Fortuna Mining Corp. - Annual Report 2023

NEWS RELEASE

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Fortuna Reports Results for the Fourth Quarter and Full Year 2023

(All amounts expressed in US dollars, tabular amounts in millions, unless otherwise stated)

Vancouver, March 6, 2024: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the fourth quarter and full year 2023.

Fourth Quarter and Full Year 2023 highlights

Financial

Attributable net loss for the quarter of $92.3 million or $0.30 per share after non-cash impairment charges of $90.6 million in Q4 2023, totaling an attributable net loss of $50.8 million for the full year 2023
Attributable adjusted net income[1] of $20.6 million or $0.07 per share in Q4 2023, totaling $64.9 million, or $0.22 per share for the full year 2023
Net cash generated by operations for the quarter was $105.1 million or $0.36 per share in Q4 2023, totaling $296.3 million or $ 1.0 per share for the full year 2023
Free cash flow from ongoing operations[1] of $66.2 million in Q4 2023; totaling $153.5 million for the full year 2023
The Company repaid $41.0 million of its corporate credit facility in the fourth quarter and the total net debt[1] at year end stands at $83.0 million. An additional payment of $25.0 million was made subsequent to year end.
Liquidity as at December 31, 2023 was $213.1 million

Operational

Record gold equivalent production of 136,154 ounces[3] in Q4 2023 and record annual gold equivalent production of 452,389 ounces[3] ; representing increases of 6 and 13 percent compared to the respective periods in 2022
Record gold production of 107,376 ounces in Q4 2023 and 326,638 ounces for the full year 2023
Silver production of 1,354,003 ounces in Q4 2023 and 5,883,691 ounces for the full year 2023
Consolidated cash cost per gold equivalent ounce[1] of $840 in Q4 2023 and $874 for the full year 2023
Consolidated AISC per gold equivalent ounce[1] of $1,509 for Q4 2023 and $1,508 for the full year 2023
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 0.39 in 2022

Growth and Development

During the fourth quarter of 2023 the Company initiated a 45,000-meter drill program at its newly acquired Diamba Sud project in Senegal. Subject to results the Company plans to produce a Preliminary Economic Assessment by the end of 2024
At the end of December 2023, the Séguéla Mine processing facility was performing 26% above name plate capacity. For 2024 management has identified opportunities to further optimize and debottleneck throughput.

Jorge A. Ganoza, President and CEO, commented, “In the fourth quarter Fortuna delivered strong free cash-flow from ongoing operations of $65 million compared to $70 million in the third quarter. The Company also achieved record gold equivalent production of 136,154 ounces and record sales of $265.3 million, representing increases of 6% and 9% respectively compared to Q3.” Mr. Ganoza added, “Fourth quarter net earnings were impacted by non-cash write-downs and the remaining short life of reserves at San Jose, where we have recorded a non-cash impairment charge of $90.6

1 Refer to Non-IFRS financial measures

2 AISC/oz Ag Eq calculated at realized metal prices, refer to mine site results for realized prices and Non-IFRS Financial Measures for silver equivalent ratio

3 Gold equivalent production includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,802/oz Au, $21.75/oz Ag, $2,161/t Pb and $3,468/t Zn or Au:Ag = 1:82.89, Au:Pb = 1:0.83, Au:Zn = 1:0.52

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million. At San Jose our exploration continues pursuing the discovery of new resources with the aim of extending production beyond 2024.”

Mr. Ganoza continued, “Fortuna had a strong close to 2023, with record annual gold production exceeding guidance and silver falling short by 7%. Gold equivalent production increased 13% to a record 452,389 gold equivalent ounces compared to 2022, and we have guided further growth in 2024. Record annual sales of $842.4 million were 24% above 2022. All our mines met or improved site AISC guidance for the year with the only exception being the San Jose Mine, which is operating on the tail end of reserves and had to contest with an illegal blockade at the beginning of the year.

Mr. Ganoza concluded, “For 2024 our capital allocation priorities continue to be centered on providing maximum balance sheet flexibility through further debt reduction, and funding of aggressive organic growth programs with approximately 200,000 meters of exploration drilling planned across the portfolio. The Diamba Sud project in Senegal and the Séguéla Mine in Côte d´Ivoire are priorities for our exploration programs during the year.”

Fourth Quarter 2023 and Full Year 2023 Consolidated Results

	Three months ended December 31,	Years ended December 31,	Years ended December 31,	Years ended December 31,
(Expressed in millions)	2023 2022 % Change	2023	2022	% Change
Sales 265.3 164.7 61% 842.4 681.5 24% Mine operating income 51.9 26.0 100% 190.0 146.8 29% Operating loss (77.4) (173.1) 55% (0.4) (113.6) 100% Attributable net loss (92.3) (152.8) 40% (50.8) (128.1) 60% Attributable loss per share - basic (0.30) (0.52) 43% (0.17) (0.44) 61% Adjusted attributable net income1 20.6 6.4 222% 64.9 41.4 57% Adjusted EBITDA1 120.3 55.8 116% 335.1 245.5 36% Net cash provided by operating activities 105.1 49.6 112% 296.9 194.2 53% Free cash flow from ongoing operations1 66.2 4.4 1,405% 153.5 69.2 122% Production cash cost ($/oz Au Eq) 840 873 (4%) 874 849 3% All-in sustaining cash cost ($/oz Au Eq) 1,509 1,579 (4%) 1,508 1,431 5% Capital expenditures2 Sustaining 46.8 33.9 38% 136.1 98.1 39% Non-sustaining3 1.8 (2.3) 178% 5.2 8.2 (37%) Séguéla construction - 23.5 (100%) 50.0 107.7 (54%) Brownfields 5.5 6.5 (15%) 16.1 23.3 (31%)
As at		December 31, 2023	December 31, 2022	% Change
Cash and cash equivalents 128.1 80.5 59% Net liquidity position (excluding letters of credit) 213.1 150.5 42% Shareholder's equityattributable to Fortuna shareholders 1,238.4 1,244.8 (1%)

1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

2 Capital expenditures are presented on a cash basis

3 Non-sustaining expenditures include greenfields exploration

Figures may not add due to rounding

Fourth Quarter 2023 Results

Attributable Net Loss and Adjusted Net Income

Attributable net loss for the period was $92.3 million compared to an attributable net loss of $152.8 million in Q4 2022 The loss in the quarter is explained by the following items:

