<SEC-DOCUMENT>0001104659-21-054945.txt : 20210426
<SEC-HEADER>0001104659-21-054945.hdr.sgml : 20210426
<ACCEPTANCE-DATETIME>20210426163619
ACCESSION NUMBER:		0001104659-21-054945
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210426
FILED AS OF DATE:		20210426
DATE AS OF CHANGE:		20210426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORTUNA SILVER MINES INC
		CENTRAL INDEX KEY:			0001341335
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35297
		FILM NUMBER:		21854363

	BUSINESS ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
		BUSINESS PHONE:		604-484-4085

	MAIL ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2114222d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of <U>April 2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number <U>001-35297</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Fortuna Silver Mines Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>200 Burrard Street, Suite 650, Vancouver, British
Columbia, Canada V6C 3L6</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FORM 20-F &nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#9;</FONT>FORM
40-F &nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): &nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): &nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fortuna Silver Mines Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)</P>

</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: April 26, 2021</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &ldquo;<I>Jorge Ganoza Durant&rdquo;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Jorge Ganoza Durant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and CEO</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibits:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>99.1</B></TD><TD STYLE="text-align: justify"><B>News release dated April 26, 2021</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2114222d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"><P STYLE="color: #4F81BD; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B>&nbsp;Fortuna
And Roxgold Agree To Business Combination</B></FONT></P>

<P STYLE="color: #4F81BD; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #4F81BD; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B>Creating
A Low-Cost Intermediate GLOBAL Precious Metals Producer</B></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: 1.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: 1.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: middle; text-align: center; padding: 0; width: 50%; font-size: 10pt">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 55.5pt; width: 192.75pt"></TD>
    <TD STYLE="vertical-align: middle; padding: 0; text-align: center; width: 50%; font-size: 10pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 43.5pt; width: 119.25pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Creating a low-cost platform for gold and
silver production growth in the world&rsquo;s fastest growing precious metals producing regions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Anticipated annual gold equivalent<SUP>1</SUP>
production profile of approximately 450,000<SUP>1,2,7</SUP> ounces</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AISC<SUP>3</SUP> of approximately US$950<SUP>5</SUP>
per gold equivalent ounce with a declining cost profile</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Extensive brownfield and greenfield organic
growth potential supported by a large base of Mineral Reserves and Mineral Resources in Latin America and West Africa</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Lower cost of capital and strong balance sheet
to fund the construction of the S&eacute;gu&eacute;la gold Project in C&ocirc;te d&rsquo;Ivoire, advance exploration of the Boussoura
gold Project in Burkina Faso as well as other organic and external growth opportunities </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">Vancouver, April 26, 2021 &ndash;&nbsp;<B>Fortuna
Silver Mines Inc.</B>&nbsp;(&ldquo;<B>Fortuna</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) (NYSE: FSM) (TSX: FVI) and Roxgold Inc.
(&ldquo;<B>Roxgold</B>&rdquo;) (TSX: ROXG) (OTCQX: ROGFF) are pleased to announce that they have entered into a definitive agreement (the
 &ldquo;<B>Arrangement Agreement</B>&rdquo;) whereby Fortuna will acquire all the issued and outstanding securities of Roxgold pursuant
to a plan of arrangement (the &ldquo;<B>Transaction</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">Under the terms of the Transaction,
Roxgold shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold common share held. Upon completion of the
Transaction, existing Fortuna and Roxgold shareholders will own approximately 64.3% and 35.7% of the pro forma company, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">The exchange ratio implies a consideration
of approximately C$2.73 per Roxgold common share based on the closing price of the Fortuna common shares on the Toronto Stock Exchange
(&ldquo;<B>TSX</B>&rdquo;) on April 23, 2021, representing a 42.1% premium to the closing price of Roxgold on the TSX on the same date.
