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Fortuna Silver Mines Inc.

  • Consolidated Mineral Reserves and Resources

Mineral Reserves - Proven and Probable

               

Contained Metal

  

Property

  

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

Cu (%)

Ag (Moz)

Au (koz)

Silver Mines

Caylloma, Peru

Proven + Probable

3,198

81

0.15

2.66

3.88

N/A

8.3

15
 

San Jose, Mexico

Proven + Probable

2,140

172

1.16

N/A

N/A

N/A

11.8

80
 

Total

Proven + Probable

5,338

117

0.56

N/A

N/A

N/A

20.1

96

Gold Mines

Lindero, Argentina

Proven + Probable

79,218

N/A

0.57

N/A

N/A

0.10

0.0

1,441
 

Yaramoko, Burkina Faso

Probable

1,161

N/A

5.89

N/A

N/A

N/A

0.0

220
 

Séguéla, Côte d'Ivoire

Proven + Probable

12,100

N/A

2.80

N/A

N/A

N/A

0.0

1,088
 

Total

Proven + Probable

 92,479

N/A

 0.92

N/A

N/A

N/A

0.0

 2,749

Total

  

Proven + Probable

            

20.1

2,844

Mineral Resources - Measured and Indicated

             

Contained Metal

  

Property

  

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

Cu (%)

Ag (Moz)

Au (koz)

Silver Mines

Caylloma, Peru

Measured + Indicated

2,839

80

0.24

1.64

3.08

N/A

7.3

22
 

San Jose, Mexico

Measured + Indicated

911

109

0.72

N/A

N/A

N/A

3.2

21
 

Total

Measured + Indicated

3,750

87

0.35

N/A

N/A

N/A

10.5

43

Gold Mines

Lindero, Argentina

Measured + Indicated

29,448

N/A

0.42

N/A

N/A

0.10

0.0

399
 

Yaramoko, Burkina Faso

Measured + Indicated

460

N/A

6.05

N/A

N/A

N/A

0.0

89

Séguéla, Côte d'Ivoire

Measured + Indicated

7,071

N/A

2.30

N/A

N/A

N/A

0.0

523
 

Total

Measured + Indicated

 36,979

N/A

0.85

N/A

N/A

N/A

0.0

 1,011

Total

  

Measured + Indicated

            

10.5

1,053

Mineral Resources – Inferred

               

Contained Metal

  

Property

  

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

Cu (%)

Ag (Moz)

Au (koz)

Silver Mines

Caylloma, Peru

Inferred

5,003

105

0.45

2.23

3.42

N/A

16.9

72
 

San Jose, Mexico

Inferred

2,524

118

0.83

N/A

N/A

N/A

9.6

67
 

Total

Inferred

7,527

109

0.58

N/A

N/A

N/A

26.5

139

Gold Mines

Lindero, Argentina

Inferred

24,170

N/A

0.47

N/A

N/A

0.11

0.0

365
 

Yaramoko, Burkina Faso

Inferred

141

N/A

5.51

N/A

N/A

N/A

0.0

25

Séguéla, Côte d'Ivoire

Inferred

5,708

N/A

3.33

N/A

N/A

N/A

0.0

610
 

Total

Inferred

 30,019

N/A

 1.04

N/A

N/A

N/A

0.0

 1,000
Gold Projects

Arizaro, Argentina

Inferred

22,146

N/A

0.39

N/A

N/A

N/A

0.0

280
 

Total

Inferred

 22,146

N/A

0.39

N/A

N/A

N/A

0.0

280

Total

  

Inferred

            

