Appian Announces Support for Acquisiton of Roxgold Inc. by Fortuna Silver Mines Inc.

LONDON, April 26, 2021 /CNW/ - Appian Capital Advisory LLP ("Appian"), the investment advisor to long-term value focused private equity funds that invest solely in mining and mining related companies, announces that ANRH S.a.r.l., a subsidiary of Appian Natural Resources Fund, L.P. and Appian Natural Resources (UST) Fund, L.P. (collectively, the "Appian Funds"), on April 25, 2021, entered into a voting support agreement (the "Support Agreement") with Fortuna Silver Mines Inc. ("Fortuna"). The Support Agreement requires the Appian Funds to, among other things, vote all of the common shares of Roxgold Inc. ("Roxgold") owned by them at the relevant time in favour of the proposed plan of arrangement pursuant to which Fortuna will acquire all of the common shares of Roxgold.  The Support Agreement is subject to customary termination provisions, including if there is a competing offer to acquire all of the common shares of Roxgold which delivers consideration per common share with a greater value than as provided for in the proposed plan of arrangement.

The Appian Funds beneficially own and exercises control and direction over 49,508,707 common shares of Roxgold representing approximately 13.2% of the issued outstanding common shares of Roxgold.

Depending on the development of Roxgold's business, financial condition, the market for Roxgold's securities, general economic conditions and other factors, the Appian Funds may acquire additional securities of Roxgold, or sell some or all of the securities it holds, in the open market, by private agreement or otherwise.

About Appian Capital Advisory LLP

Appian Capital Advisory LLP is the investment advisor to long-term value focused private equity funds that invest solely in mining and mining related companies. Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets.

Contact

The head office of Roxgold is located at 360 Bay Street, Suite 500, Toronto, Ontario, Canada M5H2V6. The Common Shares of Roxgold are listed on the Toronto Stock Exchange.

An early warning report will be filed by Appian in accordance with applicable securities laws and will be available under Roxgold's profile on the SEDAR website at www.sedar.com.

The head office of the Appian Funds is located at 47 Esplanade, St Helier, Jersey, JE1 0BD, Channel Islands.

SOURCE Appian Capital Advisory LLP

For more information, including to obtain a copy of the early warning report to which this press release relates, please contact Michael W. Scherb at: Appian Capital Advisory LLP, 45 Pall Mall, 5th Floor, London, SW1Y 5JG, United Kingdom, [phone]