corporate presentation - fortuna silver mines inc....the forward looking statements in this...

CORPORATE PRESENTATIONNYSE: FSM | TSX: FVI | MARCH 2020

Lindero gold Project, Argentina

NYSE: FSM | TSX: FVI

CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURESThis corporate presentation contains forward looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of the “safe harbor” provisionsof the Private Securities Litigation Reform Act of 1995 (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 risksand 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 corporate presentation may include, without limitation, statements about theCompany’s plans for its mines and mineral properties including the construction and development of the Lindero Project; the timing of commercial production at Lindero; the Company’s business strategy, plans and outlook; future operating performance such asthe Company´s production forecasts for gold silver and other metals; future costs forecasts and future production plans; The Company’s 2020 production and cost guidance; the Company’s exploration activities, including related capital expenditures; estimatedproduction rates for gold, silver and other metals produced by the Company; the prices of gold, silver and other materials; the sufficiency of the Company’s working capital, anticipated operating cash flow or the Company’s ability to raise necessary funds; timing ofproduction, production levels and the cash costs and total costs of production at the Caylloma mine, the San Jose mine and the Lindero Project; planned development activities for 2020 at Lindero, including the commissioning of the processing facilities; plannedpreparations for operations at Lindero, including expected timing of the placement of first ore on the leach pad and the first doré pour at the Lindero Project in the second quarter of 2020, the mining rate, stock piling of ore prior to first production; targeted timingfor production and commercial production at Lindero; the expected production costs, economics, grade and other operating parameters at Lindero; planned production at Lindero in 2020; the merit of the Company’s mines and mineral properties; mineral resourceand reserve estimates; the Company’s ability to convert inferred mineral resources to indicated mineral resources and to convert mineral resources to mineral reserves; timelines; the future financial or operating performance of the Company; the effects of laws,regulations and government policies affecting our operations or potential future operations; future successful development of our projects; the estimates of expected or anticipated economic returns from the Company’s mining operations including future sales ofmetals, concentrate or other products produced by the Company; the Company’s ability to achieve its production and cost guidance; capital expenditures at the Company’s operations; approvals and other matters. Often, but not always, these Forward lookingStatements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “scheduled”, “anticipated”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”,“expected”, “to be”, or statements that events, “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 orimplied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; uncertainty of production, development plans and cost estimates for the Caylloma mine, the SanJose mine and the Lindero Project; changes in prices for silver and other metals; technological and operational hazards in Fortuna’s mining and mine development activities; market risks related to the sale of the Company’s concentrates and metals; futuredevelopment risks, including start-up delays and cost overruns at Lindero; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the Company’s ability to replace mineral reserves;changes to current estimates of mineral reserves and resources; changes to production estimates; the Company’s ability to obtain adequate financing for further exploration and development programs and opportunities; governmental and other approvals;recoverability of value added tax and significant delays in the Company’s collection process; claims and legal proceedings, including adverse rulings in litigation against the Company; political unrest or instability in countries where Fortuna is active; labor relationsissues, risks relating to a global pandemic, including COVID-19, which unless contained could cause a slowdown in global economic growth and impact the Company’s business, operations, financial condition and share price; as well as those factors discussedunder “Risk Factors” in the Company's Annual Information Form dated March 26, 2020 and filed on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materiallyfrom those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding mine production costs; expected trends in mineral prices and currency exchangerates; the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Companyor its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations, including the construction of the Lindero Project and such other assumptions as set out herein. Forward looking Statements are made asof the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-lookingStatements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward looking Statements.

This corporate presentation also refers to non-GAAP financial measures, such as cash cost per tonne of processed ore; cash cost per payable ounce of silver; total production cost per tonne; all-in sustaining cash cost; all-in cash cost; adjusted net (loss) income;operating cash flow per share before changes in working capital; free cash flow; income taxes, and interest income; and adjusted EBITDA. These measures do not have a standardized meaning or method of calculation, even though the descriptions of suchmeasures may be similar. These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies.

Mr. Eric N. Chapman, M.Sc., Vice President of Technical Services, is the Qualified Person for Fortuna Silver Mines Inc. as defined by National Instrument 43-101. Mr. Chapman is a Professional Geoscientist of the Association of Professional Engineers andGeoscientists of the Province of British Columbia (Registration Number 36328) and is responsible for ensuring that the information contained in this presentation is an accurate summary of the original reports and data provided to or developed by Fortuna SilverMines Inc., and has reviewed and approved the scientific and technical information contained herein.

Dollar amounts expressed in US dollars, unless otherwise indicated. 2


CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MINERAL RESERVES AND RESOURCES

The Company is a Canadian “foreign private issuer” as defined in Rule 3b-4 under the Exchange Act, and is permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada,which differ from the requirements of the securities laws currently in effect in the United States.

Canadian standards, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), differ significantly from the disclosure requirements of U.S securities laws currently in effect, and Mineral Reserve and MineralResource information contained or incorporated by reference in this presentation may not be comparable to similar information disclosed by United States companies. Equivalent U.S. disclosure requirements are currently governed by the United StatesSecurities and Exchange Commission (“SEC”) Industry Guide 7 (“Industry Guide 7”) under the U.S. Securities Act of 1933, as amended. In particular, and without limiting the generality of the foregoing, the term Mineral Resource does not equate to the term“reserve”. Under the SEC’s disclosure standards currently in effect under Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced orextracted at the time the reserve determination is made. Among other things, all necessary permits would need to be in hand or issuance imminent in order to classify mineralized material as reserves under such U.S. standards currently in effect. While theSEC recognizes the reporting of mineral deposits which do not meet the Industry Standard Guide 7 definition of “reserve” as of February 25, 2019, the effective adoption of the Modernization of Property Disclosures for Mining Registrants, such rules are notrequired to be complied with until the first fiscal year beginning on or after January 1, 2021. As a result, the SEC’s disclosure standards currently in effect normally do not permit the inclusion of information concerning Measured Mineral Resources, IndicatedMineral Resources or Inferred Mineral Resources or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by United States standards in documents filed with the SEC.

United States investors are cautioned not to assume that all or any part of Measured Mineral Resources or Indicated Mineral Resources will ever be converted into reserves. United States investors should also understand that Inferred Mineral Resourceshave an even greater amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a category having a higher degree of certainty.Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of Feasibility or Pre-Feasibility Studies except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or iseconomically or legally mineable.

