9
CEO’S LETTER
DRIVING GROWTH FROM WITHIN
Our available liquidity is in excess of $130 million
and our long-term debt is a modest $40 million.
We have funding available to meet all of our capital
investments over the next 18 months while
maintaining the flexibility to move on new business
opportunities as they arise.
Exploration focused on high-reward targets
Nothing in our industry attracts more attention and
creates more value than a good discovery. This was
certainly the case with our Trinidad North discovery
at San Jose in 2013. Two years later, the value is
materializing in the form of a significant expansion in
production. For 2015, we have a modest exploration
budget of $4.2 million, a reduction of 34% from
2014. We are concentrating on high-reward targets at
San Jose, where we plan to drill 12,000 meters in
new vein systems and along the south and north
extensions of the Trinidad deposit.
Looking ahead
I am often asked by the media and investors for my
views on metal prices. My short answer is that I find
mining executives spend too much time discussing
and analyzing metal prices. It is the one variable that
we do not control.
Our focus must instead be placed on human capital,
asset selection, capital allocation, discovery, cost
control and risk management, among other
manageable aspects of our business. We know that
precious metal prices will always swing like the
proverbial pendulum. At Fortuna, our goal is to be the
best call option on metal prices in the precious
metals mining space for investors.
Our vision is to be valued by our workers, the
community and our shareholders as a leading silver
mining company in Latin America. I thank all of our
employees, contractors and suppliers who help fulfill
that vision every day. To our shareholders, your
continued trust and support are much appreciated,
and I look forward to reporting on our continuing
progress and growth.
Jorge A. Ganoza
President and Chief Executive Officer
P t expan on, San J e will rank among the 15
largest primary lver producers in the world and
in the lower quartile in production c t.
