Vancouver, January 18, 2024 – Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports production results for the fourth quarter and full year 2023 from its five operating mines in Latin America and West Africa. For the full year 2023, Fortuna produced a record 326,638 ounces of gold and 5,883,691 ounces of silver or a record 452,389 gold equivalent ounces, including lead and zinc by-products1. All references to dollar amounts in this news release are expressed in US dollars.
Fourth quarter 2023 highlights
Record gold equivalent production of 136,154 ounces1; a 6 percent increase compared to Q3 2023 (128,671 oz Au Eq)2
Record gold production of 107,376 ounces; a 13 percent increase compared to Q3 2023 (94,821 oz Au)2
Silver production of 1,354,003 ounces; a 19 percent decrease compared to Q3 2023 (1,680,751 oz Ag)2
Full year 2023 highlights
Record gold equivalent production of 452,389 ounces1; a 13 percent increase compared to 2022 (401,878 oz Au Eq)3
Record gold production of 326,638 ounces; a 26 percent increase compared to 2022 (259,427 oz Au)3
Silver production of 5,883,691 ounces; a 15 percent decrease compared to 2022 (6.9 Moz Ag)3
Record lead production of 40,851,657 pounds; an 18 percent increase over 2022 (34.6 Mlbs Pb)3
Record zinc production of 55,060,450 pounds; a 19 percent increase over 2022 (46.2 Mlbs Zn)3
Continuous trend of improvement in annual safety performance across the business with a Total Recordable Injury Frequency Rate (TRIFR) of 1.22, and a Lost Time Injury Frequency Rate (LTIFR) of 0.36, compared to 2.32 and 0.35 in 2022
2024 consolidated production and cost guidance highlights
Gold equivalent production4 of between 457 and 497 thousand ounces; a projected increase of between 1 and 10 percent, respectively, compared to 2023
Gold production of between 343 and 385 thousand ounces; a projected increase of between 5 and 18 percent, respectively, compared to 2023
Silver production of between 4.0 and 4.7 million ounces; a projected decrease of between 32 and 21 percent, respectively, compared to 2023
Cash Cost of between $935 and $1,055/oz Au Eq5; an approximate projected increase of between 6 and 20 percent, respectively, compared to 2023
AISC of between $1,485 and $1,640/oz Au Eq5; an approximate projected decrease of 1 percent and an increase of 9 percent, respectively, compared to 2023
Notes:
Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,948/oz Au, $23.37/oz Ag, $2,155/t Pb and $2,706/t Zn or Au:Ag = 1:83.38, Au:Pb = 1:0.90, Au:Zn = 1:0.72
Refer to Fortuna news release dated October 5, 2023, “Séguéla drives Fortuna to record gold equivalent production of 128,671 ounces in the third quarter 2023”
Refer to Fortuna news release dated January 17, 2023, “Fortuna reports 2022 full year record production of 401,878 gold equivalent ounces and issues 2023 annual guidance”
Au Eq includes gold, silver, lead, and zinc and is calculated using the following metal prices: $1,800/oz Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn or Au:Ag = 1:81.82,
Au:Pb = 1:1.11, Au:Zn = 1:1.39
Refer to Appendix
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