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Fortuna Silver Mines Inc

www: www.fortunasilver.com   email: info@fortunasilver.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:FVI CAD
NYSE:FSM USD

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 150koz. of gold and 8.0Moz. of silver per year. They have approximately 2.25Moz. of gold and 75Moz. of silver in the reserves and resources category of which 2Moz. of gold and 45Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$690.9M which is a rise of roughly 3% over the last five months. As of 01/01/2020 they have ~$150M debt and ~$72M 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 01/01/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $671.16M $690.90M 01/01/2020 $19.74M
Total Assets: $871.00M $871.00M 01/01/2020 $0.00M
Total Liabilities: $280.00M $280.00M 01/01/2020 $0.00M
Current Assets: $100.00M $100.00M 01/01/2020 $0.00M
Current Liabilities: $53.00M $53.00M 01/01/2020 $0.00M
Total Debt: $150.00M $150.00M 01/01/2020 $0.00M
Cash: $72.00M $72.00M 01/01/2020 $0.00M
Enterprise Value: $749.16M $768.90M 05/14/1994 $19.74M
Cash Flow: $55.06M $72.93M never $17.87M
Cash Flow Multiple: 12.19 9.47 never -2.72
Net Debt to
Cash Flow Ratio:		 1.42 1.07 never -0.35
Finance within 1 year: 01/01/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/01/2020 0.00%
Misc 01/01/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 160,291,000 160,291,000 01/01/2020 0
Shares (FD): 164,500,000 164,500,000 01/01/2020 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 01/01/2020 n/a
Production (Gold Eq Oz.): (guess) 
244,093		 (guess) 
229,889		 01/01/2020 -14,204
Production (Silver Eq Oz.): (guess) 
20,753,359		 (guess) 
23,020,918		 01/01/2020 2,267,559
Initial CapEx (Outstanding): n/a n/a 01/01/2020 n/a
Funding Option: n/a n/a 01/01/2020 n/a
Documentation: none PRODUCER 01/01/2020 n/a
Value Adjustment: 50% 50% never 0%

Resource Data

GOLD 01/01/2020
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 01/01/2020 0.00M
Measured & Indicated: 2.00M 2.00M 01/01/2020 0.00M
Inferred: 0.25M 0.25M 01/01/2020 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 01/01/2020 0.00M
Measured & Indicated: 1.70M 1.70M 01/01/2020 0.00M
Inferred: 0.11M 0.11M 01/01/2020 0.00M
Reserves & Resources: 1.81M 1.81M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
150,000oz.		 (CG) 
150,000oz.		 01/01/2020 0oz.
Cash Cost: $800 $800 01/01/2020 $0.00
Extra Operating Cost: $400 $400 01/01/2020 $0.00
Average Grade: 0.50 g/t 0.50 g/t 01/01/2020 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 01/01/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.50M 2.50M 01/01/2020 0.00M
Annual Production: 150,000oz. 150,000oz. 01/01/2020 0oz.
Cash Cost: $800 $800 01/01/2020 $0
Extra Operating Cost: $400 $400 01/01/2020 $0
SILVER 01/01/2020
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 01/01/2020 0.00M
Measured & Indicated: 45.00M 45.00M 01/01/2020 0.00M
Inferred: 30.00M 30.00M 01/01/2020 0.00M
Reserves & Resources: 75.00M 75.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 40.50M 40.50M 01/01/2020 0.00M
Measured & Indicated: 40.50M 40.50M 01/01/2020 0.00M
Inferred: 13.50M 13.50M 01/01/2020 0.00M
Reserves & Resources: 54.00M 54.00M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
8,000,000oz.		 (guess) 
8,000,000oz.		 01/01/2020 0oz.
Cash Cost: $9 $9 01/01/2020 $0.00
Extra Operating Cost: $5 $5 01/01/2020 $0.00
Average Grade: 150.00 g/t 150.00 g/t 01/01/2020 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/01/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 60.00M 60.00M 01/01/2020 0.00M
Annual Production: 8,000,000oz. 8,000,000oz. 01/01/2020 0oz.
Cash Cost: $11 $11 01/01/2020 $0
Extra Operating Cost: $6 $6 01/01/2020 $0

