<SEC-DOCUMENT>0001104659-22-004808.txt : 20220118
<SEC-HEADER>0001104659-22-004808.hdr.sgml : 20220118
<ACCEPTANCE-DATETIME>20220118133141
ACCESSION NUMBER:		0001104659-22-004808
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220118
FILED AS OF DATE:		20220118
DATE AS OF CHANGE:		20220118

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:		22534660

	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>tm223245d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR <BR>
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>January 2022</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; text-indent: 1.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">FORM
20-F &nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>FORM
40-F &nbsp;<FONT STYLE="font-family: Wingdings">&#120;</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 <FONT STYLE="font-family: Times New Roman, Times, Serif">S-T Rule 101(b)(1): &nbsp;<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 <FONT STYLE="font-family: Times New Roman, Times, Serif">S-T Rule 101(b)(7): &nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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



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

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

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

<P STYLE="text-align: justify; 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;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fortuna Silver Mines Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">Date: &nbsp;January 18, 2022</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ &nbsp;&ldquo;<I>Jorge
    Ganoza Durant</I>"</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jorge Ganoza Durant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and CEO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 January 18, 2022</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"></P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm223245d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B></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="width: 34%; font-size: 10pt">&nbsp;<IMG SRC="tm223245d1_ex99-1img001.jpg" ALT=""></TD>
    <TD STYLE="text-align: center; width: 33%; 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="vertical-align: middle; width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>NEWS
    RELEASE</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #365F91"><B>Fortuna reports 2021 full year
record production of 305,859 gold <BR>
equivalent ounces and issues 2022 annual guidance </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vancouver, January 18, 2022 &ndash; Fortuna
Silver Mines Inc. (NYSE: FSM) (TSX: FVI) </B>reports production results for the fourth quarter and full year 2021 from its four operating
mines in the Americas and West Africa: the Lindero Mine in Argentina, the San Jose Mine in Mexico, the Caylloma Mine in Peru, and the
Yaramoko Mine in Burkina Faso. For the full year 2021, the Company produced 207,192 ounces of gold and 7,498,701&nbsp;ounces of silver
or 305,859 gold equivalent<SUP>1</SUP> ounces.</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>2021 Consolidated Production
Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></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">Gold production of 207,192 ounces; 274 percent increase over 2020</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">Silver production of 7,498,701 ounces; 5 percent increase over 2020</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">Lead production of 32,989,973 pounds; 11 percent increase over 2020</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>Zinc production of 47,549,301 pounds; 4 percent increase over 2020</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; color: #365F91"><B>2022 Consolidated Production Guidance Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Gold production of between 244 to 280 thousand ounces; a projected increase of between 16 to 35 percent
over 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">Silver production of between 6.2 to 6.9 million ounces; a projected decrease of between 8 to 17&nbsp;percent
over 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">Gold equivalent production of between 326 to 371 thousand ounces; a projected increase of between 7 to
21 percent over 2021</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"></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #365F91"><B>2021 Consolidated Operating Highlights
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #365F91"><B>&nbsp;</B></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; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Gray 1pt solid; border-right: Gray 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Fourth Quarter 2021</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Full Year 2021</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: gray 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Lindero<SUP>3</SUP>, <BR>
Argentina</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>San Jose, <BR>
Mexico</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Yaramoko<SUP>4</SUP>, Burkina Faso</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Caylloma,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Peru</B></P></TD>
    <TD STYLE="border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Lindero<SUP>3</SUP>,<BR>
Argentina</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>San Jose, Mexico</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Yaramoko<SUP>4</SUP>, Burkina Faso</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Caylloma, </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Peru</B></P></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="12" STYLE="padding-right: 46.75pt; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>OPERATIONAL FIGURES</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Tonnes milled</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">262,802</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">132,188</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">137,838</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,041,154</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">258,866</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">539,779</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Average tpd milled</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,920</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,437</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,549</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">2,964</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,407</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,525</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Ore placed on pad (t)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,457,733</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,453,647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="12" STYLE="background-color: #F2F2F2; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>SILVER<SUP>2</SUP></B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Grade (g/t)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">219</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">209</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">76</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Recovery (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">92.82</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">81.26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">91.74</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">81.56</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Production (oz)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,717,533</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">262,710</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,980,243</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,425,029</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,073,672</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7,498,701</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="12" STYLE="background-color: #F2F2F2; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>GOLD</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Grade (g/t)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1.04</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1.27</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6.99</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.96</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1.29</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">7.13</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">0.49</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Recovery (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">92.18</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">97.75</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">69.76</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">91.28</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">97.79</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">71.18</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Production (oz)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">36,072</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">9,929</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">28,787</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,374</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">76,162</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">104,161</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">39,406</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">57,538</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">6,086</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">207,192</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="12" STYLE="background-color: #F2F2F2; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>LEAD</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Grade (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">3.20</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">3.16</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Recovery (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">86.56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">87.73</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Production (lbs)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8,419,454</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">8,419,454</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">32,989,973</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">32,989,973</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="12" STYLE="background-color: #F2F2F2; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>ZINC</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Grade (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4.25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">4.56</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Recovery (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">88.10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">87.54</FONT></TD>
    <TD STYLE="padding-right: 0.1in; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Production (lbs)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">11,380,262</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">11,380,262</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">47,549,301</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.1in; text-align: right"><FONT STYLE="font-size: 10pt; color: black">47,549,301</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">Notes:</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">1.</TD><TD STYLE="text-align: justify; width: 97%">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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">2.</TD><TD STYLE="text-align: justify; width: 97%">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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">3.</TD><TD STYLE="text-align: justify; width: 97%">Lindero production includes gold in carbon columns and precipitate/sludge; Yaramoko production includes
only dor&eacute;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">4.</TD><TD STYLE="text-align: justify; width: 97%">Production from the Yaramoko Mine is subsequent to the completion of the business combination with Roxgold
Inc. on July 2, 2021</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">5.</TD><TD STYLE="text-align: justify; width: 97%">Totals may not add due to rounding</TD></TR></TABLE>