An impairment charge of $90.6 million related to the anticipated closure of the San Jose Mine in late 2024, as the updated mine plan is scheduled to exhaust Mineral Reserves by the end of the year compared to mid-2025 as previously planned
A write-down of materials inventory of $10.1 million at the San Jose, Yaramoko and Lindero Mines
A write-down of low-grade ore stockpiles of $5.4 million at the Lindero Mine
A $6.4 million severance provision associated with the scheduled closure of the San Jose Mine

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A write-down of $5.9 million related to greenfield exploration projects in Mexico and Argentina

After adjusting for impairment charges and other non-recurring items, adjusted attributable net income was $20.6 million or $0.07 per share compared to $6.4 million or $0.02 per share in Q4 2022. The increase was primarily due to higher gold sales volume and higher gold prices. Higher gold sales volume was mainly due to the contribution of Séguéla in its second full quarter of production. This was combined with 7% higher sales at Yaramoko from higher processed head grade. This was partially offset by lower sales at San Jose related to lower head grades consistent with the Mineral Reserve and a reduction in mined tonnage related to operational challenges in backfilling and blasting activities. The realized gold price was $1,990 per ounce in Q4 2023 compared to $1,737 per ounce in Q4 2022.

Other items impacting the adjusted net income for the quarter compared to Q4 2022 were higher G&A of $3.3 million, mostly related to the addition of Séguéla G&A and timing of execution on certain corporate G&A items; higher foreign exchange loss of $2.4 million primarily related to 118% devaluation of the official exchange rate in Argentina as part of the measures taken by the new elected government to achieve a more sustainable real exchange rate in the short term; Other expenses of $2.7 million related to administrative penalties at Yaramoko, and a higher interest expense of $4.0 million as a result of higher interest rates and $1.4 million of interest charges capitalized in Q4 2022 vs nil in Q4 2023. This was partially offset by $12.4 million of investment income related to cross-border, Argentine pesos denominated bond trades.

Depreciation and Depletion

Depreciation and depletion increased $27.1 million to $71.6 million in the fourth quarter of 2023 compared to $44.5 million in the comparable period of 2022. The increase was primarily due to an increase in ounces sold as well as higher depletion per ounce at Séguéla due to the depletion of the purchase price allocation from the Roxgold acquisition of $17.1 million.

Adjusted EBITDA and Cash Flow

Adjusted EBITDA for the quarter was $120.3 million, a margin of 45% over sales, compared to $55.8 million and margin over sales of 34%, reported in the same period in 2022. The main driver for the increase in EBITDA was the contribution from Séguéla with EBITDA margin of 73% in Q4 2023, combined with higher EBITDA from Yaramoko related to higher gold output. In addition, adjusted EBITDA reflects the positive impact from the inclusion of $12.4 million of investment income at our Argentine operations. The trade associated with the investment income was a one-off event executed under a time limited waiver granted by the government of Argentina in Q4 to allow exporters a partial recovery of economic losses incurred from the accumulated lag of the nominal exchange rate with respect to inflation.

Net cash generated by operations for the quarter was $105.1 million or $0.34 per share compared to $49.6 million or $0.17 per share in Q4 2022. The increase of $54.8 million reflects higher EBITDA of $61.8 million.

Free cash flow from ongoing operations for the quarter was $66.2 million compared to $4.4 million in Q4 2022. The increase reflects higher net cash generated by operations.

Cash cost per ounce and AISC

Cash cost per gold equivalent ounce was $840, a decrease from the $873 reported in Q4 2022 as the contribution of lower cost ounces from Séguéla in Q4 2023 was offset by partially offset by higher cost per ounce at San Jose, which increased by over 64% due to lower production and higher costs year over year. This combined with higher cost per gold ounce at Lindero and Yaramoko of $120 and $131 respectively associated with lower head grades at Lindero and higher costs in Q4 2023 at Yaramoko. AISC per gold equivalent ounce was $1,509 in Q4, slightly below the $1,579 recorded the prior year due to lower capex on a per ounce basis, partially offset by higher royalties related to the higher realized gold price.

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Full Year 2023 Results

Attributable Net Loss and Adjusted Net Income

Attributable net loss for the year was $50.8 million, compared to an attributable net loss of $128.1 million in 2022. The loss in 2023 is explained by impairment charges of $90.6 million at the San Jose Mine explained above.

After adjusting for impairment charges and other non-recurring items, attributable adjusted net income for 2023 was $64.9 million or $0.22 per share, compared to $41.4 million or $0.14 per share in 2022. The increase was primarily due to higher gold sales volume and higher gold prices. Higher gold sales volume was mainly due to the contribution of Séguéla in the second half of the year upon successful commissioning and ramp-up in Q2 2023, and higher sales volume at Yaramoko explained by higher processed head grades in 2023. This was partially offset by lower production at Lindero, aligned with the grade profile in the mine plan, and lower head grades and processed ore at San Jose, explained by declining head grades in reserves and the impact of the 15 day mine stoppage in Q2 and related lingering operational challenges during the year. The realized gold price was $1,948 per ounce in 2023 compared to $1,802 per ounce in 2022.

Other items impacting the adjusted net income compared to 2022 were higher G&A of $2.7 million, mostly related to the addition of Séguéla G&A; higher foreign exchange loss of $4.6 million mostly related to the devaluation of the Argentine peso as described above; higher other expenses of $9.7 million related to $3.5 million of stand-by charges at San Jose and Yaramoko in Q2 2023, $2.8 million related to a new agreement with the worker´s union at San Jose in Q2 2023, and $3.7 million of administrative penalties at Yaramoko payable to the Ministry of Mines recorded in Q2 and Q4 2023, and a higher interest expense of $7.5 million as a result of an increased debt balance outstanding, higher interest rates and discontinued capitalized interest charges in the second half of the year. This was partially offset by $12.4 million of investment income related to cross-border, Argentine pesos denominated bond trades.

Depreciation and Depletion

Depreciation and depletion for 2023 increased $46.8 million to $219.7 million compared to $172.8 million in 2022. The increase was primarily due an increase in ounces sold, the start of depletion at Séguéla, including $25.3 million related to the purchase price allocation from Roxgold, and higher depletion at Yaramoko due to declining reserves which increased the depletion rate of new capital additions underground.

Adjusted EBITDA and Free Cash Flow

Adjusted EBITDA for the year was $335.1 million, a margin of 40% over sales, compared to $245.5 million reported in 2022, representing a margin of 36% over sales. The main drivers for the increase were the contribution of Séguéla with EBITDA margin of 69%, and higher production and improved margins at Yaramoko. In addition, adjusted EBITDA reflects the positive impact from the inclusion of $12.4 million of investment income at our Argentine operations as described above.

