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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 five producing mines in Argentina, Burkina Faso, Cote d'Ivoire, Mexico and Peru and four exploration properties. Currently they produce roughly 375koz. 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 ~$1211.28M which is a rise of roughly 38% over the last one months. As of 11/02/2023 they have ~$285M debt and ~$93M cash. They have 306M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 11/02/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $877.56M $1,211.28M 11/02/2023 $333.72M
Total Assets: $1,991.00M $1,991.00M 11/02/2023 $0.00M
Total Liabilities: $686.00M $686.00M 11/02/2023 $0.00M
Current Assets: $275.00M $275.00M 11/02/2023 $0.00M
Current Liabilities: $138.00M $138.00M 11/02/2023 $0.00M
Total Debt: $285.00M $285.00M 11/02/2023 $0.00M
Cash: $93.00M $93.00M 11/02/2023 $0.00M
Enterprise Value: $1,069.56M $1,403.28M 06/20/2014 $333.72M
Cash Flow: $109.75M $189.34M never $79.59M
Cash Flow Multiple: 8.00 6.40 never -1.60
Net Debt to
Cash Flow Ratio:		 1.75 1.01 never -0.74
Finance within 1 year: 11/02/2023 n/a
Misc 11/02/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 306,000,000 306,000,000 11/02/2023 0
Shares (FD): 309,000,000 309,000,000 11/02/2023 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 11/02/2023 n/a
Production (Gold Eq Oz.): (guess) 
399,301		 (guess) 
453,258		 11/11/2023 53,957
Production (Silver Eq Oz.): (guess) 
34,931,768		 (guess) 
37,647,113		 11/11/2023 2,715,345
Initial CapEx (Outstanding): n/a n/a 11/02/2023 n/a
Funding Option: n/a n/a 11/02/2023 n/a
Documentation: none PRODUCER 11/19/2023 n/a
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 11/02/2023 0
Cash Flow Multiplier: 8 10 11/08/2023 2.00

Resource Data

GOLD 11/02/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.00M 3.00M 11/02/2023 0.00M
Measured & Indicated: 4.00M 4.00M 11/02/2023 0.00M
Inferred: 1.50M 1.50M 11/02/2023 0.00M
Reserves & Resources: 5.50M 5.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.55M 2.55M 11/02/2023 0.00M
Measured & Indicated: 3.23M 3.23M 11/02/2023 0.00M
Inferred: 0.64M 0.64M 11/02/2023 0.00M
Reserves & Resources: 3.87M 3.87M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
325,000oz.		 (CG) 
375,000oz.		 11/11/2023 50,000oz.
Cash Cost: $1,250 $1,150 11/08/2023 $-100.00
Extra Operating Cost: $450 $450 11/02/2023 $0.00
Average Grade: 3.00 g/t 3.00 g/t 11/02/2023 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 11/19/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 11/02/2023 0.00M
Annual Production: 350,000oz. 375,000oz. 11/11/2023 25,000oz.
Cash Cost: $1,300 $1,250 11/08/2023 $-50
Extra Operating Cost: $450 $450 11/02/2023 $0
SILVER 11/02/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 20.00M 20.00M 11/02/2023 0.00M
Measured & Indicated: 30.00M 30.00M 11/02/2023 0.00M
Inferred: 25.00M 25.00M 11/02/2023 0.00M
Reserves & Resources: 55.00M 55.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 16.00M 16.00M 11/02/2023 0.00M
Measured & Indicated: 22.40M 22.40M 11/02/2023 0.00M
Inferred: 10.00M 10.00M 11/02/2023 0.00M
Reserves & Resources: 32.40M 32.40M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
6,500,000oz.		 (guess) 
6,500,000oz.		 11/02/2023 0oz.
Cash Cost: $12.00 $12.00 11/02/2023 $0.00
Extra Operating Cost: $8.00 $8.00 11/08/2023 $0.00
Average Grade: 120.00 g/t 120.00 g/t 11/02/2023 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 11/19/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: 40.00M 50.00M 11/03/2023 10.00M
Annual Production: 6,500,000oz. 6,500,000oz. 11/02/2023 0oz.
Cash Cost: $14.00 $14.00 11/02/2023 $0.00
Extra Operating Cost: $10.00 $10.00 11/02/2023 $0.00

Property

Last Analysis Data  (11/02/2023)
Stage Name Owned Au Ag Cu Notes
Prod 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.
Prod 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.
Prod 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)
Exp Diamba Sud 100% show
Appears to be a mine.