26.5

1,419
  • 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 are estimated as of June 30, 2022 for the Caylloma and Yaramoko Mines, as of July 31, 2022 for the San Jose Mine, as of August 31, 2022 for the Lindero Mine, as of December 31, 2022 for the Arizaro Project, and as of March 31, 2021 for the Séguéla Mine with the exception of the Sunbird Deposit which is estimated and reported as of November 21, 2022. Mineral Resources and Reserves for all mines are reported as of December 31, 2022 taking into production related depletion to this date
    • Mineral Reserves for the San Jose Mine are based on underground mining within optimized stope designs using an estimated NSR break-even cut-off grade of US$68.7/t to US$74.0/t equivalent to 119 -133 g/t Ag Eq based on assumed metal prices of US$21/oz Ag and US$1,600/oz Au; estimated metallurgical recovery rates of 91% for Ag and 90% for Au and mining costs of US$35.37/t cut and fill (C&F) - US$30.00/t sub-level stoping (SLS); processing costs of US$16.76/t; and other costs including distribution, management, community support and general service costs of US$21.91/t based on actual operating costs. Average mining recovery is estimated to 92% (C&F) and 93% (SLS) and average mining dilution 11% (C&F) and 17% (SLS). Mineral Resources are reported at a 110 g/t Ag Eq cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices
    • Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at US$86.60/t; mechanized (uppers) at US$77.33/t; semi-mechanized at US$90.19/t; and a conventional method at US$155.09/t; using assumed metal prices of US$21/oz Ag, US$1,600/oz Au, US$2,100/t Pb and US$2,600/t Zn; metallurgical recovery rates of 82% for Ag, 45% for Au, 88% for Pb and 89% for Zn . Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2021 through June 2022. Mining recovery is estimated to average 95% with average mining dilution of 12% depending on the mining methodology. Mineral Resources are reported at an NSR cut-off grade of US$65/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$135/t for veins classified as narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices
    • 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 0.27 g/t Au, recovery 75.4%; Met type 2 cut-off 0.26 g/t Au, recovery 78.2%; Met type 3 cut-off 0.26 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.30 g/t Au, recovery 68.5%. Mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$1,600/oz, estimated average mining costs of US$1.67/t of material, total processing and G&A costs of US$10.32/t of ore, and refinery costs net of pay factor of US$8.52/oz Au. Reported Proven Reserves include 7.9 Mt averaging 0.48 g/t Au of stockpiled material. Mineral Resources for Lindero are reported within a conceptual pit shell above a 0.23 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 0.25 g/t Au cut-off grade using the same gold price and costs as Lindero with an additional US$0.52/t of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit
    • Mineral Reserves for the Yaramoko Mine are reported at a cut-off grade of 1.26 g/t Au for the 55 Zone open pit, 0.73 g/t Au for the 109 Zone open pit, 4.1 g/t Au for 55 Zone and Bagassi South QV underground (SLS), 3.1 g/t Au for Bagassi South QVP (Shrinkage) based on an assumed gold price of US$1,600/oz, metallurgical recovery rates of 98.0%, 55 Zone and Bagassi South (QV) underground mining costs of US$135/t, processing cost of US$31/t and G&A costs of US$28/t, Bagassi South QVP underground mining cost of US$115/t, and processing cost of US$30/t, surface mining cost of US$3.49/t, processing cost of US$27/t and G&A costs of US$25/t for the 55 Zone, surface mining cost of US$3.66/t and processing cost of US$27/t for the 109 Zone. Underground average mining recovery is estimated at 86% (SLS) and 90% (Shrinkage) for Bagassi South, 92% (SLS) for 55 Zone stopes and 100% for sill drifts. A mining dilution factor of 10% has been applied for sill drifts, 0.6m 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 in situ 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 2.9 g/t Au for underground (55 Zone and Bagassi South), based on an assumed gold price of US$1,700/oz and the same costs, metallurgical recovery and constrained within an optimized pit shell. The Yaramoko Mine is subject to a 10% carried interest held by the state of Burkina Faso
    • Mineral Reserves for the Séguéla Mine are reported constrained within optimized pit shells at an incremental cut-off grade of 0.54 g/t Au for Antenna, 0.55 g/t Au for Agouti, 0.55 g/t Au for Boulder, 0.56 g/t Au for Koula and 0.56 g/t Au for Ancien deposits based on an assumed gold price of US$1,500/oz, metallurgical recovery rate of 94.5%, mining cost of US$2.87/t for Antenna, US$2.74/t for Agouti, US$2.81/t for Boulder, US$2.85/t for Koula and US$2.93/t for Ancien, processing and G&A costs of US$14.51/t and US$7.13/t respectively, mining owner cost of US$1.30/t, refining cost of US$2.60/oz and royalty rate of 6%. The Mineral Reserves pit design were completed based on overall slope angle recommendations of between 37° and 57° for Antenna, Koula and Agouti deposits from oxide to fresh weathering profiles, between 34° and 56° for Ancien deposit from oxide to fresh weathering profiles and 37° and 60° for Boulder deposit from oxide to fresh weathering profiles. The Mineral Reserves are reported in situ with modifying factors of 15% mining dilution and 90% mining recovery applied. Mineral Resources for Séguéla are reported in situ at a cut-off grade of 0.30 g/t Au for Antenna, 0.45 g/t Au for Sunbird and 0.50 g/t Au for the other satellite deposits, based on an assumed gold price of US$1,700/oz and constrained within preliminary pit shells. The Séguéla Mine is subject to a 10% carried interest held by the state of Côte d’Ivoire
    • Eric Chapman is the Qualified Person responsible for Mineral Resources reported for the Arizaro Project, San Jose, Caylloma, and Lindero mines; Raul Espinoza is the Qualified Person responsible for Mineral Reserves reported for the San Jose, Caylloma, Lindero and Yaramoko mines; both being employees of Fortuna Silver Mines Inc. Matt Cobb is the Qualified Person responsible for Mineral Resources reported for the Yaramoko and Séguéla mines, being an employee of Roxgold Inc. (a wholly-owned subsidiary of Fortuna). Shane McLeay (FAUSIMM #222752) is the Qualified Person responsible for Mineral Reserves for the Séguéla Mine, being an employee of Entech Pty Ltd.
    • Totals may not add due to rounding procedures
    • N/A = Not Applicable

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