<SEC-DOCUMENT>0001104659-24-004759.txt : 20240118
<SEC-HEADER>0001104659-24-004759.hdr.sgml : 20240118
<ACCEPTANCE-DATETIME>20240118133657
ACCESSION NUMBER:		0001104659-24-004759
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240118
FILED AS OF DATE:		20240118
DATE AS OF CHANGE:		20240118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORTUNA SILVER MINES INC
		CENTRAL INDEX KEY:			0001341335
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		24541158

	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>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm243595d1_6k.htm
<DESCRIPTION>FORM 6-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of <U>January 2024</U></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>200 Burrard Street, Suite 650, Vancouver, British
Columbia, Canada V6C 3L6</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FORM 20-F&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM
40-F &nbsp;<FONT STYLE="font-family: Wingdings">&#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">&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>

<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">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><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" STYLE="font-size: 10pt"><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="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">Date: &nbsp;January 18, 2024</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 46%"><FONT STYLE="font-size: 10pt">/s/ &quot;<I>Jorge Ganoza Durant</I>&quot;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Jorge Ganoza Durant </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><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">&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="tm243595d1_ex99-1.htm"><B>99.1</B></A></TD><TD STYLE="text-align: justify"><A HREF="tm243595d1_ex99-1.htm"><B>News release dated January 18, 2024</B></A></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"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm243595d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

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

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    <TD STYLE="width: 50%">
    <IMG SRC="tm243595d1_ex99-1img01.jpg" ALT=""><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #1F497D">&nbsp;</P></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #1F497D"><B>NEWS RELEASE</B></P></TD></TR>
  </TABLE>
<P STYLE="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 record 2023
production of 452 koz Au Eq</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #365F91"><B>and 2024 annual guidance of
457 to 497 koz Au Eq</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, January 18, 2024 &ndash; Fortuna
Silver Mines Inc. (NYSE: FSM) (TSX: FVI) </B>reports production results for the fourth quarter and full year 2023 from its five operating
mines in Latin America and West Africa. For the full year 2023, Fortuna produced a record 326,638 ounces of gold and 5,883,691 ounces
of silver or a record 452,389 gold equivalent ounces, including lead and zinc by-products<SUP>1</SUP>. All references to dollar amounts
in this news release are expressed in US dollars.</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>Fourth quarter 2023 highlights</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Record gold equivalent production of 136,154 ounces<SUP>1</SUP>;
a 6 percent increase compared to Q3 2023 (128,671 oz Au Eq)<SUP>2</SUP></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Record gold production of 107,376 ounces; a 13 percent increase
compared to Q3 2023 (94,821 oz Au)<SUP>2</SUP></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Silver production of 1,354,003 ounces; a 19 percent decrease
compared to Q3 2023 (1,680,751 oz Ag)<SUP>2</SUP></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; text-align: justify; color: #365F91"><B>Full year 2023 highlights</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Record gold equivalent production of 452,389 ounces<SUP>1</SUP>;
a 13 percent increase compared to 2022 (401,878 oz Au Eq)<SUP>3</SUP></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Record gold production of 326,638 ounces; a 26 percent increase
compared to 2022 (259,427 oz Au)<SUP>3</SUP></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Silver production of 5,883,691 ounces; a 15 percent decrease
compared to 2022 (6.9 Moz Ag)<SUP>3</SUP></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Record lead production of 40,851,657 pounds; an 18 percent
increase over 2022 (34.6 Mlbs Pb)<SUP>3</SUP></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Record zinc production of 55,060,450 pounds; a 19 percent
increase over 2022 (46.2 Mlbs Zn)<SUP>3</SUP></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Continuous trend of improvement in annual safety performance
across the business with a Total Recordable Injury Frequency Rate (TRIFR) of 1.22, and a Lost Time Injury Frequency Rate (LTIFR) of 0.36,
compared to 2.32 and 0.35 in 2022</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>2024 consolidated production
and cost guidance highlights</B></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gold equivalent production<SUP>4</SUP> of between 457 and
497 thousand ounces; a projected increase of between 1 and 10 percent, respectively, compared to 2023</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Gold production of between 343 and 385 thousand ounces; a
projected increase of between 5 and 18 percent, respectively, compared to 2023</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Silver production of between 4.0 and 4.7 million ounces;
a projected decrease of between 32 and 21&nbsp;percent, respectively, compared to 2023</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Cash Cost of between $935 and $1,055/oz Au Eq<SUP>5</SUP>;
an approximate projected increase of between 6 and 20 percent, respectively, compared to 2023</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">AISC of between $1,485 and $1,640/oz Au Eq<SUP>5</SUP>; an
approximate projected decrease of 1 percent and an increase of 9 percent, respectively, compared to 2023</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; text-align: justify">Notes:</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Au Eq includes gold, silver, lead and zinc and is calculated
using the following metal prices: $1,948/oz Au, $23.37/oz Ag, $2,155/t&nbsp;Pb and $2,706/t Zn or Au:Ag&nbsp;= 1:83.38, Au:Pb = 1:0.90,
Au:Zn = 1:0.72</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Refer to Fortuna news release dated October 5, 2023, &ldquo;<U>S&eacute;gu&eacute;la
drives Fortuna to record gold equivalent production of 128,671 ounces in the third quarter 2023</U>&rdquo;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Refer to Fortuna news release dated January 17, 2023, &ldquo;<U>Fortuna
reports 2022 full year record production of 401,878 gold equivalent ounces and issues 2023 annual guidance</U>&rdquo;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Au Eq includes gold, silver, lead, and zinc and is calculated
using the following metal prices: $1,800/oz Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn or Au:Ag = 1:81.82, Au:Pb = 1:1.11, Au:Zn = 1:1.39</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD>Refer to Appendix</TD>
</TR></TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>2023 consolidated operating
results</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: gray 1pt solid; padding: 3pt 6pt 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Gold production (oz)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; border-bottom: Black 1pt solid; background-color: #DBE5F1; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Silver production (oz)</B></FONT></TD></TR>
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; width: 24%; text-align: left"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Mines</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; width: 11%; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Q4 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; width: 11%; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>FY 2023</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>2023 Guidance</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; width: 11%; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Q4 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; width: 11%; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>FY 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>2023 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: left"><FONT STYLE="font-size: 10pt">S&eacute;gu&eacute;la, C&ocirc;te d&rsquo;Ivoire<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">43,096</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">78,617</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">60,000 - 75,000</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Yaramoko, Burkina Faso<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">28,235</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">117,711</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">110,000 - 120,000</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Lindero, Argentina</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">29,591</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">101,238</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">96,000 - 106,000</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: left"><FONT STYLE="font-size: 10pt">San Jose, Mexico</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">6,345</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">28,559</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">34,000 - 37,000</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,023,525</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">4,656,631</FONT></TD>
