Fortuna Silver Mines Inc. (FSM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Fortuna Silver Mines Inc. (FSM) emerge como un jugador dinámico en el paisaje de metales preciosos, navegando estratégicamente el complejo mundo de la minería de plata y oro en México y Perú. Con un modelo de negocio sofisticado que equilibra la excelencia operativa, las prácticas sostenibles y el desarrollo estratégico de recursos, FSM transforma la exploración mineral en una empresa precisa e impulsada por el valor. Su enfoque innovador aprovecha tecnologías avanzadas, asociaciones estratégicas y un compromiso con la minería responsable, posicionando a la compañía como una fuerza distintiva en el mercado global de metales.

Fortuna Silver Mines Inc. (FSM) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con contratistas mineros locales en México y Perú

Fortuna Silver Mines colabora con múltiples contratistas mineros locales en sus regiones operativas:

País	Contratista	Servicios proporcionados	Valor del contrato (2023)
México	Servicios de minería de MEPSA	Operaciones mineras subterráneas	$ 4.2 millones
Perú	Soluciones de perforación peruana	Perforación de exploración	$ 3.7 millones

Acuerdos de empresa conjunta

Fortuna Silver Mines mantiene asociaciones estratégicas de empresas conjuntas:

• Proyecto Linero (Argentina): 100% de propiedad
• Mina de San José (México): 100% de propiedad
• Mina Caylloma (Perú): 100% de propiedad

Asociaciones regulatorias gubernamentales y ambientales

Jurisdicción	Cuerpo regulador	Inversiones de cumplimiento (2023)
México	Secretaría de economía	$ 1.5 millones
Perú	Ministerio de Energía y Minas	$ 1.2 millones

Asociaciones de proveedores de tecnología

Las asociaciones de tecnología clave incluyen:

• Caterpillar Inc.: Suministro de equipos mineros
• Minería Sandvik: tecnologías de perforación y extracción
• MetSo Outotec: Equipo de procesamiento de minerales

Asociaciones de desarrollo de la comunidad local

Ubicación	Programa de inversión comunitaria	Inversión anual (2023)
Oaxaca, México	Desarrollo de infraestructura local	$850,000
Arequipa, Perú	Educación y capacitación en habilidades	$650,000

Fortuna Silver Mines Inc. (FSM) - Modelo de negocio: actividades clave

Exploración y extracción minera de plata y oro

Fortuna Silver Mines opera tres sitios mineros principales en 2024:

Ubicación	Metal primario	Producción anual (2023)
Mina de San José, México	Plata/oro	10.9 millones de onzas equivalentes de plata
Mina Linero, Argentina	Oro	167,370 onzas de oro
Mina de Caylloma, Perú	Plata/plomo/zinc	1,5 millones de onzas equivalentes de plata

Operaciones de procesamiento y refinación de minerales

Capacidades de procesamiento en sitios mineros:

• Capacidad de procesamiento total: 4.450 toneladas por día
• Tasas de recuperación metalúrgica: 85-92% para plata y oro
• Instalaciones de procesamiento en el sitio con tecnologías avanzadas de separación de minerales

Evaluación geológica continua y evaluación de recursos

Categoría de recursos	Recursos medidos	Recursos indicados
Mina de San José	25.7 millones de onzas de plata	38.5 millones de onzas de plata
Mía linero	1,4 millones de onzas de oro	2.1 millones de onzas de oro

Implementación de prácticas mineras sostenibles

Inversiones de gestión ambiental en 2023:

• $ 12.5 millones asignados a programas de sostenibilidad ambiental
• Tasa de reciclaje de agua: 76%
• Objetivo de reducción de emisiones de carbono: 15% para 2026

Desarrollar y mantener la infraestructura minera

Detalles de la inversión de infraestructura:

Categoría de infraestructura	Monto de inversión (2023)
Infraestructura del sitio de la mina	$ 45.3 millones
Actualizaciones de equipos	$ 22.7 millones
Infraestructura de exploración	$ 18.6 millones

