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  • 2022 Consolidated Production and Cost Guidance

2022 Consolidated Production and Cost Guidance

Mine Silver
(Moz)
Gold
(koz)
Lead
(Mlbs)
Zinc
(Mlbs)
Cash Cost1,2,3 AISC1,2,4,5
Silver   (US$/t) (US$/oz Ag Eq)
San Jose, Mexico 5.2 - 5.8 32 - 36 - - 67.5 - 74.6 13.7 - 16.1
Caylloma, Peru 1.0 - 1.1 1.8 - 2.0 29 - 32 41 - 45 86.6 - 95.7 17.8 - 21.1
Gold   (US$/oz Au) (US$/oz Au)
Lindero, Argentina - 115 - 127 - - 567 - 714 900 - 1,100
Yaramoko, Burkina Faso - 95 - 115 - - 760 - 1,006 1,300 - 1,650
Consolidated Total 6.2 - 6.9 244 - 280 29 - 32 41 - 45    

Notes:

  • Cash Cost and all-in sustaining cost (AISC) are non-GAAP 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 "Non-IFRS Financial Measures" in the Company’s 2021 management discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2021 dated November 10, 2021 (“Q3 MD&A 2021”), which is available under Fortuna's SEDAR profile, and the note regarding “Non-IFRS Financial Measures” on this Website. 
  • The following table provides the cash costs and AISC for the four operating mines for the nine months ended September 30, 2021 as follows:

    Mine Cash Cost(a) AISC(a),(b),(c)
    Silver (US$/t) (US$/oz Ag Eq)
    San Jose, Mexico 74.22 14.13
    Caylloma, Peru 85.17 18.17
    Gold (US$/oz Au) (US$/oz Au)
    Lindero, Argentina 635 1,182
    Yaramoko, Burkina Faso 720 1,188
    1. Cash Cost and AISC are non-GAAP financial measures. Refer to the note regarding "Non-IFRS Measures" on this Website
    2. Presented on a cash basis
    3. Silver equivalent was calculated using the realized prices for gold (US$1,783 per ounce), silver (US$25.80 per ounce), lead US$0.98 per pound) and zinc (US$1.31 per pound) for the nine months ended September 30, 2021
    4. Further details on the cash costs and AISC for the nine months ended September 30, 2021 are disclosed on pages 21, 23 and 24 (with respect to cash costs) and pages 22, 24 and 25 (with respect to AISC) of the Q3 MD&A 2021 which is available under Fortuna's SEDAR profile at www.sedar.com and is incorporated by reference into this news release, and the note regarding “Non-IFRS Measures” on this Website
    5. The estimated increase in all in sustaining costs at Yaramoko for 2022 are due to decreased estimated gold ounce production coupled with increased operating and capital costs as mining moves to the deeper regions of the underground mine
  • The most comparable financial measure to cash costs is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2021 and pages 21, 23 and 24 of the Q3 MD&A 2021 for a reconciliation.
  • AISC includes production cash cost, commercial and government royalties, mining tax, export duties (as applicable), worker’s participation (as applicable), subsidiary G&A, sustaining capital expenditures, and Brownfields exploration and is estimated at metal prices of US$1,700/oz Au, US$22/oz Ag, US$2,100/t Pb, and US$2,700/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.
  • The most comparable financial measure to AISC is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2021 and pages 22, 24 and 25 of the Q3 MD&A 2021 for a reconciliation.
  • Totals may not add due to rounding.

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