Mr. Jorge Ganoza reports

FORTUNA INTERSECTS 88 G/T AU OVER 3.5M AT THE SEGUELA MINE AND PROVIDES EXPLORATION UPDATE

Fortuna Silver Mines Inc. has provided an update on its exploration programs at the Seguela mine in Ivory Coast, the recently acquired Diamba Sud gold project in Senegal and the San Jose mine in Mexico.

Exploration program highlights

Badior prospect, Seguela Mine, Ivory Coast:

• SGRD1683: 17.3 g/t Au over an estimated true width of 6.3 metres from 67 metres, including 49.5 g/t Au over an estimated true width of 1.4 metres from 67 metres
• SGRC1682: 16.7 g/t Au over an estimated true width of 5.6 metres from 65 metres, including 121.0 g/t Au over an estimated true width of 0.7 metres from 70 metres, and 13.0 g/t Au over an estimated true width of 2.1 metres from 83 metres
• SGRD1689: 10.7 g/t Au over an estimated true width of 2.1 metres from 159 metres, including 29.6 g/t Au over an estimated true width of 0.7 metres from 161 metres

Ancien deposit, Seguela Mine, Ivory Coast:

• SGRD1657: 27.1 g/t Au over an estimated true width of 7.7 metres from 239 metres, including 138.5 g/t Au over an estimated true width of 1.4 metres from 241 metres
• SGRC1661: 14.8 g/t Au over an estimated true width of 2.1 metres from 339 metres, and 22.9 g/t Au over an estimated true width of 15.4 metres from 347 metres, including 88.0 g/t Au over an estimated true width of 3.5 metres from 357 metres
• SGRD1663: 6.0 g/t Au over an estimated true width of 19.6 metres from 346 metres, including 13.0 g/t Au over an estimated true width of 1.4 metres from 352meters, and 16.4 g/t Au over an estimated true width of 1.4 metres from 358 metres, and 36.4 g/t Au over an estimated true width of 1.4 metres from 362 metres
• SGRD1664: 2.2 g/t Au over an estimated true width of 15.4 metres from 361 metres, including 11.3 g/t Au over an estimated true width of 0.7 metres from 368 metres, and 10.2 g/t Au over an estimated true width of 0.7 metres from 370 metres

Sunbird deposit, Seguela Mine, Ivory Coast:

• SGRD1695: 5.0 g/t Au over an estimated true width of 14.7 metres from 341 metres, including 27.7 g/t Au over an estimated true width of 2.1 metres from 347 metres
• SGRC1698: 4.9 g/t Au over an estimated true width of 8.4 metres from 200 metres
• SGRD1696: 4.9 g/t Au over an estimated true width of 3.5 metres from 235 metres, including 16.9 g/t Au over an estimated true width of 0.7 metres from 236 metres, and 6.2 g/t Au over an estimated true width of 1.4 metres from 263 metres

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, "With the successful commissioning and ramp-up of the Seguela Mine, the exploration focus has been directed towards the regional potential, featuring the emerging Badior prospect. Recent results include drill hole SGRC1683 intersecting 17.3 g/t Au over an estimated true width of 6.3 metres. In addition, the exploration teams are building the foundation for potential long term underground mining at the Ancien and Sunbird deposits, encouraged by results such as drill hole SGRD1661 intersecting 22.9 g/t Au over an estimated true width of 15.4 metres at Ancien."

Diamba Sud Gold Project, Senegal:

• DSR503: 7.5 g/t Au over an estimated true width of 16.2 metres from 75 metres
• DSDD129: 9.9 g/t Au over an estimated true width of 11.7 metres from 12 metres
• DSR491: 3.9 g/t Au over an estimated true width of 26.1 metres from 66 metres, and 5.8 g/t Au over an estimated true width of 13.5 metres from 104 metres
• DSR490: 3.1 g/t Au over an estimated true width of 29.7 metres from 7 metres
• DSR506: 3.0 g/t Au over an estimated true width of 23.4 metres from 36 metres, and 6.7 g/t Au over an estimated true width of 8.1 metres from 71 metres
• DSDD131: 9.1 g/t Au over an estimated true width of 5.6 metres from 96.4 metres

Mr. Weedon continued, "Exploration drilling at the recently acquired Diamba Sud Gold Project has returned very encouraging results from the initial confirmatory drilling at Area A, with results such as drill hole DSR490 intersecting 3.1 g/t Au over an estimated true width of 29.7 metres from 7 metres, while hole DSR487 highlights the potential to increase the overall footprint of the Area A prospect with an interval of 2.3 g/t Au over an interval of 15.3 metres, extending beyond the historic mine design limit. With the team on the ground operating well after the conclusion of the Diamba Sud acquisition, I am very happy with the progress as we look forward to advancing the project in 2024."

Yessi vein, San Jose Mine, Mexico:

• SJOM-1357: 204 g/t Ag Eq over an estimated true width of 7.1 metres from 167.30 metres
• SJOM-1366A: 153 g/t Ag Eq over an estimated true width of 1.5 metres from 573.45 metres, and 258 g/t Ag Eq over an estimated true width of 1.0 metres from 636.40 metres
• SJO-1417: 858 g/t Ag Eq over an estimated true width of 0.5 metres from 579.55 metres
• SJOM-1418: 185 g/t Ag Eq over an estimated true width of 0.8 metres from 406.00 metres
• SJOM-1428: 545 g/t Ag Eq over an estimated true width of 17.0 metres from 342.75 metres
• SJO-1430: 1,431 g/t Ag Eq over an estimated true width of 1.1 metres from 593.50 metres, and 250 g/t Ag Eq over an estimated true width of 4.0 metres from 668.85 metres
• SJO-1431: 195 g/t Ag Eq over an estimated true width of 5.2 metres from 601.30 metres

Mr. Weedon also highlighted the continuing work at the San Jose Mine where drilling to define the recently discovered Yessi vein has provided further insights into the regional structural controls with encouraging results, including 1,431 g/t Ag Eq over an estimated true width of 1.1 metres and a further 250 g/t Ag Eq over an estimated true width of 4 metres from SJO-1430, and 545 g/t Ag Eq over an estimated true width of 17.0 metres from SJOM-1428. "The structural complexity of the Yessi vein helps validate the wider regional structural understanding and highlights opportunities for additional near-mine exploration targets."

