Name of the Project
Séguéla gold project.

Location
Worodougou region of the Woroba District, Côte d’Ivoire.

Project Owner/s
Fortuna Silver Mines.

Project Description
Séguéla has total mineral reserves of 12.06-million tonnes.

The project has a mine life of 8.6 years, during which it is expected to produce 1.03-million ounces of gold, with average gold production estimated at 120 000 oz/y.

The project involves the development of an openpit mining operation, targeting a series of openpit mines at the Antenna, Koula, Ancien, Agouti and Boulder deposits that will feed a central gold processing facility.

Conventional openpit mining methods will be used at Séguéla.

Drilling and blasting are planned for oxide and fresh mineralised material, followed by conventional truck-and-shovel operations in the pits for the movement of mineralised material and waste.

The processing plant will have a capacity of 1.25-million tonnes a year, increasing to 1.57-million tonnes a year in Year 3 through a series of optimisation and debottlenecking measures.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate and gold price of $1 600/oz, of $380-million and an internal rate of return of 49%, with a payback of 1.7 years.

Capital Expenditure
$173.5-million.

Planned Start/End Date
The project is expected to take 20 months to complete, with first gold expected by mid-2023.

Latest Developments
Fortuna Silver Mines is progressing infill drilling at the Sunbird deposit, at its Séguéla gold project, to increase resource confidence.

To date, 30 holes have been drilled in the first 4 560 m completed as part of a 9 500 m programme.

Drilling is scheduled to be completed in the second quarter of this year, ahead of further optimisation work and integration into the life-of-mine (LoM) plan.

Further drilling to test the depth potential of the high-grade shoots, previously identified as plunging to the south, is planned for the second half of the year.

Fortuna senior VP of exploration Paul Weedon has noted that the focus at Sunbird is on upgrading its resource confidence, with the ultimate intention of conversion to mineral reserves to expand Séguéla's current 1.1-million ounces of gold reserves and nine-year LoM.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Fortuna Silver Mines, email info@fortunasilver.com.