Disclosure of “contained tonnes” in a Mineral Resource estimate is permitted disclosure under NI 43-101 provided that the grade or quality and the quantity of each category is stated; however, the SEC’s disclosure standards currently in effect underIndustry Guide 7 normally only permit issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of MineralReserves are also not the same as those of the SEC’s disclosure standards currently in effect under Industry Guide 7, and Mineral Reserves reported in compliance with NI 43-101 may not qualify as “reserves” under such SEC standards. Accordingly,information contained in this presentation and any documents incorporated by reference herein containing descriptions of mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting anddisclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Note about the information contained herein and the Novel Coronavirus

At the date of this presentation, the Caylloma Mine in Peru was operational with essential personnel due to a declaration of a period of mandatory national “social isolation” mandated by the government of Peru, and operations at the Lindero Project weretemporarily suspended due to the “social isolation” mandated by the government of Argentina in response to the COVID-19 pandemic. The Company’s operations and financial performance are dependent on it being able to operate at each of its mines andprojects. Given the fast-changing situation with respect to the COVID-19 pandemic, including the areas suffering from the pandemic and the response of governments in implementing protective policies including travel bans, it is difficult to predict the exactnature and extent of the impact the pandemic may have on the Company and its business. The Company could be restricted from operating at its mines and projects for a material period of time, and its ability to transport and sell its concentrates couldlikewise be restricted. Any changes in the current situation relating to the COVID-19 pandemic and an increase in the current restrictions applicable to its operations could significantly impact the Company and its performance and thus would impact theaccuracy of any forward-looking statements contained in this presentation, particularly with respect to the 2020 production and cost guidance for each of its mines (refer to slides 7, 23, 24, 26, 28, and 30) and the Lindero Project (Refer to Slides 7, 23, 28and 30) and construction timelines, cost budget and timing for commencement of production at the Lindero Project (Refer to Slides 5, 12, and 13). At this time, management does not have sufficient information to update its 2020 production and costguidance for each of its mines and the Lindero Project, construction timelines, cost budget and timing for commencement of production at the Lindero Project to take into account the impact of COVID-19, but it is continuing to closely monitor the situationand plans to update such information when there is a reasonable basis to do so.

3


OUR COMPANY

4

15 yearsgenerating sustainable

shareholder value



HISTORICAL HIGHLIGHTS

5

Foundations of a Leading Sustainable Precious Metals Mining Company

• Fortuna Silver Mines Inc. established

• Caylloma Mine restarted production

• San Jose Project: 100% interest acquired

• San Jose Mine: Construction and commissioning completed on-time and on-budget; commercial production declared at 1,000 tpdin September 2011

• San Jose Mine expansion from 2,000 tpd to 3,000 tpd commissioned in July 2016; on-time and under budget

Caylloma Mine in Arequipa, Peru San Jose Mine in Oaxaca, Mexico San Jose Mine Trinidad North Discovery

2005 – 2007 2009 – 2011 2013 – 2016

Lindero Project in Salta, Argentina2

2016 – PRESENT

• Construction of an 18,750 tpd open pitheap leach gold mine in progress2

• First doré pour scheduled for Q2 20202

• Current Proven and Probable Mineral Reserves1 of 84.2 Mt averaging 0.63 g/t Au (1.71 Moz contained Au)

Notes: 1. Refer to slide 42 for the Lindero Project Mineral Reserves and Mineral Resources estimation2. Construction activities at the Lindero Project have been temporarily suspended as a result of the period of mandatory national “social isolation” imposed by the Government of

Argentina on March 19, 2020 in relation to COVID-19 | Refer to news release dated March 20, 2020, “Fortuna announces temporary suspension of activities at the Lindero Project” | Refer to slide 3: “Note about the information contained herein and the Novel Coronavirus”

https://www.fortunasilver.com/site/assets/files/5193/fortuna-announces-temporary-suspension-of-activi.pdf


FINANCIAL POSITION AND CAPITAL STRUCTURE

6

Solid Financial Position to Support Growth Strategy

Notes: 1. Cash position is Management’s unaudited estimate as at December 31, 20192. Twelve months ended December 31, 2019 adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) | EBITDA is a non-GAAP financial measure; refer to slide 2

for Cautionary Statement on non-GAAP financial measures

$83.4 MCash1 (Year End 2019)

EXCHANGESSHARE STRUCTURE (as of March 19, 2020)

160.8 MOutstanding

163.8 MFully diluted

FINANCIAL POSITION

NO HEDGING of precious metals

$150 MCredit facility

$110 M drawn

Debt to EBITDA2

1.7 : 1

NYSE: FSM TSX: FVI


LINDERO PROJECT, ARGENTINA1

7

Snapshot2

Notes: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note2. Refer to Fortuna news release dated September 21, 2017, “Fortuna announces positive construction decision for its Lindero gold Project in Salta, Argentina”3. Refer to Fortuna news release dated February 20, 2020, “Fortuna issues 2020 production and cost guidance” | Production and cost guidance is based on the updated construction and commissioning schedule as detailed in

the news release, with ore to be placed on the leach pad and first doré pour in Q2 20204. Refer to slide 2 for Cautionary Statement on non-GAAP financial measures | AISC ($/oz Au) includes production cash cost, commercial and government royalties, mining tax, export duties, subsidiary G&A, sustaining capital

expenditures, and Brownfields exploration | Lindero´s AISC is based on commercial production and includes an export duty of 5 % of revenue5. Refer to slide 42

COMMODITYGold

OPERATION18,750 tpd open pit, heap leach

LOCATIONSalta Province, Argentina

RESERVE LIFE5

13 years

OWNERSHIP100%

DEPOSIT TYPEPorphyry gold

2020E CASH COST ($/t)1,3,4

$10.2 – $11.4

2020E AISC ($/oz Au)1,3,4

$520 - $620

Lindero Deposit2020E

GOLD PRODUCTION1,3

(koz)

60 - 80

https://fortunasilver.com/site/assets/files/4100/2017-09-21_nr.pdf

https://fortunasilver.com/site/assets/files/5166/adnet_fortuna_issues_2020_production_and_cost_guidance.pdf



8

Mineral Concessions: 3,500 Hectares

Note: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note



9

Lindero Block Model: Year One Commercial Production Plan

• Identified higher grade mineralized areas for mining in Lindero’s first year of commercial production