<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: justify">Lindero Mine, Argentina:
Record quarterly gold production of 36,072 ounces of gold, 37% over the previous quarter, and a total of 104,161 ounces for the year,
in line with guidance</P>

<P STYLE="color: #365F91; font: bold 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">During the fourth quarter, the operation screened
60 positive cases of COVID-19 onsite, with no disruptions to the operations. Travel restrictions to the country were lifted in November
which led to an improvement in lead times and onsite technical assistance from foreign vendors.</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 fourth quarter of 2021, a total of 1.46
million tonnes of ore were placed on the leach pad, averaging 1.04 g/t&nbsp;gold containing an estimated 48,900 ounces of gold. Total
gold production for the fourth quarter was 36,072&nbsp;ounces.</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 for 2021 totaled 104,161 ounces,
comprised of 99,313 ounces in dor&eacute;, 730 ounces of gold contained in precipitate/sludge and 4,118 ounces of gold-in-carbon (GIC)
inventory, in the upper range of the production guidance (refer to <U>Fortuna news release dated July 19, 2021</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"><I>2021 Operating Highlights</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">Mine production for the quarter performed according
to management&rsquo;s expectations. A total of 2,601,678&nbsp;tonnes of ore were mined in the fourth quarter, at a strip ratio of 0.77:1.
Total mine production for the year accounted for 8,493,508 tonnes of ore, at a strip ratio of 0.82:1, 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">All processing areas performed according to plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">A total of 1,444,260 tonnes of ore were crushed and placed on the leach pad via conveyor stacking during
the fourth quarter, a 17 percent increase over the previous quarter</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">Conveyor stacking performance averaged 16,228 tonnes per day during the fourth quarter, an increase of
21 percent over the previous quarter; including 31 days of conveyor stacking throughput of over 18,750 tonnes per day</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">SART plant reached full design capacity of 393 cubic meters per hour in December 2021, in line with plan</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">The expansion of carbon columns at the ADR plant was successfully commissioned in the fourth quarter of
2021 and is performing according to plan</TD></TR></TABLE>

