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  • Lindero Mine, Argentina

    First gold pour in October 2020

Lindero Mine Video

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Commodity
Gold
Ownership
100%
Operation
18,750
tonnes per day
Claim block area
3,500
hectares
Deposit type
Gold porphyry
system
Mining method
Open pit

OPERATING HIGHLIGHTS

 

20231

2024E1

Ore placed on pad (Mt)

6.0

6.6

Gold production (koz)

101.2

93 - 105

AISC2,3,4 (US$/oz Au)

-

$1,730 - $1,950

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 9.30 14.38
    Caylloma, Peru 13.46 18.94
    GOLD ($/oz Au) ($/oz Au)
    Lindero, Argentina 617 1,116
    Yaramoko, Burkina Faso 739 1,317
    • (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 and for Lindero, is net of copper by-product credit.  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.

Mineral Reserves and Resources

Mineral Reserves - Proven and Probable

     

Contained Metal

Property

Classification

Tonnes (000)

Au (g/t)

Cu (%)

Au (koz)

Lindero, Argentina

Proven

24,295

0.60

0.08

468
 

Probable

47,210

0.54

0.11

816
 

Proven + Probable

71,505

0.56

0.10

1,284

           

Mineral Resources - Measured and Indicated

     

Contained Metal

Property

Classification

Tonnes (000)

Au (g/t)

Cu (%)

Au (koz)

Lindero, Argentina

Measured

1,981

0.48 0.11

30

 

Indicated

28,482

0.42

0.10

382
 

Measured + Indicated

30,464

0.42

0.10

412

           

Mineral Resources - Inferred

     

Contained Metal

Property

Classification

Tonnes (000)

Au (g/t)

Cu (%)

Au (koz)

Lindero, Argentina

Inferred

25,325

0.47

0.11

386

Arizaro, Argentina Inferred 24,131 0.40 0.15 310
  • 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 Lindero Mine are reported as of December 31, 2023
    • Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.28 g/t Au, recovery 75.4 %; Met type 2 cut-off 0.27 g/t Au, recovery 78.2 %; Met type 3 cut-off 0.27 g/t Au, recovery 78.5 %; and Met type 4 cut-off 0.31 g/t Au, recovery 68.5 %. Mining recovery and mining dilution have been accounted for during block regularization to 10-meter x 10-meter x 8-meter size. The cut-off grades and pit designs are considered appropriate for long term gold prices of $1,600/oz, estimated base mining costs of $1.36 per tonne of material, total processing and G&A costs of $9.78 per tonne of ore, and refinery costs net of pay factor of $12.20 per ounce gold. Reported Proven Reserves include 8.3 Mt averaging 0.44 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.24 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15 % upside in metal prices. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.26 g/t Au cut-off grade using the same gold price and costs as Lindero with an additional $0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit
    • 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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