<SEC-DOCUMENT>0001104659-21-093892.txt : 20210720
<SEC-HEADER>0001104659-21-093892.hdr.sgml : 20210720
<ACCEPTANCE-DATETIME>20210720141704
ACCESSION NUMBER:		0001104659-21-093892
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210720
FILED AS OF DATE:		20210720
DATE AS OF CHANGE:		20210720

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:		211100450

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2122660d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</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>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>July 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">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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"><FONT STYLE="font-family: Wingdings">&#168;</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">&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"><FONT STYLE="font-family: Wingdings">&#168;</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">&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>

<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">&nbsp;</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>&nbsp;</TD>
    <TD COLSPAN="2"><B>Fortuna Silver Mines Inc.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date:&nbsp;&nbsp;July 20, 2021</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="width: 46%"><U>/s/&nbsp;&nbsp;&quot;Jorge Ganoza Durant&quot;</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Jorge Ganoza Durant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and CEO</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"><B>Exhibits:</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-indent: 0.25in"><B>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News
release dated July 19, 2021</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">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2122660d1_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>

<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="text-align: left; width: 43%; font-size: 10pt; vertical-align: middle"><IMG SRC="logo.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 32%; vertical-align: middle">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #595959">NYSE: <B>FSM</B> | TSX: <B>FVI</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #595959">www.fortunasilver.com</P></TD>
    <TD STYLE="text-align: right; width: 25%; font-size: 10pt; vertical-align: middle"><FONT STYLE="font-size: 10pt; color: #44546A"><B>NEWS RELEASE</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Fortuna reports production of
55,953 gold equivalent ounces for the second quarter and issues updated guidance for 2021 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vancouver, July 19, 2021 &ndash; Fortuna Silver
Mines Inc. (NYSE: FSM) (TSX: FVI) </B>reports production results for the second quarter from its three operating mines in the Americas,
the San Jose Mine in Mexico, the Caylloma Mine in Peru, and the Lindero Mine in Argentina. The company produced 1,892,822 ounces of silver
and 31,048 ounces of gold or 55,953 gold equivalent<SUP>1</SUP> ounces. Silver and gold production for the first six months of 2021 totaled
3,806,577 ounces and 65,603 ounces, respectively, or 115,690 gold equivalent<SUP>1</SUP> ounces. The company is also providing an updated
production and cost guidance for 2021 which also incorporates gold production for the second half of the year from the Yaramoko Mine in
Burkina Faso.</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; color: #365F91"><B>Second Quarter Consolidated
Production</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Silver production of 1,892,822 ounces; 49 percent increase
over Q2 2020</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gold production of 31,048 ounces; 337 percent increase over
Q2 2020</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Lead production of 8,143,876 pounds; 20 percent increase
over Q2 2020</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Zinc production of 11,763,866 pounds; 7 percent increase
over Q2 2020</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #365F91"><B>Second Quarter Consolidated Operating
Highlights </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Second Quarter 2021</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Second Quarter 2020 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Caylloma, Peru</B></FONT></TD>
    <TD STYLE="border-bottom: Gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>San Jose, Mexico</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Gray 1pt solid; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Lindero, Argentina</B></FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: Gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Caylloma, Peru</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>San Jose, Mexico</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Lindero, Argentina</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>OPERATIONAL FIGURES</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Tonnes milled</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">133,645</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">269,565</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">134,172</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">160,151</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Average tpd milled</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,536</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">3,029</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,525</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,799</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Ore placed on pad<SUP>2</SUP> (t)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,477,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>SILVER<SUP>3</SUP></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Grade (g/t)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">76</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">205</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">220</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Recovery (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">82.58</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">91.51</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">78.99</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">90.84</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Production (oz)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">268,428</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,624,394</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,892,822</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">244,873</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,029,049</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,273,922</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>GOLD</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Grade (g/t)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">0.42</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1.30</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">0.95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">0.25</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1.42</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Gold placed on pad<SUP>2</SUP> (oz)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">44,889</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Recovery (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">69.08</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">91.19</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">41.93</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">90.91</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Gold