• First twelve-month commercial production is estimated to be between 145,000 to 160,000 ounces1,2

• Updated Mineral Reserves and Mineral Resources1,2 as of March 31, 2019

Notes: 1. Construction activities at Lindero have been

temporarily suspended; refer to slide 5, 2nd note2. Refer to Fortuna news release dated April 4, 2019,

“Fortuna reports updated first year gold doréproduction plan for the Lindero Project, Argentina” |Refer to slide 42

3. View Lindero photo gallery

https://www.fortunasilver.com/site/assets/files/4690/2019-04-04_nr.pdf

https://fortunasilver.com/mines-and-projects/development/lindero-project-argentina/construction-gallery/lindero-deposit/



10

Lindero Section A-A’ Block Model | Year One Pit and Ultimate Pit Shell Outlines

Notes: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note2. View Lindero photo gallery




11

Lindero Section B-B’ Block Model | Year One Pit and Ultimate Pit Shell Outlines

Notes: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note2. View Lindero photo gallery



2020


12

Project Construction Milestones1,2

2019

APRIL 2018Start mass earthworks

NOVEMBER 2018Start of concrete pour for crushing circuit and processing plant foundations

2018

Q2 2019Start of equipment installation, including HPGR3 tertiary crusher

Q2 2020Ore to leach pad

Q2 2020First doré pour

APRIL 2019Start of mine development

Notes: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5,

2nd note2. Refer to Fortuna news release dated February 13, 2020, “Fortuna provides update

on its Lindero gold Project in Argentina”3. High Pressure Grinding Roll4. Illustrative representation of Management’s target schedule for production5. View Lindero photo gallery

A M J J A S O N D J F M A M J J A S O N D J F M A M J

https://fortunasilver.com/site/assets/files/5139/2020-02-13_nr_fvi_4fnv9ahhi.pdf




13

First Doré Pour Planned for Q2 20201,2

Overall project is 92% complete as of February 29, 20201

Primary and secondary crushing circuits being commissioned with ore Tertiary crushing circuit pre-commissioning activities initiated in February

Total construction capital expenditures of between $314 million to $320 million1,3; increase of 28% over Feasibility Study estimate4

Placement of ore on the leach pad scheduled for the second quarter 20201

Crushing circuit pre-commissioning and commissioning activitiesNotes: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note2. Refer to Fortuna news release dated February 13, 2020, “Fortuna provides update on its Lindero gold Project in Argentina”3. Refer to Fortuna news release dated March 11, 2020, “Fortuna reports consolidated financial results for full year 2019”4. Refer to Fortuna news release dated September 21, 2017, “Fortuna announces positive construction decision for its Lindero gold Project in Salta, Argentina”


https://fortunasilver.com/site/assets/files/5186/fortuna_reports_consolidated_financial_results_for_full.pdf




14

Pre-Production Mining Commenced in September 2019: 1 Mt of ore in stockpile as of February 2020

Note: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note | View Lindero photo construction gallery

Coarse ore stockpileMining operations

Lindero Deposit



Construction of 31-hectare start-up leach pad area and solution ponds has been completed

Leach pad: Stacking system installation work Solution ponds: Mechanical and piping installation work


15

Leach Pad and Stacking System


https://fortunasilver.com/mines-and-projects/development/lindero-project-argentina/construction-gallery/leach-pad/



16

Primary and Secondary Crushing Circuits Commissioning with Ore

Note:1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note | View Lindero photo construction gallery

Primary crushing circuit commissioning with ore

Primary and secondary crushing circuits commissioning with ore

Secondary crushing circuit commissioning with ore

https://fortunasilver.com/mines-and-projects/development/lindero-project-argentina/construction-gallery/crushing-circuit/?



17

Tertiary Crushing Circuit Pre-Commissioning


Tertiary crushing circuit pre-commissioning activities Agglomeration plant: Equipment installation work

Tertiary crushing circuit and agglomeration plant

https://fortunasilver.com/mines-and-projects/development/lindero-project-argentina/construction-gallery/crushing-circuit/?



18

Process Area


https://fortunasilver.com/mines-and-projects/development/lindero-project-argentina/construction-gallery/panoramic-view/



19

ADR Plant

Note: 1. Construction activities at Lindero have been temporarily suspended; refer to slide 5, 2nd note; refer to slide 5, 2nd note | View Lindero photo construction gallery

ADR plant: Equipment installation workADR plant: Mechanical and piping installation work

ADR and SART plants

https://fortunasilver.com/mines-and-projects/development/lindero-project-argentina/construction-gallery/processing-plant/?subcat=Adr



20

SART Plant


SART plant: Piping installation workSART plant: Equipment installation

SART and ADR plants

https://fortunasilver.com/mines-and-projects/development/lindero-project-argentina/construction-gallery/processing-plant/?subcat=Sart



21

Brownfields Exploration: Arizaro Au-Cu Project• Located within the Lindero mining

concession, 3.2 kilometers SE of the Lindero Project

• Historic work has included regional and local mapping, trenching, surface rock-chip sampling and 8,854 meters of diamond drilling completed over four campaigns carried out in 2002 and 2010-2013

• Highlights of the 29-hole drill program from 20182:

ARD320.61 g/t Au and 0.14 % Cu over 78 metersARD380.67 g/t Au and 0.16 % Cu over 52 metersARD410.70 g/t Au and 0.29 % Cu over 82 meters

Notes: 1. Construction activities at Lindero have been temporarily suspended;

refer to slide 5, 2nd note | View Lindero photo construction gallery 2. Refer to Fortuna news release dated February 14, 2019, “Fortuna

provides review of Brownfields exploration programs” for full disclosure of the results for the Arizaro drill program




45.6 45.5

FY 2019 FY 2018

28.7 28.3

FY 2019 FY 2018

50.554.2

FY 2019 FY 2018

FY 2019 CONSOLIDATED PRODUCTION

22

Silver and Gold Production In-Line with 2019 Guidance1 of 8.2 – 9.0 Moz Ag + 49 – 54 koz Au

LEAD3,1

(Mlbs)SILVER3,1

(Moz)ZINC3,1

(Mlbs)

8.8 8.9

FY 2019 FY 2018

1% 7% 2% 0%

GOLD3,1

(koz)