Based on the 20-day volume weighted average price of the Fortuna shares and the Roxgold shares on the TSX for the period ending April
23, 2021, the exchange ratio implies a premium of 40.4% to Roxgold shareholders. The implied fully diluted in the-money equity value of
the Transaction is estimated at approximately C$1.1&nbsp;billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Transaction Highlights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #414448">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414448"><B>Creates
    a premier growth-oriented global intermediate gold and silver producer, well positioned to pursue compelling organic and inorganic
    growth opportunities:</B> Anticipated annual gold equivalent<SUP>1</SUP> combined production of approximately 450,000<SUP>1,2,7</SUP>
    ounces at AISC<SUP>1,3</SUP> of approximately US$950<SUP>5</SUP> per gold equivalent ounce</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #414448">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414448"><B>Bringing
    together two highly experienced management teams with track records of value creation in the Americas and in West Africa:</B> Fortuna
    will benefit from the in-region operating experience of key members of Roxgold&rsquo;s team</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #414448">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414448"><B>Diversified,
    complementary portfolio of four quality operating assets and a development project in prolific jurisdictions:</B> Projected pro forma
    average annual EBITDA<SUP>2,3</SUP> of over US$500 million<SUP>2,4</SUP> (2021E to 2023E) </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #414448">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414448"><B>Attractive
    near-term free cash flow profile with a robust pipeline of high-upside exploration assets:</B> Boussoura, a gold exploration project
    with a maiden resource expected in the second half of 2021<SUP>6</SUP>, over twenty satellite targets identified at S&eacute;gu&eacute;la,
    and an extensive portfolio of early-stage exploration assets in C&ocirc;te d&rsquo;Ivoire and Mexico</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #414448">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414448"><B>Participation
    in enlarged company with strong balance sheet, significantly higher liquidity, greater scale, and enhanced capital markets relevance:
    </B>Lower cost of capital and stronger balance sheet to fund S&eacute;gu&eacute;la construction and Boussoura&rsquo;s development;
    flexibility to pursue other organic and external growth opportunities</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #414448">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414448"><B>Pro
    forma market capitalization and P/NAV multiple puts Fortuna in a stronger position to compete for meaningful assets in the Americas
    and in West Africa:</B> A rapidly growing and highly prospective mining jurisdiction</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #414448">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #414448"><B>Silver
    will continue to be a meaningful contributor to revenue:</B> Silver exposure largely in line with silver producer peers. Proforma
    Fortuna will continue to pursue meaningful and accretive silver opportunities</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. Gold equivalent based on the following commodity price assumptions:
US$1,800/oz Au, US$22/oz Ag, US$1,900/t Pb, and US$2,300/t Zn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. Production profile estimation assumes the successful construction
of the S&eacute;gu&eacute;la gold Project based on the Feasibility Study announced by Roxgold on <U>April 19, 2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. AISC and EBITDA are non-GAAP measure with no standardized definition
under IFRS. In order to provide the combined business performance of Fortuna on a pro forma basis, certain non-GAAP financial performance
measures, including AISC and EBITDA, of each of Fortuna and Roxgold have been combined. For further information and a detailed reconciliation
to IFRS, please see, in respect of Fortuna, the &ldquo;Non-GAAP Financial Measures&rdquo; section of <U>Fortuna&rsquo;s most recent MD&amp;A
</U>and for Roxgold, Note 18 &quot;Non-IFRS Financial Performance Measures&quot; of Roxgold's MD&amp;A dated March 3, 2021, available
under Roxgold's profile on <U>www.sedar.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. Refer to the &ldquo;Analyst consensus forecasts&rdquo; section in
the Forward-looking Statements at the end of this news release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5. 2021E AISC based on weighted contribution to pro forma Fortuna
of the low end of <U>Fortuna&acute;s</U> and <U>Roxgold&acute;s</U> guidance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6. Refer to Roxgold news release dated April 21, 2021, <U>&ldquo;Roxgold
Returns 35m at 4.1 g/t and 2.7m at 59.5 g/t Among Other High Grade Intercepts as Mineralized Footprint Is Expanded at Boussoura&rdquo;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. For NI 43-101 technical disclosure related to production refer
to the following technical reports: <U>Lindero Mine</U>, <U>San Jose Mine</U>, <U>Caylloma Mine</U>, <U>Yaramoko Mine</U>, and for the
S&eacute;gu&eacute;la Project see Roxgold&acute;s <U>April 19, 2021 news release</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Jorge
A. Ganoza, President and Chief Executive Officer of Fortuna, commented: &ldquo;With Roxgold we are acquiring a complete business platform
which brings: i) low-cost gold production; ii) a permitted Feasibility stage development project; iii) a robust exploration pipeline;
and iv) key members of a seasoned executive team of proven mine builders, developers, and explorers in West Africa.&rdquo; Mr. Ganoza
continued, &ldquo;The combined company will be in a stronger position to continue accelerating the development of the S&eacute;gu&eacute;la
gold Project at a lower cost of capital and aggressively pursuing the potential of a most exciting exploration pipeline in West Africa
and Latin America.&rdquo; Mr. Ganoza concluded, &ldquo;At Fortuna, we have known and followed the success of the Roxgold team for a number
of years, from their early start at Yaramoko, and now look forward to working together and continuing to deliver value to our shareholders
through the advancement of our assets and discovery.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">John
Dorward, President and Chief Executive Officer of Roxgold, commented: &ldquo;This transaction recognizes the commitment and execution
