Vancouver, September 7, 2021 - Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce continued high-grade results from recent extension and scout drilling at its projects in Cote d’Ivoire and Burkina Faso in West Africa.

Paul Weedon, Vice President of Exploration - West Africa, commented, "The exploration teams at Burkina Faso and Cote d’Ivoire have continued to advance the exploration understanding of key structures and controls on mineralization in both the Sunbird and Galgouli projects with excellent results highlighting the potential for setting up several new targets and extensions to the known deposits at Séguéla and mineralization at Boussoura.” Mr. Weedon continued, “The company is looking forward to the continued growth from both projects as we head into the second half of the year, with Gabbro North and Sunbird emphasising the potential of Séguéla, and the continuing success of scout drilling at Boussoura in expanding the mineralized footprint.”

Séguéla drill highlights¹ include:

Sunbird

• SGDD089:  17.2 g/t Au over 30 meters from 142 meters
• SGDD087:  2.9 g/t Au over 20 meters from 110 meters
• SGRC1306: 2.7 g/t Au over 12 meters from 63 meters

Koula

• SGRD1217:  28.8 g/t Au over 7 meters from 80 meters (Hanging wall lode)
• SGRD1209:  19.8 g/t Au over 11 meters from 124 meters, including 83.3 g/t Au over 3 meters from 128 meters (Hanging wall lode)
• SGDD085:  6.1 g/t Au over 18 meters from 246 meters (Central lode)

Gabbro North

• SGRC1236:  23.0 g/t Au over 4 meters from 109 meters, and 9.2 g/t Au over 5 meters from 117 meters
• SGRC1239: 2.5 g/t Au over 5 meters from 17 meters

Boussoura drill highlights¹ include:

Fofora Scout Drilling

• FFR259: 6.5 g/t Au over 6 meters from 35 meters (VC4)
• FFR264: 5.2 g/t Au over 6 meters from 94 meters (VC4)
• RC125: 12.9 g/t Au over 5 meters from 24 meters and 2.5 g/t Au over 7 meters from 57 meters (VC1)

Fofora Main Drilling

• FFR272: 6.7 g/t Au over 4 meters from 127 meters and 9.9 g/t Au over 8 meters from 136 meters
• FFR270: 1.0 g/t Au over 27 meters from 40 meters, 11.4 g/t Au over 3 meters from 141 meters, and 1.5 g/t Au over 10 meters from 197 meters

Galgouli Central

• GAL055: 17.9 g/t Au over 5.4 meters from 232.2 meters, including 87.4 g/t Au over 0.95 meters from 235.05 meters
• GAL065: 6.6 g/t Au over 4.8 meters from 253.2 meters, including 58.9 g/t Au over 0.5 meters from 255.65 meters

Galgouli Regional

• RC096: 22.2 g/t Au over 2 meters from 100 meters
• RC077: 18.1 g/t Au over 1 meter from 44 meters and 7.8g/t Au over 2 meters from 53 meters

Note:

1. All intervals are down hole lengths which represent approximately 70% true width

Séguéla gold Project, Cote d’Ivoire

Exploration activities at the Séguéla gold Project (see Figure 1) have continued to advance the high-grade Koula deposit with step-out drilling intersecting a new zone of hanging wall mineralization as well as infilling the extension of the high-grade Koula structure. The combined 7,115-meter, 24-hole Hanging Wall (HW) and Main Zone program, which started in April 2021 is now completed. The significance of the results, including 28.8 g/t gold over 7 meters (refer to the Appendix, drill hole SGRD1217) and 19.8 g/t gold over 11 meters (refer to the Appendix, drill hole SGRD1209 and to Figure 2) and the proximity to the Stage Two Pit Shell are being evaluated. Mineralization remains open at depth on the main Koula structure while the hanging wall mineralization highlights the potential for additional structures at depth.

Depth extension drilling at Sunbird, as part of the recently completed 1,774 meter, 11-hole program which started in May 2021, has extended the mineralized envelope. Results including 17.2 g/t gold over 30 meters (refer to the Appendix, drill hole SGDD089) and 3.2 g/t gold over 28 metres (refer to the Appendix, drill hole SGDD088) highlight the depth potential with the deepest drilling less than 200 meters below surface (refer to Figure 3).  In addition, Sunbird is demonstrating very similar structural and lithological controls to those identified at the Koula and Ancien deposits.  Mineralization remains open at depth and along strike with more than 1 kilometer of mineralized strike drill tested to date.

Further high-grade results, including 23.0 g/t gold over 4 meters (refer to the Appendix, drill hole SGRC1236), have been returned from the 14-hole, 2,070-meter additional scout drilling program completed in August at Gabbro North (refer to Figure 4), following up from previous high-grade results intersected in the first scout drilling phase in the second quarter of 2021. Drilling only tested the southern zone of known mineralization with mineralization now delineated along a 300-meter strike and where it remains open along strike and at depth.   

Figure 1. Séguéla deposits and satellite prospects

Figure 2. Koula long section with recent assay results

Figure 3. Sunbird long section with recent assay results

Figure 4. Gabbro North long section with recent assay results

Boussoura, Burkina Faso

Exploration activities at Boussoura where a 47-hole, 5,958-meter program since March 2021 has continued to advance Fofora Main where infill and extension drilling has increased the confidence in the structural controls of mineralization, with several additional high-grade intervals returned, including 9.9 g/t gold over 8 meters (refer to the Appendix, drill hole FFR272).  Scout drilling at the adjacent vein corridors to the west continues to highlight the regional potential, with drilling on vein corridors VC4 and VC5 intersecting extensive zones of alteration and associated quartz veining and mineralization.

