FVI.TO · 2021-12-31 12:00:00

Fortuna reports updated Mineral Reserves and Mineral Resources

Resource Estimates

Vancouver, March 17, 20 22-- Fortuna Silver Mines, Inc. (NYSE: FSM ) ( TSX: FVI ) is pleased to report

updated Mineral Reserve and Mineral Resource estimates as of December 31, 2021 for its four operating

mines and its development project in the Americas and West Africa.

Eric N. Chapman , Senior Vice President of Technical Services of Fortuna , commented: “Integration of

Yaramoko and Séguéla into Fortuna ´s portfolio has significantly boosted the Company’s reserves and

resources, while s uccessful exploration and infill drilling resulted in the disclosure of Sunbird´s maiden

inferred resource at Séguéla and expanded the reserves at Caylloma.” Mr. Chapman added, “Ongoing

Brownfields exploration programs at San Jose, Lindero and Yaramoko will continue at pace in 2022 with

53,000 meters of drilling planned for the year aiming to grow the current resource base at these assets.”

Highlights of Mineral Reserve and Mineral Resource Update

• Combined Proven and Probable Mineral Reserves are r eported containing 3.3 Moz of gold and

25.9 Moz of silver, representing a year -over-year increase of 81 percent and decrease of

10 percent, respectively

• Combined Inferred Mineral Resources are reported containing 1.0 Moz of gold and 26.3 Moz of

silver reflecting a year-over-year increase of 82 percent and decrease of 8 percent, respectively

2021 Mineral Reserves and Mineral Resources

Mineral Reserves – Proven and Probable Contained Metal

Property Classification Tonnes

(000)

(g/t)

(%)

(Moz)

(koz)

Silver

Mines Caylloma,

Peru

Proven 234 101 0.30 2.38 2.96 0.8 2

Probable 2,933 83 0.19 2.55 3.76 7.8 18

Proven + Probable 3,167 84 0.20 2.53 3.70 8.6 20

San Jose,

Mexico

Proven 75 205 1.40 N/A N/A 0.5 3

Probable 2,914 180 1.17 N/A N/A 16.8 109

Proven + Probable 2,989 180 1.17 N/A N/A 17.3 113

Total Proven + Probable 6,156 131 0.67 N/A N/A 25.9 133

Gold

Mines Lindero,

Argentina

Proven 25,786 N/A 0.66 N/A N/A 0.0 546

Probable 62,821 N/A 0.53 N/A N/A 0.0 1,068

Proven + Probable 88,607 N/A 0.57 N/A N/A 0.0 1,614

Yaramoko,

Burkina Faso

Proven 300 N/A 3.78 N/A N/A 0.0 36

Probable 1,826 N/A 7.27 N/A N/A 0.0 427

Proven + Probable 2,126 N/A 6.78 N/A N/A 0.0 464

Total Proven + Probable 90,733 N/A 0.71 N/A N/A 0.0 2,077

Gold

Project

Séguéla,

Côte d’Ivoire

Probable 12,100 N/A 2.80 N/A N/A 0.0 1,088

Proven + Probable 12,100 N/A 2.80 N/A N/A 0.0 1,088

Total Proven + Probable 25.9 3,298

NYSE: FSM | TSX: FVI

www.fortunasilver.com NEWS RELEASE

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Mineral Resources – Measured and Indicated Contained Metal

Property Classification Tonnes

(000)

(g/t)

(%)

(Moz)

(koz)

Silver

Mines Caylloma,

Peru

Measured 724 97 0.34 1.79 3.24 2.3 8

Indicated 1,994 82 0.24 1.61 3.09 5.3 15

Measured + Indicated 2,718 86 0.26 1.65 3.13 7.5 23

San Jose,

Mexico

Measured 38 121 0.82 N/A N/A 0.2 1

Indicated 901 98 0.65 N/A N/A 2.8 19

Measured + Indicated 940 99 0.66 N/A N/A 3.0 20

Total Measured + Indicated 3,658 89 0.37 N/A N/A 10.5 43

Gold

Mines Lindero,

Argentina

Measured 1,723 N/A 0.50 N/A N/A 0.0 28

Indicated 31,552 N/A 0.38 N/A N/A 0.0 387

Measured + Indicated 33,275 N/A 0.39 N/A N/A 0.0 415

Yaramoko,

Burkina Faso

Measured 48 N/A 5.83 N/A N/A 0.0 9

Indicated 456 N/A 5.80 N/A N/A 0.0 85

Measured + Indicated 504 N/A 5.80 N/A N/A 0.0 94

Total Measured + Indicated 33,779 N/A 0.47 N/A N/A 0.0 509

Gold

Project

Séguéla,

Côte d’Ivoire

Indicated 3,811 N/A 2.00 N/A N/A 0.0 244

Measured + Indicated 3,811 N/A 2.00 N/A N/A 0.0 244

Total Measured + Indicated 10.5 796

Mineral Resources – Inferred Contained Metal

Property Classification Tonnes

(000)

