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● ● FORTRED ● FORTUNA Vancouver , August 11 , 2021 : Fortuna Silver Mines Inc. ( NYSE : FSM ) ( TSX : FVI ) ( " Fortuna " or the " Company " ) today reported second quarter 2021 net income of $ 16.2 million , adjusted net income¹ of $ 21.5 million , and adjusted EBITDA¹ of $ 54.9 million . ● SILVER MINES INC . Jorge A. Ganoza , President and CEO , commented , " In spite of COVID - 19 related challenges at Lindero , which have led us to revise guidance for the year , our second quarter results continue to reflect the strength of our business with record sales of $ 120.5 million and consolidated EBITDA¹ margins above 45 % . " Mr. Ganoza continued , " At Lindero , we have been gradually overcoming the COVID - 19 travel restrictions which have limited access to on - site foreign technical support , and are now seeing continued improvement in mechanical availability and equipment productivity . " Mr. Ganoza added , " We look forward to the contribution of the Roxgold acquisition to our financial performance starting in Q3 , with the forecasted addition of 62,000 to 66,000 gold ounces of production from the Yaramoko mine for the second half of 2021 at an AISC¹ below $ 1,150 per ounce . " ● NYSE : FSM | TSX : FVI www.fortunasilver.com Second Quarter 2021 Highlights Record sales of $ 120.5 million , an increase of 171 % from the $ 44.5 million reported in the same period in 2020 ( " Q2 2020 " ) , due to higher gold and silver sales volumes and higher realized prices for all metals , and sales from the Lindero mine of $ 34.2 million NEWS RELEASE Fortuna Reports Second Quarter Unaudited 2021 Financial Results ( All amounts expressed in US dollars , tabular amounts in million , unless otherwise stated ) Net income of $ 16.2 million or $ 0.09 per share , an increase of $ 21.9 million and $ 0.12 per share , from the $ 5.7 million net loss or $ 0.03 net loss per share reported in Q2 2020 Adjusted net income¹ of $ 21.5 million compared to $ 5.1 million net loss in Q2 2020 Adjusted EBITDA¹ of $ 54.9 million compared to $ 9.4 million reported in Q2 2020 Free cash flow from ongoing operations¹ of $ 18.5 million compared to $ 0.2 million reported in Q2 2020 As of June 30 , 2021 , the Company had cash and cash equivalents of $ 121.8 million , a decrease of $ 10.1 million from December 31 , 2020 , primarily due to a $ 35.3 million promissory note that was provided to Roxgold Inc. ( " Roxgold " ) to cover a portion of the expected acquisition closing costs Silver and gold production of 1,892,822 ounces and 31,048 ounces , respectively AISC ¹ , 2 per silver equivalent ounce of payable silver sold of $ 13.61 and $ 18.45 for the San Jose Mine and Caylloma Mine , respectively , and AISC¹ per ounce of gold sold of $ 1,214 for the Lindero Mine Completed the business combination with Roxgold on July 2 , 2021 creating a low - cost intermediate global precious metals producer with extensive brownfields and greenfields organic growth potential in the Americas and West Africa ; and led by a highly experienced management team 1 Refer to Non - IFRS Financial Measures at the end of this news release 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 Fortuna | 1