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Category: Mid-tier Producer
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Fortuna Silver Mines Inc
www: www.fortunasilver.com     email: info@fortunasilver.com

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Notes
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Symbol Data

Symbol Currency
NYSE:FSM USD
TSE:FVI CAD

Description

Fortuna Silver Mines Inc are a gold and silver focused mid-tier producer with two producing mines in Mexico and Peru, one mine in development in Argentina and one exploration property. Currently they produce roughly 50koz. of gold and 8.0Moz. of silver per year. They have approximately 2.5Moz. of gold and 90Moz. of silver in the reserves and resources category of which 2.5Moz. of gold and 50Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$532.91M which is a fall of roughly 30% over the last nine months. As of 03/11/2018 they have ~$40M debt and ~$195M cash. They have 159M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 03/11/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $756.70M $532.91M 03/11/2018 $-223.79M
Total Assets: $392.00M $392.00M 03/11/2018 $0.00M
Total Liabilities: $114.00M $114.00M 03/11/2018 $0.00M
Current Assets: $175.00M $175.00M 03/11/2018 $0.00M
Current Liabilities: $25.00M $25.00M 03/11/2018 $0.00M
Total Debt: $40.00M $40.00M 03/11/2018 $0.00M
Cash: $195.00M $195.00M 03/11/2018 $0.00M
Enterprise Value: $601.70M $377.91M 12/22/1981 $-223.79M
Cash Flow: $18.34M $4.01M never $-14.34M
Cash Flow Multiple: 41.25 132.98 never 91.73
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 03/11/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 03/11/2018 0.00%
Misc 03/11/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 159,000,000 159,000,000 03/11/2018 0
Shares (FD): 161,000,000 161,000,000 03/11/2018 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 03/11/2018 n/a
Production (Gold Eq Oz.): (guess) 
150,204		 (guess) 
143,950		 03/11/2018 -6,254
Production (Silver Eq Oz.): (guess) 
11,991,853		 (guess) 
12,257,565		 03/11/2018 265,713
Initial CapEx (Outstanding): n/a n/a 03/11/2018 n/a
Funding Option: n/a n/a 03/11/2018 n/a
Documentation: none PRODUCER 03/11/2018 n/a
Value Adjustment: 50% 50% never 0%

Resource Data

GOLD 03/11/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.00M 2.00M 03/11/2018 0.00M
Measured & Indicated: 2.50M 2.50M 03/11/2018 0.00M
Inferred: n/a n/a 03/11/2018 0.00M
Reserves & Resources: 2.50M 2.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.70M 1.70M 03/11/2018 0.00M
Measured & Indicated: 2.04M 2.04M 03/11/2018 0.00M
Inferred: n/a n/a 03/11/2018 0.00M
Reserves & Resources: 2.04M 2.04M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
50,000oz.		 (CG) 
50,000oz.		 03/11/2018 0oz.
Cash Cost: $700 $700 03/11/2018 $0.00
Extra Operating Cost: $350 $350 03/11/2018 $0.00
Average Grade: 1.00 g/t 1.00 g/t 03/11/2018 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/11/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 03/11/2018 0.00M
Annual Production: 125,000oz. 125,000oz. 03/11/2018 0oz.
Cash Cost: $800 $800 03/11/2018 $0
Extra Operating Cost: $400 $400 03/11/2018 $0
SILVER 03/11/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 45.00M 45.00M 03/11/2018 0.00M
Measured & Indicated: 50.00M 50.00M 03/11/2018 0.00M
Inferred: 40.00M 40.00M 03/11/2018 0.00M
Reserves & Resources: 90.00M 90.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 40.50M 40.50M 03/11/2018 0.00M
Measured & Indicated: 44.10M 44.10M 03/11/2018 0.00M
Inferred: 18.00M 18.00M 03/11/2018 0.00M
Reserves & Resources: 62.10M 62.10M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
8,000,000oz.		 (guess) 
8,000,000oz.		 03/11/2018 0oz.
Cash Cost: $8 $8 03/11/2018 $0.00
Extra Operating Cost: $7 $7 03/11/2018 $0.00
Average Grade: 150.00 g/t 150.00 g/t 03/11/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/11/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 70.00M 70.00M 03/11/2018 0.00M
Annual Production: 8,000,000oz. 8,000,000oz. 03/11/2018 0oz.
Cash Cost: $11 $11 03/11/2018 $0
Extra Operating Cost: $6 $6 03/11/2018 $0

