Vancouver, February 15, 2024: Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FVI) provides its updated Mineral Reserve and Mineral Resource estimates as of December 31, 2023 for its five operating mines in West Africa and the Americas, and the Arizaro Project located at the Lindero Mine in Salta, Argentina. All references to dollar amounts in this news release are expressed in US dollars.
Highlights of Mineral Reserve and Mineral Resource Update
Consolidated Proven and Probable Mineral Reserves are reported containing 3.1 Moz Au Eq1 representing a year-over-year decrease of 11 percent.
Consolidated Measured and Indicated Resources exclusive of Mineral Reserves are reported containing 1.1 Moz Au Eq1 representing a year-over-year decrease of 19 percent.
Consolidated Inferred Mineral Resources are reported containing 1.7 Moz Au Eq1 representing a year-over-year decrease of 22 percent.
Primary drivers for changes in Mineral Reserves and Mineral Resources are production related depletion in 2023 of 452 koz Au Eq and the application of higher cut-off values as a result of increased operational costs.
Technical Reports to support the disclosure of Mineral Reserves and Mineral Resources for the Séguéla, Caylloma, and San Jose mines will be filed within the next 45 days.
The Diamba Sud Gold Project JORC historical estimate2 of 625 koz Au of Indicated Resources and 235 koz Au of Inferred Resources has not been incorporated into this consolidated Mineral Resources and Mineral Reserves update. Confirmatory drilling to update the historical resources is ongoing and planned for completion later in 2024.
Notes:
Gold equivalent calculated using metal prices of $1,600/oz for Au, $21/oz for Ag, $2,000/t for Pb, and $2,600/t for Zn.
Refer to historical JORC mineral resource estimate tabulation and cautionary statements regarding historical estimates on page 4.
2023 Mineral Reserves and Mineral Resources
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