in carbon<SUP>4</SUP> (oz)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">794</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Dore poured (oz)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">18,726</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Production (oz)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,261</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">10,266</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">19,521</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">31,048</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">445</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">6,654</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">7,099</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>LEAD</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Grade (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">3.09</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2.77</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Recovery (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">89.53</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">82.81</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Production (lbs)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">8,143,876</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">8,143,876</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">6,777,010</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">6,777,010</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>ZINC</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Grade (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">4.58</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">4.29</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Recovery (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">87.14</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">86.58</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt">Production (lbs)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11,763,866</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11,763,866</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">10,976,816</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">10,976,816</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 24%">Notes:</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-indent: 0in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Gold equivalent production does not include lead or zinc, and
is calculated using gold to silver ratio of 1 to 76</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Lindero tonnes and gold grade are estimated using grade control
sampling of blast holes; tonnes are reported to the nearest thousand</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Metallurgical recovery for silver at the Caylloma Mine is calculated
based on silver content in lead concentrate</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Lindero production includes gold in carbon columns and electrolytic
cement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">Totals may not add due to rounding</TD>
</TR></TABLE>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #365F91; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #365F91; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #365F91; margin: 0pt 0; text-align: left">Lindero Mine, Argentina</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Argentina suffered a surge of COVID-19 during
the second quarter of 2021 with the infection rate peaking at 41,000 cases per day. Extended nationwide COVID-19 related travel restrictions
continued to limit onsite access to foreign vendor support affecting ramp up activities at Lindero.</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">The COVID-19 infection rate at Lindero increased
during the second quarter and had a significant impact on the operation&acute;s performance as 160 personnel tested positive, representing
18 percent of the workforce. During the quarter, the company intermittently voluntarily suspended onsite operations for a total of 16
days which directly impacted ramp up progress and reduced the amount of ore delivered to the heap leach pad. Strict government mandated
travel restrictions have led to disruptions in the hiring and movement of skilled personnel and delays in access to foreign vendor support,
which resulted in higher mechanical downtime leading to lower tonnes of processed ore being delivered to the leach pad.</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">In the second quarter, a total of 1,477,000 tonnes
of ore were placed on the leach pad averaging 0.95&nbsp;g/t&nbsp;gold containing an estimated 44,889 ounces of gold.</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">Total gold production for the quarter was 19,521&nbsp;ounces,
73 percent of the plan, comprised of 18,726&nbsp;ounces in dor&eacute; and 794 ounces of gold-in-carbon (GIC) inventory.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Second Quarter 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Ore mined<SUP>1</SUP> (t)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,817,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Waste mined<SUP>1</SUP> (t)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,638,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Total mined<SUP>1</SUP> (t)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3,455,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Strip ratio (waste to ore)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.90</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Average crushing throughput (tph)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">868</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Ore placed on leach pad<SUP>1</SUP> (t)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,477,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Ore placed grade<SUP>1</SUP> (g/t)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">0.95</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">GIC inventory (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">794</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Dor&eacute; poured (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,726</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Gold produced (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19,521</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-indent: 0in; text-align: justify">Note:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">1.</TD><TD STYLE="text-align: justify">Lindero tonnes and gold grade are estimated using grade control sampling of blast holes; tonnes are reported
to the nearest thousand</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A total of 1,817,000 tonnes of ore were mined
in the second quarter of 2021 at a strip ratio of 0.9:1, 20&nbsp;percent below plan. Mine waste movement increased 34 percent compared
to the first quarter of 2021, in line with expectation.</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"><I>Mine reconciliation and metallurgical performance</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reconciliation of tonnes, grade and gold ounces
mined for the second quarter indicate a good correlation with the reserve model with differences of less than five percent for all parameters.</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">Gold leaching response as well as reagent consumption
was within the expected parameters for the granulometric composition and metallurgical types of ore placed on the leach pad.</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"></P>

