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

Séguéla exploration program highlights:

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “The Kingfisher Prospect discovery, first announced in March 2024, has shown impressive growth with continuous drill defined mineralization now delineated along more than 1 kilometer of strike, with highlights including 23.7 g/t Au over an estimated true width of 17.9 meters from drill hole SGDD133, with mineralization remaining open along strike to the south and at depth.” Mr. Weedon continued, “In addition to the success at Kingfisher, infill and extension drilling at Badior has highlighted the high-grade potential of this prospect, exemplified by results such as 15.6 g/t Au over an estimated true width of 11.9 meters from drill hole SGRC1971.” Mr. Weedon concluded, “Results from deeper drilling at Ancien returned several high-grade intersections and continues to build underground mining opportunities at Séguéla.”

Séguéla Mine, Côte d’Ivoire

Kingfisher Prospect

Since the discovery announcement made earlier this year (refer to Fortuna news release dated March 11, 2024) an additional 5,423-meter, 40-hole program was completed at Kingfisher. Results defined continuous mineralization over more than 1-kilometer of strike and joined the previous central and northern lodes (refer to Figures 1, 2 and 3). Drilling continues, testing the depth potential along this zone, as well as progressively infilling the area between the southern and central lodes, which collectively form a strike extent of over 1.9 kilometers. Kingfisher remains open at depth for most of the drilled strike, with the deepest drilling only testing to approximately 200 meters below surface.

The additional drilling at Kingfisher has further refined the understanding of the mineralization controls, with a clear association identified along the strongly deformed contact zone between a series of felsic intrusives, quartz veining, and basaltic units. Mineralization is characterized by silica-biotite-sericite-carbonate alteration and pyrite development, within and adjacent to the quartz veining, similar to the Boulder and Agouti deposits, 1 to 3 kilometers further north in the same sequence.

Drilling is scheduled to continue throughout the second half of 2024 with the aim of expanding the strike and depth potential of Kingfisher to support a maiden resource estimate by early 2025.

Figure 1: Kingfisher’s location, approximately 1-kilometer east of Sunbird

Figure 2: Kingfisher prospect long section – looking west

Figure 3: Kingfisher prospect cross section: section line 892550 – looking north

Badior Prospect

At Badior, an additional 2,727-meter, 30-hole program was completed during 2024 (refer to Figures 4 and 5), to infill and test depth extensions to previous high-grade intersections (refer to Fortuna news release dated December 12, 2023). Drilling was successful in defining and extending the high-grade core with several intervals returning multiple counts of visible gold (>25 points) associated with quartz-pyrite veining and associated silica-biotite-sericite-carbonate alteration of the host basaltic units, with examples of corresponding grades including 38.3 g/t Au over an estimated true width of 3.5 meters from 27 meters in drill hole SGRC1967, 15.7 g/t Au over an estimated true width of 10.5 meters from 132 meters, including 73.5 g/t Au over 2.1 meters from 132 meters in drill hole SGRC1969, and 16.2 g/t Au over an estimated true width of 5.6 meters from 53 meters in drill hole SGRC1961.

Figure 4: Badior long-section showing select recent results – looking west

Figure 5: Badior cross section showing select recent results – looking north

Ancien Deposit

At Ancien, an additional 3,255-meter, 11-hole infill drill program was completed during the second quarter of 2024 to further refine the controls on the high-grade mineralized shoots at depth. This followed the previously reported results (refer to Fortuna news release dated December 12, 2023).

Results from this program will support an evaluation of the underground mining potential at the Ancien deposit and the wider Séguéla land package.

Refer to Appendix 1 for full details of the Séguéla drill holes and assay results.

Quality Assurance & Quality Control

Séguéla Mine, Côte d’Ivoire

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 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% 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 drill holes 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 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 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 – Standards of Disclosure for Mineral Projects 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, including 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 five operating mines in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru. 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.