Fortuna Silver Mines Inc. (FSM) - Modelo de negocio: recursos clave

Reservas minerales

Fortuna Silver Mines opera dos sitios mineros principales:

Ubicación	Nombre de la mía	Probado & Reservas probables (2023)	Capacidad de producción anual
México	Mina de San José	5.5 millones de toneladas	11,500 toneladas por día
Perú	Mina de Caylloma	1.2 millones de toneladas	1.200 toneladas por día

Equipo minero avanzado

• Maquinaria de minería subterránea
• Plataformas de perforación avanzadas
• Equipo de procesamiento mineral
• Tecnologías de extracción automatizadas

Capacidades de la fuerza laboral

Fuerza laboral total: 1.345 empleados a partir de 2023

Categoría de experiencia	Número de profesionales
Ingenieros mineros	187
Geólogos	92
Especialistas metalúrgicos	64

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 1.2 mil millones
• Efectivo y equivalentes de efectivo: $ 178.3 millones
• Capital de trabajo: $ 263.4 millones
• Gastos de capital anuales: $ 120-140 millones

Capacidades técnicas

Los recursos técnicos incluyen:

• Capacidad de perforación de exploración: 100,000 metros anualmente
• Instalaciones de pruebas metalúrgicas avanzadas
• Tecnologías integradas de mapeo geológico
• Sistemas de monitoreo de minas en tiempo real

Fortuna Silver Mines Inc. (FSM) - Modelo de negocio: propuestas de valor

Producción de plata y oro de alta calidad de operaciones mineras diversificadas

Las minas de plata Fortuna produjeron 12.3 millones de onzas equivalentes de plata en 2022, con producción distribuida en múltiples minas:

Ubicación de la mía	Producción de plata (OZ)	Producción de oro (OZ)
Mina de San José, México	6.4 millones	64,200
Mina Linero, Argentina	3.9 millones	132,400
Mina de Caylloma, Perú	2.0 millones	4,900

Compromiso con prácticas mineras sostenibles y responsables

Métricas de inversión ambiental y social para 2022:

• $ 15.2 millones invertidos en protección del medio ambiente
• 92% Tasa de empleo de la fuerza laboral local
• Cero incidentes ambientales significativos
• $ 3.4 millones gastados en programas de desarrollo comunitario

Desarrollo y exploración de recursos minerales consistentes

Gasto de exploración y expansión de recursos:

Año	Presupuesto de exploración	Nuevos recursos minerales
2022	$ 35.6 millones	Aumentó en un 8,2%

Operaciones mineras rentables

Métricas de costos de producción para 2022:

• Costo de mantenimiento de todo (AISC): $ 14.23 por onza equivalente de plata
• Costo de efectivo: $ 8.76 por onza equivalente de plata
• Costos de producción totales: $ 654 millones

Estándares de gobierno ambiental y social fuertes

Gobierno y métricas de sostenibilidad:

• Calificación de ESG: B (MSCI)
• 33% de representación de mujeres en roles de gestión
• Reducidas emisiones de carbono en un 12% en comparación con 2021
• Implementó 5 proyectos de energía renovable

Fortuna Silver Mines Inc. (FSM) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con organizaciones de comercio y compra de metales

Fortuna Silver Mines mantiene contratos estratégicos a largo plazo con múltiples organizaciones de comercio de metales:

Organización	Duración del contrato	Volumen anual (toneladas métricas)
Metalor Technologies	5 años	1,250
Dowa Holdings	4 años	975
Sumitomo Corporation	6 años	1,500

Compromiso directo con los mercados de productos de metales

Participación directa del mercado a través de los siguientes canales:

• Asociación del Mercado Bullio de Londres (LBMA)
• Intercambio Mercantile de Nueva York (NYMEX)
• Bolsa de Valores de Toronto (TSX)