Net cash generated by operations for 2023 was $296.9 million or $1.00 per share compared to $194.2 million or $0.67 per share in 2022. The increase of $102.7 million is explained by higher EBITDA of $89.6 million combined with lower income tax paid of $16.3 million in 2023 primarily due to lower taxes paid at the San Jose Mine, no taxes paid at the Séguéla Mine in 2023 and higher repatriation withholding taxes incurred in 2022.

Free cash flow from ongoing operations for 2023 was $153.5 million compared to $69.2 million in 2022. The increase of $84.3 million reflects higher net cash generated by operations, partially offset by higher sustaining capital expenditures, including brownfields explorations. Sustaining capital expenditures on a cash basis increased by $27.6 million to $143.6 million explained by higher CAPEX at Lindero related to the leach-pad expansion and capex incurred at Séguéla in the second half of 2023.

Cash cost per ounce and AISC

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Cash cost per equivalent gold ounce was $874, slightly above the $849 reported in 2022 as the contribution of lower cost ounces from Séguéla in the second half of 2023 was offset by higher cost per gold ounce at Lindero of $182 related mainly to lower planned head grades in 2023, and higher cost per equivalent gold ounce at San Jose of $379 explained primarily by lower processed ore and lower head grades.

AISC per ounce of gold equivalent of $1,508 in 2023 was $77 above the $1,431 recorded the prior year due mainly to higher cash cost per gold equivalent ounce and higher capex at Lindero related to the leach pad expansion.

Liquidity

Total liquidity available to the Company as at December 31, 2023 was $213.1 million, comprised of $128.1 million of cash and cash equivalents and $85.0 million undrawn (excluding letters of credit) on the Company’s revolving $250.0 million credit facility. Total net debt as of the end of the quarter was $83.2 million.

Subsequent to the year end the Company paid down an additional $25.0 million on its corporate credit facility, taking the outstanding debt amount to $140.0 million.

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Lindero Mine, Argentina

	Three months ended December 31,		Years ended December 31,
	2023 2022		2023 2022
Mine Production Tonnes placed on the leach pad 1,556,000 1,334,509 Gold Grade (g/t) 0.63 0.80 Production (oz) 29,591 29,301 Metal sold (oz) 29,308 27,847 Realized price ($/oz) 1,993 1,732 Unit Costs Cash cost ($/oz Au)1 934 814 All-in sustaining cash cost ($/oz Au)1 1,557 1,219 Capital Expenditures ($000's)2 Sustaining 10,607 3,973 Sustaining leases 598 567 Non-sustaining 1,302 – Brownfields – 184		6,005,049 5,498,064 0.64 0.81 101,238 118,418 103,503 117,076 1,942 1,803 920 739 1,565 1,140 39,358 18,035 2,393 2,398 1,978 169 – 1,288

1 Cash cost and AISC are non-IFRS financial measures. Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. 2 Capital expenditures are presented on a cash basis.

In the fourth quarter of 2023, a total of 1,556,000 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.63 g/t, containing an estimated 31,665 ounces of gold. Gold production for Q4 2023 totaled 29,591 ounces. This represents a 1% increase in total ounces, from the previous quarter. Gold production was comprised of 24,977 ounces in doré bars, 4,443 ounces of gold contained in fine carbon, and 171 ounces contained in copper concentrate. Ore mined was 2.1 million tonnes, with a stripping ratio of 0.6:1. The stripping ratio in the fourth quarter was 45 percent lower than the third quarter of 2023.

For the full year 2023 gold production totaled 101,238 ounces, achieving midpoint of annual production guidance. Gold production comprised of 94,905 ounces in doré bars, 6,015 ounces in gold contained in fine carbon, and 319 ounces contained in copper concentrate. The stripping ratio for 2023 was 1.14:1, aligned with the mining plan for the year.

The cash cost per ounce of gold for the quarter ending December 31, 2023, was $934 compared to $814 in the same period of 2022. For the year ending December 31, 2023, the cash cost per ounce was $920, an increase from $739 in 2022. The increase in cash cost per ounce of gold for both the quarter and for the full year was primarily due to lower processed gold grades in accordance with the mine plan.

The all-in sustaining cash cost per gold ounce sold during Q4 2023 was $1,557, up from $1,219 in the fourth quarter of 2022. For the full year of 2023, the all-in sustaining cash cost was $1,565, compared to $1,140 in 2022. The increase both for the quarter and the year was driven by higher cash costs, along with increased sustaining capital expenditures related to the leach pad expansion. This was partially mitigated by higher copper by-product credits.

As of December 31, 2023, the leach pad expansion project is approximately 23% complete. Mobilization of the civil contractor’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.

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Yaramoko Mine, Burkina Faso

	Three months ended December 31,		Years ended December 31,
	2023 2022		2023 2022
Mine Production Tonnes milled 110,445 142,694 Gold Grade (g/t) 7.16 6.45 Recovery (%) 98 98 Production (oz) 28,235 26,190 Metal sold (oz) 28,229 26,250 Realized price ($/oz) 1,984 1,742 Unit Costs Cash cost ($/oz Au)1 949 818 All-in sustaining cash cost ($/oz Au)1 1,720 1,829 Capital Expenditures ($000's)2 Sustaining 12,620 18,994 Sustaining leases 1,077 1,419 Brownfields 1,261 2,855		531,579 546,651 6.81 6.37 98 98 117,711 106,108 117,676 107,433 1,945 1,802 809 840 1,499 1,529 49,938 45,665 4,758 5,692 4,917 5,873

The Yaramoko Mine produced 28,235 ounces of gold in the fourth quarter of 2023 with an average gold head grade of 7.16 g/t, 8% and 11% increases when compared to the same period in 2022. Higher production was due to higher grades partially offset by lower mill throughput in the fourth quarter and a planned maintenance shutdown in December.

Gold production in 2023 totaled 117,711 ounces, achieving the higher end of the annual guidance range.

The cash cost per ounce of gold sold for the quarter ended December 31, 2023, was $949 compared to $818 in the same period in 2022. The increase for the quarter is mainly attributed to higher mining costs, particularly due to equipment, energy, and overhead expenses, but was partially offset by higher gold production. For the year ending December 31, 2023, the cash cost per ounce of gold sold was $809, a decrease from $840 in 2022. The full year decrease is mainly due to increased production and lower mining costs during prior quarters.

