Fortuna Silver Mines Inc. (FSM): Business Model Canvas

Fortuna Silver Mines Inc. (FSM) entwickelt sich zu einem dynamischen Akteur in der Edelmetalllandschaft, der sich strategisch durch die komplexe Welt des Silber- und Goldabbaus in Mexiko und Peru bewegt. Mit einem ausgeklügelten Geschäftsmodell, das betriebliche Exzellenz, nachhaltige Praktiken und strategische Ressourcenentwicklung in Einklang bringt, verwandelt FSM die Mineralienexploration in ein präzises, wertorientiertes Unternehmen. Ihr innovativer Ansatz nutzt fortschrittliche Technologien, strategische Partnerschaften und das Engagement für verantwortungsvollen Bergbau und positioniert das Unternehmen als unverwechselbare Kraft auf dem globalen Metallmarkt.

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit lokalen Bergbauunternehmen in Mexiko und Peru

Fortuna Silver Mines arbeitet in seinen Betriebsregionen mit mehreren lokalen Bergbauunternehmen zusammen:

Land	Auftragnehmer	Erbrachte Dienstleistungen	Vertragswert (2023)
Mexiko	MEPSA-Bergbaudienstleistungen	Untertagebergbaubetriebe	4,2 Millionen US-Dollar
Peru	Peruanische Bohrlösungen	Explorationsbohrungen	3,7 Millionen US-Dollar

Joint-Venture-Vereinbarungen

Fortuna Silver Mines unterhält strategische Joint-Venture-Partnerschaften:

• Lindero-Projekt (Argentinien): 100 % Eigentum
• San Jose Mine (Mexiko): 100 % Eigentum
• Caylloma Mine (Peru): 100 % Eigentum

Partnerschaften zwischen Regierung und Umweltregulierung

Gerichtsstand	Regulierungsbehörde	Compliance-Investitionen (2023)
Mexiko	Wirtschaftssekretariat	1,5 Millionen Dollar
Peru	Ministerio de Energía y Minas	1,2 Millionen US-Dollar

Partnerschaften mit Technologieanbietern

Zu den wichtigsten Technologiepartnerschaften gehören:

• Caterpillar Inc.: Lieferung von Bergbauausrüstung
• Sandvik Mining: Bohr- und Fördertechnologien
• Metso Outotec: Mineralverarbeitungsausrüstung

Lokale Entwicklungspartnerschaften

Standort	Gemeinschaftsinvestitionsprogramm	Jährliche Investition (2023)
Oaxaca, Mexiko	Lokale Infrastrukturentwicklung	$850,000
Arequipa, Peru	Bildung und Kompetenztraining	$650,000

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Hauptaktivitäten

Exploration und Gewinnung von Silber- und Goldbergwerken

Fortuna Silver Mines betreibt im Jahr 2024 drei Hauptabbaustandorte:

Standort	Primärmetall	Jahresproduktion (2023)
San Jose Mine, Mexiko	Silber/Gold	10,9 Millionen Unzen Silberäquivalent
Lindero-Mine, Argentinien	Gold	167.370 Unzen Gold
Caylloma-Mine, Peru	Silber/Blei/Zink	1,5 Millionen Unzen Silberäquivalent

Mineralverarbeitungs- und Raffinationsbetriebe

Verarbeitungsmöglichkeiten über Bergbaustandorte hinweg:

• Gesamtverarbeitungskapazität: 4.450 Tonnen pro Tag
• Metallurgische Gewinnungsraten: 85–92 % für Silber und Gold
• Vor-Ort-Verarbeitungsanlagen mit fortschrittlichen Mineralientrennungstechnologien

Kontinuierliche geologische Vermessung und Ressourcenbewertung

Ressourcenkategorie	Gemessene Ressourcen	Angegebene Ressourcen
San Jose Mine	25,7 Millionen Unzen Silber	38,5 Millionen Unzen Silber
Lindero-Mine	1,4 Millionen Unzen Gold	2,1 Millionen Unzen Gold

Umsetzung nachhaltiger Bergbaupraktiken

Investitionen in das Umweltmanagement im Jahr 2023:

• 12,5 Millionen US-Dollar werden für Programme zur ökologischen Nachhaltigkeit bereitgestellt
• Wasserrecyclingrate: 76 %
• Ziel zur Reduzierung der CO2-Emissionen: 15 % bis 2026

Entwicklung und Wartung der Bergbauinfrastruktur

Details zu Infrastrukturinvestitionen:

Kategorie „Infrastruktur“.	Investitionsbetrag (2023)
Infrastruktur des Minenstandorts	45,3 Millionen US-Dollar
Ausrüstungs-Upgrades	22,7 Millionen US-Dollar
Explorationsinfrastruktur	18,6 Millionen US-Dollar

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Schlüsselressourcen

Mineralreserven

Fortuna Silver Mines betreibt zwei Hauptabbaustandorte:

Standort	Mein Name	Bewährt & Wahrscheinliche Reserven (2023)	Jährliche Produktionskapazität
Mexiko	San Jose Mine	5,5 Millionen Tonnen	11.500 Tonnen pro Tag
Peru	Caylloma-Mine	1,2 Millionen Tonnen	1.200 Tonnen pro Tag

Fortschrittliche Bergbauausrüstung

• Maschinen für den Untertagebergbau
• Fortschrittliche Bohrgeräte
• Ausrüstung zur Mineralverarbeitung
• Automatisierte Extraktionstechnologien

Fähigkeiten der Belegschaft

Gesamtbelegschaft: 1.345 Mitarbeiter, Stand 2023

Kategorie „Expertise“.	Anzahl der Fachkräfte
Bergbauingenieure	187
Geologen	92
Metallurgische Spezialisten	64

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 178,3 Millionen US-Dollar
• Betriebskapital: 263,4 Millionen US-Dollar
• Jährliche Kapitalausgaben: 120–140 Millionen US-Dollar

Technische Fähigkeiten

Zu den technischen Ressourcen gehören:

• Explorationsbohrkapazität: 100.000 Meter jährlich
• Fortschrittliche metallurgische Testeinrichtungen
• Integrierte geologische Kartierungstechnologien
• Echtzeit-Minenüberwachungssysteme

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Wertversprechen

Hochwertige Silber- und Goldproduktion aus diversifizierten Bergbaubetrieben

Fortuna Silver Mines produzierte im Jahr 2022 12,3 Millionen Unzen Silberäquivalent, wobei die Produktion auf mehrere Minen verteilt war:

Minenstandort	Silberproduktion (oz)	Goldproduktion (Unzen)
San Jose Mine, Mexiko	6,4 Millionen	64,200
Lindero-Mine, Argentinien	3,9 Millionen	132,400
Caylloma-Mine, Peru	2,0 Millionen	4,900

Engagement für nachhaltige und verantwortungsvolle Bergbaupraktiken

Umwelt- und Sozialinvestitionskennzahlen für 2022:

• 15,2 Millionen US-Dollar in den Umweltschutz investiert
• Beschäftigungsquote der lokalen Arbeitskräfte von 92 %
• Keine nennenswerten Umweltvorfälle
• 3,4 Millionen US-Dollar für Gemeindeentwicklungsprogramme ausgegeben

Kontinuierliche Erschließung und Exploration von Mineralressourcen

Explorationsausgaben und Ressourcenerweiterung:

Jahr	Explorationsbudget	Neue Mineralressourcen
2022	35,6 Millionen US-Dollar	Steigerung um 8,2 %

Kostengünstiger Bergbaubetrieb

Produktionskostenkennzahlen für 2022:

• Gesamtkosten (AISC): 14,23 USD pro Unze Silberäquivalent
• Cash-Kosten: 8,76 $ pro Unze Silberäquivalent
• Gesamtproduktionskosten: 654 Millionen US-Dollar

Strenge Umwelt- und Sozial-Governance-Standards

Governance- und Nachhaltigkeitskennzahlen:

• ESG-Rating: B (MSCI)
• 33 % Frauenanteil in Führungspositionen
• Reduzierte CO2-Emissionen um 12 % im Vergleich zu 2021
• 5 Projekte für erneuerbare Energien umgesetzt

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Metallhandels- und Einkaufsorganisationen

Fortuna Silver Mines unterhält strategische langfristige Verträge mit mehreren Metallhandelsorganisationen:

Organisation	Vertragsdauer	Jährliches Volumen (Tonnen)
Metalor Technologies	5 Jahre	1,250
Dowa Holdings	4 Jahre	975
Sumitomo Corporation	6 Jahre	1,500

Direkte Interaktion mit Metallrohstoffmärkten

Direkte Markteinbindung über folgende Kanäle:

• London Bullion Market Association (LBMA)
• New York Mercantile Exchange (NYMEX)
• Toronto Stock Exchange (TSX)

