(All amounts expressed in US dollars, tabular amounts in millions, unless otherwise stated)

Vancouver, August 10, 2022: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the second quarter of 2022.

Second Quarter 2022 Highlights

Operational

Gold and silver production of 62,171 ounces and 1,652,895 ounces, respectively. An increase of 100% and a decrease of 13% respectively compared to the second quarter of 2021 (“Q2 2021”). Gold equivalent production of 96,7123 ounces.
AISC1 per ounce of gold sold of $1,151 for the Lindero Mine and $1,565 for the Yaramoko Mine. AISC1,2 per silver equivalent ounce of payable silver sold of $15.41 and $18.19 for the San Jose Mine and Caylloma Mine, respectively.
All mine operations performed in line with annual guidance projections.
Total recordable injury frequency rate of 3.01 with zero lost time injuries in over 3.1 million hours worked.
Financial

Net income of $1.7 million or $0.01 per share, compared to $16.2 million or $0.09 net income per share reported in Q2 2021. Adjusted net income1 of $2.1 million compared to $21.5 million reported in Q2 2021
Sales of $167.9 million, an increase of 39% from the $120.5 million reported in Q2 2021
Consolidated realized prices of $1,870 per ounce and $22.62 per ounce for gold and silver respectively
Adjusted EBITDA1 of $57.9 million compared to $54.9 million reported in Q2 2021
Free cash flow from ongoing operations1 of $21.9 million compared to $19.2 million reported in Q2 2021
As at June 30, 2022, the Company had cash and cash equivalents of $116.1 million, and available liquidity of $136.1 million
Growth and Development

Séguéla construction 66% complete as of the end of June. On-time and on-budget for first gold pour in mid-2023
Fortuna continued to expand mineralization at the Sunbird discovery outside of the current reported inferred mineral resource (refer to Fortuna news release dated June 7, 2022: “Fortuna drills 18.3 g/t gold over 11.9 meters at the Séguéla Project, Côte d’Ivoire”)

Jorge A. Ganoza, President and CEO, commented, “Our business generated healthy free cash flow of $21.9 million in spite of declining metal prices in the quarter and the compounding negative price adjustments this triggers on our concentrate sales.” Mr. Ganoza continued, “Costs across our operations are tracking in the upper range of annual guidance in spite of inflationary pressures. Our teams are focused on the implementation of productivity initiatives to help mitigate rising input costs.” Mr. Ganoza concluded, “I am extremely pleased with the delivery of our team at the Séguéla project. Key construction and procurement activities have been largely derisked as we remain on budget and on track to deliver first gold pour in mid-2023. Once in operation we expect Séguéla to be a flagship low cost, long lived operation for the Company.”

1 Refer to Non-IFRS financial measures
2 AISC/oz Ag Eq calculated at realized metal prices, refer to mine site results for realized prices and Non-IFRS Financial Measures for silver equivalent ratio
3 Gold equivalent production includes gold, silver, lead and zinc and is calculated using the following metal prices: US$1,869/oz Au, US$22.62/oz Ag, US$2,240/t Pb and US$3,948/t Zn or Au:Ag = 1:82.65, Au:Pb = 1:0.83, Au:Zn = 1:0.47
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