SILVER PRODUCTION

8.8 MozGOLD PRODUCTION

50.5 koz or 12.4 Moz Ag Eq2

Notes: 1. Refer to Fortuna press release dated January 17, 2019, “Fortuna reports 2018 full year production of 12.8 million silver equivalent ounces and issues 2019 guidance”2. Ag Eq calculated using silver to gold ratio of 72 to 1 and does not include lead or zinc3. Refer to Fortuna news release dated January 16, 2020, “Fortuna reports 2019 full year production of 12.4 million silver equivalent ounces”4. Refer to slide 38 for 2013 to 2019 San Jose and Caylloma mine´s consolidated Ag Eq production, including zinc and lead by-products, and for consolidated AISC/oz Ag Eq (note that AISC

figure includes “Corporate G&A”)

https://www.fortunasilver.com/site/assets/files/4508/adnet_fortuna_reports_2018_full_year_production_of_12.pdf

https://fortunasilver.com/site/assets/files/5108/fortuna-reports-2019-full-year-production-of-12-fsdfsd.pdf


2020 PRODUCTION & COST GUIDANCE FOR SILVER AND GOLD MINES1

23

2020E Consolidated Silver and Gold Production Between 7.5 to 8.3 Moz Ag and Between 101,000 to 125,000 oz AuSilver Mines2,3,4 Gold Mines5,6

Notes:1. Refer to news releases dated March 17, 2020, “Fortuna provides an update on the status of its operations in response to the worldwide spread of COVID-19”, March 20, 2020, “Fortuna

announces temporary suspension of activities at the Lindero Project” | Refer to slide 3, “Note about the information contained herein and the Novel Coronavirus”2. Cayloma and San Jose mines´ 2019 Ag Eq production is calculated using ratios of Ag:Au = 72:1; Ag:Pb (lbs) = 1:15.6; Ag:Zn (lbs) = 1:12.9 | Refer to Fortuna news release dated January

16, 2020, “Fortuna reports 2019 full year production of 12.4 million silver equivalent ounces” | Caylloma and San Jose mine´s 2019E all-in sustaining cost (AISC) is a non-GAAP financialmeasure | 2019E AISC includes production cash cost, commercial and government royalties, mining tax, worker’s participation, subsidiary G&A, sustaining capital expenditures, andBrownfields exploration and is estimated at metal prices of $1,250/oz Au, $15/oz Ag, $2,100/t Pb, and $2,700/t Zn

3. For 2020E, the Caylloma Mine is scheduled to produce between 0.9 to 1.0 Moz Ag, between 27.2 to 30.1 Mlbs Pb, and between 44.0 to 48.6 Mlbs Zn at a cash cost between $81.4 to$89.9/t and an AISC between $14.8 to $18.1/oz Ag Eq| For 2020E, the San Jose Mine is scheduled to produce between 6.6 to 7.3 Moz Ag and between 41 to 45 koz Au at a cash costbetween $65.6 to $72.5/t and an AISC between $9.6 to $11.7/oz Ag Eq| Refer to Fortuna news release dated February 20, 2020, “Fortuna issues 2020 production and cost guidance”

4. Caylloma and San Jose mines´ 2020E Ag Eq production is calculated using ratios of Ag:Au = 80:1; Ag:Pb (lbs) = 1:17.8, Ag:Zn (lbs) = 1:15.0 | Caylloma and San Jose mines´ 2020E all-insustaining cost (AISC) is a non-GAAP financial measure | 2020E AISC includes production cash cost, commercial and government royalties, mining tax, worker’s participation, subsidiaryG&A, sustaining capital expenditures, and Brownfields exploration and is estimated at metal prices of $1,450/oz Au, $17/oz Ag, $2,100/t Pb, and $2,500/t Zn

5. Lindero Mine´s all-in sustaining cost (AISC) is a non-GAAP financial measure | AISC is based on commercial production and includes production cash cost, commercial and governmentroyalties, mining tax, export duties, subsidiary G&A, sustaining capital expenditures, and Brownfields exploration

6. Lindero’s 2020 production and cost guidance is based on the updated construction and commissioning schedule, as detailed in Fortuna’s news release dated February 13, 2020,“Fortuna provides update on its Lindero gold Project in Argentina”, with ore to be placed on the leach pad and first doré pour scheduled in the second quarter of 2020. Any materialchanges to the construction or commissioning schedule may have a material impact on Lindero’s production and cost guidance | Lindero’s 2020E all-in sustaining cost is based oncommercial production and includes an export duty of 5% of revenue

60 - 80

520 - 620

-

100

200

300

400

500

600

700

800

-

10

20

30

40

50

60

70

80

2020E

AISC

($/o

z Au

)

Au (k

oz)

Lindero Mine, Argentina AISC ($/oz Au)

00

6.6 5.8

11.410.4

18.015.4 - 17.0

9.5 - 11.611.3 - 13.9

0.0

5.0

10.0

15.0

20.0

25.0

0.02.04.06.08.0

10.012.014.016.018.020.022.0

2019 2020E

AISC

($/o

z Ag

)

Ag E

q (M

oz)

Caylloma Mine, Peru San Jose Mine, Mexico AISC ($/oz Ag Eq)

https://fortunasilver.com/site/assets/files/5190/fortuna-provides-an-update-on-the-status-asda.pdf

https://fortunasilver.com/site/assets/files/5193/fortuna-announces-temporary-suspension-of-activi.pdf





CAYLLOMA MINE, PERU

24

SnapshotCOMMODITIESSilver, zinc, lead

RESERVE LIFE1

4 years

OPERATION1,430 tpdunderground mine

FY 2019 Cash Cost ($/t)2,4

$86.2

FY 2019 AISC ($/oz Ag Eq)2,4

$14.3

2020E Cash Cost ($/t)3,4,5

$81.4 - $89.9

2020E AISC ($/oz Ag Eq)3,4,5

$14.8 - $18.1OWNERSHIP100 %

2.1 2.2

1.7

1.3

0.9 0.9 0.9

2013 2014 2015 2016 2017 2018 2019 2020E

19.0

33.538.5

46.0

56.0 53.545.6

2013 2014 2015 2016 2017 2018 2019 2020E

17.8 16.2

23.8

32.729.9 28.3 28.7

2013 2014 2015 2016 2017 2018 2019 2020E

ZINC PRODUCTION3,5

(Mlb)SILVER PRODUCTION3,5

(Moz)LEAD PRODUCTION3,5

(Mlb)

