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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 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 400koz. of gold per year. They have approximately 6Moz. of gold in the reserves and resources category of which 5Moz. are in the measured and indicated category. They have a market capitalisation of ~$866.5M which is a fall of roughly 25% over the last nine months. As of 11/13/2021 they have ~$133M debt and ~$111M 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 11/13/2021
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $1,148.41M $866.50M 11/13/2021 $-281.91M
Total Assets: $1,000.00M $1,000.00M 11/13/2021 $0.00M
Total Liabilities: $312.00M $312.00M 11/13/2021 $0.00M
Current Assets: $250.00M $250.00M 11/13/2021 $0.00M
Current Liabilities: $200.00M $200.00M 11/13/2021 $0.00M
Total Debt: $133.00M $133.00M 11/13/2021 $0.00M
Cash: $135.00M $111.00M 05/11/2022 $-24.00M
Enterprise Value: $1,146.41M $888.50M 02/26/1998 $-257.91M
Cash Flow: $137.12M $136.64M never $-0.48M
Cash Flow Multiple: 8.38 6.34 never -2.03
Net Debt to
Cash Flow Ratio:		 n/a 0.16 never 0.16
Finance within 1 year: 11/13/2021 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 11/13/2021 0.00%
Misc 11/13/2021
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 291,425,000 291,425,000 11/13/2021 0
Shares (FD): 296,746,000 296,746,000 11/13/2021 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Silver Mostly Gold never n/a
Production ETA: n/a n/a 11/13/2021 n/a
Production (Gold Eq Oz.): (guess) 
328,539		 (guess) 
400,000		 04/11/2022 71,461
Production (Silver Eq Oz.): (guess) 
24,215,330		 (guess) 
34,100,186		 04/11/2022 9,884,856
Initial CapEx (Outstanding): n/a n/a 11/13/2021 n/a
Funding Option: n/a n/a 11/13/2021 n/a
Documentation: none PRODUCER 05/11/2022 n/a
Value Adjustment: 200% 150% never -50%

Resource Data

GOLD 11/13/2021
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.70M 4.00M 04/11/2022 0.30M
Measured & Indicated: 4.00M 5.00M 04/11/2022 1.00M
Inferred: 0.50M 1.00M 04/11/2022 0.50M
Reserves & Resources: 4.50M 6.00M never 1.50M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 3.15M 3.40M 04/11/2022 0.26M
Measured & Indicated: 3.35M 4.08M 04/11/2022 0.73M
Inferred: 0.21M 0.43M 04/11/2022 0.21M
Reserves & Resources: 3.56M 4.51M never 0.94M
C
U
R
R
E
N
T		 Annual Production: (guess) 
220,000oz.		 (CG) 
400,000oz.		 04/11/2022 180,000oz.
Cash Cost: $850 $900 05/11/2022 $50.00
Extra Operating Cost: $500 $450 05/11/2022 $-50.00
Average Grade: 3.00 g/t 3.00 g/t 11/13/2021 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/11/2022 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.50M 5.00M 04/11/2022 0.50M
Annual Production: 300,000oz. 500,000oz. 04/11/2022 200,000oz.
Cash Cost: $850 $900 05/11/2022 $50
Extra Operating Cost: $450 $450 11/13/2021 $0
SILVER 11/13/2021
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 n/a 04/11/2022 0.00M
Measured & Indicated: 45.00M n/a 04/11/2022 0.00M
Inferred: 30.00M n/a 04/11/2022 0.00M
Reserves & Resources: 75.00M n/a never -75.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 40.50M n/a 04/11/2022 -40.50M
Measured & Indicated: 40.50M n/a 04/11/2022 -40.50M
Inferred: 13.50M n/a 04/11/2022 -13.50M
Reserves & Resources: 54.00M n/a never -54.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
8,000,000oz.		 n/a 0oz.
Cash Cost: $10.00 n/a 04/11/2022 $0.00
Extra Operating Cost: $5.00 n/a 04/11/2022 $0.00
Average Grade: 150.00 g/t n/a 04/11/2022 n/a
Recovery Rate: (CG)  90.00% n/a 04/11/2022 -15.00%
F
U
T
U
R
E		 Proven & Probable: 60.00M n/a 04/11/2022 0.00M
Annual Production: 8,000,000oz. n/a 04/11/2022 n/a
Cash Cost: $11.00 n/a 04/11/2022 $0.00
Extra Operating Cost: $6.00 n/a 04/11/2022 n/a

