Extractive Sector Transparency Measures Act - Annual Report

Reporting Entity Name

Fortuna Silver Mines Inc.

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Reporting Year

From

1/1/2023

To:

12/31/2023

Date submitted

5/20/2022

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Reporting Entity ESTMA Identification Number

E929085

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Other Subsidiaries Included
(optional field)

Not Consolidated

Not Substituted

Attestation by Reporting Entity

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In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

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Full Name of Director or Officer of Reporting Entity

Kevin O'Reilly

Date

5/30/2023

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Position Title

VP Finance and Administration

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Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

1/1/2023

To:

12/31/2023

Reporting Entity Name

Fortuna Silver Mines Inc.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E929085

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name¹

Departments, Agency, etc… within Payee that Received Payments²

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Donations

Total Amount paid to Payee

Notes³⁴

Argentina

National Government of
Argentina

Ministry of Environment and Production

131,443

131,443

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

Mining and energy resources secretary

Mining and energy resources secretary

4,667

4,667

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

Municipality of Tolar Grande

151,056

151,056

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

Dirección General de rentas de la Provincia de Salta

5,102

-

5,102

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

YPF S.A.

0

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

National Government of
Argentina

Tax Authority (AFIP)

0

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

National Government of
Argentina

Tax Authority (AFIP)

1,308,144

1,308,144

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

National Government of
Argentina

Tax Authority (AFIP)

0

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

National Government of
Argentina

Tax Authority (AFIP)

18,227,347

18,227,347

Payments made in ARS, refer Additional notes for conversion assumptions

Argentina

Province of Salta

Gran Treasury of the Province of Salta

3,277,834

3,277,834

Payments made in ARS, refer Additional notes for conversion assumptions

Mexico

National Government of Mexico

Tax Authority (SAT)

3,932,949

3,932,949

Payments made in MXP, refer Additional notes for conversion assumptions

Mexico

National Government of Mexico

Mexican Geological Service

3,764,130

3,764,130

Payments made in MXP, refer Additional notes for conversion assumptions

Mexico

National Government of Mexico

Ministry of Economy

6,074,920

1,301,340

1,531,902

8,908,162

Payments made in MXP, refer Additional notes for conversion assumptions

Mexico

Municipality of San Jose del Progreso

1,534,779

681,498

2,216,277

Payments made in MXP, refer Additional notes for conversion assumptions

Mexico

Municipality of Ejutla de Crespo

345,552

345,552

Payments made in MXP, refer Additional notes for conversion assumptions

Peru

Federal Govemement of Peru

Superintendencia Nacional de Administración Tributaria - SUNAT

11,689,463

518,522

-

12,207,985

Payments made in PEN, refer to Additional notes for conversion assumptions

Peru

Federal Govemement of Peru

Organismo de Evaluación y Fiscalización Ambiental -OEFA

94,938

-

94,938

Payments made in PEN, refer to Additional notes for conversion assumptions

Peru

Federal Govemement of Peru

Organismo Supervisor de la Inversión de Energía y Minería - OSINERGMIN

158,970

-

158,970

Payments made in PEN, refer to Additional notes for conversion assumptions

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

1/1/2023

To:

12/31/2023

Reporting Entity Name

Fortuna Silver Mines Inc.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E929085

Subsidiary Reporting Entities (if necessary)

Payments by Payee

Country

Payee Name¹

Departments, Agency, etc… within Payee that Received Payments²

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Donations

Total Amount paid to Payee

Notes³⁴

Peru

Federal Govemement of Peru

Instituto Geologico, Minero y Metalurgía

281,863

-

281,863

Payments made in PEN, refer to Additional notes for conversion assumptions

Peru

Federal Govemement of Peru

Ministerio de Agricultura - Autoridad Nacional del Agua

139,486

-

139,486

Payments made in PEN, refer to Additional notes for conversion assumptions

Côte d'Ivoire

Federal government of Cote d'Ivoire

Tax authority

-

4,549,787

-

-

4,549,787

Payments made in XOF, refer to Additional notes for conversion assumptions

Senegal

Government of Senegal

Tax Authority

12,574,488

12,574,488

Payments made in XOF, refer to Additional notes for conversion assumptions

BURKINA-FASO

Government of Burkina Faso

Tax Authority

5,347,815

19,456,139

1,304,078

-

-

1,760,685

-

207,065

28,075,782

Payments made in XOF, refer to Additional notes for conversion assumptions

Additional Notes:

The amounts above are all reflected in CAD, the functional currency of the reporting entity - the average exchange rates for 2023 to convert local currency amounts to CAD were as follows: ARS 235.6421; MXN 17.7665; PEN 2.9220; and XOF 0.00221

¹ Enter the proper name of the Payee receiving the money (i.e. the municipality of x, the province of y, national government of z).

² Optional field.

³ When payments are made in-kind, the notes field must highlight which payment includes in-kind contributions and the method for calculating the value of the payment.

⁴ Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the Additional notes row or the Notes column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.

Extractive Sector Transparency Measures Act - Annual Report

Reporting Year

From:

1/1/2023

To:

12/31/2023

Reporting Entity Name

Fortuna Silver Mines Inc.

Currency of the Report

CAD

Reporting Entity ESTMA Identification Number

E929085

Subsidiary Reporting Entities (if necessary)

Payments by Project

Country

Project Name¹

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure
Improvement Payments

Donations

Total Amount paid by
Project

Notes²³

Argentina

Lindero Mine

19,535,491

3,277,834

292,267

-

-

-

-

-

23,105,592

Payments made in ARS, refer Additional notes for conversion assumptions

Mexico

San Jose Mine

10,007,869

5,065,470

1,531,902

-

-

-

1,880,331

681,498

19,167,070

Payments made in MXP, refer Additional notes for conversion assumptions

Peru

Bateas Mine

11,943,370

518,522

421,349

-

-

-

12,883,241

Payments made in PEN, refer to Additional notes for conversion assumptions

Côte d'Ivoire

Seguela Mine

-

4,549,787

-

-

-

-

-

-

4,549,787

Payments made in XOF, refer to Additional notes for conversion assumptions

Senegal

Chesser

-

12,574,488

-

-

-

-

-

-

12,574,488

Payments made in XOF, refer to Additional notes for conversion assumptions

Burkina Faso

Yaramoko Mine

5,347,815

19,456,139

1,304,078

-

-

1,760,685

-

207,065

28,075,782

Payments made in XOF, refer to Additional notes for conversion assumptions

Additional Notes³:

The amounts above are all reflected in CAD, the functional currency of the reporting entity - the average exchange rates for 2023 to convert local currency amounts to CAD were as follows: ARS 235.6421; MXN 17.7665; PEN 2.9220; and XOF 0.00221

¹ Enter the project that the payment is attributed to. Some payments may not be attributable to a specific project, and do not need to be disclosed in the "Payments by Project" table.

² When payments are made in-kind, the notes field must highlight which payment includes in-kind contributions and the method for calculating the value of the payment.

³ Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the "Additional Notes" row or the "Notes" column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.