0.9 -1.0

44.0 -48.6

27.2 -30.1

Notes:1. Refer to slide 40 for Mineral Reserves and Mineral Resources2. Refer to Fortuna news release dated March 11, 2020, “Fortuna reports consolidated financial results for full year 2019”3. For unit costs and production guidance for 2020E refer to Fortuna news release dated February 20, 2020, “Fortuna issues 2020 production and cost guidance”4. Refer to slide 2 for Cautionary Statement on non-GAAP financial measures | AISC ($/oz Ag Eq) includes production cash cost, commercial and government royalties, mining tax, worker’s

participation, subsidiary G&A, sustaining capital expenditures, and Brownfields exploration5. Refer to news release dated March 17, 2020, “Fortuna provides an update on the status of its operations in response to the worldwide spread of COVID-19” | Refer to slide 3, “Note

about the information contained herein and the Novel Coronavirus”.

https://www.fortunasilver.com/site/assets/files/5186/fortuna_reports_consolidated_financial_results_for_full.pdf




CAYLLOMA MINE, PERU

25

Brownfields Exploration: Animas NE vein Step-Out Drilling

• High grade Ag, Pb and Zn mineralization below current production areas; open at depth and along strike to the NE

• Highlights from the 17 hole drill program from Q4 2017 to 20181:

ANIS05251754 g/t Ag, 4.15 % Pb and 7.95 % Znover an estimated true width of 7.2m



Note: 1. Refer to Fortuna news release dated February 14,

2019, “Fortuna provides review of Brownfields exploration programs” for full disclosure of the results for the Animas NE vein drill program



SAN JOSE MINE, MEXICO

26

Snapshot

19.0

33.538.5

46.0

56.0 53.548.9

2013 2014 2015 2016 2017 2018 2019 2020E

2.5

4.4 4.96.1

7.5 8.0 7.9

2013 2014 2015 2016 2017 2018 2019 2020E

SILVER PRODUCTION3,5

(Moz)GOLD PRODUCTION3,5

(koz)6.6 -7.3

41 -45

COMMODITIESSilver, gold

RESERVE LIFE1

4 years

OPERATION3,000 tpdunderground mine

2020E Cash Cost ($/t)3,4,5

$65.6 - $72.5

2020E AISC ($/oz Ag Eq)3,4,5

$9.6 - $11.7

FY 2019 Cash Cost ($/t)2,4

$69.6

FY 2019 AISC ($/oz Ag Eq)2,4

$9.8OWNERSHIP100 %

Notes:1. Refer to slide 40 for Mineral Reserves and Mineral Resources2. Refer to Fortuna news release dated March 11, 2020, “Fortuna reports consolidated financial results for full year 2019”3. For unit costs and production guidance for 2020E refer to Fortuna news release dated February 20, 2020, “Fortuna issues 2020 production and cost guidance”4. Refer to slide 2 for Cautionary Statement on non-GAAP financial measures | AISC ($/oz Ag Eq) includes production cash cost, commercial and government royalties, mining tax, worker’s

participation, subsidiary G&A, sustaining capital expenditures, and Brownfields exploration5. Refer to news release dated March 17, 2020, “Fortuna provides an update on the status of its operations in response to the worldwide spread of COVID-19” | Refer to slide 3, “Note

about the information contained herein and the Novel Coronavirus”.






27

Brownfields Exploration: Victoria mineralized zone

• Mineralized zone located 350 meters to the east of and sub-parallel to the Trinidad vein-Bonanza vein-Stockwork complex; blind discovery1 made in 2015

• Highlights from the 105-hole drill program from H2 2017 - 2018 drill program2:

SJOM-591247 g/t Ag and 1.81 g/t Au over an estimatedtrue width of 4.1 meters

SJOM-684695 g/t Ag and 3.96 g/t Au over an estimatedtrue width of 8 meters

SJOM-817440 g/t Ag and 4.78 g/t Au over an estimatedtrue width of 2 meters

Notes: 1. Refer to Fortuna news release dated August 12, 2015, “Fortuna

provides exploration update for the San Jose Mine, Mexico”2. Refer to the San Jose Mine technical report, effective date February 22,

2019


https://fortunasilver.com/site/assets/files/4097/san-jose-mine-technical-report-effective-date-february-22-2019-28mar19.pdf


CURRENT ASSET PORTFOLIO

28

EXPLORATIONBROWNFIELDS3 GREENFIELDS3

Northern ArgentinaCampo Casa Blanco| Generative reconnaissance ofpotential acquisition opportunities

CayllomaAnimas vein | San Cristobal silver vein

San JoseTrinidad vein | Victoria mineralized zone

PRODUCTION

DEVELOPMENT

MexicoGenerative program to identify potential acquisitionopportunities

San Jose Mine2020E1,3

6.6 – 7.3 Moz Ag + 41 - 45 koz Au

Caylloma Mine2020E1,3

0.9 - 1.0 Moz Ag + 27.2 – 30.1 Mlbs Pb + 44.0 – 48.6 Mlbs Zn

Lindero Gold Project2020E gold doré production guidance1,2,3: 60 - 80 koz Au

Notes: 1. Refer to Fortuna news release dated February 20, 2020, “Fortuna issues 2020 production and cost guidance”; assumes placement

of ore on the leach pad and first doré pour in Q2 20202. Refer to slide 42 for Mineral Reserves and Mineral Resources 3. Refer to news release dated March 17, 2020, “Fortuna provides an update on the status of its operations in response to the

worldwide spread of COVID-19” | Refer to slide 3, “Note about the information contained herein and the Novel Coronavirus”.