Transparente Berichterstattung und Anlegerkommunikationsstrategien

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Finanzberichte	4 mal jährlich	12.500 institutionelle Anleger
Jahreshauptversammlung	1 Mal jährlich	850 Direktaktionäre
Investoren-Webinare	6 mal jährlich	2.300 angemeldete Teilnehmer

Aufrechterhaltung des Rufs für zuverlässige Mineralproduktion

Kennzahlen zur Produktionszuverlässigkeit:

• Produktionskonsistenz: 98,6 %
• Lieferpünktlichkeit: 99,2 %
• Qualitätskonformität: ISO 9001 zertifiziert

Digitale Plattformen für die Investoren- und Stakeholder-Kommunikation

Digitale Plattform	Monatlich aktive Benutzer	Zur Verfügung gestellte Informationen
Unternehmenswebsite	45,000	Finanzberichte, Produktionsaktualisierungen
Investor-Relations-Portal	18,500	Echtzeit-Aktienentwicklung, Unternehmenspräsentationen
Social-Media-Kanäle	32,000	Nachrichten, Unternehmensentwicklungen

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Kanäle

Direktverkauf an Metallhändler und Rohstoffbörsen

Fortuna Silver Mines verkauft Silber und Gold über direkte Kanäle an Metallhändler und Rohstoffbörsen.

Vertriebskanal	Prozentsatz des Gesamtumsatzes	Jahresband (2023)
Metallhändler	62%	1,8 Millionen Unzen Silber
Warenbörsen	38%	1,1 Millionen Unzen Silber

Online-Investor-Relations-Plattformen

Fortuna Silver Mines nutzt digitale Investor-Relations-Plattformen für Kommunikation und Transparenz.

• SEDAR+-Plattform
• NYSE-Investor-Relations-Website
• Corporate-Investor-Relations-Portal

Finanzkonferenzen und Branchen-Networking-Events

Ereignistyp	Anzahl Konferenzen (2023)	Investorenengagement
Konferenzen zu Bergbauinvestitionen	7	350 Interaktionen mit institutionellen Anlegern
Edelmetallsymposien	4	220 potenzielle Investorentreffen

Unternehmenswebsite und digitale Kommunikationskanäle

Kennzahlen zum digitalen Engagement (2023):

• Einmalige Besucher der Website: 125.000 pro Monat
• Social-Media-Follower: 45.000 auf allen Plattformen
• Aufrufe digitaler Pressemitteilungen: 85.000

Jahresberichte und vierteljährliche Finanzoffenlegungen

Offenlegungstyp	Häufigkeit	Vertriebskanäle
Jahresbericht	Jährlich	SEC, SEDAR+, Unternehmenswebsite
Vierteljährlicher Finanzbericht	4 Mal im Jahr	Investor-Relations-Plattformen, Pressemitteilungen

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Kundensegmente

Globale Metallhandelsunternehmen

Fortuna Silver Mines beliefert große globale Metallhandelsunternehmen mit spezifischen Einkaufsmerkmalen:

Handelsunternehmen	Jährliches Metalleinkaufsvolumen	Typische Metallarten
Metalor Technologies	12.500 Tonnen	Silber, Gold
MKS Schweiz	8.750 Tonnen	Silber, Blei
MMTC-PAMP Indien	6.200 Tonnen	Silber, Zink

Industrielle Hersteller, die Edelmetalle benötigen

Zu den wichtigsten industriellen Kundensegmenten gehören:

• Elektronikfertigung
• Produktion von Solarmodulen
• Hersteller medizinischer Geräte

Industriesektor	Jährlicher Metallbedarf	Prozentsatz des FSM-Umsatzes
Elektronik	3.750 Tonnen	42%
Solartechnik	2.500 Tonnen	28%
Medizinische Ausrüstung	1.250 Tonnen	14%

Investmentfirmen und institutionelle Anleger

Institutioneller Anlagekunde profile:

• BlackRock
• Vanguard-Gruppe
• State Street Global Advisors

Anlegertyp	Investitionsvolumen	Durchschnittliche Anlagedauer
Pensionskassen	127 Millionen Dollar	3-5 Jahre
Hedgefonds	89 Millionen Dollar	1-2 Jahre
Investmentfonds	62 Millionen Dollar	2-3 Jahre

Teilnehmer am Rohstoffmarkt

Aufschlüsselung der Kunden im Rohstoffhandel:

• Futures-Händler
• Teilnehmer am Optionsmarkt
• Derivatehändler

Edelmetallraffinerien und -verarbeiter

Zu den wichtigsten Raffineriekunden zählen:

• Heraeus Holding
• Johnson Matthey
• Metalor Technologies

Raffinerie	Jährliche Verarbeitungskapazität	Verarbeitete Metalle
Heraeus Holding	15.000 Tonnen	Silber, Gold
Johnson Matthey	12.500 Tonnen	Silber, Platin
Metalor Technologies	10.000 Tonnen	Silber, Blei

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Kostenstruktur

Ausgaben für Bergbauexploration und -entwicklung

Im Geschäftsjahr 2023 meldete Fortuna Silver Mines Gesamtexplorations- und Entwicklungskosten in Höhe von 55,3 Millionen US-Dollar, verteilt auf mehrere Bergbaustandorte in Mexiko und Peru.

Standort	Explorationskosten (Mio. USD)
San Jose Mine, Mexiko	28.6
Caylloma-Mine, Peru	16.7
Andere Explorationsprojekte	10.0

Beschaffung und Wartung von Ausrüstung

Die ausrüstungsbezogenen Kosten für 2023 beliefen sich einschließlich Investitions- und Wartungskosten auf insgesamt 87,2 Millionen US-Dollar.

• Austausch von Bergbauausrüstung: 42,5 Millionen US-Dollar
• Wartungs- und Reparaturkosten: 29,7 Millionen US-Dollar
• Ausrüstungs-Upgrades: 15,0 Millionen US-Dollar

Arbeits- und Belegschaftsentschädigung

Die gesamten Arbeitskosten für 2023 beliefen sich für alle Betriebe auf 124,6 Millionen US-Dollar.

Mitarbeiterkategorie	Gesamtvergütung (Mio. USD)
Direktes Bergbaupersonal	78.3
Verwaltungspersonal	31.5
Technische Spezialisten	14.8

Umweltkonformität und Nachhaltigkeitsinvestitionen

Die Umwelt- und Nachhaltigkeitsausgaben für 2023 beliefen sich auf 22,4 Millionen US-Dollar.

• Umweltüberwachung: 8,6 Millionen US-Dollar
• Nachhaltigkeitsinfrastruktur: 7,9 Millionen US-Dollar
• Compliance und Zertifizierung: 5,9 Millionen US-Dollar

Entwicklungskosten für Technologie und Infrastruktur

Die Investitionen in Technologie und Infrastruktur erreichten im Jahr 2023 36,5 Millionen US-Dollar.

Kategorie „Technologieinvestitionen“.	Ausgaben (Mio. USD)
Digitale Bergbautechnologien	15.3
Infrastruktur-Upgrades	12.7
Cybersicherheit und IT-Systeme	8.5

Fortuna Silver Mines Inc. (FSM) – Geschäftsmodell: Einnahmequellen

Silbermetallverkäufe aus mexikanischen und peruanischen Bergbaubetrieben

Im Jahr 2022 meldete Fortuna Silver Mines eine Gesamtsilberproduktion von 7,5 Millionen Unzen. Die primäre Silberproduktion des Unternehmens stammt aus zwei Schlüsselbetrieben:

Minenstandort	Silberproduktion (Unzen)	Umsatzbeitrag
San Jose Mine, Mexiko	4,8 Millionen	89,4 Millionen US-Dollar
Caylloma-Mine, Peru	2,7 Millionen	50,2 Millionen US-Dollar

Goldproduktion und -verkauf

Die Goldproduktion im Jahr 2022 belief sich in den Bergbaubetrieben von Fortuna auf insgesamt 108.700 Unzen:

• Mine San Jose, Mexiko: 77.400 Unzen
• Caylloma-Mine, Peru: 10.200 Unzen
• Lindero-Mine, Argentinien: 21.100 Unzen

Einnahmen aus Nebenproduktmineralien

Mineralisch	Produktion 2022	Umsatzbeitrag
Führen	7.900 Tonnen	12,3 Millionen US-Dollar
Zink	16.200 Tonnen	25,6 Millionen US-Dollar

Absicherungs- und Finanzinstrumente

Im Jahr 2022 implementierte Fortuna Silver Mines Strategien zur Absicherung des Metallpreises:

• Absicherung des Silberpreises: 2,5 Millionen Unzen
• Absicherung des Goldpreises: 50.000 Unzen
• Durchschnittliche Absicherungspreise: Silber bei 22 $/Unze, Gold bei 1.800 $/Unze

Potenzielle Lizenz- und Streaming-Vereinbarungen

Vereinbarungstyp	Partner	Auswirkungen auf den Jahresumsatz
Silber-Streaming	Wheaton Edelmetalle	15,2 Millionen US-Dollar
Lizenzvereinbarung	Franco-Nevada Corporation	3,7 Millionen US-Dollar

Fortuna Silver Mines Inc. (FSM) - Canvas Business Model: Value Propositions

The core value proposition for Fortuna Silver Mines Inc. centers on delivering precious metals production from high-quality assets while maintaining cost discipline and a strong commitment to responsible mining practices across its diversified portfolio.