    <TD STYLE="padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">5,300,000 - 5,800,000</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Caylloma, Peru</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">109</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">513</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">330,478</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,227,060</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">1,000,000 - 1,100,000</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">107,376</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">326,638</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">282,000 - 320,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,354,003</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; text-align: right"><FONT STYLE="font-size: 10pt">5,883,691</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 3pt 6pt 3pt 5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 10pt">6,300,000 - 6,900,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">S&eacute;gu&eacute;la Mine production from June to December
2023</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Yaramoko annual gold production
                                            guidance revised upwards. Refer to Fortuna news release dated October 5, 2023, &ldquo;<U>S&eacute;gu&eacute;la
                                            drives Fortuna to record gold equivalent production of 128,671 ounces in the third quarter
                                            2023</U>&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2023, record gold production was mainly driven
by S&eacute;gu&eacute;la contributing 78,617 ounces in the second half of the year, exceeding the upper range of guidance. Yaramoko also
contributed 117,711 ounces, achieving the upper end of production guidance as a result of higher head grades. Consolidated silver production
of 5.9 million ounces was 7 percent below the lower end of guidance, due to decreased production at San Jose as a result of the illegal
union blockade in the second quarter and operational challenges thereafter.</P>

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

<P STYLE="color: #365F91; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">S&eacute;gu&eacute;la Mine,
C&ocirc;te d&rsquo;Ivoire<BR>
<FONT STYLE="color: windowtext">Exceeds annual production guidance by 5 percent; operating 20 percent above nameplate capacity</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; vertical-align: top; width: 31%; border-bottom: gray 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Q4 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>FY 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>2023 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Tonnes milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">387,624</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">807,617</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 18.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Average tpd milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">4,123</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">3,146</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 18.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold grade (g/t)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">3.62</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">3.42</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 18.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold recovery (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">94.9</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">93.9</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 18.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-bottom: gray 1pt solid; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold production (oz)<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">43,096</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">78,617<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1pt solid; background-color: #F2F2F2; padding-right: 18.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">60,000 - 75,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -13.5pt">&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: 0.7pt"></TD><TD STYLE="width: 13.5pt">Notes:</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD>Production includes dor&eacute; only</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD>S&eacute;gu&eacute;la Mine production from June to December
2023</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; color: #365F91"><B>Highlights</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Q4 2023 gold production: 43,096 ounces</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>FY 2023 gold production: 78,617 ounces, exceeds annual production
guidance</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">In the fourth quarter of 2023, mined material
totaled 409,293 tonnes of ore, averaging 3.34 g/t Au, and containing an estimated 43,913 ounces of gold from the Antenna pit. Movement
of waste during the quarter totaled 2,110,209 tonnes from Antenna and 104,472 tonnes from the Ancien pit, for a strip ratio of 5.4:1.</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 2023, S&eacute;gu&eacute;la
produced 43,096 ounces of gold at an average head grade of 3.62&nbsp;g/t Au, a 37 percent increase and a 5 percent decrease, respectively,
compared to the previous quarter. The increase in gold production is directly related to the mill achieving consistently higher throughput,
processing 387,624 tonnes, a 25 percent increase over the previous quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Mine reconciliation to reserve model</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">Reconciliation of tonnes, grade, and gold ounces
mined for the fourth quarter from Antenna show a positive correlation when compared to the long-term reserve model with 6 percent higher
ore tonnes mined at 16 percent higher grades resulting in 24 percent more gold ounces extracted than predicted in the model.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Process plant performance continued to improve
as feed characteristics were stabilized and initial bottlenecks addressed. Recovery in the fourth quarter increased to 94.9 %, ahead of
feasibility study assumptions. Plant productivity also continued to improve with throughput in the fourth quarter being 186 t/hr, a 20
percent increase on the 154 t/hr nameplate capacity.</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">Yaramoko Mine, Burkina Faso<BR>
<FONT STYLE="color: windowtext">Strong performance, achieves higher end of annual production guidance</FONT></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">Based on Yaramoko&rsquo;s strong performance
during the year, management increased guidance in the third quarter of 2023 from 96 to 102 thousand ounces of gold to 110 to 120 thousand
ounces of gold (<U>refer to Fortuna news release dated October 5, 2023</U>).</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: 70%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; vertical-align: top; width: 31%; border-bottom: gray 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Q4 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>FY 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>2023 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Tonnes milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">110,445</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">531,579</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Average tpd milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,200</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,456</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold grade (g/t)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">7.16</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">6.81</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold recovery (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">98.3</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">98.0</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">- </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-bottom: gray 1pt solid; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold production<SUP>1</SUP> (oz)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">28,235</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">117,711</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1pt solid; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">110,000 - 120,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD>Production includes dor&eacute; only</TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Q4 2023 gold production: 28,235 ounces</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>FY 2023 gold production: 117,711 ounces, achieving higher
