Fortuna Silver Mines Inc. provides an update on the evaluation work of the Mineral Reserves and Mineral Resources and the brownfields exploration program at the Yaramoko Mine complex in Burkina Faso. Following the completion of Fortuna´s acquisition of Roxgold Inc. on July 2, 2021, the Company updated the technical report previously filed by Roxgold in 2017 and filed a new technical report on March 30, 2022 (the "2022 Technical Report") to describe the proposed open pit mining operation at the 55 Zone as disclosed by Roxgold on November 10, 2020. During the first half of 2022, the Company carried out additional exploration drilling and a re-evaluation of the modeling and estimation techniques to improve the definition of the mineralization.

A summary of the drilling and evaluation programs completed at Yaramoko during 2022 are summarized below, together with the highlights of its brownfields exploration program. Underground drilling of the 55 Zone concentrated on grade control drilling within the Mineral Resource and Mineral Reserve boundaries to provide increased confidence in the mine plans. Step-out drilling associated with the 2022 grade control drilling program returned encouraging results, incrementally extending the western limit of the drill defined mineralization a further 20 to 50 meters, where it remains open.

Additional step-out drilling is planned for the first half of 2023. In addition, four holes totaling 1,490 meters were drilled to test the area between the 4900 and 5100 meters above Relative Level (mRL) on the eastern side of the 55 Zone, which confirmed an up-dip extension of a high-grade shoot previously intersected in the development drives between the 4800 and 4900 mRL. A total of 60 reverse circulation and diamond core drill holes totaling 4,922 meters were completed at the 109 Zone during 2022, including 13 holes drilled for geotechnical purposes.

Drilling was designed to infill and upgrade the geological confidence to support the estimation of Mineral Resources and Mineral Reserves. 55 Zone open pit drilling: Reverse circulation drilling to test projections of near surface structural splays identified from mapping of the underground openings was completed during 2022, with 25 holes completed for a total of 1,500 meters. Historic resource drilling had intersected several isolated high-grade intervals related to sub-parallel mineralized veins associated with the main 55 Zone and which coincided with structures identified from detailed mapping of the near surface 55 Zone underground workings.

The drilling was successful in identifying the mineralized structures and veins although continuity of economic intervals and strike lengths resulted in downgrading of the potential. 55 Zone open pit re-evaluation: Roxgold´s proposal to build an open pit at the 55 Zone was based on extracting high-grade near surface material that formed the crown pillar by mining both remnant mineralization identified as being adjacent to existing mine workings and additional sub-parallel structures related to the main 55 Zone structure. Based on recommendations in the 2022 Technical Report, Fortuna completed an evaluation of the mineralization that was identified as potentially recoverable from surface, which was to include an underground transition study and the preparation of a void management plan.

During this evaluation process, the Company identified a spatial discrepancy attributed to a surveying error which occurred prior to August 2020. This resulted in horizontal differences averaging from 2 to 3 meters between the drill holes used to define the 55 Zone main mineralized structure and the underground face channel samples collected during underground development. The updated estimate, having corrected for this inconsistency, results in a reduction of 120,000 ounces of gold previously identified as modelled remnant mineralized material.

Subsequently, an economic evaluation of the open pit resulted in a reduction of a further 46,000 ounces of mineralized material which the Company determined cannot be economically extracted from surface or underground due to its isolated location and low-grade nature. The updated estimate of the 55 Zone crown pillar decreases the life of mine from 5 years to 3 years and results in a reduction in pit size that reduces risk associated with the plan by lowering the strip ratio from 55:1 to 19:1; optimising throughput during the last three years; no longer requiring the relocation of infrastructure; removing the need for significant pre-stripping; and eliminating the requirement to expand the tailings storage facility as a result of processing fewer tonnes.