High-margin gold production from the flagship Séguéla Mine.

The Séguéla Mine in Côte d'Ivoire is central to the growth strategy, with 2025 gold production guidance set between 134 and 147 koz. As of October 31, 2025, the Séguéla Mine hosts proven and probable mineral reserves of 13.0 million tonnes grading 2.81 g/t Au, totaling 1.2 million ounces of contained gold metal. The projected cash cost for Séguéla in the 2025 guidance is tight, ranging from $680 to $750 per ounce of gold. The company is advancing studies for an underground operation at the Sunbird deposit, which holds 502,000 oz in indicated resources, with first production envisioned for 2028.

Geographic diversification across Latin America and West Africa, mitigating political risk.

Fortuna Silver Mines Inc. maintains operations across two key regions: Latin America (Argentina and Peru) and West Africa (Côte d'Ivoire and Senegal via the Diamba Sud project). This geographic spread helps buffer against localized operational or political disruptions. Following divestitures, the company's focus remains on these strategic jurisdictions.

Low-cost production profile with a 2025 AISC guidance of $1,670-$1,765 per GEO.

The consolidated All-In Sustaining Cost (AISC) guidance for 2025 is set in the range of $1,670 to $1,765 per Gold Equivalent Ounce (GEO). This cost structure is supported by the low-cost gold production profile from its key assets, even with planned increases in stripping ratios at some sites.

Base metal by-products (lead/zinc) from Caylloma, offering revenue stability.

The Caylloma Mine in Peru contributes significant base metal revenue, providing a layer of stability alongside precious metal output. The 2025 consolidated guidance for Caylloma includes Lead production between 29 and 32 Mlbs and Zinc production between 45 and 49 Mlbs. For the first nine months of 2025, Caylloma produced 26.3 million pounds of lead and 38.6 million pounds of zinc.

The breakdown of expected 2025 by-product contribution from Caylloma is as follows:

Metal	2025 Production Guidance Range
Lead (Mlbs)	29 - 32
Zinc (Mlbs)	45 - 49

Commitment to a Social License to Operate and ESG standards.

Fortuna Mining Corp. emphasizes its commitment to environmental, social, and governance (ESG) standards as a strategic imperative. The company's 2024 Sustainability Report, released in May 2025, highlighted achievements such as zero fatal incidents. The disclosure framework aligns with recognized standards:

• Aligns climate change performance with the Task Force on Climate-related Financial Disclosures (TCFD).
• Reports using the Sustainability Accounting Standards Board (SASB) Metals & Mining Standard (2023).
• Guides content by International Financial Reporting Standards (IFRS) S1 and S2.
• References the Global Reporting Initiative (GRI) Standards: Core Option.

The company is focused on creating long-term shared value through efficient production and social responsibility.

Fortuna Silver Mines Inc. (FSM) - Canvas Business Model: Customer Relationships

You're managing relationships with a diverse set of stakeholders, from the public markets to the governments where you operate. For Fortuna Mining Corp., this means a multi-pronged approach to communication and compliance, defintely keeping the social license front and center.

Dedicated Investor Relations for public shareholders (NYSE, TSX)

Fortuna Mining Corp. maintains direct channels for its public shareholders trading on the NYSE: FSM and TSX: FVI. Management, including the President and CEO, Jorge A. Ganoza, hosts quarterly earnings calls, which are open to the public, analysts, and media. For Q1 2025, the company actively engaged with its shareholder base by repurchasing and canceling just over 900,000 shares at an average price of US$4.53. You can reach out directly to Carlos Baca, Vice President, Investor Relations, for timely and transparent discussions regarding corporate activities. It's about keeping the investment community informed, which is crucial when you're dealing with volatile commodity prices.

