- (All amounts expressed in US dollars, unless otherwise stated)
Vancouver, March 11, 2020:Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) today reported full year 2019 net income of $23.8 million, adjusted net income of $28.4 million, and adjusted EBITDA of $95.4 million.

Jorge A. Ganoza, President and CEO, commented, “Our production results and cost execution were in-line with our guidance for 2019 generating a strong EBITDA margin of 37% and free cash flow from ongoing operations of $35 million.” Mr. Ganoza added, “Construction and pre-commissioning activities at Lindero continue to advance according to our updated schedule. We expect to place ore on the leach pad and first doré pour in the second quarter of this year.”

Full year 2019 highlights
•Sales of $257.2 million, compared to $263.3 million in 2018
•Net income of $23.8 million, compared to $34.0 million in 2018
•Adjusted net income of $28.4 million, compared to $38.4 million in 2018
•Adjusted EBITDA1 of $95.4 million, compared to $113.9 million in 2018
•Free cash flow from ongoing operations1 of $34.5 million
•Cash and cash equivalents as at December 31, 2019 was $83.4 million
•Credit facility of $150.0 million with $40.0 million undrawn
•Silver and gold production of 8,809,767 ounces and 50,525 ounces, respectively
•AISC1,2 per silver equivalent ounce of payable silver was $11.9

Fourth quarter 2019 highlights
•Sales of $69.0 million, compared to $59.6 million in 2018
•Net income of $19.0 million, compared to $2.2 million in 2018
•Adjusted net income of $10.9 million, compared to $4.4 million in 2018
•Adjusted EBITDA1 of $25.1 million, compared to $22.7 million in 2018
•Free cash flow1 from ongoing operations of $6.4 million
•Silver and gold production of 2,251,917 ounces and 12,279 ounces, respectively
•AISC1,3 per silver equivalent ounce of payable silver was $12.5

Notes:
1.Refer to Non-GAAP financial measures and Forward-Looking Statements at the end of this news release
2.AISC/oz Ag Eq calculated at realized metal prices of $1,393/oz Au, $16.2/oz Ag, $0.9/lb Pb, and $1.2/lb Zn
3.AISC/oz Ag Eq calculated at realized metal prices of $1,483/oz Au, $17.3/oz Ag, $0.9/lb Pb, and $1.1/lb Zn

Capital resources and liquidity

Total liquidity available to the Company as of December 31, 2019 was $123 million, which includes $40 million of available credit under our $150 million credit facility. At the end of the year the Company had cash, cash equivalents, and short-term investments of $83.4 million.

In October 2019, the Company closed a bought deal public offering of senior subordinated, unsecured convertible debentures which raised aggregate gross proceeds of $46 million.

Fourth quarter and Full year 2019 consolidated results
see & read more on
https://www.fortunasilver.com/investors/news/2020/fortuna-reports-consolidated-financial-results-for-full-year-2019/