Fortuna is a rapidly growing precious metals producer, operating two low-cost mines in Peru and Mexico and holding commanding land positions in Peru, Mexico and Argentina. Established in 2005, the company is focused on acquiring precious metals exploration projects and producing mines in Latin America. Management has established a reputation as efficient mine builders and operators by driving operational excellence and organic growth since the company's formation.

Fortuna´s consolidated annual production1 guidance for ongoing operations in 2019 is 8.2 - 9.0 million ounces of silver, 49 - 54 thousand ounces of gold, 26.1 - 28.8 million pounds of lead, and 39.8 - 44.0 million pounds of zinc at an estimated consolidated all-in sustaining cash cost of $9.9 - $12.1 per silver equivalent ounce. Production and cost estimates are based on Mineral Reserves and Mineral Resources as December 31, 2018.

In July 2016, Fortuna acquired the open pit, heap leach development stage Lindero gold Project in Salta, Argentina. Lindero has a 13 year reserve life, an approved environmental impact study and has been granted all major permits for the construction of an 18,750 tpd gold mine. A positive construction decision was made in September of 2017 and first doré pour is expected in the first quarter of 2020. With Lindero in its first year of full production, Fortuna's consolidated precious metals annual production1 is expected to increase in 2020 to 7.5 - 8.3 Moz Ag + 189 - 209 koz Au or 293 - 324 koz Au Eq gold equivalent2 ounces.

Management is committed to operating safely and profitability and to maintaining industry best practices in employee relations, community outreach and environmental safeguards.

Fortuna is financially stable and does not hedge its silver or gold production. Shares of the company trade mainly on the New York Stock Exchange (NYSE: FSM) and Toronto Stock Exchange (TSX: FVI).

Notes:

1. Based on annual production plans based on Mineral Reserves and Mineral Resources as of December 31, 2018
2. Gold equivalent is calculated using gold to silver ratio of 1 to 72 and does not include lead nor zinc by-products

Fortuna's History Timeline

2017

Positive construction decision made for the Lindero gold Project; first doré bar pour expected in Q1 2020

2016

Acquired the fully permitted, development stage Lindero gold Project in Salta, Argentina

San Jose Mine expanded from 2,000 tpd to 3,000 tpd

Caylloma Mine mill throughput increased to 1,430 tpd

2015

San Jose Mine expansion to 3,000 tpd initiated in Q1

Caylloma Mine processing plant optimization initiated in Q1

Shares voluntarily delisted from BVL

2014

San Jose Mine expanded to 2,000 tpd

2013

Trinidad North high-grade silver-gold discovery at San Jose Mine, Mexico

Commissioned San Jose Mine expansion from 1,150 to 1,800 tpd

Acquired Taviche Oeste concession which hosts Trinidad North discovery

2012

Commenced construction of San Jose Mine mill expansion to 1,800 tpd

2011

Shares begin trading on NYSE: FSM

San Jose Mine declared commercial production at 1,000 tpd

2010

Shares begin trading on TSX: FVI

Positive pre-feasibility study reported for the San Jose Mine

Started construction of the San Jose Mine

2009

Acquired 100% interest in San Jose project

Received Environmental Impact Study approval and construction permits to build the San Jose Mine

2008

Shares begin trading on BVL: FVI

2007

Successful drilling at the San Jose Project significantly increased Ag Eq resources

2006

Re-initiated production at Caylloma Mine

Acquired 76% stake in the San Jose silver-gold Project located in Oaxaca, Mexico

2005

Fortuna Silver Mines Inc. established

Shares trade on TSX.V: FVI

Acquired the Caylloma silver-lead-zinc Mine located in Arequipa, Peru

© 2019 Fortuna Silver Mines Inc.
All rights reserved.
Disclaimer