<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">Reconciliation of tonnes, head grade and gold
ounces mined as ore demonstrated a good correlation with the reserve model throughout 2021, with differences for all parameters of less
than 6 percent for 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">The metallurgical balance indicates that overall
actual gold recovery from the heap is performing in line with expected theoretical recoveries, supported by ongoing 2.5-meter-tall column
test works and is according to the granulometric composition and metallurgical types of ore placed on the leach pad to date.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 24%; border-bottom: Black 1pt solid; border-right: gray 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Fourth Quarter 2021</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Third Quarter 2021</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Second Quarter 2021</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: gray 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>First Quarter 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Ore mined<SUP>1</SUP> (kt)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">2,602</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">2,466</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,817</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,610</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Waste mined<SUP>1</SUP> (kt)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">2,010</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">2,114</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,638</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,220</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Total mined<SUP>1</SUP> (kt)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">4,612</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">4,581</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">3,455</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">2,830</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Strip ratio (waste to ore)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">0.77</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">0.86</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">0.90</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">0.76</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Ore placed on leach pad<SUP>1</SUP> &ndash; conveyors (kt)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,444</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,236</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">675</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">404</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Ore placed on pad<SUP>1</SUP> &ndash; trucks (kt)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">152</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">802</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,728</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; 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: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1.04</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1.10</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">0.95</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">0.82</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Gold placed on pad<SUP>1</SUP> (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">48,900</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">49,247</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">44,889</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">56,330</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">GIC inventory (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">4,118</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">4,483</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">2,565</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,770</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Change in GIC inventory<SUP>2</SUP> (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">-365</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,918</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">794</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">1,770</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Gold in precipitated/sludge (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">730</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.3in; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Dor&eacute; poured (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">35,707</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">24,318</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">18,726</FONT></TD>
    <TD STYLE="padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">20,562</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">Gold produced (oz)</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">36,072</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">26,235</FONT></TD>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">19,521</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 0.3in; text-align: right"><FONT STYLE="font-size: 10pt">22,332</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt">Notes:</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">1.</TD><TD STYLE="text-align: justify; width: 97%">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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">2.</TD><TD STYLE="text-align: justify; width: 97%">Quarter-on-quarter change in GIC inventory</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"></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>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: justify">San Jose Mine, Mexico: Solid
production performance and stronger fourth quarter in line with full-year production guidance</P>

<P STYLE="color: #365F91; font: bold 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 San Jose Mine produced 1,717,533 ounces of
silver and 9,929 ounces of gold in the fourth quarter of 2021, with average head grades for silver and gold of 219&nbsp;g/t and 1.27 g/t,
respectively.</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">Silver and gold production for 2021 totaled 6,425,029
ounces of silver and 39,406 ounces of gold, respectively. Average head grades for silver and gold for the year were 209 g/t and 1.29 g/t,
respectively.</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: justify">Yaramoko Mine, Burkina Faso:
Second semester production slightly below guidance due to grade delay in the fourth quarter</P>

<P STYLE="color: #365F91; font: bold 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 Yaramoko Mine produced 28,787 ounces of gold
in the fourth quarter of 2021 with an average gold head grade of 6.99 g/t.</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 for the second semester of 2021
totaled 57,538 ounces of gold with an average gold head grade of 7.13 g/t; 7 percent below guidance for the period. This production shortfall
was due to lower than planned mill feed grade in the fourth quarter of 2021, caused by the delay in mining several high-grade stopes and
some localized grade variability at the 55 Zone. The unmined stopes will be resequenced into the mine plan in the first quarter of 2022.</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: justify">Caylloma Mine, Peru: Outperformer
producing 6,086 ounces of by-product gold, a 22% increase over upper production guidance range</P>

