<SEC-DOCUMENT>0001104659-21-120638.txt : 20210929
<SEC-HEADER>0001104659-21-120638.hdr.sgml : 20210929
<ACCEPTANCE-DATETIME>20210929123649
ACCESSION NUMBER:		0001104659-21-120638
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210929
FILED AS OF DATE:		20210929
DATE AS OF CHANGE:		20210929

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:		211290536

	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>tm2128817d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<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>September 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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;&#9;</FONT>FORM
40-F &nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S-T Rule 101(b)(1): &nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S-T Rule 101(b)(7): &nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Fortuna Silver Mines Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Date: &nbsp;September 29, 2021</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>/s/ &nbsp;&quot;<I>Jorge Ganoza Durant</I>&quot;</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Jorge Ganoza Durant </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">President and CEO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<P 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"><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 September 29, 2021</B></P>

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2128817d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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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; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding: 0; width: 35%; font-size: 10pt; text-indent: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="padding: 0; width: 30%; font-size: 10pt; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #595959">NYSE: <B>FSM</B> | TSX: <B>FVI</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #595959">www.fortunasilver.com</P>

</TD>
    <TD STYLE="padding: 0; width: 35%; font-size: 10pt; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #1F497D"><B>NEWS RELEASE</B></P>

</TD></TR>
  </TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 9pt; text-align: center; color: #4F81BD"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 9pt; text-align: center; color: #4F81BD"><B>Fortuna announces positive
construction decision for its S&eacute;gu&eacute;la gold Project in C&ocirc;te d&rsquo;Ivoire</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vancouver, September 29, 2021 -- Fortuna Silver
Mines Inc. (NYSE: FSM) (TSX: FVI) </B>is pleased to announce that the Board of Directors of the company has made a decision to proceed
with the construction of an open pit mine at the S&eacute;gu&eacute;la gold Project in C&ocirc;te&nbsp;d&rsquo;Ivoire. The company is
ready to immediately commence construction with long lead items procured, and development teams established on the ground. In July&nbsp;2021,
Fortuna completed the acquisition of Roxgold Inc. which was advancing the S&eacute;gu&eacute;la Project (see Fortuna&acute;s news release
dated July 2, 2021, &ldquo;<U>Fortuna and Roxgold complete combination to create a global premier growth-oriented intermediate gold and
silver producer</U>&rdquo;). For specific details on the S&eacute;gu&eacute;la Project feasibility study, please refer to the technical
report entitled &ldquo;<U>NI 43-101 Technical Report, S&eacute;gu&eacute;la Project, Feasibility Study, Worodougou Region, C&ocirc;te
d&rsquo;Ivoire</U>&rdquo; dated May 26, 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">Jorge A. Ganoza, President and CEO of Fortuna,
commented, &ldquo;With a nine year mine life in reserves, 130,000 ounces of annual gold production in the initial six years, and compelling
economics, S&eacute;gu&eacute;la is planned to become our fifth operating mine with first gold by mid-2023.&rdquo; Mr. Ganoza added, &ldquo;Fortuna
is in a solid financial position to fund the remaining $162 million initial capital investment and our teams in West Africa are primed
and ready to start.&rdquo; Mr. Ganoza concluded, &ldquo;Parallel to construction, the company plans to continue with well funded drill
programs to test multiple remaining targets on the S&eacute;gu&eacute;la property, where over the last 12 months, the exploration team
has successfully delivered gold discoveries at the Koula, Sunbird and Gabbro North prospects.&rdquo;</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, COO - West Africa of Fortuna, commented,
 &ldquo;The decision to commence construction of the still growing S&eacute;gu&eacute;la Project, marks an exciting milestone for the company.&rdquo;
Mr. Criddle continued, &ldquo;The team has further derisked the project by advancing detailed design and commencing procurement of long
lead items, including the SAG mill and the execution of critical path agreements including the EPC agreement with Lycopodium for the processing
plant. This has allowed S&eacute;gu&eacute;la&acute;s critical path to be protected as well as managing the cost risk by locking in substantial
components of the initial capex in fixed price contracts.&rdquo; Mr. Criddle added, &ldquo;Bulk earthworks contractors have been mobilized
and will break ground at the plant site in October with the accommodation village expected to be completed in November of 2021.&rdquo;</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 updated S&eacute;gu&eacute;la Project total
initial capital investment is $173.5 million. $11.5 million of this amount has previously been approved by the Board for early works items.
The anticipated construction schedule is approximately 20 months, with ramp-up to name plate capacity expected in the third quarter of
2023.</P>

