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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 385koz. of gold and 4.5Moz. of silver per year. They have approximately 5.5Moz. of gold and 40Moz. of silver in the reserves and resources category of which 4Moz. of gold and 20Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$1804.56M which is a rise of roughly 106% over the last seven months. As of 03/07/2024 they have ~$140M debt and ~$128M 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 $1,804.56M 11/02/2023 $927.00M
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 $140.00M 03/07/2024 $-145.00M
Cash: $93.00M $128.00M 01/11/2024 $35.00M
Enterprise Value: $1,069.56M $1,816.56M 07/25/2027 $747.00M
Cash Flow: $109.75M $295.97M never $186.22M
Cash Flow Multiple: 8.00 6.10 never -1.90
Net Debt to
Cash Flow Ratio:
1.75 0.04 never -1.71
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 03/07/2024 0
Shares (FD): 309,000,000 309,000,000 11/02/2023 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Silver Mostly Gold never n/a
Production ETA: n/a n/a 11/02/2023 n/a
Production (Gold Eq Oz.): (guess) 
399,301
(guess) 
443,878
03/07/2024 44,577
Production (Silver Eq Oz.): (guess) 
34,931,768
(guess) 
33,925,345
03/07/2024 -1,006,423
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 05/08/2024 n/a
Future MCap Modifier: 0.25
Producer: Quality
0.25
Producer: Quality
11/02/2023 0
Cash Flow Multiplier: 8 12 03/07/2024 4.00

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) 
385,000oz.
03/07/2024 60,000oz.
Cash Cost: $1,250 $1,000 05/08/2024 $-250.00
Extra Operating Cost: $450 $750 05/08/2024 $300.00
G
R
A
D
E
Underground (Avg): 3.00 g/t 4.00 g/t 03/23/2024 1.00 g/t
Open Pit (Avg): n/a 1.50 g/t 03/23/2024 1.50 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/08/2024 0.00%
F
U
T
U
R
E
Proven & Probable: 4.00M 4.00M 11/02/2023 0.00M
Annual Production: 350,000oz. 450,000oz. 03/07/2024 100,000oz.
Cash Cost: $1,300 $1,200 03/07/2024 $-100
Extra Operating Cost: $450 $600 03/07/2024 $150
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 20.00M 03/07/2024 -10.00M
Inferred: 25.00M 20.00M 03/07/2024 -5.00M
Reserves & Resources: 55.00M 40.00M never -15.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 16.00M 16.00M 11/02/2023 0.00M
Measured & Indicated: 22.40M 16.00M 03/07/2024 -6.40M
Inferred: 10.00M 8.00M 03/07/2024 -2.00M
Reserves & Resources: 32.40M 24.00M never -8.40M
C
U
R
R
E
N
T
Annual Production: (guess) 
6,500,000oz.
(guess) 
4,500,000oz.
01/18/2024 -2,000,000oz.
Cash Cost: $12.00 $15.00 05/08/2024 $3.00
Extra Operating Cost: $8.00 $10.00 05/08/2024 $2.00
G
R
A
D
E
Underground (Avg): 120.00 g/t 120.00 g/t 11/02/2023 n/a
Open Pit (Avg): n/a n/a 11/02/2023 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/08/2024 0.00%
F
U
T
U
R
E
Proven & Probable: 40.00M 20.00M 03/07/2024 -20.00M
Annual Production: 6,500,000oz. 1,500,000oz. 03/07/2024 -5,000,000oz.
Cash Cost: $14.00 $16.00 05/08/2024 $2.00
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% 91.98% n/a -0.94%
Percentage Silver: 7.08% 8.02% n/a 0.94%
Total (Gold Eq. Oz.): 3.23M 3.26M n/a 0.03M
Total (Silver Eq. Oz.): 282.45M 249.29M n/a -33.16M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.73M 2.76M n/a 0.03M
Silver Eq. Oz.: 239.08M 210.90M n/a -28.18M
Maximum Profit (Gold): $724.46M $1,754.66M n/a $1,030.20M
Maximum Profit (Silver): $42.88M $110.40M n/a $67.52M
Total Maximum Profit: $767.34M $1,865.06M n/a $1,097.72M
Max Profit / Current MCap: 0.874 1.034 n/a 0.159
Max Profit Per Share (Gold): $2.34 $5.68 n/a $3.33
Max Profit Per Share (Silver): $0.14 $0.36 n/a $0.22
Total Max Profit Per Share: $2.48 $6.04 n/a $3.55
Total Free Profit Per Share: $0.00 $0.20 n/a $0.20
FD MCap / Gold Eq.: $321.11 $653.98 n/a $332.87
FD MCap / Silver Eq.: $3.67 $8.56 n/a $4.89
FD MCap / Per Metal
as % Spot Price:
16.18% 26.82% n/a 10.64%
Measured &
Indicated
11/02/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 92.10% 93.86% n/a 1.76%
Percentage Silver: 7.90% 6.14% n/a -1.76%
Total (Gold Eq. Oz.): 4.34M 4.26M n/a -0.08M
Total (Silver Eq. Oz.): 379.93M 325.72M n/a -54.21M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.49M 3.44M n/a -0.05M
Silver Eq. Oz.: 304.97M 262.87M n/a -42.10M
Maximum Profit (Gold): $917.64M $2,222.56M n/a $1,304.92M
Maximum Profit (Silver): $60.03M $110.40M n/a $50.37M
Total Maximum Profit: $977.68M $2,332.96M n/a $1,355.29M
Max Profit / Current MCap: 1.114 1.293 n/a 0.179
Max Profit Per Share (Gold): $2.97 $7.19 n/a $4.22
Max Profit Per Share (Silver): $0.19 $0.36 n/a $0.16
Total Max Profit Per Share: $3.16 $7.55 n/a $4.39
Total Free Profit Per Share: $0.32 $1.71 n/a $1.39
FD MCap / Gold Eq.: $251.73 $524.68 n/a $272.95
FD MCap / Silver Eq.: $2.88 $6.86 n/a $3.99
FD MCap / Per Metal
as % Spot Price:
12.69% 21.52% n/a 8.83%

Reserves &
Resources
11/02/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 89.74% 91.31% n/a 1.57%
Percentage Silver: 10.26% 8.69% n/a -1.57%
Total (Gold Eq. Oz.): 6.13M 6.02M n/a -0.11M
Total (Silver Eq. Oz.): 536.15M 460.36M n/a -75.79M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.24M 4.18M n/a -0.06M
Silver Eq. Oz.: 370.74M 319.59M n/a -51.15M
Maximum Profit (Gold): $1,098.76M $2,661.23M n/a $1,562.47M
Maximum Profit (Silver): $86.83M $165.60M n/a $78.77M
Total Maximum Profit: $1,185.59M $2,826.83M n/a $1,641.24M
Max Profit / Current MCap: 1.351 1.566 n/a 0.215
Max Profit Per Share (Gold): $3.56 $8.61 n/a $5.06
Max Profit Per Share (Silver): $0.28 $0.54 n/a $0.25
Total Max Profit Per Share: $3.84 $9.15 n/a $5.31
Total Free Profit Per Share: $1.00 $3.31 n/a $2.31
FD MCap / Gold Eq.: $207.08 $431.56 n/a $224.48
FD MCap / Silver Eq.: $2.37 $5.65 n/a $3.28
FD MCap / Per Metal
as % Spot Price:
10.44% 17.70% n/a 7.26%

Future Valuation (Cash Flow & Totals)

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