<P STYLE="color: #365F91; font: bold 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">Silver production in the fourth quarter of 2021
was 262,710 ounces with an average silver head grade of 73 g/t. Full 2021-year production totaled 1,073,672 ounces, an increase of 11
percent over 2020, with an average head grade of 76 g/t.</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 1,374 ounces in the fourth
quarter with average gold head grade of 0.44 g/t. Gold production for 2021 totaled 6,086 ounces, an increase of 48 percent over 2020,
with an average head grade of 0.49 g/t.</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 fourth quarter
of 2021 was 8,419,454 pounds and 11,380,262 pounds with average head grades for lead and zinc of 3.20% and 4.25%, respectively. Base metal
production for the full year of 2021 totaled 47,549,301 pounds of zinc, an increase of 4 percent over 2020, and 32,989,973 pounds of lead,
an increase of 11 percent over 2020. Average head grades for lead and zinc for the year were 3.16% and 4.56%, respectively.</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: left; color: #365F91"><B>2022 Consolidated Production and
Cost Guidance </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s production and cost guidance
set out below for 2022 assumes that operations will continue during the year without any major interruptions related to COVID-19. Health
protocols for control, isolation and quarantine are in place at each of our mine sites, and these are revised and modified based on the
circumstances at each location.</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: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 25%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Mine</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Silver</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>(Moz)</B></P></TD>
    <TD STYLE="width: 12%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Gold</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>(koz)</B></P></TD>
    <TD STYLE="width: 12%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Lead</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>(Mlbs)</B></P></TD>
    <TD STYLE="width: 12%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>Zinc</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #1F497D"><B>(Mlbs)</B></P></TD>
    <TD STYLE="width: 12%; border-top: 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>Cash Cost<SUP>1,2,3</SUP></B></FONT></TD>
    <TD STYLE="width: 15%; border-top: 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>AISC<SUP>1,2,4,5</SUP></B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>SILVER</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/oz Ag Eq)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt; color: black">San Jose, Mexico</FONT></TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">5.2 - 5.8</FONT></TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">32 - 36</FONT></TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&nbsp;-</FONT></TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">67.5 - 74.6</FONT></TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">13.7 - 16.1</FONT></TD></TR>
  <TR>
    <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: left"><FONT STYLE="font-size: 10pt; color: black">Caylloma, Peru</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1.0 - 1.1</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1.8 - 2.0</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">29 - 32</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">41 - 45</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">86.6 - 95.7</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">17.8 - 21.1</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>GOLD</B></FONT></TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/oz Au)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/oz Au)</B></FONT></TD></TR>
  <TR>
    <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: left"><FONT STYLE="font-size: 10pt; color: black">Lindero, Argentina</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">115 - 127</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">567 - 714</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">900 - 1,100</FONT></TD></TR>
  <TR>
    <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: left"><FONT STYLE="font-size: 10pt; color: black">Yaramoko, Burkina Faso</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">95 - 115</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">760 - 1,006</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black">1,300 - 1,650</FONT></TD></TR>
  <TR>
    <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: left"><FONT STYLE="font-size: 10pt; color: black"><B>CONSOLIDATED TOTAL</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>6.2 - 6.9</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>244 - 280</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>29 - 32</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 14.2pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>41 - 45</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">1.</TD><TD STYLE="text-align: justify; width: 97%">Cash Cost and all-in sustaining cost (AISC) are non-GAAP financial measures which are not standardized
financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable
to similar financial measures disclosed by other issuers. Refer to &quot;Non-IFRS Financial Measures&quot; in the Company&rsquo;s 2021
management discussion and analysis (&ldquo;MD&amp;A&rdquo;) for the three and nine months ended September 30, 2021 dated November 10,
2021 (&ldquo;Q3 MD&amp;A 2021&rdquo;), which is available under Fortuna's SEDAR profile, and the note under &ldquo;Non-IFRS Financial
Measures&rdquo; below.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%">2.</TD><TD STYLE="text-align: justify; width: 97%">The following table provides the cash costs and AISC for the four operating mines for the nine months
ended September 30, 2021 as follows:</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>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 41%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Mine</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Cash Cost<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; width: 26%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>AISC<SUP>(a),(b),(c)</SUP></B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt"><B>SILVER</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/oz Ag Eq)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">San Jose, Mexico</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">74.22</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14.13</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">Caylloma, Peru</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">85.17</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">18.17</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; padding-right: 3.5pt; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt"><B>GOLD</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/oz Au)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>(US$/oz Au)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">Lindero, Argentina</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">635</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,182</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 3.5pt; padding-left: 14.2pt; text-align: left; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">Yaramoko, Burkina Faso</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">720</FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,188</FONT></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>

<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: 28.35pt"></TD><TD STYLE="width: 14.2pt">(a)</TD><TD STYLE="text-align: justify">Cash Cost and AISC are non-GAAP financial measures. Refer to Non-IFRS Financial Measures</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: 28.35pt"></TD><TD STYLE="width: 14.2pt">(b)</TD><TD STYLE="text-align: justify">Presented on a cash basis</TD></TR></TABLE>

