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  • Caylloma Mine, Peru

Caylloma Mine Video

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Commodities
Silver, zinc, lead
Ownership
100%
Operation
543,876
tonnes milled in 2023
Claim block area
36,000
hectares
Deposit type
Intermediate sulphidation
epithermal deposit
Mining method
Underground
cut-and-fill

OPERATING HIGHLIGHTS

 

20231

2024E1

Tonnes milled (000)

544

500

Average milled (tpd)

1,528

1,370

Silver production (Moz)

1.2

0.9 - 1.1

Gold production (koz)

-

-

Lead production (Mlbs)

40.8

29 - 34

Zinc production (Mlbs)

55.1

36 - 39

AISC2,3,4 (US$/oz AgEq)

$19.90

$18.0 - $21.0

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.

Mineral Reserves and Resources

Mineral Reserves - Proven and Probable

         

Contained Metal

 

Property

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

Ag (Moz)

Au (koz)

Caylloma, Peru

               

Silver Veins

Proven

7

583 2.20 0.77 0.94 0.1 0.5
 

Probable

48 447 1.40 0.72 0.82 0.7 2.2
 

Proven + Probable

56 465 1.51 0.72 0.83 0.8 2.7

Polymetallic Veins

Proven

12

74 0.20 3.09 3.59 0.0 0.1
 

Probable

2,220 73 0.10 2.83 4.13 5.2 7.1
 

Proven + Probable

2,233 73 0.10 2.83 4.12 5.3 7.2

Combined-All Veins

Proven

20

261 0.94 2.23 2.62 0.2 0.6
 

Probable

2,269

81 0.13 2.79 4.06 5.9 9.3
 

Proven + Probable

2,288

83

0.13

2.78

4.04

6.1

9.9

                 

Mineral Resources - Measured and Indicated

         

Contained Metal

 

Property

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

Ag (Moz)

Au (koz)

Caylloma, Peru

Measured

524

98 0.30 2.09 3.16 1.6 5.0
 

Indicated

1,262 82 0.21 1.47 2.54 3.3 8.5
 

Measured + Indicated

1,786

87

0.24

1.65

2.72

5.0

13.6

                 

Mineral Resources - Inferred

           

Contained Metal

 

Property

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

Ag (Moz)

Au (koz)

Caylloma, Peru

Inferred

4,505

99

0.43

2.43

3.70

14.4

62.8

  • 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
    • Caylloma Mineral Resources and Reserves are reported as of December 31, 2023
    • Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including: mechanized (breasting) that represents 91 % of Mineral Reserves planned for mining at $89.78/t, mechanized (uppers) at $79.70/t, semi-mechanized at $ 93.27/t, sub-level stoping at $88.81/t, and a conventional method at $170/t; using assumed metal prices of $21/oz Ag, $1,600/oz Au, $2,000/t Pb, and $2,600/t Zn; metallurgical recovery rates of 82 or 85 % for Ag, 22 or 55 % for Au, 87 or 89 % 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 2022 through June 2023. Mining recovery is estimated to average 94 % with average mining dilution of 17 % depending on the mining methodology. Mineral Resources are reported at an NSR cut-off grade of $75/t for veins classified as wide (Animas, Animas NE, Nancy, and San Cristobal) and $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
    • Eric Chapman, P. Geo. (EGBC #36328) is the Qualified Person for resources and Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person for reserves, both being employees of Fortuna Silver Mines Inc.
    • Totals may not add due to rounding procedures

       

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