of the Roxgold team and the value creation over recent years, as we advanced from developer to low-cost gold producer with a growth pipeline
that few of our peers could match. The combination with Fortuna provides our shareholders with an immediate premium and a unique opportunity
to participate in the creation of a new global mid-tier precious metals producer with significant organic growth and cash flow generating
potential. Further, Fortuna&rsquo;s excellent track record as an operator and mine builder gives us confidence that the combined company
will be best positioned to maximize value for all our shareholders.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Benefits to Roxgold
Shareholders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Immediate
                                            and significant premium</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Maintain
                                            significant exposure to Roxgold portfolio assets through ownership in Fortuna</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Enhanced
                                            market profile with a pro forma +US$2 billion market cap and a TSX/NYSE dual listing</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Significantly
                                            enhanced share trading liquidity </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Increased
                                            scale and stronger &ldquo;acquisition currency&rdquo; to compete for more meaningful assets</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Additional
                                            potential upside based on average analyst Fortuna target price</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Elective
                                            tax-deferred rollover for Canadian shareholders</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Benefits to Fortuna
Shareholders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Accretive
                                            transaction on meaningful financial and production metrics</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Addition
                                            of a highly regarded West African mining team provides Fortuna key expertise from day one
                                            in a new jurisdiction</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Yaramoko
                                            and S&eacute;gu&eacute;la are low-cost assets with low technical complexity contributing
                                            meaningfully to growth while reducing overall AISC</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">S&eacute;gu&eacute;la
                                            36,300-hectare concession has significant near-term exploration potential</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Extensive
                                            portfolio of exploration properties covering over 286,300 hectares in the prolific Birimian
                                            gold province provides Fortuna a robust exploration pipeline which includes the high-grade
                                            Boussoura gold Project</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #414448"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Preserve
                                            very strong balance sheet</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Transaction Summary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Under
the terms of the Transaction, Roxgold shareholders will receive 0.283 common shares of Fortuna and C$0.001 in cash for each Roxgold common
share held. The Transaction will be effected by way of a court-approved plan of arrangement under the British Columbia Business Corporations
Act, requiring the approval of at least 66&frac23;% of the votes cast by the shareholders of Roxgold voting in person, virtually or represented
by proxy at a special shareholders&rsquo; meeting to consider the Transaction. The issuance of Fortuna shares pursuant to the Transaction
will require approval by a simple majority of the votes cast by the shareholders of Fortuna voting in person, virtually or represented
by proxy at a special shareholders' meeting to be called to consider, in addition to certain annual meeting matters, the issuance of
Fortuna shares pursuant to the requirements of the TSX.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">In
connection with the Transaction, officers and directors of Roxgold collectively holding 3.52% of the total Roxgold shares have entered
into voting support agreements with Fortuna, pursuant to which they have agreed, among other things, to vote their Roxgold shares in
favour of the Transaction. Appian Natural Resources Fund, which is Roxgold&rsquo;s largest shareholder and controls 13.2% of the issued
and outstanding Roxgold shares, has also provided its support in favour of the Transaction. In addition, officers and directors of Fortuna
collectively holding 1.5% of the total Fortuna shares have entered into voting support agreements with Roxgold pursuant to which they
have agreed, among other things, to vote their Fortuna shares in favour of the issuance of the Fortuna shares pursuant to the Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">In
addition to shareholder approval, the Transaction is subject to approval by the Supreme Court of British Columbia, and TSX and NYSE approval
and the satisfaction of certain other closing conditions customary in transactions of this nature. The Arrangement Agreement contains
customary provisions including reciprocal non-solicitation, &ldquo;fiduciary out&rdquo; and &ldquo;right to match&rdquo; provisions,
as well as a reciprocal C$40 million termination fee payable to Fortuna or Roxgold under certain circumstances and, in certain other
customary circumstances, reciprocal expense reimbursement of US$3 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Upon
completion of the Transaction, management of the combined company will feature proven and experienced mining and business leaders at
the executive team level, along with diverse, high-performing teams at the combined company's regional and operating sites. Continuing
Executives at Roxgold are Paul Criddle, Chief Operating Officer &ndash; Africa; Paul Weedon, Vice President Exploration &ndash; Africa;
and Eric Gratton, GM External Relations &ndash; Africa. Full details of the Transaction will be included in the respective management
information circulars of Fortuna and Roxgold, which will be mailed to shareholders in connection with the respective shareholder meetings.
