Mr. Jorge Ganoza reports

FORTUNA DISCOVERS NEW KINGFISHER PROSPECT AT SEGUELA MINE AND PROVIDES EXPLORATION UPDATE AT THE DIAMBA SUD GOLD PROJECT

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

Paul Weedon, senior vice-president of exploration at Fortuna, commented: "Emphasizing the exploration potential at Seguela, the team has continued their impressive run rate of discoveries with the new Kingfisher prospect. This follows the Barana, Badior and Kestrel discoveries made during 2022 and 2023." Mr. Weedon continued: "In addition to the exploration success at Kingfisher, drilling for Koula underground mining potential has resulted in several high-grade intersections. This includes 68.0 grams per tonne gold over an estimated true width of 2.1 metres in SGRD1783, as part of a larger interval of 22.5 g/t Au over an estimated true width of 9.8 metres, highlighting the opportunity for underground mining."

Commenting on the successful drilling at the Diamba Sud gold project, Mr. Weedon noted: "With the initial campaign of confirmatory drilling wrapping up at Area A and Area D, exploration focus is progressing towards testing the satellite opportunities. Early success at the Moungoundi, Western Splay and Kassasoko satellite prospects highlight the potential of Diamba Sud." Mr. Weedon continued: "In addition to improving the confidence at Area A, Area D and Karakara, drilling intersected several mineralized zones extending beyond the historic pit optimization shells. These extensions will be incorporated into a resource model to be prepared later in 2024."

Exploration program highlights

Seguela mine, Ivory Coast

Kingfisher prospect:

• SGRD1724: 5.2 g/t Au over an estimated true width of 8.4 metres from 98 metres, including 14.8 g/t Au over an estimated true width of 2.1 metres from 100 metres;
• SGRC1728: 1.9 g/t Au over an estimated true width of 17.5 metres from 41 metres;
• SGRC1762: 2.9 g/t Au over an estimated true width of 19.6 metres from 106 metres;
• SGRC1763: 2.9 g/t Au over an estimated true width of 16.1 metres from 136 metres;
• SGRC1764: 2.4 g/t Au over an estimated true width of 16.8 metres from 125 metres, including 19.2 g/t Au over an estimated true width of 1.4 metres from 147 metres.

Koula deposit:

• SGRD1781: 20.3 g/t Au over an estimated true width of 2.1 metres from 110 metres;
• SGRD1783: 22.5 g/t Au over an estimated true width of 9.8 metres from 208 metres, including 68.0 g/t Au over an estimated true width of 2.1 metres from 215 metres and 40.7 g/t Au over an estimated true width of 1.4 metres from 220 metres;
• SGRD1784: 4.9 g/t Au over an estimated true width of 7.7 metres from 268 metres, including 33.7 g/t Au over an estimated true width of 0.7 metre from 276 metres;
• SGRD1806: 11.6 g/t Au over an estimated true width of 2.8 metres from 36 metres.

Diamba Sud gold project, Senegal

Area A:

• DSR515: 3.5 g/t Au over an estimated true width of 23.4 metres from 74 metres;
• DSDD140: 6.2 g/t Au over an estimated true width of 11.2 metres from 126.6 metres.

Area D:

• DSDD163: 6.0 g/t Au over an estimated true width of 32.0 metres from 7 metres, including 39.4 g/t Au over an estimated true width of 2.2 metres from 31 metres;
• DSDD173: 3.5 g/t Au over an estimated true width of 44.8 metres from eight metres;
• DSDD176: 4.4 g/t Au over an estimated true width of 15.6 metres from 36 metres, including 20.6 g/t Au over an estimated true width of 2.4 metres from 38 metres;
• DSDD196: 6.3 g/t Au over an estimated true width of 18.4 metres from three metres, including 20.9 g/t Au over an estimated true width of 1.6 metres from 16 metres;
• DSDD206: 4.6 g/t Au over an estimated true width of 19.0 metres from 48 metres, including 70.7 g/t Au over an estimated true width of 0.8 metre from 63 metres.

Karakara:

• DSDD205: 2.0 g/t Au over an estimated true width of 6.8 metres from 20 metres and 5.2 g/t Au over an estimated true width of 14.4 metres from 74 metres;
• DSDD207: 8.5 g/t Au over an estimated true width of nine metres from 79 metres, including 36.2 g/t Au over an estimated true width of 1.5 metres from 80 metres;
• DSR541: 4.2 g/t Au over an estimated true width of 12.8 metres from 92 metres;
• DSR546: 2.8 g/t Au over an estimated true width of 14.3 metres from 79 metres and 4.5 g/t Au over an estimated true width of 11.3 metres from 117 metres.

Moungoundi:

• DSR551: 2.1 g/t Au over an estimated true width of 20.3 metres from 31 metres;
• DSR558: 5.4 g/t Au over an estimated true width of 6.8 metres from 88 metres;
• DSR563: 2.7 g/t Au over an estimated true width of 14.2 metres from 45 metres;
• DSR568: 30.7 g/t Au over an estimated true width of 11.3 metres from 46 metres, including 146.0 g/t Au over an estimated true width of 2.25 metres from 46 metres.

Kassasoko:

• DSR604: 1.5 g/t Au over an estimated true width of 11.3 metres from 29 metres.

