Positive Construction Decision For The Seguela Gold Project

VANCOUVER - Fortuna Silver Mines Inc. has made a decision to proceed with the construction of an open pit mine at the Seguela gold Project in Cote d’Ivoire. The company is ready to immediately commence construction with long lead items procured, and development teams established on the ground. In July 2021, Fortuna completed the acquisition of Roxgold Inc. which was advancing the Seguela Project. For specific details on the Seguela Project feasibility study, please refer to the technical report entitled “NI 43-101 Technical Report, Seguela Project, Feasibility Study, Worodougou Region, Cote d’Ivoire”.

Jorge A. Ganoza, President and CEO, said, “With a nine year mine life in reserves, 130,000 ounces of annual gold production in the initial six years, and compelling economics, Seguela is planned to become our fifth operating mine with first gold by mid-2023. Fortuna is in a solid financial position to fund the remaining $162 million initial capital investment and our teams in West Africa are primed and ready to start. Parallel to construction, the company plans to continue with well funded drill programs to test multiple remaining targets on the Seguela property, where over the last 12 months, the exploration team has successfully delivered gold discoveries at the Koula, Sunbird and Gabbro North prospects.”