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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 325koz. of gold and 6.5Moz. of silver per year. They have approximately 5.5Moz. of gold and 55Moz. of silver in the reserves and resources category of which 4Moz. of gold and 30Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$1033.56M which is a rise of roughly 33% over the last seven months. As of 11/03/2022 they have ~$218M debt and ~$116M cash. They have 292M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 11/03/2022
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $775.17M $1,033.56M 11/03/2022
Total Assets: $2,059.00M $2,059.00M 11/03/2022
Total Liabilities: $607.00M $607.00M 11/03/2022
Current Assets: $287.00M $287.00M 11/03/2022
Current Liabilities: $127.00M $127.00M 11/03/2022
Total Debt: $218.00M $218.00M 11/03/2022
Cash: $116.00M $116.00M 11/03/2022
Enterprise Value: $877.17M $1,135.56M 12/25/2005
Cash Flow: $72.08M $103.71M never
Cash Flow Multiple: 10.75 9.97 never
Net Debt to
Cash Flow Ratio:		 1.42 0.98 never
Finance within 1 year: 11/03/2022
Misc 11/03/2022
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 292,000,000 292,000,000 11/03/2022
Shares (FD): 297,000,000 297,000,000 11/03/2022
Insider Ownership: n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a n/a 11/03/2022
Production (Gold Eq Oz.): (guess) 
400,000		 (guess) 
403,742		 03/21/2023
Production (Silver Eq Oz.): (guess) 
33,525,964		 (guess) 
33,327,999		 03/21/2023
Initial CapEx (Outstanding): n/a n/a 11/03/2022
Funding Option: n/a n/a 11/03/2022
Documentation: none PRODUCER 04/13/2023
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 04/24/2023
Cash Flow Multiplier: 5 8 04/13/2023

Resource Data

GOLD 11/03/2022
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 4.00M 3.00M 03/21/2023
Measured & Indicated: 5.00M 4.00M 03/21/2023
Inferred: 1.00M 1.50M 03/21/2023
Reserves & Resources: 6.00M 5.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.40M 2.55M 03/21/2023
Measured & Indicated: 4.08M 3.23M 03/21/2023
Inferred: 0.43M 0.64M 03/21/2023
Reserves & Resources: 4.51M 3.87M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
400,000oz.		 (CG) 
325,000oz.		 03/21/2023
Cash Cost: $1,000 $1,250 03/21/2023
Extra Operating Cost: $450 $450 11/03/2022
Average Grade: 3.00 g/t 3.00 g/t 11/03/2022
Recovery Rate: (CG)  85.00% (CG)  85.00% 04/13/2023
F
U
T
U
R
E		 Proven & Probable: 6.00M 4.00M 03/21/2023
Annual Production: 500,000oz. 350,000oz. 03/21/2023
Cash Cost: $1,000 $1,300 04/13/2023
Extra Operating Cost: $450 $450 11/03/2022
SILVER 11/03/2022
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a 20.00M 03/21/2023
Measured & Indicated: n/a 30.00M 03/21/2023
Inferred: n/a 25.00M 03/21/2023
Reserves & Resources: n/a 55.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a 16.00M 03/21/2023
Measured & Indicated: n/a 22.40M 03/21/2023
Inferred: n/a 10.00M 03/21/2023
Reserves & Resources: n/a 32.40M never
C
U
R
R
E
N
T		 Annual Production: n/a (guess) 
6,500,000oz.		 03/21/2023
Cash Cost: n/a $12.00 03/21/2023
Extra Operating Cost: n/a $8.00 03/21/2023
Average Grade: n/a 120.00 g/t 03/21/2023
Recovery Rate: n/a (CG)  80.00% 04/13/2023
F
U
T
U
R
E		 Proven & Probable: n/a 40.00M 03/21/2023
Annual Production: n/a 6,500,000oz. 03/21/2023
Cash Cost: n/a $14.00 04/13/2023
Extra Operating Cost: n/a $10.00 04/13/2023