Seguela Mine, Ivory Coast

Drilling for increased geologic confidence and understanding of key high-grade controls at the Badior prospect was recently concluded, with 8 holes drilled totalling 1,691 metres (refer to Figure 1). Drilling has broadly outlined a gently northerly plunging high-grade lode which remains open at depth, with drill hole SGRD1689 intersecting 10.7 g/t Au over 2.1 metres from 159 metres downhole. The interpreted northerly plunge is unusual for mineralization at Seguela which typically demonstrates a shallow to moderate southerly plunge, and which may represent a new or antithetic structural control. Further work is planned for 2024.

At Ancien, 9 holes for a total of 3,258 metres were completed (refer to Figure 2). This short program was designed to improve the understanding of the structural controls on the high-grade lodes hosting multiple intervals such as those intersected in drill holes SGRD1661 and SGRD1663. This increased geological confidence and understanding will help support an evaluation of the underground mining potential at Ancien, where the deposit remains open at depth. Further work is planned for 2024.

At Sunbird, a comprehensive infill drilling program consisting of 47 holes totaling 11,075 metres, was completed in August 2023 (refer to Fortuna news release dated August 8, 2023 ). The infill drilling was followed by a program to continue testing the extent of mineralization. Results were received for 8 holes totalling 2,100 metres completed in the southern section of the deposit (refer to Figure 3). This short program was designed to improve the understanding of the structural controls projected a further 200 metres down-plunge from the last drilling sections with encouraging results including SGRD1695 intersecting 5.0 g/t Au over an estimated true width of 14.7 metres from 341 metres downhole. This increased geological confidence and understanding will help support an evaluation of the underground mining potential at Sunbird, where the deposit remains open at depth. Further work is planned for 2024.

Diamba Sud Gold Project, Senegal

At Diamba Sud, a 10,945-meter, three-drill rig drilling program started on October 8, 2023, with 34 holes completed for 4,976 total metres drilled to date. The objectives of the program are as follows:

• Selected confirmatory drilling of Area A, Area D, and Karakara to improve resource confidence
• Drilling to test for extensions to the existing historic resource in support of project development and advancing further studies in 2024
• Advancing prospective areas such as Gamba Gamba North, Southern Arc, Western Splay,
• Area A North, and others Improved understanding of key geological controls including controlling structures, favorable lithologies, alteration and secondary enrichment zones

The Area A prospect is structurally complex with interpreted supergene mineralization overlaying primary mineralization preferentially hosted in a broad sedimentary package, which has been intersected by steeper mineralized structures and folding. Mineralization remains open along strike and at depth, as demonstrated by drill hole DSR490 intersecting 1.3 g/t Au over an estimated true width of 7.2 metres from 176 metres, and an additional 1.0 g/t Au over an estimated true width of 18.9 metres from 188 metres, extending mineralization beyond the historic pit design (refer to Figures 4 - 6).

This program will continue for the remainder of 2023 with additional drilling programs, including regional exploration and target generation budgeted for 2024.

San Jose Mine, Mexico

Drilling of the recently discovered Yessi vein (refer to Fortuna news release filed on SEDAR+ on September 5, 2023) has continued with the objective of defining the structural relationship between the Yessi vein and the various systems at the San Jose Mine with 13 additional holes completed for a total of 7,444 metres.

Initially interpreted as an approximately north-south trending vein, recent drilling has highlighted the likelihood of the Yessi vein forming a north-northwest orientated link structure between the Victoria Mineralized Zone and an as yet undefined structure further eastwards, an interpretation supported by regional geophysical data. Drilling has been re-orientated to better target this revised orientation, with drilling continuing.

Mineralization remains open along strike to the southeast, whereas to the northwest the Yessi vein intersects the Victoria Mineralized Zone.

Quality Assurance & Quality Control (QA - QC)

Seguela Mine, Ivory Coast and Diamba Sud Gold Project, Senegal

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 (DD) drill holes at Seguela were drilled with HQ sized diamond drill bits, whereas DD holes at Diamba Sud started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. 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 Seguela 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. All Diamba Sud RC and DD samples were transported to ALS's preparation laboratory in Kedougou, before also being transported via commercial courier, to ALS's facility in Ouagadougou. 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.

San Jose Mine, Mexico

All diamond drilling (DD) drill holes at San Jose were drilled with either NQ sized diameter (drilled from underground) or HQ sized diamond drill bits reducing to NQ sized diameter with greater depth. Following detailed geological and geotechnical logging, all diamond drill core samples are split on-site by diamond sawing. One half of the core is submitted to the internal laboratory located in the CMC facilities. The CMC laboratory has been accredited by the Standard Council of Canada (ISO 17025: 2017) for preparation, drying, gravimetry, fire assay, Inductively Coupled Plasma and Atomic Absorption processes. 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 as well as three acid digestion at the same internal laboratory. 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.

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, 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, Ivory Coast, 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.

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