NEWGEN21-Proceedings-Full

Wharekirauponga (WKP) Gold Project 12



A low-sulphidation epithermal Au-Ag discovery in New Zealand


st
21 Century Exploration

2007 – 2014 Newmont/Glass Earth JV
WKP Gorge:
• Target model – focus only on larger district scale structures Single-phase

with potential to discover high grade underground mineable chalcedonic
veins “crack and fill”

• Boots on the ground banded veins.

• detailed mapping, rock and soil geochemistry

• discovered T-Stream Vein in outcrop

• Geophysics - CSAMT





T-Stream Vein:

Complex
multiphase quartz
veining and
abundant multilithic
brecciation with
vein sediments cut
by banded veining.





Oblique view of CSAMT pseudosections

Wharekirauponga (WKP) Gold Project 13



A low-sulphidation epithermal Au-Ag discovery in New Zealand


st
21 Century Exploration

2007 – 2014 Newmont/Glass Earth JV

• Drill tested T-Stream, East Graben (EG) Vein, Western Veins


• 9,035m drilled in 17 holes (2010-2013)

• Discovered 3 major northeast trending vein zones up to 10m

wide with >1km strike potential and significant gold
mineralisation
















Broad low grade intersections to 155m @ 1.6g/t Au


EG Vein intersections to 7.2m TW @ 5.1g/t Au
>1000m strike

T-Stream intersections to 7.5m TW @ 17.2g/t Au
>650m strike
Western Veins intersections to 3.2m @ 37g/t Au

Unknown

Wharekirauponga (WKP) Gold Project 14



A low-sulphidation epithermal Au-Ag discovery in New Zealand



st
21 Century Exploration: Discovery time
2015: OceanaGold purchased Newmont Waihi Gold assets and bought out Glass Earth interest


st
rd
2017-20: 31,220m drilled in 72 holes with a significant discovery confirmed in the 1 and 3 hole


WKP42: 8.7 Metres True Width at 24.5 g/t Au, 32.0 g/t Ag

Wharekirauponga (WKP) Gold Project 15



A low-sulphidation epithermal Au-Ag discovery in New Zealand

Wharekirauponga (WKP) Gold Project 16



A low-sulphidation epithermal Au-Ag discovery in New Zealand












Full Vein Zone
22.8Au/48.9m
21.8Au/4.5m
35.0Au/21.8m
64.4Au/11.5m
41.4Au/9.0m
57.6Au/7.4m
35.8Au/3.6m




























EG Vein Long Section

Wharekirauponga (WKP) Gold Project 17



A low-sulphidation epithermal Au-Ag discovery in New Zealand






















































WKP Schematic Cross Section

Wharekirauponga (WKP) Gold Project 18



A low-sulphidation epithermal Au-Ag discovery in New Zealand



st
21 Century Exploration:
• Infill resource drilling in progress


• Further exploration targets to be tested CSAMT

pseudosection







100 ohm-m



1000 ohm-m



















EG Vein EG FW
Veins


WKP CSAMT pseudosection (100 ohm-m contours, 100m slice)

Wharekirauponga (WKP) Gold Project 19



A low-sulphidation epithermal Au-Ag discovery in New Zealand



st
21 Century Exploration: Resources


1.0Mt @ 13.4g/t Au 421Koz Au indicated

1.9Mt @ 11.6g/t Au 717Koz Au inferred





























Resource model update in progress for 2021 R&R




Resource additions @ US$14/oz since OGC
‘discovery’ hole WKP40 in 2017

Wharekirauponga (WKP) Gold Project 20



A low-sulphidation epithermal Au-Ag discovery in New Zealand



st
21 Century Exploration: Future Mine
• Wharekirauponga 2021


th
• Mining Permit 60541 granted 5 August 2020
st
• Extension of Land to MP60541 lodged 31 March 2021

• 50 Independent Studies in progress pursuant to consent applications
for mining

• Underground operation & tunnel under Department of Conservation
land from private land  multiple options under consideration



• Portal and infrastructure outside of DOC land


• Ventilation only surface expression along decline route


• Investigating use of electric vehicles

Conclusions 21




This breakthrough greenfield discovery was made by:




• Recognising the potential of the prospect – a large gold
fertile system




• Developing an appropriate target model



• Approaching it with persistent methodical exploration




• Being open to fresh paradigms



• Remapping with an open mind and eyes for any evidence of

long lived district scale structures



• A skilled team of geologists, technicians, ecologists and

drillers



Blind and buried epithermal deposits are there to be found




WKP82 @ 250m 285g/t Au / 1m

Questions 22










Acknowledgements
To the many team leaders and members including:

• Rick Streiff

• Scott Randall
• Thomas Gardner

• Fergus MacArthur

• Shannon Richards

• Rob Theron
• Tim van Woerden

• Caroline Steward

• Boffa Ecologists
• Alton Drilling Team

• Skywork Helicopters












WKP82 @ 250m 285g/t Au / 1m

Corporate Headquarters Americas Corporate Office
Level 14, 357 Collins Street 777 Hornby Street Suite 1910
Melbourne, Victoria, 3000 Vancouver, British Columbia
Australia V6Z 1S4
Canada
T: +61 3 9656 5300 [email protected]
F: +61 3 9656 5333
[email protected]



oceanagold.com

SÉGUÉLA, CÔTE D’IVOIRE:
A DEVELOPING HIGH-GRADE GOLD CAMP


Paul Weedon, Senior VP - Exploration, Fortuna Silver Mines Inc.

































NewGenGold Conference

9-10 November, 2021, Perth, Western Australia Koula nightshift,
December, 2020

FORTUNA SILVER MINES INC.

CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS /

NON-IFRS FINANCIAL MEASURES
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 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 may include, without limitation, statements
about the Company’s plans for its mines and mineral properties; operating cash flow, free cash flow, 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 investment at our operations; the timing of the commencement of commercial production at the Lindero Mine; the timing of a construction decision at the Séguéla Gold Project; the Company’s ability to discover new areas of mineralization; the
results of the Company’s exploration and development programs; planned exploration programs in 2021; expectations with respect to the future impact of COVID-19 on the Company’s business and operations, future waves of the COVID-19 pandemic or
variants of the virus, assumptions related to the global supply of COVID-19 vaccines and the roll-out in each country in which the Company operates, and the effectiveness and results of any vaccines, as it relates to the Company's ability to return to regular
operations, ongoing-changes in restrictions related to the pandemic that impact the Company's operations and the anticipated duration of same; debt levels, future plans and objectives based on forecasts of future operational or financial results; 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 business strategy, plans and
outlook; 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; the Company’s ability to achieve its production and cost
guidance; capital expenditures at the Company’s operations; uncertainties related to new mining operations and development projects such as the Lindero Mine, including the possibility that actual capital and operating costs and economic returns will differ
significantly from those estimated for such projects prior to production; the Company’s plans for the development of the Séguéla Gold Project and funding therefor; 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.
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 and development projects such as
the Lindero Mine 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 COVID-19, which until
contained could continue to cause a slowdown in global economic growth and impact the Company’s business, operations, financial condition and share price; the duration of the COVID-19 pandemic and the impact of COVID-19 on the Company’s business,
operations and financial condition, including the Company’s ability to operate or to continue to operate at its mine sites in light of government restrictions; the Company’s ability to manage the various challenges (both anticipated and not) presented by COVID-
19 to its business, operations and financial condition; the ability of our operations to ramp up activities following impacts of COVID-19 outbreaks; uncertainty of production, development plans and cost estimates for the Company’s mines; changes in prices for
gold, silver and other metals; technological and operational hazards in Fortuna’s mining and mine development activities; weather conditions at the Company’s operations; 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 for further exploration and development programs, acquisitions and opportunities; the risks associated with
the business combination with Roxgold Inc., including the ability of the Company to successfully consolidate functions, integrate operations, procedures and personnel; fluctuations in currencies and exchange rates; the imposition 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; 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,
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 29, 2021 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 of the COVID-19 pandemic; the inherent speculative nature of
exploration results; the ability to explore; there being no material and negative impact to the various contractors, suppliers and subcontractors at the Company’s mine sites as a result of COVID-19 or otherwise that would impair their ability to provide goods and
services; mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be in accordance with the Company’s public
statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals, titles, licenses and permits will be obtained; that there will be no significant disruptions affecting operations whether
relating to labor, supply, power, damage to equipment or including to the commencement of commercial production at the Lindero Mine, or other matter; lack of social opposition to our mines or facilities; 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.

FORTUNA SILVER MINES INC.

CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS /

NON-IFRS FINANCIAL MEASURES


This corporate presentation refers to certain performance measures that have no meaning under International Financial Reporting Standards (“IFRS”) and therefore, amounts presented may not be comparable to similar data presented by other mining
companies. Such Non-IFRS Financial Measures include: cash cost per payable ounce of silver equivalent; production cash cost per tonne; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver
equivalent sold; cash cost per ounce of gold; all-in sustaining cash cost per ounce of gold sold; free cash flow and free cashflow from ongoing operations; operating cash flow per share before changes in working capital; income taxes and interest income;
adjusted net (loss) income; adjusted earnings per share; adjusted EBITDA, adjusted EBITDA margin and EBITDA margin. These measures are used by the Company to manage and evaluate operating performance and ability to generate cash flow and are widely
reported in the mining industry as benchmarks for performance. The Company believes that certain investors use these Non-IFRS Financial Measures to evaluate the Company’s performance. However, the measures do not have a standardized meaning and
may differ from measures used by other companies with similar descriptions. Accordingly, Non-IFRS Financial Measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company has
calculated these measures consistently for all periods presented in alignment with the World Gold Council (“WGC”) standard for all-in sustaining cash cost and all-in cash cost, the Company has presented the cash cost figures on a sold ounce basis for all
periods presented and excluded royalties that are under the scope of International Accounting Standard 12 – Income Taxes, with the change from the previously presented figures on a produced ounce basis being applied retrospectively to prior periods.
This presentation contains information summarizing analyst consensus forecasts sourced from FactSet as at August 31, 2021. 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 the Company.
Except as otherwise set out herein, the scientific and technical information contained in this presentation relating to: the Caylloma, San Jose and Lindero mines has been reviewed and approved by 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”), and for each of the Yaramoko mine, and the Seguela Gold Project has been reviewed and approved by Paul
Criddle, F.AusIMM, Chief Operating Officer West Africa for the Company, a qualified person under NI 43-101. The qualified persons have verified the information disclosed herein and the underlying data and are not aware of any significant risks and
uncertainties that could be expected to affect the reliability or confidence in the information discussed herein. Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects, being a member of the Australian Institute for Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the exploration and scientific information contained in this corporate presentation for
Seguela Gold Project and the Boussoura Project. Mr. Weedon has verified the data disclosed, and the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing
diamond drill core. There were no limitations to the verification process.
Dollar amounts expressed in US dollars, unless otherwise indicated
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.

FORTUNA SILVER MINES INC.

Background



▪ Fortuna Silver Mines Inc’s Séguéla gold project is
located in western Côte d’Ivoire, West Africa,
approximately 240 kilometres north-west of
Yamoussoukro, the political capital of Côte
d’Ivoire, and approximately 480 kilometres north-
west of Abidjan, the commercial capital of the
country.
▪ The project is 90% owned by Fortuna, with the
remaining 10% held by the government of Côte
d’Ivoire.
▪ Comprises a central granted Exploitation Permit
(PE-56) and a surrounding Research Permit (PR-
2
638), covering a total of 623km and is the
2
cornerstone of Fortuna’s 2,300km Côte d’Ivoire
exploration portfolio.

SÉGUÉLA GOLD PROJECT, CÔTE D’IVOIRE, WEST AFRICA

Project Location



▪ Located in western Côte d’Ivoire, West Africa
▪ ~240 km NW of Yamoussoukro, the
political capital of Côte d’Ivoire, and
~480 km NW of Abidjan, the
commercial capital of the country.

▪ Central Exploitation Permit (awarded
December 2020) and a surrounding Research
Permit, covering a total of 623km and is the
2
2
cornerstone of Fortuna’s 2,600km Côte
d’Ivoire exploration portfolio.
▪ 90% owned by Fortuna, with the remaining
10% held by the government of Côte d’Ivoire.

EXPLORATION HISTORY

Early Exploration



▪ First modern exploration undertaken by Randgold in the 1990’s, with regional soil
sampling and limited trenching at the Boulder, Agouti and Gabbro prospects.
▪ Permit transferred to ASX-listed Apollo Consolidated Ltd in 2013. Apollo completed infill
soil sampling, along with trenching and a single RC drill program following up trench
anomalies at Gabbro, Kwenko and Agouti. Results were varied, with a best intercept of 6m
@ 7.46g/t Au returned from Gabbro.
▪ Newcrest purchased the Séguéla property from Apollo in 2016, completing a program of
permit-wide regional mapping, stream sediment and reconnaissance rock chip sampling,
along with shallow auger and aircore drilling in priority areas.

▪ Newcrest’s efforts were quickly focused on the emerging Antenna prospect, where the
first diamond hole drilled in August 2016 returned 48m @ 4.8g/t Au from 59m.
▪ Resource drilling throughout 2016 and 2017 culminated in the release of a JORC-
compliant Inferred resource for Antenna of 5.8Mt @ 2.3g/t Au for 430,000oz of gold.
▪ In late-2017 Newcrest began to turn their attention away from Antenna, drilling several RC
and diamond core holes at priority prospects including Boulder, Agouti, Kwenko and
Ancien. This drilling led to exploration targets of 50,000 to 100,000oz of gold at Boulder
and Agouti respectively, but no follow up drilling was completed at Ancien despite two of
the three completed holes returning high-grade intercepts, including 18m @ 5.90g/t Au in
SGRD244.