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


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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>S&eacute;gu&eacute;la Project feasibility study
economic highlights<SUP>1,5,6</SUP></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">The following table sets out the economic highlights
from the S&eacute;gu&eacute;la feasibility study:</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"><B>Operating Metrics</B></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: 90%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding: 0; vertical-align: top; width: 50%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; width: 25%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: justify; text-indent: 0">Units</TD>
    <TD STYLE="padding: 0; width: 25%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: right; text-indent: 0">Results</TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Life of mine</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Years</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">8.6</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Total mineralized material mined</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Tonnes</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">12,064,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Contained gold in mined resource</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Oz</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1,088,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Strip ratio</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">waste to ore</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">13.9:1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Throughput @ start-up</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">million tonnes per annum (Mtpa)</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1.25</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; vertical-align: top; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Throughput @ peak</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Mtpa</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1.57</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Head grade </FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">g/t Au</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">2.8</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Recoveries</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">94.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: right; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Gold Production</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Total production over life of mine (LOM)</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Oz</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1,028,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Annual production over LOM</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Oz</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">120,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Annual production over first 6 years</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Oz</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">133,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: right; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Operating Costs over LOM</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Total mining costs</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/t (mined)</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$2.79</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Mining costs (sustaining capital)</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/t (mined)</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$0.78</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Mining costs (operating costs) </FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/t (mined)</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$2.01</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Processing</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/t (processed)</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$12.57</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">G&amp;A</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/t (processed)</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$5.30</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Total operating costs <BR>
(excluding sustaining capital)</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; border-bottom: gray 1pt solid; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">$/t (processed)</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; border-bottom: gray 1pt solid; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$47.83</FONT></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"><B>Financial Metrics</B></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: 90%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding: 0; vertical-align: top; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: justify; text-indent: 0">Units</TD>
    <TD COLSPAN="2" STYLE="padding: 0; vertical-align: top; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: right; text-indent: 0">Results</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Cash costs<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Average cash costs over LOM</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/oz</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$567</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Average cash costs over first 6 years</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/oz</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$528</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">AISC<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Average AISC<SUP>2</SUP> over LOM</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/oz</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$832</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Average AISC<SUP>2</SUP> over first 6 years</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">$/oz</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$797</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Valuation</B></FONT></TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; border-bottom: gray 1pt solid; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; border-bottom: gray 1pt solid; text-indent: 0">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Gold price</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">$/oz</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0 0.35in 0 0; vertical-align: top; background-color: #D9D9D9; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$1,600</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>$1,800</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; vertical-align: top; background-color: #F2F2F2; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">NPV @ 5% discount rate (after-tax)<SUP>(3)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; background-color: #F2F2F2; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">$M</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0 0.35in 0 0; vertical-align: top; background-color: #D9D9D9; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$380</FONT></TD>
    <TD STYLE="padding: 0; background-color: #F2F2F2; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">478</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; vertical-align: top; background-color: #F2F2F2; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">After-tax IRR</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; background-color: #F2F2F2; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0 0.35in 0 0; vertical-align: top; background-color: #D9D9D9; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">49%</FONT></TD>
    <TD STYLE="padding: 0; background-color: #F2F2F2; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">58%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Payback period</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">years</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0 0.35in 0 0; vertical-align: top; background-color: #D9D9D9; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1.7</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1.4</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; vertical-align: top; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Average EBITDA<SUP>2</SUP> over LOM</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">$M</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0 0.35in 0 0; vertical-align: top; background-color: #D9D9D9; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$107</FONT></TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$127</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; vertical-align: top; border-bottom: gray 1pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Average EBITDA<SUP>2</SUP> over first 6 years</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">$M</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding: 0 0.35in 0 0; vertical-align: top; background-color: #D9D9D9; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$130</FONT></TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">$153</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 15%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 3%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0.35in 0 0; width: 3%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0 0.35in 0 0; width: 9%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 20%; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>
<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"><B></B></P>

