FVI.TO · 2023-03-13 12:00:00

Fortuna reports Sunbird infill drilling results at Séguéla, Côte d´Ivoire

Drill Results

Vancouver, March 13, 2023-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an

update on its Sunbird drilling program at the Séguéla Gold Project located in Côte d’Ivoire.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Infill drilling at Sunbird to

upgrade resource confidence has commenced, with the first batch of results returning shallow high grade

intersections from modelled low grade areas from within the pit optimization shell, including highlights

such as 10.6 g/t Au over a true width of 21.7 meters in drill hole SGRC1572 and 14.9 g/t Au over a true

width of 14 meters from drill hole SGRC1570.” Mr. Weedon continued, “In addition to the initial infill

results, extension drilling to test the northern strike beyond the pi t shell has been successful in

intersecting additional high grade results such as 12.0 g/t Au over a true width of 5.6 meters in drill hole

SGRC1566 and 6.6 g/t Au over a true width of 6.3 meters in drill hole SGRC1567.” Mr. Weedon added,

“The focus at Sunbird is currently on upgrading its resource confidence with the ultimate intention of

conversion to mineral reserves to expand Séguéla’s current 1.1 million ounces of gold reserves and nine-

year life -of-mine1. The Company is looking forward to the positive outcome of the program and the

resumption of testing the high grade depth potential beyond the current optimization shell limit.”

Sunbird Deposit infill drilling highlights:

• SGRC1572: 10.6 g/t Au over an estimated true width of 21.7 meters from 60 meters

• SGRC1570: 14.9 g/t Au over an estimated true width of 14.0 meters from 65 meters and

5.4 g/t Au over an estimated true width of 4.2 meters from 38 meters

• SGRC1566: 12.0 g/t Au over an estimated true width of 5.6 meters from 28 meters

• SGRC1576: 9.9 g/t Au over an estimated true width of 9.8 meters from 163 meters

• SGRC1568: 4.1 g/t Au over an estimated true width of 14.7 meters from surface

• SGRC1573: 6.6 g/t Au over an estimated true width of 9.1 meters from 126 meters

• SGRC1564: 2.5 g/t Au over an estimated true width of 19.6 meters from surface

Infill drilling for increased resource confidence at Sunbird is underway, with 30 holes drilled in the first

4,560 meters completed of a 9,500 meter program. Drilling has continued to intersect shallow high-grade

mineralization in areas previously modeled as lower grade based on earlier wider spaced drilling. Drill hole

SGRC1572 intersects several zones of mineralization including 10.6 g/t Au over a true width of 21.7 meters

and SGRC1570 intersects 14.9 g/t Au over a true width of 14.0 meters in the north of the pit optimization

shell (refer to Figure 1).

Drilling to test continuity beyond the pit optimization shell to the north has also intersected broad shallow

zones of mineralization including 2.5 g/t Au over a true width of 19.6 meters from surface in drill hole

SGRC1564 and 2.4 g/t Au over a true width of 17.5 meters from surface in drill hole SGRC1581. Additional

drilling is planned to further define the extent of these zones.

Note:

1. Séguéla Probable Mineral Reserves of 12.1 Mt averaging 2.80 g/t Au. Refer to Séguéla´s technical report entitled “Séguéla Project,

Feasibility Study, Worodougou Region, Côte d’Ivoire”, with an effective date of May 26, 2021

NEWS RELEASE

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Drilling is scheduled to be completed in the second quarter of 2023 ahead of further optimization work

and integration into the life of mine plan. Further drilling to tes t the depth potential of the high grade

shoots previously identified plunging to the south is planned for the second half of 2023.

Sunbird´s mineralization consists of a series of near vertical quartz dominant veins demonstrating good

continuity down-dip and along strike. This reflects the strong structural control present ; consistent with

the majority of the deposits drilled at Séguéla to date. Refer to Appendix 1 for full results received for all

holes drilled in the first phase of the Sunbird drill program.

Figure 1: Sunbird Deposit long-section looking west showing recent drilling results.

Quality Assurance & Quality Control (QA-QC)

All drilling data completed by the Company utilized the following procedures and methodologies. All

drilling was carried out under the supervision of the Company’s personnel.

All RC drilling at Séguéla used a 5.25 -inch face sampling pneumatic hammer with s amples collected into

60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater

inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to

diamond core tails. Once col lected, RC samples were riffle split through a three -tier splitter to yield a

12.5% representative sample for submission to the analytical laboratory. The residual 87.5% samples were

stored at the drill site until assay results were received and validated. Coarse reject samples for all

mineralized samples corresponding to significant intervals are retained and stored on -site at the

company-controlled core yard.