Property

Last Analysis Data  (11/03/2022)
Stage Name Owned Au Ag Cu Notes
Dev Lindero 100% 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).
Exp Arizaro 100% 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.
Dev Yaramoko 100% 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.
Exp Bissa West 90% show
Likely their second mine, but still early exploration.
Exp Solna 100% show
Their largest property. Early exploration.
Exp Seguela 100% show
500,000 oz at 2.4 gpt

Still early exploration
Prod San Jose 100% show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Prod Caylloma 100% show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Total Land Package Size (ha): 361,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Dev Lindero 100% 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).
Exp Arizaro 100% 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.
Dev Yaramoko 100% 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.
Exp Bissa West 90% show
Likely their second mine, but still early exploration.
Exp Solna 100% show
Their largest property. Early exploration.
Exp Seguela 100% show
500,000 oz at 2.4 gpt

Still early exploration
Prod San Jose 100% show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Prod Caylloma 100% 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		 11/03/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 92.53% n/a
Percentage Silver: n/a 7.47% n/a
Total (Gold Eq. Oz.): 4.00M 3.24M n/a
Total (Silver Eq. Oz.): n/a 267.64M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.40M 2.74M n/a
Silver Eq. Oz.: n/a 226.50M n/a
Maximum Profit (Gold): $612.68M $630.62M n/a
Maximum Profit (Silver): n/a $57.44M n/a
Total Maximum Profit: $612.68M $688.06M n/a
Max Profit / Current MCap: 0.790 0.666 n/a
Max Profit Per Share (Gold): $2.06 $2.12 n/a
Max Profit Per Share (Silver): n/a $0.19 n/a
Total Max Profit Per Share: $2.06 $2.32 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $227.99 $376.69 n/a
FD MCap / Silver Eq.: $2.72 $4.56 n/a
FD MCap / Per Metal
as % Spot Price:		 13.99% 19.34% n/a
Measured &
Indicated		 11/03/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 91.67% n/a
Percentage Silver: n/a 8.33% n/a
Total (Gold Eq. Oz.): 5.00M 4.36M n/a
Total (Silver Eq. Oz.): n/a 360.19M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.08M 3.50M n/a
Silver Eq. Oz.: n/a 289.03M n/a
Maximum Profit (Gold): $735.22M $798.78M n/a
Maximum Profit (Silver): n/a $80.42M n/a
Total Maximum Profit: $735.22M $879.20M n/a
Max Profit / Current MCap: 0.948 0.851 n/a
Max Profit Per Share (Gold): $2.48 $2.69 n/a
Max Profit Per Share (Silver): n/a $0.27 n/a
Total Max Profit Per Share: $2.48 $2.96 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $189.99 $295.19 n/a
FD MCap / Silver Eq.: $2.27 $3.58 n/a
FD MCap / Per Metal
as % Spot Price:		 11.65% 15.16% n/a

Reserves &
Resources		 11/03/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 89.19% n/a
Percentage Silver: n/a 10.81% n/a
Total (Gold Eq. Oz.): 6.00M 6.17M n/a
Total (Silver Eq. Oz.): n/a 509.01M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.51M 4.26M n/a
Silver Eq. Oz.: n/a 351.65M n/a
Maximum Profit (Gold): $811.80M $956.43M n/a
Maximum Profit (Silver): n/a $116.32M n/a
Total Maximum Profit: $811.80M $1,072.75M n/a
Max Profit / Current MCap: 1.047 1.038 n/a
Max Profit Per Share (Gold): $2.73 $3.22 n/a
Max Profit Per Share (Silver): n/a $0.39 n/a
Total Max Profit Per Share: $2.73 $3.61 n/a
Total Free Profit Per Share: $0.12 $0.13 n/a
FD MCap / Gold Eq.: $172.07 $242.62 n/a
FD MCap / Silver Eq.: $2.05 $2.94 n/a
FD MCap / Per Metal
as % Spot Price:		 10.56% 12.46% n/a

Future Valuation (Cash Flow & Totals)

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