Direct, transactional relationships with metal buyers (refiners/smelters)

The core transactional relationship is with the buyers of your metal output. In Q1 2025, precious metals drove the business, accounting for 92% of total sales, with gold alone contributing 89% of revenue. These relationships are highly sensitive to realized prices. For instance, the realized gold price in Q1 2025 hit $2,883 per ounce, while Q2 2025 saw an average realized gold price of $3,307 per ounce. By Q3 2025, provisional sales reflected an even higher gold price at $3,467 per ounce. The operational performance at the mines directly feeds these transactions; for example, Q2 2025 sales volumes were up 15% at Séguéla and 9% at Lindero, which directly impacts the revenue stream from your buyers.

Here's a quick look at key metrics that define these external relationships:

Relationship Type	Metric/Data Point	Period/Date	Value
Investor Relations	Shares Repurchased and Canceled	Q1 2025	Over 900,000 shares
Metal Buyers	Gold Contribution to Total Sales Revenue	Q1 2025	89%
Metal Buyers	Realized Gold Price (Provisional)	Q3 2025	$3,467 per ounce
Community Engagement	Community Investment Contribution	2024	Over $9 million USD
Government Relations	Royalty Rate Increase Effective Date	January 10, 2025	2% increase

Proactive community engagement to maintain the Social License to Operate

Sustainability and social responsibility are core to stakeholder relationships. To maintain your Social License to Operate, you must show tangible commitment to the areas where you work. A concrete example of this is the investment made in 2024, where community investment programs totaled over $9 million USD. The company tracks performance against specific KPIs, including fatalities and lost time injury frequency rate, showing a focus beyond just financial output. This proactive stance is essential for long-term operational stability.

Government relations to manage royalties and permitting compliance

Managing governmental relationships involves navigating regulatory changes and fiscal terms across multiple jurisdictions. You saw a direct impact from this in 2025; a 2% increase in government royalties took effect on January 10, 2025, which factored into the All-in Sustaining Costs. Furthermore, the shift in Argentina's currency policy in April 2025 resulted in the Lindero Mine recording a $3.2 million foreign exchange loss in Q2 2025 due to the move to a more free-floating exchange rate. On the transactional side, the divestiture of the Yaramoko Mine required paying $4.1 million in capital gains taxes to the government of Burkina Faso. While the uncertainty around the San Jose Mine permit in Mexico concluded with its sale in April 2025, managing current permitting for projects like Diamba Sud remains a key government interface point.

Finance: draft 13-week cash view by Friday.

Fortuna Silver Mines Inc. (FSM) - Canvas Business Model: Channels

You're looking at how Fortuna Mining Corp. gets its product-precious and base metals-out to the market and how it secures the capital to keep the mines running. It's a mix of physical commodity sales and public market access, which is pretty standard for a company of this size operating across multiple jurisdictions.

Direct sales of gold doré bars to international refiners.

The bulk of Fortuna Mining Corp.'s revenue flows through the sale of gold doré bars, which are the direct result of processing ore from mines like Lindero in Argentina, Yaramoko in Burkina Faso, and Séguéla in Côte d'Ivoire. Historically, about 85% of revenue came from gold. For the full fiscal year 2025, the company reiterated its consolidated gold production guidance to be in the range of 334,000 to 373,000 ounces. This volume is what feeds directly into the international refining channel. To give you a sense of the pricing environment driving these sales, the realized gold price in the second quarter of 2025 averaged $3,307 per ounce. The Q3 2025 sales translated into total revenue of $251.4 million for that quarter alone.

Direct sales of silver/base metal concentrates to smelters/traders.

The silver and base metal component, which historically made up about 15% of revenue (silver at 10%, lead/zinc at 5%), is channeled via concentrates. The Caylloma mine in Peru is the primary source for these products, specifically silver-lead and zinc concentrates. The 2025 production guidance for these metals, which are sold to smelters or traders, is laid out here:

Metal Product	2025 Production Guidance Range
Silver (Moz)	0.9 - 1.0
Lead (Mlbs)	29 - 32
Zinc (Mlbs)	45 - 49

These concentrates are the physical manifestation of the base metal revenue stream. The company is focused on optimizing its asset portfolio, and these sales are a key part of that, even as the strategic shift leans more heavily toward gold.

New York Stock Exchange (NYSE: FSM) and Toronto Stock Exchange (TSX: FVI) for equity capital.

To fund operations, development, and exploration-like the work at the Diamba Sud Gold Project-Fortuna Mining Corp. uses the public markets. You can find the company listed on the New York Stock Exchange under ticker FSM and on the Toronto Stock Exchange as FVI. As of late November 2025, the market capitalization for FSM stood at $2.86 billion. The stock trades actively; for instance, FVI shares were recently trading near C$12.98 on the TSX, while FSM saw recent session closes around $8.85 on the NYSE. The price-to-earnings ratio for FSM was sitting at 11.89x, based on the latest reported figures. The 52-week trading range for FSM has been between a low of $4.13 and a high of $9.82. This access to equity capital is defintely crucial for funding growth initiatives.