end of annual production guidance</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>3 years LTI-free as of September 2023</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Obtained ISO 14001 and 45001 certification</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">In the fourth quarter of 2023, Yaramoko produced
28,235 ounces of gold at an average head grade of 7.16&nbsp;g/t Au, a 17 and 7 percent decrease, respectively, compared to the previous
quarter. Reduced production was due to lower mill throughput in the fourth quarter, the depletion of low-grade stockpiles, and a planned
maintenance shutdown in December.</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">Exploration and grade control drilling success
in conjunction with underground development extended mineralization on the western side of the Zone 55 mineralized structure. This provided
additional mining areas which demonstrated wider and higher-grade extensions of mineralization within and beyond the existing resource
boundary.</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: left; color: #365F91"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: #365F91"><B>Lindero Mine, Argentina</B></FONT><BR>
<B>Achieved midpoint of annual production guidance</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; vertical-align: top; width: 31%; border-bottom: gray 1pt solid; text-align: justify; padding-bottom: 2pt"></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Q4 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>FY 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>2023 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Ore placed on pad (t)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,556,000</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">6,005,049</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold grade (g/t)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">0.63</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">0.64</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold production (oz)<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">29,591</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">101,238</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 13.75pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">96,000 - 106,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD>Gold production includes dor&eacute;, gold in carbon, and
gold in copper concentrate</TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Q4 2023 gold production: 29,591 ounces</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">FY 2023 gold production: 101,238 ounces, achieving midpoint of annual production guidance</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">During the fourth quarter of 2023, ore mined
was 2.1 million tonnes, with a stripping ratio of 0.6:1, 45 percent lower than the previous quarter. The stripping ratio for 2023
was 1.14:1, aligned with the mining plan for the year. A total of 1.6 million tonnes of ore were placed on the leach pad at an
average gold grade of 0.63 g/t, containing an estimated 31,665&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">Lindero&rsquo;s gold production in the fourth
quarter of 2023 was 29,591 ounces, a 41 percent increase compared to the previous quarter. Gold production was comprised of 24,977 ounces
in dor&eacute; bars, 4,443 ounces of gold contained in fine carbon, and 171 ounces contained in copper concentrate.</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 2023 totaled 101,238 ounces,
comprised of 94,905 ounces in dor&eacute; bars, 6,015 ounces in gold contained in fine carbon, and 319 ounces contained in copper concentrate.</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">As of December 31, 2023, the leach pad
expansion project is approximately 23 percent complete. Mobilization of the civil contractor&rsquo;s personnel and equipment has
advanced with earth moving activities having commenced in January. Deliveries of geomembrane and geosynthetic clay liner are
on-track, with the remaining materials expected to arrive on site in the first quarter of 2024. The leach pad expansion remains on
schedule for completion during the second half of 2024.</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: #365F91"><B>San Jose Mine, Mexico
</B></FONT><FONT STYLE="font-size: 10pt"><BR>
</FONT><B>Illegal blockade and operational challenges lead to shortfall in annual production guidance</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; vertical-align: top; width: 31%; border-bottom: gray 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Q4 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>FY 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>2023 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Tonnes milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">241,035</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">930,200</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Average tpd milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">2,678</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">2,643</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Silver grade (g/t)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">145</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">171</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Silver recovery (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">90.78</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">90.96</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Silver production (oz)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,023,525</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">4,656,631</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5,300,000 - 5,800,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold grade (g/t)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">0.91</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1.06</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold recovery (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">89.64</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">90.18</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-bottom: gray 1pt solid; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Gold production (oz)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">6,345</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">28,559</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1pt solid; background-color: #F2F2F2; padding-right: 9.25pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">34,000 - 37,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Q4 2023 production: 1,023,525 ounces of silver and 6,345
ounces of gold</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>FY 2023 production: 4,656,631 ounces of silver, and 28,559
ounces of gold</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"><FONT STYLE="font-weight: normal">During the
fourth quarter of 2023, the San Jose Mine produced 1.02 million ounces of silver, and 6,345 ounces of gold, a 25 and 23 percent
decrease, respectively, with average head grades for silver and gold of 145 g/t and 0.91 g/t, a 23 and 20 percent decrease,
respectively, when compared to the previous quarter.</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">The decrease in silver and gold production for
the quarter is explained by the declining grade profile of Mineral Reserves in the mine plan, as well as lower tonnage extracted from
the mine. The reduction in tonnage is due to operational challenges leading to delays in backfilling and blasting operations in stopes
P and Q during December 2023. During the fourth quarter, the processing plant milled 241,035 tonnes at an average of 2,678 tonnes per
day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Production in 2023 totaled 4,656,631 ounces of
silver and 28,559 ounces of gold, 12 percent and 16 percent below annual guidance range, respectively. The decrease in production is
attributed primarily to the 15-day illegal union blockade in the second quarter (<U>refer to Fortuna news release dated May 2, 2023</U>),