The all-in sustaining cash cost per gold ounce sold was $1,720 for the quarter ended December 31, 2023, compared to $1,829 in the same period of 2022. The change in the quarter was primarily due to the increased cash cost described above, increased royalties and an administrative penalty in Q4, offset by reduced capital expenditures. For the full year, the all-in sustaining cash cost per gold ounces sold was $1,499 in 2023, compared to $1,529 in 2022. The increased royalties and administrative penalty costs in Q4 2023 were offset by increased production and decreased costs earlier in the year.

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.

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Séguéla Mine, Côte d'Ivoire

	Three months ended December 31,		Years ended December 31,
	2023 2022		2023 2022
Mine Production Tonnes milled 387,624 - Average tonnes crushed per day 4,123 - Gold Grade (g/t) 3.62 - Recovery (%) 95 - Production (oz) 43,096 - Metal sold (oz) 43,018 - Realized price ($/oz) 1,994 - Unit Costs Cash cost ($/oz Au)1 323 - All-in sustaining cash cost ($/oz Au)1 737 - Capital Expenditures ($000's)2 Sustaining 7,765 - Sustainingleases 2,285 -		807,617 - 3,282 - 3.42 - 94 - 78,617 - 78,521 - 1,963 - 357 - 760 - 10,912 - 5,329 -

1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.

2 Capital expenditures are presented on a cash basis

In the fourth quarter of 2023, mined material totaled 387,624 tonnes of ore, averaging 3.62 g/t Au, and containing an estimated 43,096 ounces of gold from the Antenna Pit. Movement of waste during the quarter totaled 2,110,209 tonnes, for a strip ratio of 5.4:1. Séguéla produced 43,096 ounces of gold, a 37% increase and a 5% decrease, respectively, compared to the third quarter of 2023. The increase in gold production is directly related to the mill achieving consistently higher throughput, processing 387,624 tonnes, a 25% increase over the previous quarter.

Gold production in 2023 totaled 78,617 ounces, exceeding the higher end of the annual guidance range.

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% higher ore tonnes mined at 16% higher grades resulting in 24% more gold ounces extracted than predicted in the model.

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 tonnes/hour, a 20% increase on the 154 tonnes/hour nameplate capacity.

Cash cost per gold ounce sold was $323 for Q4 2023 and $357 for the full year, which was below plan and guidance, primarily due to higher production, higher head grades, lower consumable consumption, and lower service costs.

All-in sustaining cash cost per gold ounce sold was $737 for Q4 2023 and $760 for the full year, which was below plan and guidance, primarily due to lower cash cost and higher sales volume, partially offset by higher capital expenditures.

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San Jose Mine, Mexico

	Three months ended December 31,		Years ended December 31,
	2023 2022		2023 2022
Mine Production Tonnes milled 241,035 259,500 Average tonnes milled per day 2,678 2,883 Silver Grade (g/t) 145 194 Recovery (%) 91 91 Production (oz) 1,023,525 1,473,627 Metal sold (oz) 1,040,888 1,482,452 Realized price ($/oz) 23.35 21.37 Gold Grade (g/t) 0.91 1.13 Recovery (%) 90 90 Production (oz) 6,345 8,499 Metal sold (oz) 6,406 8,621 Realized price ($/oz) 1,983 1,734 Unit Costs Production cash cost ($/t)2 103.89 86.26 Production cash cost ($/oz Ag Eq)1,2 17.57 11.16 All-in sustaining cash cost ($/oz Ag Eq)1,2 21.98 15.53 Capital Expenditures ($000's)3 Sustaining 3,190 3,695 Sustaining leases 246 169 Non-sustaining 505 – Brownfields 1,257 961		930,200 1,029,590 2,643 2,925 171 191 91 91 4,656,631 5,762,563 4,659,611 5,755,330 23.36 21.73 1.06 1.14 90 90 28,559 34,124 28,524 34,201 1,942 1,802 98.98 81.33 14.40 10.56 19.40 15.11 14,018 15,731 878 658 1,682 869 4,215 5,606

1 Production cash cost silver equivalent and All-in sustaining cash cost silver equivalent are calculated using realized metal prices for each period respectively. 2 Production cash cost, Production cash cost silver equivalent, and All-in sustaining cash cost silver equivalent are Non-IFRS Financial Measures, refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. 3 Capital expenditures are presented on a cash basis.

In the fourth quarter of 2023, San Jose produced 1,023,525 ounces of silver and 6,345 ounces of gold, 31% and 25% decreases respectively, at average head grades for silver and gold of 145 g/t and 0.91 g/t, 25% and 20% decreases respectively, when compared to the same period in 2022. 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.

Production in 2023 totaled 4,656,631 ounces of silver and 28,559 ounces of gold, 12% and 16% below annual guidance range, respectively. The decrease in production is attributed primarily to the 15-day illegal union blockade in the second quarter, the associated disruption to operations thereafter, and a silver and gold head grade reconciliation to reserves at the lower end of guidance range.

The cash cost per silver equivalent ounce for the three months ending December 31, 2023, was $17.57, an increase from $11.16 in the same period of 2022. This increase was primarily attributed to lower head grades, as discussed above, and higher cash costs per tonne primarily related to the appreciation of the Mexican peso, higher mining contractor tariffs, and a 7% decrease in processed ore. For the year ending December 31, 2023 the cash cost per silver equivalent ounce sold was $14.40 compared to $10.56. The full year increase was driven by lower head grades, and higher cash cost per tonne, which was similarly influenced by the appreciation of the Mexican Peso and 10% lower tonnes processed.

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The all-in sustaining cash cost of payable silver equivalent for the three months ended December 31, 2023 increased by 42% to $21.98 per ounce, and full year 2023 increased by 28% to $19.40 per ounce. This compares to $15.53 per ounce and $15.11 per ounce for the same periods in 2022. These increases were mainly driven by higher cash costs and lower production, slightly mitigated by lower workers' participation costs.

The decrease in Brownfields expenditures is primarily attributable to reduced drilling activity in 2023. Drilling in 2023 was however higher than initially anticipated, owing to the emergent drilling campaign at the Yessi vein, discovered in the third quarter of the year. Exploration at the Yessi vein continues.

