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  • San Jose Mine, Mexico

OPERATING HIGHLIGHTS

 

20201

2021E2

Tonnes milled (000)

934

1,130

Average milled (tpd)

2,647

3,200

Silver production (Moz)

6.2

5.8 - 6.5

Gold production (koz)

38

38 - 42

AISC3,4 (US$/oz Ag Eq)

$12.2

$12.2 - $14.5

Notes

Commodity
Silver, gold
Ownership
100%
Operation
3,000
tonnes per day
Claim block area
48,000
hectares
Deposit type
Low sulphidation
epithermal vein
deposit
Mining method
Underground
cut-and-fill

Mineral Reserves and Resources

  Contained Metal
Property Classification Tonnes
(000)
Ag
(g/t)
Au
(g/t)
  Ag
(Moz)
Au
(koz)
Mineral Reserves - Proven and Probable
San Jose Mine, Mexico Proven 61 165 1.10   0.3 2
  Probable 3,523 200 1.35   22.7 153
  Proven + Probable 3,589 200 1.34   23.0 155
Mineral Reserves - Measured and Indicated
San Jose Mine, Mexico Measured 42 120 0.91   0.2 1
  Indicated 913 97 0.68   2.8 20
  Measured + Indicated 955 98 0.69   3.0 21
Mineral Reserves - Inferred
San Jose Mine, Mexico Inferred 3,452 124 0.93   13.8 104
  • 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 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 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
    • Eric Chapman, P. Geo. (APEGBC #36328) is the Qualified Person for resources and Amri Sinuhaji (APEGBC #48305) is the Qualified Person for reserves, both being employees of Fortuna Silver Mines Inc.
    • Totals may not add due to rounding procedures
Fortuna Silver Mines Inc.

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