All diamond drilling (DD) drill holes at Séguéla were drilled with HQ sized diamond drill bits. The core was

logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples

were then cut into equal halves using a diamond saw. One half of the core was left in the original core box

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and stored in a secure location at the company core yard at the project site. The other half was sampled,

catalogued and placed into sealed bags and securely stored at the site until shipment.

All Séguéla RC and DD core samples were shipped to ALS Laboratories ’ preparation laboratory in

Yamoussoukro for preparation and then, via commercial courier, to ALS’s facility in Ouagadougou, Burkina

Faso for finishing. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption

finish was completed for all Séguéla samples. Quality control procedures included the systematic insertion

of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory

inserted its own quality control samples.

Mineral Resources

Current Mineral Resources at the Sunbird Deposit are set below. For further information refer to Fortuna

news release dated December 5, 2022.

Deposit Classification Tonnes

(000)

(g/t)

(koz)

Sunbird

Measured - - -

Indicated 3,260,000 2.74 279,000

Inferred 4,219,000 3.74 506,000

Notes:

1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral

Reserves

2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

3. Factors that could materially affect the reported Mineral R esources include changes in metal price and exchange rate

assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, overall slope

angles, mining dilution and recovery used to generate the pit design; and assumptions as to the continued ability to access the

site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social

license to operate at Séguéla

4. Mineral Resources are estimated and reported as of November 21, 2022

5. Mineral Resources are reported in-situ constrained within an optimized pit shell at a cut -off grade of 0.45 g/t Au based on an

assumed gold price of US$1,700/oz, metallurgical recovery rate of 94.5%, mining cost of US$3.04/t, processing and G&A costs

of US$21.44/t, and refining/selling costs including state and third -party royalties of US$113.64/oz Au. The pit design was

completed based on overall slope angle of 36. 8° for oxide material, 44.2° for transitional material and 53.3° for fresh material

6. Matthew Cobb is the Qualified Person responsible for Mineral Resources, being an employee of Roxgold Inc.

7. Totals may not add due to rounding procedures

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 info rmation

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

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About Fortuna Silver Mines Inc.

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

Argentina, Burkina Faso, Mexico and Peru, a nd a fifth mine under construction in 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, environmenta l

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:

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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 exploration on the Sunbird deposit at the Séguéla gold Project; the anticipated exploration and

development programs at the Sunbird deposit, together with the investment, nature, implementation and timing

thereof; the timing for, and anticipated results of the exploration programs at the Sunbird deposit Séguéla gold

Project, and the intention to expand mineralization at the Séguéla gold Project beyond the pit optimization shell

and integrate into the life of mine plan; the conversion of Mineral Resources to Mineral Reserves at the Sunbird

deposit; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral

properties; mineral resource and reserve estimates; timelines; 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 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 lo oking Statements. Such uncertainties and

factors include, among others, changes in general economic conditions and financial markets; the duration and

effects of the COVID-19 pandemic on our operations and workforce and the effects on the global economy an d

society; changes in prices for silver, gold and other metals; the timing of the Company’s proposed exploration

programs at the Sunbird deposit at the Séguéla gold Project; the success of the Company’s proposed exploration

programs; there can be no assurance that the infill drill program will result in the conversion of Mineral Resources

to Mineral Reserves; technological and operational hazards in Fortuna’s mining and mine development activities;

risks inherent in mineral exploration; fluctuations in pri ces for energy, labor, materials, supplies and services;

fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and

metal recoveries; our ability to obtain all necessary permits, licen ses and regulatory approvals in a timely

manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active;

labor 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 expectations regarding the results from the ex ploration programs

conducted at the Séguéla Gold Project; expected trends in mineral prices and currency exchange rates; the

accuracy of the Company’s information derived from its exploration programs at the Sunbird deposit at the

Séguéla Gold Project; the infill drill program will result in the conversion of Mineral Resources to Mineral Reserves

; current mineral resource and reserve estimates ; the presence and continuity of mineralization at the Séguéla

gold Project ; that the Company’s activities will be in accordance with the Company’s public statements and

stated goals; that there will be no material adverse change affecting the Company or its properties; that all

required approvals will be obtained; that there will be no significant disruptions affectin g 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

Forward looking Statements will prove to be accurate, as actual results and future events could differ materially

from those anticipated in such statements. Accordingly, inves tors should not place undue reliance on Forward

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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 mineral resource e stimates 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 resource information included in this news release may not be

comparable to similar information disclosed by U.S. companies.