LinderoArizaro




GROWTH STRATEGY

29

Focused on Organic Growth, Disciplined M&A

Notes:1. Refer to news release dated March 20, 2020, “Fortuna announces temporary suspension of activities at the Lindero Project” | Refer to slide 3, “Note about the information contained herein and the Novel Coronavirus”2. Refer to slide 38 and to slide 2 for Cautionary Statement on non-GAAP financial measures 3. Refer to news release dated March 17, 2020, “Fortuna provides an update on the status of its operations in response to the worldwide spread of COVID-19” | refer to slide 5, 2nd note

Brownfields and Greenfields exploration initiatives3

• Positive construction decision at the Lindero gold Project, Argentina made in September 2017; placement of ore on the leach pad and first doré pour scheduled for Q2 20201

• Bottom-quartile operating and all-in sustaining costs

• 37% Adjusted EBITDA margin2 in 2019

Maximize production, profitability and sustainable free cash flow generation

• Exploration potential for new discoveries in and aroundland positions in Peru, Mexico and Argentina

• Generative programs to identify potential acquisition opportunities in Mexico and Argentina

https://fortunasilver.com/site/assets/files/5193/fortuna-announces-temporary-suspension-of-activi.pdf



Notes:1. Refer to the “The Lindero Technical Report” |

Refer to slide 422. Twelve months ended December 31, 2019

adjusted EBITDA |Refer to slide 2 for Cautionary Statement on non-GAAP financial measures

INVESTMENT HIGHLIGHTS

30

Low Cost Production Profile and a Strong Financial Position6

44.0 – 48.6 MlbsZinc

7.5 – 8.3 MozSilver

2020 PRODUCTION GUIDANCE3

101 – 125 kozGold

27.2 – 30.1 MlbsLead

FINANCIAL POSITION

Cash Cost3,4 AISC3,4

65.6 – 72.5($/t)

81.4 – 89.9($/t)

9.6 – 11.7($/oz Ag Eq)

14.8 – 18.1($/oz Ag Eq)

520 – 620($/oz Au)

3. Refer to Fortuna news release dated February 20, 2020, “Fortuna issues 2020 production and cost guidance” | Refer to news release dated March 17, 2020, “Fortuna provides an update on the status of its operations in response to the worldwide spread of COVID-19” | Refer to slide 3, “Note about the information contained herein and the Novel Coronavirus”

4. Refer to slide 2 for Cautionary statements for non-GAAP financial measures | AISC includes production cash cost, commercial and government royalties, mining tax, export duties (as applicable), worker’s participation (as applicable), subsidiary G&A, sustaining capital expenditures, and Brownfields exploration and is estimated at metal prices of US$1,450/oz Au, US$17/oz Ag, US$2,100/t Pb, and US$2,500/t Zn

5. Cash position is at December 31, 20196. Refer to note # 2 and note # 3 in Fortuna news release dated February 20, 2019, “Fortuna issues 2020 producton and cost guidance”;

production and cost guidance is based on the updated construction and commissioning schedule as detailed in the news release

2020 COST GUIDANCE3

$83.4 MCash5 (Year End 2019)

$150 MCredit facility

$110 M drawn

Debt to EBITDA2

1.7 : 1

PROVEN MINE OPERATORS AND

STRONG DEVELOPERS

Lindero Gold Project

Bottom quartileoperating costs and AISC

Low cost gold production

over 13 years of reserve life1

10.2 – 11.4($/t)

San Jose Mine

Caylloma Mine

Lindero Mine6

https://fortunasilver.com/site/assets/files/4098/lindero-project-technical-report-effective-date-31-oct-2017.pdf





CONTACTCARLOS BACA, Investor Relations Manager | +51.1.616.6060, ext. 2 | [email protected] | fortunasilver.com

31

mailto:[email protected]?subject=Q3%202018%20Earnings%20Call%20Webcast

http://www.fortunasilver.com/


APPENDICES

32

San Jose mine


SENIOR MANAGEMENT

33

JORGE A. GANOZAPresident, CEO and Director Co-founder of Fortuna. Peruvian geological engineer with over 20 years of experience in mineral exploration, mining and business development throughout Latin America. Has led Fortuna’s growth and acquisitions since inception. Director of Ferreycorp.

JOSE PACORAVice President, Project DevelopmentOver 30 years of experience in the mining industry working for both engineering firms and mining companies developing strong capabilities in engineering, construction and project management.

ERIC CHAPMANVice President, Technical ServicesA resource geologist with 15 years of experience in the mining industry who has provided technical guidance to Fortuna since 2011. Previously Eric was a Senior Consultant to Snowden Mining Industry Consultants working on a variety of mine and exploration projects in Africa and the Americas.

LUIS DARIO GANOZAChief Financial Officer Over 16 years of experience in the operations and financial management of public mining companies. Luis also serves as Chairman of the Board of Atico Mining Corporation.

MANUEL RUIZ-CONEJOVice President, OperationsOver 25 years of experience in the execution of multi-million dollar mining projects and the implementation of community relations programs.

DAVID VOLKERTVice President, ExplorationA mine finder with a long, successful career in the mining industry; instrumental in the discovery of Barrick’s Laguna Norte gold deposit and the acquisition of the Pierina gold deposit in Peru; spearheaded the discovery of Bear Creek’s Corani and Santa Ana silver-lead-zinc deposits in Peru.

GORDON JANGVice President, Finance and AccountingOver 20 years of senior financial management experience in the mining industry; wealth of experience in the areas of tax planning and compliance, financial reporting, Sarbanes Oxley /internal controls, implementation of ERP systems and mergers and acquisitions.

LINDA DESAULNIERSLegal CounselOver 20 years of legal experience in private practice acting for a broad range of Canadian and foreign public companies, primarily in the mining industry; specializing in corporate finance, corporate and commercial law.

APPENDIX


BOARD OF DIRECTORS

34

SIMON RIDGWAYChairman of the BoardCo-founder of Fortuna. Vancouver-based mining financier. Also founded Focus Ventures, Radius Gold, and Mar West Resources.

DAVID FARRELLLead Director President of Davisa Consulting, a private consulting firm working with junior to mid-tier global mining companies. Successfully negotiated, structured and closed more than $25 billion worth of M&A.

DAVID LAINGMining engineer with 40 years of experience in the industry. David is an independent mining executive. He was formerly the COO of Equinox Gold, with gold projects in Brazil and California, COO of True Gold Mining which developed a gold heap leaching operation in Burkina Faso, and COO and EVP of Quintana Resources Capital, a base metals streaming company. David was also one of the original executives of Endeavour Mining, a gold producer in West Africa.

MARIO SZOTLENDERCo-founder of Fortuna. Financier, businessman and Director of Atico Mining Corporation, Endeavour Silver Corp. and Radius Gold Inc.

ALFREDO SILLAUManaging Partner, CEO and Director of Faro Capital, an investment management firm that manages private equity and real estate funds.

KYLIE DICKSON Executive with over 14 years of experience in the mining industry. Kylie has worked with companies at various stages of the mining lifecycle including playing a key role in multiple financings and M&A transactions. Kylie was most recently the VP of Business Development at Equinox Gold Corp.