(g/t)

(%)

(Moz)

(koz)

Silver

Mines

Caylloma,

Peru Inferred 3,809 116 0.59 2.03 3.50 14.2 73

San Jose,

Mexico Inferred 3,011 125 0.93 N/A N/A 12.1 90

Total Inferred 6,820 120 0.74 N/A N/A 26.3 163

Gold

Mines

Lindero,

Argentina Inferred 27,052 N/A 0.43 N/A N/A 0.0 373

Yaramoko,

Burkina Faso Inferred 247 N/A 4.41 N/A N/A 0.0 35

Total Inferred 27,299 N/A 0.46 N/A N/A 0.0 408

Gold

Project

Séguéla,

Côte d’Ivoire Inferred 4,935 N/A 2.89 N/A N/A 0.0 454

Total Inferred 26.3 1,024

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 are exclusive of Mineral Reserves

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

4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and

exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries,

mining dilution and recovery; 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

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5. Mineral Resources and Reserves for the San Jose, Caylloma and Yaramoko mines are estimated as of June 30, 2021. Mineral

Resources and Reserves for the Lindero Mine are estimated as of July 31, 2021. Mineral Resources and Reserves for the San

Jose, Caylloma, Yaramoko and Lindero mines are reported as of December 31, 2021, taking into account production-related

depletion for the period through December 31, 2021. Mineral Resources and Reserves for the S éguéla gold Project are

estimated and reported as of March 31, 2021 with the exception of the Sunbird deposit which is estimated and reported as

of December 31, 2021

6. Mineral Reserves for the San Jose Mine are based on underground mining within optimized stope designs using an estimated

NSR break-even cut-off grade of US$62.0/t to US$67.8/t equivalent to 109 to 120 g/t Ag Eq based on assumed metal prices

of US$21/oz Ag and US$1,600/oz Au; estimated metallurgical recovery rates of 91% for Ag and 90% for Au and mining costs

of US$33.89/t (C&F) to US$28.00/t (SLS); processing costs of US$16.23/t; and other costs including distribution, management,

community support and general service costs of US$17.73/t based on actual operating costs. Mining recovery is estimated to

92% (C&F) and 93% (SLS) and mining dilution 14% (C&R) and 24% (SLS). Mineral Resources are reported at a 100 g/t Ag Eq

cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices. Proven and Probable

Reserves include 1.94 Mt containing 11.3 Moz of silver and 63.5 koz of gold reported at a 111 to 122 g/t Ag Eq cut-off grade

and Inferred Resources totaling 2.2 Mt containi ng 8.8 Moz of silver and 65.4 koz of gold reported at a 100 g/t Ag Eq cut -off

grade located in the Taviche Oeste concession and subject to a 2.5% royalty

7. Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut -off values based on un derground mining

methods including; mechanized (breasting) at US$82.79/t; mechanized ( uppers) at US$77.33/t; semi -mechanized at

US$90.19/t; and a conventional method at US$155.1/t; using assumed metal prices of US$21/oz Ag, US$1,600/oz Au,

US$2,000/t Pb an d US$2,500/t Zn; metallurgical recovery rates of 82.5% for Ag, 45% for Au, 90% for Pb and 89% for Zn.

Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating

costs incurred from July 2020 through June 2021. Mining recovery is estimated to average 95% with average mining dilution

ranging from 21% to 37% depending on the mining methodology. Mineral Resources are reported at an NSR cut-off grade of

US$65/t for veins classified as wide (Animas, A nimas NE, Nancy, San Cristobal veins) and US$135/t for veins classified as

narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices

8. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable

gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.26 g/t Au, recovery 75.4%; Met type 2 cut-

off 0.25 g/t Au, recovery 78.2%; Met type 3 cut-off 0.25 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.28 g/t Au, recovery

68.5%. Mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block

regularization to 10-meter x 10-meter x 8-meter size. The cut-off grades and pit designs are considered appropriate for long

term gold prices of US$1,600/oz, estimated mining costs of US$1.51/t of material, total processing and process G&A costs of

US$6.97/t of ore, and refinery costs net of pay factor of US$7.10/oz Au. A new internal study suggested an increased heap

leach capacity to 115 Mt, which eliminates the previous year's Mineral Reserves restriction of 84.2 Mt. Reported Proven