the associated disruption to operations thereafter, and a silver and gold head grade reconciliation to reserves at the lower end of guidance
range.</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">Exploration continues at the newly discovered
Yessi vein with encouraging results (<U>refer to Fortuna news release dated December 12, 2023</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: left"><FONT STYLE="color: #365F91"><B>Caylloma Mine, Peru<BR>
</B></FONT><B>Outperformer, exceeds annual production guidance for all metals</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; vertical-align: top; width: 31%; border-bottom: gray 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Q4 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-right: Black 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>FY 2023</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 23%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; background-color: #DBE5F1; text-align: center; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>2023 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Tonnes milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">140,800</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">543,876</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Average tpd milled</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,564</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,528</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Silver grade (g/t)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">88</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">85</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Silver recovery (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">83.40</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">82.57</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Silver production (oz)<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">330,478</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,227,060</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">1,000,000 - 1,100,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Lead grade (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">3.84</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">3.74</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Lead recovery (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">90.58</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">91.14</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Lead production (lbs)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">10,798,242</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">40,851,657</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">29,000,000 - 32,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Zinc grade (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5.00</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5.11</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Zinc recovery (%)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">89.86</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">89.83</FONT></TD>
    <TD STYLE="padding-top: 2pt; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-bottom: gray 1pt solid; text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Zinc production (lbs)</FONT></TD>
    <TD STYLE="padding-top: 2pt; white-space: nowrap; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 31pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">13,933,215</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-bottom: gray 1pt solid; padding-right: 29pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">55,060,450</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-bottom: gray 1pt solid; background-color: #F2F2F2; padding-right: 9.05pt; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">43,000,000 - 48,000,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -13.5pt">&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: 0.7pt"></TD><TD STYLE="width: 13.5pt">Note:</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD>Metallurgical recovery for silver is calculated based on
silver content in lead concentrate</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Q4 2023 production: 330,478 oz silver, 10.8 Mlbs lead, and
14.0 Mlbs zinc</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>FY 2023 production: 1,227,060 oz silver, exceeds annual production
guidance</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>FY 2023 record base metal production: 40.9 Mlbs lead, 55.1
Mlbs zinc, exceeding annual production guidance by 28 and 15 percent, respectively</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">In the fourth quarter, the Caylloma Mine produced
330,478 ounces of silver at an average head grade of 88 g/t, a 7 and 6 percent increase, respectively, when compared to the previous quarter.
Silver production for 2023 totaled 1,227,060 ounces, exceeding the upper end of annual guidance range by 10 percent.</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 quarter was 10.8
and 14.0 million pounds, respectively, a 4 percent increase for lead, with no variation for zinc, when compared to the previous quarter.
Head grades averaged 3.84 %, and 5.00 %, a 5 percent increase, and 1 percent decrease, respectively, when compared to the previous quarter.
Record lead and zinc production for 2023 totaled 40.9 and 55.1 million pounds, respectively. Increased production is the result of positive
grade reconciliation to the reserve model in levels 16 and 18 of the Animas vein.</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>2024 consolidated production and
cost guidance </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding: 3pt 7pt 3pt 3.5pt; white-space: nowrap; width: 28%; text-align: left"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Mine</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding: 3pt 7pt 3pt 3.5pt; width: 13%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Silver (Moz)</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding: 3pt 7pt 3pt 3.5pt; width: 13%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Gold (koz)</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding: 3pt 7pt 3pt 3.5pt; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Lead (Mlbs)</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding: 3pt 7pt 3pt 3.5pt; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Zinc (Mlbs)</B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding: 3pt 7pt 3pt 3.5pt; width: 13%; text-align: center; text-indent: 9.5pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Cash Cost<SUP>1,3</SUP></B></FONT></TD>
    <TD STYLE="border-top: gray 1pt solid; border-bottom: gray 1pt solid; padding: 3pt 7pt 3pt 3.5pt; width: 13%; text-align: center; text-indent: 12.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>AISC<SUP>1,2,3,5</SUP></B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Silver</B></FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Ag Eq)</B></FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Ag Eq)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">San Jose, Mexico</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">3.1 - 3.6</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">19 - 23</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">20.3 - 22.3</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">22.8 - 24.0 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Caylloma, Peru</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">0.9 - 1.1</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">29 - 34</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">36 - 39 </FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">12.7 - 14.0 </FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">18.0 - 21.0 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Gold</B></FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Au)</B></FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Au)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Lindero, Argentina<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">93 - 105</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">850 - 950</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,730 - 1,950</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Yaramoko, Burkina Faso</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">105 - 119</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">865 - 965</FONT></TD>
