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  • Yaramoko Mine, Burkina Faso

Yaramoko Mine Video

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Commodity
Gold
Ownership
90%
Burkina Faso Government holds 10%
Mill throughput
546,651
tonnes in 2022
Claim block area
23,000
hectares
Deposit type
Orogenic gold
Mining method
Longhole stoping
with cemented
rock fill

OPERATING HIGHLIGHTS

  20231

2024E1

Tonnes milled (000)

532

435

Gold production (koz)

117.7

105 - 119

AISC2,3,4 (US$/oz Au)

-

$1,220 - $1,320

Notes:

  • Refer to Fortuna news releases dated January 18, 2023, "Fortuna reports record 2023 production of 452 koz Au Eq and 2024 annual guidance of 457 to 497 koz Au Eq"
  • Cash Cost and all-in sustaining cost (AISC) are non-IFRS financial measures which are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures disclosed by other issuers.  Refer to the note under “Non-IFRS Financial Measures” on this website.
  • The following table provides the historical cash costs and historical AISC for the four operating mines for the year ended December 31, 2022, as follows:
    Mine Cash Costa,b,c AISCa,b,c
    SILVER ($/oz AgEq) ($/oz AgEq)
    San Jose, Mexico 10.56 15.11
    Caylloma, Peru 12.34 17.97
    GOLD ($/oz Au) ($/oz Au)
    Lindero, Argentina 740 1,142
    Yaramoko, Burkina Faso 840 1,529
    • (a) Cash cost and AISC are non-IFRS financial measures; refer to the note under “Non-IFRS Financial Measures” on this website.
    • (b) Silver equivalent was calculated at metal prices of $1,802/oz Au, $21.75/oz Ag, $2,161/t Pb and $3,468/t Zn for the year ended December 31, 2022
    • (c) Further details on the cash costs and AISC for the year ended December 31, 2022 are disclosed on pages 38, 40, and 41 (with respect to cash costs) and pages 39 and 42 (with respect to AISC) of the Company’s management discussion and analysis (“MD&A”) for the year ended December 31, 2022 dated as of March 15, 2023 (“2022 MD&A”) which is available under Fortuna's SEDAR+ profile at www.sedarplus.ca and is incorporated by reference into this news release, and the note under “Non-IFRS Financial Measures” on this website.
  • Cash cost includes production cash cost.  AISC includes sustaining capital expenditures, worker’s participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary G&A and Brownfields exploration and is estimated at metal prices of $1,800/oz Au, $22/oz Ag, $2,000/t Pb, and $2,500/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.

LOCATION

The Yaramoko Mine is situated in the Houndé greenstone belt region in the Province of Balé in southwestern Burkina Faso. The property is located approximately 200 kilometers southwest from the capital city of Ouagadougou (Latitude: 11° 45’ 25” N, Longitude: 3° 16’ 58” W).

Our operations add value to Burkina Faso’s formal economy by providing contracts and stable jobs for local people and by helping to expand the revenue base of our host government through income taxation, national social security system contributions and the royalties we pay every time we ship gold.

Mineral Reserves and Resources

Mineral Reserves - Proven and Probable

     

Contained Metal

Property

Classification

Tonnes (000)

Au (g/t)

Au (koz)

55 Zone Underground

Proven

0

 

Probable

509

9.56

157

 

Proven + Probable

509

9.56

157

55 Zone Open Pit

Proven

     
 

Probable

83

6.44

17

 

Proven + Probable

83

6.44

17

109 Zone Open Pit

Proven

     
 

Probable

120

2.04

8

 

Proven + Probable

120

2.04

8

Bagassi South QV Prime Underground

Proven

     
 

Probable

120

8.44

33
 

Proven + Probable

120 8.44 33

Bagassi South Underground

Proven

     
 

Probable

10

4.44 1
 

Proven + Probable

10 4.44 1

Stockpiles

Proven

21

5.44 4
 

Probable

    0
 

Proven + Probable

21 5.44 4

Combined

Proven

21

5.44 4
 

Probable

842 7.96 216
 

Proven + Probable

863

7.90 219
         

Mineral Resources - Measured and Indicated

     

Contained Metal

Property

Classification

Tonnes (000)

Au (g/t)

Au (koz)

Z55 Underground

Measured

18

4.33 2
 

Indicated

225 3.30 24
 

Measured + Indicated

243 3.38 26

Z55 Open Pit

Measured

  0.00  
 

Indicated

54

3.67 6
 

Measured + Indicated

54 3.67 6

Z109 Open Pit

Measured

  0.00  
 

Indicated

102 1.34 4
 

Measured + Indicated

102 1.34 4

Bagassi South QV Prime Underground

Measured

  0.00  
 

Indicated

63 2.80 6
 

Measured + Indicated

63 2.80 6

Bagassi South Underground

Measured

  0.00  
 

Indicated

8

2.21 1
 

Measured + Indicated

8 2.21 1

Combined

Measured

18

4.33 2
 

Indicated

452 2.82 41
 

Measured + Indicated

469

2.87

43

         

Mineral Resources - Inferred

     

Contained Metal

Property

Classification

Tonnes (000)

Au (g/t)

Au (koz)

Z55 Underground

Inferred

53

3.02

5

Z55 Open Pit

Inferred

21

4.03

3

Z109 Open Pit

Inferred

5 1.02 0

Bagassi South QV Prime Underground

Inferred

56 3.56 6

Bagassi South Underground

Inferred

24 4.63 4

Combined

Inferred

159

3.52 18
  • Notes:
    • Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
    • Mineral Resources are exclusive of Mineral Reserves
    • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
    • Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
    • Mineral Resources and Reserves for the Yaramoko Mine are reported as of December 31, 2023
    • Mineral Reserves for Yaramoko are reported at a cut-off grade of 1.57 g/t Au for the 55 Zone open pit, 0.86 g/t Au for the 109 Zone open pit, 4.5 g/t Au for 55 Zone underground, 3.8 g/t Au for Bagassi South QVP and QV underground based on an assumed gold price of US$1,600/oz, metallurgical recovery rates of 96.8%, underground mining costs of US$154/t, processing cost of US$28/t and G&A costs of US$27/t, surface mining costs of US$4.95/t, processing cost of US$27/t and G&A costs of US$33/t.  Underground average mining recovery is estimated at 90% for Bagassi South QV and QVP, 93% for 55 Zone SLS stopes and 86% for SPS (sill drifts) stopes. A mining dilution factor of 10% has been applied for sill drifts, 0.7m and 0.4m dilution skin has been applied for SLS and shrinkage mining respectively. Surface mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 5m x 5m x 5m size within an optimized pit shell and only Proven and Probable categories reported within the final pit designs. Yaramoko Mineral Resources are reported at a gold grade cut-off grade of 0.9 g/t Au for the 55 Zone open pit, 0.5 g/t Au for the 109 Zone open pit, and 2.7 g/t Au and 2.5 g/t Au for underground 55 Zone and Bagassi South respectively, based on an assumed gold price of US$1,840/oz and the same costs, metallurgical recovery and constrained within an optimised pit shell. The Yaramoko Mine is subject to a 10% carried interest held by the government of Burkina Faso.
    • Eric Chapman is the Qualified Person responsible for Mineral Resources and Raul Espinoza is the Qualified Person responsible for Mineral Reserves both being an employee of Fortuna Silver Mines Inc.
    • Totals may not add due to rounding procedures

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