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FORTUNA SILVER MINES INC. | 2014 ANNUAL REPORT
Qualified Persons
Thomas I. Vehrs, Ph.D., Vice President of Exploration, is a Qualified Person for Fortuna Silver Mines Inc. as defined by
National Instrument 43-101. Dr. Vehrs is a Founding Registered Member of the Society for Mining, Metallurgy, and
Exploration, Inc. (SME Registered Member Number 3323430RM) and is responsible for ensuring that the technical
information contained in this Management’s Discussion and Analysis is an accurate summary of the original reports and
data provided to or developed by Fortuna Silver Mines Inc.
Cautionary Statement on Forward-Looking Statements
This MD&A and any documents incorporated by reference into this MD&A contain forward-looking statements which
constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995
and Section 21E of the United States Securities Exchange Act of 1934, as amended, and forward-looking information
within the meaning of applicable Canadian securities legislation (collectively, “Forward-looking Statements”). All
statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to
a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially
from those reflected in the Forward-looking Statements. The Forward-looking Statements in this MD&A include, without
limitation, statements relating to:
• mineral “reserves” and “resources” as they involve the implied assessment, based on estimates and
assumptions that the reserves and resources described exist in the quantities predicted or estimated and can
be profitably produced in the future;
• timing of the completion of construction activities at the Company’s properties and their completion on budget;
• production rates at the Company’s properties;
• cash cost estimates;
• timing for delivery of materials and equipment for the Company’s properties;
• the sufficiency of the Company’s cash position and its ability to raise equity capital or access debt facilities;
• the Company’s planned processing and estimated major investments for mine development, plant expansion,
filter facility and dry stack tailings deposit project, and brownfields exploration at the San Jose property during
2015;
• the Company’s planned processing and estimated major investments for mine development, plant optimization
and brownfields exploration at the Caylloma property during 2015;
• management’s expectation that there are no off-balance sheet arrangements or commitments that will have a
material effect on the Company’s financial condition other than those disclosed in this MD&A and the
consolidated financial statements;
• maturities of the Company’s financial liabilities, finance leases and other contractual commitments;
• expiry dates of bank letters of guarantee;
• estimated mine closure costs;
• management’s expectation that any investigations, claims, and legal, labor and tax proceedings arising in the
ordinary course of business will not have a material effect on the results of operations or financial condition of
the Company; and,
• management’s belief that there has been no change in the Company’s internal control over financial reporting
that occurred during 2014 that is reasonably likely to materially affect its internal control over financial reporting.
Often, but not always, these Forward-looking Statements can be identified by the use of words such as “anticipates”,
“believes”, “plans”, “estimates”, “expects”, “forecasts”, “scheduled”, “targets”, “possible”, “strategy”, “potential”,
“intends”, “advance”, “goal”, “objective”, “projects”, “budget”, “calculates” or statements that events, “will”, “may”,
“could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any results, performance or
achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among
others:
• uncertainty of mineral resource and reserve estimates;
• risks associated with mineral exploration and project development;
• operational risks associated with mining and mineral processing;
• uncertainty relating to concentrate treatment charges and transportation costs;
• uncertainty relating to capital and operating costs, production schedules, and economic returns;
• uncertainties relating to general economic conditions;
• competition;
• substantial reliance on the Caylloma and San Jose mines for revenues;
