Mr. Jorge Ganoza reports

FORTUNA ANNOUNCES GHG EMISSIONS REDUCTION TARGET FOR 2030 AND LONG-TERM OBJECTIVES TO 2050

Fortuna Silver Mines Inc. has released its objectives, metrics and targets concerning its greenhouse gas (GHG) emissions reduction pathways as part of the commitments contained in its climate change position statement disclosed in April, 2022 (refer to Fortuna news release dated April 7, 2022).

To this end, Fortuna:

• Has set a target to reduce Scope 1 and Scope 2 GHG emissions by 15 per cent in 2030, compared with business as usual (BAU) forecast GHG emissions in 2030 if no intervention measures were taken;
• Is committed to supporting the global ambition of net-zero GHG emissions by 2050 through investing in technology, energy efficiency initiatives and renewable energy over the long term, where such investments are reliable, affordable and competitive.

Two thousand thirty GHG emissions reduction target

Based on an assessment of existing activities, Fortuna has determined that a significant portion of its current GHG emissions are attributable to the use of diesel to power its operations. Accordingly, Fortuna's biggest opportunities for reducing GHG emissions are related to electrification and increased use of renewable energy.

Fortuna expects to achieve its GHG emissions reduction target through the implementation of the projects shown in the associated table.

Fortuna has set a BAU target to guide its GHG emissions reduction commitment. BAU is a metric defined as a reduction of GHG emissions against a future forecast of unmitigated GHG emissions where no actions are taken to reduce GHG emissions during the defined time period. Fortuna has aligned on a BAU target in recognition that its GHG emissions and energy profile will change over time, with continued operational and business growth. All of Fortuna's operating mines are covered by this BAU target.

Based on Fortuna's 2022 LoM (life of mine) estimates, the forecasted BAU Scope 1 and Scope 2 GHG emissions in 2030 would be 136,500 tonnes of carbon dioxide (tCO2). Fortuna is committing to reduce Scope 1 and Scope 2 GHG emissions to at least 116,000 tCO2 in 2030, which represents 20,500 tCO2, or 15 per cent, less emissions than the 2030 BAU forecast.

Through the implementation of its commitment to reduce the company's Scope 1 and Scope 2 GHG emissions by 15 per cent in 2030 with the four initiatives presented herein, Fortuna expects to be able to achieve a cumulative reduction in GHG emissions estimated at over 160,000 tCO2 equivalents (tCO2e) between 2022 and 2030, compared with its forecasted emissions.

Long-term objectives to 2050

Considering the current estimated LoM of its operations, Fortuna is committed to supporting the global ambition of net-zero GHG emissions by 2050 through investing in technology, energy efficiency initiatives and renewable energy over the long-term, where such investments are reliable, affordable and competitive. Examples include, where possible, enhancing its low-carbon power supply, fuel switching to use more electricity and/or low-carbon fuels, and incorporating demand management strategies and battery storage.

Monitoring, reviewing and reporting of GHG emissions

Fortuna is committed to monitoring the GHG emissions of each of its mines on a monthly basis, and to periodically review progress against its GHG emissions reduction target and its pathway, alongside the monitoring of its other sustainability targets. The company will also monitor and assess its exposure to climate-related risks and opportunities, considering the evolving voluntary and regulatory landscape.

The company's progress toward reaching its GHG emissions reduction target and forecasts will be reviewed at least annually to ensure the most up-to-date and accurate information is considered. This includes potential internal factors such as operational changes and business growth, evolving climate-related risks and opportunities, regulatory landscape and market expectations, and other external factors impacting Fortuna's climate change strategy and commitments.

Reporting on performance will be conducted on at least an annual basis in the company's sustainability report and on its website.

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 generated shared value over the long term for its stakeholders through efficient production, environmental protection and social responsibility.

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