Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its exploration program at the Séguéla gold Project located in Côte d’Ivoire.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Drilling at Sunbird has continued to extend the high grade mineralized footprint to at least 400 meters below surface where it remains open with drill hole SGDD102 intersecting 5.1 g/t gold over an estimated true width of 10.5 meters demonstrating the potential upside at depth.” Mr. Weedon continued, “Furthermore, results from drill hole SGRD1411 of 13.6 g/t gold over a true width of 6.3 meters highlight the definition of a second shoot to the south which also remains open at depth and along strike.” Mr. Weedon concluded, “In addition to the exploration success at Sunbird, regional target generation on the Séguéla property has identified several new high grade prospects, including Kestrel with drill hole SGRC1456 intersecting 24.0 g/t gold over an estimated true width of 2.8 meters.”

Sunbird Deposit drill highlights include:

• SGRD1411: 13.6 g/t gold over an estimated true width of 6.3 meters from 332 meters
• SGRD1423: 8.2 g/t gold over an estimated true width of 4.9 meters from 359 meters
• SGDD095: 16.6 g/t gold over an estimated true width of 2.8 meters from 217 meters
• SGDD098: 6.9 g/t gold over an estimated true width of 5.6 meters from 290 meters
• SGDD099: 4.3 g/t gold over an estimated true width of 11.2 meters from 389 meters
• SGDD102: 5.1 g/t gold over an estimated true width of 10.5 meters from 373 meters

Drilling further down-dip and down-plunge at Sunbird has continued to intersect high grade mineralization beyond the previously reported intersections (refer to Fortuna news release dated June 7, 2022) extending drill defined mineralization associated with the central high grade core a further 100 meters down-plunge where it remains open at depth, some 400 meters below surface (see Figure 1). Further drilling is planned in the fourth quarter of 2022 to test the projected extensions at depth.

In addition to extending the central high grade core, drilling has extended the down-plunge extent of the southern shoot a further 200 meters to the south, with drill hole SGRD1411 intersecting 13.6 g/t gold over an estimated true width of 6.3 meters where it remains open approximately 250 meters below surface. Further drilling is planned in the fourth quarter of 2022 to test the projected depth extensions.

This recent drilling has extended the defined mineralized strike at Sunbird to more than 1.1 kilometers. A further 480 meters to the south along the projected strike, a single exploration trench intersected two zones of mineralization interpreted from geophysics to be extensions of the Sunbird structure, returned true width intervals of 3.8 g/t gold over 7 meters and 1.3 g/t gold over 9 meters (see Prospect P14 in Figure 2). Drilling is planned for this area.

Full results received for this recent 15-hole, 5,093-meter drill program are listed in Appendix 1.

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

Figure 2: Seguela Project regional plan showing recent drilling results

Ancien Deposit underground highlights

A 6-hole, 1,957-meter program was completed at Ancien which was drilled to test the projection of several high grade zones to help improve the structural understanding of the mineralization controls. This program was designed to help support future testing for potential targets and mineralized extensions which may be amenable to underground mining in the future. Highlights include results from drill hole SGRD1432 of 4.1 g/t gold over an estimated true width of 11.9 meters, including 1.4 meters at 23.5 g/t gold and results from drill hole SGRD721 of 3.5 g/t gold over 4.9 meters, including 11.7 g/t gold over 0.7 meters (see Figure 3). Refer to Appendix 2 for full results.

Figure 3: Ancien Deposit long-section looking west showing recent drilling results at depth.

Séguéla Project Regional Exploration

Reverse circulation (RC) and diamond drilling (DD) at the Kestrel, G7 and Winy regional exploration targets returned encouraging results (see Figure 2).

Kestrel (formerly P12): located approximately 500 meters to the south along strike of Antenna, a 10 hole, 1,137-meter first pass scout RC and DD program identified a new structure associated with strong silica alteration and quartz veining, with highlights over a 100-meter strike length including:

• SGRC1456: 24.0 g/t gold over an estimated true width of 2.8 meters from 87 meters
• SGRC1452: 13.2 g/t gold over an estimated true width of 1.4 meters from 78 meters
• SGRC1451:    5.3 g/t gold over an estimated true width of 2.1 meters from 31 meters
• SGDD103: 14.3 g/t gold over an estimated true width of 1.4 meters from 36 meters

Regional geophysical interpretations suggest this structure may be a southerly extension of the structure hosting the main Antenna mineralization. Further drilling is planned in the fourth quarter of 2022. Refer to Appendix 3 for full results.

G7: following up on the previous air core and scout RC drilling program (refer to Fortuna news release dated June 7, 2022), a follow-up 9-hole 840meter RC program was completed. The program was designed to test the continuity of mineralization associated with extensive surface gold anomalism with drilling results intersecting mineralization over a 200-meter zone which remains open along strike and at depth. True width intersections include 2.2 g/t gold over 6.3 meters from 115 meters in drill hole SGRC1442 and 1.8 g/t gold over 9.1 meters from 38 meters in drill hole SGRC1444 (see Figure 2). Further mapping and a review of the data is planned with G7 hosted in the easternmost volcaniclastic and schistose domain and represents a potentially new host setting. Refer to Appendix 4 for full results.

Winy: a 19-hole 1,961 meter scout RC program was completed over a 600 meter strike length at Winy, following up on previous air core results (refer to Fortuna news release dated June 7, 2022). Drilling intersected a relatively narrow but continuous silicification zone and associated quartz veining with pyrite, with results including 12.3 g/t gold over 1.4 meters from 26 meters in drill hole SGRC1460 and 14.9 g/t gold over 1.4 meters from 39 meters in drill hole SGRC1461 (see Figure 2). Refer to Appendix 5 for full results.

Quality Assurance & Quality Control

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.

Trench samples were collected in either 1, 2 or 4-meter composites along one wall of the trench, according to identified lithologies, and below any transported horizons for a final sample weight of 2-3 kilograms.

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 project site. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All Séguéla trench, 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.

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.