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<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt">(c)</TD><TD STYLE="text-align: justify">Silver equivalent was calculated using the realized prices for gold (US$1,783 per ounce), silver (US$25.80
per ounce), lead US$0.98 per pound) and zinc (US$1.31 per pound) for the nine months ended September 30, 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: 28.35pt"></TD><TD STYLE="width: 14.2pt">(d)</TD><TD STYLE="text-align: justify">Further details on the cash costs and AISC for the nine months ended September 30, 2021 are disclosed
on pages 21, 23 and 24 (with respect to cash costs) and pages 22, 24 and 25 (with respect to AISC) of the Q3 MD&amp;A 2021 which is available
under Fortuna's SEDAR profile at www.sedar.com and is incorporated by reference into this news release, and the note under &ldquo;Non-GAAP
Financial Measures&rdquo; below</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: 28.35pt"></TD><TD STYLE="width: 14.2pt">(e)</TD><TD STYLE="text-align: justify">The estimated increase in all in sustaining costs at Yaramoko for 2022 are due to decreased estimated
gold ounce production coupled with increased operating and capital costs as mining moves to the deeper regions of the underground mine</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"><B>&nbsp;</B></P>

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<TD STYLE="width: 14.2pt">3.</TD><TD STYLE="text-align: justify">The most comparable financial measure to cash costs is cost of sales. Please see the condensed interim
consolidated financial statements of the Company for the three and nine months ended September 30, 2021 and pages 21, 23 and 24 of the
Q3 MD&amp;A 2021 for a reconciliation.</TD></TR></TABLE>

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

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<TD STYLE="width: 14.2pt">4.</TD><TD STYLE="text-align: justify">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$1,700/oz Au, US$22/oz Ag, US$2,100/t Pb, and US$2,700/t Zn. AISC excludes government mining royalty
recognized as income tax within the scope of IAS-12.</TD></TR></TABLE>

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

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

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

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<TD STYLE="width: 14.2pt">5.</TD><TD STYLE="text-align: justify">The most comparable financial measure to AISC is cost of sales. Please see the condensed interim consolidated
financial statements of the Company for the three and nine months ended September 30, 2021 and pages 22, 24 and 25 of the Q3 MD&amp;A
2021 for a reconciliation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt">6.</TD><TD STYLE="text-align: justify">Totals may not add due to rounding.</TD></TR></TABLE>

<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">2022 Guidance Outlook</P>

<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; margin: 0pt 0; text-align: left">Lindero Mine, Argentina</P>