Closing of the Transaction is expected by late June or early July 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Board of Directors&rsquo;
Recommendations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">The
Arrangement Agreement has been unanimously approved by the boards of directors of each of Fortuna and Roxgold, including, in the case
of Roxgold, following the unanimous recommendation of a special committee of independent directors. Both Boards of Directors unanimously
recommend that their respective shareholders vote in favour of the Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Scotiabank
delivered a verbal fairness opinion to the Board of Directors of Fortuna as to the fairness of the consideration to be paid, stating
that, as of the date of such opinion, and based upon and subject to the assumptions, limitations, and qualifications which will be set
out in its written fairness opinion to be included in the information circular for the Fortuna shareholders&acute; meeting, the consideration
payable by Fortuna pursuant to the Transaction is fair from a financial point of view to Fortuna.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Each
of BMO Capital Markets and Canaccord Genuity Corp. provided the Roxgold special committee and Board of Directors with a verbal opinion,
to the effect that, as of the date of such opinion, subject to the respective assumptions, limitations, and qualification set out in
such opinion, the exchange ratio under the transaction is fair, from a financial point of view, to holders of Roxgold common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">None
of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of
1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;), or any state securities laws, and any securities issuable in the Transaction
are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of
the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell
or the solicitation of an offer to buy any securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Advisors and Counsel</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">INFOR
Financial Inc. is acting as financial advisor to Fortuna in connection with the Transaction. Scotiabank has acted as financial advisor
to the Fortuna Board of Directors in connection with the Transaction. Blake, Cassels &amp; Graydon LLP and Paul Weiss LLP are acting
as Fortuna&rsquo;s Canadian and United States legal advisors, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">BMO
Capital Markets is acting as financial advisor to Roxgold in connection with the Transaction. Canaccord Genuity Corp. is acting as financial
advisor to the Roxgold special committee and Board of Directors in connection with the Transaction. Davies Ward Phillips &amp; Vineberg
LLP is acting as Roxgold&rsquo;s legal advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Conference Call</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Fortuna
and Roxgold will host a joint conference call today, Monday, April 26, 2021, at 11:00 am Eastern Time, for members of the investment
community to discuss the Transaction. Call-in information is provided below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Shareholders, analysts, media and interested
investors are invited to listen to the live conference call by logging onto the webcast at: <U>https://www.webcaster4.com/Webcast/Page/1696/41083
</U>or over the phone by dialing in just prior to the starting time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black"><B>Conference call details:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Date: Monday, April 26,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Time: 8:00 a.m. Pacific
time | 11:00 a.m. Eastern time</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Dial in number (Toll Free):
+1. 888.506.0062</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Dial in number (International):
+1.973.528.0011</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Entry code: 755943</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Replay number (Toll Free):
+1.877.481.4010</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Replay number (International):
+1.919.882.2331</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Replay Passcode: 41083</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="color: Black">Playback of the Fortuna
and Roxgold business combination call will be available until Monday, May 10, 2021. Playback of the webcast will be available until Tuesday,
April 26, 2022. In addition, a copy of the presentation, a transcript of the call, and an audio recording of the conference call will
be archived on Fortuna&acute;s website at <U>https://fortunasilver.com/investors/presentations/#</U> and on Roxgold&acute;s website at
<U>https://www.roxgold.com/investors/events-and-presentations/</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Fortuna Qualified Person</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Eric
Chapman, Vice President of Technical Services is a Professional Geoscientist registered with the Association of Professional Engineers
and Geoscientists of the Province of British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument
43-101- Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information
pertaining to Fortuna contained in this news release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>Roxgold Qualified Person</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Paul Criddle, FAusIMM,
