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FORTUNA SILVER MINES INC. | 2014 ANNUAL REPORT
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Fortuna Silver Mines Inc.
We have audited the accompanying consolidated financial statements of Fortuna Silver Mines Inc. (the “Company”),
which comprise the consolidated statements of financial position as at December 31, 2014 and December 31, 2013
and the consolidated statements of net income (loss), consolidated statements of comprehensive income (loss),
consolidated statements of cash flows, and consolidated statements of changes in equity for the years then ended
December 31, 2014 and December 31, 2013, and a summary of significant accounting policies and other explanatory
information.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board,
and for such internal control as management determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted
our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free
from material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial
reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks
of material misstatement of the consolidated financial statements, whether due to fraud or error. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
Fortuna Silver Mines Inc. as at December 31, 2014 and December 31, 2013 and its financial performance and its cash
flows for the years then ended December 31, 2014 and December 31, 2013 in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board.
(Signed) Deloitte LLP
Chartered Accountants
March 12, 2015
Vancouver, Canada