<P STYLE="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"><FONT STYLE="font-weight: normal">The Lindero
Mine is expected to place 6.2 million tonnes of ore on the leach pad averaging 0.80&nbsp;g/t&nbsp;Au, containing an estimated 160,000
ounces of gold. Capital investments are estimated at US$26.3&nbsp;million, including US$17.7 million for sustaining capital, US$7.3 million
of capitalized stripping and US$1.3 million for Brownfields exploration programs.</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">Major sustaining capital investment projects include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Engineering and procurement for the leach pad expansion (phase 2)</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$4.4 million</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Mine
fleet maintenance and acquisition</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$6.4 million</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Maintenance
of crushing, SART and ADR plants</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$1.8 million</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="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"><FONT STYLE="font-weight: normal">At the San Jose
Mine, the operation plans to process 1.06 million tonnes of ore averaging 176 g/t Ag and 1.09&nbsp;g/t&nbsp;Au. Silver production and
costs reflect the declining grade profile of Mineral Reserves. Capital investment is estimated at US$20.8 million, including US$13.4 million
for sustaining capital expenditures and US$7.4 million for Brownfields exploration programs.</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">Major sustaining capital investment projects include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Underground
fleet equipment acquisition</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$3.7 million</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Underground
mine development</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$5.7 million</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Infill
drilling</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$1.3 million</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; text-align: justify"><B>Yaramoko Mine, Burkina Faso</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">At the Yaramoko Mine, the operation plans to process
516,000 tonnes of ore averaging 6.52 g/t Au. Capital investments are estimated at US$48.4 million, including US$45.9 million for sustaining
capital expenditures and US$2.5 million for Brownfields exploration programs.</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">Major sustaining capital investment projects include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Mine development extending depth at the 55 Zone</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$32.6 million</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Ventilation and refrigeration plant upgrade</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$3.8 million</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Underground pumping station</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$0.9 million</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Caylloma Mine, Peru</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 Caylloma Mine, the operation plans to process
532,000 tonnes of ore averaging 73 g/t Ag, 2.95% Pb, and 4.23% Zn. Capital investments are estimated at US$17.7 million, including US$16.3
million for sustaining capital expenditures and US$1.4 million for Brownfields exploration programs.</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">Major sustaining capital investment projects include:</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></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Mine
underground developments</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$5.7 million</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Mine
backfill system</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$4.3 million</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 60%">Maintenance
and energy projects</TD>
                                                                                                               <TD STYLE="text-align: justify; width: 34%">US$3.5 million</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; text-align: justify"><B>S&eacute;gu&eacute;la <FONT STYLE="font-family: Times New Roman, Times, Serif">Gold
Project, C&ocirc;te d&rsquo;Ivoire</FONT></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 the end of 2021, the S&eacute;gu&eacute;la
Project is 29 percent complete with critical path items on-track, targeting first gold pour in mid-2023 with ramp up to nameplate capacity
in the third quarter of 2023. Critical path activities of &ldquo;SAG Mill Procurement and Processing Plant EPC&rdquo; contracts are 30
percent complete and are advancing in line with cost and schedule. Connection to the national electrical grid is on-track for completion
in the fourth quarter of 2022, ahead of commissioning activities. Likewise, the tailings storage facility and water storage dam are expected
to be completed before plant commissioning and the upcoming wet season, respectively.</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 2022, the key scopes for advancement to protect
the project schedule are the processing plant EPC contract and the Mining Contract. The EPC contractor, Lycopodium, will mobilise to site
in the first quarter of 2022. Similarly, in the second quarter of 2022, the Mining Contract is scheduled to be awarded and mobilisation
is anticipated to commence ahead of mining operations schedule to start in the first quarter of 2023.</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">Management is working on the optimization of the
mine design, strip ratio and scheduling and has identified potential gains that could lead to further improvements in the project cash
flows. Continued reported drilling success at Koula depth and Sunbird satellite deposits represent further upside opportunities to the
project.</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">2022 Exploration Outlook</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 continues to advance its robust pipeline
of Brownfield and Greenfield exploration projects in West Africa and the Americas, building on the success of the exploration programs
carried out in 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"><B><I>Brownfields Exploration</I></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">Fortuna&acute;s consolidated Brownfields exploration
budget for 2022 for its four mines totals US$20 million, which includes 113,000 meters of exploration drilling across all types (reverse
circulation, diamond core and air core), and 1,120 meters of underground development.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>San Jose Mine, Mexico</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">The Brownfields exploration program budget for
2022 at the San Jose Mine is US$7.4 million, which includes 26,200 meters of diamond drilling and 1,120 meters of underground development
for drilling access, platforms, and services.</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, C&ocirc;te d&rsquo;Ivoire</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">The Brownfields exploration program budget for
2022 at the S&eacute;gu&eacute;la Project is US$7.2 million, which includes 48,000 meters of exploration drilling to grow the emerging
Sunbird prospect (refer to Fortuna news release dated December 9, 2021), test for further depth extensions at Koula, Ancien and Antenna,
and continued generation and testing of near-mine targets.</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>Yaramoko Mine, Burkina Faso</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">The Brownfields exploration program budget for
2022 at the Yaramoko Mine is US$2.7 million, which includes 34,000 meters of exploration drilling, testing several surface geochemistry
anomalies generated in 2021, in addition to expanding the 109 Zone and testing strike and depth projections of the 55 Zone.</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>Caylloma Mine, Peru</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">The Brownfields exploration program budget for
2022 at the Caylloma Mine is US$1.4 million, with the exploration focus turning to further understanding the region-wide controls on vein
development and geometry, and the relationship to the formation of high-grade shoots at Animas, San Cristobal and other mineralized zones.</P>

