Fortuna reports production of 1.9 million ounces of silver and 34,555 ounces of gold for the first quarter of 2021

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12/04/2021 19:43
Vancouver, April 12, 2021 – Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports production results for the first quarter from its three operating mines in Latin America, the San Jose Mine in Mexico, the Caylloma Mine in Peru, and the Lindero Mine in Argentina. The Company produced 1,913,755 ounces of silver and 34,555 ounces of gold or 59,736 gold equivalent1 ounces. Fortuna is on schedule to produce between 6.8 to 7.6 million ounces of silver and between 178 to 202 thousand ounces of gold or between 267,000 to 302,000 ounces gold equivalent1 in 2021, in accordance with our annual production guidance (refer to Fortuna news release dated January 19, 2021).

First Quarter Consolidated Production Highlights

Silver production of 1,913,755 ounces; 5 percent increase over Q1 2020
Gold production of 34,555 ounces; 242 percent increase over Q1 2020
Lead production of 8,181,355 pounds; 6 percent increase over Q1 2020
Zinc production of 11,968,896 pounds; 1 percent increase over Q1 2020
First Quarter Consolidated Operating Highlights

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1. Gold equivalent production does not include lead or zinc, and is calculated using gold to silver ratio of 1 to 76
2. Lindero tonnes and gold grade are estimated using grade control sampling of blast holes. Numbers are reported to the nearest ten thousand for tonnes
3. Metallurgical recovery for silver at the Caylloma Mine is calculated based on silver content in lead concentrate
4. Lindero production includes gold in carbon columns and electrolytic cement
5. Totals may not add due to rounding

San Jose Mine, Mexico

The San Jose Mine produced 1,646,444 ounces of silver and 10,301 ounces of gold in the first quarter of 2021, in line with budget. Average head grades for silver and gold were 217 g/t and 1.36 g/t, 10 and 11 percent above budget for the quarter, respectively, due to better grades encountered in planned production stopes of the mine with respect to the reserve model.

Caylloma Mine, Peru

In the first quarter of 2021, the Caylloma Mine produced 267,311 ounces of silver with an average head grade of 77 g/t, 4 and 6 percent above budget, respectively.

Caylloma continued to contribute significant gold production in the first quarter of 2021. Gold production was 1,922 ounces, an increase of 308 percent with respect to the comparable period of 2020. The increase in gold production is related to higher head grades encountered in the Animas NE vein. The exploration team continues to carry out work to better understand the continuity of these higher-grade zones.

Lead and zinc production for the first quarter of 2021 was 8,181,355 pounds and 11,968,896 pounds, 9 percent above and in line with budget, respectively. The average head grades for lead and zinc were 3.21% and 4.70%, 13 and 11 percent above budget, respectively.

Lindero Mine, Argentina

Lindero remains on track to achieve 2021 annual gold production guidance of 140,000 to 160,000 ounces (refer to Fortuna news release dated January 19, 2021).

Government mandated international travel restrictions due to COVID-19 is limiting onsite access to foreign vendor support. This continues to affect Lindero’s ramp up progress in specific areas such as the stacking system and the SART plant. The operation is resolving these challenges via the use of remote assistance technology and other initiatives.

In the first quarter of 2021, a total of 2.13 million tonnes of ore were placed on the heap leach pad averaging 0.82 g/t gold, containing an estimated 56,330 ounces of gold. The operation placed 65 percent more ounces on the heap leach pad and produced 53 percent more ounces in doré compared to the fourth quarter of 2020. Total gold production was 22,332 ounces comprised of 20,562 ounces in doré and 1,770 ounces of gold-in-carbon (GIC) inventory.
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1. Lindero tonnes and gold grade are estimated using grade control sampling of blast holes. Numbers are reported to the nearest ten thousand for tonnes

Mining

A total of 1.6 million tonnes of ore were mined in the first quarter of 2021 at a strip ratio of 0.76:1. Mining of ore was in line with expectation, while waste rock movement was 47 percent lower than planned due to the prioritization of mining trucks to stack ore on the leach pad. Waste movement is scheduled to increase during the second half of the year to align the operation with the waste stripping plan for 2021. Reconciliation of the reserve model estimate indicates a good correlation with tonnes, grade, and gold ounces mined within 5 percent of predicted.

Processing

The ramp up of the primary and secondary crushing circuits is progressing according to plan with crushing in March averaging 15,770 tonnes per day and throughput averaging 960 tonnes per hour, representing 84 and 92 percent of design capacity, respectively. During March, crushing peaked at 20,000 tonnes per day.

The tertiary-HPGR crusher, agglomeration plant, and stacking system throughput averaged 7,600 tonnes per day in March, achieving 41 percent of design capacity. During the quarter, the limiting factor for higher throughput was the stacking system, where the operation encountered challenges with automation, mechanical, and operational issues. As at the end of March, the automation and mechanical issues were largely resolved while training of the workforce continues. In the first days of April, the stacking system peaked at 14,780 tonnes per day, 79 percent of design capacity.

In order to remain on track to achieve annual gold production guidance, the operation continues to place coarse ore from the secondary crusher’s stockpile via trucks and run of mine material representing 81 percent of ore placed on the heap leach pad in the quarter.

Recovery of gold for the different granulometries of ore placed on the heap leach pad is in line with expectations with 22,332 ounces of gold produced in the quarter.

The ADR plant is operating as per design capacity. The SART plant ramp up was suspended at the end of February to address operational issues with the copper and gypsum filters. Bypassing the SART plant is not expected to have a critical impact on gold production during the upcoming months due to the relative low levels of soluble copper in the pregnant solution. The operation expects to incorporate the SART plant into the process in the second quarter of 2021.

Quality Assurance & Quality Control

Grade control estimates are based on blast hole chip samples submitted to Lindero’s on-site laboratory for preparation and assaying for gold, using fire assay with an atomic absorption finish. The QA - QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of approximately 1 per 20 normal samples as well as the submission of duplicate samples for verification of sampling and assay precision levels by an ISO 9001:2000 certified umpire laboratory. ALS Global Laboratory in Mendoza, Argentina prepared the samples for assaying and then forwarded the samples to ALS Global Laboratory in Lima, Peru for assay by standard fire assay methods.

Qualified Person

Amri Sinuhaji is the Technical Services Director – Mine Planning for the Company and is a Professional Engineer registered with the Association of Professional Engineers and Geoscientists of the Province of British Columbia (#48305) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Sinuhaji has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian precious metals mining company with operations in Peru, Mexico and Argentina. Sustainability is integral to all our operations and relationships. We produce silver and gold and generate shared value over the long-term for our shareholders and stakeholders through efficient production, environmental protection and social responsibility. For more information, please visit our website at www.fortunasilver.com.



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