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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 75koz. of gold and 8.0Moz. of silver per year. They have approximately 2.25Moz. of gold and 90Moz. of silver in the reserves and resources category of which 2Moz. of gold and 50Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$657.64M which is a rise of roughly 11% over the last three weeks. As of 01/26/2019 they have ~$40M debt and ~$176M cash. They have 160M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 01/26/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $590.40M $657.64M 01/26/2019 $67.24M
Total Assets: $738.00M $738.00M 01/26/2019 $0.00M
Total Liabilities: $138.00M $138.00M 01/26/2019 $0.00M
Current Assets: $236.00M $236.00M 01/26/2019 $0.00M
Current Liabilities: $53.00M $53.00M 01/26/2019 $0.00M
Total Debt: $40.00M $40.00M 01/26/2019 $0.00M
Cash: $176.00M $176.00M 01/26/2019 $0.00M
Enterprise Value: $454.40M $521.64M 07/13/1986 $67.24M
Cash Flow: $22.84M $24.74M never $1.90M
Cash Flow Multiple: 25.85 26.58 never 0.73
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 01/26/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/26/2019 0.00%
Misc 01/26/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 160,000,000 160,000,000 01/26/2019 0
Shares (FD): 164,000,000 164,000,000 01/26/2019 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 01/26/2019 n/a
Production (Gold Eq Oz.): (guess) 
171,484		 (guess) 
170,227		 01/26/2019 -1,257
Production (Silver Eq Oz.): (guess) 
14,218,651		 (guess) 
14,300,759		 01/26/2019 82,108
Initial CapEx (Outstanding): n/a n/a 01/26/2019 n/a
Funding Option: n/a n/a 01/26/2019 n/a
Documentation: none PRODUCER 01/26/2019 n/a
Value Adjustment: 50% 50% never 0%

Resource Data

GOLD 01/26/2019
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 01/26/2019 0.00M
Measured & Indicated: 2.00M 2.00M 01/26/2019 0.00M
Inferred: 0.25M 0.25M 01/26/2019 0.00M
Reserves & Resources: 2.25M 2.25M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.70M 1.70M 01/26/2019 0.00M
Measured & Indicated: 1.70M 1.70M 01/26/2019 0.00M
Inferred: 0.11M 0.11M 01/26/2019 0.00M
Reserves & Resources: 1.81M 1.81M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
75,000oz.		 (CG) 
75,000oz.		 01/26/2019 0oz.
Cash Cost: $700 $700 01/26/2019 $0.00
Extra Operating Cost: $350 $350 01/26/2019 $0.00
Average Grade: 1.00 g/t 1.00 g/t 01/26/2019 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 01/26/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 01/26/2019 0.00M
Annual Production: 125,000oz. 125,000oz. 01/26/2019 0oz.
Cash Cost: $800 $800 01/26/2019 $0
Extra Operating Cost: $400 $400 01/26/2019 $0
SILVER 01/26/2019
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 01/26/2019 0.00M
Measured & Indicated: 50.00M 50.00M 01/26/2019 0.00M
Inferred: 40.00M 40.00M 01/26/2019 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 01/26/2019 0.00M
Measured & Indicated: 44.10M 44.10M 01/26/2019 0.00M
Inferred: 18.00M 18.00M 01/26/2019 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.		 01/26/2019 0oz.
Cash Cost: $9 $9 01/26/2019 $0.00
Extra Operating Cost: $5 $5 01/26/2019 $0.00
Average Grade: 150.00 g/t 150.00 g/t 01/26/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/26/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 70.00M 70.00M 01/26/2019 0.00M
Annual Production: 8,000,000oz. 8,000,000oz. 01/26/2019 0oz.
Cash Cost: $11 $11 01/26/2019 $0
Extra Operating Cost: $6 $6 01/26/2019 $0

Property

Last Analysis Data  (01/26/2019)
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		 01/26/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 78.66% 78.88% n/a 0.22%
Percentage Silver: 21.34% 21.12% n/a -0.22%
Total (Gold Eq. Oz.): 2.54M 2.54M n/a -0.01M
Total (Silver Eq. Oz.): 210.83M 213.02M n/a 2.19M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.19M 2.18M n/a -0.01M
Silver Eq. Oz.: 181.46M 183.32M n/a 1.86M
Maximum Profit (Gold): $450.89M $496.59M n/a $45.70M
Maximum Profit (Silver): $72.72M $76.97M n/a $4.25M
Total Maximum Profit: $523.61M $573.56M n/a $49.95M
Max Profit / Current MCap: 0.887 0.872 n/a -0.015
Max Profit Per Share (Gold): $2.75 $3.03 n/a $0.28
Max Profit Per Share (Silver): $0.44 $0.47 n/a $0.03
Total Max Profit Per Share: $3.19 $3.50 n/a $0.30
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $269.78 $301.38 n/a $31.60
FD Mkt. Cap / Silver Eq.: $3.25 $3.59 n/a $0.33
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.71% 22.69% n/a 1.98%
Measured &
Indicated		 01/26/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 76.83% 77.07% n/a 0.24%
Percentage Silver: 23.17% 22.93% n/a -0.24%
Total (Gold Eq. Oz.): 2.60M 2.60M n/a -0.01M
Total (Silver Eq. Oz.): 215.83M 218.02M n/a 2.19M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.23M 2.22M n/a -0.01M
Silver Eq. Oz.: 185.06M 186.92M n/a 1.86M
Maximum Profit (Gold): $450.89M $496.59M n/a $45.70M
Maximum Profit (Silver): $79.18M $83.81M n/a $4.63M
Total Maximum Profit: $530.07M $580.40M n/a $50.33M
Max Profit / Current MCap: 0.898 0.883 n/a -0.015
Max Profit Per Share (Gold): $2.75 $3.03 n/a $0.28
Max Profit Per Share (Silver): $0.48 $0.51 n/a $0.03
Total Max Profit Per Share: $3.23 $3.54 n/a $0.31
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $264.53 $295.58 n/a $31.05
FD Mkt. Cap / Silver Eq.: $3.19 $3.52 n/a $0.33
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.31% 22.25% n/a 1.95%

Reserves &
Resources		 01/26/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 67.46% 67.74% n/a 0.28%
Percentage Silver: 32.54% 32.26% n/a -0.28%
Total (Gold Eq. Oz.): 3.34M 3.32M n/a -0.01M
Total (Silver Eq. Oz.): 276.56M 279.02M n/a 2.46M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.56M 2.55M n/a -0.01M
Silver Eq. Oz.: 211.87M 213.84M n/a 1.98M
Maximum Profit (Gold): $479.07M $527.62M n/a $48.55M
Maximum Profit (Silver): $111.50M $118.02M n/a $6.52M
Total Maximum Profit: $590.57M $645.64M n/a $55.07M
Max Profit / Current MCap: 1.000 0.982 n/a -0.019
Max Profit Per Share (Gold): $2.92 $3.22 n/a $0.30
Max Profit Per Share (Silver): $0.68 $0.72 n/a $0.04
Total Max Profit Per Share: $3.60 $3.94 n/a $0.34
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $231.06 $258.36 n/a $27.30
FD Mkt. Cap / Silver Eq.: $2.79 $3.08 n/a $0.29
FD Mkt. Cap / Per Metal
as % Spot Price:		 17.74% 19.45% n/a 1.71%

Future Valuation (Cash Flow & Totals)

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