<SEC-DOCUMENT>0001104659-23-052290.txt : 20230428
<SEC-HEADER>0001104659-23-052290.hdr.sgml : 20230428
<ACCEPTANCE-DATETIME>20230428100508
ACCESSION NUMBER:		0001104659-23-052290
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230428
FILED AS OF DATE:		20230428
DATE AS OF CHANGE:		20230428

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:		23861118

	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>tm2314095d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the month of <U>April 2023</U></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: &nbsp;April 28, 2023</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Jorge Ganoza Durant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><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; text-indent: 0.5in">&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="tm2314095d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><B>99.1</B></A></TD><TD STYLE="text-align: justify"><A HREF="tm2314095d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><B>News release dated April 28, 2023.</B></A></TD>
</TR></TABLE>

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

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

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

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

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2314095d1_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="margin: 0; text-align: right">&nbsp;</P>

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    <TD STYLE="width: 50%; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="A picture containing text&#10;&#10;Description automatically generated" STYLE="height: 62px; width: 213px"></TD>
    <TD STYLE="vertical-align: middle; width: 50%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: #44546A"><B>NEWS RELEASE</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #365F91"><B>Fortuna renews share repurchase
program</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vancouver, April 28, 2023 &ndash; Fortuna Silver
Mines Inc. (NYSE: FSM) (TSX: FVI) </B>announced today that the Toronto Stock Exchange has approved the renewal of Fortuna&rsquo;s normal
course issuer bid (the &ldquo;NCIB&rdquo;) to purchase up to five percent of its outstanding common shares.</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">Under the NCIB, purchases of common shares may
be made through the Toronto Stock Exchange, the New York Stock Exchange and/or alternative Canadian trading systems. The share repurchase
program starts on May 2, 2023 and will expire on the earlier of:</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: 20.15pt"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">May 1, 2024; one calendar year after the initiation of the share repurchase program;</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: 20.15pt"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The date Fortuna acquires the maximum number of common shares allowable under the NCIB; or</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: 20.15pt"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The date Fortuna otherwise decides not to make any further repurchases under the NCIB.</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">Fortuna believes that from time to time, its common
shares trade at market prices that may not adequately reflect their underlying value. As a result, depending upon future price movements
and other factors, the Board of Directors of Fortuna believes that the repurchase of common shares for cancellation would be an appropriate
use of corporate funds. Pursuant to the NCIB, Fortuna is permitted to repurchase up to 14,534,581 common shares, being five percent of
its outstanding 290,691,634 common shares as of April 25, 2023. Common shares purchased under the NCIB will be cancelled.</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 actual number of common shares that may be
purchased, and the timing of any such purchases, will be determined by Fortuna based on a number of factors, including Fortuna&rsquo;s
financial performance and flexibility in the context of its financial guardrails, the availability of discretionary cash flow, and capital
funding requirements.</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 NCIB will be effected in accordance with the
Toronto Stock Exchange&rsquo;s normal course issuer bid rules and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended,
which contain restrictions on the number of common shares that may be purchased on a single day, subject to certain exceptions for block
purchases, based on the average daily trading volumes of Fortuna&rsquo;s common shares on the applicable exchange. Subject to exceptions
for block purchases, Fortuna will limit daily purchases of common shares on the Toronto Stock Exchange in connection with the NCIB to
no more than 25 percent, representing 179,129 common shares, of the six-month average daily trading volume of the common shares on the
Toronto Stock Exchange, representing 716,518 common shares, during any trading day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchases under the NCIB will be made through
open market purchases at market price, as well as by other means as may be permitted under applicable securities laws.</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&rsquo;s prior NCIB for the purchase of
up to 14,608,820 common shares expires on May 1, 2023. As of April 27, 2023, Fortuna repurchased an aggregate of 2,201,404 common shares
on the open market at a weighted-average price of US$2.69 per common share, excluding brokerage fees.</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">A copy of Fortuna&rsquo;s notice filed with the
Toronto Stock Exchange may be obtained by any shareholder without charge, by contacting Fortuna&rsquo;s Investor Relations department
at <U>info@fortunasilver.com</U>.</P>

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

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

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

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

<P STYLE="color: #365F91; font: bold 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">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 <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">&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; text-align: justify; color: #1F497D"><B>Investor Relations: </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Carlos Baca</B> | <U>info@fortunasilver.com</U>
| <U>www.fortunasilver.com</U> | <FONT STYLE="color: #4F81BD"><B><U>Twitter</U></B></FONT> | <FONT STYLE="color: #4F81BD"><B><U>LinkedIn
</U></B></FONT>| <FONT STYLE="color: #4F81BD"><B><U>YouTube</U></B></FONT></P>

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

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

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

<P STYLE="color: #365F91; font: bold 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"><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 relating to Fortuna&rsquo;s intention to renew the NCIB and the timing,
methods and quantity of any purchases of common shares under the NCIB. These Forward-looking Statements are based on certain assumptions
that Fortuna has made in respect thereof as at the date of this news release, including: prevailing commodity prices, margins and exchange
rates, that Fortuna&rsquo;s businesses will continue to achieve sustainable financial results and that future results of operations will
be consistent with past performance and management expectations in relation thereto, <FONT STYLE="color: #222222">the availability of
cash for repurchases of common shares under the NCIB</FONT>, and <FONT STYLE="color: #222222">compliance with applicable laws and regulations
pertaining to an NCIB</FONT>. 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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<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, operational risks associated with mining and mineral processing; uncertainty relating to mineral resource
and mineral reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties
related to new mining operations and development projects such as the S&eacute;gu&eacute;la Project, including the possibility that actual
capital and operating costs and economic returns will differ significantly from those estimated for such projects prior to production;
uncertainty relating to the costs of the construction, the financing of construction and timing for the completion of the S&eacute;gu&eacute;la
Project; risks relating to the Company&rsquo;s ability to replace its mineral reserves; risks associated with mineral exploration and
project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including
obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks
associated with political instability and changes to the regulations governing the Company&rsquo;s business operations; changes in national
and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company
does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian &ndash; Russian conflict,
and the impact it may have on global economic activity; risks relating to the termination of the Company&rsquo;s mining concessions in
certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing
control of public perception as a result of social media and other web-based applications; potential opposition to the Company&rsquo;s
exploration, development and operational activities; risks related to the Company&rsquo;s ability to obtain adequate financing for planned
exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by
the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage;
operational safety and security risks; legal proceedings and potential legal proceedings; the ability of the Company to successfully contest
and revoke the resolution issued by SEMARNAT which annuls the extension of the environmental impact authorization for the San Jose mine;
uncertainties relating to general economic conditions; risks relating to a global pandemic, including COVID-19, which could impact the
Company&rsquo;s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated
with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest
rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation
costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology
systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate
change legislation; labor relations issues; as well as those factors discussed under &ldquo;Risk Factors&rdquo; in the Company&rsquo;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 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 its production
estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted
by unscheduled maintenance, labour and contractor availability and other operating or technical difficulties); the duration and effect
of global and local inflation; the duration and impacts of COVID-19 and geo-political uncertainties on the Company&rsquo;s production,
workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates;
that the Company will be successful in challenging the annulment of the extension to the San Jose environmental impact authorization;
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&rsquo;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="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>

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end
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