Fortuna Silver Mines : Corporate Presentation

A diversified and growing global intermediate gold and silver producer

NYSE: FSM | TSX: FV

CORPORATE PRESENTATION

JANUARY 2023

CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS

This corporate presentation contains forward looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). 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 corporate presentation include, without limitation, statements about the Company's business strategy, outlook and plans; Fortuna's 2023 annual guidance, including expectations regarding the Company's production, cash costs and all-in sustaining costs (on a consolidated and on a segment basis); forecast metal production, mineral reserves, mineral resources, metal grades, recoveries, forecast total cash costs and all-in sustaining costs; the timing and extent of capital expenditures and exploration and drilling spending, as well as the expected benefits thereof; statements regarding the Company's plans for the construction of an open pit mine at the Séguéla project in Cote d'Ivoire, including related development activities, approvals and funding in connection therewith, the economics for the construction of the mine at the Séguéla project as set out in the feasibility study, the estimated construction capital expenditures for the Séguéla project, the timelines and schedules for the construction and production of gold at the project; estimated reserves, production, costs and valuation metrics provided in respect of the Séguéla project; the potential impact of the COVID-19 pandemic on the Company's business, operations and financial condition, including the Company's ability to operate or continue to operating at its sites; risks and challenges relating to potential future restrictions imposed in response to the COVID-19 pandemic that may impact the Company's operations; the ability of the Company to continue with its current operations, or to maintain its operations should additional changes not presently anticipated with the COVID-19 pandemic occur; increase in costs related to COVID-19; the Company's liquidity and debt levels, future plans and objectives based on forecasts of future operational or financial results; the estimates of expected or anticipated economic returns from the Company's mining operations including future sales of metals, concentrate or other products produced by the Company; uncertainties related to new mining operations such as the Lindero Mine and development projects such as the Séguéla project , including the possibility that actual capital and operating costs and economic returns will differ significantly from those estimated for such projects prior to production; anticipated approvals and other matters.

Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "scheduled", "anticipated", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "expected", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

The forward-looking statements in this corporate presentation also include financial outlooks and other forward-looking metrics relating to Fortuna and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance, anticipated future financial performance and anticipated production, costs and other metrics provided in respect of the Séguéla project. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, "FOFI"), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of Fortuna and its business and properties. These projections are provided to describe the prospective performance of the Company's business and operations. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; uncertainties related to new mining operations such as the Lindero Mine and development projects such as the Séguéla project including the possibility that actual capital and operating costs and economic returns will differ significantly from those estimated for such projects prior to production; risks relating to a global pandemic, including the COVID-19 pandemic, as well as risks associated with war and other geo-political hostilities such as the Ukrainian - Russian conflict, any of which could continue to cause a disruption in global economic activity and impact the Company's business, operations, financial condition and share price; uncertainty of production, development plans and cost estimates for the Company's mines; adverse changes in prices for gold, silver and other metals; technological and operational hazards in Fortuna's mining and mine development activities; market risks related to the sale of the Company's doré, concentrates and metals; future development risks, risks inherent in mineral exploration and project development and infrastructure; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the Company's ability to replace mineral reserves; changes to current estimates of mineral reserves and resources; changes to production estimates; the Company's ability to obtain adequate financing on acceptable terms for further exploration and development programs, acquisitions and opportunities; the risks associated with the completion of the Roxgold Acquisition, including the ability of the Company to successfully consolidate functions, integrate operations, procedures and personnel; fluctuations in currencies and exchange rates, rising rate of inflation; the imposition or extension of capital controls in countries in which the Company operates; governmental and other approvals; recoverability of value added tax and significant delays in the Company's collection process; claims and legal proceedings, including adverse rulings in litigation against the Company; the ability of the Company to

successfully contest and revoke the resolution of SEMARNAT which annuls the environmental impact assessment for the San Jose Mine; political or social unrest or instability in countries where Fortuna is active; labor relations issues; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, adverse changes in environmental, tax and other laws or regulations and the interpretation thereof; environmental matters including obtaining or renewing environmental permits and potential liability claims; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 30, 2022 and filed on SEDAR at www.sedar.com. 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.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the duration and impacts of the COVID-19 pandemic and other geo-political uncertainties on the Company's production, workforce, business, operations and financial conditions; mine production costs; expected trends in metal prices, rates of inflation and currency exchange rates; the accuracy of the Company's current mineral resource and reserve estimates; the ability to successfully integrate the operations of Roxgold into the operations of the Company; that all required approvals, titles, licenses and permits will be obtained on acceptable terms; that the Company will be successful in the legal proceedings to contest and revoke the resolution of SEMARNAT and re-instate the environmental impact assessment for the San Jose Mine; that there will be no significant disruptions affecting the Company's operations and other assumptions set out herein; market prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining consistent with current levels 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 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.