Reserves include 4.7 Mt averaging 0.49 g/t Au of stockpiled material . Mineral Resources are reported within the same

conceptual pit shell above a 0.2 g/t Au cut -off grade based on the same parameters used for Mineral Reserves and a 15%

upside in metal prices

9. Mineral Reserves for Yaramoko are reported at a cut -off grade of 0.9 g/t Au for the 55 Zone open pit based on an assumed

gold price of US$1,500/oz, 3.4 g/t Au for 55 Zone underground and 3.0 g/t Au for Bagassi South underground, based on an

assumed gold price of US$1,600/oz, metallurgical recovery rates of 98.0%, s urface mining costs of US$3.26/t, G&A costs of

US$14.5/t, and processing cost of US$22.85/t, underground mining costs of US$101.9/t, G&A costs of US$24.1/t and

processing cost of US$27.7/t. Underground mining recovery is estimated at 85% and 91% for Bagas si South and 55 Zone

stopes respectively and 100% for sill drifts. A mining dilution factor of 10% has been applied for sill drifts, 0.7 meter and

1.0 meter dilution skin has been applied for 55 Zone and Bagassi South stopes respectively. Surface Mineral R eserves are

reported in situ with modifying factors of 10% mining dilution and 85% mining recovery applied within an optimized pit shell

and only Proven and Probable categories reported within the final pit designs. Reported Proven Reserves include 214 kt

averaging 2.98 g/t Au of stockpiled material. Yaramoko Mineral Resources are reported in situ at a gold grade cut -off grade

of 0.5 g/t Au for the 55 Zone open pit and 2.7 g/t Au for underground, based on an assumed gold price of US$1,700/oz and

the same costs, metallurgical recovery and constrained within an optimized pit shell. The Yaramoko Mine is subject to a 10%

carried interest held by the government of Burkina Faso

10. Mineral Reserves for the Séguéla gold Project are reported constrained within optimized pit shells at an incremental cut -off

grade of 0.54 g/t Au for Antenna, 0.55 g/t Au for Agouti, 0.55 g/t Au for Boulder, 0.56 g/t Au for Koula and 0.56 g/t Au for

Ancien deposits based on an assumed gold price of US$1,500/oz, metallurgical recovery r ate of 94.5%, mining cost of

US$2.87/t for Antenna, US$2.74/t for Agouti, US$2.81/t for Boulder, US$2.85/t for Koula and US$2.93/t for Ancien, processing

and G&A costs of US$21.64/t, mining owner cost of US$1.30/t, refining cost of US$2.60/oz and Royalty rate of 6%. The Mineral

Reserves pit design were completed based on overall slope angle recommendations of between 37° and 57° for Antenna,

Koula and Agouti deposits from oxide to fresh weathering profiles, between 34° and 56° for Ancien deposit from oxide to

fresh weathering profiles and 37° and 60° for Boulder deposit from oxide to fresh weathering profiles. Mineral Reserves are

reported in situ with modifying factors of 15% mining dilution and 90% mining recovery applied. Mineral Resources for the

Séguéla gold Project are reported in situ at a cut-off grade of 0.3 g/t Au for Antenna and 0.5 g/t Au for the satellite deposits,

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based on an assumed gold price of US$1,700/oz and constrained within preliminary pit shells. The S éguéla gold Project is

subject to a 10% carried interest held by the government of Côte d'Ivoire

11. Eric Chapman is the Qualified Person responsible for Mineral Resources reported for the San Jose, Caylloma and Lindero

mines; Amri Sinuhaji is the Qualified Person responsible for Mineral Reserves reported for the San Jose, Caylloma and Lindero

mines; both being employees of Fortuna Silver Mines Inc. Matthew Cobb is the Qualified Person responsible for Mineral

Resources reported for the Yaramoko Mine and S éguéla gold Project, being an employee of Roxgold Inc. (a wholly owned

subsidiary of Fortuna). Ashraf Suryaningrat and David Whittle are the Qualified Persons responsible for the underground and

open pit Mineral Reserves reported for the Yaramoko Mine, both being employees of Roxgold Inc. (a wholly owned subsidiary

of Fortuna). Shane McLeay is the Qualified Person responsible for Mineral Reserves reported for the S éguéla gold Project,

being an employee of Entech Pty Ltd

12. N/A = Not applicable

13. Totals may not add due to rounding

Lindero Mine, Argentina

As of December 31, 202 1, the Lindero Mine has Proven and Probable Mineral Reserves of 8 8.6 Mt

containing 1.6 Moz of gold, in addition to Measured and Indicated Resources, exclusive of Mineral

Reserves, of 3 3.3 Mt containing 415,000 ounces of gold, and Inferred Resources of 27.0 Mt containing

373,000 ounces of gold.

