FVI.TO · 2024-04-15 12:00:00

Fortuna intersects 1kg Ag Eq over an estimated true width of 8.1m at the Yessi vein, San Jose Mine, Mexico

Exploration Programs

NEWS RELEASE

Fortuna intersects 1kg Ag Eq over an estimated true width of 8.1m at the

Yessi vein, San Jose Mine, Mexico

Vancouver, April 15, 2024: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an

update on its Yessi vein exploration program at the San Jose Mine in Mexico.

Paul Weedon, Senior Vice President of Exploration, commented, “Drilling on the Yessi vein, since the initial

discovery hole in August 2023, has continued to establish a well-defined system, with recent results such

as 1,327 g/t Ag Eq over an estimated true width of 3.0 met ers from 604.85 meters in SJO -1444 and

1,036 g/t Ag Eq over an estimated true width of 8.1 meters including 2,910 g/t Ag Eq in SJO -1460

highlighting the potential for high-grade shoots. In addition, wide intervals such as the 179 g/t Ag Eq over

an estimated true width of 17.5 meters in SJO -1455A highlight the potential for broad zones of

mineralization”.

Yessi vein drilling highlights include:

SJO-1444: 1,327 g/t Ag Eq over an estimated true width of 3.0 meters from 604.85 meters, including

5,135 g/t Ag Eq over an estimated true width of 0.3 meters from 605.90 meters

SJO-1447: 295 g/t Ag Eq over an estimated true width of 4.8 meters from 649.50 meters

SJO-1455A: 179 g/t Ag Eq over an estimated true width of 17.5 meters from 460.10 meters, including

236 g/t Ag Eq over an estimated true width of 7.7 meters from 475.05 meters

SJO-1458:

SJO-1460

453 g/t Ag Eq over an estimated true width of 4.8 meters from 446.30 meters

1,036 g/t Ag Eq over an estimated true width of 8.1 meters from 463.30 meters, including

2,910 g/t Ag Eq over an estimated true width of 2.4 meters from 472.15 meters

Ag Eq is calculated using a factor of 80:1. Please see Appendix 1 for further details.

Drilling on the Yessi vein has continued with the dual objectives of firstly testing for the limits of the Yessi

vein and secondly infilling the drill spacing to support initial resource estimations and mining studies. The

Yessi vein has now been successfully drill tested over a 350-meter strike and a 450-meter vertical profile

where it remains open up - and down-dip, as well as along strike to the southeast. The current phase of

the program consisted of 10 additional holes for a total of 6,622 meters.

Geological and structural logging of the drill core has confirmed the vein geometry as trending north -

northwest, intersecting and merging with the north-south orientated Victoria Mineralized Zone (“VMZ”)

towards the west. Evidence is also emerging of higher-grade shoots within the structure demonstrating a

moderate south -easterly plunge and often associated with high gold grades. Vein development is

consistently associated with extensive alteration and brecciation with veining characterised by fine

veinlets and fragments suggesting several phases of emplacement.

Additional drilling with three drill rigs will continue to test the depth, strike and infill of the current Yessi

vein extent. Refer to Appendix 1 for full details of the Yessi vein drill holes and assay results.

Figure 1: Yessi vein plan view

Figure 2: Yessi vein long section (looking south)

Quality Assurance & Quality Control (QA - QC)

San Jose Mine, Mexico

All diamond drilling (DD) drill holes at the San Jose Mine were drilled with either NQ sized diameter or HQ

sized diamond drill bits reducing to NQ sized diameter with greater depth. Following detailed geological

and geotechnical logging, all diamond drill core samples are split on-site by diamond sawing. One half of

the core is submitted to the internal laboratory located at the San Jose Mine. The laboratory at the mine

has been accredited by the Standard Council of Canada (ISO 17025: 2017) for preparation, drying,

gravimetry, fire assay, Inductively Coupled Plasma and Atomic Absorption processes. The remaining half

core is retained on -site for verification and reference purposes. Following preparation, the samples are

assayed for gold and silver by standard fire assay methods and for silver and base metals by Indu ctively

Coupled Plasma and as well as three acid digestion at the same internal laboratory. The QA - QC program

includes the blind insertion of certified reference standards and assay blanks at a frequency of

approximately 1 per 20 normal samples as well a s the inclusion of duplicate samples for verification of

sampling and assay precision levels.

Qualified Person

Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as

defined by National Instrument 43 -101 being a member of the Australian Institute of Geoscientists

(Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information

contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling,

analytical and test data underlying the information or opinions contained herein by reviewing geochemical

and geological databases and reviewing diamond drill core. There were no limitations to the verification

process.