Property

Last Analysis Data  (11/13/2021)
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.
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  
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		 11/13/2021
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 85.84% 100.00% n/a 14.16%
Percentage Silver: 14.16% n/a n/a -14.16%
Total (Gold Eq. Oz.): 4.31M 4.00M n/a -0.31M
Total (Silver Eq. Oz.): 317.71M n/a n/a 23.29M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.69M 3.40M n/a -0.29M
Silver Eq. Oz.: 272.31M n/a n/a 17.55M
Maximum Profit (Gold): $3,404.62M $2,903.60M n/a $-501.02M
Maximum Profit (Silver): $876.87M n/a n/a $-876.87M
Total Maximum Profit: $4,281.49M $2,903.60M n/a $-1,377.89M
Max Profit / Current MCap: 3.728 3.351 n/a -0.377
Max Profit Per Share (Gold): $11.47 $9.78 n/a $-1.69
Max Profit Per Share (Silver): $2.95 n/a n/a $-2.95
Total Max Profit Per Share: $14.43 $9.78 n/a $-4.64
Total Free Profit Per Share: $10.56 $6.86 n/a $-3.69
FD Mkt. Cap / Gold Eq.: $310.84 $254.85 n/a $-55.99
FD Mkt. Cap / Silver Eq.: $4.22 $2.99 n/a $-1.23
FD Mkt. Cap / Per Metal
as % Spot Price:		 16.66% 13.87% n/a -2.80%
Measured &
Indicated		 11/13/2021
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 86.76% 100.00% n/a 13.24%
Percentage Silver: 13.24% n/a n/a -13.24%
Total (Gold Eq. Oz.): 4.61M 5.00M n/a 0.39M
Total (Silver Eq. Oz.): 339.82M n/a n/a 86.43M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.90M 4.08M n/a 0.18M
Silver Eq. Oz.: 287.34M n/a n/a 60.48M
Maximum Profit (Gold): $3,625.46M $3,484.32M n/a $-141.14M
Maximum Profit (Silver): $876.87M n/a n/a $-876.87M
Total Maximum Profit: $4,502.33M $3,484.32M n/a $-1,018.01M
Max Profit / Current MCap: 3.920 4.021 n/a 0.101
Max Profit Per Share (Gold): $12.22 $11.74 n/a $-0.48
Max Profit Per Share (Silver): $2.95 n/a n/a $-2.95
Total Max Profit Per Share: $15.17 $11.74 n/a $-3.43
Total Free Profit Per Share: $11.30 $8.82 n/a $-2.48
FD Mkt. Cap / Gold Eq.: $294.58 $212.38 n/a $-82.20
FD Mkt. Cap / Silver Eq.: $4.00 $2.49 n/a $-1.51
FD Mkt. Cap / Per Metal
as % Spot Price:		 15.79% 11.55% n/a -4.24%

Reserves &
Resources		 11/13/2021
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 81.56% 100.00% n/a 18.44%
Percentage Silver: 18.44% n/a n/a -18.44%
Total (Gold Eq. Oz.): 5.52M 6.00M n/a 0.48M
Total (Silver Eq. Oz.): 406.68M n/a n/a 104.83M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.29M 4.51M n/a 0.21M
Silver Eq. Oz.: 316.50M n/a n/a 67.55M
Maximum Profit (Gold): $3,855.50M $3,847.27M n/a $-8.23M
Maximum Profit (Silver): $1,169.15M n/a n/a $-1,169.15M
Total Maximum Profit: $5,024.66M $3,847.27M n/a $-1,177.39M
Max Profit / Current MCap: 4.375 4.440 n/a 0.065
Max Profit Per Share (Gold): $12.99 $12.96 n/a $-0.03
Max Profit Per Share (Silver): $3.94 n/a n/a $-3.94
Total Max Profit Per Share: $16.93 $12.96 n/a $-3.97
Total Free Profit Per Share: $13.06 $10.04 n/a $-3.02
FD Mkt. Cap / Gold Eq.: $267.44 $192.34 n/a $-75.09
FD Mkt. Cap / Silver Eq.: $3.63 $2.26 n/a $-1.37
FD Mkt. Cap / Per Metal
as % Spot Price:		 14.34% 10.46% n/a -3.87%

Future Valuation (Cash Flow & Totals)

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