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  • Consolidated 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)
Silver Mines
    Caylloma, Peru Proven + Probable 1,662 108 0.28 2.64 3.54   5.8 15
    San Jose, Mexico Proven + Probable 3,589 200 1.34 N/A N/A   23.0 155
    Total Proven + Probable             28.8 170
Gold Mines
    Lindero, Argentina Proven + Probable 82,658 N/A 0.62 N/A N/A   - 1,649
    Yaramoko, Burkina Faso Proven + Probable 3,143 N/A 7.0 N/A N/A   - 710
    Total Proven + Probable             - 2,359
Gold Project
    Séguéla, Côte d’Ivoire Proven + Probable 12,100 N/A 2.8 N/A N/A   - 1,088
Total Proven + Probable   28.8 3,617

Mineral Resources - Measured and Indicated

  Contained Metal
Property Classification Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
  Ag
(Moz)
Au
(koz)
Silver Mines
    Caylloma, Peru Measured + Indicated 2,140 99 0.29 1.78 3.36   6.8 20
    San Jose, Mexico Measured + Indicated 955 98 0.69 N/A N/A   3.0 21
    Total Measured + Indicated             9.8 41
Gold Mines
    Lindero, Argentina Measured + Indicated 35,590 N/A 0.46 N/A N/A   - 532
    Yaramoko, Burkina Faso Measured + Indicated 620 N/A 7.4 N/A N/A   - 148
    Total Measured + Indicated             - 680
Gold Project
    Séguéla, Côte d’Ivoire Measured + Indicated 3,811 N/A 2.0 N/A N/A   - 244
Total Measured + Indicated   9.8 965

Mineral Resources – Inferred

  Contained Metal
Property Classification Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
  Ag
(Moz)
Au
(koz)
Silver Mines
    Caylloma, Peru Inferred 3,751 122 0.40 2.70 4.08   14.7 49
    San Jose, Mexico Inferred 3,452 124 0.93 N/A N/A   13.8 104
    Total Inferred             28.5 152
Gold Mines
    Lindero, Argentina Inferred 30,368 N/A 0.42 N/A N/A   - 412
    Yaramoko, Burkina Faso Inferred 562 N/A 6.7 N/A N/A   - 121
    Total Inferred             - 533
Gold Project
    Séguéla, Côte d’Ivoire Inferred 1,489 N/A 2.2 N/A N/A   - 104
Total Inferred   28.5 789
  • 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 San Jose, Caylloma and Lindero mines are estimated as of June 30, 2020 and reported as of December 31, 2020 taking into account production-related depletion for the period through December 31, 2020. Mineral Resources and Reserves for the Yaramoko Mine are estimated and reported as of June 30, 2020. Mineral Resources and Reserves for the Séguéla Gold Project are estimated and reported as of March 31, 2021.
    • 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$69.47/t, equivalent to 120 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$34.92/t; processing costs of US$17.10/t; and other costs including distribution, management, community support and general service costs of US$17.44/t based on actual operating costs. Mining recovery is estimated to average 93% and mining dilution 11%. Mineral Resources are reported at a 100 g/t Ag Eq cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices. Proven + Probable Reserves include 1.9 Mt containing 14 Moz of silver and 83 koz of gold reported at a 123 g/t Ag Eq cut-off grade and Inferred Resources totaling 2.5 Mt containing 9.7 Moz of silver and 70 koz of gold reported at a 100 g/t Ag Eq cut-off grade located in the Taviche Oeste concession and subject to a 2.5% royalty.
    • Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at US$83.37/t; mechanized (enhanced) at US$81.66/t; semi-mechanized at US$90.19/t; and a conventional method at US$173.74/t; using assumed metal prices of US$21/oz Ag, US$1,600/oz Au, US$2,000/t Pb and US$2,270/t Zn; metallurgical recovery rates of 83% for Ag, 42% for Au, 91% for Pb and 90% for Zn with the exception of the Ramal Piso Carolina vein that uses a metallurgical recovery rate of 75% for Au. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2019 through June 2020. Mining recovery is estimated to average 95% with average mining dilution ranging from 13% to 32% 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 0.27 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 mining costs of US$1.11 per tonne of material, total processing and process G&A costs of US$6.21 per tonne of ore, and refinery costs net of pay factor of US$6.50 per ounce gold. Lindero Mineral Reserves are restricted to a maximum heap leach capacity of 84.2 Mt. Reported Proven Reserves include 2.6 Mt averaging 0.55 g/t Au of stockpiled material. Lindero Mineral Resources are reported within the same conceptual pit shell above a 0.2 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices.
    • Mineral Reserves for the Yaramoko Mine are reported at a cut-off grade of 0.9 g/t Au for the 55 Zone open pit, 3.1 g/t Au for 55 Zone underground and 2.8 g/t Au for Bagassi South underground, based on an assumed gold price of US$1,500/oz, metallurgical recovery rates of 98.0%, surface mining costs of US$3.26/t, G&A costs of US$14.5/t, and processing cost of US$22.85/t, underground mining cost of US$95.5/t, G&A costs of US$15.2/t, and processing cost of US$22.5/t. Underground mining recovery is estimated at 95% for stopes and 100% for sill drifts with a mining dilution of 10% for sill drifts, 0.7m and 0.9m dilution skin for 55 Zone and Bagassi South stopes respectively. Surface Mineral Reserves are reported in situ with modifying factors of 10% mining dilution and 85% mining recovery applied within an optimized pit shell. Yaramoko Mineral Resources are reported in situ at a gold grade cut-off grade of 0.5 g/t Au for the 55 Zone open pit and 2.7 g/t Au for underground, based on an assumed gold price of US$1,700/oz and the same costs, metallurgical recovery and constrained within an optimised pit shell. The Yaramoko Mine is subject to a 10% carried interest held by the government of Burkina Faso. Proven + Probable Reserves include 1.6 Mt averaging 7.0 g/t containing 365 koz of gold from the 55 Zone underground, 0.6 Mt averaging 7.6g/t containing 141 koz from the Bagassi South underground, 0.8 Mt averaging 7.2 g/t Au containing 190 koz of gold from the 55 Zone open pit and 0.1 Mt averaging 3.4 g/t Au containing 14 koz of gold in stockpiles.
    • Mineral Reserves for the Séguéla Gold Project 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 0.3g/t Au for Antenna and 0.5g/t Au for the satellite deposits, based on an assumed gold price of US$1,700/oz and constrained within preliminary pit shells. The Séguéla Gold Project is subject to a 10% carried interest held by the government of Côte d'Ivoire.
    • Eric Chapman is the Qualified Person responsible for Mineral Resources reported for the San Jose, Caylloma and Lindero mines; Amri Sinuhaji is the Qualified Person responsible for Mineral Reserves reported for the San Jose, Caylloma and Lindero mines; both being employees of Fortuna Silver Mines Inc. Hans Andersen is the Qualified Person responsible for Mineral Resources reported for the Yaramoko Mine and Séguéla Gold Project, being an employee of Roxgold Inc. (a wholly-owned subsidiary of Fortuna). Ashraf Suryaningrat and David Whittle are the Qualified Persons responsible for the underground and open pit Mineral Reserves reported for the Yaramoko Mine, both being employees of Roxgold Inc. (a wholly-owned subsidiary of Fortuna). Shane McLeay is the Qualified Person responsible for Mineral Reserves reported for the Séguéla Gold Project, being an employee of Entech Pty Ltd.
    • Totals may not add due to rounding procedures
    • N/A = Not Applicable

       

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