FINANCIAL INFORMATION

All references to dollar amounts in this corporate presentation are expressed in United States dollars unless otherwise indicated.

NON-IFRS FINANCIAL MEASURES

Fortuna's condensed interim consolidated financial statements for the three months ended September 30, 2022 and 2021 (the "Q3 2022 Financial Statements") which are referred to in this corporate presentation have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. However, this corporate presentation includes certain financial measures and ratios that are not defined under IFRS and are not disclosed in the Q3 2022 Financial Statements, including but not limited to: adjusted net income, adjusted EBITDA, adjusted EBITDA margin, total net debt, total net debt to EBITDA ratio, cash cost per tonne of processed ore; cash cost per ounce of gold sold; all in sustaining costs ("AISC") per payable ounce of gold sold; and AISC per payable ounce of silver equivalent sold.

These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company's performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company's performance prepared in accordance with IFRS.

Except as otherwise described below, the Company has calculated these non-IFRS financial measures and non-IFRS ratios consistently for all periods presented.

To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition, see "Non- IFRS Financial Measures" in the Company's management's discussion and analysis for the three months and nine months ended September 30, 2022 ("Q3 2022 MD&A"), which section is incorporated by reference in this corporate presentation, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this corporate presentation, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor and the additional purposes, if any, for which management of Fortuna uses such measures and ratios; and a qualitative reconciliation of each non-IFRS financial measure to the most directly comparable financial measure that is disclosed in the Company's Q3 2022 Financial Statements. The Q3 2022 Financial Statementsand the Q3 2022 MD&Amay be accessed on SEDAR at www.sedar.comunder the Company's profile, Fortuna Silver Mines Inc.

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FINANCIAL INFORMATION (continued)

NON-IFRS FINANCIAL MEASURES (continued)

The most directly comparable IFRS financial measures and results from the three months ended September 30, 2022 are below:

Non-IFRS Measure	Most Directly Comparable IFRS	Three Months Ended Sept. 30, 2022	Nine Months Ended Sept. 30, 2022
Measure	(unaudited)	(unaudited)
Free cash flow from operations	Net cash provided by operating	$34.0 million	$64.8 million
activities
Adjusted EBITDA	Net income	$54.4 million	$189.7 million
Adjusted net income	Net income	$2.3 million	$35.4 million
AISC	Cost of sales	$141.9 million	$396.0 million

Please see the description below of non-IFRS ratios not included in the Q3 2022 MD&A:

Adjusted EBITDA Margin

Adjusted EBITDA margin is a non-IFRS measure which is calculated as Adjusted EBITDA divided over Sales.

Management believes that Adjusted EBITDA margin provides valuable information as an indicator of the Company's ability to generate operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Adjusted EBITDA margin is also a common metric that provides additional information used by investors and analysts for valuation purposes based on an observed or inferred relationship between Adjusted EBITDA margin and market value. Adjusted EBITDA margin is not meant to be a substitute for other subtotals or totals presented in accordance with IFRS measures, but that rather should be evaluated in conjunction with IFRS measures.

The following table presents a reconciliation of Adjusted EBITDA margin from Sales, the most directly comparable IFRS measure, for the three months ended September 30, 2022 compared to September 30, 2021:

(Expressed in $ millions except Adjusted EBITDA margin)

As at	September 30, 2022	September 30, 2021
Sales	166.6	162.6
Adjusted EBITDA	54.4	75.3
Adjusted EBITDA margin (Adjusted EBITDA as a percentage of Sales)	33%	46%

The following table presents a reconciliation of Adjusted EBITDA margin from Sales, the most directly comparable IFRS measure, for the nine months ended September 30, 2022 compared to September 30, 2021:

(Expressed in $ millions except Adjusted EBITDA margin)

As at	September 30, 2022	September 30, 2021
Sales	516.8	400.9
Adjusted EBITDA	189.7	191.1
Adjusted EBITDA margin (Adjusted EBITDA as a percentage of Sales)	37%	48%

TECHNICAL INFORMATION

Eric N. Chapman, P.Geo, M.Sc., Senior Vice-President of Technical Services for the Company, a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this presentation pertaining to the Caylloma, San Jose, Lindero and Yaramoko mines. The Qualified Persons responsible for current mineral reserve and resource estimates are detailed as footnotes under the applicable tables in the appendices to this Presentation. See the Company's Annual Information Form dated March 30, 2022, available at www.sedar.comfor further information on the Company's material mineral properties as at December 31, 2021, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and resources. Information regarding construction activities for the Séguéla Project has been reviewed and approved by Raul Espinoza, F.AusIMM CP, Director of Technical Services for the Company, a qualified person under NI 43-101. Paul Weedon, Senior Vice President of Exploration for the Company, is a Qualified Person as defined by NI 43-101, being a member of the Australian Institute for Geoscientists (Membership #6001), and has reviewed and approved the exploration and scientific information contained in this presentation for Séguéla Project and the Boussoura Project.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF RESERVES AND RESOURCES

Reserve and resource estimates included in this corporate presentation have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") 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.

Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included on this website may not be comparable to similar information disclosed by U.S. companies.

ANALYST CONSENSUS FORECASTS

This corporate presentation contains information summarizing consolidated analyst consensus forecasts sourced from S&P Global as at January 25, 2023. This information is intended to provide an "order of magnitude" indication for comparison purposes only, and is not intended to be, and should not be treated as, a forecast, estimate or guidance made, adopted, confirmed or endorsed by Fortuna.

INTEGRATION OF ROXGOLD INC. ("Roxgold")

On July 2, 2021, the Company completed the business combination with Roxgold, whereby the Company acquired all of the issued and outstanding shares of Roxgold (the "Transaction"). Roxgold was a publicly traded precious metals mining company which owned the Yaramoko Mine in Burkina Faso, the Séguéla Project an advanced development project in Cote D'Ivoire, the Boussoura advanced exploration project in Burkina Faso and a portfolio of exploration assets in West Africa. The Company now operates four producing mines as a result of the Transaction. All production, operating and financial results of the Yaramoko Mine (including cash costs and AISC) and included in the Company's consolidated financial results, reflect only the results from July 2, 2021 onwards.

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FORTUNA'S STRENGTHS

Growth-oriented asset portfolio in two premier mining regions

We operate productive and

efficient mines that

generate stakeholder value

Committed to partnering with

communities and governments to

ensure that our operations are catalysts

for sustainable development

Arizaro gold Project, Lindero Mine, Argentina

Highly experienced leadership driving sustainable growth

Management team with track record of value creation in West Africa and Latin America

Diversified, complementary asset portfolio

Four operating mines and a fifth mine under construction

2023E Au Eq1 guidance2 of between 412 and 463 koz

Attractive near-term free cash flow

Fully funded 2023 development and exploration pipeline

Q1 - Q3 2022 Adjusted Net Income3,5 of $35.4 M, Adjusted EBITDA3,5 of $189.7 M and adjusted EBITDA margin4,5 of 37%

Stakeholder focused ESG strategy

Identified ESG factors with greatest potential to create value for stakeholders

Notes:
1.	Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,700/oz Au, $21/oz Ag, $2,000/t Pb and $3,200/t Zn or Au:Ag = 1:81.00, Au:Pb = 1:0.85, Au:Zn = 1:0.53
2.	Refer to Fortuna news release dated January 17, 2023, "Fortuna reports 2022 full year record production of 401,878 gold equivalent ounces and issues 2023 annual guidance"
3.	Refer to Fortuna news release dated November 9, 2022, "Fortuna reports results for the third quarter of 2022"
4.	Refer to page 11 of Fortuna'sMD&A for the three and nine months ended September 30, 2022	4
5.	These are non-IFRS measures | Refer to slides 2 and 3 for more information on non-IFRS measures

DELIVERING GLOBAL GROWTH

2023E production guidance1 of 282 to 320 koz Au + 6.3 to 6.9 Moz Ag or 412 to 463 koz Au Eq2

Production

		Corporate Office	Yaramoko Mine | BURKINA FASO
Development	Vancouver, Canada
				2023E PRODUCTION1
Exploration			92 - 102 koz Au
Baborigame | MEXICO
			Higo Blanco | MEXICO
San Jose Mine | MEXICO							Boussoura | BURKINA FASO
			Exploration portfolio | CÔTE D'IVOIRE
			ADVANCED EXPLORATION
2023E PRODUCTION1
5.3 - 5.8 Moz Ag | 34 - 37 koz Au

			Management Head Office
Caylloma Mine | PERU			Lima, Peru
2023E PRODUCTION1			Cerro Lindo | ARGENTINA
1.0 - 1.1 Moz Ag | 29 - 32 Mlbs Pb
43 - 48 Mlbs Zn
Lindero Mine | ARGENTINA
2023E PRODUCTION1
96 - 106 koz Au

Séguéla gold Project | CÔTE D'IVOIRE

2023E PRODUCTION1,4

60 - 75 koz Au

First gold pour in mid-2023

Notes:
1.	Refer to Fortuna news release dated January 17, 2023, "Fortuna reports 2022 full year record production of 401,878 gold equivalent ounces and issues 2023 annual guidance"
2.	Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,700/oz Au, $21/oz Ag, $2,000/t Pb and $3,200/t Zn or Au:Ag = 1:81.00, Au:Pb = 1:0.85, Au:Zn = 1:0.53
3.	Refer to Fortuna news release dated September 29, 2021, "Fortuna announces positive construction decision for its Séguéla gold Project in Côte d'Ivoire"
4.	Séguéla's production is based on first gold pour in mid-2023. Any material changes to the construction or commissioning schedule may have a material impact on Séguéla's production guidance	5
5.	WatchFortuna's Corporate video