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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
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, two mines in development in Argentina and Burkina Faso and four exploration properties. Currently they produce roughly 65koz. of gold and 9.0Moz. 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 ~$1514.7M which is a fall of roughly 7% over the last ten months. As of 01/09/2021 they have ~$133M debt and ~$85M cash. They have 291M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 01/09/2021
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $1,622.74M $1,514.70M 07/20/2021 $-108.04M
Total Assets: $987.00M $987.00M 01/09/2021 $0.00M
Total Liabilities: $281.00M $281.00M 01/09/2021 $0.00M
Current Assets: $140.00M $140.00M 01/09/2021 $0.00M
Current Liabilities: $80.00M $80.00M 01/09/2021 $0.00M
Total Debt: $133.00M $133.00M 01/09/2021 $0.00M
Cash: $85.00M $85.00M 01/09/2021 $0.00M
Enterprise Value: $1,670.74M $1,562.70M 07/09/2019 $-108.04M
Cash Flow: $101.18M $89.83M never $-11.35M
Cash Flow Multiple: 16.04 16.86 never 0.82
Net Debt to
Cash Flow Ratio:		 0.47 0.53 never 0.06
Finance within 1 year: 01/09/2021 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/09/2021 0.00%
Misc 01/09/2021
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 184,195,000 291,000,000 07/20/2021 106,805,000
Shares (FD): 187,600,000 297,000,000 07/20/2021 109,400,000
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a n/a 01/09/2021 n/a
Production (Gold Eq Oz.): (guess) 
188,604		 (guess) 
185,120		 01/09/2021 -3,484
Production (Silver Eq Oz.): (guess) 
13,732,861		 (guess) 
13,870,117		 01/09/2021 137,256
Initial CapEx (Outstanding): n/a n/a 01/09/2021 n/a
Funding Option: n/a n/a 01/09/2021 n/a
Documentation: none PRODUCER 07/20/2021 n/a
Value Adjustment: 200% 200% never 0%

Resource Data

GOLD 01/09/2021
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 01/09/2021 0.00M
Measured & Indicated: 2.00M 2.00M 01/09/2021 0.00M
Inferred: 0.25M 0.25M 01/09/2021 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 01/09/2021 0.00M
Measured & Indicated: 1.70M 1.70M 01/09/2021 0.00M
Inferred: 0.11M 0.11M 01/09/2021 0.00M
Reserves & Resources: 1.81M 1.81M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
65,000oz.		 (CG) 
65,000oz.		 01/09/2021 0oz.
Cash Cost: $800 $800 01/09/2021 $0.00
Extra Operating Cost: $400 $400 01/09/2021 $0.00
Average Grade: 0.50 g/t 0.50 g/t 01/09/2021 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/20/2021 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.50M 2.50M 01/09/2021 0.00M
Annual Production: 150,000oz. 150,000oz. 01/09/2021 0oz.
Cash Cost: $800 $800 01/09/2021 $0
Extra Operating Cost: $400 $400 01/09/2021 $0
SILVER 01/09/2021
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 01/09/2021 0.00M
Measured & Indicated: 45.00M 45.00M 01/09/2021 0.00M
Inferred: 30.00M 30.00M 01/09/2021 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 01/09/2021 0.00M
Measured & Indicated: 40.50M 40.50M 01/09/2021 0.00M
Inferred: 13.50M 13.50M 01/09/2021 0.00M
Reserves & Resources: 54.00M 54.00M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
9,000,000oz.		 (guess) 
9,000,000oz.		 01/09/2021 0oz.
Cash Cost: $9.00 $9.00 01/09/2021 $0.00
Extra Operating Cost: $5.00 $5.00 01/09/2021 $0.00
Average Grade: 150.00 g/t 150.00 g/t 01/09/2021 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 07/20/2021 0.00%
F
U
T
U
R
E		 Proven & Probable: 60.00M 60.00M 01/09/2021 0.00M
Annual Production: 9,000,000oz. 9,000,000oz. 01/09/2021 0oz.
Cash Cost: $11.00 $11.00 01/09/2021 $0.00
Extra Operating Cost: $6.00 $6.00 01/09/2021 $0.00

Property

Last Analysis Data  (01/09/2021)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
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.
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  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
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.
Development West Africa, Burkina Faso Yaramoko 100% 16,700 n/a show
1 million oz deposit. Very high grade (avg 13 gpt). Feasibility study due in Q2 2014.

100,000 oz per year for 10+ years.