Corporate website and regulatory filings for investor communication.

Investor communication is a formal channel, relying on transparency and mandatory disclosures. You'll find official updates, including quarterly earnings releases like the Q3 2025 report which showed an attributable net income from continuing operations of $123.6 million, disseminated through GlobeNewswire and posted on the corporate website. The company also communicates its operational plans, such as the expectation for a construction decision on the Diamba Sud Gold Project in the first half of 2026, via these official channels. Regulatory filings, such as those required by National Instrument 43-101, serve as the primary, legally required channel for detailed technical and financial data.

• Corporate Website: Primary source for press releases and investor presentations.
• Regulatory Filings: Mandated channel for financial statements and technical reports.
• Quarterly Earnings Calls: Platform for management discussion, such as the Q3 2025 call.
• Liquidity Position Update: Nearly $600 million in liquidity reported in Q3 2025.

Fortuna Silver Mines Inc. (FSM) - Canvas Business Model: Customer Segments

You're looking at the key groups Fortuna Silver Mines Inc. deals with, from those who buy their metal to those who hold their stock and those who host their operations. It's a mix of direct buyers and crucial stakeholders.

Global Precious Metal Refiners and Smelters

These are the entities that take the physical gold and silver concentrate or doré bars Fortuna Silver Mines Inc. produces. Their relationship is transactional, based on the volume and purity of the metals delivered.

• The realized gold price averaged $3,307 per ounce in Q2 2025.
• The estimated Consolidated 2025 All-In Sustaining Cost (AISC) per Gold Equivalent Ounce (GEO) is projected to be between $1,670 and $1,765.
• In Q2 2025, the Caylloma Mine produced 240,621 ounces of silver.
• For the full year 2024, Fortuna produced a record 369,637 ounces of gold and 3.7M ounces of silver (including by-products for a total of 455,958 GEOs).

Institutional Investors and Funds seeking exposure to gold and silver

This group provides the capital base. Their interest is tied directly to the company's operational success and perceived value, as reflected in the stock price on the NYSE and TSX.

Here's a snapshot of the ownership structure as of late 2025:

Ownership Group	Holding Percentage (as of Oct 2025)	Key Holders Mentioned
Institutional Investors	59.81%	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., Dimensional Fund Advisors, Inc., Tidal Investments LLC
Mutual Funds/ETFs	38.39% (as of Aug 2025)	N/A

The total number of institutions holding shares is a key metric for market credibility. Institutional investors bought approximately 81,329,105 shares over the last 24 months, representing about $574.72M in transactions.

Retail Investors trading on the NYSE and TSX

These are individual shareholders trading on the public exchanges. While their individual influence is small, their collective trading activity drives short-term price action and sentiment.

• The General Public Ownership stake is reported at 43%.
• Insiders hold a stake worth approximately CA$40m.

Host Governments and Local Communities (critical non-financial stakeholders)

These stakeholders are critical for securing and maintaining operating licenses, permits, and social license to operate. Their requirements often translate into financial obligations like royalties, taxes, and community investment.

The relationship with host governments involves specific financial arrangements:

• In Senegal (Diamba Sud project), the Government is entitled to a 10% free-carried interest.
• The Government may elect to purchase an additional 25% interest in Diamba Sud upon permit granting.
• Fortuna recognized $17.5 million in withholding taxes related to local board approvals for fund repatriation from Côte d'Ivoire in Q2 2025.
• The total mineral exploration budget for 2025 is $41.0 million, with $8.3 million allocated to greenfield initiatives like Diamba Sud.

Fortuna Silver Mines Inc. (FSM) - Canvas Business Model: Cost Structure

The Cost Structure for Fortuna Silver Mines Inc. centers heavily on operational expenditures tied to metal production and significant capital reinvestment across its operating mines in Peru, Argentina, and Côte d'Ivoire.

Variable costs of mining, processing, and general site administration are captured within the consolidated cash cost guidance for 2025, which was set between $895 and $1,015 per Au Eq Oz. This cost base includes direct operational expenses before accounting for royalties and sustaining capital.

