and	89	89.8	0.8	0.64	14.50	DD	Area D
							136	146	10	8.00	1.37	DD	Area D
DSDD171	232728	1429450	180	132	90	-60	15	27	12	9.60	6.52	DD	Area D
						incl	18	19	1	0.80	11.10	DD	Area D
						and	21	23	2	1.60	15.10	DD	Area D
DSDD172	232678	1429452	180	150	90	-60	25	29	4	3.20	8.18	DD	Area D
						incl	25	27	2	1.60	12.05	DD	Area D
							43	49	6	4.80	2.36	DD	Area D
							70	94	24	19.20	1.92	DD	Area D
						incl	71	72	1	0.80	16.65	DD	Area D
DSDD173	232771	1429399	180	125	90	-60	8	64 ¹²	56	44.80	3.47	DD	Area D
						incl	10	11	1	0.80	20.30	DD	Area D
						and	12	13	1	0.80	10.30	DD	Area D
						and	26	29	3	2.40	12.82	DD	Area D
							119	121.4	2.4	1.92	2.27	DD	Area D
DSDD174	232754	1429418	180	132	90	-60	10	17	7	5.60	2.58	DD	Area D
							24	50	26	20.80	2.04	DD	Area D
							67	71	4	3.20	2.53	DD	Area D
							77	104	27	21.60	1.07	DD	Area D
DSDD175	232678	1429396	179	182	90	-60	17	34	17	13.60	1.05	DD	Area D
							169.6	176	6.4	5.12	0.95	DD	Area D
DSDD176	232693	1429425	180	129	90	-60	10	29	19	15.20	1.03	DD	Area D
							36	55.5 ¹³	19.5	15.60	4.38	DD	Area D
						incl	38	41	3	2.40	20.63	DD	Area D
							81	93.8 ¹⁴	12.8	10.24	1.05	DD	Area D
							111.2	122	10.8	8.64	1.64	DD	Area D
DSDD177	232753	1429376	179	152	90	-60	13	15	2	1.60	6.14	DD	Area D
							26	89 ¹⁵	63	50.40	2.78	DD	Area D
						incl	28	29	1	0.80	10.70	DD	Area D
						and	32	33	1	0.80	22.40	DD	Area D
						and	55	57	2	1.60	13.38	DD	Area D
							101.4	106.6	5.2	4.16	1.37	DD	Area D
							124	135	11	8.80	1.34	DD	Area D
DSDD178	232648	1429430	180	98	90	-60	NSI					DD	Area D
DSDD179	232675	1429374	179	200	90	-60	16	26	10	8.00	0.95	DD	Area D
							31	46 ¹⁶	15	12.00	2.55	DD	Area D
						incl	36	37	1	0.80	11.55	DD	Area D
							81	90	9	7.20	2.80	DD	Area D
DSDD180	232618	1429398	179	94	90	-60	12	44 ¹⁷	32	25.60	2.52	DD	Area D
						incl	22	23	1	0.80	29.80	DD	Area D
DSDD181	232621	1429355	178	82	90	-60	NSI					DD	Area D
DSDD182	232522	1429505	180	135	90	-60	53	58	5	4.00	5.66	DD	Area D
						incl	54	54.5	0.5	0.40	47.50	DD	Area D
DSDD183	232547	1429350	177	95	90	-60	21	29 ¹⁸	8	6.40	1.17	DD	Area D
DSDD184	232600	1429482	180	153	90	-60	76.15	79	2.85	2.28	1.85	DD	Area D
DSDD185	232578	1429374	178	106	90	-60	30	41	11	8.80	1.45	DD	Area D
DSDD186	232572	1429480	180	152	90	-60	54	70 ¹⁹	16	12.80	3.28	DD	Area D
						incl	60	61	1	0.80	37.80	DD	Area D
							74	93.55	19.55	15.64	1.99	DD	Area D
							108	120	12	9.60	0.98	DD	Area D
							137	138	1	0.80	15.30	DD	Area D
DSDD187	232528	1429405	178	153	90	-60	113	117	4	3.20	1.31	DD	Area D
DSDD188	232613	1429458	180	123	90	-60	NSI					DD	Area D
DSDD189	232757	1429355	179	140	90	-60	67	70	3	2.40	2.43	DD	Area D
							91	99	8	6.40	0.68	DD	Area D
DSDD190	232840	1429482	182	60	90	-60	7	26	19	15.20	4.92	DD	Area D
						incl	13	16	3	2.40	22.82	DD	Area D
DSDD191	232703	1429354	178	182	90	-60	47	54.1 ²⁰	7.1	5.68	1.42	DD	Area D
							69.6	76	6.4	5.12	1.44	DD	Area D
							80	84	4	3.20	1.30	DD	Area D
							102	108	6	4.80	1.68	DD	Area D
							119	121	2	1.60	7.87	DD	Area D
						incl	120	121	1	0.80	11.65	DD	Area D
							151	163.1	12.1	9.68	1.99	DD	Area D
DSDD192	232796	1429477	181	80	90	-60	23	41	18	14.40	6.82	DD	Area D
						incl	28	29	1	0.80	20.90	DD	Area D
						and	33	34	1	0.80	11.70	DD	Area D
						and	37	39	2	1.60	22.00	DD	Area D
							47	61 ²¹	14	11.20	14.59	DD	Area D
						incl	47	48	1	0.80	12.55	DD	Area D
						and	52	53	1	0.80	26.00	DD	Area D
						and	55	56	1	0.80	149.00	DD	Area D
DSDD193	232830	1429451	182	55	90	-60	10.9	21	10.1	8.08	0.99	DD	Area D
DSDD194	232725	1429325	178	161	90	-60	NSI					DD	Area D
DSDD195	232830	1429425	181	60	90	-60	13	31	18	14.40	3.73	DD	Area D
						incl	18	20	2	1.60	14.23	DD	Area D
							44	49	5	4.00	1.85	DD	Area D
DSDD196	232939	1429499	183	110	90	-60	3	26	23	18.40	6.27	DD	Area D
						incl	10	11	1	0.80	11.55	DD	Area D
						and	13	14	1	0.80	38.30	DD	Area D
						and	16	18	2	1.60	20.90	DD	Area D
							63.4	65	1.6	1.28	9.85	DD	Area D
DSDD197	232675	1429325	177	92	90	-60	7	14	7	5.60	1.81	DD	Area D
							31.8	43.55	11.75	9.40	0.91	DD	Area D
DSDD198	232879	1429499	183	68.2	90	-60	65	66	1	0.80	10.50	DD	Area D
DSDD199	232624	1429325	177	116	90	-60	NSI					DD	Area D
DSDD200	232846	1429374	180	66	90	-60	7	8	1	0.80	6.38	DD	Area D
DSDD201	232575	1429326	177	97	90	-60	15	26	11	8.80	3.19	DD	Area D
DSDD202	232802	1429377	180	96	90	-60	8	11	3	2.40	1.81	DD	Area D
DSDD204	232781	1429330	179	123	90	-60	NSI					DD	Area D
DSDD206	232495	1429422	178	101	90	-60	48	71.7	23.7	18.96	4.63	DD	Area D
						incl	63	64	1	0.80	70.70	DD	Area D
						and	71	71.7	0.7	0.56	11.25	DD	Area D
DSDD208	232408	1429546	182	75	90	-60	NSI					DD	Area D
DSDD210	232429	1429498	180	80	90	-60	41	50	9	7.20	1.30	DD	Area D
							54	56	2	1.60	3.23	DD	Area D

