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

Vancouver, May 11, 2022: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the first quarter of 2022.

First Quarter 2022 Highlights

Operational

Gold and silver production of 66,800 ounces and 1,670,128 ounces, respectively. An increase of 93% and a decrease of 13% respectively compared to the first quarter of 2021 (“Q1 2021”). Gold equivalent production of 103,0983 ounces.
AISC 1 per ounce of gold sold of $1,038 for the Lindero Mine and $1,147 for the Yaramoko Mine. AISC 1,2 per silver equivalent ounce of payable silver sold of $15.32 and $17.83 for the San Jose Mine and Caylloma Mine, respectively.
All mine operations performed in line with annual guidance projections.
Total recordable injury rate of 3.13 with 2 lost time injuries. One fatal incident at the Lindero mine in January.
Financial

Net income of $27.0 million or $0.09 per share, compared to $26.4 million or $0.14 net income per share reported in Q1 2021. Adjusted net income1 of $33.4 million compared to $27.5 million reported in Q1 2021
Sales of $182.3 million, an increase of 55% from the $117.8 million reported in the same period in Q1 2021
Consolidated realized prices of $1,884 per ounce and $24.18 per ounce for gold and silver respectively
Adjusted EBITDA1 of $80.3 million compared to $60.8 million reported in Q1 2021
Free cash flow from ongoing operations1 of $9.6 million compared to $11.8 million reported in Q1 2021.
As at March 31, 2022, the Company had cash and cash equivalents of $110.4 million, and available liquidity of $150.4 million
Growth and Development

Seguela Project; maiden Inferred Mineral Resource for the Sunbird discovery comprising 3.45 million tonnes averaging 3.16 g/t containing 350,000 gold ounces (see news release dated March 15, 2022)
Seguela construction 48% complete as of the end of March. On-time and on-budget for first gold in mid 2023
Jorge A. Ganoza, President and CEO, commented, “Our net income in the quarter of $27.0 million and adjusted EBITDA1 of $80.3 million with margins of 44% attest to the strong operational performance of our four mines.” Mr. Ganoza continued, “We are running a thriving business in an $1,800 per ounce gold price environment and are confident of the resiliency of our assets throughout the precious metal cycle.” Mr. Ganoza concluded, “We maintain a strong balance sheet with low debt leverage and a healthy liquidity position of $150.4 million.”

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: $1,884/oz Au, $24.2/oz Ag, $2,331/t Pb and $3,736/t Zn or Au:Ag = 1:77.9, Au:Pb = 1:0.8, Au:Zn = 1:0.5
4 For full details see news release dated March 15, 2022

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