<SEC-DOCUMENT>0001104659-23-001286.txt : 20230105
<SEC-HEADER>0001104659-23-001286.hdr.sgml : 20230105
<ACCEPTANCE-DATETIME>20230105113455
ACCESSION NUMBER:		0001104659-23-001286
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230105
FILED AS OF DATE:		20230105
DATE AS OF CHANGE:		20230105

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:		23510210

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of <U>January 2023</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">FORM 20-F &nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM
40-F &nbsp;<FONT STYLE="font-family: Wingdings">&#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 S-T Rule 101(b)(1): &nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Fortuna Silver Mines Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></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 STYLE="font-size: 10pt">Date: &nbsp;January 5, 2023</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%"><FONT STYLE="font-size: 10pt">/s/ &nbsp;&quot;<I>Jorge Ganoza Durant</I>&quot;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Jorge Ganoza Durant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and CEO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><A HREF="tm232251d1_ex99-1.htm"><B>99.1</B></A></TD><TD STYLE="text-align: justify"><A HREF="tm232251d1_ex99-1.htm"><B>News release dated January 5, 2023.</B></A></TD>
</TR></TABLE>

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

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

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<TYPE>EX-99.1
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<FILENAME>tm232251d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; width: 50%"><IMG SRC="tm232251d1_ex99-1img01.jpg" ALT=""></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 25%">
    <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: top; text-align: right; font-size: 10pt; width: 25%"><FONT STYLE="font-size: 10pt; color: rgb(31,71,125)"><B>NEWS RELEASE</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #365f91"><B>Fortuna challenges decision
to re-assess extension of San Jose Mine Environmental Impact Authorization</B></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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vancouver,
January 5, 2023:</B></FONT><B> <FONT STYLE="font-size: 10pt">Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI</FONT>) </B><FONT STYLE="font-size: 10pt">reports
that its Mexican subsidiary, Compania Minera Cuzcatlan (&ldquo;Minera Cuzcatlan&rdquo;), has received written notice of a resolution (the
 &ldquo;SEMARNAT Resolution&rdquo;) issued by the Secretaria de Medio Ambiente y Recursos Naturales (&ldquo;SEMARNAT&rdquo;) which provides
that SEMARNAT is re-assessing the 12-year extension (&ldquo;EIA Extension&rdquo;) to the environmental impact authorization (&ldquo;EIA&rdquo;)
for the San Jose Mine, located in Oaxaca, Mexico that it granted to Minera Cuzcatlan in December 2021 (refer to <U>Fortuna news release
dated December 20, 2021</U>).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jorge
A. Ganoza, President and CEO, commented, &ldquo;</FONT><FONT STYLE="color: #242424; background-color: white">It is incomprehensible that
we find ourselves again having to contest a controversial resolution issued by SEMARNAT. This specific authorization, one of the many
under which San Jose operates, was confirmed by the Federal Court last November, with a ruling in our favor against SEMARNAT.&rdquo; Mr.
Ganoza added, &ldquo;Moreover, under the four years of the current Mexican Administration, the San Jose Mine has been audited annually
by the Federal Environmental Attorney&rsquo;s Office (PROFEPA) as well as the National Water Commission (CONAGUA), and in every single
audit, San Jose&acute;s compliance with environmental obligations has been confirmed. Further, during this period, SEMARNAT has issued
two multi-year environmental authorizations for the mine and tailings facility.&rdquo; Mr. Ganoza concluded, &ldquo;Minera Cuzcatlan is
diligently working with the government authorities to resolve this matter and is concurrently pursuing all pertinent legal protection.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subsequent
to the grant of the EIA Extension on December 16, 2021, SEMARNAT suggested that it had made a typographical error in the EIA Extension
and that the correct term was two years (refer to </FONT><U>Fortuna news release dated February 4, 2022</U>). Minera Cuzcatlan initiated
legal proceedings to challenge and revoke the alleged typographical error, and on November 7, 2022, the Company announced that the Mexican
Federal Administrative Court had issued a judgment in favour of the Company and re-confirmed the term of the EIA Extension for the San
Jose Mine for a period of 12 years (Refer to <U>Fortuna Q3 2022 MD&amp;A</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">On January 2, 2023, Minera Cuzcatlan received
the SEMARNAT Resolution which annuls the EIA Extension and requires SEMARNAT to re-assess its decision to extend the EIA by conducting
a review of the following two areas of the extension that it previously considered, and subsequently issue a new decision related to the
extension of the EIA that:</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">SEMARNAT did not have authority to grant an extension to the EIA for more than half of the original 12-year
term of the EIA</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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">In the EIA Extension, SEMARNAT did not provide sufficient analysis to justify the compliance by the Company
of some of its environmental obligations in order for SEMARNAT to grant the extension of the term of the EIA</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">Management of the Company believes that the SEMARNAT