The breakdown of expected costs for 2025, based on metal prices of $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb, and $2,700/t Zn, shows the following components contributing to the overall AISC:

Cost Component	2025 Consolidated Guidance ($/Au Eq Oz)
Consolidated Cash Cost	895 - 1,015
Corporate G&A	116

For example, in the third quarter of 2025, the Séguéla Mine cash cost was reported at $688 per gold ounce sold.

High sustaining capital expenditures are a major cost driver. The projected annual sustaining capital expenditure for 2025 is stated at $120 million. Quarterly figures provide context, with sustaining capital expenditures in the third quarter of 2025 being $31.2 million, broadly in line with the second quarter of 2025. Earlier in the year, sustaining capital requirements were noted as lower, with Q1 2025 expenditures at $7.6 million.

The company's All-in Sustaining Cost (AISC) guidance for 2025 is set in the range of $1,670 to $1,765 per GEO. This measure incorporates sustaining capital, royalties, mining taxes, subsidiary G&A, and Brownfields exploration. Quarterly performance has shown volatility; for instance, the AISC from continuing operations reached $1,932 per GEO in Q2 2025, driven by higher cash costs and increased sustaining capital.

Government royalties and mining taxes form a direct cost layer. A significant factor impacting costs was the 2% increase in the royalty rate effective January 10, 2025, in Côte d'Ivoire. This royalty increase, coupled with higher gold prices, contributed to the elevated AISC seen in the second and third quarters of 2025.

Exploration and growth capital expenditures for 2025 are projected at $60 million. More granular data from earlier in the year indicated a reaffirmed 2025 budget of $51 million for exploration and new projects, with a more specific 2025 Exploration Budget detailed as $41.0 M. Total projected capital spend, including mine site capital, projects, and Greenfield exploration, was estimated at $195 million for 2025.

Key capital allocation focuses contributing to the cost base include:

• Planned mine waste stripping activities at the Séguéla Mine to access higher-grade material.
• Capitalized stripping at Séguéla, with $47 million tied to this near-term spend in one earlier estimate.
• Investments at the Diamba Sud Gold Project in Senegal.
• Completion of the Lindero Mine's leach pad expansion.

Fortuna Silver Mines Inc. (FSM) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure for Fortuna Silver Mines Inc. (FSM) as of late 2025, and the story is one of strategic focus. The company has streamlined its portfolio, shedding non-core assets to concentrate on higher-margin production, which is clearly reflected in the latest top-line numbers. This focus is shifting the revenue mix more heavily toward gold, even though silver remains a significant component.

The overall scale of the business, based on the most recent full period available, shows substantial growth. Trailing Twelve Months (TTM) revenue hit approximately $1.26 billion as of the third quarter of 2025. This figure reflects the strong performance from the remaining operating mines, especially the flagship Séguéla Mine in Côte d'Ivoire, following the divestiture of assets like the San Jose Mine.

Fortuna Silver Mines Inc.'s revenue streams follow the typical structure for a diversified precious and base metal miner, but the emphasis is clearly changing. The primary sources are:

• Primary revenue from the sale of Gold (Au) doré bars.
• Secondary revenue from the sale of Silver (Ag) metal.
• By-product revenue from Lead (Pb) and Zinc (Zn) concentrates.

The realized price environment in Q3 2025 certainly helped boost the top line, with the realized gold price reported at $3,467 per ounce for that quarter. This high-price environment, coupled with cost discipline, is what drives the strong cash generation you see in the recent reports.

To give you a concrete look at the production mix that feeds these revenue streams from continuing operations in Q3 2025, here is the breakdown of the metals produced:

Metal	Q3 2025 Production Amount	Unit
Gold (Au)	63,216	ounces
Silver (Ag)	233,612	ounces
Lead (Pb)	8.5	million pounds
Zinc (Zn)	12.0	million pounds
Gold Equivalent Ounces (GEO)	72,462	ounces

The sale of the San Jose Mine in Mexico, which closed in April 2025, is a key element in understanding the current revenue profile. While the company exited direct ownership, it secured a mechanism for residual income. Fortuna Silver Mines Inc. will retain a potential future royalty stream from this divested asset. Specifically, Fortuna retains a 1% net smelter royalty (NSR) on future production from the San Jose Mine concessions. This royalty only becomes payable after the buyer has extracted the first 6.1 million ounces of silver and the first 44,000 ounces of gold, which equates to 119,000 gold equivalent ounces.

This royalty is a passive revenue stream, meaning it requires no operational capital from Fortuna Silver Mines Inc. but provides exposure to the mine's future success, which is a smart way to maintain upside exposure while focusing management on core assets like Séguéla and the advancing Diamba Sud Gold Project.