Since December 31, 2020, Mineral Reserve tonnes increased by 7 percent, while gold grade decreased

8 percent to 0. 57 g/t. Changes are primarily due to mining related depletion of 6.2 Mt of material

delivered to the heap leach pad in 2021 and an increase of the heap leach capacity limit to 114 Mt based

on an updated internal design.

Measured and Indicated Resource tonnes, exclusive of Mineral Reserves, decreased slightly by 2.3 Mt or

6 percent since December 31, 2020 to 33.3 Mt, due to minor adjustments in operating costs and the

reserve cut-off grade.

Inferred Resources tonnes decreased by 3.3 Mt or 11 percent, to 27.1 Mt since December 31, 2020 with

the gold grade increasing 2 percent to 0.4 3 g/t. The decrease in Inferred Resources is due to the

aforementioned changes in operating costs and the ultimate pit shell design.

Yaramoko Mine, Burkina Faso

As of December 31, 2021, the Yaramoko Mine has Proven and Probable Mineral Reserves of 2.1 Mt

containing 464,000 ounces of gold, in addition to Measured and Indicated Resources, exclusive of Mineral

Reserves, of 0.5 Mt containing 94,000 ounces of gold, and Inferred Resources of 0.25 Mt containing

35,000 ounces of gold.

Since June 30, 2020, Mineral Reserve tonnes decreased by 32 percent, while gold grade decreased slightly

by 3 percent to 6.78 g/t. The reasons for the changes in Mineral Reserves are:

• Depletion related to production from the mine resulting in a decrease of 0.92 Mt or 203,000 ounces of

gold extracted from June 30, 2020 through December 31, 2021, of which 84 ,000 tonnes containing

6,000 ounces of gold was added to Proven Reserves having been stockpiled

• Adjustments in the geological interpretation related to infill drilling and product ion data adjacent to

currently mined stopes resulted in a decrease of 0.31 Mt containing 55,000 ounces of gold

• Exploration and infill drilling in the deeper levels of the deposit result ed in the upgrade of 0.37 Mt or

91,000 ounces of gold

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• Updating of esti mation parameters including treatment of outliers, adjustments in expected mining

recovery, estimated costs and updating in classification result ed in a decrease of 0.24 Mt or

85,000 ounces of gold

Measured and Indicated Resource tonnes, exclusive of Mineral Reserves, decreased slightly from 0.6 Mt

to 0.5 Mt since June 30, 2020 with the changes being related to the reasons indicated above.

Inferred Resources tonnes decreased by 0.31 Mt or 56 percent, to 0.25 Mt since June 30, 2020 with the

gold grade decreasing 34 percent to 4.41 g/t. The decrease in Inferred Resources is due to the

aforementioned infill drill program which resulted in the upgrading of 0.37 Mt to reserves.

San Jose Mine, Mexico

As of December 31, 202 1, the San Jose Mine has Proven and Probable Mineral Reserves of 3.0 Mt

containing 17.3 Moz of silver and 1 13,000 ounces of gold, in addition to Inferred Resources of 3. 0 Mt

containing a further 12.1 Moz of silver and 90,000 ounces of gold.

Year-over-year, Mineral Reserves decreased 17 percent in terms of tonnes, while silver grade decreased

10 percent and gold grade decreased 13 percent after net changes of minus 956,000 tonnes resulting from

production-related depletion, adjustments amounting to 55,000 tonnes to the geological interpretation

and updating of estimation parameters and the upgrading and conversion of 301,000 tonnes of Inferred

Resources to Mineral Reserves due to infill and exploration drilling. Silver grade decreased 10 percent and

gold grade decreased 1 3 percent to 180 g/t and 1. 17 g/t, respectively due to upgraded grades having

lower average grades than those depleted in 2021.

Measured and Indicated Resource tonnes exclusive of Mineral Reserves remained relatively unchanged

year-over-year with tonnes decreasing by 2 percent.

Year-over-year, Inferred Resources decreased 1 3 percent in terms of tonnes, with grades remaining

relatively unchanged. The net variation is due primarily to reductions resulting from the upgrading of

Inferred Resources related to infill drilling and adjustments in the geological interpretation.

Brownfields exploration remains a prior ity at San Jose with a 2022 program budget of US$ 7.4 million,

which includes 26,200 meters of diamond drilling, aimed at expanding the mineralization at the mine

(refer to Fortuna news release dated January 18, 2022, “Fortuna reports 2021 full year record production

of 305,859 gold equivalent ounces and issues 2022 annual guidance”).