    <TD STYLE="padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,220 - 1,320</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">S&eacute;gu&eacute;la, C&ocirc;te d&acute;Ivoire</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">126 - 138</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;630 - 730</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1,110 - 1,230 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Consolidated Total</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>4.0 - 4.7</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>343 - 385</B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>29 - 34 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>36 - 39 </B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>$935 - 1,055<SUP>6</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: gray 1pt solid; padding: 2pt 7pt 2pt 3.5pt; text-align: right; text-indent: 0.8pt"><FONT STYLE="font-size: 10pt"><B>$1,485 - 1,640<SUP>6</SUP></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Cash Cost and all-in sustaining cost (AISC) are non-IFRS 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 the note under &ldquo;Non-IFRS
Financial Measures&rdquo; below.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Cash cost includes production cash cost and for Lindero, is
net of copper by-product credit. AISC includes sustaining capital expenditures, worker&rsquo;s participation (as applicable) commercial
and government royalties mining tax, export duties (as applicable), subsidiary G&amp;A and Brownfields exploration and is estimated at
metal prices of $1,800/oz Au, $22/oz Ag, $2,000/t Pb, and $2,500/t Zn. AISC excludes government mining royalty recognized as income tax
within the scope of IAS-12.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Silver equivalent is calculated at metal prices of $1,800/oz
Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">The cost guidance for the Lindero Mine does not take into account
potential changes by the new Argentine Government to national macroeconomic policies, the taxation system and import and export duties
which, if implemented, may have a material impact on costs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">Historical non-IFRS measure cost comparatives: The following
table provides the historical cash costs and historical AISC for the Company&rsquo;s four mines which were operating during the year
ended December 31, 2022, as follows:</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; white-space: nowrap; width: 38%; border-top: gray 1pt solid; border-right: gray 1pt solid; border-bottom: gray 1pt solid; text-align: left; text-indent: -13.25pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Mine</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; width: 31%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: center; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>Cash Cost<SUP>a,b,c</SUP></B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; width: 31%; border-top: gray 1pt solid; border-bottom: gray 1pt solid; text-align: center; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>AISC<SUP>a,b,c</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; white-space: nowrap; border-right: gray 1pt solid; text-align: left; text-indent: -13.25pt"><FONT STYLE="font-size: 10pt"><B>Silver</B></FONT></TD>
    <TD STYLE="padding: 2pt 20pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Ag Eq)</B></FONT></TD>
    <TD STYLE="padding: 2pt 24.3pt 2pt 14.2pt; white-space: nowrap; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Ag Eq)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; white-space: nowrap; border-right: gray 1pt solid; text-align: left; text-indent: -13.25pt"><FONT STYLE="font-size: 10pt">San Jose, Mexico</FONT></TD>
    <TD STYLE="padding: 2pt 20pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">10.56</FONT></TD>
    <TD STYLE="padding: 2pt 24.3pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">15.11</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; white-space: nowrap; border-right: gray 1pt solid; text-align: left; text-indent: -13.25pt"><FONT STYLE="font-size: 10pt">Caylloma, Peru</FONT></TD>
    <TD STYLE="padding: 2pt 20pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">12.34</FONT></TD>
    <TD STYLE="padding: 2pt 24.3pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">17.97</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; white-space: nowrap; border-right: gray 1pt solid; text-align: left; text-indent: -13.25pt"><FONT STYLE="font-size: 10pt"><B>Gold</B></FONT></TD>
    <TD STYLE="padding: 2pt 20pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Au)</B></FONT></TD>
    <TD STYLE="padding: 2pt 24.3pt 2pt 14.2pt; white-space: nowrap; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: #1F497D"><B>($/oz Au)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; white-space: nowrap; border-right: gray 1pt solid; text-align: left; text-indent: -13.25pt"><FONT STYLE="font-size: 10pt">Lindero, Argentina</FONT></TD>
    <TD STYLE="padding: 2pt 20pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">740</FONT></TD>
    <TD STYLE="padding: 2pt 24.3pt 2pt 14.2pt; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">1,142</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt 2pt 14.2pt; white-space: nowrap; border-right: gray 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: -13.25pt"><FONT STYLE="font-size: 10pt">Yaramoko, Burkina Faso</FONT></TD>
    <TD STYLE="padding: 2pt 20pt 2pt 14.2pt; border-bottom: Black 1pt solid; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">840</FONT></TD>
    <TD STYLE="padding: 2pt 24.3pt 2pt 14.2pt; border-bottom: Black 1pt solid; text-align: right; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">1,529</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Cash cost and AISC are non-IFRS financial measures; refer
to the note under &ldquo;Non-IFRS Financial Measures&rdquo; below.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Silver equivalent was calculated at metal prices of $1,802/oz
Au, $21.75/oz Ag, $2,161/t Pb and $3,468/t Zn for the year ended December 31, 2022.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Further details on the cash costs and AISC for the year ended
December 31, 2022 are disclosed on pages 38, 40, and 41 (with respect to cash costs) and pages 39 and 42 (with respect to AISC) of the
Company&rsquo;s management discussion and analysis (&ldquo;MD&amp;A&rdquo;) for the year ended December 31, 2022 dated as of March 15,
2023 (&ldquo;2022 MD&amp;A&rdquo;) which is available under Fortuna's SEDAR+ profile at www.sedarplus.ca and is incorporated by reference
into this news release, and the note under &ldquo;Non-IFRS Financial Measures&rdquo; below.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD STYLE="text-align: justify">Refer to Appendix.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #365F91"><B>2024 Guidance Outlook</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>S&eacute;gu&eacute;la Mine,
C&ocirc;te d&rsquo;Ivoire</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mill throughput expanded to 1.46 Mta, achieving
70% of mill expansion scheduled for 2026</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2024 mine plan considers mining in the Antenna,
Ancien, and Koula pits, with plans to process<BR>
1.46 million tonnes of ore averaging 3.0 g/t Au, and capital investments estimated at $39.8 million, including $32 million for sustaining
capital expenditures and $7.8 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">Feasibility and optimization work is underway
to realize the opportunity to incorporate underground mineable resources at the Sunbird, Ancien, and Koula deposits.</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 investments include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Capitalized stripping</TD>
                                                                                       <TD STYLE="text-align: justify">$17.1 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Tailings storage facility (TSF) lift</TD>
                                                                                       <TD STYLE="text-align: justify">$4.8 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Other miscellaneous</TD>
                                                                                       <TD STYLE="text-align: justify">$10.1 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized stripping at S&eacute;gu&eacute;la
corresponds to further mining of the Antenna pit and development and mining of the Ancien and Koula pits. The overall stripping ratio
for 2024 is planned to be 8.2:1. AISC for 2024 reflects the ongoing TSF expansion project, which will add tailings holding capacity for
the next two years and is expected to be completed in the first half of 2024.</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 2024, annual ore processing is expanded to
1.46 million tonnes, 17 percent above tonnage scheduled for year 1 in the 2021 Technical Report, and close to the expansion target of
1.57 million tonnes scheduled for year 3. Process plant de-bottlenecking initiatives in 2024 still present upside opportunities for throughput
capacity.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 cash cost between $630 and $730
per ounce of gold, an increase of approximately 113 percent over 2023 at the upper range, and 84 percent at the lower range of guidance.