Estrategias de informes transparentes y comunicación de inversores

Canal de comunicación	Frecuencia	Alcanzar
Informes financieros trimestrales	4 veces anualmente	12.500 inversores institucionales
Reunión anual de accionistas	1 vez anualmente	850 accionistas directos
Seminarios web de inversores	6 veces anualmente	2.300 participantes registrados

Mantener la reputación de una producción mineral confiable

Métricas de confiabilidad de producción:

• Consistencia de producción: 98.6%
• Punctualidad de entrega: 99.2%
• Cumplimiento de la calidad: certificado ISO 9001

Plataformas digitales para la comunicación de los inversores y las partes interesadas

Plataforma digital	Usuarios activos mensuales	Información proporcionada
Sitio web corporativo	45,000	Informes financieros, actualizaciones de producción
Portal de relaciones con los inversores	18,500	Rendimiento de acciones en tiempo real, presentaciones corporativas
Canales de redes sociales	32,000	Noticias, desarrollos corporativos

Fortuna Silver Mines Inc. (FSM) - Modelo de negocios: canales

Ventas directas a comerciantes de metales y intercambios de productos básicos

Fortuna Silver Mines vende plata y oro a través de canales directos a comerciantes de metales e intercambios de productos básicos.

Canal de ventas	Porcentaje de ventas totales	Volumen anual (2023)
Comerciantes de metal	62%	1.8 millones de onzas de plata
Intercambios de productos básicos	38%	1.1 millones de onzas de plata

Plataformas de relaciones con inversores en línea

Fortuna Silver Mines utiliza plataformas de relaciones digitales para inversores para la comunicación y transparencia.

• Sedar+ plataforma
• Sitio web de NYSE Investor Relations
• Portal de relaciones con inversores corporativos

Conferencias financieras y eventos de redes de la industria

Tipo de evento	Número de conferencias (2023)	Compromiso de los inversores
Conferencias de inversión minera	7	350 interacciones institucionales de inversores
Simposios de metales preciosos	4	220 reuniones potenciales de inversores

Sitio web corporativo y canales de comunicación digital

Métricas de compromiso digital (2023):

• Sitio web Visitantes únicos: 125,000 por mes
• Seguidores de redes sociales: 45,000 en todas las plataformas
• Vistas de comunicado de prensa digital: 85,000

Informes anuales y revelaciones financieras trimestrales

Tipo de divulgación	Frecuencia	Canales de distribución
Informe anual	Anualmente	Sec, Sedar+, sitio web corporativo
Informe financiero trimestral	4 veces al año	Plataformas de relaciones con los inversores, comunicados de prensa

Fortuna Silver Mines Inc. (FSM) - Modelo de negocio: segmentos de clientes

Empresas comerciales de metales globales

Fortuna Silver Mines atiende a las principales entidades comerciales de metales globales con características de compra específicas:

Compañía comercial	Volumen anual de compra de metal	Tipos de metales típicos
Metalor Technologies	12,500 toneladas métricas	Plata, oro
MKS Suiza	8,750 toneladas métricas	Plata, plomo
MMTC-PAMP INDIA	6.200 toneladas métricas	Plata, zinc

Fabricantes industriales que requieren metales preciosos

Los segmentos clave de los clientes industriales incluyen:

• Fabricación electrónica
• Producción de paneles solares
• Fabricantes de equipos médicos

Sector industrial	Requisito de metal anual	Porcentaje de ventas de FSM
Electrónica	3.750 toneladas métricas	42%
Tecnología solar	2.500 toneladas métricas	28%
Equipo médico	1.250 toneladas métricas	14%

Empresas de inversión e inversores institucionales

Cliente de inversión institucional profile:

• Roca negra
• Grupo de vanguardia
• Asesores globales de State Street

Tipo de inversor	Volumen de inversión	Duración promedio de inversión
Fondos de pensiones	$ 127 millones	3-5 años
Fondos de cobertura	$ 89 millones	1-2 años
Fondos mutuos	$ 62 millones	2-3 años

Participantes del mercado de productos básicos

Desglose del cliente de comercio de productos básicos:

