Commencement Of Sunbird Infill Drilling Program

VANCOUVER - Paul Weedon, Senior Vice President of Exploration at Fortuna Silver Mines, stated, “Infill drilling at Sunbird, located in Cote d’Ivoire, to upgrade resource confidence has commenced, with the first batch of results returning shallow high grade intersections from modeled low grade areas from within the pit optimization shell, including highlights such as 10.6 g/t Au over a true width of 21.7 meters in drill hole SGRC1572 and 14.9 g/t Au over a true width of 14 meters from drill hole SGRC1570. In addition to the initial infill results, extension drilling to test the northern strike beyond the pit shell has been successful in intersecting additional high grade results such as 12.0 g/t Au over a true width of 5.6 meters in drill hole SGRC1566 and 6.6 g/t Au over a true width of 6.3 meters in drill hole SGRC1567. The focus at Sunbird is currently on upgrading its resource confidence with the ultimate intention of conversion to mineral reserves to expand Seguela’s current 1.1 million ounces of gold reserves and nine-year life-of-mine1. The Company is looking forward to the positive outcome of the program and the resumption of testing the high grade depth potential beyond the current optimization shell limit.”

Sunbird Deposit infill drilling highlights: 1) SGRC1572: 10.6 g/t Au over an estimated true width of 21.7 meters from 60 meters. 2) SGRC1570: 14.9 g/t Au over an estimated true width of 14.0 meters from 65 meters and5.4 g/t Au over an estimated true width of 4.2 meters from 38 meters. 3) SGRC1566: 12.0 g/t Au over an estimated true width of 5.6 meters from 28 meters. 4) SGRC1576: 9.9 g/t Au over an estimated true width of 9.8 meters from 163 meters. 5) SGRC1568: 4.1 g/t Au over an estimated true width of 14.7 meters from surface. 6) SGRC1573: 6.6 g/t Au over an estimated true width of 9.1 meters from 126 meters. 7) SGRC1564: 2.5 g/t Au over an estimated true width of 19.6 meters from surface. 8) Infill drilling for increased resource confidence at Sunbird is underway, with 30 holes drilled in the first 4,560 meters completed of a 9,500 meter program. Drilling has continued to intersect shallow high-grade mineralization in areas previously modeled as lower grade based on earlier wider spaced drilling. Drill hole SGRC1572 intersects several zones of mineralization including 10.6 g/t Au over a true width of 21.7 meters and SGRC1570 intersects 14.9 g/t Au over a true width of 14.0 meters in the north of the pit optimization shell.

Drilling to test continuity beyond the pit optimization shell to the north has also intersected broad shallow zones of mineralization including 2.5 g/t Au over a true width of 19.6 meters from surface in drill hole SGRC1564 and 2.4 g/t Au over a true width of 17.5 meters from surface in drill hole SGRC1581. Additional drilling is planned to further define the extent of these zones. Drilling is scheduled to be completed in the second quarter of 2023 ahead of further optimization work and integration into the life of mine plan. Further drilling to test the depth potential of the high grade shoots previously identified plunging to the south is planned for the second half of 2023. Sunbird´s mineralization consists of a series of near vertical quartz dominant veins demonstrating good continuity down-dip and along strike. This reflects the strong structural control present; consistent with the majority of the deposits drilled at Seguela to date.