Mr. Jorge Ganoza reports

FORTUNA PAYS DOWN AN ADDITIONAL $41 MILLION OF DEBT

Fortuna Silver Mines Inc. has paid down an additional $41-million of its revolving credit facility at the end of the fourth quarter of 2023, using cash on hand. All amounts are expressed in U.S. dollars.

After the payment of $41-million, the company expects to bring down the leverage ratio below 0.5 times total net debt to adjusted earnings before interest, taxes, depreciation and amortization (which was reported for the third quarter of 2023). At Dec. 31, 2023, it is expected that Fortuna's total outstanding debt balance will stand at approximately $165-million on its credit facility (excluding letters of credit), and approximately $46-million of convertible notes, for an estimated total net debt, after cash and cash equivalents, of $83-million as at Dec. 31, 2023. This represents a reduction of approximately $50-million in total net debt in the period, reflecting cash flow contributions from the Seguela mine in its second full quarter of production.

The estimated total net debt and liquidity for Fortuna as at the end of the fourth quarter of 2023 is preliminary financial information and has been prepared by management and remains subject to final review by the company's audit committee and approval by the company's board of directors. Such preliminary financial information for the fourth quarter of 2023 is subject to the finalization and closing of Fortuna's accounting books and records for the period and should not be viewed as a substitute for the company's annual financial statements prepared in accordance with accounting principles generally accepted under international financial reporting standards (IFRS). The company's auditor has not audited the preliminary financial information contained in this news release, nor has it expressed any opinion or any other form of assurance on the preliminary financial information contained herein.

It is expected that Fortuna will release its financial statements and management's discussion and analysis as at and for the three and 12 months ended Dec. 31, 2023, as approved by its audit committee and board of directors, by mid-March, 2024.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines 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 its operations and relationships. The company produces gold and silver and generates shared value over the long term for its stakeholders through efficient production, environmental protection and social responsibility.

We seek Safe Harbor.