The increase is mainly due to the mine&rsquo;s stripping ratio rising from 3.7:1 to 8.2:1, in accordance with the mine plan. In addition,
higher costs are anticipated for processing, which include milling, energy consumption, freight, transportation, and overhead.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 AISC between $1,110 and $1,230
per ounce of gold, an increase of approximately 54 percent over 2023 at the upper range, and 39 percent at the lower range of guidance.
The increase is explained by higher cash cost per ounce and higher capex per ounce of approximately $120 related to capitalized stripping
costs.</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Grade and tonnages benefit from exploration
success in 2023</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 Yaramoko Mine, the Company plans to process
435,000 tonnes of ore averaging 8.3 g/t Au. Capital investment decreases substantially compared to previous years and in 2024 mainly comprises
of development and exploration activities.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Mine development</TD>
                                                                                                               <TD STYLE="text-align: justify">$13.9 million</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Brownfields exploration</TD>
                                                                                                               <TD STYLE="text-align: justify">$6.1 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; text-align: justify">Cash cost and AISC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
Company expects a 2024 cash cost between $865 and $965 per ounce of gold, an increase of approximately 29 percent over 2023 at the upper
range, and 16 percent at the lower range of guidance. The increase is due primarily to the reallocation of fixed mining costs from capex
to opex and lower processed ore.</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: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
Company expects a 2024 AISC between $1,220 and $1,320 per ounce of gold, a decrease of approximately 7 percent under 2023 at the upper
range, and 14 percent at the lower range of guidance. The decrease is explained by lower capex year over year of approximately $250 per
ounce of gold.</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: left"></P>

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<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: left"><FONT STYLE="color: #365F91"><B>Lindero Mine, Argentina</B></FONT><B><BR>
Sustaining capital intensive year, including a one-time leach pad expansion of $41.7 million</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Lindero Mine is expected to place 6.6 million
tonnes of ore on the leach pad averaging 0.62 g/t&nbsp;Au, containing an estimated 131,000 ounces of gold. Capital investments are estimated
at $64.0&nbsp;million, including $51.5 million in capital projects, and $12.5 million in capitalized stripping costs.</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 investments 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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Capitalized stripping</TD>
                                                                                       <TD STYLE="text-align: justify">$12.5 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Leach pad phase II expansion</TD>
                                                                                       <TD STYLE="text-align: justify">$41.7 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Heavy equipment replacement and overhaul</TD>
                                                                                       <TD STYLE="text-align: justify">$6.6 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Plant critical spare parts</TD>
                                                                                       <TD STYLE="text-align: justify">$3.2 million</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: left">Cash cost and AISC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 cash cost between $850 and $950
per ounce of gold, mostly in line with 2023.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 AISC between $1,730 and $1,950
per ounce of gold, an increase of approximately 22 percent over 2023 at the upper range, and 9 percent at the lower range of guidance.