LOCAL GEOLOGY

Séguéla Greenstone Belt



▪ Northern end of a discrete Birimian greenstone belt, likely the dislocated
southern extension of the Syama-Boundiali or Banfora greenstone belts, which
both host multi-million ounce deposits in northern Côte d’Ivoire (Tongon:
Barrick, Sissingué: Perseus), Mali (Syama: Resolute) and Burkina Faso
(Wahgnion: Endeavour).

▪ East Domain:
▪ hosts the Agouti, Ancien, Boulder and Koula deposits.
▪ basaltic and andesitic units, schists, high strain granitoids and
orthogneisses.

▪ West Domain:
▪ hosts the Antenna deposit.
▪ mafic volcanic (basalts) and hypabyssal (sills and dykes) rocks, rhyolitic
lava flows and volcaniclastic rocks, and minor granitoids.
▪ Two stages of deformation recognised:
▪ D1: sinistral to sinistral reverse transpression and subsequent
thickening along N to NE-trending shear zones, development of
mylonitic fabric.
▪ D2: transtensional dextral shear, reactivation and dilational re-opening
of the (previously formed) mylonitic fabric along right hand flexures,
jogs or NE-trending linking structures.

DEPOSIT GEOLOGY

Orebody Characteristics



▪ Host Rocks: ANTENNA
▪ Known deposits can be grouped into three distinct litho-structural
corridors (from west to east) – the Antenna, Koula-Ancien and Boulder-
Gabbro corridors.
▪ All lithologies can be mineralised, but more reactive lithologies (e.g.
high-Fe basalts and the Antenna rhyolite) more susceptible to alteration
and infiltration by mineralising fluids.

▪ Structure:
▪ D1 shearing and extensive mylonitisation => ground preparation.
▪ D2 brittle/ductile dilationary structures and reactivation of D1 shears
and mylonites.
▪ Alteration and Metamorphism:
▪ Protracted infiltration of mineralising silica-CO -K-S-Ca-Fe-(Au)
2
hydrothermal fluids at lower to middle greenschist P-T conditions has to
some degree modified all rock types (excluding late intrusives) at each
of the Séguéla deposits.
▪ Variation of a silica-albite-muscovite/sericite-biotite-Fe carbonate-
chlorite proximal alteration assemblage.
▪ Alteration intensity decreases rapidly outwards from the core of
deposits to distal sericite-chlorite-calcite-epidote alteration, generally
only over a few metres. ANCIEN

Koula Koula
DEPOSIT GEOLOGY SGDD072 – 9m @ 49.3 g/t 18.4 g/t Au

Orebody Characteristics



▪ Veining and Mineralisation: Koula – SGRD1083 – 336 g/t Au
10.3 g/t
▪ Veining dominated by white quartz, with lesser carbonate (calcite and Fe-carbonate)
and accessory albite, K-spar(?), muscovite/sericite, biotite, chlorite, tourmaline,
sulphides and often appreciable free gold.
▪ Conflicting cross-cutting relationships and recrystallisation effects support a Ancien
somewhat protracted mineralising event, but in general the more highly deformed 48.3 g/t Au
quartz-carbonate veins are considered earliest (D1?), with partially to completely 30.2 g/t
recrystallised, massive, quartz-dominated veins formed during D2 reactivation of the
pre-existing D1 architecture.
78.4 g/t
▪ Sulphides dominated by disseminated to blebby pyrite and pyrrhotite with only minor
subsidiary chalcopyrite and sphalerite. Arsenopyrite is essentially absent, with only
traces noted in gravity concentrates during metallurgical testwork. 73.3 g/t
▪ Pyrite appears to be the dominant species in the core of the deposits, with pyrrhotite
prevalent in the more distal zones and associated with lower grade gold 18.0 g/t
mineralisation. Winy
▪ Gold occurs as native gold, but is intimately associated with sulphides, particularly 62.8 g/t Au
pyrite. Broadly speaking, high sulphide content equates directly to high-grade gold. 21.5 g/t
Metallurgical studies have confirmed the non-refractory nature of the gold
mineralisation, with the feasibility study reporting an overall average project gold
recovery of 94.5%. Coarse, visible gold is common in all of the Séguéla deposits, and
mostly observed in the massive white quartz veins.
▪ Pathfinder elements – Ag, As, (Be), Bi, K, (Mo), (Pb), (Rb), Te, Tl and W.

ANCIEN – THE GAMECHANGER FOR FORTUNA

Long Section – looking west



▪ Historical artisanal workings
first drilled by Newcrest in
2018: SGRD244 – 18m @
5.9 g/t Au.
▪ First follow up drilling by
Fortuna returned up to 23m
@ 19.7 g/t Au in SGRC329.

▪ Open pit Reserves of 1.3Mt
@ 4.9 g/t Au for 211,000
ounces.