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<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"><I>Processing</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the second quarter of 2021, a total of 1,477,000
tonnes of ore were placed on the leach pad at 0.95&nbsp;g/t&nbsp;gold, 20 and 10 percent below plan, respectively. All processing activities
were impacted negatively by the direct and indirect downtimes related to the surge in COVID-19 cases and government restrictions. Lower
grade is explained by the extraction of fewer tonnes from the pit than was planned, resulting in reduced access to higher grade ore than
was scheduled, and grade dilution as the operation attempted to selectively mine higher-grade ore from lower-grade ore during this period
to offset temporary shortfalls in gold stacked.</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">Trucked ore from the run of mine and coarse stockpiles
placed on the leach pad totaled 801,000 tonnes, 32 percent higher than plan. Trucking of coarse ore to the leach pad was a temporary measure
during the first half of the year to offset the lower tonnage of agglomerated ore; resulting in a 15 percent decrease, in respect to plan
and guidance, of recoverable gold ounces on the heap during this period.</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">Primary and secondary crushing averaged 14,870
tonnes per day during the quarter, representing 79&nbsp;percent of design capacity of 18,750 tonnes per day.</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">The tertiary-HPGR crusher, agglomeration plant,
and stacking system throughput averaged 9,510 tonnes per day in the quarter representing 51 percent of design capacity and a 25 percent
increase compared to the previous quarter. In June, ore stacking averaged 12,600 tonnes per day, representing 67 percent of design capacity
peaking at 18,390 tonnes per day, 98 percent of design capacity.</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">The company has worked to address ramp up challenges
in the tertiary crushing-agglomeration-stacking circuit with the in-country arrival of specialist support which was delayed due to COVID-19
travel restrictions. The operation expects to complete the planned ADR plant expansion and achieve full production capacity early in the
fourth quarter of 2021.</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">SART plant ramp up work resumed in June at a pregnant
solution flow rate of 100 to 150 cubic meters per hour, 25 percent of design capacity, regarded as sufficient to manage soluble copper
levels in the ADR plant at this time. The SART plant is expected to achieve design capacity of 400 cubic meters per hour during the second
half of the year.</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"><I>Quality Assurance &amp; Quality Control</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Grade control estimates at Lindero are based on
blast hole chip samples submitted to Lindero&rsquo;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.</P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">San Jose Mine, Mexico</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The San Jose Mine produced 1,624,394 ounces of
silver and 10,266 ounces of gold in the second quarter of 2021 with average head grades for silver and gold of 205&nbsp;g/t and 1.30 g/t,
respectively; 4 percent above and in line with plan.</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"></P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Caylloma Mine, Peru</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the second quarter of 2021, the Caylloma Mine
produced 268,428 ounces of silver with an average head grade of 76 g/t, in line with plan.</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">Gold production was 1,261 ounces, an increase
of 183 percent with respect to the second quarter of 2020. Caylloma&rsquo;s gold production continues to exceed plan with average grades
experienced in the second quarter expected to continue throughout the year. The mine geology team has confirmed the continuity of this
higher-grade zone as related to the intersection of the Animas NE and Nancy veins with modeling work to define this ore shoot completed.</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">Lead and zinc production for the second quarter
of 2021 was 8,143,876 pounds and 11,763,866 pounds with average head grades for lead and zinc of 3.09% and 4.58%, respectively; 8 percent
and 9 percent above plan.</P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Full Year 2021 Updated Consolidated
Production and AISC Guidance</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the completion of the business combination
with Roxgold Inc. on July 2, 2021 (refer to news release dated July 2, 2021, &ldquo;<I><U>Fortuna and Roxgold complete combination to
create a global premier growth-oriented intermediate gold and silver producer</U></I>&rdquo;), the company has updated its consolidated
silver and gold production and cost guidance for 2021 (refer to news release dated January 19, 2021, &ldquo;<I><U>Fortuna reports 2020
full year production of 11.3 million silver equivalent ounces and issues 2021 guidance</U></I>&rdquo;) .</P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Updated Guidance Highlights</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Consolidated silver and gold production of 6.8 to 7.6 million ounces and 194 to 223 thousand ounces, respectively
for 2021, or 283 to 323 thousand gold equivalent<SUP>1</SUP> ounces, representing a year over year increase of 90 to 116 percent</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gold production at the Yaramoko Mine in Burkina Faso for the second half 2021 contributes to the company&acute;s
full year guidance, representing 30 to 32 percent of the updated guidance</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">S&eacute;gu&eacute;la gold Project construction decision expected during the third quarter of 2021</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Due to direct and indirect COVID-19 related disruptions experienced in Argentina, Lindero has reduced
its gold production guidance by 31 to 36 percent</TD></TR></TABLE>