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APPENDIX 1. Sunbird Deposit drill results, Séguéla gold Project, Côte d’Ivoire

HoleID Easting

(WGS84_29N)

Northing

(WGS84_29N)

Elevation

(m)

EOH

Depth

(m)

UTM

Azimuth Dip

Depth

From1

(m)

Depth

(m)

ETW2

(m)

(ppm) Hole Type3

SGDD115 742540 892860 530 558.8 90 -60 449 454 3.5 2.63 DD

467 471 2.8 1.32 DD

SGDD116 742615 892510 545 255.2 90 -60 NSI DD

SGDD117 742640 892560 539 235.2 90 -60 144 153 6.3 3.63 DD

including 152 153 0.7 11.45 DD

SGDD119 742680 892735 549 201.3 90 -60 104 116 8.4 1.10 DD

124 125 0.7 14.25 DD

SGDD120 742965 893285 521 324.5 270 -60 305 314 6.3 2.07 DD

SGDD121 742615 892785 555 322.4 90 -60 200 203 2.1 2.30 DD

293 301 5.6 2.48 DD

SGDD122 742727 892985 503 110.1 270 -60 Geotech hole - Not

Sampled

SGDD123 742805 892968 506 125.1 120 -60 Geotech hole - Not

Sampled

SGDD124 742719 892732 536 115.1 180 -60 Geotech hole - Not

Sampled

SGRD1559 742570 892810 548 400.4 90 -60 313 318 3.5 4.38 RCD

including 317 318 0.7 15.15 RCD

349 360 7.7 1.91 RCD

366 376 7 3.42 RCD

including 372 373 0.7 10.55 RCD

SGRD1562 742695 893210 483 300.1 90 -60 243 256 9.1 5.18 RCD

including 248 249 0.7 25.80 RCD

SGRC1563 742865 893685 455 90 90 -60 55 59 2.8 1.25 RC

SGRC1564 742875 893635 460 60 90 -60 0 28 19.6 2.52 RC

including 17 18 0.7 16.40 RC

SGRC1565 742855 893635 457 90 90 -60 55 62 4.9 2.37 RC

SGRC1566 742865 893585 464 66 90 -60 28 36 5.6 12.03 RC

including 29 34 3.5 18.38 RC

SGRC1567 742845 893585 462 96 90 -60 60 69 6.3 6.61 RC

including 60 61 0.7 22.70 RC

SGRC1568 742875 893535 474 60 90 -60 0 21 14.7 4.06 RC

including 0 1 0.7 12.50 RC

and 15 16 0.7 13.90 RC

SGRC1569 742855 893535 471 90 90 -60 44 48 2.8 6.01 RC

including 46 47 0.7 17.30 RC

SGRC1570 742912 893510 483 90 270 -60 30 38 5.6 2.32 RC

65 85 14 14.94 RC

including 73 81 5.6 33.87 RC

SGRC1571 742885 893485 484 79 270 -60 3 6 2.1 4.61 RC

12 18 4.2 1.25 RC

SGRC1572 742905 893485 486 100 270 -60 38 44 4.2 5.41 RC

including 38 39 0.7 16.60 RC

52 56 2.8 7.35 RC

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HoleID Easting

(WGS84_29N)

Northing

(WGS84_29N)

Elevation

(m)

EOH

Depth

(m)

UTM

Azimuth Dip

Depth

From1

(m)

Depth

(m)

ETW2

(m)

(ppm) Hole Type3

including 52 53 0.7 22.90 RC

60 91 21.7 10.60 RC

including 74 76 1.4 81.45 RC

and 81 87 4.2 18.75 RC

SGRC1573 742925 893485 489 140 270 -60 126 139 9.1 6.57 RC

including 133 136 2.1 22.42 RC

SGRC1574 742880 893460 488 60 270 -60 3 17 9.8 0.63 RC

SGRC1575 742813 893435 495 161 90 -60 NSI RC

SGRD1576 742770 893435 486 210 90 -60 163 177 9.8 9.88 RCD

including 166 169 2.1 16.77 RCD

and 171 172 0.7 43.40 RCD

SGRC1579 742840 893360 493 80 90 -60 20 25 3.5 2.26 RC

SGRC1581 742885 893685 457 60 90 -60 0 25 17.5 2.40 RC

including 13 14 0.7 37.50 RC

SGRC1588 742780 893210 492 140 90 -60 83 89 4.2 1.05 RC

SGRC1590 742780 893160 492 90 90 -60 18 39 14.7 0.90 RC

78 82 2.8 1.28 RC

89 90 0.7 23.50 RC

SGRC1591 742735 893160 484 200 90 -60 172 180 5.6 3.69 RC

including 177 178 0.7 15.90 RC

Notes:

1. EOH: End of Hole

2. NSI: No significant intercepts

3. ETW: Estimated true width

4. RCD: Reverse circulation with diamond tail | DD: Diamond drilling tail | RC: Reverse Circulation drilling

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