Silver Viper Closes First Tranche of Personal Placement

Sunbird Deposit Mineral Useful resource

Exploration drilling at Sunbird because the launch of the maiden Inferred Mineral Useful resource (consult with Fortuna information releases dated March 15, 2022 , June 7, 2022 , and September 12, 2022 ) has resulted in an upgraded estimate, together with a maiden Indicated Mineral Useful resource of three.2 million tonnes at a median grade of two.74 g/t gold containing 279,000 ounces and an Inferred Mineral Useful resource of 4.2 million tonnes at a median grade of three.74 g/t gold containing 506,000 ounces (consult with Desk 1).

Desk 1. Sunbird Mineral Sources

Notes:

1. Mineral Reserves and Mineral Sources are as outlined by the 2014 CIM Definition Requirements for Mineral Sources and Mineral Reserves
2. Mineral Sources that aren’t Mineral Reserves don’t have demonstrated financial viability
3. Components that might materially have an effect on the reported Mineral Sources embrace modifications in steel worth and alternate fee assumptions; modifications in native interpretations of mineralization; modifications to assumed metallurgical recoveries, general slope angles, mining dilution and restoration used to generate the pit design; and assumptions as to the continued means to entry the location, retain mineral and floor rights titles, preserve environmental and different regulatory permits, and preserve the social license to function at Séguéla
4. Mineral Sources are estimated and reported as of November 21, 2022
5. Mineral Sources are reported in-situ constrained inside an optimized pit shell at a cut-off grade of 0.45 g/t Au primarily based on an assumed gold worth of $1,700/oz, metallurgical restoration fee of 94.5%, mining value of $3.04/t, processing and G&A prices of $21.44/t, and refining/promoting prices together with state and third-party royalties of $113.64/oz Au. The pit design was accomplished primarily based on general slope angle of 36. 8° for oxide materials, 44.2° for transitional materials and 53.3° for contemporary materials.
6. Matthew Cobb is the Certified Particular person liable for Mineral Sources, being an worker of Roxgold Inc.
7. Totals might not add resulting from rounding procedures

This upgraded Mineral Useful resource estimate incorporates a further 41 diamond and reverse circulation drill holes totaling 14,520 meters to the maiden Inferred Mineral Useful resource, all of which had been drilled by Fortuna throughout 2022. The estimation methodology was in keeping with that set out within the Fortuna information launch dated March 15, 2022 .

Sunbird Deposit drill highlights embrace:

• SGRD1410 : 4.1 g/t gold over an estimated true width of 23.1 meters from 325 meters
• SGDD106: 6.5 g/t gold over an estimated true width of 15.4 meters from 413 meters
• SGDD107: 6.0 g/t gold over an estimated true width of 11.2 meters from 420 meters
• SGDD109: 10.2 g/t gold over an estimated true width of 9.1 meters from 141 meters
• SGDD110 : 10.2 g/t gold over an estimated true width of seven.0 meters from 279 meters

Drilling additional down-dip and alongside strike at Sunbird has continued to intersect high-grade mineralization past the beforehand reported intersections (consult with Fortuna information launch dated September 12, 2022 ), extending drill outlined mineralization related to the central excessive grade core an extra 150 meters down-plunge the place it stays open at depth, roughly 400 meters beneath floor (consult with Determine 1).

Current drilling has additionally proven that the 2 primary high-grade ore shoots, which beforehand had been modeled as separate shoots, are a part of a steady lode with a strike size of not less than 700 meters, additional reinforcing the potential for underground mining at Sunbird. Drilling will proceed all through the fourth quarter of 2022 to check the projected extensions at depth, with infill drilling to scale back drill gap spacing to additional enhance useful resource confidence deliberate for the primary quarter of 2023.