<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"><I>Silver and gold production guidance</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company&rsquo;s updated production and cost
guidance set out below for 2021 assumes that operations will continue for the remainder of the year without any major interruptions related
to COVID-19.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD ROWSPAN="3" STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>Mine</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Silver</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Gold</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>Original Guidance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>Updated Guidance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>Original Guidance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>Updated Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(Moz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(Moz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(koz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(koz)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border-right: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Lindero, Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>140 - 160</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>90 - 110</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>San Jose, Mexico</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5.8 - 6.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5.8 - 6.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>38 - 42</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>38 - 42</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Caylloma, Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1.0 - 1.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1.0 - 1.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>4 - 5</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Yaramoko<SUP>2</SUP>, Burkina Faso</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>62 - 66</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 2.25pt double; border-right: #D0CECE 1pt solid; border-bottom: Black 1.5pt solid; white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Consolidated Total</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; border-bottom: Black 1.5pt solid; white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6.8 - 7.6</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; border-bottom: Black 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6.8 - 7.6</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; border-bottom: Black 1.5pt solid; border-left: #D0CECE 1pt solid; white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>178 - 202</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; border-bottom: Black 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>194 - 223</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>AISC<SUP>3,4 </SUP>guidance</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD ROWSPAN="3" STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>Mine</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Silver</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Gold</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>AISC Original Guidance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>AISC Updated Guidance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>AISC Original Guidance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>AISC Updated Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(US$/oz Ag Eq)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(US$/oz Ag Eq)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(US$/oz Au)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #305496"><B>(US$/oz Au)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 28%; border-right: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Lindero<SUP>5</SUP>, Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>730 - 860</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1,010 - 1,190</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>San Jose, Mexico</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12.2 - 14.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>12.2 - 14.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Caylloma, Peru</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>19.4 - 23.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>19.4 - 23.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #D0CECE 1pt solid; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Yaramoko, Burkina Faso</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; border-left: #D0CECE 1pt solid; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D0CECE 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>990 - 1,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">1.</TD><TD STYLE="text-align: justify">Silver and gold equivalent production does not include lead or zinc, and is calculated using gold to silver
ratio of 1 to 76</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">2.</TD><TD STYLE="text-align: justify">The Yaramoko Mine gold production and AISC guidance is for the second half of 2021</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">3.</TD><TD STYLE="text-align: justify">All-in sustaining cost (AISC) is a non-IFRS financial measure, refer to <I>Forward-looking Statements</I>
regarding non-IFRS financial measures at the end of this news release; AISC includes production cash cost, commercial and government royalties,
mining tax, export duties (as applicable), worker&rsquo;s participation (as applicable), subsidiary G&amp;A, sustaining capital expenditures,
and Brownfields exploration and is estimated at metal prices of US$1,800/oz Au, US$22/oz Ag, US$1,900/t Pb, and US$2,300/t Zn</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">4.</TD><TD STYLE="text-align: justify">AISC excludes government mining royalty recognized as income tax within the scope of IAS-12</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">5.</TD><TD STYLE="text-align: justify">Refer to Lindero Mine <I>AISC Guidance</I> section in <I>2021 Guidance Outlook</I> below</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>2021 Guidance Outlook </B></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; color: #365F91"><B>Lindero Mine, Argentina </B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lindero&acute;s updated gold production guidance
range of between 90 and 110 thousand ounces reflects a decrease of 50,000 ounces with respect to both the lower and upper range of the
production guidance disclosed on January 19, 2021. The decrease in production is a consequence of the direct and indirect impacts of the
increase in COVID-19 positive cases in Argentina and in the workforce at Lindero, stricter government mandated travel restrictions which
have caused delays in the ramp up of activities, and challenges related to attempting to selectively mine and separate higher-grade material,
as discussed above for the second quarter results. Operational impacts caused by these factors have been evaluated and their effect considered
for the second half of the year.</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"><I>AISC guidance</I></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">Lindero&acute;s updated AISC per ounce of gold
between US$1,010 and US$1,190 reflects an increase of 38&nbsp;percent with respect to both the lower and upper range of the AISC guidance
disclosed at the beginning of the year. The increase is a consequence of projected lower gold production and higher sustaining capex related
to the expansion of the ADR plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>San Jose Mine, Mexico </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At San Jose, the company reiterates the mine&acute;s
production and AISC guidance disclosed on January 19, 2021. COVID-19 related protocols set in place have been reviewed and adjusted to
continue mitigating the impacts of positive cases in the workforce. The ongoing vaccination campaign in the state of Oaxaca in addition
to the company&acute;s strengthened health procedures are anticipated to contribute to containing the COVID-19 infection rate at the operation.</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"></P>