Caylloma Mine, Peru

	Three months ended December 31,		Years ended December 31,
	2023 2022		2023 2022
Mine Production Tonnes milled 140,800 138,491 Average tonnes milled per day 1,564 1,556 Silver Grade (g/t) 88 75 Recovery (%) 83 81 Production (oz) 330,478 273,119 Metal sold (oz) 353,935 289,870 Realized price ($/oz) 23.06 21.28 Gold Grade (g/t) 0.11 0.12 Recovery (%) 21 22 Production (oz) 109 122 Metal sold (oz) — — Realized price ($/oz) — — Lead Grade (%) 3.84 3.22 Recovery (%) 91 89 Production (000's lbs) 10,798 8,735 Metal sold (000's lbs) 11,641 9,118 Realized price ($/lb) 0.97 0.96 Zinc Grade (%) 5.00 4.63 Recovery (%) 90 89 Production (000's lbs) 13,933 12,575 Metal sold (000's lbs) 14,407 11,027 Realized price ($/lb) 1.13 1.35 Unit Costs Production cash cost ($/t)2 100.71 95.70 Production cash cost ($/oz Ag Eq)1,2 13.67 12.46 All-in sustaining cash cost ($/oz Ag Eq)1,2 22.34 20.30 Capital Expenditures ($000's)3 Sustaining 8,635 7,188 Sustaining leases 912 845 Brownfields 966 473		543,876 546,186 1,528 1,539 85 80 83 81 1,227,060 1,144,714 1,229,298 1,156,381 23.37 21.81 0.13 0.14 22 32 513 777 40 603 1,902 1,864 3.74 3.27 91 88 40,852 34,588 41,074 34,869 0.98 0.98 5.11 4.32 90 89 55,060 46,176 56,166 44,770 1.23 1.57 100.40 92.96 14.28 12.34 19.90 17.97 17,903 18,694 3,538 3,350 2,302 1,202

3 Capital expenditures are presented on a cash basis.

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In the fourth quarter, the Caylloma Mine produced 330,478 ounces of silver at an average head grade of 88 g/t, a 21% and 17% 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%.

Lead and zinc production for the quarter was 10.8 million pounds of lead, and 13.9 million pounds of zinc. Lead and zinc production rose by 24% and 11%, respectively, compared to the same period in 2022. Head grades averaged 3.84%, and 5.00%, a 19% and 8% increase, 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. Gold production for the quarter totaled 109 ounces with an average head grade of 0.11 g/t.

The cash cost per silver equivalent ounce sold for the quarter ended December 31, 2023, was $13.67 compared to $12.46 in the same period in 2022. The increase for the quarter is attributed primarily due to higher cash cost per tonne, higher treatment charges and the impact of higher silver prices on the calculation of silver equivalent ounces . For the year ended December 31, 2023, the cash cost per ounce of gold sold was $14.3, compared to $12.3 in 2022. The full year increase was driven mainly by the same factors explained above for the quarter.

The all-in sustaining cash cost per ounce of payable silver equivalent for the three months ended December 31, 2023, increased 10% to $22.34, compared to $20.30 for the same period in 2022. The all-in sustaining cash cost per ounce of payable silver equivalent for the full year 2023 increased 11% to $19.90, compared to $17.97 in 2022. The increases were mainly driven by the impact of higher silver prices on the calculation of silver equivalent ounces, higher cash costs per ounce and higher capital costs.

Underground development for the quarter was mainly focused on mine levels 15, 16, and 18. The increase in Brownfields expenditures is primarily attributable to greater meterage and additional diamond drilling.

Qualified Person

Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

Fortuna | 11

Fourth Quarter Unaudited and Annual Audited Income Statement and Cash Flow

Income Statement

		Three	months ended	months ended	December 31,		Years ended December 31,	Years ended December 31,	Years ended December 31,
	Note		2023		2022		2023		2022
Sales	20	$	265,314	$	164,723	$	842,428	$	681,491
Cost of sales	21		213,462		138,683		652,403		534,695
Mine operatingincome			51,852		26,040		190,025		146,796
General and administration	22		19,909		16,676		64,073		61,456
Foreign exchange loss			2,430		442		10,885		8,866
Impairment of mineral properties, plant and equipment	32		90,615		182,842		90,615		182,842
Write-off of mineral properties			5,263		372		5,985		5,874
Other(income)expenses	23		11,009		(1,186)		18,874		1,310
			129,226		199,146		190,432		260,348
Operating loss			(77,374)		(173,106)		(407)		(113,552)
Investment gains	5		12,395		—		12,395		-
Interest and finance costs, net	24		(7,535)		(3,111)		(21,790)		(12,057)
(Loss) gain on derivatives	20		(301)		453		(1,249)		500
			4,559		(2,658)		(10,644)		(11,557)
Loss before income taxes			(72,815)		(175,764)		(11,051)		(125,109)
Income taxes
Current income tax expense	25		27,057		7,756		42,636		35,783
Deferred income tax expense(recovery)	25		(10,033)		(23,086)		(10,057)		(24,986)
			17,024		(15,330)		32,579		10,797
Net loss for theyear		$	(89,839)	$	(160,434)	$	(43,630)	$	(135,906)
Net loss attributable to:
Fortuna shareholders		$	(92,316)	$	(152,772)	$	(50,836)	$	(128,132)
Non-controllinginterest	30		2,477		(7,662)		7,206		(7,774)
		$	(89,839)	$	(160,434)	$	(43,630)	$	(135,906)
Loss per share	19
Basic		$	(0.30)	$	(0.52)	$	(0.17)	$	(0.44)
Diluted		$	(0.30)	$	(0.52)	$	(0.17)	$	(0.44)
Weighted average number of common shares outstanding	(000's)
Basic			306,511		291,429		295,067		291,281
Diluted			306,511		291,429		295,067		291,281