▪ Remains open down-plunge,
with several high-grade
intercepts outside the
current Resource envelope.
▪ U/G potential to be further
investigated in 2022.

KOULA – FORTUNA’S FIRST HIGH-GRADE DISCOVERY

Long Section – looking west



▪ Identified through
reconnaissance mapping and
sampling in August 2020.

▪ Discovery hole (SGRC854)
returned 12m @ 32.1 g/t Au.

▪ Open pit Reserves of 1.2Mt
@ 6.5 g/t Au for 243,000
ounces.
▪ Remains open down-plunge,
with numerous high-grade
intercepts outside the current
Resource envelope.

▪ New hangingwall lode
identified in August 2021 –
11m @ 19.8 g/t Au in
SGRD1209.
▪ Investigating U/G potential,
including optimal transition
from open pit to U/G.

SUNBIRD – THE HIGH-GRADE DISCOVERIES CONTINUE

Long Section – looking west



▪ Identified through
reconnaissance mapping
and sampling in March
2021.
▪ First drill program returned
up to 13m @ 15.6 g/t Au in
SGRC1099.

▪ Ore grades currently drilled
over an ~1km strike length
and to a depth of <150m
vertical. Remains open in
all directions.
▪ Best result to date returned
from the deepest hole
drilled, SGDD089 - 30m @
17.9 g/t Au.
▪ Extension program recently
completed (results pending),
infill program around
SGDD089 underway.

▪ Maiden Inferred resource
expected by Q1 2022.

EXPLORATION METHODOLOGY

Key Observations and Learnings from Ancien



▪ The magnetically and geochemically quiet basalt package that hosts Ancien was previously
considered a lower priority for exploration and historically had received little attention.
▪ The discovery of Ancien in this sequence opened up >35 strike kilometres of virtually
unexplored prospective terrain.
▪ Subsequent high-grade discoveries at Koula, Sunbird and Gabbro North are all hosted
in this basalt package.
▪ Significant high-grade gold associated with deformed and altered wallrock and not solely
within massive quartz veins was suggestive of a larger fertile system.
▪ Generally narrow, discrete high-grade quartz veins are ubiquitous throughout the
Birimian and often targeted by small-scale artisanal miners.
▪ The potential of dilationary flexures along strike extensive N-S D1 structures to host high-
grade gold. Ancien is associated with a subtle NNE flexure on just one of these structures,
which traverse all stratigraphic packages on the Séguéla property.

▪ The short strike length (~350m) and southerly-plunging geometry of Ancien highlighted the
AGOUTI
potential significance of single drillhole high-grade intercepts and single point geochemical AGOUTI
anomalies elsewhere in the belt. 88koz @ 2.2 g/t

▪ Ancien was represented by only single point soil (239ppb Au) and auger (178ppb Au)
anomalies.

▪ Implications for sample and drill spacing.

EXPLORATION TECHNIQUES

Successes and Challenges



▪ Surface geochemistry:
▪ Sampling and interpretation requires an understanding of geomorphology and
regolith – artisanal contamination, slope transport, outcrop, basalt boulders etc.
▪ Auger preferred to soils, but must sample saprolite to be effective.

▪ ICP and XRF multi-element geochemistry for pathfinder elements and
lithogeochemistry.

▪ Geophysics:
▪ High-resolution aeromagnetics/radiometrics survey completed in early 2020.

▪ Resolution of structural architecture – major structures and lithostructural packages.
▪ Drilling:
▪ Shallow weathering and abundant outcrop reduces effectiveness of aircore and
trenching in many areas.
▪ Carefully targeted shallow RC as an initial test of priority targets.

▪ Early diamond core for structural information.
▪ Drill spacing is important!

▪ The integration of good mapping, geochemistry, geophysics and drilling, with due
consideration given to the limitations of the various techniques, has been key to Fortuna’s
ongoing exploration success at Séguéla.

EXPLORATION HISTORY

Fortuna Discovery Timeline: >1Moz of Reserves delivered in 2 years


December 2020 –
April 2019 – Roxgold Exploitation Permit awarded.
assumes control of the June 2021 – Gabbro North
Séguéla project & December 2019 – April 2020 – December 2020 – Maiden discovery announced, including
commences Resource First Ancien Séguéla PEA: after- Indicated Resources for: Ancien 8m @ 39.0 g/t Au in SGRC1152.
infill drilling at results, including tax NPV of (250koz @ 5.4 g/t Au) Agouti
Antenna, Boulder and 23m @ 19.7 g/t Au US$268M and 66% (111koz @ 2.4 g/t Au) Boulder September 2021 –
Agouti. in SGRC329. IRR. (97koz @ 1.7 g/t Au). Maiden Fortuna Board approves
Inferred Resource for: Koula construction of the
(281koz @ 8.1 g/t Au). Séguéla Gold Project.