Early exploration.
Total Land Package Size (ha): 366,300  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod 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.
Prod 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.
Prod 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)
Exp Diamba Sud 100% show
Appears to be a mine.

Early exploration.
Total Land Package Size (ha): 366,300  

Profitability (by resource)

Proven &
Probable		 11/02/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 92.92% 92.57% n/a -0.35%
Percentage Silver: 7.08% 7.43% n/a 0.35%
Total (Gold Eq. Oz.): 3.23M 3.24M n/a 0.01M
Total (Silver Eq. Oz.): 282.45M 269.18M n/a -13.27M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.73M 2.74M n/a 0.01M
Silver Eq. Oz.: 239.08M 227.80M n/a -11.28M
Maximum Profit (Gold): $724.46M $1,092.17M n/a $367.71M
Maximum Profit (Silver): $42.88M $70.72M n/a $27.84M
Total Maximum Profit: $767.34M $1,162.89M n/a $395.55M
Max Profit / Current MCap: 0.874 0.960 n/a 0.086
Max Profit Per Share (Gold): $2.34 $3.53 n/a $1.19
Max Profit Per Share (Silver): $0.14 $0.23 n/a $0.09
Total Max Profit Per Share: $2.48 $3.76 n/a $1.28
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $321.11 $441.65 n/a $120.54
FD MCap / Silver Eq.: $3.67 $5.32 n/a $1.65
FD MCap / Per Metal
as % Spot Price:		 16.18% 21.77% n/a 5.59%
Measured &
Indicated		 11/02/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 92.10% 91.72% n/a -0.38%
Percentage Silver: 7.90% 8.28% n/a 0.38%
Total (Gold Eq. Oz.): 4.34M 4.36M n/a 0.02M
Total (Silver Eq. Oz.): 379.93M 362.24M n/a -17.69M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.49M 3.50M n/a 0.01M
Silver Eq. Oz.: 304.97M 290.68M n/a -14.29M
Maximum Profit (Gold): $917.64M $1,383.41M n/a $465.77M
Maximum Profit (Silver): $60.03M $99.01M n/a $38.98M
Total Maximum Profit: $977.68M $1,482.42M n/a $504.74M
Max Profit / Current MCap: 1.114 1.224 n/a 0.110
Max Profit Per Share (Gold): $2.97 $4.48 n/a $1.51
Max Profit Per Share (Silver): $0.19 $0.32 n/a $0.13
Total Max Profit Per Share: $3.16 $4.80 n/a $1.63
Total Free Profit Per Share: $0.32 $0.88 n/a $0.55
FD MCap / Gold Eq.: $251.73 $346.11 n/a $94.38
FD MCap / Silver Eq.: $2.88 $4.17 n/a $1.29
FD MCap / Per Metal
as % Spot Price:		 12.69% 17.06% n/a 4.38%

Reserves &
Resources		 11/02/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 89.74% 89.25% n/a -0.49%
Percentage Silver: 10.26% 10.75% n/a 0.49%
Total (Gold Eq. Oz.): 6.13M 6.16M n/a 0.03M
Total (Silver Eq. Oz.): 536.15M 511.82M n/a -24.33M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.24M 4.26M n/a 0.02M
Silver Eq. Oz.: 370.74M 353.63M n/a -17.11M
Maximum Profit (Gold): $1,098.76M $1,656.45M n/a $557.69M
Maximum Profit (Silver): $86.83M $143.21M n/a $56.38M
Total Maximum Profit: $1,185.59M $1,799.66M n/a $614.07M
Max Profit / Current MCap: 1.351 1.486 n/a 0.135
Max Profit Per Share (Gold): $3.56 $5.36 n/a $1.80
Max Profit Per Share (Silver): $0.28 $0.46 n/a $0.18
Total Max Profit Per Share: $3.84 $5.82 n/a $1.99
Total Free Profit Per Share: $1.00 $1.90 n/a $0.91
FD MCap / Gold Eq.: $207.08 $284.50 n/a $77.42
FD MCap / Silver Eq.: $2.37 $3.43 n/a $1.06
FD MCap / Per Metal
as % Spot Price:		 10.44% 14.03% n/a 3.59%

Future Valuation (Cash Flow & Totals)

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