Further south at Galgouli, a 12-hole, 3,419-meter program depth extension drilling on the central zone testing the structural controls and concluded in July was successful in identifying extensions to the high-grade shoots at depth with results including 17.9 g/t gold over 5.4 meters (refer to the Appendix, drill hole GAL055).  A 32-hole, 4,022-meter scout drilling program was also successful in identifying high-grade mineralization approximately 1 kilometer to the south and south-east of the central Galgouli zone, testing interpreted parallel structures (10.9 g/t gold over 2 meters; refer to the Appendix, drill hole RC098) and a possible regional scale cross-structure (22.2 g/t gold over 2 meters; refer to the Appendix, drill hole RC096). A total of 44 holes have been completed for a total of 7,444 meters since April 2021.

Figure 5.  Boussoura Project location on Houndé Belt, Burkina Faso (Roxgold August 2021)

Figure 6. Fofora plan view with recent results (All grades represent grams per tonne gold)

Figure 7. Galgouli plan view with recent results for Galgouli Central and scout drilling (All grades represent grams per tonne gold)

Quality Assurance & Quality Control (QA-QC)

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 RC drilling at Séguéla and Boussoura used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter 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% representative sample for submission to the analytical laboratory. The residual 87.5% sample 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 DD drill holes at Séguéla and Boussoura were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one meter 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 relevant project site (Séguéla or Boussoura). The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All Séguéla RC and DD core samples were shipped to ALS Laboratories preparation laboratory in Yamoussoukro for preparation while all Boussoura samples were direct shipped to ALS Laboratories in Ouagadougou for preparation.  Séguéla samples were shipped via commercial courier to ALS’s facility in Ouagadougou, Burkina Faso.  Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all Boussoura and Séguéla 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, Vice President of Exploration - West Africa for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, being a member of the Australian Institute for Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, and 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 Inc. is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and an advanced development project in Côte d’Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our shareholders and stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director

Fortuna Silver Mines Inc.

Investor Relations:

Carlos Baca | E: moc.revlisanutrof@ofni

APPENDIX: Séguéla drill program results

Notes:
1. UTM coordinate system WGS84 29N
2. NSI: No Significant Intersect

APPENDIX: Boussoura drill program results

Notes:
1. UTM coordinate system WGS84 29N
2. NSI: No Significant Intersect

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.  The Forward-looking Statements in this news release may include, without limitation, statements about the anticipated exploration and other development programs at the Séguéla Project  and the Boussoura Project together with the nature, implementation and timing thereof, the exploration and metallurgical results of such programs;  the anticipated timing and  results of exploration drilling and assays; the proposed timeline and benefits of further drilling; the Company’s plans for its mines and mineral properties; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral resource and reserve estimates; the Company’s ability to convert inferred mineral resources to indicated mineral resources and to convert mineral resources to mineral reserves; timelines; production at the mines; the future financial or operating performance of the Company; the effects of laws, regulations and government policies affecting our operations or potential future operations; future successful development of our projects; the estimates of expected or anticipated economic returns from the Company’s mining operations including future sales of metals, doré and concentrate or other products produced by the Company and the Company’s ability to achieve its production and cost guidance; capital expenditures at the Company’s operations; estimated brownfields expenditures in 2021; the success of the Company’s exploration activities at its mines and development projects;  the duration and impacts of COVID-19 on the Company’s production, workforce, business, operations and financial condition; metal price estimates, estimated metal grades in 2021; approvals and other matters.  Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated”   “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the impact of the COVID-19 pandemic on the Company’s mining operations and construction activities; the duration and impacts of COVID-19 on the Company’s production, workforce, business, operations and financial condition, and the risks relating to a global pandemic, which unless contained could cause a slowdown in global economic growth; uncertainties related to the impacts of COVID-19 which may include: changing market conditions, changing restrictions on the mining industry in the countries in which the Company operates, the ability to operate as a result of government imposed restrictions, including restrictions on travel, the transportation of concentrates and doré, access to refineries, the impact of additional waves of the pandemic or increases of incidents of COVID-19 in the countries in which we operate; the duration of any suspension of operations at the Company’s mines as a result of COVID-19 which may affect production and the Company’ business operations and financial condition; changes in prices for gold, silver and other metals; changes in the prices of key supplies; technological and operational hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active; fluctuations in currencies and exchange rates; the imposition of capital control in countries in which the Company operates; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the presence of continuity of and metals at the Séguéla Project and the Boussoura Project at estimated grades ; the accuracy of the Company’s current mineral resource and reserve estimates and the assumptions upon which they are based; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy, labour, materials and supplies, transport and services; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; the duration and impacts of COVID-19 on the Company’s production, workforce, business, operations and financial condition, and the risks relating to a global pandemic, which unless contained could cause a slowdown in global economic growth; government mandates in Peru, Mexico and Argentina with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations; government and the Company’s attempts to reduce the spread of COVID-19 which may affect many aspects of the Company’s operations, including transportation of personnel to and from site, contractor and supplier availability and the ability to sell or deliver concentrate and doré; the expected trends in mineral prices and currency exchange rates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained for the Company’s business and operations; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.