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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, 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 ~$396.45M which is a fall of roughly 41% over the last three 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 $396.45M 01/01/2020 $-274.72M
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 $474.45M 01/13/1985 $-274.72M
Cash Flow: $55.06M $46.80M never $-8.26M
Cash Flow Multiple: 12.19 8.47 never -3.72
Net Debt to
Cash Flow Ratio:		 1.42 1.67 never 0.25
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) 
220,918		 01/01/2020 -23,174
Production (Silver Eq Oz.): (guess) 
20,753,359		 (guess) 
24,920,833		 01/01/2020 4,167,474
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 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		 01/01/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 79.07% 83.37% n/a 4.30%
Percentage Silver: 20.93% 16.63% n/a -4.30%
Total (Gold Eq. Oz.): 2.53M 2.40M n/a -0.13M
Total (Silver Eq. Oz.): 215.04M 270.61M n/a 55.57M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.18M 2.06M n/a -0.12M
Silver Eq. Oz.: 185.04M 232.27M n/a 47.23M
Maximum Profit (Gold): $568.52M $757.55M n/a $189.03M
Maximum Profit (Silver): $164.15M $17.01M n/a $-147.14M
Total Maximum Profit: $732.67M $774.56M n/a $41.90M
Max Profit / Current MCap: 1.092 1.954 n/a 0.862
Max Profit Per Share (Gold): $3.46 $4.61 n/a $1.15
Max Profit Per Share (Silver): $1.00 $0.10 n/a $-0.89
Total Max Profit Per Share: $4.45 $4.71 n/a $0.25
Total Free Profit Per Share: $0.37 $2.30 n/a $1.92
FD Mkt. Cap / Gold Eq.: $308.39 $192.54 n/a $-115.85
FD Mkt. Cap / Silver Eq.: $3.63 $1.71 n/a $-1.92
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.31% 11.85% n/a -8.46%
Measured &
Indicated		 01/01/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 79.07% 83.37% n/a 4.30%
Percentage Silver: 20.93% 16.63% n/a -4.30%
Total (Gold Eq. Oz.): 2.53M 2.40M n/a -0.13M
Total (Silver Eq. Oz.): 215.04M 270.61M n/a 55.57M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.18M 2.06M n/a -0.12M
Silver Eq. Oz.: 185.04M 232.27M n/a 47.23M
Maximum Profit (Gold): $568.52M $757.55M n/a $189.03M
Maximum Profit (Silver): $164.15M $17.01M n/a $-147.14M
Total Maximum Profit: $732.67M $774.56M n/a $41.90M
Max Profit / Current MCap: 1.092 1.954 n/a 0.862
Max Profit Per Share (Gold): $3.46 $4.61 n/a $1.15
Max Profit Per Share (Silver): $1.00 $0.10 n/a $-0.89
Total Max Profit Per Share: $4.45 $4.71 n/a $0.25
Total Free Profit Per Share: $0.37 $2.30 n/a $1.92
FD Mkt. Cap / Gold Eq.: $308.39 $192.54 n/a $-115.85
FD Mkt. Cap / Silver Eq.: $3.63 $1.71 n/a $-1.92
FD Mkt. Cap / Per Metal
as % Spot Price:		 20.31% 11.85% n/a -8.46%

Reserves &
Resources		 01/01/2020
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 71.84% 77.19% n/a 5.35%
Percentage Silver: 28.16% 22.81% n/a -5.35%
Total (Gold Eq. Oz.): 3.13M 2.91M n/a -0.22M
Total (Silver Eq. Oz.): 266.30M 328.81M n/a 62.51M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.44M 2.28M n/a -0.16M
Silver Eq. Oz.: 207.57M 257.76M n/a 50.18M
Maximum Profit (Gold): $604.06M $804.90M n/a $200.85M
Maximum Profit (Silver): $218.86M $22.68M n/a $-196.18M
Total Maximum Profit: $822.92M $827.58M n/a $4.66M
Max Profit / Current MCap: 1.226 2.088 n/a 0.861
Max Profit Per Share (Gold): $3.67 $4.89 n/a $1.22
Max Profit Per Share (Silver): $1.33 $0.14 n/a $-1.19
Total Max Profit Per Share: $5.00 $5.03 n/a $0.03
Total Free Profit Per Share: $0.92 $2.62 n/a $1.70
FD Mkt. Cap / Gold Eq.: $274.91 $173.50 n/a $-101.41
FD Mkt. Cap / Silver Eq.: $3.23 $1.54 n/a $-1.70
FD Mkt. Cap / Per Metal
as % Spot Price:		 18.10% 10.68% n/a -7.42%

Future Valuation (Cash Flow & Totals)

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