Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an overview of its exploration programs in Latin America and West Africa.

Paul Weedon, Senior Vice President of Exploration, commented, “With 12 drill rigs turning across the portfolio, the steady pace of exploration across all our major properties continues to deliver very encouraging results.” Mr. Weedon continued, “These include highlights such as 16.5 g/t gold over 6.3 meters from drill hole SGRC1366 from the growing Sunbird Prospect at Séguéla, and the 0.6 g/t gold and 0.18% copper over an estimated true width of 68 meters from surface intersected in drill hole ARD046 adjacent to the Arizaro Project, through to one of the deepest holes drilled at Caylloma, drill hole ANIM087921, returning 93 g/t silver, 4.83% lead and 7.81% zinc over an estimated true width of 20.48 meters from nearly 900 meters below surface and where it remains open.”

Séguéla gold Project, Côte d’Ivoire

Sunbird Prospect assay highlights include:

• SGRD1365: 9.4 g/t gold over an estimated true width of 7 meters from 197 meters
• SGRD1366: 17.5 g/t gold over an estimated true width of 6.3 meters from 205 meters
• SGRD1367: 14.8 g/t gold over an estimated true width of 1.4 meters from 214 meters and 52.2 g/t gold over an estimated true width of 1.4 meters from 242 meters
• SGRD1368: 3.4 g/t gold over an estimated true width of 3.5 meters from 269 meters
• SGRD1370: 8.0 g/t gold over an estimated true width of 8.4 meters from 241 meters
• SGRD1376: 6.5 g/t gold over an estimated true width of 10.5 meters from 143 meters

Exploration drilling at the Séguéla gold Project continues to advance the Sunbird Prospect with a recently completed 13-hole, 3,059-meter program testing the continuity and tenor of mineralization at depth and along strike to the south. Drilling at depth was designed to test projections of previous high-grade results a further 100 to 150 meters down plunge in the central zone and help refine the understanding of the structural controls (refer to Fortuna news release dated September 7, 2021).

Drilling to the south extended drill defined mineralization a further 50 meters, helping refine the structural controls, with this area remaining open along strike and down-plunge. The geometry and style of mineralization is consistent with that seen at the Koula and Ancien deposits, located 1.5 kilometers and 5 kilometers to the north and south respectively, both of which are hosted in similar structural settings within the same lithology package.

Geological logging of the drill core identified numerous intervals containing 5 to greater than 20 visible gold specks of up to 2-millimeter diameter, with the characteristics of the mineralization consistent with previous drilling at Sunbird. Three of the six holes for which assays are pending, refer to Appendix 1, also recorded between 5 and 10 visible gold specks in the mineralized intervals; refer to Figure 1.

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

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The mineralization remains open at depth and further drilling is planned in 2022 to further define the extent of the mineralization. Results received to date for this program are listed in Appendix 1.

Arizaro gold Project, Lindero Mine, Argentina

Central Zone assay highlights include:

• ARD45: 0.47 g/t Au and 0.16% Cu over an estimated true width of 73 meters from 44 meter downhole

• ARD46: 0.61 g/t Au and 0.18% Cu over an estimated true width of 68 meters from surface; ended in mineralization at 200-meter downhole

The Arizaro Project is located within the Lindero mining concession, 3.2 kilometers southeast of the Lindero Mine. Previous exploration and drilling identified near surface porphyry-style gold-copper mineralization hosted in magnetite and biotite-rich breccia zones and in associated stockwork veins with two dominant structural trends (refer to Fortuna release dated February 14, 2019).

A 1,178-meter, 6-hole drilling program testing a reinterpretation of key mineralizing features across the Central and SW Targets, located approximately 200 meters and 350 meters, respectively, to the west south-west of the main Arizaro mineralization was completed in August. Two holes testing the Central Target successfully intersected extensive zones of biotite-rich brecciation and north-east trending sheeted quartz veining with associated pyrite and visible copper mineralization. Subsequent logging of drill hole ARD46 showed it was drilled oblique to the interpreted dominant quartz vein orientation with the hole ending in mineralization at 200 meters downhole for a true width of 68 meters; refer to Figure 2.

Figure 2: Arizaro Project plan view with selected highlights

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Additional drilling and surface trenching is planned during December to further define the extent of the mineralization. Results received to date for this program are listed in Appendix 2.

San Jose Mine, Mexico

Assay highlights include:

• SJOM1053 (VMZ): 290 g/t Ag and 2.00 g/t Au over an estimated true width of 1.5 meters
• SJOM1088 (Magdalena): 245 g/t Ag and 1.41 g/t Au over an estimated true width of 4.6 meters
• SJOM1091 (Magdalena): 506 g/t Ag and 2.61 g/t Au over an estimated true width of 1.7 meters
• SJOM1103 (San Ignacio): 209 g/t Ag and 1.47 g/t Au over an estimated true width of 1.1 meters
• SJOM1105 (Magdalena): 302 g/t Ag and 0.77 g/t Au over an estimated true width of 1.8 meters including 1,010 g/t Ag over 0.5 meters

Step-out exploration drilling from underground platforms ahead of production at San Jose has continued to define continuity of key mineralized structures, with 25,064 meters drilled in 59 holes since March 2021, targeting the Bonanza Hanging wall (Bhw), Trinidad Norte and Victoria mineralized zone (VMZ) structures; refer to Figure 3, Figure 4 and Figure 5. In addition to the underground drilling, testing of two target zones to the north and south of the mine was successful in identifying additional mineralized structures with drilling continuing.

