Vancouver, April 2, 2020 - Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FVI) provides an update on the status of its operations (refer to Fortuna news release dated March 17, 2020), production and cost guidance for 2020 and its financial position in response to the COVID-19 pandemic.

Caylloma Mine, Peru
On Sunday, March 15, 2020, the Government of Peru introduced a series of measures to contain the rapid spread of COVID-19 which included: the closing of international borders and a declaration of a fifteen-day period of mandatory national “social isolation”. The period of social isolation has been subsequently extended to April 12, 2020.

The Company is working under the regulatory framework issued by the Ministerio de Energía y Minas (MINEM) and the Ministerio del Interior (MININTER), which allows mines to operate during this period with essential personnel. The Caylloma Mine continues to operate with a reduced task force drawing ore from its coarse ore stockpile. The transportation of concentrates and essential supplies continues to be permitted, and the operation has sufficient stock of critical supplies, consumables, and camp provisions to cover the extended isolation period.

San Jose Mine, Mexico
On March 31, 2020, the Government of Mexico announced extraordinary measures in response to the spread of COVID-19, which includes the suspension of all non-essential activities, including mining, until April 30, 2020. As a result, the Company has initiated the orderly temporary suspension of mining and processing activities. A reduced task force will remain on site to safeguard critical infrastructure and maintain environmental monitoring through the suspension period.

Lindero Project, Argentina
On March 19, 2020, the Government of Argentina declared effective at midnight a period of mandatory national “social isolation” in relation to COVID-19, effective until March 31, 2020. The period of isolation has been subsequently extended until April 13, 2020. All construction activities have been temporarily halted at Lindero and a reduced task force remains on site to maintain critical activities including security and environmental monitoring over the extended isolation period.

The Company is assessing the impact of the temporary suspension of construction on the project´s timeline and budget.

2020 Production and Cost Guidance
As a result of the government-mandated constraints on business in the countries that host our operations and the uncertainties related to these constraints, the Company is currently unable to determine the impact on its production and cost guidance for 2020. Therefore, the Company is withdrawing production and cost guidance for 2020 (refer to Fortuna news release dated February 20, 2020) until further notice.

Financial Position
As of the financial year ended December 31, 2019, Fortuna had total liquidity available of $123.4 million, comprised of $83.4 million in cash and an undrawn amount of $40 million (subsequently drawn) under its $150 million credit facility. An aggregate of $30 million matures on December 31, 2020, with the balance maturing in January 2022.

The credit facility requires the Company to maintain a debt to EBITDA ratio of not more than 3:1. As of the financial year ended December 31, 2019, the debt to EBITDA ratio was 1.7:1.

The Company has implemented measures to reduce spending and capital expenses consistent with the current uncertain business environment. These measures include the postponement of approximately 40 percent of sustaining capital budgets, a 60 percent reduction in the Brownfields exploration budget and reductions in senior executive annual compensation and other corporate expenses.

About Fortuna Silver Mines Inc.
Fortuna is a growth oriented, precious metals producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver Mine in southern Peru, the San Jose silver-gold Mine in Mexico and the Lindero gold Project, currently under construction, in Argentina. The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit our website at www.fortunasilver.com