1. mid-tiergold and silver producer established in premier mining jurisdictions

Q4 & FULL YEAR 2023 FINANCIAL AND OPERATIONAL RESULTS WEBCAST NYSE: FSM | TSX: FVI

MARCH 7, 2024

Q4 & FULL YEAR 2023 HIGHLIGHTS

Séguéla Mine, Côte d'Ivoire

2

Q4 2023 HIGHLIGHTS

Record production and financial results

P R O D U C T I O N

Au Eq1,2

AISC $/oz Au Eq1,5,6

Record gold equivalent production

136.2 koz

$1,509

•

6% increase over Q3 2023

•

36% increase over Q4 2022

Q4 2022: 100.2 koz

Q4 2022: $1,579

F I N A N C I A L R E S U L T S

Record adjusted EBITDA reflects Séguéla's contribution

EPS of ($0.30) due to impairment charge at San Jose; adjusted EPS of $0.073

CFPS of $0.364

Adjusted EBITDA5

FCF from operations5

$120.3 M

$66.2 M

Q4 2022: $55.8 M

Q4 2022: $4.4 M

G R O W T H A N D D E V E L O P M E N T

Diamba Sud Preliminary Economic Assessment planned by end of 2024, subject to results of drill program

Séguéla performing 26% above nameplate capacity as of the end of December 2023

Diamba Sud

45,000-meter drill program

Initiated during Q4

F I N A N C I A L P O S I T I O N

Company paid $41 million on its corporate credit facility in Q4 2023

Total net debt 5,6

Liquidity6

$83.0 M

$213.1 M

Additional $25 million paid subsequent to year end

At end of Q4 2023

At end of Q4 2023

Yaramoko Mine, Burkina Faso

See Appendix for Notes and non-IFRS measures

3

Q4 & FY 2023 PRODUCTION AND AISC

Séguéla drives record gold production

G O L D P R O D U C T I O N

Q4 2023 Au1

FY 2023 Au1

107.4 koz

326.6 koz

Q4 2022: 64.1 koz

FY 2022: 259.4 koz

Q4 2023 Silver1

FY 2023 Silver1

S I L V E R P R O D U C T I O N

1.4 Moz

5.9 Moz

Q4 2022: 1.7 Moz

FY 2022: 6.9 Moz

Q4 20232

FY 20232

C O N S O L I D A T E D C A S H

C O S T 3

$840/oz Au Eq

$874/oz Au Eq

Q4 2022: $873 / oz Au Eq

FY 2022: $849 / oz Au Eq

Q4 20232

FY 20232

C O N S O L I D A T E D A I S C

3

$1,509/oz Au Eq

$1,508/oz Au Eq

Q4 2022: $1,579 / oz Au Eq

FY 2022: $1,431 / oz Au Eq koz

Séguéla Mine, Côte d'Ivoire

4

See Appendix for Notes and non-IFRS measures

FINANCIAL OVERVIEW

Lindero Mine, Argentina

5

Q4 2023 CONSOLIDATED SALES

Sales of $265.3 million; a 61% increase from the same period in 2022

Precious metals

contribution2

90%

Silver

Net Sales of

79%

Gold

11% $265.3 M

Copper

2%

4%

Zinc

4%

Lead

Realized Precious Metals Prices1

28.00

24.00

Silver

$23.27

20.00

16.00

12.00 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23

2,000

$1,990

Gold

1,800

1,600

1,400 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23

See Appendix for Notes

6

Q4 2023 FINANCIAL HIGHLIGHTS

Strong adjusted EBITDA and free cash flow driven by higher volume sold

($M, except in earnings per share figure)

Q4 2023

Q4 2022

% Change

/ Q4 2022

Sales

265.3

164.7

61%

Operating income

(77.4)

(173.1)

(55%)

Attributable net income1

(92.3)

(152.8)

(40%)

EPS, basic

(0.30)

(0.52)

(42%)

Adjusted attributable net income1

20.6

6.4

222%

Adjusted EBITDA1

120.3

55.8

116%

Net cash provided by operating activities

105.1

49.6

112%

Free Cash Flow from ongoing operations1

66.2

4.4

1,405%

  • Fortuna recorded a net loss of $92.3 M attributable to shareholders explained by a $90.6 M impairment charge at San Jose and a number of non-cashone-time charges
  • Adjusted net income attributable to Fortuna shareholders was $20.6 M or 7 cents per share, above Q4 2022 primarily due to the contribution from Séguéla
  • Free cash flow from ongoing operations of $66.2 M was driven by Séguéla's contribution. No corresponding taxes were paid at Séguéla in Q4 2023

See Appendix for Notes and non-IFRS measures

Séguéla Mine, Côte d'Ivoire

7

Q4 FINANCIAL HIGHLIGHTS

Increasing liquidity quarter over quarter from strong free cash flow during H2 2023

Quarterly Total Liquidity ($ M)

• Total liquidity increased $51 M over

Cash

Undrawn credit facility

Q3 2023, to $213 M. The increase

is explained by FCF2 from ongoing

operations of $66.2 M less $6.9 M

of expansionary capital (Diamba

213

Sud and Greenfields exploration)

and $10.3 M of payments related

150

130

162

85

5

to the Chesser acquisition

98

45

•

Total liquidity includes $85 M1

70

45

5

undrawn amount from the

118

128

80

85

93

$250 M revolving credit facility

• Total net debt: $83 M2

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

• Total net debt to adjusted

Total Liquidity

150

130

98

162

213

EBITDA ratio: 0.23

Total Debt2

226

251

292

252

211

Senior secured debt

180

205

246

206

165

Convertible debenture

46

46

46

46

46

Total Net Debt2

146

166

198

134

83

Lindero Mine, Argentina

Numbers in the table have been rounded

See Appendix for Notes and non-IFRS measures

Q4 & FULL YEAR 2023 OPERATIONS HIGHLIGHTS

Séguéla Mine, Côte d'Ivoire

9

OPERATIONS

Q4 2023 record gold production of 107.4 koz; 67% higher than Q4 2022

Séguéla Mine | CÔTE D'IVOIRE

Gold Production (oz)

Cash Cost1 ($/oz Au)

AISC1 ($/oz Au)

43,096

$323

$737

Q3 2023: 31,498

Q3 2023: $397

Q3 2023: $788

Lindero Mine | ARGENTINA

Gold Production (oz)

Cash Cost1 ($/oz Au)

AISC1 ($/oz Au)

29,591

$934

$1,557

Q4 2022: 29,301

Q4 2022: $814

Q4 2022: $1,219

Yaramoko Mine | BURKINA FASO

Gold Production (oz)

Cash Cost1 ($/oz Au)

AISC1 ($/oz Au)

28,235

$949

$1,720

Q4 2022: 26,190

Q4 2022: $818

Q4 2022: $1,829

See Appendix for Notes and non-IFRS measures

10

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Fortuna Silver Mines Inc. published this content on 07 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 14:25:08 UTC.