Property

Last Analysis Data  (01/01/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production 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
Development 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.
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)
Total Land Package Size (ha): 3,500  

Profitability (by resource)

Proven &
Probable		 01/01/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 79.07% 81.65% n/a 2.58%
Percentage Silver: 20.93% 18.35% n/a -2.58%
Total (Gold Eq. Oz.): 2.53M 2.45M n/a -0.08M
Total (Silver Eq. Oz.): 215.04M 245.28M n/a 30.23M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.18M 2.10M n/a -0.07M
Silver Eq. Oz.: 185.04M 210.74M n/a 25.70M
Maximum Profit (Gold): $568.52M $934.27M n/a $365.75M
Maximum Profit (Silver): $164.15M $136.51M n/a $-27.64M
Total Maximum Profit: $732.67M $1,070.77M n/a $338.11M
Max Profit / Current MCap: 1.092 1.550 n/a 0.458
Max Profit Per Share (Gold): $3.46 $5.68 n/a $2.22
Max Profit Per Share (Silver): $1.00 $0.83 n/a $-0.17
Total Max Profit Per Share: $4.45 $6.51 n/a $2.06
Total Free Profit Per Share: $0.37 $2.31 n/a $1.94
FD Mkt. Cap / Gold Eq.: $308.39 $328.31 n/a $19.92
FD Mkt. Cap / Silver Eq.: $3.63 $3.28 n/a $-0.35
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.31% 19.05% n/a -1.26%
Measured &
Indicated		 01/01/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 79.07% 81.65% n/a 2.58%
Percentage Silver: 20.93% 18.35% n/a -2.58%
Total (Gold Eq. Oz.): 2.53M 2.45M n/a -0.08M
Total (Silver Eq. Oz.): 215.04M 245.28M n/a 30.23M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.18M 2.10M n/a -0.07M
Silver Eq. Oz.: 185.04M 210.74M n/a 25.70M
Maximum Profit (Gold): $568.52M $934.27M n/a $365.75M
Maximum Profit (Silver): $164.15M $136.51M n/a $-27.64M
Total Maximum Profit: $732.67M $1,070.77M n/a $338.11M
Max Profit / Current MCap: 1.092 1.550 n/a 0.458
Max Profit Per Share (Gold): $3.46 $5.68 n/a $2.22
Max Profit Per Share (Silver): $1.00 $0.83 n/a $-0.17
Total Max Profit Per Share: $4.45 $6.51 n/a $2.06
Total Free Profit Per Share: $0.37 $2.31 n/a $1.94
FD Mkt. Cap / Gold Eq.: $308.39 $328.31 n/a $19.92
FD Mkt. Cap / Silver Eq.: $3.63 $3.28 n/a $-0.35
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.31% 19.05% n/a -1.26%

Reserves &
Resources		 01/01/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 71.84% 75.03% n/a 3.19%
Percentage Silver: 28.16% 24.97% n/a -3.19%
Total (Gold Eq. Oz.): 3.13M 3.00M n/a -0.13M
Total (Silver Eq. Oz.): 266.30M 300.31M n/a 34.01M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.44M 2.35M n/a -0.10M
Silver Eq. Oz.: 207.57M 234.88M n/a 27.31M
Maximum Profit (Gold): $604.06M $992.66M n/a $388.61M
Maximum Profit (Silver): $218.86M $182.01M n/a $-36.86M
Total Maximum Profit: $822.92M $1,174.67M n/a $351.75M
Max Profit / Current MCap: 1.226 1.700 n/a 0.474
Max Profit Per Share (Gold): $3.67 $6.03 n/a $2.36
Max Profit Per Share (Silver): $1.33 $1.11 n/a $-0.22
Total Max Profit Per Share: $5.00 $7.14 n/a $2.14
Total Free Profit Per Share: $0.92 $2.94 n/a $2.02
FD Mkt. Cap / Gold Eq.: $274.91 $294.56 n/a $19.65
FD Mkt. Cap / Silver Eq.: $3.23 $2.94 n/a $-0.29
FD Mkt. Cap / Per Metal
as % Spot Price:		 18.10% 17.09% n/a -1.01%

Future Valuation (Cash Flow & Totals)

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