(All amounts expressed in US dollars, tabular amounts in millions, unless otherwise stated)
Vancouver, March 23, 2022: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its consolidated financial and operating results for the fourth quarter and full year 2021.

Fourth Quarter 2021 Highlights

Record sales of $198.9 million, an increase of 92% from the $103.5 million reported in Q4 2020, due primarily to the contribution of gold sales from the Yaramoko Mine of $52.2 million and from the Lindero Mine of $65.6 million
Cost of sales of $140.6 million compared to $56.6 million reported in Q4 2020
Net income of $16.6 million or $0.05 per share, compared to $18.6 million or $0.1 net income per share reported in Q4 2020
Adjusted net income1 of $29.1 million compared to $23.0 million reported in Q4 2020
Adjusted EBITDA1 of $89.6 million compared to $44.8 million reported in Q4 2020
Net cash provided by operating activities of $57.1 million, compared to $31.3 million reported in Q4 2020
Free cash flow from ongoing operations1 of $30.9 million compared to $34.5 million reported in Q4 2020

Full Year 2021 Highlights

Sales of $599.9 million, compared to $279.0 million in 2020
Cost of sales of $394.4 million, compared to $168.7 million in 2020
Net income of $59.4 million, compared to $21.6 million in 2020
Adjusted net income1 of $100.6 million, compared to $31.8 million in 2020
Adjusted EBITDA1 of $280.7 million, compared to $112.6 million in 2020
Net cash provided by operating activities of $147.1 million, compared to $93.4 million reported in Q4 2020
Free cash flow1 from ongoing operations1 of $97.0 million, compared to $78.9 million in 2020
Cash and cash equivalents as at December 31, 2021 was $107.1 million, compared to $131.9 million in 2020
Silver and gold production of 7,498,701 ounces and 207,192 ounces, respectively, compared to 7,133,717 ounces and 55,349 ounces in 2020, respectively
AISC1 per ounce of gold sold of $1,116 and $1,317 for the Lindero and Yaramoko mines, respectively
AISC1,2 per silver equivalent ounce of payable silver sold of $14.38 and $18.94 for the San Jose and Caylloma mines, respectively, compared to $11.56 and $17.37 in 2020, respectively

Jorge A. Ganoza, President and CEO , commented, “Fortuna´s record sales and adjusted EBITDA in the fourth quarter of approximately $199 million and $90 million respectively, reflect strong operating results across our four mines in Latin America and West Africa. Lindero´s solid performance in the quarter is particularly worth highlighting as the mine delivered 36,072 ounces of gold, in line with expectations and 37% above its gold production for the third quarter.” Mr. Ganoza added, “With free cash flow generation from operations1 of $33 million in the quarter and the expansion of our corporate revolving credit facility to $200 million, we closed 2021 with a strong liquidity position of $187 million, $51 million over the third quarter considering $20 million in funding for the construction of the Séguéla Mine.” Mr. Ganoza concluded, “Throughout 2022, we expect to spend $110 million in Séguéla and $20 million in Brownfields exploration, which includes $7.4 million at San Jose and $7.2 million at Séguéla.”

Notes:

Refer to the Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements on SEDAR at www.sedar.com for a description of the calculation of these measures.
AISC ($/oz Ag Eq) is calculated at realized metal prices, refer to mine site results for realized prices and to the Non-IFRS Financial Measures section for silver equivalent ratio

Fourth Quarter 2021 and Full Year 2021 Consolidated Results

see & read more on
https://fortunasilver.com/investors/news/fortuna-reports-results-for-fourth-quarter-and-full-year-2021/