Fortuna | 12

Statement of Cash Flow

			Three months ended	Three months ended	December 31,		Years ended December 31,	Years ended December 31,	Years ended December 31,
	Note		2023		2022		2023		2022
Operating activities:
Net loss for the year		$	(89,839)		(160,434)	$	(43,630)	$	(135,906)
Items not involving cash
Depletion and depreciation			71,602		44,499		219,688		172,809
Accretion expense	24		1,597		1,256		6,773		4,830
Income taxes			17,023		(15,329)		32,579		10,797
Interest expense, net	24		5,933		1,855		15,017		7,227
Share-based payments, net of cash settlements			2,602		2,961		2,017		(1)
Impairment of mineral properties, plant and equipment	32		90,615		182,841		90,615		182,841
Inventory net realizable value adjustments	6		5,260		3,809		6,188		8,898
Inventory obsolescence adjustments	6		10,097		-		10,097		-
Write-off of mineral properties	9		5,210		372		5,985		5,874
Unrealized foreign exchange loss			4,441		(1,911)		5,706		4,554
Investment gains	5		(12,395)		-		(12,395)		-
Unrealized gains on derivatives			81		182		(170)		(1,194)
Other	23		4,462		(239)		5,142		-
Closure and reclamation payments	16		(599)		(270)		(1,203)		(623)
Changes in workingcapital	29		887		38		(9,737)		(18,021)
Cash provided by operating activities			116,977		59,630		332,672		242,085
Income taxes paid			(6,271)		(7,351)		(25,872)		(42,222)
Interest paid			(6,916)		(3,366)		(13,545)		(7,465)
Interest received			1,287		660		3,654		1,851
Net cashprovided byoperatingactivities			105,076		49,573		296,909		194,249
Investing activities:
Costs related to Chesser acquisition, net of cash acquired	8		(10,260)		-		(13,321)		-
Restricted cash			-		-		—		(1,911)
Additions to mineral properties and property, plant and equipment			(51,852)		(70,402)		(217,314)		(251,236)
Contractor advances on Séguéla construction			-		-		(8)		(2,186)
Purchases of investments	5		(9,359)		-		(9,359)		-
Proceeds from sale of investments	5		21,754		-		21,754		-
Other investingactivities			(1,283)		-		1,364		-
Cash used in investingactivities			(51,000)		(70,402)		(216,884)		(255,333)
Financing activities:
Transaction costs on credit facility	14		-		-		—		(688)
Proceeds from credit facility	14		10,000		15,000		75,500		80,000
Repayment of credit facility	14		(50,500)		-		(90,500)		(20,000)
Repurchase of common shares	18		-		-		—		(5,929)
Issuance of common shares from option exercise			301		-		301		-
Payments of lease obligations			(4,976)		(2,988)		(16,625)		(12,209)
Dividendpayment to non-controllinginterest			(87)		-		(1,392)		(2,708)
Cash(used in) provided byfinancingactivities			(45,262)		12,012		(32,716)		38,466
Effect of exchange rate changes on cash and cash equivalents			1,551		1,457		346		(3,986)
Increase (decrease) in cash and cash equivalents during the year			10,365		(7,360)		47,655		(26,604)
Cash and cash equivalents,beginningof theyear			117,780	$	116,126		80,493		107,097
Cash and cash equivalents,end of theyear		$	128,145	$	108,766	$	128,148	$	80,493
Cash and cash equivalents consist of:
Cash		$	106,135	$	65,140	$	106,135	$	65,140
Cash equivalents			22,013		15,353		22,013		15,353
Cash and cash equivalents,end of theyear		$	128,148	$	80,493	$	128,148	$	80,493
Supplemental cash flow information (Note 29)

Fortuna | 13

Non-IFRS Financial Measures

The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: cash cost per ounce of gold equivalent sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold equivalent sold; total production cash cost per tonne; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; free cash flow from ongoing operations; adjusted net income; attributable adjusted net income; adjusted EBITDA; net debt and working capital.

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. The Company has calculated these measures 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 fiscal year ended December 31, 2023 (“2023 MD&A”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, 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 ratio. The 2023 MD&A may be accessed on SEDAR+ at www.sedarplus.ca under the Company’s profile, Fortuna Silver Mines Inc.

Except as otherwise described in the 2023 MD&A, the Company has calculated these measures consistently for all periods presented.

Fortuna | 14

Reconciliation to Adjusted Net Income for the Three and Twelve Months ended December 31, 2023 and 2022

	Three months	ended December 31,	Years ended December 31,	Years ended December 31,
Consolidated(in millions of US dollars)	2023	2022	2023	2022
Net income	(89.8)	(160.4)	(43.6)	(135.9)
Adjustments, net of tax:
Community support provision and accruals1	(0.4)	(0.1)	(0.5)	(0.1)
Foreign exchange loss, Séguéla Mine2	-	(0.4)	-	0.8
Write off of mineral properties	4.0	0.3	4.5	5.1
Unrealized loss on derivatives	0.1	0.1	(0.3)	(0.4)
Impairment of mineral properties, plant and equipment	90.6	164.5	90.6	164.5
Inventory adjustment	13.5	3.8	14.2	8.0
Accretion on right of use assets	0.5	0.5	3.3	2.3
Other non-cash/non-recurringitems	4.9	(1.1)	4.4	(1.7)
Adjusted Net Income	23.4	7.2	72.6	42.6

1 Amounts are recorded in Cost of sales

2 Amounts are recorded in General and Administration Figures may not add due to rounding

Reconciliation to Attributable Adjusted Net Income for the Three and Twelve Months ended December 31, 2023 and 2022

	Three months	ended December 31,	Years ended December 31,	Years ended December 31,
Consolidated(in millions of US dollars)	2023	2022	2023	2022
Net loss attributable to shareholders	(92.3)	(152.8)	(50.8)	(128.1)
Adjustments, net of tax:
Community support provision and accruals1	(0.4)	(0.1)	(0.5)	(0.1)
Foreign exchange loss, Séguéla Mine2	–	(0.4)	–	1.1
Write off of mineral properties	4.0	0.3	4.5	5.1
Unrealized loss (gain) on derivatives	0.1	0.1	(0.3)	(0.4)
Impairment of mineral properties, plant and equipment	90.6	155.9	90.6	155.9
Inventory adjustment	13.2	3.8	13.9	7.6
Accretion on right of use assets	0.5	0.5	3.1	2.3
Other non-cash/non-recurringitems	4.9	(0.9)	4.4	(2.0)
Attributable Adjusted Net Income	20.6	6.4	64.9	41.4

1 Amounts are recorded in Cost of sales

2 Amounts are recorded in General and Administration

Figures may not add due to rounding

Reconciliation to Adjusted EBITDA for the Three and Twelve Months ended December 31, 2023 and 2022

	Three months	ended December 31,	Years ended December 31,	Years ended December 31,
Consolidated(in millions of US dollars)	2023	2022	2023	2022
Net income	(89.8)	(160.4)	(43.6)	(135.9)
Adjustments:
Community support provision and accruals	(0.5)	(0.1)	(0.7)	(0.1)
Inventory adjustment	15.4	3.8	16.3	8.9
Foreign exchange loss, Séguéla Mine	-	(0.4)	0.8	0.8
Net finance items	7.5	3.1	21.8	12.1
Depreciation, depletion, and amortization	71.6	45.3	219.6	172.8
Income taxes	17.0	(15.3)	32.6	10.8
Impairment of mineral properties, plant and equipment	90.6	182.8	90.6	182.8
Other non-cash/non-recurringitems	8.5	(3.0)	(2.3)	(6.7)
Adjusted EBITDA	120.3	55.8	335.1	245.5