DSR517	232549	1429152	174	100	90	-60	40	53	13	10.40	1.04	RC	Area D South
DSR518	232569	1429102	174	90	90	-60	NSI					RC	Area D South
DSR519	232567	1429078	174	102	90	-60	98	99	1	0.80	27.50	RC	Area D South
DSR520	232554	1429053	173	102	90	-60	NSI					RC	Area D South

DSDD203	231762	1428385	153	107	270	-60	50.35	56	5.65	4.24	1.16	DD	Karakara
DSDD205	231815	1428376	153	134	270	-60	20	29	9	6.75	1.95	DD	Karakara
						incl	25.05	26.05	1	0.75	10.60	DD	Karakara
							46	51	5	3.75	1.12	DD	Karakara
							58	62	4	3.00	1.98	DD	Karakara
							74	93.2	19.2	14.40	5.23	DD	Karakara
						incl	89	90	1	0.75	17.75	DD	Karakara
						and	92	93.2	1.2	0.90	39.40	DD	Karakara
DSDD207	231866	1428374	154	167	270	-60	34	47	13	9.75	0.75	DD	Karakara
							71	75.9	4.9	3.68	2.72	DD	Karakara
							79	91	12	9.00	8.54	DD	Karakara
						incl	80	82	2	1.50	36.23	DD	Karakara
DSDD209	231793	1428273	153	182	270	-60	106	113	7	5.25	1.75	DD	Karakara
							116.9	123.25	6.35	4.76	2.06	DD	Karakara
DSR524	231846	1428400	174	130	270	-60	86	93	7	5.25	3.68	RC	Karakara
DSR525	231838	1428352	174	156	270	-60	42	48	6	4.50	1.75	RC	Karakara
							98	103	5	3.75	11.20	RC	Karakara
						incl	99	100	1	0.75	38.00	RC	Karakara
							107	108	1	0.75	16.40	RC	Karakara
							112	124	12	9.00	3.20	RC	Karakara
						incl	121	122	1	0.75	27.40	RC	Karakara
DSR529	231751	1428352	155	100	270	-60	29	48	19	14.25	2.37	RC	Karakara
						incl	47	48	1	0.75	11.00	RC	Karakara
DSR530	231725	1428224	154	140	270	-60	58	63	5	3.75	4.04	RC	Karakara
							75	80	5	3.75	1.37	RC	Karakara
							100	104	4	3.00	3.38	RC	Karakara
DSR531	231838	1428147	154	84	90	-60	47	50	3	2.25	5.02	RC	Karakara
							66	67	1	0.75	10.50	RC	Karakara
DSR533	231725	1428146	154	102	270	-60	67	70	3	2.25	2.71	RC	Karakara
DSR534	231629	1428067	153	180	340	-60	11	22	11	8.25	1.59	RC	Karakara
							100	111	11	8.25	0.65	RC	Karakara
							153	159	6	4.50	5.64	RC	Karakara
						incl	156	157	1	0.75	13.40	RC	Karakara
DSR535	231615	1428117	156	144	340	-60	43	56	13	9.75	0.87	RC	Karakara
							65	73	8	6.00	5.33	RC	Karakara
							81	95	14	10.50	1.94	RC	Karakara
						incl	90	91	1	0.75	13.90	RC	Karakara
DSR536	231869	1428203	153	150	270	-60	52	58	6	4.50	1.04	RC	Karakara
							64	78	14	10.50	4.18	RC	Karakara
						incl	72	73	1	0.75	33.30	RC	Karakara
							111	128	17	12.75	0.72	RC	Karakara
DSR537	231780	1428250	151	174	270	-60	80	98	18	13.50	2.33	RC	Karakara
						incl	81	82	1	0.75	24.10	RC	Karakara
							104	107	3	2.25	7.08	RC	Karakara
						incl	104	105	1	0.75	13.35	RC	Karakara
DSR538	231743	1428203	150	180	270	-60	86	100	14	10.50	2.10	RC	Karakara
						incl	94	95	1	0.75	11.85	RC	Karakara
							133	135	2	1.50	2.64	RC	Karakara
DSR539	231703	1428174	150	120	270	-60	18	30	12	9.00	2.73	RC	Karakara
						incl	18	19	1	0.75	18.60	RC	Karakara
							41	44	3	2.25	3.71	RC	Karakara
							52	57	5	3.75	3.62	RC	Karakara
							108	118	10	7.50	2.04	RC	Karakara
DSR540	231780	1428304	150	100	90	-60	65	74	9	6.75	2.53	RC	Karakara
DSR541	231817	1428321	150	132	270	-60	48	54	6	4.50	0.98	RC	Karakara
							92	109	17	12.75	4.17	RC	Karakara
						incl	95	96	1	0.75	26.20	RC	Karakara
						and	107	108	1	0.75	21.00	RC	Karakara
							114	118	4	3.00	5.77	RC	Karakara
						incl	114	115	1	0.75	13.30	RC	Karakara
DSR542	231750	1428165	152	170	340	-60	50	59	9	6.75	6.88	RC	Karakara
						incl	56	58	2	1.50	24.35	RC	Karakara
DSR543	231749	1428159	149	108	270	-60	38	41	3	2.25	4.62	RC	Karakara
							72	78	6	4.50	17.20	RC	Karakara
						incl	72	74	2	1.50	47.35	RC	Karakara
							97	100	3	2.25	8.04	RC	Karakara
						incl	98	99	1	0.75	18.30	RC	Karakara
DSR545	231953	1428495	150	132	90	-60	66	77	11	8.25	0.53	RC	Karakara
DSR546	231952	1428395	151	200	270	-60	79	98	19	14.25	2.80	RC	Karakara
						incl	91	92	1	0.75	13.50	RC	Karakara
						and	94	95	1	0.75	18.45	RC	Karakara
							105	110	5	3.75	4.17	RC	Karakara
						incl	106	107	1	0.75	11.35	RC	Karakara
							117	132	15	11.25	4.51	RC	Karakara
						incl	127	129	2	1.50	17.60	RC	Karakara
DSR548	231814	1428398	152	132	90	-60	113	114	1	0.75	14.45	RC	Karakara
							120	129	9	6.75	0.99	RC	Karakara

