FoRtunA SIlVeR MIneS InC. | 2012 AnnuAl RepoRt
7
I believe Fortuna has put in
place the right ingredients
necessary to build a great
mining company: an
experienced and talented
leadership team, an effective
growth strategy and attractive
mineral properties.
Simon Ridgway
Chairman of the Board
and Co-founder
Chairman’s letter
To our valued shareholders,
We continue to make gratifying progress toward our goal of building Fortuna into one of the leading silver mining
companies in the Americas. Since placing our first mine, Caylloma, back into production in 2006, we have grown silver
production every year and have been profitable since 2009. last year, in 2012, Fortuna recorded the best operating
performance in its eight-year history, achieving record annual production, revenue and cash flow.
I believe Fortuna has put in place the right ingredients necessary to build a great mining company: an experienced and
talented leadership team, an effective growth strategy and attractive mineral properties with the potential to support
low-cost, long-life mines. Importantly, we also have the financial resources to execute our strategy and build on our
successful track record of growth and profitability. At year-end, Fortuna had cash and short-term investments of uS$65
million, no long-term debt and an un-tapped uS$40 million credit facility.
unpredictability and uncertainty are everyday factors in our business. As mine operators, we have no control over
metal prices. We can, however, manage our operations to maintain high levels of efficiency and productivity, as we did
during 2012 in the face of weaker precious and base metal prices.
As I pointed out in the 2011 annual report, our success will not be determined solely by the volume and value of the
metals that we mine. Rather, it will also be measured by the economic, social and environmental sustainability of our
operations. We continue to demonstrate our commitment to stakeholders in our host communities. Completion of the
ocotlan grey water treatment plant project near our San Jose Mine is but one of many examples that you can read
about in this report.
the San Jose and Caylloma mines are the rock solid foundation of our future. By continuing to execute our three-
pronged growth strategy – maximize production, profitability and cash flow, capitalize on brownfields exploration
opportunities and selectively pursue M&A opportunities – our silver and gold production should again reach record
levels in 2013 and 2014.
I thank all employees for their contributions in 2012. I couldn’t be more proud of their efforts. I also thank my fellow
shareholders for their trust and support. I am confident that together we can continue to deliver growth and create
value as a responsible mining company.
Simon Ridgway
Chairman of the Board