In addition, a technical evaluation is underway to test the viability of recovering mineralized pillars from

the Stockwork zone of the San Jose mine. Mineral Reserves and Mineral Resources will not include any

potential tonnage from this pillar material until sufficie nt technical studies have been completed to

confirm the methodology for recovery.

Caylloma Mine, Peru

As of December 31, 202 1, the Caylloma Mine has Proven and Probable Mineral Reserves of 3.2 Mt

containing 8.6 Moz of silver and 20,000 ounces of gold, in addition to Inferred Resources of 3.8 Mt

containing 14.2 Moz of silver and 73,000 ounces of gold.

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Year-over-year, Mineral Reserve tonnes increased by 91 percent, while silver grade decreased 22 percent

to 84 g/t, lead grade decreased 4 percent to 2.53%, and zinc grade increased 5 percent to 3.70%. Changes

are primarily due to mining related depletion of 475,000 tonnes, upgrading and conversion of 1.39 Mt of

Inferred Resources to Mineral Reserves due to a successful infill drill program focused on the Animas and

Animas NE veins and changes in zinc metal prices and commercial terms accounting for 534,000 tonnes.

Measured and Indicated Resource tonnes, exclusive of Mineral Reserves, increased by 27 percent year-

over-year to 2.7 Mt with silver, lead and zinc grades decreasing by 13 percent, 7 percent and 7 percent,

respectively due to the same reasons as detailed for reserves.

Inferred Resources tonnes increased slightly by 2 percent year-over-year. Silver, lead, and zinc grades

decreased 5 percent, 25 percent, and 14 percent, respectively. The decrease in Inferred Mineral Resources

is primarily due to a successful infill drill program of the Animas and Animas NE vein s resulting in the

upgrading of Inferred Mineral Resources to Mineral Reserves counteracted by the incl usion of new

resources in relation to exploration drilling expanding identified mineralized material in the lower levels

of the Animas and Animas NE veins.

Séguéla gold Project, Côte d’Ivoire

As of December 31, 2021, the Séguéla gold Project has Proven and Probable Mineral Reserves of 12.1 Mt

containing 1,088,000 ounces of gold, in addition to Inferred Resources of 4.9 Mt containing

454,000 ounces of gold.

There have been no changes from the Mineral Reserve and Mineral Resource numbers reported for the

Séguéla gold Project as of March 2021, with the exception of the maiden estimation of Inferred Resources

for the Sunbird discovery comprising 3.45 Mt averaging 3. 16 g/t Au containing 350,000 ounces of gold

reported above a 0.5 g/t Au cut-off grade (refer to Fortuna news release dated March 15, 2022, “Fortuna

announces maiden Inferred Mineral Resource of 350,000 ounces at 3.16 g/t gold at the Sunbird discovery

in Côte d´Ivoire”).

Qualified Person

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

Association of Professional Engineers and Geoscientists of the Province of British Columbia (Re gistration

Number 36328) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure

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.

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, and 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, environmental

protection, and social responsibility. For more information, please visit our website.

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ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director

Fortuna Silver Mines Inc.

Investor Relations:

Carlos Baca | [email protected]

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

Company’s mines and mineral properties; mineral resource and reserve estimates; the Company’s ability to convert infer red

mineral resources to indicated mineral resources and to convert mineral resources to mineral reserves; timelines; production at

the mines; the future financial or operating performance of the Company; the effects of laws, regulations and government policies

affecting our operations or potential future operations; future successful development of our projects; the estimates of expe cted

or anticipated economic returns from the Company’s mining operations including future sales of metals, doré and concentrate or

other products produced by the Company and the Company’s ability to achieve its production and cost guidance; capital

expenditures at the Company’s operations; estimated brownfields expenditures in 2022; the success of the Company’s exploration

activities, including infill drill programs at its mines and development projects; the duration and impacts of COVID -19 on the

Company’s production, workforce, business, operations and financial condition; metal price estimates, estimated metal grades in

2021; 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, 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 and society; changes in prices for silver, gold and other metals ; technological and operational

hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices fo r

energy, labor, materials, supplies and services; fluctua tions in currencies; 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; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the

Company has attempted to identify important factor s 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 fro m

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 reserve estimates and the assumptions

upon which they are based; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency

exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy, labour, materials

and supplies, transport and services; the duration and impacts of COVID -19 on the Company’s production, workforce, business,

operations and financial condition; that there will be no material adverse change affecting the Company or its properties; that all

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required 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

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, 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 Pr ojects ("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 publ ic disclosure by a Canadian company of scientific and technical information

concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the

technical disclosure have been prepared in accordance w ith 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 Commiss ion,

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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