Resolution is unfounded and has no merits, as:</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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">SEMARNAT has the authority under the <FONT STYLE="background-color: white">General Ecological Equilibrium
and Environmental Protection Law</FONT> to grant an extension of the EIA for a period of 12 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">By granting the extension to the EIA in December 2021, SEMARNAT had confirmed that operations at the San
Jose Mine are conducted in compliance with all environmental obligations under the EIA which justified the EIA Extension</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, Minera Cuzcatlan will pursue all
legal protection available to it, which includes initiating legal proceedings against SEMARNAT to contest and revoke the annulment of
the EIA, which revocation is appealable by the Company.</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">Minera Cuzcatlan is in full compliance with all
material environmental laws and continues to operate under the terms of the EIA. The Company continues to work with communities from the
surrounding area in relation to the mine to enhance and expand the social benefits of the mine in the region. The mine is the single largest
employer in the region of Valles Centrales and provides direct employment to over 1,200 people. The Company has sustainable development
initiatives with various neighbouring communities and works with over 150 small local enterprises.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365f91"><B>About Fortuna Silver Mines
Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 </FONT><U>website</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">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; text-align: justify">Jorge A. Ganoza</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna Silver Mines Inc.</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">Trading symbols: NYSE: FSM | TSX: FVI</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor
Relations: </FONT><BR>
<B>Carlos Baca</B> | info@fortunasilver.com | <FONT STYLE="color: #365f91"><B>Twitter</B></FONT>: @Fortuna_Silver | <FONT STYLE="color: #365f91"><B>LinkedIn</B></FONT>:
fortunasilvermines</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: center"><I><U>Forward-looking Statements</U></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>This news release contains forward-looking
statements which constitute &quot;forward-looking information&quot; within the meaning of applicable Canadian securities legislation and
 &quot;forward-looking statements&quot; within the meaning of the &quot;safe harbor&quot; provisions of the United States Private Securities
Litigation Reform Act of 1995 (collectively, &quot;Forward-looking Statements&quot;). 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 include, without limitation, statements about the legal proceedings to be initiated by Minera Cuzcatlan to contest
and revoke the annulment of the EIA; the likelihood of success in the legal proceedings; the Company&rsquo;s business strategy, plans
and outlook; the merit of the Company&rsquo;s mines and mineral properties; the future financial or operating performance of the Company;
expenditures; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words
such as &quot;estimated&quot;, &ldquo;expected&rdquo;, &ldquo;intended&rdquo;, &ldquo;anticipated&rdquo;, &quot;potential&quot;, &quot;open&quot;,
 &quot;future&quot;, &quot;assumed&quot;, &quot;projected&quot;, &quot;used&quot;, &quot;detailed&quot;, &quot;has been&quot;, &quot;gain&quot;,
 &quot;planned&quot;, &quot;reflecting&quot;, &quot;will&quot;, &quot;containing&quot;, &quot;remaining&quot;, &quot;to be&quot;, or statements
that events, &quot;could&quot; or &quot;should&quot; 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">&nbsp;</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, factors beyond our control, including but not limited to, the ability of Minera Cuzcatlan to successfully
contest and revoke the SEMARNAT Resolution; changes in laws, rules or regulations and other challenges discussed in our public filings;
changes in general economic conditions and financial markets; the continued rising rates of global inflation which impact the costs of
operations; the risks relating to a global pandemic, including the COVID-19 pandemic, as well as risks associated with war or other geo-political
hostilities, such as the Ukrainian &ndash; Russian conflict, any of which could continue to cause a disruption in global economic activity;
fluctuation in currencies and foreign exchange rates; the imposition of capital controls in countries in which the Company operates; the
continuance of currency controls in Argentina; 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; 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; changes in the position of regulatory authorities with respect to the granting of approvals or permits; governmental and other
approvals; changes in government, political unrest or instability in countries where Fortuna is active; 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">&nbsp;</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 that the Company will be
successful in revoking the SEMARNAT Resolution; that the Company&rsquo;s activities will be conducted in accordance with the Company&rsquo;s
public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or 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 and other geo-political uncertainties on the Company&rsquo;s production, workforce, business, operations and financial
condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact
of inflation on its business and operations; that all required approvals and permits will be obtained for the Company&rsquo;s business
and operations on acceptable terms; that there will be no significant disruptions affecting the Company's 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="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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