Drilling on the higher southern margins of the southern high-grade core has prolonged mineralization a further 75 meters to the south, with drill gap SGDD109 intersecting 10.2 g/t gold over a real width of 9.1 meters, remaining open alongside strike to the south in addition to down-plunge. Sunbird´s mineralization consists of a set of close to vertical quartz dominant veins demonstrating good continuity down-dip and alongside strike, reflecting the robust structural management current; in keeping with nearly all of the deposits drilled at Séguéla thus far (consult with Figures 2 and three). Check with Appendix 1 for full outcomes acquired for this current 12-hole, 4,062-meter drill program.

Determine 1: Sunbird Deposit long-section trying west exhibiting current drilling outcomes. Observe the southerly plunge facet to the high-grade mineralization that is still open at depth.

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Determine 2: Sunbird Deposit cross-section 892865mN (trying north). Observe the high-grade mineralization stays open at depth.

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Determine 3: Sunbird Deposit cross-section 892775mN (trying north). Observe the high-grade mineralization stays open at depth.

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Séguéla Venture Regional Exploration

New Discovery: Badior Prospect

A 9-hole, 936-meter reconnaissance reverse circulation (RC) program was accomplished at Badior, a brand new prospect recognized roughly 7 kilometers north of the Séguéla processing plant (consult with Determine 4).

Badior Prospect drill highlights embrace:

• SGRC1521 : 11.5 g/t gold over an estimated true width of 15.4 meters from 105 meters
• SGRC1524: 12.0 g/t gold over an estimated true width of 8.4 meters from 36 meters
• SGRC1526: 4.2 g/t gold over an estimated true width of 9.1 meters from 144 meters

Drilling was designed to check a discrete gold-in-soil anomaly, which returned a number of very encouraging intersections alongside a 250-meter strike, together with 11.5 g/t gold over a real width of 15.4 meters from 105 meters in drill gap SGRC1521 and 12.0 g/t gold over a real width of 8.4 meters from 36 meters in drill gap SGRC1524. Logging of the drill chips has proven mineralization and alteration is hosted in an identical lithology bundle as that which hosts the Antenna deposit. Mineralization stays open at depth and alongside strike to the south, with further drilling deliberate for early 2023. Check with Appendix 2 for full outcomes.

New Discovery: Barana Prospect

A 7-hole, 887-meter reconnaissance RC program was accomplished at Barana, situated roughly 8 kilometers north of the Séguéla processing plant (consult with Determine 4) and 1 kilometer away from the Badior prospect.

Barana Prospect drill highlights embrace:

• SGRC1531 : 2.3 g/t gold over an estimated true width of 5.6 meters from 86 meters
• SGRC1533: 4.1 g/t gold over an estimated true width of 4.9 meters from 64 meters

Drilling was designed to check an intensive 1-kilometer lengthy gold-in-soil anomaly, which returned a number of very encouraging intersections alongside a 750-meter strike, together with 4.1 g/t gold over a real width of 4.9 meters from 64 meters in drill gap SGRC1533. Mineralization stays open at depth and alongside strike to the north and south. Logging of the drill chips has proven mineralization and alteration is hosted in an identical lithology bundle as that which hosts Antenna. Check with Appendix 3 for full outcomes.

Kestrel Prospect Drill Outcomes

Following on from the preliminary Kestrel drilling program (consult with Fortuna information launch dated September 12, 2022 ), a 10-hole, 1,262-meter RC program was accomplished at Kestrel (consult with Determine 4).

Kestrel Prospect drill highlights embrace:

• SGRC1536 : 4.2 g/t gold over an estimated true width of 5.6 meters from 159 meters
• SGRC1537: 20.3 g/t gold over an estimated true width of three.5 meters from 164 meters

Mineralization has been outlined alongside a 200-meter strike, with a central high-grade core reflecting an identical structural setting as that at Koula and Sunbird, and the place it stays open at depth. Kestrel is hosted in the identical lithological bundle that hosts the Koula, Sunbird and Ancien deposits. Check with Appendix 4 for full outcomes.