2024 is a particularly capital intensive year for Lindero, including a one-time leach pad phase II expansion project which is planned
to be completed in the second half of 2024, with a capital estimate of $41.7 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; text-align: justify">While the mine continues delivering on cost savings
from operational efficiency programs, the economics of Lindero are exposed to potential significant impacts in changes to macro-economic
and taxation policies, derived from emergency announcements made by the newly elected Government in its attempt to eliminate the national
fiscal deficit. Cash cost per ounce does not include any potential changes to the Argentine taxation regime on imports and export duties,
as these are still being discussed by the Government and Congress. However, if passed as advertised, these represent additional risks
to higher cash cost per ounce and AISC estimates.</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>San Jose Mine, Mexico</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cost increments lead to exhaustion of reserves
by year end 2024</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 San Jose Mine, the Company plans to process
0.90 million tonnes of ore averaging 142 g/t Ag and 0.9&nbsp;g/t&nbsp;Au. Silver and gold production reflect the declining grade profile
of the tail end of the Mineral Reserves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The updated mine plan for 2024 is scheduled to
exhaust Mineral Reserves by the end of 2024, compared to mid-2025 as previously planned. Over the past 12 months, the operation has experienced
significant cost increments, of which the main drivers are:</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">Mexican Peso appreciation; representing approximately 35 percent of cost increment.</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">Higher contractor costs for transportation, distribution, shotcrete, maintenance, and mining services;
representing approximately 16 percent of cost increment.</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">Higher labor costs and new labor reform mandates, which took effect on January 1, 2024; representing approximately
21 percent of cost increment.</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">Change from owner&rsquo;s mining fleet to contractor for mine development; representing approximately
6 percent of cost increment.</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">Higher costs in fuel, energy, materials, and consumables related to 2023 inflation; representing approximately
5 percent of cost increment.</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">As a result of the cost increments described
above, the mine plan has been reduced by approximately six months, leading to an anticipated closure in late 2024 from the previous
estimation of closure in mid-2025. The Company has assigned a dedicated team to review and update a multiyear progressive mine
closure and monitoring plan with a current budget of approximately $27 million, which will begin its implementation during 2024.
Multiple considerations are being included such as closure-related technical studies and designs, remediation of affected areas,
decommissioning and removal of infrastructure, landform reshaping, revegetation, and value-added activities for the communities
associated with progressive closure, repurposing, and where appropriate, long-term monitoring and maintenance, whilst adhering to
strict compliance with mine closure governmental regulations and high international standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is engaged in an intensive exploration
program to delineate the newly discovered Yessi vein.</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">Cash cost and AISC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 cash cost between $20.3 and $22.3
per ounce of silver, an increase of approximately 70 percent over 2023 at the upper range, and 54 percent at the lower range of guidance.
The increase is mainly explained by lower production related to the grade profile as per the remaining life of mine plan, and the impact
of higher projected operational expenditures, reflecting incremental costs throughout 2023. In addition, cash cost includes remaining
lateral and vertical development and infill drilling required to complete final stoping and mining, as well as mining equipment overhauling,
totaling $10.7 million.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 AISC between $22.8 and $24.0 per
ounce of silver, an increase of approximately 31 percent over 2023 at the upper range, and 24 percent at the lower range of guidance.
The increase is mainly explained by lower volume and higher cash cost, partially offset by no capital expenditures in 2024.</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; color: #365F91"><B>Caylloma Mine, Peru</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consistent performer</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 Company plans to
process 0.5 million tonnes of ore averaging 78 g/t Ag, 3.12 % Pb, and 4.20 % Zn. Capital investments are estimated at $21.0 million,
including $19.0 million for sustaining capital expenditures and $2.0 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">Sustaining capital investments include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Mine development</TD>
                                                                                       <TD STYLE="text-align: justify">$5.1 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Caylloma Mine substation power grid enhancement</TD>
                                                                                       <TD STYLE="text-align: justify">$2.9 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Plant power sub-station, phase II</TD>
                                                                                       <TD STYLE="text-align: justify">$1.4 million</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">New paste backfill system </TD>
                                                                                       <TD STYLE="text-align: justify">$4.7 million</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Operating permits and<BR>
Global Industry Standard on Tailings Management (GISTM)</TD>
                                                                                       <TD STYLE="vertical-align: bottom; text-align: left">$1.2 million</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; width: 5in">Maintenance </TD>
                                                                                       <TD STYLE="text-align: justify">$3.7 million</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">Cash cost and AISC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 cash cost between $12.7 and $14.0
per ounce of silver, a decrease of approximately 6 percent under 2023 at the upper range, and 14 percent at the lower range of guidance.
The decrease is mainly due to lower treatment and refining charges in 2024.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company expects a 2024 AISC between $18.0 and $21.0 per
ounce of silver, in line with 2023 at the upper range, and a decrease of 14 percent at the lower range of guidance. The decrease is explained
mainly by lower cash costs and slightly lower capital expenditures.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #365F91"><B>2024 Exploration Outlook</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">Fortuna continues to advance its robust pipeline
of Brownfields and Greenfields exploration projects in West Africa and the Americas, building on the success of the exploration programs
carried out in 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortuna&acute;s consolidated Brownfields exploration
budget for 2024 for its five mines and the Diamba Sud Gold Project totals $30.8 million, which includes 192,500 meters of reverse circulation,
diamond core, and air core exploration drilling.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>S&eacute;gu&eacute;la Mine, C&ocirc;te d&rsquo;Ivoire</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Brownfields exploration program budget
for 2024 at S&eacute;gu&eacute;la is $7.8 million, which includes 41,750 meters of exploration drilling, focused on testing and
extending underground targets associated with the Sunbird, Ancien, and Koula deposits, as well as advancing emerging deposits such
as Barana, Badior, and Kestral, and continuing to explore for additional prospects.</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"><B>San Jose Mine, Mexico</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Brownfields exploration program budget
for 2024 at San Jose is $4.9 million, which includes 13,900 meters of diamond drilling, focused on testing and extending the Yessi
vein as well as exploring additional targets within the mine area.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Brownfields exploration program budget
for 2024 at Yaramoko is $6.1 million, which includes 41,450 meters of exploration drilling, with underground drilling testing
western and depth extensions to the Zone 55 deposit, surface drilling testing several anomalies along the Boni Shear, Bagassi South
surface extensions, and other surface 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>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">The Brownfields exploration program budget for
2024 at Caylloma is $2.0 million, supporting field exploration, regional geophysics, and ongoing studies of the structural controls to
mineralization on the Animas vein.</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>Diamba Sud Gold Project, Senegal</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Brownfields exploration program budget for
