Fortuna Silver Mines renews share repurchase program

Fortuna Silver Mines announced that the Toronto Stock Exchange has approved the renewal of Fortuna’s normal course issuer bid, or NCIB, to purchase up to 5% of its outstanding common shares. Under the NCIB, purchases of common shares may be made through the Toronto Stock Exchange, the New York Stock Exchange and/or alternative Canadian trading systems. The share repurchase program starts on May 2 and will expire on the earlier of: May 1, 2025; one calendar year after the renewal of the share repurchase program; the date Fortuna acquires the maximum number of common shares allowable under the NCIB; or the date Fortuna otherwise determines not to make any further repurchases under the NCIB. Fortuna believes that from time to time, its common shares trade at market prices that may not adequately reflect their underlying value. As a result, depending upon future price movements and other factors, the board of Fortuna believes that the repurchase of common shares for cancellation would be an appropriate use of corporate funds. Pursuant to the NCIB, Fortuna is permitted to repurchase up to 15,287,201 common shares, being five percent of its outstanding 305,744,039 common shares as of April 26. Common shares purchased under the NCIB will be cancelled. In connection with the NCIB, Fortuna has entered into a share repurchase plan with a broker, which will enable the broker to purchase common shares on behalf of Fortuna through the open market in accordance with instructions from management, provided that Fortuna is not in possession of any material non-public information or subject to any black-out periods at such time.