Determine 4: Séguéla Venture regional plan exhibiting current drilling outcomes

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High quality Assurance & High quality Management (QA-QC)
All drilling information accomplished by the Firm utilized the next procedures and methodologies. All drilling was carried out underneath the supervision of the Firm’s personnel.

All RC drilling at Séguéla used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic luggage. Samples had been stored dry by sustaining sufficient air stress to exclude groundwater influx. If water ingress exceeded the air stress, RC drilling was stopped, and drilling transformed to diamond core tails. As soon as collected, RC samples had been riffle break up by a three-tier splitter to yield a 12.5% consultant pattern for submission to the analytical laboratory. The residual 87.5% samples had been saved on the drill website till assay outcomes had been acquired and validated. Coarse reject samples for all mineralized samples equivalent to vital intervals are retained and saved on-site on the company-controlled core yard.

All diamond drilling (DD) drill holes at Séguéla had been drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling utilizing normal lengths of 1 meter or to a geological boundary. Samples had been then minimize into equal halves utilizing a diamond noticed. One half of the core was left within the unique core field and saved in a safe location on the firm core yard on the challenge website. The opposite half was sampled, catalogued and positioned into sealed luggage and securely saved on the website till cargo.

All Séguéla RC and DD core samples had been shipped to ALS Laboratories’ preparation laboratory in Yamoussoukro for preparation after which, through business courier, to ALS’s facility in Ouagadougou, Burkina Faso for ending. Routine gold evaluation utilizing a 50-gram cost and hearth assay with an atomic absorption end was accomplished for all Séguéla samples. High quality management procedures included the systematic insertion of blanks, duplicates and pattern requirements into the pattern stream. As well as, the ALS laboratory inserted its personal high quality management samples.

Certified Particular person

Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Certified Particular person as outlined by Nationwide Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and accredited the scientific and technical data contained on this information launch. Mr. Weedon has verified the information disclosed, and the sampling, analytical and check information underlying the knowledge or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There have been no limitations to the verification course of.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian treasured metals mining firm with 4 working mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine underneath development in Côte d’Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared worth over the long-term for our stakeholders by environment friendly manufacturing, environmental safety, and social accountability. For extra data, please go to our web site .

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.

Investor Relations:
Carlos Baca | [email protected] | Twitter : @Fortuna_Silver | LinkedIn : fortunasilvermines

Ahead trying Statements

This information launch comprises ahead trying statements which represent “ahead trying data” throughout the that means of relevant Canadian securities laws and “ahead trying statements” throughout the that means of the “secure harbor” provisions of the Personal Securities Litigation Reform Act of 1995 (collectively, “Ahead trying Statements”). All statements included herein, apart from statements of historic reality, are Ahead trying Statements and are topic to a wide range of identified and unknown dangers and uncertainties which may trigger precise occasions or outcomes to vary materially from these mirrored within the Ahead trying Statements. The Ahead trying Statements on this information launch might embrace, with out limitation, statements concerning the Firm’s plans for the Séguéla gold Venture and mineral properties, together with the Sunbird deposit and different areas of mineralization at Séguéla; the anticipated exploration and different improvement applications on the Sunbird deposit and at different mineral prospects and areas on the Séguéla gold Venture, along with the funding, nature, implementation and timing thereof; the timing for, and anticipated outcomes of the exploration applications on the Séguéla gold Venture, and the intention to broaden mineralization on the Séguéla gold Venture; the Firm’s enterprise technique, plans and outlook; the advantage of the Firm’s mines and mineral properties; mineral useful resource and reserve estimates; timelines; the longer term monetary or working efficiency of the Firm; expenditures; approvals and different issues. Usually, however not all the time, these Ahead trying Statements may be recognized by way of phrases akin to “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “achieve”, “deliberate”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that occasions, “may” or “ought to” happen or be achieved and related expressions, together with unfavourable variations.

