Vancouver, January 17, 2023 – Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports production results for the fourth quarter and full year 2022 from its four operating mines in the Americas and West Africa. For the full year 2022, the Company produced 259,427 ounces of gold and 6,907,275 ounces of silver or 401,878 gold equivalent1 ounces. All references to dollar amounts in this news release are expressed in US dollars.

2022 Consolidated Production Highlights

Gold production of 259,427 ounces; 25 percent increase over 2021
Silver production of 6,907,275 ounces; 8 percent decrease over 2021
Lead production of 34,588,324 pounds; 5 percent increase over 2021
Zinc production of 46,175,821 pounds; 3 percent decrease over 2021
All production results are in line with the mining sequence and Mineral Reserves estimates.

2023 Consolidated Production Guidance Highlights

Gold production of between 282 to 320 thousand ounces; a projected increase of between 9 to 23 percent over 2022
Silver production of between 6.3 to 6.9 million ounces; a projected decrease of up to 9 percent over 2022
Gold equivalent production2 of between 412 to 463 thousand ounces; a projected increase of between 3 to 15 percent over 2022
Notes:

Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,802/oz Au, $21.75/oz Ag, $2,161/t Pb and $3,468/t Zn or Au:Ag = 1:82.89, Au:Pb = 1:0.83, Au:Zn = 1:0.52
Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,700/oz Au, $21/oz Ag, $2,000/t Pb and $3,200/t Zn or Au:Ag = 1:81.00, Au:Pb = 1:0.85, Au:Zn = 1:0.53
2022 Consolidated Operating Highlights

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