Figures may not add due to rounding

Fortuna | 15

Reconciliation of Free Cash Flow from ongoing operations for the Three and Twelve Months ended December 31, 2023 and 2022

	Three months	ended December 31,	Years ended	December 31,
Consolidated(in millions of US dollars)	2023	2022	2023	2022
Net cash provided by operating activities	105.1	49.6	296.9	194.2
Adjustments
Séguéla, working capital	-	-	4.4	-
Additions to mineral properties, plant and equipment	(46.3)	(39.6)	(143.6)	(113.4)
Gain on blue chip swap investments	12.4	-	12.4	-
Mexican royalty payment	-	-	-	3.0
Other adjustments	(5.0)	(5.6)	(16.6)	(14.6)
Free cash flow from ongoingoperations	66.2	4.4	153.5	69.2

Figures may not add due to rounding

Reconciliation of Cash Cost per Gold Equivalent Ounce Sold for the Three and Twelve Months ended December 31, 2023 and 2022

Cash Cost Per Gold Equivalent Ounce Sold - Q4 2023 Lindero Yaramoko Séguéla San Jose Caylloma	GEO Cash Costs
Cost of sales 57,913 49,598 46,239 41,108 18,599 213,457 Inventory adjustment (7,884) (3,033) — (4,407) (683) (16,007) Depletion, depreciation, and amortization (15,061) (15,345) (25,972) (11,407) (3,476) (71,261) Royalties and taxes (3,916) (4,437) (6,364) (815) (227) (15,759) By-product credits (4,183) — — — — (4,183) Right of use — — — 219 365 584 Other — — — 344 (397) (53)
Production cash costs 26,869 26,783 13,903 25,042 14,181 106,778 Inventory adjustment — — — (147) 683 536 Right of use — — — (219) (365) (584) Depletion and depreciation in concentrate inventory — — — 56 10 66 Realized gain on diesel hedge — — — — — — Treatment and refiningcharges — — — 1,505 4,241 5,746
Cash cost applicable per gold equivalent ounce sold 26,869 26,783 13,903 26,237 18,750 Ounces ofgold equivalent sold 28,779 28,229 43,018 17,650 16,236	112,542 133,912
Cash cost per ounce of gold equivalent sold ($/oz) 934 949 323 1,487 1,155	840

Gold equivalent was calculated using the realized prices for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for Q4 2023.

Fortuna | 16

Cash Cost Per Gold Equivalent Ounce Sold - Q4 2022 Lindero Yaramoko Séguéla San Jose Caylloma	GEO Cash Costs
Cost of sales 43,057 42,084 — 34,775 16,676 136,592 Inventory adjustment (312) — — 27 216 (69) Depletion, depreciation, and amortization (13,441) (17,884) — (10,557) (2,960) (44,842) Royalties and taxes (3,353) (2,732) — (1,260) (181) (7,526) By-product credits (982) — — — — (982) Right of use — — — — — — Other — — — (601) (497) (1,098)
Production cash costs 24,969 21,468 — 22,384 13,254 82,075 Inventory adjustment (1,379) — — (27) (216) (1,622) Right of use — — — — — — Depletion and depreciation in concentrate inventory — — — 47 (120) (73) Realized gain on diesel hedge (1,105) — — — — (1,105) Treatment and refiningcharges — — — 947 3,128 4,075
Cash cost applicable per gold equivalent ounce sold 22,485 21,468 — 23,351 16,046 Ounces ofgold equivalent sold 27,634 26,250 — 25,747 15,795	83,350 95,426
Cash cost per ounce of gold equivalent sold ($/oz) 814 818 — 907 1,016	873

Gold equivalent was calculated using the realized prices for gold of $1,737/oz Au, $21.4/oz Ag, $2,106/t Pb, and $2,986/t Zn for Q4 2022.

Cash Cost Per Gold Equivalent Ounce Sold - Year 2023 Lindero Yaramoko Séguéla San Jose Caylloma	GEO Cash Costs
Cost of sales 176,696 186,757 79,472 140,068 69,408 652,401 Inventory adjustment (10,693) (3,859) — (4,564) (576) (19,692) Depletion, depreciation, and amortization (51,258) (73,064) (40,529) (40,058) (13,390) (218,299) Royalties and taxes (14,958) (14,678) (10,932) (4,390) (1,078) (46,036) By-product credits (7,921) — — — — (7,921) Right of use — — — 758 1,933 2,691 Other — — — 253 (1,692) (1,439)
Production cash costs 91,866 95,156 28,011 92,067 54,605 361,705 Inventory adjustment 2,823 — — 10 576 3,409 Right of use — — — (758) (1,933) (2,691) Depletion and depreciation in concentrate inventory — — — 30 76 106 Realized gain on diesel hedge — — — — — — Treatment and refiningcharges — — — 4,352 19,974 24,326
Cash cost applicable per gold equivalent ounce sold 94,689 95,156 28,011 95,701 73,298 Ounces ofgold equivalent sold 102,896 117,676 78,521 80,458 63,229	386,855 442,780
Cash cost per ounce of gold equivalent sold ($/oz) 920 809 357 1,189 1,159	874

Gold equivalent was calculated using the realized prices for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for year 2023.

Fortuna | 17

Cash Cost Per Gold Equivalent Ounce Sold - Year 2022 Lindero Yaramoko Séguéla San Jose Caylloma	GEO Cash Costs
Cost of sales 164,179 171,846 — 129,088 67,491 532,604 Inventory adjustment 293 (6,397) — 156 48 (5,900) Depletion, depreciation, and amortization (54,644) (64,894) — (37,773) (14,108) (171,419) Royalties and taxes (15,545) (11,630) — (5,262) (867) (33,304) By-product credits (1,214) (25) — — — (1,239) Right of use — — — — — — Other — (329) — (2,477) (1,789) (4,595)
Production cash costs 93,069 88,571 — 83,732 50,775 316,147 Inventory adjustment (1,984) 1,320 — (156) (48) (868) Right of use — — — — — — Depletion and depreciation in concentrate inventory — — — (2) 76 74 Realized gain on diesel hedge (4,620) — — — — (4,620) Treatment and refiningcharges — 329 — 3,508 15,476 19,313
Cash cost applicable per gold equivalent ounce sold 86,465 90,220 — 87,082 66,279 Ounces ofgold equivalent sold 116,950 107,433 — 99,439 64,952	330,046 388,774
Cash cost per ounce of gold equivalent sold ($/oz) 739 840 — 876 1,020	849

Gold equivalent was calculated using the realized prices for gold of $1,802/oz Au, $21.8/oz Ag, $2,161/t Pb, and $3,468/t Zn for year 2022.