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<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; color: #365F91"><B>Caylloma Mine, Peru </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At Caylloma, despite registering COVID-19 positive
cases in the workforce during the first half of the year, the mine&acute;s performance has exceeded expectations as a result of an efficient
allocation of the operation&acute;s resources and coarse ore stockpile management. The company reiterates the mine&acute;s production
and AISC guidance disclosed on January 19, 2021, including lead and zinc production of 29 to 32 million pounds and 44 to 49 million pounds,
respectively. In addition, gold production of 4 to 5 thousand ounces for the year has been included in the annual consolidated production
guidance to take into account the higher-grade zone related to the intersection of the Animas NE and Nancy veins.</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; color: #365F91"><B>Yaramoko Mine, Burkina Faso</B></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">There were no major COVID-19 related impacts at
the Yaramoko Mine during the second quarter of 2021. Gold production guidance for the second half of the year assumes there will be no
significant disruptions of operations associated with COVID-19.</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">Annual planned mine development meters are projected
to increase, driven by a stoping sequence rescheduling associated with lower grades encountered during the second quarter of the year.
The increase in development meters is expected to contribute to achieving second half of the year gold production guidance at an estimated
AISC per ounce of gold of US$990 to US$1,150.</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; color: #365F91"><B>S&eacute;gu&eacute;la Gold
Project, C&ocirc;te d&rsquo;Ivoire</B></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">At the S&eacute;gu&eacute;la Project, the company
expects to commence negotiations on the Project Mining Convention with the government early in the third quarter. At the project site,
the accommodation village is projected to be ready for occupancy in the fourth quarter of 2021. Key contracts with plant EPC and bulk
earthworks contractors are close to being finalized. In order to not affect the critical path of the project, the Board of Directors of
the company has approved an early works budget of US$11.5 million to commence detailed engineering work and procure long lead items such
as the SAG mill. The company expects to make a construction decision during the third quarter.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>Exploration Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna continues to advance its robust pipeline
of Brownfield and Greenfield exploration projects in West Africa and the Americas. The company will be providing a comprehensive exploration
update in the third quarter.</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; color: #365F91"><B>West Africa</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exploration in C&ocirc;te d&rsquo;Ivoire during
the second half of the year will focus on infilling and extending the new Sunbird discovery at S&eacute;gu&eacute;la, where mineralization
has now been delineated over a strike length of more than 1,000 meters. Drilling will also continue the delineation of the high-grade
Koula underground inventory, while also following up on the recent high grades intersected in scout reverse circulation drilling at Gabbro
North. Further afield, several extensive soil and termite geochemistry anomalies will be tested with aircore drilling at Fortuna&rsquo;s
Kadyoha and Dianra Nord prospects, some 140 kilometers to the north-east of S&eacute;gu&eacute;la.</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"></P>