Chief Operating Officer for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has reviewed, verified
and approved the technical disclosure pertaining to Roxgold contained in this news release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>About Roxgold Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">Roxgold
is a Canadian-based gold mining company with assets located in West Africa. Roxgold owns and operates the high-grade Yaramoko Gold Mine
located on the Hound&eacute; greenstone belt in Burkina Faso and is also advancing the development and exploration of the S&eacute;gu&eacute;la
Gold Project located in C&ocirc;te d&rsquo;Ivoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>About Fortuna Silver
Mines Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">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. Fortuna produces silver and gold and generates shared value over the long-term for its shareholders and
stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit <U>Fortuna&acute;s
website</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>For information
    about Fortuna Silver Mines Inc.</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Carlos Baca</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Investor Relations
    Manager</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>info@fortunasilver.com</U></FONT></P></TD>
    <TD STYLE="padding: 0; width: 50%; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>For information
    about Roxgold Inc.</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Graeme Jennings, CFA</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #414448"><FONT STYLE="color: Black">Vice President Investor
    Relations</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>gjennings@roxgold.com</U></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>The
Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4F81BD"><FONT STYLE="color: Black"><B><I>Forward-looking Statements</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>This
news release contains forward-looking statements which constitute &ldquo;forward-looking information&rdquo; within the meaning of applicable
Canadian securities legislation and &ldquo;forward-looking statements&rdquo; within the meaning of the &ldquo;safe harbor&rdquo; provisions
of the Private Securities Litigation Reform Act of 1995 (collectively, &ldquo;Forward-looking Statements&rdquo;). All statements included
herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks
and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>The
Forward-looking Statements in this news release may include, without limitation, statements about the Company and Roxgold's current expectations,
estimates and projections for the pro forma company, the structure and estimated value of the transaction, the anticipated timing of
the respective shareholders meetings and the closing of the Transaction, the timing and anticipated receipt of required shareholder,
court and stock exchange other approvals and the ability of Fortuna and Roxgold to satisfy the other conditions to, and to complete,
the Transaction; the anticipated benefits of the Transaction to shareholders and the combined company, including corporate, operational
and other synergies; the anticipated growth and exploration opportunities for the combined company; the timing and success of development
projects; anticipated cost savings as a result of the transaction synergies and the combined company's financial position, including
expectations regarding liquidity and cost of capital; the expected management team of the combined company; the expected size and scale
for the combined company; expected pro forma financial outlook, including the projected pro forma EBITDA of the combined company; and
other similar statements. Often, but not always, these Forward-looking Statements can be identified by the use of words such as &quot;anticipated&quot;,
 &ldquo;estimated&rdquo;, &ldquo;potential&rdquo;, &ldquo;open&rdquo;, &ldquo;future&rdquo;, &ldquo;assumed&rdquo;, &ldquo;projected&rdquo;,
 &ldquo;used&rdquo;, &ldquo;detailed&rdquo;, &ldquo;has been&rdquo;, &ldquo;gain&rdquo;, &ldquo;planned&rdquo;, &ldquo;reflecting&rdquo;,
 &ldquo;will&rdquo;, &ldquo;anticipated&rdquo;, &ldquo;estimated&rdquo; &ldquo;containing&rdquo;, &ldquo;remaining&rdquo;, &ldquo;to be&rdquo;,
or statements that events, &ldquo;could&rdquo; or &ldquo;should&rdquo; occur or be achieved and similar expressions, including negative
variations. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>Forward-looking
Statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the ability of the Company and
Roxgold to control or predict and which may cause actual results, performance or achievements to be materially different from any results,
performance or achievements expressed or implied by the Forward-looking Statements. Such risks, uncertainties and factors include, among
others, the completion and timing of the Transaction, the ability of the Company and Roxgold to receive, in a timely manner, the necessary
approvals to satisfy the conditions to closing of the Transaction; the ability to complete the Transaction on terms contemplated by the
Company and Roxgold, or at all; the ability of the combined company to realize the anticipated benefits of, and synergies and savings
from, the Transaction and the timing thereof; the consequences of not completing the Transaction; the accuracy of the pro forma financial