JORGE A. GANOZAPresident, CEO and Director Co-founder of Fortuna. Peruvian geological engineer with over 20 years of experience in mineral exploration, mining and business development throughout Latin America. Has led Fortuna’s growth and acquisitions since inception. Director of Ferreycorp.

APPENDIX


CONSOLIDATED SALES METRICS

35Note: Realized prices based on provisional sales before final price adjustments

APPENDIX

Q4 2019 Q4 2018 % Change 2019 2018 % Change

Metal SoldAg (oz) 2,221,330 2,032,909 9% 8,798,054 8,832,993 0%Au (oz) 12,157 12,555 (3%) 50,374 53,498 (6%)Pb ('000 lb) 7,559 6,377 19% 28,969 28,349 2%Zn ('000 lb) 11,974 11,713 2% 45,781 45,867 (0%)

Realized PriceAg (US$/oz) 17.33 14.60 19% 16.20 15.74 3%Au (US$/oz) 1,483 1,236 20% 1,393 1,273 9%Pb (US$/lb) 0.92 0.89 4% 0.91 1.02 (11%)Zn (US$/lb) 1.08 1.19 (10%) 1.15 1.32 (13%)

NYSE: FSM | TSX: FVI 36

Non-GAAP Financial Measures

APPENDIX

FULL YEAR 2019 ADJUSTED EBITDA1

Notes: 1. Non-GAAP financial measure, refer to slide 2 for Cautionary Statement on Non-GAAP Financial Measures2. Totals may not add due to rounding

Years ended December 31,Expressed in $ M 2019 2018Net Income 23.8 34.0Add Back:

Community support provision (0.3) 1.1 Inventory adjustment 1.3 0.2Foreign exchange loss, Lindero Mine 11.5 3.9Net finance items (0.3) (0.4)Depreciation, depletion, and amortization 46.0 44.8Income taxes 20.2 33.4Share of loss from associates 0.2 -Investment Income (11.0) -Other non-cash items 4.0 (3.0)

Adjusted EBITDA 95.4 113.9


FULL YEAR 2019 ADJUSTED INCOME STATEMENT

37

APPENDIX

Non-GAAP Financial Measures1

Notes: 1. Non-GAAP financial measure, refer to slide 2 for Cautionary Statement on Non-GAAP Financial Measures

Years ended December 31,

Expressed in $ M 2019 Adjustments 2019 Adjusted 2018 Adjustments 2018 Adjusted

Sales 257.2 - 257.2 263.3 - 263.3Cost of sales 172.6 (0.9) 171.7 166.7 (1.3) 165.4Mine operating income 84.6 0.9 85.5 96.6 1.3 97.9General and administration 29.8 0.1 29.9 26.2 - 26.2Exploration and evaluation 2.4 - 2.4 0.7 - 0.7Share of loss from associates 0.2 (0.2) - 0.0 (0.0) -Foreign exchange loss 13.3 (11.5) 1.8 6.1 (3.9) 2.2 Other expenses, net 4.6 (4.3) 0.3 2.0 (1.8) 0.2Operating Income 34.2 16.9 51.1 61.6 7.0 68.6Interest income and finance costs, net 11.0 (11.0) 0.0 - - -Interest and finance costs (0.0) 0.4 0.3 0.4 0.7 1.0 Gain (loss) on derivatives (1.2) 2.6 1.4 5.4 (5.0) 0.4 Income before taxes 44.0 8.9 52.8 67.3 2.7 70.0Income tax expense 20.2 4.2 24.4 33.4 (1.6) 31.7Net income and adjusted net income 23.8 4.6 28.4 34.0 4.3 38.3


($ M, except in cash cost figures) 2019 2018 % Change / 2018

Adjusted EBITDA 22.3 37.0 (40%)Margin over sales 31% 42%

Production cash cost ($/t) 86.15 83.47 3%AISC ($/oz Ag Eq) 14.30 11.68 22%

($ M, except in cash cost figures) 2019 2018 % Change / 2018

Adjusted EBITDA 92.5 92.2 0%Margin over sales 50% 52%

Production cash cost ($/t) 69.60 63.72 9%AISC ($/oz Ag Eq) 9.83 9.02 9%

($ M) 2019 2018 % Change / 2018

Adjusted Operating Income1 51.1 68.6 (26%)Adjusted EBITDA2 95.4 113.9 (16%)EBITDA Margin over sales 37% 43%

FULL YEAR 2019 FINANCIAL HIGHLIGHTS

38

Higher EBITDA at San Jose; Caylloma Impacted by Lower Base Metal Prices and Higher Cash Cost

CONSOLIDATED

CAYLLOMA MINE, PERUSAN JOSE MINE, MEXICO

Notes: 1. Refer to slide 37 for Full Year Adjusted Operating Income2. Non-GAAP financial measure, refer to slide 2 for Cautionary Statement on Non-GAAP Financial Measures; refer to slide 36 for Full Year 2019 Adjusted EBITDA3. All-in sustaining cash cost per payable ounce of silver equivalent production; silver equivalent production calculated using realized prices; please refer to slide 35; non-GAAP

financial measure, refer to slide 2 for Cautionary Statement on Non-GAAP Financial Measures


5.4 5.66.2

6.9 6.5 6.5 6.6

3.9

6.87.7

9.4

11.6 11.9 11.4

9.3

12.413.9

16.318.1 18.3 18.0

15.1

12.4 11.4

9.4 10.4 10.6 11.9

-

5.0

10.0

15.0

20.0

25.0

30.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

2013 2014 2015 2016 2017 2018 2019

Caylloma Mine, Peru San Jose Mine, Mexico AISC ($/oz Ag Eq)

SILVER MINES’ CONSOLIDATED AG EQ1,5 PRODUCTION AND AISC

39

FY 2019 Consolidated Production2,5 of 18 Moz Ag Eq at an AISC3 of $11.9/oz Ag Eq4