Ahead trying Statements contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any outcomes, efficiency or achievements expressed or implied by the Ahead trying Statements. Such uncertainties and components embrace, amongst others, modifications typically financial situations and monetary markets; the length and results of the COVID-19 pandemic on our operations and workforce and the results on the worldwide financial system and society; modifications in costs for silver, gold and different metals; the timing of the Firm’s proposed exploration applications on the Sunbird deposit and on the Séguéla gold Venture typically; the success of the Firm’s proposed exploration applications; technological and operational hazards in Fortuna’s mining and mine improvement actions; dangers inherent in mineral exploration; fluctuations in costs for power, labor, supplies, provides and companies; fluctuations in currencies; uncertainties inherent within the estimation of mineral reserves, mineral sources, and steel recoveries; our means to acquire all obligatory permits, licenses and regulatory approvals in a well timed method; governmental and different approvals; political unrest or instability in international locations the place Fortuna is energetic; labor relations points; in addition to these components mentioned underneath “Danger Components” within the Firm’s Annual Data Kind. Though the Firm has tried to determine essential components that might trigger precise actions, occasions or outcomes to vary materially from these described in Ahead trying Statements, there could also be different components that trigger actions, occasions or outcomes to vary from these anticipated, estimated or meant.

Ahead trying Statements contained herein are primarily based on the assumptions, beliefs, expectations and opinions of administration, together with however not restricted to expectations relating to the outcomes from the exploration applications carried out on the Séguéla gold Venture; anticipated tendencies in mineral costs and forex alternate charges; the accuracy of the Firm’s data derived from its exploration applications on the Séguéla gold Venture; present mineral useful resource and reserve estimates; the presence and continuity of mineralization on the Séguéla gold Venture; that the Firm’s actions will likely be in accordance with the Firm’s public statements and acknowledged objectives; that there will likely be no materials adversarial change affecting the Firm or its properties; that every one required approvals will likely be obtained; that there will likely be no vital disruptions affecting operations and such different assumptions as set out herein. Ahead trying Statements are made as of the date hereof and the Firm disclaims any obligation to replace any Ahead trying Statements, whether or not on account of new data, future occasions or outcomes or in any other case, besides as required by regulation. There may be no assurance that Ahead trying Statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, buyers mustn’t place undue reliance on Ahead trying Statements.

Cautionary Observe to United States Traders Regarding Estimates of Reserves and Sources

Reserve and useful resource estimates included on this information launch have been ready in accordance with Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Requirements on Mineral Sources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Directors that establishes requirements for public disclosure by a Canadian firm of scientific and technical data regarding mineral initiatives. Until in any other case indicated, all mineral reserve and mineral useful resource estimates contained within the technical disclosure have been ready in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Requirements on Mineral Sources and Reserves.

Canadian requirements, together with NI 43-101, differ considerably from the necessities of the Securities and Change Fee, and mineral reserve and useful resource data included on this information launch will not be akin to related data disclosed by U.S. corporations.

APPENDIX 1. Sunbird Deposit drill outcomes, Séguéla gold Venture, Côte d’Ivoire

Notes:

1. EST: Estimated true width
2. RCD: Reserve circulation with diamond tail | DD: Diamond drilling
3. NSI: No vital intercepts

APPENDIX 2. Badior Prospect drill outcomes, Séguéla gold Venture, Côte d’Ivoire

Notes:

1. EST: Estimated true width
2. RC: Reverse circulation
3. NSI: No vital intercepts

APPENDIX 3. Barana Prospect drill outcomes, Séguéla gold Venture, Côte d’Ivoire

Notes:

1. EST: Estimated true width
2. RC: Reverse circulation
3. NSI: No vital intercepts

APPENDIX 4. Kestrel Prospect drill outcomes, Séguéla gold Venture, Côte d’Ivoire

Notes:

1. EST: Estimated true width
2. RC: Reverse circulation | RCD: Reserve circulation with diamond tail
3. NSI: No vital intercepts