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 may include, without limitation, statem ents about the

Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact

of inflationary pressures on the Company’s business and operations; statements indicating that recent drilling on the Yessi vein

highlights the potential for high -grade shoots and for broad zones of mineralization; the objectives of the Yessi vein exploration

program, which includes infilling the drill spacing to support initial resource estimation; statements regarding evidence of higher-

grade shoots at VMZ; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral

properties; the future financial or operating performance of the Company; the Company’s ability to comply with contractual an d

permitting or other regulatory r equirements; approvals and other matters. 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 suc h

as the Séguéla Mine; 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 which the Company does or may carry on business; risks associated with war, hostilities or other

conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts 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, development 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; operational safety

and security risks; legal proceedings and potential legal proceedings; the possibility that the appeal in respect of the ruling in favor

of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization (the “EIA”) at the San Jose Mine

will be successful; 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 imple mentation and

integration; risks associated with climate change legislation; labor relations issues; as well as those factors discussed under “Risk

Factors” in the Company's Annual Information Form for the year ended December 31, 2023. 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

head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor

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 appeal filed in the Mexican Collegiate Court challenging the

reinstatement of the EIA will be unsuccessful; that all required approvals and permits will be obtained for 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.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101

Standards of Disclosure for Mineral Projects ("NI 43 -101") and the Canadian Institute of Mining, Metallurgy, and Petroleum

Definition Standards on Mineral Resources and Mineral Reserves. NI 43 -101 is a rule developed by the Canadian Securities

Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information

concerning mineral projects. Unless otherwise indicated, all Mineral Reserve and M ineral Resource estimates contained in the

technical disclosure have been prepared in accordance with NI 43 -101 and the Canadian Institute of Mining, Metallurgy and

Petroleum Definition Standards on Mineral Resources and Reserves.

Canadian standards, including NI 43 -101, differ significantly from the requirements of the Securities and Exchange Commission,

and Mineral Reserve and Mineral Resource information included in this news release may not be comparable to similar information

disclosed by U.S. companies.

Appendix 1: Yessi vein, San Jose Mine, Mexico

HoleID Easting

(NAD27_14N)

Northing

(NAD27_14N)

Elev

(m)

EOH1

Depth

(m)

UTM

Azimuth Dip

Depth

From

(m)

Depth

(m)

Drilled

Width

(m)

Est.

True

Width

(m)

(ppm)

Ag Eq2

(ratio 80)

ppm

Vein3

SJO-1437 745876 1847901 1540 799 224 -53 NSI4 Yv

SJO-1438 745859 1847888 1539 816 172 -64 425.60 428.35 2.75 1.8 1.46 242 359 Hw

incl 427.00 428.35 1.35 0.9 2.34 403 590

NSI Yv

SJO-1444 745855 1847890 1539 702 205 -45 604.85 608.80 3.95 3.0 6.68 793 1,327 Yv

incl 605.90 606.35 0.45 0.3 27.15 2,963 5,135

incl 606.35 607.25 0.90 0.7 4.79 720 1,103

incl 607.25 608.30 1.05 0.8 7.81 875 1,500

incl 608.30 608.80 0.50 0.4 2.02 254 416

SJO-1447 745855 1847890 1539 726 205 -51 649.50 657.70 8.20 4.8 1.41 182 295 Yv

incl 649.50 650.15 0.65 0.4 1.62 244 374

incl 650.15 650.65 0.50 0.3 5.76 880 1,341

incl 650.65 651.50 0.85 0.5 1.74 190 329

incl 656.50 657.15 0.65 0.4 0.91 118 191

incl 657.15 657.70 0.55 0.3 3.60 438 726

SJO-1450 745855 1847890 1539 628 209 -50 614.70 617.75 3.05 2.4 1.03 138 221 Yv

incl 614.70 615.25 0.55 0.4 4.38 595 945

incl 630.00 630.35 0.35 0.3 1.74 207 346

SJO-1454 745855 1847890 1539 688 201 -48 650.70 652.30 1.60 1.2 1.12 173 263 Yv

incl 650.70 651.35 0.65 0.5 1.61 253 382 incl 652.00 652.30 0.30 0.2 1.01 168 249

SJO-1455A 745770 1847780 1535 543 209 -53 460.10 486.95 26.85 17.5 0.90 107 179 Hw

incl 475.05 486.95 11.90 7.7 1.25 135 236

498.10 502.10 4.00 2.0 1.73 196 335 Yv

incl 498.10 500.10 2.00 1.0 2.89 335 566

516.00 518.30 2.30 1.1 1.22 162 260 Yv

incl 518.00 518.30 0.30 0.1 7.21 917 1,494

SJO-1457 745857 1847890 1540 667 216 -52 621.15 622.20 1.05 0.7 0.44 40 75 Yv

SJO-1458 745868 1847780 1535 516 222 -53 446.30 453.55 7.25 4.8 2.11 284 453 Yv

incl 446.30 446.85 0.55 0.4 2.61 285 494

incl 446.85 447.85 1.00 0.7 4.32 644 990

incl 451.35 452.35 1.00 0.7 4.59 508 875

incl 452.35 453.55 1.20 0.8 3.19 478 733

SJO-1460 745812 1847732 1536 537 212 -56 399.80 401.95 2.15 1.3 1.16 98 191 Hw

463.30 476.40 13.10 8.1 6.29 533 1,036 Yv

incl 463.30 464.95 1.65 1.0 3.67 531 825

incl 472.15 476.05 3.90 2.4 18.41 1,437 2,910

Notes:

1. EOH: End of hole

2. Ag Eq calculated using a factor of 80:1 using metal prices of US$1,950/oz for gold with 90% metallurgical recovery, and US$24.5/oz for silver with 91 %

metallurgical recovery

3. Vein: HW – Yessi vein hanging wall, Yv – Yessi vein main

4. NSI: No significant interval

5. All holes were drilled using diamond drilling tail

6. Depths and widths reported to nearest significant decimal place

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