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  • San Jose Mine, Mexico

San Jose Mine Video

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Commodity
Silver, gold
Ownership
100%
Operation
930,200
tonnes milled in 2023
Claim block area
48,000
hectares
Deposit type
Low sulphidation
epithermal vein
deposit
Mining method
Underground
cut-and-fill

OPERATING HIGHLIGHTS

 

20231

2024E1

Tonnes milled (000)

930

900

Average milled (tpd)

2,643

2,466

Silver production (Moz)

4.7

3.1 - 3.6

Gold production (koz)

28.6

19 - 23

AISC2,3,4 (US$/oz Ag Eq)

$19.40

$22.8 - $24.0

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)

Ag (Moz)

Au (koz)

San Jose, Mexico

Proven

37

172 1.23 0.2 2
 

Probable

695 155 0.97 3.5 22
 

Proven + Probable

733 156 0.98 3.7 23
             

Mineral Resources - Measured and Indicated

       

Contained Metal

 

Property

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Ag (Moz)

Au (koz)

San Jose, Mexico

Measured

45

141 1.09 0.2 2
 

Indicated

1,001 148 1.11 4.7 36
 

Measured + Indicated

1,046 147 1.11 5.0 37
             

Mineral Resources - Inferred

       

Contained Metal

 

Property

Classification

Tonnes (000)

Ag (g/t)

Au (g/t)

Ag (Moz)

Au (koz)

San Jose, Mexico

Inferred

1,029

147

1.04

4.9

35

  • 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
    • San Jose Mineral Resources and Reserves are reported as of December 31, 2023
    • 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 $96.54/t to $85.02/t equivalent to 154 to 132 g/t Ag Eq based on assumed metal prices of  $23.90/oz Ag and $1,880/oz Au; estimated metallurgical recovery rates of 91 % for Ag and 90 % for Au and mining costs of $49.83/t (C&F) - $38.31/t (SLS); processing costs of $20.79/t; and other costs including distribution, general service costs of $25.92/t based on actual operating costs. Average mining recovery is estimated to 94 % (C&F) and 92 % (SLS) and average mining dilution 10 % (C&F) and 14 % (SLS). Mineral Resources are reported at a 130 g/t Ag Eq cut-off grade based on the same parameters used for Mineral Reserves
    • 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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