(All amounts expressed in US dollars, tabular amounts in millions, unless otherwise stated)
Vancouver, October 10, 2023: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports that it has paid down $40 million of its revolving credit facility at the end of the third quarter of 2023, using cash on hand.

As at June 30, 2023, Fortuna reported a leverage ratio1 of 0.9 times total net debt2 to adjusted EBITDA3. After the payment of $40 million, it is expected that the Company´s total outstanding debt balance will stand at approximately $206 million on its credit facility (excluding letters of credit), and approximately $46 million of convertible notes, for an estimated total net debt, after cash and cash equivalents, of $133 million as at the end of the third quarter of 2023. This represents a reduction of approximately $65 million in total net debt in the period reflecting increased cash flows from the contribution of the Séguéla Mine in its first full quarter of production.

With operational and financial results weighted towards the second half of 2023 following the successful completion of a two-year intensive capital investment phase at Séguéla, the Company intends to shift its capital allocation priorities towards debt repayment, the continued advancement of its high-value exploration opportunities in the portfolio and will evaluate other initiatives to enhance shareholder value.

The estimated total net debt and liquidity for Fortuna as at the end of the third quarter of 2023 is preliminary financial information and has been prepared by management and remains subject to final review by the Company’s audit committee and approval by the Company’s board of directors. Such preliminary financial information for the third quarter of 2023 is subject to the finalization and closing of Fortuna´s accounting books and records for the period. Refer to the “Cautionary Statements” section at the end of this news release.

It is expected that the Company will release its financial statements and management’s discussion and analysis as at and for the three and nine months ended September 30, 2023, as approved by its audit committee and board of directors, on Wednesday, November 8, 2023, after market close.
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