DSR549	230888	1426892	149	90	90	-55	25	44	19	14.25	0.94	RC	Moungoundi
							49	52	3	2.25	5.68	RC	Moungoundi
DSR550	230912	1426894	152	78	90	-55	NSI					RC	Moungoundi
DSR551	230856	1426924	151	108	90	-50	31	58	27	20.25	2.10	RC	Moungoundi
						incl	50	52	2	1.50	15.88	RC	Moungoundi
DSR552	230878	1426961	155	90	90	-50	51	66	15	11.25	4.35	RC	Moungoundi
						incl	56	57	1	0.75	20.60	RC	Moungoundi
						and	64	66	2	1.50	18.88	RC	Moungoundi
DSR553	230911	1426925	153	81	90	-50	NSI					RC	Moungoundi
DSR554	230765	1426874	155	90	190	-55	58	59	1	0.75	11.80	RC	Moungoundi
							80	81	1	0.75	15.95	RC	Moungoundi
DSR555	230687	1426848	153	84	190	-50	NSI					RC	Moungoundi
DSR556	230766	1426877	155	126	135	-50	108	116	8	6.00	1.30	RC	Moungoundi
DSR557	230859	1426880	155	110	90	-50	NSI					RC	Moungoundi
DSR558	230807	1426926	155	140	90	-50	88	97	9	6.75	5.39	RC	Moungoundi
						incl	92	94	2	1.50	15.63	RC	Moungoundi
DSR559	230759	1426934	156	132	90	-50	101	124	23	17.25	1.20	RC	Moungoundi
DSR560	230653	1426792	155	90	5	-50	NSI					RC	Moungoundi
DSR561	230648	1426725	153	100	85	-60	20	29	9	6.75	0.58	RC	Moungoundi
							35	39	4	3.00	1.86	RC	Moungoundi
							43	52	9	6.75	0.89	RC	Moungoundi
DSR562	230663	1426746	152	80	10	-60	NSI					RC	Moungoundi
DSR563	230672	1426897	153	156	90	-60	45	64	19	14.25	2.74	RC	Moungoundi
						incl	50	51	1	0.75	17.80	RC	Moungoundi
DSR564	230721	1426901	153	165	90	-60	NSI					RC	Moungoundi
DSR565	230671	1426772	150	100	5	-55	46	54	8	6.00	1.11	RC	Moungoundi
DSR566	230633	1426700	150	150	10	-50	NSI					RC	Moungoundi
DSR567	230845	1426830	153	145	90	-50	NSI					RC	Moungoundi
DSR568	230894	1426826	153	110	90	-50	46	61	15	11.25	30.74	RC	Moungoundi
						incl	46	49	3	2.25	146.03	RC	Moungoundi
							66	78	12	9.00	1.73	RC	Moungoundi
DSR569	230934	1426830	154	90	90	-50	NSI					RC	Moungoundi
DSR570	230936	1426852	154	114	90	-50	NSI					RC	Moungoundi
DSR571	231368	1426840	156	102	90	-50	NSI					RC	Moungoundi
DSR572	231309	1426840	156	100	90	-50	NSI					RC	Moungoundi
DSR573	231248	1426841	156	108	90	-50	NSI					RC	Moungoundi
DSR574	231189	1426838	156	100	90	-50	NSI					RC	Moungoundi

