First Andes Silver Appoints Ian Stalker as Executive Chairman and Director, James Hutton as Advisor and Announces Private Placement Financing of $1,000,000

Rhea-AI Summary

First Andes Silver (TSXV: FAS) (OTC: MSLVF) has appointed Ian Stalker as Executive Chairman and director, alongside James Hutton as advisor. Stalker brings over 50 years of mining experience, having raised over $1 billion throughout his career and directed twelve major mining projects. He previously served as CEO of K92 Mining and LSC Lithium, which sold for C$111 million in 2019.

The company announced a non-brokered private placement of up to 20 million shares at $0.05 per share, aiming to raise $1,000,000. The proceeds will fund a new drill program at the Santas Gloria silver property and working capital. The company granted Stalker 500,000 stock options at $0.05 per share and 500,000 restricted share units, vesting over two years.

Positive

• Appointment of experienced mining executive with proven track record of raising capital
• Secured $1,000,000 in new financing through private placement
• Planned expansion of drilling program at Santas Gloria silver property

Negative

• Significant equity dilution through 20 million new shares issuance
• Low share price of $0.05 indicates challenging market conditions

Vancouver, British Columbia--(Newsfile Corp. - February 10, 2025) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) (the "Company" or "First Andes") is pleased to announce that seasoned mining executive Ian Stalker has been appointed as Executive Chairman and a director of the Company and James Hutton has been appointed as an advisor to the Company.

Ian Stalker is a senior international mining executive with over 50 years of hands-on experience in resource development and has raised over $1 billion from the capital markets over his career. Mr. Stalker has directed over twelve major mining projects, from initial exploration drilling to start-up, including gold, base metals, uranium and industrial minerals. Mr. Stalker was founder and former Chief Executive Officer of K92 Mining Inc. until 2023. Mr. Stalker was also President and Chief Executive Officer of LSC Lithium Corp., a TSX Venture Exchange quoted company, which was sold to Pluspetrol Resources Corporation B.V. for approximately C$111 million in March 2019. Ian was also CEO and Chairman of PLU (TSXV) a Peru based Lithium and Uranium development company. Before that, Ian was CEO of UraMin Inc. from 2005 until its acquisition by Areva S.A. in 2007 for US$2.5 billion. Prior to joining UraMin, he was Vice President of Gold Fields Ltd, the fourth largest gold producer in the world at the time. Mr. Stalker is currently an advisor to Tolu Minerals, an ASX listed mineral development company with operations in Papua New Guinea.

Mr. Hutton has over 37 years of resource company and capital markets experience. He was the President and CEO of Canada Dominion Resources Group and President and COO of CMP Resources Group that jointly completed in excess of C$1.4 billion in flow through share transactions for the Canadian resource industry. Mr. Hutton has served on multiple public boards and held several C-level executive positions. He holds a Bachelor of Science degree from the University of British Columbia and an MBA from City University.

In connection with this appointment, the Company granted Mr. Stalker 500,000 stock options exercisable at $0.05 per share for a period of five years, and granted 500,000 restricted share units that vest as follows: 50% one year from the date of grant and 50% two years from the date of grant.

Private Placement Financing

The Company also announces a non-brokered private placement financing of up to 20,000,000 common shares ("Shares") at a price of $0.05 per Share for gross proceeds of $1,000,000 (the "Offering").

The securities issued under the Offering will be subject to restrictions on resale for a period of four months from the date of issue. The Company may pay finders a fee in cash and/or share purchase warrants to registered finders.

The proceeds of the Offering will be used for a new drill program at the Santas Gloria silver property and general working capital purposes.

About First Andes Silver Ltd.

First Andes Silver Ltd. is a British Columbia company that holds a 100% interest in the high-grade Santas Gloria silver property, located in Peru.

For more information please contact:
Colin Smith
Phone: (604) 806-0626
E-mail: info@firstandes.com

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history, ability to obtain sufficient financing to carry out its exploration programs and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240226

FAQ

What is the size and price of First Andes Silver's (MSLVF) February 2025 private placement?

First Andes Silver announced a private placement of 20 million shares at $0.05 per share, aiming to raise $1,000,000.

How many stock options and RSUs did First Andes Silver grant to Ian Stalker?

Ian Stalker received 500,000 stock options at $0.05 per share and 500,000 restricted share units with a two-year vesting schedule.

What is the vesting schedule for Ian Stalker's RSUs at First Andes Silver (MSLVF)?

The RSUs vest 50% one year from the grant date and the remaining 50% two years from the grant date.

How will First Andes Silver (MSLVF) use the proceeds from its $1 million private placement?

The proceeds will be used for a new drill program at the Santas Gloria silver property and general working capital purposes.