Property

Last Analysis Data  (03/11/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Oaxaca, Mexico San Jose 100% n/a Underground show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Production Arequipa, Peru Caylloma 100% n/a Underground show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Development Salta, Argentina Lindero 100% 3,500 Open Pit show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).
Exploration Argentina Arizaro 100% (guess) n/a Open Pit show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Total Land Package Size (ha): 3,500  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Oaxaca, Mexico San Jose 100% n/a Underground show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Production Arequipa, Peru Caylloma 100% n/a Underground show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Development Salta, Argentina Lindero 100% 3,500 Open Pit show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).
Exploration Argentina Arizaro 100% (guess) n/a Open Pit show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Total Land Package Size (ha): 3,500  

Profitability (by resource)

Proven &
Probable		 03/11/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 78.01% 79.10% n/a 1.09%
Percentage Silver: 21.99% 20.90% n/a -1.09%
Total (Gold Eq. Oz.): 2.56M 2.53M n/a -0.04M
Total (Silver Eq. Oz.): 204.67M 215.30M n/a 10.63M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.21M 2.18M n/a -0.03M
Silver Eq. Oz.: 176.22M 185.26M n/a 9.03M
Maximum Profit (Gold): $487.13M $335.76M n/a $-151.37M
Maximum Profit (Silver): $66.76M $-6.52M n/a $-73.28M
Total Maximum Profit: $553.89M $329.24M n/a $-224.65M
Max Profit / Current MCap: 0.732 0.618 n/a -0.114
Max Profit Per Share (Gold): $3.03 $2.09 n/a $-0.94
Max Profit Per Share (Silver): $0.41 $-0.04 n/a $-0.46
Total Max Profit Per Share: $3.44 $2.04 n/a $-1.40
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $342.82 $244.95 n/a $-97.87
FD Mkt. Cap / Silver Eq.: $4.29 $2.88 n/a $-1.42
FD Mkt. Cap / Per Metal
as % Spot Price:		 25.91% 19.78% n/a -6.13%
Measured &
Indicated		 03/11/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 79.97% 80.98% n/a 1.01%
Percentage Silver: 20.03% 19.02% n/a -1.01%
Total (Gold Eq. Oz.): 3.13M 3.09M n/a -0.04M
Total (Silver Eq. Oz.): 249.59M 262.88M n/a 13.29M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.59M 2.56M n/a -0.03M
Silver Eq. Oz.: 206.97M 217.81M n/a 10.84M
Maximum Profit (Gold): $584.55M $402.91M n/a $-181.64M
Maximum Profit (Silver): $72.70M $-7.10M n/a $-79.80M
Total Maximum Profit: $657.25M $395.81M n/a $-261.44M
Max Profit / Current MCap: 0.869 0.743 n/a -0.126
Max Profit Per Share (Gold): $3.63 $2.50 n/a $-1.13
Max Profit Per Share (Silver): $0.45 $-0.04 n/a $-0.50
Total Max Profit Per Share: $4.08 $2.46 n/a $-1.62
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $291.89 $208.34 n/a $-83.56
FD Mkt. Cap / Silver Eq.: $3.66 $2.45 n/a $-1.21
FD Mkt. Cap / Per Metal
as % Spot Price:		 22.06% 16.83% n/a -5.24%

Reserves &
Resources		 03/11/2018
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 68.92% 70.29% n/a 1.37%
Percentage Silver: 31.08% 29.71% n/a -1.37%
Total (Gold Eq. Oz.): 3.63M 3.56M n/a -0.07M
Total (Silver Eq. Oz.): 289.59M 302.88M n/a 13.29M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.82M 2.77M n/a -0.05M
Silver Eq. Oz.: 224.97M 235.81M n/a 10.84M
Maximum Profit (Gold): $584.55M $402.91M n/a $-181.64M
Maximum Profit (Silver): $102.37M $-10.00M n/a $-112.37M
Total Maximum Profit: $686.92M $392.91M n/a $-294.01M
Max Profit / Current MCap: 0.908 0.737 n/a -0.170
Max Profit Per Share (Gold): $3.63 $2.50 n/a $-1.13
Max Profit Per Share (Silver): $0.64 $-0.06 n/a $-0.70
Total Max Profit Per Share: $4.27 $2.44 n/a $-1.83
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $268.54 $192.44 n/a $-76.10
FD Mkt. Cap / Silver Eq.: $3.36 $2.26 n/a $-1.10
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.30% 15.54% n/a -4.76%

Future Valuation (Cash Flow & Totals)

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