Reconciliation of All-in Sustaining Cash Cost per Ounce of Gold Equivalent Sold for the Three and Twelve Months ended December 31, 2023 and 2023

AISC Per Gold Equivalent Ounce Sold - Q4 2023	Lindero Yaramoko Séguéla San Jose Caylloma	Corporate GEO AISC
Cash cost applicable per gold equivalent ounce sold Inventory net realizable value adjustment Royalties and taxes Worker's participation General and administration Stand-by	26,869 26,783 13,903 26,237 18,750 — — — — — 3,916 4,437 6,364 815 227 — — — (430) 399 2,833 (336) 1,398 1,789 1,344 — 2,700 — — —	— 112,542 — — — 15,759 — (31) 12,603 19,631 — 2,700
Total cash costs Sustainingcapital1	33,618 33,584 21,665 28,411 20,720 11,205 14,958 10,050 4,693 10,513	12,603 150,601 — 51,419
All-in sustaining costs Gold equivalent ounces sold	44,823 48,542 31,715 33,104 31,233 28,779 28,229 43,018 17,650 16,236	12,603 202,020 — 133,912
All-in sustainingcostsper ounce	1,557 1,720 737 1,876 1,924	— 1,509

Gold equivalent was calculated using the realized prices for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for Q4 2023. 1 Presented on a cash basis

Fortuna | 18

AISC Per Gold Equivalent Ounce Sold - Q4 2022	Lindero Yaramoko Séguéla San Jose Caylloma	Corporate GEO AISC
Cash cost applicable per gold equivalent ounce sold Inventory net realizable value adjustment Royalties and taxes Worker's participation General and administration Stand-by	22,485 21,468 — 23,351 16,046 1,052 — — — — 3,353 2,732 — 1,260 181 — — — 751 480 2,081 531 — 2,319 928 — — — — —	— 83,350 — 1,052 — 7,526 — 1,231 10,329 16,188 — —
Total cash costs Sustainingcapital3	28,971 24,731 — 27,681 17,635 4,724 23,268 — 4,825 8,506	10,329 109,347 — 41,323
All-in sustaining costs Gold equivalent ounces sold	33,695 47,999 — 32,506 26,141 27,634 26,250 — 25,747 15,795	10,329 150,670 — 95,426
All-in sustainingcostsper ounce	1,219 1,829 — 1,263 1,655	— 1,579

Gold equivalent was calculated using the realized prices for gold of $1,737/oz Au, $21.4/oz Ag, $2,106/t Pb, and $2,986/t Zn for Q4 2022. 1 Presented on a cash basis

AISC Per Gold Equivalent Ounce Sold - Year 2023	Lindero Yaramoko Séguéla San Jose Caylloma	Corporate GEO AISC
Cash cost applicable per gold equivalent ounce sold Inventory net realizable value adjustment Royalties and taxes Worker's participation General and administration Stand-by	94,689 95,156 28,011 95,701 73,298 — 334 — — — 14,958 14,678 10,932 4,390 1,078 — — — (316) 1,927 9,624 919 4,510 7,040 4,810 — 5,699 — 4,084 —	— 386,855 — 334 — 46,036 — 1,611 35,903 62,806 — 9,783
Total cash costs Sustainingcapital3	119,271 116,786 43,453 110,899 81,113 41,751 59,613 16,241 19,111 23,743	35,903 507,425 — 160,459
All-in sustaining costs Gold equivalent ounces sold	161,022 176,399 59,694 130,010 104,856 102,896 117,676 78,521 80,458 63,229	35,903 667,884 — 442,780
All-in sustainingcostsper ounce	1,565 1,499 760 1,616 1,658	— 1,508

Gold equivalent was calculated using the realized prices for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for year 2023. 1 Presented on a cash basis

AISC Per Gold Equivalent Ounce Sold - Year 2022	Lindero Yaramoko Séguéla San Jose Caylloma	Corporate GEO AISC
Cash cost applicable per gold equivalent ounce sold Inventory net realizable value adjustment Royalties and taxes Worker's participation General and administration Stand-by	86,465 90,220 — 87,082 66,279 1,052 3,125 — — — 15,545 11,630 — 5,262 867 — — — 3,096 2,087 8,578 2,101 — 7,164 4,063 — — — — —	— 330,046 — 4,177 — 33,304 — 5,183 37,661 59,567 — —
Total cash costs Sustainingcapital3	111,640 107,076 — 102,604 73,296 21,721 57,230 — 21,995 23,246	37,661 432,277 — 124,192
All-in sustaining costs Gold equivalent ounces sold	133,361 164,306 — 124,599 96,542 116,950 107,433 — 99,439 64,952	37,661 556,469 — 388,774
All-in sustainingcostsper ounce	1,140 1,529 — 1,253 1,486	— 1,431

Gold equivalent was calculated using the realized prices for gold of $1,802/oz Au, $21.8/oz Ag, $2,161/t Pb, and $3,468/t Zn for year 2022. 1 Presented on a cash basis

Fortuna | 19

Reconciliation of Production Cash Cost per Tonne and Cash Cost per Payable Silver Equivalent Ounce Sold for the Three and Twelve Months ended December 31, 2023 and 2022

Cash Cost Per Silver Equivalent Ounce Sold -Q4 2023 San Jose Caylloma	SEO Cash Costs
Cost of sales 41,108 18,599 59,707 Inventory adjustment (4,407) (683) (5,090) Depletion, depreciation, and amortization (11,407) (3,476) (14,883) Royalties and taxes (815) (227) (1,042) By-product credits — — — Right of use 219 365 584 Other 344 (397) (53)
Production cash costs 25,042 14,181 Total tonnes 241,035 140,800	39,223 381,835
Production cash cost per tonne 104 101 Cash Costs 25,042 14,181 Inventory adjustment (147) 683 Depletion and depreciation in concentrate inventory 56 10 Treatment and refiningcharges 1,505 4,241	103 39,223 536 66 5,746
Cash cost applicable per silver equivalent sold 26,456 19,115 Ounces of silver equivalent sold1 1,505,763 1,398,062	45,571 2,903,825
Cash costper ounce of silver equivalent sold($/oz) 17.57 13.67	15.69

1 Silver equivalent sold for Q4 2023 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Q4 2023 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:23.8 pounds, and silver to zinc ratio of 1:20.3 pounds.