Low cash costs, very economic.
Exploration West Africa, Burkina Faso Bissa West 90% 3,800 n/a show
Likely their second mine, but still early exploration.
Exploration West Africa, Burkina Faso Solna 100% 37,000 n/a show
Their largest property. Early exploration.
Exploration West Africa, Cote d'Ivoire Seguela 100% (guess) 300,000 n/a show
500,000 oz at 2.4 gpt

Still early exploration
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): 361,000  

Profitability (by resource)

Proven &
Probable		 01/09/2021
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 76.39% 76.91% n/a 0.52%
Percentage Silver: 23.61% 23.09% n/a -0.52%
Total (Gold Eq. Oz.): 2.62M 2.60M n/a -0.02M
Total (Silver Eq. Oz.): 190.63M 194.85M n/a 4.22M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.26M 2.24M n/a -0.02M
Silver Eq. Oz.: 164.28M 167.87M n/a 3.59M
Maximum Profit (Gold): $2,313.36M $2,124.86M n/a $-188.50M
Maximum Profit (Silver): $967.87M $847.10M n/a $-120.77M
Total Maximum Profit: $3,281.23M $2,971.96M n/a $-309.27M
Max Profit / Current MCap: 2.022 1.962 n/a -0.060
Max Profit Per Share (Gold): $12.33 $7.15 n/a $-5.18
Max Profit Per Share (Silver): $5.16 $2.85 n/a $-2.31
Total Max Profit Per Share: $17.49 $10.01 n/a $-7.48
Total Free Profit Per Share: $8.84 $4.91 n/a $-3.93
FD Mkt. Cap / Gold Eq.: $719.23 $676.04 n/a $-43.19
FD Mkt. Cap / Silver Eq.: $9.88 $9.02 n/a $-0.85
FD Mkt. Cap / Per Metal
as % Spot Price:		 38.92% 37.66% n/a -1.26%
Measured &
Indicated		 01/09/2021
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 76.39% 76.91% n/a 0.52%
Percentage Silver: 23.61% 23.09% n/a -0.52%
Total (Gold Eq. Oz.): 2.62M 2.60M n/a -0.02M
Total (Silver Eq. Oz.): 190.63M 194.85M n/a 4.22M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.26M 2.24M n/a -0.02M
Silver Eq. Oz.: 164.28M 167.87M n/a 3.59M
Maximum Profit (Gold): $2,313.36M $2,124.86M n/a $-188.50M
Maximum Profit (Silver): $967.87M $847.10M n/a $-120.77M
Total Maximum Profit: $3,281.23M $2,971.96M n/a $-309.27M
Max Profit / Current MCap: 2.022 1.962 n/a -0.060
Max Profit Per Share (Gold): $12.33 $7.15 n/a $-5.18
Max Profit Per Share (Silver): $5.16 $2.85 n/a $-2.31
Total Max Profit Per Share: $17.49 $10.01 n/a $-7.48
Total Free Profit Per Share: $8.84 $4.91 n/a $-3.93
FD Mkt. Cap / Gold Eq.: $719.23 $676.04 n/a $-43.19
FD Mkt. Cap / Silver Eq.: $9.88 $9.02 n/a $-0.85
FD Mkt. Cap / Per Metal
as % Spot Price:		 38.92% 37.66% n/a -1.26%

Reserves &
Resources		 01/09/2021
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 68.60% 69.21% n/a 0.61%
Percentage Silver: 31.40% 30.79% n/a -0.61%
Total (Gold Eq. Oz.): 3.28M 3.25M n/a -0.03M
Total (Silver Eq. Oz.): 238.83M 243.58M n/a 4.75M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.55M 2.53M n/a -0.02M
Silver Eq. Oz.: 185.52M 189.33M n/a 3.81M
Maximum Profit (Gold): $2,457.95M $2,257.67M n/a $-200.28M
Maximum Profit (Silver): $1,290.49M $1,129.46M n/a $-161.03M
Total Maximum Profit: $3,748.44M $3,387.13M n/a $-361.31M
Max Profit / Current MCap: 2.310 2.236 n/a -0.074
Max Profit Per Share (Gold): $13.10 $7.60 n/a $-5.50
Max Profit Per Share (Silver): $6.88 $3.80 n/a $-3.08
Total Max Profit Per Share: $19.98 $11.40 n/a $-8.58
Total Free Profit Per Share: $11.33 $6.30 n/a $-5.03
FD Mkt. Cap / Gold Eq.: $636.90 $599.41 n/a $-37.49
FD Mkt. Cap / Silver Eq.: $8.75 $8.00 n/a $-0.75
FD Mkt. Cap / Per Metal
as % Spot Price:		 34.46% 33.39% n/a -1.07%

Future Valuation (Cash Flow & Totals)

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