DSR575	231176	1426371	149	75	90	-50	14	20	6	4.50	2.12	RC	Western Splay
DSR576	231151	1426371	149	78	90	-50	19	28	9	6.75	1.38	RC	Western Splay
DSR577	231153	1426371	149	78	270	-75	NSI					RC	Western Splay
DSR578	230900	1426369	148	120	90	-50	118	120	2	1.50	13.91	RC	Western Splay
						incl	119	120	1	0.75	24.70	RC	Western Splay
DSR579	231017	1426328	147	141	90	-50	38	48	10	7.50	1.71	RC	Western Splay
							113	122	9	6.75	1.80	RC	Western Splay
							138	141	3	2.25	2.72	RC	Western Splay
DSR580	231162	1426327	147	100	90	-50	NSI					RC	Western Splay
DSR581	231034	1426246	146	120	90	-50	43	54	11	8.25	1.17	RC	Western Splay
DSR582	231088	1426248	145	120	90	-50	5	6	1	0.75	5.20	RC	Western Splay
							58	68	10	7.50	3.33	RC	Western Splay
DSR583	231193	1426351	148	65	260	-80	NSI					RC	Western Splay
DSR584	231214	1426326	147	100	90	-50	17	35	18	13.50	2.13	RC	Western Splay
							58	61	3	2.25	3.70	RC	Western Splay
DSR585	230966	1426326	146	150	90	-50	110	118	8	6.00	1.03	RC	Western Splay
DSR586	230927	1426374	147	108	90	-50	NSI					RC	Western Splay
DSR587	230878	1426372	147	120	90	-50	NSI					RC	Western Splay
DSR588	231016	1426428	147	106	90	-50	NSI					RC	Western Splay
DSR589	230913	1426426	148	108	90	-50	93	96	3	2.25	2.40	RC	Western Splay
DSR590	230875	1426430	147	102	90	-50	NSI					RC	Western Splay
DSR591	231261	1426157	144	102	90	-50	NSI					RC	Western Splay
DSR592	231059	1426158	145	102	90	-50	NSI					RC	Western Splay
DSR593	231008	1426160	145	102	90	-50	NSI					RC	Western Splay
DSR594	231013	1426105	146	102	90	-50	NSI					RC	Western Splay
DSR595	231166	1426084	145	102	90	-50	NSI					RC	Western Splay
DSR596	231267	1426216	145	186	310	-50	140	143	3	2.25	4.64	RC	Western Splay
							179	186	7	5.25	1.32	RC	Western Splay
DSR597	231284	1426258	147	180	310	-50	9	12	3	2.25	2.67	RC	Western Splay
							127	132	5	3.75	1.01	RC	Western Splay
							171	179	8	6.00	1.62	RC	Western Splay
DSR598	231210	1426158	145	150	310	-50	56	66	10	7.50	7.42	RC	Western Splay
						incl	58	59	1	0.75	11.50	RC	Western Splay
						and	61	63	2	1.50	19.60	RC	Western Splay
							82	95	13	9.75	1.42	RC	Western Splay
							99	101	2	1.50	3.39	RC	Western Splay
DSR599	230778	1425923	152	150	340	-50	NSI					RC	Western Splay

DSR600	231634	1425852	144	138	150	-50	19	27	8	6.00	1.48	RC	Kassasoko
							47	56	9	6.75	0.99	RC	Kassasoko
							66	74	8	6.00	1.15	RC	Kassasoko
DSR601	231665	1425873	144	132	150	-50	10	18	8	6.00	2.26	RC	Kassasoko
							32	44	12	9.00	1.24	RC	Kassasoko
DSR602	231677	1425899	145	110	150	-50	28	38	10	7.50	0.90	RC	Kassasoko
DSR603	231714	1425876	145	100	150	-50	NSI					RC	Kassasoko
DSR604	231726	1425913	144	168	150	-50	4	12	8	6.00	1.07	RC	Kassasoko
							29	44	15	11.25	1.49	RC	Kassasoko
DSR605	231670	1425965	143	160	150	-50	26	34	8	6.00	1.02	RC	Kassasoko
DSR606	231616	1425834	144	138	150	-50	45	56	11	8.25	0.94	RC	Kassasoko
DSR607	231580	1425860	144	150	150	-50	30	35	5	3.75	1.89	RC	Kassasoko
DSR608	231566	1425817	144	126	150	-50	NSI					RC	Kassasoko
DSR609	231590	1425778	144	78			NSI					RC	Kassasoko
DSR610	231468	1425733	145	70	150	-50	NSI					RC	Kassasoko
DSR611	231377	1425691	145	60	150	-50	NSI					RC	Kassasoko
DSR612	231431	1425820	144	156	150	-50	63	75	12	9.00	1.29	RC	Kassasoko
DSR613	231590	1425977	144	150	150	-50	0	5	5	3.75	2.15	RC	Kassasoko
							29	54	25	18.75	1.01	RC	Kassasoko
DSR614	231853	1425886	142	90	150	-50	47	58	11	8.25	0.75	RC	Kassasoko
							79	90	11	8.25	0.76	RC	Kassasoko
DSR615	231836	1425949	144	120	150	-50	NSI					RC	Kassasoko
DSR616	231884	1425921	143	60	150	-50	6	13	7	5.25	1.25	RC	Kassasoko
DSR617	231861	1425971	144	100	150	-50	NSI					RC	Kassasoko
DSR618	231920	1426011	144	120	150	-50	NSI					RC	Kassasoko
DSR619	231976	1426023	145	96	150	-50	NSI					RC	Kassasoko
DSR620	232084	1426032	145	144	150	-50	NSI					RC	Kassasoko
DSR621	232159	1426106	145	162	150	-50	NSI					RC	Kassasoko
DSR622	232283	1426177	143	162	150	-50	46	51	5	3.75	3.44	RC	Kassasoko
DSR623	232198	1426238	145	180	150	-50	50	54	4	3.00	2.61	RC	Kassasoko

Notes:

EOH - End of hole
NSI: No significant intercepts
ETW: Estimated true width
Depths and widths reported to nearest significant figure
DD: Diamond drilling tail | RC: reverse circulation drilling | RCD: reverse circulation drilling with diamond tail
SDD151 - 17 to 21m intercept includes 0.5m core loss from 18.5m taken as zero value
DSDD152 - 20 to 44m intercept includes 0.7m core loss from 42.3m taken as zero value
DSDD154 - 14 to 39m intercept includes 0.7m core loss from 16m taken as zero value
DSDD158 - 4 to 48m intercept includes 1.5m core loss from 7m, 1m core loss from 8m, 1m core loss from 14m, 1m core loss from 18m, 0.4m core loss from 27.6m and 1m core loss from 30m, all taken as zero value
DSDD160 - 17 to 21m intercept includes 1m core loss from 18m taken as zero value
DSDD160 - 26 to 36m intercept includes 1m core loss from 33m taken as zero value
DSDD161 - 3 to 27m intercept includes 0.5m core loss from 3.5m, 0.5m core loss from 12.5m, 1m core loss from 15m and 0.5m core loss from 24.5m, all taken as zero value
DSDD161 - 31 to 38m intercept includes 0.5m core loss from 33.5m taken as zero value
DSDD163 - 7 to 47m intercept includes 1m core loss from 22m taken as zero value
DSDD166 - 16 to 43m intercept includes 1m core loss from 17m taken as zero value
DSDD170 - 49 to 93m intercept includes 1.3m core loss from 63m, 1m core loss from 67m, 1.7m core loss from 68m and 1m core loss from 73m, all taken as zero value
DSDD173 - 8 to 64m intercept includes 1.5m core loss from 61m taken as zero value
DSDD176 - 36 to 55.5m intercept includes 1m core loss from 48m and 2m core loss from 51m, all taken as zero value
DSDD176 - 81 to 93.8m intercept includes 2.2m core loss from 82m, 1.5m core loss from 86.5m and 2.8m core loss from 89.6m, all taken as zero value
DSDD177 - 26 to 89m intercept includes 1m core loss from 30m, 1m core loss from 39m, 1m core loss from 41m and 1m core loss from 61m, all taken as zero value
DSDD179 - 31 to 46m intercept includes 1m core loss from 40m taken as zero value
DSDD180 - 12 to 44m intercept includes 1m core loss from 39m taken as zero value
DSDD183 - 21 to 29m intercept includes 0.7m core loss from 22m taken as zero value
DSDD186 - 54 to 70m intercept includes 1m core loss from 57m and 1m core loss from 61m, all taken as zero value
DSDD191 - 47 to 54.1m intercept includes 3m core loss from 50m taken as zero value
DSDD192 - 47 to 61m intercept includes 1m core loss from 56m taken as zero value