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

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

<P STYLE="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 Brownfields exploration program budget for
2022 at the Lindero Mine is US$1.3 million, which includes 4,650 meters of drilling on the Arizaro target located 3.5 kilometers to the
southeast of the mine where encouraging results were intersected in the 2021 programs (refer to Fortuna news release dated December 9,
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"><B><I>Greenfields Exploration</I></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">Reconnaissance exploration and evaluation of potential
new projects will continue to be actively pursued during 2022 across select jurisdictions including Mexico, West Africa, Argentina and
select other jurisdictions with a budget of US$8.8 million.</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">Amri Sinuhaji is the Technical Services Director
 &ndash; Mine Planning for the Company and is a Professional Engineer registered with the Association of Professional Engineers and Geoscientists
of the Province of British Columbia (#48305) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure
for Mineral Projects. Mr. Sinuhaji has reviewed and approved the scientific and technical information contained in this news release and
has verified the underlying data.</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">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 a fifth mine under construction in C&ocirc;te
d'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 stakeholders through efficient production, environmental protection, and social responsibility. For more information,
please visit our 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="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;
estimates of production in 2021 that remain subject to verification and adjustment; the Company&rsquo;s anticipated financial or operational
performance in 2022; estimated production forecasts and sales for 2022; estimated cash costs and all-in sustaining cash costs and expenditures
for 2022; estimated capital expenditures in 2022; estimated Brownfields and Greenfields expenditures in 2022; exploration plans; the future
results of exploration activities; 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;
the assumptions related to the supply of COVID-19 vaccines and the distribution of the vaccines in the countries in which we operate,
and the lessening or increase in COVID-19 related restrictions; metal price estimates, estimated metal grades in 2022; <FONT STYLE="font-family: Times New Roman, Times, Serif">undisclosed
risks and liabilities relating to the Roxgold business combination; risks that the anticipated benefits of the Roxgold business combination
will not be realized or fully realized; the timing of construction and development of the mine at the S&eacute;gu&eacute;la Project and
the capital expenditures related to same; </FONT>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; capital and operating 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></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"><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;s
business operations and financial condition; the risks associated with the completion of the business combination with Roxgold, including
the ability of the Company to successfully consolidate functions, integrate operations, procedures and personnel; 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 including the construction of the mine at the S&eacute;gu&eacute;la Project; 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>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 each of 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 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 many 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 and permits 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; 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; color: #365F91"><B>&nbsp;</B></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> -</FONT></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; 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, including cash costs and all-in sustaining costs. These measures are not standardized financial measures under International
Financial Reporting Standards (IFRS), the financial reporting framework used to prepare the financial statements of the Company, and therefore
may not be comparable to similar financial measures disclosed by other mining companies. These Non-IFRS Measures include:</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"><I>Cash Costs. The Company&rsquo;s method of calculating
cash costs may differ from the measures used by other companies with similar descriptions. Investors are cautioned that Cash Costs should
not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS
as an indicator of performance. The most comparable financial measure to cash costs is cost of sales.</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>All-in Sustaining Costs. The Company has adopted
an AISC performance measure; however this performance measure does not have a standardized meaning. The Company conforms its AISC to that
set out in the guidance issued by the World Gold Council. Although the WGC has published a standardized definition, companies may calculate
these measures differently. All-in sustaining cash cost includes total production cash costs incurred at the Company&rsquo;s mining operations.
Sustaining capital expenditures, corporate selling, general and administrative expenses, and brownfield exploration expenditures are added
to the cash cost to calculate the all-in-sustaining cost. The Company believes that this measure represents the total costs of selling
gold and silver from operations and provides the Company and its stakeholders with additional information on the Company&rsquo;s operational
performance and the ability to generate cash flows. Certain cash expenditures such as new project spending, tax payments, dividends, and
financing costs are not included. AISC also excludes government mining royalty recognized as income tax within the scope of IAS-12. The
most comparable financial measure to AISC is a combination of financial measures which include: cost of sales, capital expenditures, general
and administrative expenses and royalties.</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"><I>Readers should refer to the &ldquo;Non-IFRS
Financial Measures&rdquo; section in the Company&rsquo;s MD&amp;A for the three and nine months ended September 30, 2021 dated November
10, 2021, which section is incorporated herein by reference, for an explanation of these measures and reconciliations to the Company&rsquo;s
reported financial results in accordance with IFRS. The Company&rsquo;s Management&rsquo;s Discussion and Analysis for the three and nine
months ended September 30, 2021 is available on SEDAR at www.sedar.com.</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></I></P>

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