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<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"><B>Environmental Data</B></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: 90%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding: 0; vertical-align: top; width: 50%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; width: 15%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: left; text-indent: 0">Units</TD>
    <TD STYLE="padding: 0; vertical-align: top; width: 10%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 25%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: right; text-indent: 0">Results</TD></TR>
  <TR>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Greenhouse gas emissions intensity <BR>
(scope 1+2)</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">tCO<SUB>2</SUB>e/oz</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">0.58</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Energy intensity</FONT></TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">GJ/oz</FONT></TD>
    <TD STYLE="padding: 0; vertical-align: top; border-bottom: gray 1pt solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; border-bottom: gray 1pt solid; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">4.39</FONT></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">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">Please refer to the technical report entitled
                                            &ldquo;<U>NI 43-101 Technical Report, S&eacute;gu&eacute;la Project, Feasibility Study, Worodougou
                                            Region, C&ocirc;te d&rsquo;Ivoire</U>&rdquo; dated May 26, 2021 co-authored by Paul Criddle,
                                            FAusIMM, Hans Andersen, MAIG, Paul Weedon, MAI, Dave Morgan, AIMM, CPEng, Geoff Bailey, FIEAust,
                                            CPEng, NPER-3, REPQ, Shane McLeay FAUSIMM and Niel Morrison Peng filed on SEDAR under the
                                            <U>Roxgold Inc. issuer profile</U></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">Cash costs, all-in sustaining cash costs and EBITDA are non-IFRS financial measures. Refer to Non-IFRS
Financial Measures at the end of this news release</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">Attributable to Fortuna&rsquo;s 90% interest; the Government of C&ocirc;te d&rsquo;Ivoire holds a 10%
carried interest</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">The Project economics are subject to the assumptions as detailed in the Feasibility Study</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">All references to dollar amounts in the table and in this news release are expressed in US dollars</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">6.</TD><TD STYLE="text-align: justify">The financial metrics in the table are based upon an initial capital expenditure of $142 million as set
out in the Feasibility Study</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">Construction
at S&eacute;gu&eacute;la will incorporate protocols to ensure the health and safety of employees, contractors and host communities in
respect of COVID-19. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">The company
will continue to provide construction updates as progress is made at S&eacute;gu&eacute;la in the upcoming months.</FONT></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 Person</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">Paul Criddle, FAusIMM, Chief Operating Officer,
West Africa for the company, is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects,
and has reviewed and approved the scientific and technical information pertaining to the S&eacute;gu&eacute;la Project 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; color: #365F91"><B>About Fortuna Silver Mines
Inc. </B></P>

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

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<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: left; color: #365F91"><B>Forward-looking statements</B></P>

<P STYLE="font: 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 the construction of an open pit mine
at the Seguela project in Cote D&rsquo;Ivoire; the economics for the construction of the mine at the Seguela project as set out in the
feasibility study; the estimated construction capex for the project; the timelines and schedules for the construction of the mine; the
estimated internal rate of return on production; the estimated net present value of the project and estimates of production; estimated
EBITDA; the ability of the company to continue its exploration at the S&eacute;gu&eacute;la project; the company&rsquo;s plans for its
mines and mineral properties; the company&rsquo;s anticipated performance in 2021; estimated production forecasts; estimated production
costs and all-in sustaining cash costs; 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 construction plans at Seguela, production, workforce, business, operations and financial condition;
metal price estimates, estimated metal grades; the timing of the signing of construction contracts for 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; changes in the construction schedule at Seguela;
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; maintaining, obtaining or renewing environmental permits;
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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -</P></DIV>
    <!-- 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"><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 company&rsquo;s mines 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, labor 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>For readers to fully understand the information
in this news release, they should read the technical report entitled &ldquo;<U>NI 43-101 Technical Report, S&eacute;gu&eacute;la Project,
Feasibility Study, Worodougou Region, C&ocirc;te d&rsquo;Ivoire</U>&rdquo; dated May 26, 2021 (the &ldquo;Technical Report&rdquo; in
its entirety, including all qualifications, assumptions and exclusions that relate to the information set out therein which qualifies
the technical information contained in the Technical Report. The Technical Report is intended to be read as a whole, and sections should
not be read or relied upon out of context.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>Cautionary Note to United States
Investors Concerning Estimates of Reserves and Resources</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>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"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 cash costs, all-in sustaining cash cost and EBITDA. 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 Fortuna&rsquo;s annual MD&amp;A, which is available under Fortuna's <U>SEDAR
profile</U><FONT STYLE="text-decoration: none">.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><FONT STYLE="text-decoration: none">&nbsp;</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><FONT STYLE="text-decoration: none"></FONT></I></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><FONT STYLE="text-decoration: none">&nbsp;</FONT></I></P>

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

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end
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</DOCUMENT>
</SEC-DOCUMENT>