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/68cee30d-7327-4fcd-b096-79d66647a77c

https://www.globenewswire.com/NewsRoom/AttachmentNg/9ebdb0c3-8267-4240-9e02-5ecaf8622821

https://www.globenewswire.com/NewsRoom/AttachmentNg/73fd7cf9-be4d-49a5-9b51-963f42fe280d

https://www.globenewswire.com/NewsRoom/AttachmentNg/055bd923-0364-43ee-9623-6c1dc98845be

https://www.globenewswire.com/NewsRoom/AttachmentNg/153f49f0-e8c2-4224-8820-62047c71e68f

https://www.globenewswire.com/NewsRoom/AttachmentNg/5fc0c6be-4d90-47af-bca4-813e0066c392

News Provided by GlobeNewswire via QuoteMedia

silver investing fvi:ca

FVI:CA,FSM

Fortuna Announces Pricing of Convertible Senior Notes

Fortuna Silver Mines Inc. (TSX: FVI) (NYSE: FSM) ("Fortuna" or the "Company") announces that it has priced its previously announced offering of convertible senior notes due 2029 (the "Notes") in an aggregate principal amount of US$150 million (the "Offering"). The Company has granted the initial purchasers of the Notes an option for a period of 15 days to purchase up to an additional US$22.5 million aggregate principal amount of Notes. The Notes will be issued at par value.

The Notes will bear cash interest semi-annually at a rate of 3.75% per annum. The initial conversion rate for the Notes will be 151.7220 common shares of Fortuna ("Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$6.59 per Share. The initial conversion rate represents a premium of approximately 30% relative to today's closing sale price of the Shares and is subject to adjustment in certain events.

News Provided by GlobeNewswire via QuoteMedia

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Fortuna's Yaramoko Mine reaches one-million-ounce gold pour milestone

Fortuna Silver Mines Inc. (TSX: FVI) (NYSE: FSM) is pleased to report that the Yaramoko Mine located in Burkina Faso reached the one-million-ounce gold pour milestone on May 19, 2024. Yaramoko started production on May 16, 2016 and Fortuna acquired the mine on July 2, 2021 (refer to Fortuna news release dated July 2, 2021 ).

As of December 31, 2023, Yaramoko has a remaining mine life of two years with Proven and Probable Mineral Reserves of 0.9 Mt at a grade of 7.90 g/t Au and containing 219 koz Au, in addition to Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, of 0.5 Mt at a grade of 2.87 g/t Au and containing 43 koz Au, and Inferred Mineral Resources, exclusive of Mineral Reserves, of 0.16 Mt at a grade of 3.52 g/t Au and containing 18 koz Au (refer to Fortuna news release dated February 15, 2024, " Fortuna reports updated Mineral Reserves and Mineral Resources "). The mine's exploration budget for 2024 is US$6.1 million, which includes 41,450 meters of drilling (refer to Fortuna news release dated January 18, 2024 ).

News Provided by GlobeNewswire via QuoteMedia

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Silver Price Forecast - What Happened And Where Do We Go From Here?

Silver Outlook

Thank you for requesting our exclusive Investor Report!

This forward-thinking document will arm you with the insights needed to make well-informed decisions for 2025 and beyond.

A Sneak Peek At What The Insiders Are Saying

"I'm looking for US$40 (per ounce) or so in 2025. It's really hard to predict because technically there's no resistance above US$35 or so”
— David Morgan, the Morgan Report

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At the same time, not a single word of the content we choose for you is paid for by any company or investment advisor: We choose our content based solely on its informational and educational value to you, the investor.

So if you are looking for a way to diversify your portfolio amidst political and financial instability, this is the place to start. Right now.

Silver Price Forecast: Top Trends for Silver in 2025

The silver price reached highs not seen since 2012 this past year, supported by an ongoing deficit and increasing interest from investors as geopolitical concerns prompted safe-haven buying.

The white metal reached its highest point for the year in October, breaking through US$34 per ounce on the back of a shifting post-pandemic landscape and geopolitical tensions. However, Donald Trump's victory in the US presidential election just a few weeks later buoyed bond yields and the US dollar while weighing on silver and gold.

What will 2025 hold for silver? As the new year approaches, investors are closely watching how Trump's policies and actions could impact the precious metal, along with supply and demand trends in the space.

Here's what experts see coming for silver in 2025.

How will Trump's presidency impact silver?

As Trump's inauguration approaches, speculation is rife about how he could affect the resource industry.

The president-elect ran on a policy of “drill, baby, drill," and while his focus was largely on oil and gas companies, mining sector participants have taken it as a positive sign for exploration and development.

Trump's promise to reduce permitting timelines for anyone making an investment of US$1 billion or more in the US has excited sector members, and could end up being a boon to silver companies in the country.

However, part of the help Trump has promised to mining companies comes from reneging on environmental commitments, including the Paris Agreement. This could end up weighing on silver.

Current President Joe Biden's Inflation Reduction Act includes tax credits and deductions for solar projects, and there's some concern that the incoming administration and the new Elon Musk-led Department of Government Efficiency (DOGE) could impose reversals or have the entire act gutted, hurting the solar market.