2019 2020 2021



July 2019 – Maiden Antenna
Indicated Resource: 496koz September 2020 – Koula April 2021 – July 2021 – Fortuna Silver
@ 2.4 g/t Au. discovery, including 19m @ Sunbird discovery, Mines Inc acquires
26.1 g/t Au in SGRC877. including 13m @ Roxgold Inc
15.6 g/t Au in
SGRC1099.
January 2020 – Maiden September 2020 –
Inferred Resources for: Environmental Permit April 2021 – Séguéla
Ancien (224koz @ 6.6 g/t Au) awarded. Feasibility Study delivered –
Agouti (110koz @ 2.6 g/t Au) after-tax NPV of US$380M and
Boulder (72koz @ 1.2 g/t Au).
49% IRR. Maiden Reserves of
1.09Moz @ 2.8 g/t Au.

Camp
Sediment WSD
Pond

Waste dump
Ancien haul road KOULA Waste dump
Process 243koz @ 6.5 g/t 1
Plant
Waste dump ROM
AGOUTI
TSF 88koz @ 2.2 g/t 1

Exploration
Camp
ANTENNA BOULDER
482koz @ 2.1 g/t 1 64koz @ 1.8 g/t 1







Waste dump



Communications
7km from plant Tower
Waste dump


SUNBIRD
In Progress 2
ANCIEN
211koz @ 4.9 g/t 1 Notes: SÉGUÉLA GOLD PROJECT
1 – Mineral Reserves
2 – Inferred Resource Site Layout

SÉGUÉLA GOLD PROJECT

Mineral Reserves & Resources as of March 31, 2021


Deposit Classification Tonnes (000) Au (g/t) Contained Au (koz)
Notes:
Mineral Reserves – Proven and Probable 1. Mineral Reserves and Mineral Resources are as defined by the 2014
CIM Definition Standards for Mineral Resources and Mineral Reserves
Antenna Probable 7,200 2.1 482
2. Mineral Resources are exclusive of Mineral Reserves
Koula Probable 1,200 6.5 243 3. Mineral Resources that are not Mineral Reserves do not have
demonstrated economicviability
Ancien Probable 1,300 4.9 211
4. Factors that could materially affect the reported Mineral Resources or
Mineral Reserves include; changes in metal price and exchange rate
Agouti Probable 1,200 2.2 88
assumptions; changes in local interpretations of mineralization;
changes to assumed metallurgical recoveries, mining dilution and
Boulder Probable 1,100 1.8 64 recovery; and assumptions as to the continued ability to access the
site, retain mineral and surface rights titles, maintain environmental
Total Probable 12,100 2.8 1,088 and other regulatory permits, and maintain the social license to
operate
Mineral Resources – Measured and Indicated 5. Mineral Resources and Reserves for the Séguéla Project are
estimated and reported as of March 31, 2021
Antenna Indicated 2,097 1.6 104 6. Mineral Reserves for Séguéla are reported constrained within
optimized pit shells at an incremental cut-off grade of 0.54 g/t Au for
Koula Indicated 388 2.0 24 Antenna, 0.55 g/t Au for Agouti, 0.55 g/t Au for Boulder, 0.56 g/t Au
for Koula, and 0.56 g/t Au for Ancien deposits based on an assumed
gold price of US$1,500/oz, metallurgical recovery rate of 94.5%,
Ancien Indicated 303 4.0 39 mining cost of US$2.87/t for Antenna, US$2.74/t for Agouti,
US$2.81/t for Boulder, US$2.85/t for Koula, and US$2.93/t for Ancien,
Agouti Indicated 810 1.3 34 processing and G&A costs of US$14.51/t and US$7.13/t respectively,
mining owner cost of US$1.30/t, refining cost of US$2.60/oz and
Boulder Indicated 213 6.2 43 Royalty rate of 6%. The Mineral Reserves pit design were completed
based on overall slope angle recommendations of between 37° and
57° for Antenna, Koula, and Agouti deposits from oxide to fresh
Total Indicated 3,811 2.0 244 weathering profiles, between 34° and 56° for Ancien deposit from
oxide to fresh weathering profiles and 37° and 60° for Boulder
deposit from oxide to fresh weathering profiles. The Mineral Reserves
Mineral Resources - Inferred are reported in situ with modifying factors of 15% mining dilution and
90% mining recovery applied. Mineral Resources for Séguéla are
reported in situ at a cut-off grade of 0.3 g/t Au for Antenna and 0.5
Antenna Inferred 1,112 1.9 69 g/t Au for the satellite deposits, based on an assumed gold price of
US$1,700/oz and constrained within preliminary pit shells. The
Koula Inferred 103 1.7 6 Séguéla Gold Project is subject to a 10% carried interest held by the
government of Côte d'Ivoire.
Ancien Inferred 35 10.2 11 7. Hans Andersen is the Qualified Person responsible for Mineral
Resources, being an employee of Roxgold Inc. (a wholly-owned
Agouti Inferred 81 1.2 3 subsidiary of Fortuna). Shane McLeay is the Qualified Person
responsible for Mineral Reserves, being an employee of Entech Pty
Boulder Inferred 158 2.9 15 Ltd.
8. Totals may not add due to rounding procedures
Total Inferred 1,489 2.2 104

