Precious Metals

Metals & Mining First Quarter 2022 Review and Outlook

Mining companies outperform broader market. During the first quarter, mining companies (as measured by the XME) appreciated 36.9% compared to a loss of 4.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 19.7% and 11.8%, respectively. Gold, silver, copper, and zinc futures prices rose 6.5%, 7.5%, 6.7%, and 20.9%, respectively, while lead was down 0.3%. The war in Ukraine has constrained supplies of commodities, everything from fertilizer, grain, oil, natural gas, and metals, and magnified inflationary trends. How long this will continue is uncertain. Outlook for precious metals. The U.S. Dollar Index rose 2.4% during the first quarter, while the yield on a 10-year treasury note rose to 2.33% from 1.51% at year-end 2020. With the U.S. Federal Reserve signaling more aggressive action to combat inflation, further gains for gold may be challenged for the remainder of the year in the face of higher rates and a stronger dollar. However, with consumer and core inflation at 7.9% and 6.4% through February, respectively, real interest rates remain negative and enhance gold's appeal as a store of value. Moreover, precious metals may be viewed as insurance against expected market volatility and economic uncertainty. Risk of slowing economic growth may impact industrial metals. With the Federal Reserve behind the curve on inflation and an unanticipated war stressing commodity markets, choking back demand and growth may be an obvious choice to combat inflation and supply shortages. A key worry is the risk of recession in the U.S. and abroad versus a softer landing. However, improving supply chains, inventory re-stocking, and greater capital spending could be supportive of pricing, and we believe the long-term investment case for owning industrial metals mining companies remains favorable. However, industrial metals may also be challenged to post further gains into the latter part of the year. Putting it all together. While much uncertainty remains, including the trajectory of the war in Ukraine, the U.S. Federal Reserve will likely achieve its goal of tamping down inflation. Despite a cautious near-term outlook, precious and industrial metals prices could hold up relatively well despite near-term headwinds. As a means of portfolio diversification, exposure to the mining sector is beneficial and investors may want to consider junior mining companies due to more attractive valuations relative to larger cap peers and the potential for increased M&A and industry consolidation. Read More >>

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Séguéla Project on-track for commissioning in the second quarter

Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on activities at its Séguéla gold Project located in Côte d'Ivoire.

David Whittle, Chief Operating Officer - West Africa, commented, "Construction activities are nearing completion despite worldwide supply chain challenges. We are pleased to report commissioning remains on schedule for Q2 2023." Mr. Whittle added, "Our operational teams are being assembled with an experienced core leadership group already hired and preparing for first gold production." Mr. Whittle concluded, "This will mark a significant milestone for Fortuna with Séguéla also exhibiting growth potential given the quantity of Inferred Resources and the exploration success on the property to date."

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Pan American Receives Shareholder Approval Regarding the Proposed Arrangement with Yamana and Agnico Eagle

Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (" Pan American " or the " Company ") is pleased to announce that at its special meeting of shareholders held earlier today, shareholders of Pan American  (" Pan American Shareholders ") overwhelmingly approved the resolution to authorize the issuance of up to 156,923,287 common shares of Pan American (the " Share Issuance Resolution ") in respect of the arrangement involving Pan American, Agnico Eagle Mines Limited and Yamana Gold Inc. (" Yamana ") under the Canada Business Corporations Act (the " Arrangement ").

Detailed results of the votes cast are as follows:

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SilverCrest Reports Fourth Quarter 2022 Operational Results and Provides Las Chispas Mine Update

TSX: SIL | NYSE American: SILV

 SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide fourth quarter operational results (Q4, 2022) and an update on activities at the Company's Las Chispas Mine ("Las Chispas" or the "Mine") located in Sonora, Mexico . All currency amounts herein are presented in United States Dollars, unless otherwise stated.

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Fortuna reports on Yaramoko's updated reserves and resources evaluation work and its Brownfields exploration program

Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) provides an update on the evaluation work of the Mineral Reserves and Mineral Resources and the brownfields exploration program at the Yaramoko Mine complex in Burkina Faso.

Following the completion of Fortuna's acquisition of Roxgold Inc. on July 2, 2021, the Company updated the technical report previously filed by Roxgold in 2017 and filed a new technical report on March 30, 2022 (the "2022 Technical Report") to describe the proposed open pit mining operation at the 55 Zone as disclosed by Roxgold on November 10, 2020. During the first half of 2022, the Company carried out additional exploration drilling and a re-evaluation of the modeling and estimation techniques to improve the definition of the mineralization. A summary of the drilling and evaluation programs completed at Yaramoko during 2022 are summarized below, together with the highlights of its brownfields exploration program.

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Galena Mining

Activities and Cashflow Report For Quarter Ended 31 December 2022

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ended 31 December 2022 (the “Quarter”), primarily focused on construction of its 60%- owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.

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Endeavour Silver Announces Filing of NI 43-101 Technical Reports for Guanacevi and Bolañitos Mines

Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) announces today it has filed technical reports (the " Technical Reports ") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

The Technical Reports are entitled "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Guanaceví Project, Durango State, Mexico" (the " 2022 Guanacevi Report ") with an effective date of November 5, 2022, and "NI 43-101 Technical Report: Updated Mineral Resource and Reserve Estimates for the Bolañitos Project, Guanajuato State, Mexico" (the " 2022 Bolañitos Report ") with an effective date of November 9, 2022 and are co-authored by the Company and by Hard Rock Consulting, LLC (" Hard Rock "), a full-service geologic and mine engineering firm.

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