However, Peter Krauth, author of "The Great Silver Bull" and editor of the Silver Stock Investor, told the Investing News Network (INN) that Tesla (NASDAQ:TSLA) CEO Musk could end up keeping solar safe.

“Tesla bought SolarCity, which became Tesla Energy. They are an important provider of solar panels. Again, Musk’s new role heading DOGE and obvious close connection to Trump just might help mitigate risks to Tesla and its solar panel/power storage business. If that happens, in whatever form it may take, it could shelter solar panel production and sales in the US to a considerable degree,” Krauth explained via email.

He also noted that Trump's presidency isn't without risks and that much uncertainty still remains.

Mind Money CEO Julia Khandoshko also isn't worried about solar demand in the US.

“Rolling back ESG policies and returning to carbon-based technologies could slow the green energy transition in the US. However, Europe and China, the main drivers of the green transition, remain committed to clean energy, which increases silver demand. Thus, global trends will continue to support silver use in renewable energy technologies,” she told INN.

Silver deficit expected to continue

Industrial segments have been critical for silver demand in recent years.

As of November, the Silver Institute was forecasting total industrial demand of 702 million ounces of silver for 2024, an increase of 7 percent over the 655 million ounces recorded in 2023.

The institute attributes much of this increase to energy transition sectors, highlighting photovoltaics in particular.

However, these gains are coming alongside flat mine production, which is expected to grow only 1 percent to 837 million ounces during 2024. Once factored in, secondary supply from recycling pushes total supply of silver to 1.03 billion ounces for the year, a considerable gap from the 1.21 billion ounces of total demand.

Both Krauth and Khandoshko think the gap between silver supply and demand will continue.

Krauth suggested that companies have been dipping into aboveground inventories to narrow the gap, which has helped to keep the price of silver from exploding over the past year. "That supply is quickly drying up, so I expect to see renewed upward price pressure since silver miners are unable to grow output," he told INN.

Khandoshko expressed a similar sentiment, saying demand is likely to keep outpacing supply.

However, she also sees geopolitics and a global macroeconomic situation that could constrain both demand and supply growth in 2025. For example, economic difficulties in Europe and China could slow energy transition demand.

"The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult" — Julia Khandoshko, Mind Money

When it comes to supply, Khandoshko told INN that she sees a different scenario.

“The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult," she explained.

"These factors limit silver’s growth potential compared to gold, which in turn benefits from its role as a safe-haven asset during times of economic uncertainty."

Silver M&A set to heat up in 2025

As silver supply becomes increasingly stressed, experts are eyeing projects that are ramping up.

Krauth highlighted Aya Gold and Silver’s (TSX:AYA:OTCQX:AYASF) Zgounder mine expansion. Its first pour was at the end of November, and it is expected to ramp up to full annual output of 8 million ounces in 2025.

Endeavour Silver’s (TSX:EDR,NYSE:EXK) Terronera mine is also nearing completion. Once complete, the operation is expected to produce 15.5 million silver equivalent ounces per year.

For its part, Skeena Resources (TSX:SKE,NYSE:SKE) is working to develop its Eskay Creek project. It is set to come online in 2027, and is expected to bring 9.5 million ounces of silver per year to market in its first five years.

Krauth said a rising silver price is likely good news for mergers and acquisitions in 2025.

“Higher prices, since they translate into higher share prices, meaning acquirers can use their more valuable shares as a currency to acquire others … I think 2024 will bring deals between mid-tiers and between juniors," he said.

Krauth added, "The truth is that many mid-tier producers have not been spending on exploration. Something has to give, so I think we’ll see this space heat up."

Investor takeaway

Khandoshko and Krauth have similar silver outlooks for 2025, suggesting a possible pullback.

“Due to supply shortages and increasing demand in the coming months, silver is expected to reach US$35. After this, a slight pullback to US$30 would be possible,” Khandoshko said.

However, after that happens she projects another rise, with silver potentially passing US$50.

Krauth was looking for silver to reach US$35 in 2024, which happened in Q4. Looking forward to 2025, he thinks the white metal will revisit that level in the first quarter, with US$40 or more possible later in the year.

However, he suggested that investors should be cautious of wider economic trends affecting silver.

“There is a serious risk of significant correction in the broader markets and of a recession. A broad market selloff could bleed into silver stocks, even if only temporarily,” Krauth said.

In the case of a recession, a lack of industrial demand could create headwinds for silver. Still, Krauth thinks that could be tempered by government stimulus efforts for green energy and infrastructure.

Overall, 2025 could be a significant year for silver investors. However, geopolitical and economic instability may provide headwinds across the resource sector and could stymie silver's upward momentum.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Prismo Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Silver Price Update: Q1 2025 in Review

Gold may be grabbing headlines with record-breaking highs in 2025, but silver is quietly making its own impressive climb, rising 17 percent since the start of the year.

Long supported by industrial demand, the silver market is also benefiting from its reputation as a safe-haven asset. However, mounting economic uncertainty has rattled investors in recent months.

While there are many driving forces behind this uncertainty, the ongoing tariff threats from US President Donald Trump and his administration have spooked equity markets worldwide.

What happened to the silver price in Q1?

After reaching a year-to-date high of US$34.72 per ounce in October 2024, the price of silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.

A momentum shift at the start of the year caused it to rise. Opening at US$29.53 on January 2, silver quickly broke through the US$30 barrier on January 7, eventually reaching US$31.28 by January 31.

Silver price, January 2 to April 4, 2025

Silver price, January 2 to April 4, 2025

Chart via Trading Economics.

Silver's gains continued through much of February, with the white metal climbing to US$32.94 on February 20 before retreating to US$31.13 on February 28. Silver rose again in March, surpassing the US$32 mark on March 5 and closing above US$32 on March 12. It peaked at its quarterly high of US$34.43 on March 27.

Heading into April, silver slumped back to US$33.67 on the first day of the month; it then declined sharply to below US$30 following Trump's tariff announcements on April 2.

Tariff fears lift silver, but industrial demand uncertainty looms

Precious metals, including silver, have benefited from the volatility created by the Trump administration’s constant tariff threats since the beginning of the year. These threats have caused chaos throughout global equity and financial markets, prompting more investors to seek safe-haven assets to stabilize their portfolios.