Notes: 1. 2013-2019 Ag Eq production is calculated using ratios of Ag:Au = 72:1; Ag:Pb (lbs) = 1:15.6; Ag:Zn (lbs) = 1:12.9 | Ag Eq production includes silver, gold, lead, and zinc2. Refer to Fortuna news release dated January 16, 2020, “Fortuna reports 2019 full year production of 12.4 million silver equivalent ounces”3. AISC = All-in sustaining cost is a non-GAAP financial measure | Refer to slide 2 for Cautionary Statement on non-GAAP Financial Measures |Consolidated AISC ($/oz Ag Eq) includes production

cash cost, commercial and government royalties, mining tax, worker’s participation, subsidiary G&A, corporate G&A, sustaining capital expenditures and Brownfields exploration4. Refer to Fortuna press release dated March 11, 2020, “Fortuna reports consolidated financial results for full year 2019”5. Totals may not add due to rounding

APPENDIX

AISC

($/o

z Ag

)

0.0

Ag E

q(M

oz)




CAYLLOMA MINE, PERU

40

Mineral Reserves and Mineral Resources

Classification Tonnes (000)

Ag(g/t)

Au(g/t)

Pb(%)

Zn(%)

Contained Metal

Ag(Moz)

Au(koz)

Proven & Probable Reserves 2,460 81 0.21 2.41 3.83 6.4 16.2

Measured & Indicated Resources 2,352 106 0.33 1.67 3.06 8.0 24.9

Inferred Resources 4,056 112 0.37 2.58 4.00 14.6 47.7

APPENDIX

Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43 - 101: 1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves2. Mineral Resources are exclusive of Mineral Reserves2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability3. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to

assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate

4. Mineral Resources and Mineral Reserves are estimated as of June 30, 2019 and reported as of December 31, 2019 taking into account production-related depletion for the period through December 31, 20195. Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on the proposed mining method for extraction including; mechanized (breasting) at $85.26/t; mechanized (enhanced) at

$78.90/t; and semi-mechanized at $86.03/t using assumed metal prices of $17/oz Ag, $1,380/oz Au, $2,170/t Pb and $2,590/t Zn; metallurgical recovery rates of 84 % for Ag, 25 % for Au, 91 % for Pb and 90 % for Zn with the exception of the Ramal Piso Carolina vein that uses a metallurgical recovery rate of 75 % for Au. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2018 through June 2019. Mining recovery is estimated to average 93 % with mining dilution ranging from 10 % to 22 % depending on the mining methodology. Mineral Resources are reported at an NSR cut-off grade of $65/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) based on the same parameters used for Mineral Reserves, and a 15 % upside in metal prices and $135/t for veins classified as narrow (all other veins) based on narrow vein mining methods

6. Eric Chapman, P. Geo. (APEGBC #36328) is the Qualified Person for Mineral Resources and Amri Sinuhaji (APEGBC #48305) is the Qualified Person for Mineral Reserves, both being employees of Fortuna Silver Mines Inc.7. Totals may not add due to rounding procedures



41



Ag(g/t)

Au(g/t)

Contained Metal

Ag(Moz)

Au(koz)

Proven & Probable Reserves 3,936 243 1.61 30.8 203.9

Measured & Indicated Resources 555 105 0.70 1.9 12.5

Inferred Resources 3,889 131 0.96 16.3 120.3

APPENDIX

Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43 - 101: 1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves2. Mineral Resources are exclusive of Mineral Reserves 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability3. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to


4. Mineral Resources and Mineral Reserves are estimated as of September 25, 2019 and reported as of December 31, 2019 taking into account production-related depletion for the period through December 31, 20195. Mineral Reserves for the San Jose Mine are based on underground mining within optimized stope designs using an estimated NSR break-even cut-off grade of $64.54/t, equivalent to 138 g/t Ag Eq based on assumed

metal prices of $17/oz Ag and $1,380/oz Au; estimated metallurgical recovery rates of 91 % for Ag and 90 % for Au and mining costs of $33.24/t; processing costs of $17.12/t; and other costs including distribution, management, community support and general service costs of $15.18/t based on actual operating costs. Mining recovery is estimated to average 91% and mining dilution 11 %. Mineral Resources are reported at a 110 g/t Ag Eq cut-off grade based on the same parameters used for Mineral Reserves and a 15 % upside in metal prices. Proven and Probable Mineral Reserves include 2.36 Mt containing 20.4 Moz of silver and 124 koz of gold reported at a 142 g/t Ag Eq cut-off grade, in addition to Inferred Resources totaling 2.71 Mt containing 10.9 Moz of silver and 78 koz of gold reported at a 110 g/t Ag Eq cut-off grade, located in the Taviche Oeste concession and subject to a 2.5 % royalty

6. Eric Chapman, P. Geo. (APEGBC #36328) is the Qualified Person for Mineral Resources and Amri Sinuhaji (APEGBC #48305) is the Qualified Person for Mineral Reserves, both being employees of Fortuna Silver Mines Inc.7. Totals may not add due to rounding procedures


LINDERO PROJECT, ARGENTINA

42


APPENDIX

Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43 - 101: 1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves2. Mineral Resources are exclusive of Mineral Reserves2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability3. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to


4. Mineral Resources and Mineral Reserves are estimated and reported as of March 31, 2019. Refer to Fortuna news release dated April 4, 2019, “Fortuna reports updated first year gold doré production plan for the LinderoProject, Argentina”

5. Mineral Reserves for Lindero are reported based on open pit mining within a designed pit shell for variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.27 g/t Au, recovery 75.4 %; Met type 2 cut-off 0.26 g/t Au, recovery 78.2 %; Met type 3 cut-off 0.26 g/t Au, recovery 78.5 %; and Met type 4 cut-off 0.30 g/t Au, recovery 68.5 %. Mining recovery is estimated to average 100% and mining dilution 0%. The cut-off grades and pit design are considered appropriate based on long term gold prices of US$1,320/oz, estimated mining costs of US$1.28 per tonne of material, total processing and process G&A costs of US$8.29 per tonne of ore, and refinery costs net of pay factor of US$6.90 per ounce gold. Lindero Mineral Resources are reported within the same conceptual pit shell above a 0.2 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices

6. Eric Chapman, P. Geo. (APEGBC #36328) is the Qualified Person for Mineral Resources and Amri Sinuhaji (APEGBC #48305) is the Qualified Person for Mineral Reserves, both being employees of Fortuna Silver Mines Inc.7. Totals may not add due to rounding


Au(g/t)

Cu(%)

Contained Metal

Au(koz)

Proven & Probable Reserves 84,226 0.63 0.11 1,714

Measured & Indicated Resources 18,866 0.50 0.11 302

Inferred Resources 8,600 0.38 0.10 106


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