2024 at the Diamba Sud Gold Project is $9.9 million, which includes 42,700 meters of drilling, including extension and resource development,
in addition to the testing and advancement of previously identified geochemistry anomalies. Additional geochemical and geophysical surveys
at Diamba Sud will be conducted in support of advancing the project.</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"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greenfields exploration will continue in Mexico,
Argentina, Senegal, and C&ocirc;te d'Ivoire advancing generative programs across several projects supported by a budget of $7.5 million,
including continuing active corporate 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: left; color: #365F91"><B>Qualified Person </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">Eric Chapman, Senior Vice President of
Technical Services of Fortuna, is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia
(Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral
Projects. Mr. Chapman 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">Paul Weedon, Senior Vice President of Exploration
for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute
of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information relating to exploration
contained in this news release.</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; color: #365F91; 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 five operating mines in Argentina, Burkina Faso, C&ocirc;te d'Ivoire, Mexico, and Peru. 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 STYLE="color: #0070C0"><U>website</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">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; text-align: justify; color: #365F91">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="color: #365F91; font: bold 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"><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;
changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company&rsquo;s business and
operations; estimates of production in 2023 that remain subject to verification and adjustment; the Company&rsquo;s anticipated financial
and operational performance in 2024; estimated production forecasts for 2024; estimated costs; estimated cash costs and all-in sustaining
cash costs and expenditures for 2024; estimated capital expenditures in 2024; estimated Brownfields and Greenfields expenditures in 2024;
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; expectations with respect to metal grade estimates and the impact of any variations
relative to metals grades experienced; metal prices, currency exchange rates and interest rates in 2024; timing of and possible outcome
of litigation; mineral resource and mineral reserve estimates; life of mine estimates, including the estimated closure of the San Jose
Mine in late 2024; the Company&rsquo;s expectation that the leach pad expansion project at the Lindero Mine will be completed during the
second half of 2024; the Company&rsquo;s expectation that the two year capacity lift of the TSF at the S&eacute;gu&eacute;la Mine should
be completed in H1 2024; the Company&rsquo;s business strategy, plans and outlook; the merit of the Company&rsquo;s mines and mineral
properties; and the future financial or operating performance of the Company. 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">&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, 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, including the possibility that actual capital and operating costs and economic returns will differ significantly
from those estimated for such projects prior to production; 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, including relating to the newly elected government in Argentina; 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 possibility that the ruling in favor of Compania Minera Cuzcatlan S.A. de C.V. (&ldquo;Minera
Cuzcatlan&rdquo;) to reinstate the environmental impact authorization at the San Jose mine (the &ldquo;EIA&rdquo;) will be successfully
appealed; uncertainties relating to general economic conditions; risks relating to a global pandemic, 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's Annual Information Form for
the fiscal year ended December 31, 2022. 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"></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>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, labor and contractor availability and other operating or technical difficulties); the duration and effect
of global and local inflation; the duration and impacts of 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 any appeal in respect
of the ruling in favor of Minera Cuzcatlan to reinstate the EIA will not be successful; 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="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>Cautionary Note to United States Investors
Concerning Estimates of Reserves and Resources</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>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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Canadian standards, including NI 43-101, differ
significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in
this news release may not be comparable to similar information disclosed by U.S. companies.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This news release also refers to non-IFRS financial
measures, 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 cash costs and
all-in sustaining cash costs. </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 2022 MD&amp;A, 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 MD&amp;A 2022 is
available on SEDAR+ at <U>www.sedarplus.ca</U>. </I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Appendix<FONT STYLE="color: #365F91">: </FONT>2024
cash cost and consolidated AISC guidance</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Cash Cost Guidance ($/oz Au Eq)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2024 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">Lindero</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt">850</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 4%; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt">950</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">San Jose</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">1,775</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">1,965</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Caylloma</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">1,045</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">1,150</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Yaramoko</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">865</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">965</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">S&eacute;gu&eacute;la</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">630</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">730</FONT></TD></TR>
  <TR STYLE="background-color: #EDEDED">
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Consolidated cash cost </B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>$935</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>$1,055</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #365F91"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>AISC Guidance ($/oz Au Eq)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>2024 Guidance</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 50%; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Lindero</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,730</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 4%; text-align: center"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,950</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">San Jose</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,915</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">2,020</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Caylloma</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,475</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,720</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Yaramoko</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,220</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,320</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">S&eacute;gu&eacute;la</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,110</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: black">1,230</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Corporate G&amp;A</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #212121">65</FONT></TD></TR>
  <TR STYLE="background-color: #EDEDED">
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>Consolidated AISC</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>$1,485</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: black"><B>$1,640</B></FONT></TD></TR>
  </TABLE>
<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"></TD><TD STYLE="width: 9pt">Note:</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Cash cost includes production cash cost and for Lindero, is net of copper by-product credit. AISC includes sustaining capital expenditures,
worker&rsquo;s participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary
G&amp;A and Brownfields exploration and is estimated at metal prices of $1,800/oz Au, $22/oz Ag, $2,000/t Pb, and $2,500/t Zn. AISC excludes
government mining royalty recognized as income tax within the scope of IAS-12.</TD>
</TR></TABLE>

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