Fortuna Silver Mines amended its existing senior secured revolving credit facility with BNP Paribas, The Bank of Nova Scotia, Société Générale and other financial institutions and lenders, to increase the maximum facility amount by $50 million to $250 million. The maturity date of the credit facility remains unchanged and matures in November 2025.

Key amendments to the credit facility include:

Addition of an uncommitted $50 million accordion option which can increase the aggregate principal amount under the credit facility to $300 million, exercisable on or after June 1, 2023 and before October 2024

An increase in the step-down level of the facility from $150 million to $175 million in November 2024

Replacement of discontinued LIBOR based interest rates by Secured Overnight Financing Rate (SOFR) based rates published by the Federal Reserve Bank of New York and the inclusion of market standard benchmark interest rate replacement provisions

25 basis points increase in the benchmark loan interest rate margins and 9 to 12 basis points increase in the commitment fee rate; the actual margin and rate will be determined based on the company’s net senior secured leverage ratio.