information of the combined company; the ability to access various sources of debt and equity capital, generally and on acceptable terms;
changes in general economic conditions and financial markets; risks relating to the current and potential adverse impacts of the COVID-19
pandemic on the economy, financial markets and the Company's and Roxgold's operations, any of which may have a material adverse effect
on the Company's or Roxgold&rsquo;s business, capital resources, financial results and/or ability to complete the Transactions or realize
the anticipated benefits thereof; changes in the prices of key supplies; technological and operational hazards in the Company and Roxgold's
mining and mine development activities; risks inherent in mineral exploration and other factors referred to under the heading &quot;Risk
Factors&quot; in each of the Company's and Roxgold's annual information form for the year ended December 31, 2020 located on SEDAR. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>The
Forward-looking Statements in this presentation also include financial outlooks and other related forward-looking information (including
production and financial-related metrics) relating to Fortuna, Roxgold, the combined company and the Transaction, including: the expectations
of Fortuna and Roxgold regarding the impact of the transaction on the combined company's production, free cash flow, EBITDA, expenditures
and operating costs. Any financial outlook and forward-looking information contained in this presentation regarding prospective financial
performance or financial position is based on reasonable assumptions about future events, including economic conditions and proposed
courses of action based on the assessment by management of each of Fortuna and Roxgold of the relevant information that is currently
available. Projected operational information contains forward-looking information and is based on a number of material assumptions and
factors, as are set out above. These projections may also be considered to contain future-oriented financial information or a financial
outlook. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>Although
Forward-looking Statements contained in this news release are based upon what each of the Company and Roxgold believe are reasonable
assumptions at the time they were made, such statements are made as of the date hereof and the Company and Roxgold disclaim any obligation
to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required
by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking
Statements. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4F81BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black"><B>Non-GAAP
Financial Measures </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I>This news release
also refers to non-GAAP financial measures, such as EBITDA, free cash flow, cash cost per tonne of processed ore, price to net asset
value and AISC. These non-GAAP financial performance measures are included because management of Fortuna and Roxgold have used the information
to analyze the combined business performance and financial position of Fortuna on a pro forma basis. These measures are intended to provide
additional information only and do not have a standardized meaning or method of calculation, even though the descriptions of such measures
may be similar. These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts
presented may not be comparable to similar data presented by other issuers. These non-GAAP financial measures should not be considered
in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For additional information regarding Non-GAAP
financial measures, please refer to Roxgold's management's discussion and analysis for the year ended December 31, 2020 and Fortuna's
management's discussion and analysis for the year ended December 31, 2020, which are available under Roxgold's and Fortuna's respective
SEDAR profiles at </I><U>www.sedar.com</U><I>. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4F81BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black"><B><I>Cautionary
Note to United States Investors Concerning Estimates of Reserves and Resources </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>Reserve
and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects (&quot;NI 43-101&quot;) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on
Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards
for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated,
all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>Canadian
standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve
and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black"><B><I>Analyst
consensus forecasts</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"><FONT STYLE="color: Black"><I>This
news release contains information summarizing consolidated analyst consensus forecasts sourced from Thomson Reuters and FactSet as at
April 23, 2021. This information is intended to provide an &ldquo;order of magnitude&rdquo; indication for comparison purposes only,
and is not intended to be, and should not be treated as, a fore</I></FONT><I>cast, estimate or guidance made, adopted, confirmed or endorsed
by either of Fortuna or Roxgold or the combined entity.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #414448"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