SÉGUÉLA GOLD PROJECT

Feasibility Study Highlights


Metrics Units Metrics Units
Gold price $/oz $1,600 Cash Costs
Life of mine years 8.6 Average operating cash costs, LOM $/oz $567
Total mineralized material mined tonnes 12,064,000 Average operating costs, first 6 years $/oz $528
Contained gold in mined resource oz 1,088,000 AISC
Strip ratio w:o 13.9:1 Average AISC, LOM $/oz $832
Throughput @ start-up Mt/year 1.25 Average AISC, first 6 years $/oz $797
Throughput @ peak Mt/year 1.57 Capital Costs
Head grade g/t Au 2.8 Initial capital expenditure $M $142
Recoveries % 94.5 Sustaining capital, operations + infrastructure $M $32
(ex-closure costs)
Gold Production
Sustaining capital, mining $M $141
Total production over LOM oz 1,028,000
NPV 5% , pre-tax (100%) $M $455
Annual production, LOM oz 120,000
Pre-tax IRR % 53%
Annual production, first 6 years oz 133,000
NPV 5% , after-tax (attr. To FSM 90% $M $380
Per Unit Costs over LOM
interest)
Total mining costs $/t, mined $2.79
After-tax IRR % 49%
Mining costs, sustaining capital $/t, mined $0.78
Payback period years 1.7
Mining costs, operating costs $/t, mined $2.01
Annual EBITDA
Processing $/t, processed $12.57
Average EBITDA over LOM $M $107
G & A $/t, processed $5.30
Average EBITDA over first 6 years $M $130
Total operating costs (excluding sustaining $/t, processed $47.83
capital) All dollar amounts are expressed in US dollars unless otherwise indicated

SÉGUÉLA REGIONAL PROSPECTS

Next Steps – continue to add ounces



▪ Commitment to an aggressive, success-driven exploration effort.
▪ >30 priority targets remain untested or poorly drilled.

▪ <10% of all Séguéla drilling is >100m depth.
▪ Regional mapping along with interrogation of geochemical datasets and detailed
geophysical interpretation continues to identify further priority targets.
▪ Ongoing structural, geochemical, petrological and geophysical studies increasing
understanding of the mineralising systems and improving exploration targeting.
▪ Bring inventory ounces into the mine plan – Sunbird, Koula U/G.

▪ Further investigate underground potential – Ancien, Sunbird.

SÉGUÉLA, CÔTE D’IVOIRE:
A DEVELOPING HIGH-GRADE GOLD CAMP


Paul Weedon, Senior VP - Exploration, Fortuna Silver Mines Inc. www.fortunasilver.com
NYSE: FSM | TSX: FVI

Koula


Antenna
























NewGenGold Conference Sunbird drilling,
looking north
9-10 November, 2021, Perth, Western Australia towards Koula,
April, 2021

Cautionary Language
The Koné Gold Project, Côte d’Ivoire:



Persistence Pays Off!





Hugh Stuart, Liam McDonnell, Nicolas Yapo. Montage Gold Corp




NEWGENGOLD, 9 November 2021






































TSXV MAU Montage Gold Corp. 1

Key Elements in the Discovery and




Development of Koné









1. Initial Ground Selection






2. Getting the Project into the Right Vehicle







3. Discovery Methodology






4. Understanding the End Point

















TSXV MAU Montage Gold Corp.

Initial Ground Selection


Syama
Wahgnion
• 2008 West Africa wide study Sissingué

Bagoé Tongon

• Big structures with endowment Koné




• Northwest Côte d’Ivoire top ranked Séguéla



• Senoufo and Boundiali-Syama



Greenstone Belts



• Côte d’Ivoire: Known endowment


Under-explored


Open ground

















TSXV MAU Montage Gold Corp.

Getting The Project Into The Right Vehicle





































TSXV MAU Montage Gold Corp.