However, there are concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market. In an email to the Investing News Network (INN), Peter Krauth, editor of the Silver Stock Investor and author of "The Great Silver Bull," said it's too soon to tell how tariffs may affect silver.

“We don’t really have any indication yet that industrial demand has weakened. There is, of course, a lot of concern regarding industrial demand, as tariffs could cause demand destruction as costs go up,” he said.

Krauth noted that for solar panels there is an argument that tariffs could positively affect industrial demand if countries have a greater desire for self-sufficiency and reduced reliance on energy imports.

He referenced research by Heraeus Precious Metals about a possible slowdown in demand from China, which accounts for 80 percent of solar panel capacity. However, any slowdown would coincide with a transition from older PERC technology to newer TOPCon cells, which require significantly more silver inputs.

“This, along with the gradual replacement of older PERC solar panels with TOPCon panels, should support silver demand at or near recent levels,” Krauth said.

Recession could provide headwinds

Another potential headwind for silver is the looming prospect of a recession in the US.

At the beginning of 2024, analysts had largely reached a consensus that some form of recession was inevitable.

While real GDP in the US rose 2.8 percent year-on-year for 2024, data from the Federal Reserve Bank of Atlanta’s GDPNow tool shows a projected -2.8 percent growth rate for the first quarter.

The Bureau of Economic Analysis won't release official real GDP figures until April 30, but the Atlanta Fed’s numbers suggest a troubling fall in GDP that could signal an impending recession.

In comments to INN, Mind Money CEO Julia Khandoshko indicated that a recession may negatively impact the silver market due to the growing demand for silver from energy transition markets.

“When the economy slows down, demand for manufactured goods, including silver, decreases, which means that buying in the next six months is unlikely to be a wise decision,” she said.

Solar panels account for significant demand, with considerable amounts also used in electric vehicles. Tariffs on US vehicle imports and a possible recession could create added pressure for silver.

"In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so" — Peter Krauth, Silver Stock Investor

“Another important factor is silver’s connection to the electric vehicle market. Previously, this sector supported demand for the metal, but now its growth has slowed down. In Europe and China, interest in electric cars is no longer so active, and against the background of economic problems, sales may even decline,” Khandoshko said.

Silver demand from solar panel production stands at 232 million ounces annually, with an additional 80 million ounces used by the electric vehicle sector. A recession could lead consumers to postpone major purchases, such as home improvements or new vehicles, particularly if coupled with the extra costs of tariffs.

Although the impact of tariffs on the economy — and ultimately demand for silver — remains uncertain, the Silver Institute’s latest news release on March 3 indicates a fifth consecutive annual supply deficit.

Silver price forecast for 2025

“I think silver will hold up well and rise on balance over the rest of this year,” Krauth said.

He also noted that, like gold, there have been shipments of physical silver out of vaults in the UK to New York as market participants try to avoid any direct tariffs that may be coming.

“In my view, there’s a strong possibility of witnessing a shock from a severe supply shortage in the silver market within the next six months or so,” Krauth explained to INN.

Khandoshko suggested silver's outlook is more closely tied to consumer sentiment. “The situation may also change when the news stops discussing the high probability of a recession in the US,” she remarked.

With Trump announcing a sweeping 10 percent global tariff along with dozens of specific reciprocal tariffs on April 2, there appears to be more instability and uncertainty ahead for the world’s financial systems.

This uncertainty has spread to precious metals, with silver trading lower on April 3 and retreating back toward the US$31 mark. Investors might be taking profits, but it could also be a broader pullback as they determine how to respond in a more aggressively tariffed world. In either scenario, the market may be nearing opportunities.

“There is some risk that we could see a near-term correction in the silver price. I don’t see silver as currently overbought, but gold does appear to be. I think we could get a correction in the gold price, which would likely pull silver lower. I could see silver retreating to the US$29 to US$30 level. That would be an excellent entry point. In that scenario, I’d be a buyer of both the physical metal and the silver miners,” Krauth said.

With increased industrial demand and its traditional safe-haven status, silver may present a more ideological challenge for investors in 2025 as competing forces exert their influence. Ultimately, supply and demand will likely be what drives investors to pursue opportunities more than its safe-haven appeal.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Top 5 Canadian Silver Stocks of 2025

Silver-mining companies and juniors have seen support from a strong silver price in 2025. Since the start of the year, the price of silver has increased by over 11 percent as of April 11, and it reached a year-to-date high of US$34.38 per ounce on March 27.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply and demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

So far, aboveground stockpiles have been keeping the price in check, but the expectation is those stocks will be depleted in 2025 or 2026, further restricting the supply side of the market.

How has silver's price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView's stock screener on February 12, 2025, and all companies listed had market caps over C$10 million at that time.

1. Discovery Silver (TSX:DSV)

Year-to-date gain: 185.92 percent
Market cap: C$848.98 million
Share price: C$2.03

Discovery Silver is a precious metals development company focused on advancing its Cordero silver project in Mexico. Additionally, it is looking to become a gold producer with its recently announced acquisition of the producing Porcupine Complex in Ontario, Canada.

Cordero is located in Mexico’s Chihuahua State and is composed of 26 titled mining concessions covering approximately 35,000 hectares in a prolific silver and gold mining district.

A 2024 feasibility study for the project outlines proven and probable reserves of 327 million metric tons of ore containing 302 million ounces of silver at an average grade of 29 grams per metric ton (g/t) silver, and 840,000 ounces of gold at an average grade of 0.08 g/t gold. The site also hosts significant zinc and lead reserves.

The report also indicated favorable economics for development. At a base case scenario of US$22 per ounce of silver and US$1,600 per ounce of gold, the project has an after-tax net present value of US$1.18 billion, an internal rate of return of 22 percent and a payback period of 5.2 years.

Discovery's shares gained significantly on January 27, after the company announced it had entered into a deal to acquire the Porcupine Complex in Canada from Newmont (TSX:NGT,NYSE:NEM).

The Porcupine Complex is made up of four mines including two that are already in production: Hoyle Pond and Borden. Additionally, a significant portion of the complex is located in the Timmins Gold Camp, a region known for historic gold production.