Development of underground drill platforms and associated infrastructure also continued with the establishment of the first drill stations which will enable testing of the projected northern strike extensions of the Trinidad system, including the untested down-dip projection of a surface silicified outcrop.

Refer to Appendix 3 for details of the additional San Jose drill holes completed since March 2021.

Figure 3: Bonanza Hanging wall long-section looking west showing recent drilling results

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Figure 4: Trinidad Norte long-section looking west showing recent drilling results

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Figure 5: Victoria mineralized zone (VMZ) long-section looking west showing recent drilling results

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Yaramoko Mine, Burkina Faso

Assay Highlights include:

• YRM-20-RC-109-036: 3.0 g/t Au over an estimated true width of 7.7 meters (Min Zone 2)
• YRM-20-RC-109-038: 11.2 g/t Au over an estimated true width of 2.8 meters (Min Zone 2)
• YRM-21-RC-109-053: 3.4 g/t Au over an estimated true width of 6.3 meters (Min Zone 1)
• YRM-21-RC-109-056: 4.2 g/t Au over an estimated true width of 4.9 meters (Min Zone 1)
• YRM-21-RC-109-058: 14.7 g/t Au over an estimated true width of 4.9 meters (Min Zone 1)
• YRM-21-RC-109-062: 3.8 g/t Au over an estimated true width of 4.9 meters (Min Zone 1)

Exploration drilling at Yaramoko has continued to advance the 109 Zone near surface prospect, located approximately 1.5 kilometers north-west of the Yaramoko mill, with 108 RC holes completed during the period April to October for a total of 8,201 meters. Drilling has targeted a 1-kilometer-long zone of sheared mafic volcanics and associated quartz veining situated within the Yaramoko Shear Zone, which hosts the 55 Zone and Bagassi South Mines, with three discrete zones of mineralization identified (refer to Figure 6: Min Zone 1, 2 and 3).

Figure 6: 109 Zone plan view with selected highlights

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Results received to date for this program are listed in Appendix 4.

Caylloma Mine, Peru

Animas NE vein assay highlights include:

• ANIM086321: 60 g/t Ag, 5.51% Pb and 6.22% Zn over an estimated true width of 7.2 meters
• ANIM084321: 51 g/t Ag, 2.94% Pb and 5.23% Zn over an estimated true width of 5.8 meters
• ANIM084721: 106 g/t Ag, 2.34% Pb and 3.13% Zn over an estimated true width of 11.8 meters
• ANIM085521: 159 g/t Ag, 2.92% Pb and 1.44% Zn over an estimated true width of 6.1 meters
• ANIM087321: 76 g/t Ag, 4.35% Pb and 7.45% Zn over an estimated true width of 11.3 meters
• ANIM087921: 93 g/t Ag, 4.83% Pb and 7.81% Zn over an estimated true width of 20.5 meters

Exploration drilling at Caylloma continued throughout 2021 totaling 10,121 meters in 26 diamond drill holes, testing the depth continuity of the greater than 3-kilometer-long Animas NE silver-polymetallic vein system, and the strike potential further to the north-east beyond the intersection of the Nancy vein.

Further to previously reported successful step-out drilling results at the Animas NE vein (refer to Fortuna news release dated February 14, 2019), drilling continues to intersect mineralized shoots up to 200 meters beyond the current Resource boundary, extending known mineralization more than 900 meters below surface along the 3 kilometer long Animas NE vein, where it remains open at depth and along strike (Figures 7 and 8). Drilling has primarily focussed on extending Ore Shoots 3 and 4 at depth, as well as testing for strike extension beyond the Nancy vein intersection and further north-east into the sediments of the basement Yura Group. Full results for the 2021 drilling program are listed in Appendix 5.

Figure 7: Animas NE vein long-section showing recent results from Oreshoot 3 (view is looking northwest)

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Figure 8: Animas NE vein long-section showing recent results from Oreshoot 4 (view is looking northwest)

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Quality Assurance & Quality Control

Latin America

Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond sawing. One half of the core is submitted to the ALS Global Laboratory in Lima, Peru, for samples from the Caylloma Mine, the ALS Global Laboratory in Guadalajara, Mexico, for samples from the San Jose Mine and the ALS Global Laboratory in Mendoza, Argentina, for samples from the Arizaro Project. The remaining half core is retained on-site for verification and reference purposes. Following preparation, the samples are assayed for gold and silver by standard fire assay methods and for silver and base metals by Inductively Coupled Plasma and atomic absorption methods utilizing aqua regia digestion at the ALS Global Laboratory in Lima, Peru, for samples from the Caylloma Mine and the Arizaro Project, and at the ALS Global Laboratory in Vancouver, BC, Canada, for samples from the San Jose Mine. The QA-QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of approximately 1 per 20 normal samples as well as the inclusion of duplicate samples for verification of sampling and assay precision levels.

West Africa

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 samples 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 collected, 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% sample 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 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 and stored in a secure location at the company core yard at the relevant project site (Séguéla or Yaramoko). 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 while all Yaramoko samples were direct shipped to ALS Laboratories in Ouagadougou for preparation. Séguéla samples were shipped via commercial courier to ALS’s facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all Yaramoko and 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.

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 information 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.

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.