Mr. Paul Weedon reports

FORTUNA INTERSECTS 1KG AG EQ OVER AN ESTIMATED TRUE WIDTH OF 8.1M AT THE YESSI VEIN, SAN JOSE MINE, MEXICO

Fortuna Silver Mines Inc. has provided an update on its Yessi vein exploration program at the San Jose mine in Mexico.

Paul Weedon, senior vice-president of exploration, commented: "Drilling on the Yessi vein, since the initial discovery hole in August, 2023, has continued to establish a well-defined system, with recent results such as 1,327 g/t AgEq over an estimated true width of 3.0 metres from 604.85 metres in SJO-1444 and 1,036 g/t AgEq over an estimated true width of 8.1 metres including 2,910 g/t AgEq in SJO-1460 highlighting the potential for high-grade shoots. In addition, wide intervals such as the 179 g/t AgEq over an estimated true width of 17.5 metres in SJO-1455A highlight the potential for broad zones of mineralization."

Yessi vein drilling highlights include:

• SJO-1444: 1,327 g/t AgEq over an estimated true width of 3.0 metres from 604.85 metres, including 5,135 g/t AgEq over an estimated true width of 0.3 metre from 605.90 metres;
• SJO-1447: 295 g/t AgEq over an estimated true width of 4.8 metres from 649.50 metres;
• SJO-1455A: 179 g/t AgEq over an estimated true width of 17.5 metres from 460.10 metres, including 236 g/t AgEq over an estimated true width of 7.7 metres from 475.05 metres;
• SJO-1458: 453 g/t AgEq over an estimated true width of 4.8 metres from 446.30 metres;
• SJO-1460 1,036 g/t AgEq over an estimated true width of 8.1 metres from 463.30 metres, including 2,910 g/t AgEq over an estimated true width of 2.4 metres from 472.15 metres AgEq is calculated using a factor of 80:1. Please see Appendix 1 for further details.

Drilling on the Yessi vein has continued with the dual objectives of firstly testing for the limits of the Yessi vein and secondly infilling the drill spacing to support initial resource estimations and mining studies. The Yessi vein has now been successfully drill tested over a 350-metre strike and a 450-metre vertical profile where it remains open up and down dip, as well as along strike to the southeast. The current phase of the program consisted of 10 additional holes for a total of 6,622 metres.

Geological and structural logging of the drill core has confirmed the vein geometry as trending north-northwest, intersecting and merging with the north-south orientated Victoria mineralized zone (VMZ) toward the west. Evidence is also emerging of higher-grade shoots within the structure demonstrating a moderate southeasterly plunge and often associated with high gold grades. Vein development is consistently associated with extensive alteration and brecciation with veining characterized by fine veinlets and fragments suggesting several phases of emplacement.

Additional drilling with three drill rigs will continue to test the depth, strike and infill of the current Yessi vein extent. Refer to Appendix 1 for full details of the Yessi vein drill holes and assay results.

Quality assurance and quality control (QA/QC)

San Jose mine, Mexico

All diamond drilling (DD) drill holes at the San Jose mine were drilled with either NQ sized diameter 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 at the San Jose mine. The laboratory at the mine 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 one 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, is a qualified person as defined by National Instrument 43-101 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 metals mining company with five operating mines in Argentina, Burkina Faso, Ivory Coast, Mexico and Peru. Sustainability is integral to all the company's operations and relationships. The company produces gold and silver and generate shared value over the long term for its stakeholders through efficient production, environmental protection and social responsibility.

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