Western Splay:

• DSR584: 2.1 g/t Au over an estimated true width of 13.5 metres from 17 metres;
• DSR598: 7.4 g/t Au over an estimated true width of 7.5 metres from 56 metres, including 19.6 g/t Au over an estimated true width of 1.5 metres from 61 metres.

Seguela mine, Ivory Coast

Kingfisher prospect

A 2,040-metre, 20-hole program was completed at the newly discovered Kingfisher prospect identifying three lodes along a 1.9-kilometre strike, all of which remain open along strike and at depth. Results include drill hole SGRC1762 intersecting 2.9 g/t Au over an estimated true width of 19.6 metres from 106 metres downhole and drill hole SGRC1763 intersecting 2.9 g/t Au over an estimated true width of 16.1 metres from 136 metres downhole.

The Kingfisher prospect is hosted in a set of quartz veins along a moderately sheared contact between a series of basalt-dolerite units, which also hosts the Boulder and Agouti deposits, one kilometre and three kilometres, respectively, to the north, with a steep easterly dip consistent with the majority of other deposits at Seguela.

Additional drilling at Kingfisher is scheduled in the second quarter of 2024 to further test its strike and depth potential.

Koula deposit

A 3,106-metre, 12-hole program was completed at the Koula deposit in December, 2023. As part of the support for potential underground mining, the program was designed to infill and further improve the understanding of the structural controls on the central and hangingwall high-grade lodes. Results such as 22.5 g/t Au over an estimated true width of 9.8 metres from 208 metres downhole, including 68.0 g/t Au over an estimated true width of 2.1 metres from 215 metres downhole, in drill hole SGRD1783 highlight the potential of Koula. Drilling continues to expand Koula's underground potential and the further delineation of the hangingwall lodes.

Diamba Sud gold project, Senegal

The Diamba Sud gold project's initial 10,945-metre, three-drill rig drilling program, started on Oct. 8, 2023 (refer to Fortuna's news release dated Dec. 12, 2023), and was extended into the 2024 budget of $9.2-million, which consists of a 42,700-metre RC (reverse circulation) and diamond drilling campaign. The current program has seen the completion of 181 drill holes totalling 23,170 metres since December, 2023.

The objectives of the 2024 drilling program are to:

• Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D and Karakara;
• Drill to test for extensions to the existing historic resource in support of project development and advancing further economic studies;
• Advance prospective areas such as Moungoundi, Kassasoko, Western Splay, Area A North and others;
• Improve understanding of key geological controls, including controlling structures, favourable lithologies, alteration and secondary enrichment zones.

Drilling continues at Diamba Sud focusing on growing the project's historic resource base through testing satellite areas and other anomalies with limited previous drilling. In addition, drilling is continuing to delineate extensions to high-grade lodes extending beyond the historic pit optimization shells at Area A, Area D and Karakara.

Highlights of recent drilling at Area A and Area D include several areas where mineralization has extended beyond the historic pit optimization shells. Further drilling is planned to determine the full extent of the mineralization and the relationship with key structures and lithologies. In addition, infill drilling to support resource confidence has intersected several broad zones of mineralization in areas of previous low confidence, as demonstrated by drill hole DSDD176 at Area D intersecting the following estimated true width intervals:

• 1.0 g/t Au over 15.2 metres from 10 metres;
• 4.4 g/t Au over 15.6 metres from 36 metres;
• 1.0 g/t Au over 10.2 metres from 81 metres;
• 1.6 g/t Au over 8.6 metres from 111 metres.

Early-stage drilling returned encouraging results from Moungoundi, located approximately two kilometres to four kilometres south of Karakara. Hosted in a shear zone traversing a sediment/granite contact, Moungoundi remains open at depth where additional follow-up drilling is planned in the second quarter of 2024. Results include 2.1 g/t Au over an estimated true width of 20.3 metres from 31 metres in drill hole DSR551 and 5.4 g/t Au over an estimated true width of 6.8 metres from 88 metres in drill hole DSR558.

Encouraging results were also received from first-pass drilling at Kassasoko, with highlights including 1.0 g/t Au over an estimated true width of 18.75 metres from 29 metres in drill hole DSR613 and 1.5 g/t Au over an estimated true width of 11.25 metres in drill hole DSR604. Similar results were also returned from first-pass drilling at Western Splay, including 2.1 g/t Au over an estimated true width of 13.5 metres from drill hole DSR584 and 7.4 g/t Au over an estimated true width of 7.5 metres from drill hole DSR598.

Quality assurance and quality control

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 reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-litre 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-per-cent representative sample for submission to the analytical laboratory. The residual 87.5-per-cent 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 metre 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, placed into sealed bags and securely stored at the site until shipment.

All Seguela RC and DD core samples were shipped to ALS's preparation laboratory in Yamoussoukro for preparation and then, by 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, Senegal, before also being transported by 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.

Qualified person

Paul Weedon, senior vice-president of exploration for Fortuna Silver Mines, 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 No. 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 is a Canadian precious metal mining company with five operating mines in Argentina, Burkina Faso, Ivory Coast, Mexico and Peru. Sustainability is integral to all of the company's operations and relationships. Fortuna produces gold and silver and generates shared value over the long term for the company's stakeholders through efficient production, environmental protection and social responsibility.

We seek Safe Harbor.