• Comerciantes de futuros
• Participantes del mercado de opciones
• Comerciantes de derivados

Refinerías y procesadores de metales preciosos

Los clientes de la refinería clave incluyen:

• Heraeo sosteniendo
• Johnson Matthey
• Metalor Technologies

Refinería	Capacidad de procesamiento anual	Metales procesados
Heraeo sosteniendo	15,000 toneladas métricas	Plata, oro
Johnson Matthey	12,500 toneladas métricas	Plata, platino
Metalor Technologies	10,000 toneladas métricas	Plata, plomo

Fortuna Silver Mines Inc. (FSM) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo minero

En el año fiscal 2023, Fortuna Silver Mines reportó gastos de exploración y desarrollo totales de $ 55.3 millones, distribuidos en múltiples sitios mineros en México y Perú.

Ubicación	Gastos de exploración ($ M)
Mina de San José, México	28.6
Mina de Caylloma, Perú	16.7
Otros proyectos de exploración	10.0

Adquisición y mantenimiento de equipos

Los costos relacionados con el equipo para 2023 totalizaron $ 87.2 millones, incluidos los gastos de capital y los gastos de mantenimiento.

• Reemplazo del equipo minero: $ 42.5 millones
• Costos de mantenimiento y reparación: $ 29.7 millones
• Actualizaciones de equipos: $ 15.0 millones

Compensación laboral y de la fuerza laboral

Los gastos laborales totales para 2023 fueron de $ 124.6 millones en todas las operaciones.

Categoría de empleado	Compensación total ($ M)
Personal minero directo	78.3
Personal administrativo	31.5
Especialistas técnicos	14.8

Cumplimiento ambiental e inversiones de sostenibilidad

Los gastos ambientales y de sostenibilidad para 2023 ascendieron a $ 22.4 millones.

• Monitoreo ambiental: $ 8.6 millones
• Infraestructura de sostenibilidad: $ 7.9 millones
• Cumplimiento y certificación: $ 5.9 millones

Costos de desarrollo de tecnología e infraestructura

Las inversiones en tecnología e infraestructura en 2023 alcanzaron $ 36.5 millones.

Categoría de inversión tecnológica	Gasto ($ M)
Tecnologías de minería digital	15.3
Actualizaciones de infraestructura	12.7
Sistemas de ciberseguridad y TI	8.5

Fortuna Silver Mines Inc. (FSM) - Modelo de negocio: flujos de ingresos

Ventas de metal de plata de operaciones mineras mexicanas y peruanas

En 2022, Fortuna Silver Mines informó una producción total de plata de 7,5 millones de onzas. La producción de plata principal de la compañía proviene de dos operaciones clave:

Ubicación de la mía	Producción de plata (onzas)	Contribución de ingresos
Mina de San José, México	4.8 millones	$ 89.4 millones
Mina de Caylloma, Perú	2.7 millones	$ 50.2 millones

Producción y ventas de oro

La producción de oro en 2022 totalizó 108.700 onzas en las operaciones mineras de Fortuna:

• Mina de San José, México: 77,400 onzas
• Mina de Caylloma, Perú: 10,200 onzas
• Mina Linero, Argentina: 21,100 onzas

Ingresos minerales de subproducto

Mineral	Producción 2022	Contribución de ingresos
Dirigir	7,900 toneladas	$ 12.3 millones
Zinc	16,200 toneladas	$ 25.6 millones

Instrumentos de cobertura e financieros

En 2022, Fortuna Silver Mines implementó estrategias de cobertura de precios de metal:

• Sobre el precio de la plata: 2.5 millones de onzas
• Setting de precio del oro: 50,000 onzas
• Precios promedio de cobertura: plata a $ 22/oz, oro a $ 1,800/oz

Posibles acuerdos de regalías y transmisión

Tipo de acuerdo	Pareja	Impacto anual de ingresos
Transmisión de plata	Metales preciosos de Wheaton	$ 15.2 millones
Acuerdo de regalías	Franco-Nevada Corporation	$ 3.7 millones

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.