Discovery anticipates production of 285,000 ounces of gold annually over the next 10 years and has a mine life of 22 years. Inferred resources at the site point to significant expansion, with 12.49 million ounces of gold, from 254.5 million metric tons of ore with an average grade of 1.53 g/t.

Upon the closing of the transaction, Discovery will pay Newmont US$200 million in cash and US$75 million in common shares, and US$150 million of deferred consideration will be paid in four payments beginning on December 31, 2027.

According to Discovery in its full-year 2024 financial results, the Porcupine acquisition will help support the financing, development and operation of Cordero. Discovery’s share price reached a year-to-date high of C$2.12 on March 31.

2. Almaden Minerals (TSX:AMM)

Year-to-date gain: 136.36 percent
Market cap: C$16.47 million
Share price: C$0.13

Almaden Minerals is a precious metals exploration company working to advance the Ixtaca gold and silver deposit in Puebla, Mexico. According to the company website, the deposit was discovered by Almaden’s team in 2010 and has seen more than 200,000 meters of drilling across 500 holes.

A July 2018 resource estimate shows measured resources of 862,000 ounces of gold and 50.59 million ounces of silver from 43.38 million metric tons of ore, and indicated resources of 1.15 million ounces of gold and 58.87 million ounces of silver from 80.76 million metric tons of ore with a 0.3 g/t cutoff.

In April 2022, Mexico’s Supreme Court of Justice (SCJN) ruled that the initial licenses issued in 2002 and 2003 would be reverted back to application status after the court found there had been insufficient consultation when the licenses were originally assigned.

Ultimately, the applications were denied in February 2023, effectively halting progress on the Ixtaca project. While subsequent court cases have preserved Almaden’s mineral rights, it has yet to restore the licenses to continue work on the project.

In June 2024, Almaden announced it had confirmed up to US$9.5 million in litigation financing that will be used to fund international arbitrations proceedings against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In a December update, the company announced that several milestones had been achieved, including the first session with the tribunal, at which the company was asked to submit memorial documents outlining its legal arguments by March 20, 2025. At that time, the company stated it would vigorously pursue the claim but preferred a constructive resolution with Mexico.

In its most recent update on March 21, the company indicated that it had submitted the requested documents, claiming US$1.06 billion in damages. The memorial document outlines how Mexico breached its obligations and unlawfully expropriated Almaden’s investments without compensation.

Shares in Almaden reached a year-to-date high of C$0.135 on February 24.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 98.43 percent
Market cap: C$373.48 million
Share price: C$2.52

Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day ore, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350-meter mine access and haulage decline. The company said the first phase at the site is expected to be under C$5 million and will be funded from cash reserves.

The latest update from Avino occurred on March 11, when it announced its 2024 financial results. The company reported record revenue of $24.4 million, up 95 percent compared to 2023. Avino also reduced its costs per silver ounce sold.

Additionally, Avino reported a 19 percent increase in production in 2024, producing 1.11 million ounces of silver compared to 928,643 ounces in 2023. The company’s sales also increased, up by 23 percent to 2.56 million ounces of silver compared to 2.09 million ounces the previous year.

Avino's share price marked a year-to-date high of C$2.80 on March 27.

4. Highlander Silver (CSE:HSLV)

Year-to-date gain: 90 percent
Market cap: C$160.17 million
Share price: C$1.90

Highlander Silver is an exploration and development company advancing projects in South America.

Its primary focus has been the San Luis silver-gold project, which it acquired in a May 2024 deal from SSR Mining (TSX:SSRM,NASDAQ:SSRM) for US$5 million in upfront cash consideration and up to an additional US$37.5 million if Highlander meets certain production milestones.

The 23,098 hectare property, located in the Ancash department of Peru, hosts a historic measured and indicated mineral resource of 9 million ounces of silver, with an average grade of 578.1 g/t, and 348,000 ounces of gold at an average grade of 22.4 g/t from 484,000 metric tons of ore.

In July 2024, the company said it was commencing field activities at the project; it has not provided results from the program. In its December 2024 management discussion and analysis, the company stated it was undertaking a review of prior exploration plans and targets, adding that it believes there is exceptional growth potential.

Highlander's most recent news came on March 11, when it announced it had closed an upsized bought deal private placement for gross proceeds of C$32 million. The company said it will use the funding to further exploration activities at San Luis and for general working capital.

Shares in Highlander reached a year-to-date high of C$1.96 on March 31.

5. Santacruz Silver Mining (TSXV:SCZ)

Year-to-date gain: 85.45 percent
Market cap: C$192.16 million
Share price: C$0.51

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include the Bolivar, Porco and Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In a production report released on January 30, the company disclosed consolidated silver production of 6.72 million ounces, marking a 4 percent decrease from the 7 million ounces produced in 2023. This decline was primarily attributed to a reduction in average grades across all its mining properties.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project. This 8,325-hectare land package is located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

Shares in Santacruz reached a year-to-date high of C$0.59 on March 18.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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In this article

Why is Neumeyer calling for a US$100 silver price?

What factors affect the silver price?

Could silver hit US$100 per ounce?

What do other experts think about US$100 silver?

FAQs for silver

Can silver hit $1,000 per ounce?

Why is silver so cheap?

Is silver really undervalued?

Is silver better than gold?

At what price did Warren Buffet buy silver?

How to invest in silver?

Silver Outlook

A Sneak Peek At What The Insiders Are Saying

Who We Are

Table of Contents

Silver Price Forecast: Top Trends for Silver in 2025

How will Trump's presidency impact silver?

Silver deficit expected to continue

Silver M&A set to heat up in 2025

Investor takeaway

Silver Price Update: Q1 2025 in Review

What happened to the silver price in Q1?

Tariff fears lift silver, but industrial demand uncertainty looms

Recession could provide headwinds

Silver price forecast for 2025

Top 5 Canadian Silver Stocks of 2025

1. Discovery Silver (TSX:DSV)

2. Almaden Minerals (TSX:AMM)

3. Avino Silver & Gold Mines (TSX:ASM)

4. Highlander Silver (CSE:HSLV)

5. Santacruz Silver Mining (TSXV:SCZ)

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