Fortuna receives positive decision from Mexican Court which reinstates the San Jose Mine environmental impact authorization
NEWS RELEASE
Fortuna receives positive decision from Mexican Court which reinstates
the San Jose Mine environmental impact authorization
Vancouver, October 30, 2023: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports that the Mexican
Federal Administrative Court (the “Court”) has ruled in favour of Minera Cuzcatlan , Fortuna’s Mexican
subsidiary, and re-instated the 12-year environmental impact authorization (“EIA”) for the San Jose Mine.
On January 2, 2023, Minera Cuzcatlan received written notice of a resolution issued by the Secretaria de
Medio Ambiente y Recursos Naturales (“SEMARNAT”) which annulled the 12-year term of the EIA for the
San Jose Mine and required SEMARNAT to re -assess it. Minera Cuzcatlan subsequently initiated legal
proceedings in the Court to contest and revoke the annulment of the EIA and obtained a permanent
injunction to protect its operations pending the decision of the Court.
In its ruling, the Court dismissed the allegations of SEMARNAT contained in the annulment resolution.
The San Jose Mine is in full compliance with all material environmental laws and continues to operate
under the terms of the EIA. The decision of the Court is subject to appeal by SEMARNAT, and if appealed,
the permanent injunction that the Company already has will remain in effect.
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:
Carlos Baca | [email protected] | www.fortunasilver.com | X | LinkedIn | YouTube
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, 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; and the possibility that SEMARNAT may appeal the decision of the Court. Often, but not always, these Forward looking
Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "potential", "open", "future ",
"assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "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 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, 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 climat e
change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal
proceedings and potential legal proceedings; the ability of SEMARNAT to appeal the decision of the Mexican Court ; temporary
restrictions imposed by the Company’s lenders on the Company’s abilities under the Credit Facility; our ability to access the capital
markets; 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 associa ted
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 dependence
upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and
integration; risks associated with climate change legislation; labour relations issues; as well as those factors discussed under “Risk
Factors” in the Company's Annual Information 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, 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 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, 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 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; the Company’s ability to access the capital markets; the ability to meet current
and future obligations 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 stateme nts.
Accordingly, investors should not place undue reliance on Forward-looking Statements.