FVI.TO · 2023-09-18 12:00:00

Fortuna celebrates the inauguration of the Séguéla Mine in Côte d’Ivoire

Corporate Updates

Vancouver, September 18, 2023-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to

announce that the inauguration ceremony of its Séguéla Mine in Côte d’Ivoire took place on Friday ,

September 15, 2023. The ceremony was attended by national, provincial, and local government

authorities, representatives of the Canadian embassy, community representatives, local media,

contractors, company personnel, and over 1,000 guests from the neighboring communities.

Jorge A. Ganoza, President and CEO of Fortuna, commented, “Séguéla is Fortuna's fifth mine, and will be

a flagship asset within our growing global portfolio. W e are tremendously proud to celebrate its

inauguration with our friends and partners in C ôte d'Ivoire.” Mr. Ganoza continued, “This exciting

milestone reflects our strategic commitment to West Africa, and we look forward to the value and benefits

the Séguéla Mine will bring to all of our stakeholders for many years to come.”

From left : Fofana Bouaké, Minister of Hydraulics, Sanitation and Hygiene

(Côte d’Ivoire); Jorge A. Ganoza, President and CEO of Fortuna; Mamadou Sangafowa

Coulibaly, Minister of Mines, Petroleum and Energy (Côte d’Ivoire);

Karim Diarrassouba, Prefect of the Séguéla Region (Côte d’Ivoire)

Jorge A. Ganoza, President and CEO of Fortuna (background), and Mamadou

Sangafowa Coulibaly, Minister of Mines, Petroleum and Energy (foreground), greet

members of the community who attended the inauguration of the Séguéla Mine

Séguéla poured first gold on May 24, 2023 ( refer to Fortuna news release dated May 25, 2023 ) and the

processing plant has now produced a total of 21,716 ounces of gold in doré as of the end of August (refer

to Fortuna news release dated September 7, 2023 ). The Company reiterates Séguéla´s 2023 annual

production guidance of 60,000 to 75,000 ounces of gold (refer to Fortuna news release dated January 17,

2023).

Qualified Person

Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist

registered with Engineers and Geoscientists British Columbia (Registration Number 36328) and a Qualified

Person as defined by National Instrument 43 -101- Standards of Di sclosure for Mineral Projects. Mr.

Chapman has reviewed and approved the scientific and technical information contained in this news

release and has verified the underlying data.

NEWS RELEASE

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About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in

Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru . Sustainability is integral to all our operations

and relationships. We produce gold and silver and generate shared value over the long -term for our

stakeholders through efficient production, environmental protection, and social responsibility. For more

information, please visit our website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director

Fortuna Silver Mines Inc.

Investor Relations:

Forward looking Statements

This news release contains forward -looking statements which constitute “forward -looking information” within the meaning of

applicable Canadian securities legislation and “forward -looking statements” within the meaning of the “safe harbor” provisions

of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein,

other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks

and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward -looking

Statements. The Forward -looking Statements in this news release include, without limitation, statements about the Company’s

plans for its mines and mineral properties; statements regarding the Company’s expectations for the length of operations at

Séguéla; estimated Séguéla production forecasts for 2023; the value s and benefits of the Séguéla Mine to the Company’s

stakeholders; and the Company’s business strategy, plans and outlook. Often, but not always, these Forward-looking Statements

can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”,

“detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or

statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,

performance or achievements of the Company to be materially different from any results, performance or achievements expressed

or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated

with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating

to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations and

development projects, including the possibility that actual capital and operating costs and economic returns will differ significantly

from those estimated for such projects prior to production; risks relating to the Company’s ability to replace its Mineral Reserves;

risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of

currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims ;

uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations

governing the Company’s business operations; changes in national and local government legislation, taxation, controls,

regulations and political or economic developments in countries in w hich the Company does or may carry on business; risks

associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict, and the impact it may have on global

economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and

maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a

result of social media and other web -based applications; potential opposition to the Company’s exploration, dev elopment and

operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and

development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company;

impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage;

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operational safety and security risks; legal proceedings and potential legal proceedings; the ability of the Company to successfully

contest and revoke the resolution issued by SEMARNAT which annuls the extension of the environmental impact authorization for

the San Jose Mine; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact

the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated

with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates

and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges

and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependenc e

upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and

integration; labour relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information

Form for the financial year ended December 31, 2022. Although the Company has attempted to identify important factors that

could cause actual actions, events or results to differ materially from those described in Forward -looking Statements, there may

be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management,

including but not limited to the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the

Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be

no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected

ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labour

and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-

political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends

in mineral prices, inflation and currency exchange rates; that the Company will be successful in challenging the annulment of the

extension to the San Jose Mine environmental impact authorization; that all required approvals and permits will be obtained f or

the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's

operations and such other assumptions as set out herein. Forward -looking Statements are made as of the date hereof and the

Company disclaims any obligation to update any Forward -looking Statements, whether as a result of new information, future

events or results or otherwise, except as required by law. There can be no assurance that these Forward -looking Statements will

prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, investors should not place undue reliance on Forward-looking Statements.

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