12
FORTUNA SILVER MINES INC. | 2014 ANNUAL REPORT
Outlook for 2015
Following eight consecutive years of record growth, we expect silver and gold production in 2015 to be similar to
2014. Tonnage milled will increase by 2% to 1.2 million tonnes overall, while silver and gold grades will decline
slightly from the higher than anticipated grades encountered at San Jose in 2014. On completion of the San
Jose mill expansion in mid-2016, our outlook is for the consolidated annual rate of silver production to increase
by 40–50% to 9–10 million ounces. Gold production, meanwhile, is forecast to increase by 55–65% to 54,000–
59,000 ounces annually.
Production Guidance
Silver
Gold
Zinc
Lead
Mine
(Moz)
(koz)
(Mlb)
(Mlb)
San Jose
4.6 33.3 --
--
Caylloma
1.9 1.9 32.1 19.5
Total
6.5 35.3 32.1 19.5
Cash Cost Guidance
Cash Cost
AISCC
Mine
($/t)
($/oz Ag)
San Jose
62.7
16.27
Caylloma
90.3
12.78
Consolidated
16.61
1. Cash cost per tonne includes all on-site direct and indirect production
costs, community relations expenses, concentrate transportation and
corporate management fees. It excludes government royalties and
workers participation
2. San Jose Mine AISCC of $16.27/oz Ag includes $5.96/oz Ag or $24.5
million attributed as sustaining capital investments related to the dry
stack tailings filter facility and deposit
3. Consolidated AISCC includes $4.00/oz attributed as sustaining capital
investments related to the dry stack tailings filter facility and deposit at
the San Jose Mine, Mexico
Caylloma Mine, Peru