Exploration History





Red Back Mining


2008 Koné Exploration Permit application


2009 Soil Sampling



2010 Trenching, 8 shallow RC holes for 943m drilled


Red Back Acquired by Kinross


Sirocco Gold


2013 Option from Kinross: 3,340m shallow RC drilling


Orca Gold


2017 2,211m deeper RC holes



2018 March: 2 core holes for met sampling


18,074m resource drilling


October: 1.36Moz Inferred Resource






TSXV MAU Montage Gold Corp. 5

Exploration History (continued)




Montage Gold


2019 Côte d’Ivoire assets spun out to private Montage


Merged with Avant Minerals (private)


$8M placement


2020 Q1-Q3: 8,670m deep Step out core drilling


October: IPO on TSX.V, $35M raise




2020 Q4: 22,528m infill drilling


2021 Q1: Inferred Resource 211Mt at 0.59g/t for 4.00Moz (0.2g/t COG)


Q2: PEA: In Pit resource (at $1250/oz) of 161Mt at 0.65g/t (3.37Moz)


Q1 - Q3: 56,544m infill drilling


Q3: Indicated Resource 225Mt at 0.59g/t for 4.27Moz (0.2g/t COG)


2022 Q1: Complete Feasibility Study………….






TSXV MAU Montage Gold Corp. 6

Discovery Methodology

































TSXV MAU Montage Gold Corp.

Soil Geochemistry – 2009







First Pass: 800m x 50m Infill: 200m x 50m







2,600m






700m
















Key
<20 ppb

20 – 50 ppb
50 – 100 ppb
100 – 200 ppb

>200 ppb




TSXV MAU Montage Gold Corp.

Trenching – 2010














































Key to Gold Grades
<0.20g/t
0.20 – 0.50g/t
0.50 – 1.0g/t
0.50 – 1.00g/t
>1.00g/t

TSXV MAU Montage Gold Corp.

Ground Geophysics





Ground Magnetics Gradient IP




















































TSXV MAU Montage Gold Corp.

Drilling – 2010




• 9 holes for 943m



• Drilling stopped just prior to Presidential Elections



• Intersected mineralization over 300m width












300m Key to Gold Grades
<0.20g/t
0.20 – 0.50g/t
0.50 – 1.0g/t
0.50 – 1.00g/t
60m
>1.00g/t




















TSXV MAU Montage Gold Corp.

Drilling – 2013





• 43 holes for 3,340m



• Completed coverage of the anomaly



• Confirmed significant widths



• First met test work on RC chips












230m Key to Gold Grades
<0.20g/t
0.20 – 0.50g/t
0.50 – 1.0g/t
0.50 – 1.00g/t
>1.00g/t
65m














TSXV MAU Montage Gold Corp.

Drilling – 2017




• 2,211m of deeper RC



• Proof of concept – does the mineralization extend to depth?





























175m




Key to Gold Grades
<0.20g/t
0.20 – 0.50g/t
0.50 – 1.0g/t
0.50 – 1.00g/t
>1.00g/t


TSXV MAU Montage Gold Corp.

Drilling – 2018




• 2 x core holes for metallurgical test work



• 11,677m 100m x 50m Resource RC drilling to -200m




October 2018 Inferred

Mineral Resource

Statement




Cut off Mt Au g/t Au Koz


0.2 92.9 0.66 1,971


0.3 77.7 0.74 1,849

0.4 64.1 0.83 1,711
Block Model Key
October 2018 MIK blocks shown 0.5 52.5 0.91 1,536
sized based on the proportion of the
block above a 0.2g/t cut-off grade.
0.6 42.2 1.0 1,357
<0.20g/t
0.20 – 0.40g/t
0.40 – 0.75g/t 0.7 33.3 1.1 1,178
0.75 – 1.20g/t
>1.20g/t 0.8 26.0 1.2 1,003




TSXV MAU Montage Gold Corp.

Koné Geology






• Normal but unusual!



• True widths up to 330m



• Subtle



• Potassic alteration scheme


• Higher grade core



• Quartz sulphide veinlets



• Disseminated pyrite






















TSXV MAU Montage Gold Corp.

Koné Geology Leapfrog 3D model shell at 0.8g/t




• Strong Plunge component



• Higher grade core shows fold geometries










Strong Southerly
Plunge


































TSXV MAU Leapfrog 3D model slice looking down plunge Montage Gold Corp.

Understanding the End Point




































TSXV MAU Montage Gold Corp.

2019 Hiatus






Q1 Internal PEA (Lycopodium, Knight Piesold etc) – clearly needed to be bigger



Sudan Revolution – Orca projects on hold, Côte d’Ivoire funding cut





Q3 Decision to spin out Côte d’Ivoire assets into private company



Merged with Avant Minerals (also private)



Able to fund - $C 8M financing





























TSXV MAU Montage Gold Corp.