Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports production results for the first quarter of 2023 from its four operating mines in Latin America and West Africa.

Production highlights

• Gold and silver production are on-track to achieve 2023 annual guidance
• Gold production of 60,092 ounces; 10 percent decrease over Q1 2022
• Silver production of 1,586,378 ounces; 5 percent decrease over Q1 2022
• Zinc and lead production of 13.1 million pounds and 9.5 million pounds; 21 and 4 percent increase over Q1 2022, respectively
• Gold equivalent¹ production of 94,110 ounces
• The Séguéla Mine is on-track to initiate gold production in May 2023

Gold production of 60,092 ounces was mainly driven by contributions of 25,258 ounces from the Lindero Mine and 26,437 ounces from the Yaramoko Mine. The lower year-over-year gold production is primarily due to a decrease in head grades at both mines albeit in line with the mining sequence and Mineral Reserves. Silver production of 1,586,378 ounces is similar to the comparable period in 2022 with marginally lower tonnage and head grades milled at the San Jose and Caylloma mines.

Fortuna reiterates its 2023 annual production guidance range of 6.3 to 6.9 million ounces of silver and 282 to 320 thousand ounces of gold or between 412,000 and 463,000 gold equivalent ounces², including lead and zinc by-products (refer to Fortuna news release dated January 17, 2023).

Notes:

1. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,893/oz Au, $22.52/oz Ag, $2,256/t Pb and $3,197/t Zn or Au:Ag = 1:84.04, Au:Pb = 1:0.84, Au:Zn = 1:0.59
2. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,700/oz Au, $21/oz Ag, $2,000/t Pb and $3,200/t Zn or Au:Ag = 1:81.00, Au:Pb = 1:0.85, Au:Zn = 1:0.53

First Quarter 2023 Consolidated Operating Highlights

Notes:

1. Metallurgical recovery for silver at the Caylloma Mine is calculated based on silver content in lead concentrate
2. Lindero production includes doré and gold contained in fine carbon; Yaramoko production includes doré only
3. Totals may not add due to rounding

Latin America: On track to meet annual guidance range

Consolidated gold production for the first quarter of 2023 reflected a 13 percent decrease when compared to the same period of 2022, and is on track to meet the annual guidance range. Strong lead and zinc production during the period was a result of higher head grades and tonnes processed at the Caylloma Mine.

Lindero Mine, Argentina: Gold production aligned to meet annual guidance range

Gold production in the quarter was 25,258 ounces, comprised of 24,776 ounces of doré and an estimated 482 ounces of gold contained in fine carbon. Gold production for the first quarter of 2023 is 16 percent lower when compared to the first quarter of 2022 mainly due to the lower head grade of mineralized material placed on the leach pad but aligned with the mining sequence.

During the first quarter of 2023, mine production was 1.6 million tonnes of mineralized material with a stripping ratio of 1.07:1. The stripping ratio for the first quarter of 2023 is aligned with the operation’s plan for the year of 1.17:1 (refer to Lindero Mine and Arizaro Project technical report with an effective date of December 31, 2022). A total of 33,510 ounces of gold were placed on the leach pad averaging 0.71 g/t Au.

San Jose Mine, Mexico: On-track to meet annual guidance range

In the first quarter of 2023, the San Jose Mine produced 1.3 million ounces of silver and 8,231 ounces of gold, slightly lower when compared to the equivalent period in 2022. Production results are aligned with the mining sequence and Mineral Reserves.

Caylloma Mine, Peru: Strong performance, on-track to meet annual guidance range

The Caylloma Mine produced 283,066 ounces of silver in the first quarter of 2023. Measured against the comparable quarter of the previous year, silver was 9 percent lower but in line with the mining sequence and Mineral Reserves.

In the first quarter of 2023, zinc and lead production was 13.1 and 9.5 million pounds, respectively, a 21 and 4 percent increase from the comparable period in 2022. Increased production is a result of higher head grades sourced from level 16 and level 17 within the Animas vein.

West Africa: The Séguéla Mine is on-track to initiate gold production in May 2023

In the first quarter of 2023, the Yaramoko Mine continued its steady performance and is on track to meet the annual guidance range. At the Séguéla Gold Project, the first gold pour is expected in May 2023.

Yaramoko Mine, Burkina Faso: Gold production on-track to meet annual guidance range

In the first quarter of 2023, Yaramoko produced 26,437 ounces of gold at an average head grade of 5.94 g/t Au, a 6 percent and 21 percent decrease, respectively, when compared to the same period in 2022. The operation benefitted from higher mill throughput, offset by reduced operating time due to planned maintenance and lower head grades. Production for the quarter was in line with the mining sequence and Mineral Reserves estimate.

Underground mineralized material was sourced from the 55 Zone, with development also contributing from outside of the current resource boundary on the western side of the deposit.

Séguéla Gold Project, Côte d’Ivoire: First gold pour is projected to occur in May 2023

At Séguéla, construction and operational activities have progressed well. As of the end of March, the project construction was 96 percent complete. Mining from the Antenna pit commenced with waste being used to construct the run-of-mine (ROM) pad. In early April, commissioning of the crushing circuit began using ore from the Antenna pit. Mineralized material will continue to be stockpiled on the ROM pad ahead of commissioning the milling circuit and ramp-up to steady-state operations.

Mining activities at the Antenna pit

Mineralized material being crushed and conveyed to the stockpile

Qualified Person

Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration 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.