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<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">In Burkina Faso, delineation and step out drilling
will continue in the second half of the year at Boussoura after the conclusion of the annual rainy season in August. Drilling will focus
on defining the Fofora Main and VC2 deposits, and delineating additional mineralization at VC3 and VC5.&nbsp; Similarly, definition drilling
in the second half of the year at Galgouli and exploration drilling of mineralization identified at several nearby prospects will continue.
At Yaramoko, activities will continue to support advancing the 109 Zone surface prospect, as well as target testing and delineation across
the wider Yaramoko property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>Americas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna budgeted US$21 million for its 2021 exploration
program, consisting of 69,000 meters of surface and underground diamond drilling, supporting ground geophysical programs, and underground
development. As of the end of June, the exploration teams had completed a total of 23,400 meters of drilling, 34 percent of plan. The
remainder of the planned meters and budget at the mines and two additional Greenfields projects will be realized throughout the second
half of 2021 using up to 12 core rigs. Fortuna also maintains a wide-ranging reconnaissance program in Mexico.</P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Qualified Persons</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amri Sinuhaji, Technical Services Director &ndash;
Mine Planning for the company, 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 (&ldquo;NI 43-101&rdquo;). Mr. Sinuhaji has reviewed and approved the scientific and technical information pertaining
to the San Jose, Caylloma and Lindero mines contained in this news release and has verified the underlying data.</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">Paul Criddle, FAusIMM, Chief Operating Officer,
West Africa for the company, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the scientific and technical
information pertaining to the Yaramoko Mine, Seguela Project and the West Africa exploration outlook contained in this news release and
has verified the underlying data.</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">David F. Volkert, Vice President of Exploration
for the company, is a member of the American Institute of Professional Geologists (CPG #10759) and the Association of Professional Engineers
and Geoscientists of British Columbia (P. Geo. #191936) and a Qualified Person as defined by NI 43-101. Mr. Volkert has reviewed and approved
the Americas exploration outlook contained in this news release and has verified the underlying data.</P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">About Fortuna Silver Mines Inc.</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna Silver Mines Inc. is a Canadian precious
metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and an advanced development project in C&ocirc;te
d&rsquo;Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver 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 <U>www.fortunasilver.com</U>.</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"></P>

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<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">ON BEHALF OF THE BOARD</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 0.5in 0pt 0; text-align: justify"><B>Jorge A. Ganoza </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">President, CEO, and Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">Fortuna Silver Mines Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">Investor Relations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><B>Carlos Baca</B> | <U>info@fortunasilver.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Forward-looking Statements</P>

