FVI.TO · 2023-05-25 12:00:00

Fortuna pours first gold at its Séguéla Mine in Côte d’Ivoire

Production Results Mine Development & Operations

Vancouver, May 25, 2023-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce that

the first gold has been poured at the Séguéla Mine, in Côte d'Ivoire. The first pour took place yesterday,

May 24, as the mine transitions from commissioning to the ramp-up phase.

Jorge A. Ganoza, CEO of Fortuna , commented: “Séguéla has produced its first gold, becoming Fortuna’s

fifth operating mine. The team at Séguéla has performed phenomenally and delivered on-time and on-

budget, a testament to their professionalism and dedication in bringing this asset from exploration to

production. Mr. Ganoza continued, “ Séguéla now enters into the ramp -up phase where management

plans to achieve nominal rate of production during the third quarter. Séguéla will be a cornerstone asset

in Fortuna’s portfolio for years to come, and we look forward to unlocking the value it brings to all of our

stakeholders.”

The Séguéla Mine is expected to produce between 60,000 to 75,000 ounces of gold in 2023 at an all-in

sustaining cost of between US$880 and $1,080 per ounce of gold (refer to Fortuna news release dated

January 17, 2023). We invite you to view Séguéla´s photo gallery on our website.

About Fortuna Silver Mines Inc.

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

Argentina, Burkina Faso, Mexico , Peru, and Côte d'Ivoire. 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:

NEWS RELEASE

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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, statements about the

Company’s plans for the operation of the Séguéla Mine; production capabilities and future development of the Séguéla Mine; the

Company’s plans to successfully advance the development and growth of the mine; including the ramp up of Séguéla to design

capacity; the expected production and costs of production for the balance of 2023; the Company’s business strategy, plans and

outlook; the merit of the Company’s mineral properties; mineral resource and reserve estimates; the future financial or operating

performance of the Company; expenditures; 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”, “containing”, “remaining”, “to be”, or statements t hat

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, changes in general economic

conditions and financial markets; chan ges in prices for gold and other metals; changes in the prices of supplies required for

production; the ability to sign the Mining Convention on terms currently contemplated and acceptable to the Company;

technological and operational hazards in Fortuna’s mining and mine development activities; (including environmental accidents

and hazards, industrial accidents, equipment breakdown, severe weather conditions) risks inherent in mineral exploration;

fluctuations in prices for energy, labor, materials, suppli es and services; fluctuations in currencies; increases in inflation;

uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; our ability to obtain all

necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or

instability in countries where Fortuna is active; labor relations issues; changes in laws and regulations as well as those factors

discussed under “Risk Factors” in the Company's Annual I nformation Form. 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, eve nts 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 Company’s ability to achieve the production, costs and development expectations for Séguéla and

its other operations and projects; that the current inflationary environment will not have an adverse effect on operations or the

supply chain; prices for gold remaining as estimated; currency exchange rates remaining as estimated ; that the Company’s

activities will be in accordance with the Company’s public statements and stated goals; that there will be no material advers e

change affecting the Company or its properties; that all requir ed approvals will be obtained; that there will be no significant

disruptions affecting 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 an y 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 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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