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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. The Forward-looking Statements
in this news release may include, without limitation, statements about the Company&rsquo;s plans for its mines and mineral properties;
the Company&rsquo;s anticipated performance in 2021; estimated production forecasts and sales for 2021; estimated production costs and
all-in sustaining cash costs for 2021; estimated capital expenditures in 2021; estimated Brownfields and Greenfields expenditures in 2021;
the success of the Company&rsquo;s exploration activities at its mines and development projects; the timing of the implementation and
completion of sustaining capital investment projects at the Company&rsquo;s mines; the duration and impacts of COVID-19 on the Company&rsquo;s
production, workforce, business, operations and financial condition; metal price estimates, estimated metal grades in 2021; the estimated
amount of ore to be placed on the leach pad at the Lindero Mine in 2021, the grade of gold and the amount of gold estimated to be contained
therein; the timing of the commencement of steady state production at the Lindero Mine; the timing of the expansion of the ADR plant at
the Lindero Mine; the expansion of the heap leach pad at the Lindero Mine; the timing of the signing key contracts for the S&eacute;gu&eacute;la
Project; the timing of a construction decision at the S&eacute;gu&eacute;la Project; the Company&rsquo;s business strategy, plans and
outlook; the merit of the Company&rsquo;s mines and mineral properties; mineral resource and reserve estimates; production costs; timelines;
the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these
Forward-looking Statements can be identified by the use of words such as &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></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Forward-looking Statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially
different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and
factors include, among others, changes in general economic conditions and financial markets; the impact of the COVID-19 pandemic on the
Company&rsquo;s mining operations and construction activities; the duration and impacts of COVID-19 on the Company&rsquo;s production,
workforce, business, operations and financial condition, and the risks relating to a global pandemic, which unless contained could cause
a slowdown in global economic growth; uncertainties related to the impacts of COVID-19 which may include: changing market conditions,
changing restrictions on the mining industry in the countries in which the Company operates, the ability to operate as a result of government
imposed restrictions, including restrictions on travel, the transportation of concentrates and dor&eacute;, access to refineries, the
impact of additional waves of the pandemic or increases of incidents of COVID-19 in the countries in which we operate; the duration of
any suspension of operations at the Company&rsquo;s mines as a result of COVID-19 which may affect production and the Company&rsquo; business
operations and financial condition; changes in prices for gold, silver and other metals; changes in the prices of key supplies; technological
and operational hazards in Fortuna&rsquo;s mining and mine development activities; risks inherent in mineral exploration; the ability
of the current exploration programs to identify and or expand mineral resources, operational risks in exploration and development; delays
or changes in plans with respect to exploration or development projects; uncertainties inherent in the estimation of mineral reserves,
mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost
estimates; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active;
fluctuations in currencies and exchange rates; the imposition of capital control in countries in which the Company operates; labor relations
issues; as well as those factors discussed under &ldquo;Risk Factors&rdquo; in the Company's Annual Information Form. Although the Company
has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described
in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated
or intended.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Forward-looking Statements contained herein
are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company&rsquo;s
current mineral resource and reserve estimates; that the Company&rsquo;s activities will be in accordance with the Company&rsquo;s public
statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that the reconciliation
of mineral reserves at the Lindero Mine remains consistent with the mineral reserve model; changes to production estimates (which assume
accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance,
labour and contractor availability and other operating or technical difficulties); the duration and impacts of COVID-19 on the Company&rsquo;s
production, workforce, business, operations and financial condition, and the risks relating to a global pandemic, which unless contained
could cause a slowdown in global economic growth; government mandates in Peru, Mexico, Argentina, Burkina Faso and C&ocirc;te d&rsquo;Ivoire
with respect to mining operations generally or auxiliary businesses or services required for the Company&rsquo;s operations; government
and the Company&rsquo;s attempts to reduce the spread of COVID-19 which may affect may aspects of the Company&rsquo;s operations, including
transportation of personnel to and from site, contractor and supplier availability and the ability to sell or deliver concentrate and
dor&eacute;; the expected trends in mineral prices and currency exchange rates; that the Company&rsquo;s activities will be in accordance
with the Company&rsquo;s public statements and stated goals; that there will be no material adverse change affecting the Company or its
properties; that all required approvals will be obtained for the Company&rsquo;s business and operations; that there will be no significant
disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof
and the Company disclaims 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></P>

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

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

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    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>Non-IFRS Financial Measures</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This news release also refers to non-IFRS financial
measures, such as production cash cost per tonne of processed ore; total production cost per tonne; all-in sustaining cash cost and all-in
cash cost. These measures 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 mining companies. For additional information regarding non-IFRS measures,
including reconciliations to the closest comparable IFRS measures, see &quot;Non-GAAP Financial Measures&quot; in the Fortuna&rsquo;s
annual MD&amp;A, which is available under Fortuna's SEDAR profile at www.sedar.com<U>.</U></I></P>

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

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

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

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

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

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