Fortuna Silver Mines Inc. (FSM): Business Model Canvas [Jan-2025 Mis à jour]

Fortuna Silver Mines Inc. (FSM) émerge comme un acteur dynamique dans le paysage des métaux précieux, naviguant stratégiquement dans le monde complexe de l'extraction d'argent et d'or à travers le Mexique et le Pérou. Avec un modèle commercial sophistiqué qui équilibre l'excellence opérationnelle, les pratiques durables et le développement stratégique des ressources, FSM transforme l'exploration minérale en une entreprise précise et axée sur la valeur. Leur approche innovante tire parti des technologies avancées, des partenariats stratégiques et un engagement envers l'exploitation minière responsable, positionnant l'entreprise comme une force distinctive sur le marché mondial des métaux.

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des entrepreneurs miniers locaux au Mexique et au Pérou

Fortuna Silver Mines collabore avec plusieurs entrepreneurs miniers locaux dans ses régions opérationnelles:

Pays	Entrepreneur	Services fournis	Valeur du contrat (2023)
Mexique	Services d'exploitation MEPSA	Opérations d'exploitation souterraine	4,2 millions de dollars
Pérou	Solutions de forage péruvien	Forage d'exploration	3,7 millions de dollars

Accords de coentreprise

Fortuna Silver Mines maintient des partenariats stratégiques de coentreprise:

• Linderro Project (Argentine): 100% de propriété
• Mine de San Jose (Mexique): 100% de propriété
• Caylloma Mine (Pérou): 100% de propriété

Partenariats réglementaires gouvernementaux et environnementaux

Juridiction	Corps réglementaire	Investissements de conformité (2023)
Mexique	Secrétaría de Economía	1,5 million de dollars
Pérou	Ministre de Energía y Minas	1,2 million de dollars

Partenariats des fournisseurs de technologies

Les partenariats technologiques clés comprennent:

• Caterpillar Inc .: Supproduction en équipement minière
• Sandvik Mining: Forage et Technologies d'extraction
• MetSo Outotec: équipement de traitement des minéraux

Partenariats de développement communautaire local

Emplacement	Programme d'investissement communautaire	Investissement annuel (2023)
Oaxaca, Mexique	Développement local des infrastructures	$850,000
Arequipa, Pérou	Formation en éducation et en compétences	$650,000

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: Activités clés

Exploration et extraction de l'exploitation en argent et en or

Fortuna Silver Mines exploite trois sites miniers primaires en 2024:

Emplacement	Métal primaire	Production annuelle (2023)
Mine San Jose, Mexique	Argent / or	10,9 millions d'onces équivalentes en argent
Mine Lindero, Argentine	Or	167 370 onces d'or
Mine de caylloma, Pérou	Argent / plomb / zinc	1,5 million d'onces équivalentes en argent

Opérations de traitement et de raffinage minérales

Capacités de traitement sur les sites miniers:

• Capacité de traitement totale: 4 450 tonnes par jour
• Taux de récupération métallurgique: 85 à 92% pour l'argent et l'or
• Installations de traitement sur place avec des technologies de séparation minérale avancées

Arpentage géologique continu et évaluation des ressources

Catégorie de ressources	Ressources mesurées	Ressources indiquées
Mine San Jose	25,7 millions d'onces d'argent	38,5 millions d'onces d'argent
Mine de lindero	1,4 million d'onces d'or	2,1 millions d'onces d'or

Mettre en œuvre des pratiques minières durables

Investissements de gestion de l'environnement en 2023:

• 12,5 millions de dollars alloués aux programmes de durabilité environnementale
• Taux de recyclage de l'eau: 76%
• Cible de réduction des émissions de carbone: 15% d'ici 2026

Développement et maintien des infrastructures minières

Détails de l'investissement des infrastructures:

Catégorie d'infrastructure	Montant d'investissement (2023)
Infrastructure du site de la mine	45,3 millions de dollars
Amélioration de l'équipement	22,7 millions de dollars
Infrastructure d'exploration	18,6 millions de dollars

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: Ressources clés

Réserves minérales

Fortuna Silver Mines exploite deux sites miniers primaires:

Emplacement	Nom de mine	Éprouvé & Réserves probables (2023)	Capacité de production annuelle
Mexique	Mine San Jose	5,5 millions de tonnes	11 500 tonnes par jour
Pérou	Mine de caylloma	1,2 million de tonnes	1 200 tonnes par jour

Équipement d'exploitation avancée

• Machines mines souterraines
• Plates-formes avancées
• Équipement de traitement des minéraux
• Technologies d'extraction automatisées

Capacités de main-d'œuvre

Total de main-d'œuvre: 1 345 employés en 2023

Catégorie d'expertise	Nombre de professionnels
Ingénieurs minières	187
Géologues	92
Spécialistes métallurgiques	64

Capital financier

Ressources financières au quatrième trimestre 2023:

• Actif total: 1,2 milliard de dollars
• Equivalents en espèces et en espèces: 178,3 millions de dollars
• Fonds de roulement: 263,4 millions de dollars
• Dépenses en capital annuelles: 120 à 140 millions de dollars

Capacités techniques

Les ressources techniques comprennent:

• Capacité de forage d'exploration: 100 000 mètres par an
• Installations de tests métallurgiques avancés
• Technologies de cartographie géologique intégrée
• Systèmes de surveillance des mines en temps réel

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: propositions de valeur

Production d'argent et d'or de haute qualité à partir d'opérations minières diversifiées

Les mines de Fortuna Silver ont produit 12,3 millions d'onces équivalentes en argent en 2022, avec une production distribuée sur plusieurs mines:

Lieu des mines	Production en argent (OZ)	Production d'or (OZ)
Mine San Jose, Mexique	6,4 millions	64,200
Mine Lindero, Argentine	3,9 millions	132,400
Mine de caylloma, Pérou	2,0 millions	4,900

Engagement envers les pratiques minières durables et responsables

Mesures d'investissement environnemental et social pour 2022:

• 15,2 millions de dollars investis dans la protection de l'environnement
• Taux d'emploi local à 92%
• Zéro incidents environnementaux importants
• 3,4 millions de dollars dépensés pour les programmes de développement communautaire

Développement et exploration cohérents des ressources minérales

Dépenses d'exploration et expansion des ressources:

Année	Budget d'exploration	Nouvelles ressources minérales
2022	35,6 millions de dollars	Augmenté de 8,2%

Opérations minières rentables

Mesures de coût de production pour 2022:

• Coût de maintien tout-in (AISC): 14,23 $ par once équivalente en argent
• Coût en espèces: 8,76 $ par once équivalente en argent
• Coûts de production totaux: 654 millions de dollars

Normes de gouvernance environnementale et sociale fortes

Métriques de gouvernance et de durabilité:

• Évaluation ESG: B (MSCI)
• 33% Représentation des femmes dans les rôles de gestion
• Réduction des émissions de carbone de 12% par rapport à 2021
• Mis en œuvre 5 projets d'énergie renouvelable

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des organisations de trading et d'achat métalliques

Fortuna Silver Mines maintient des contrats stratégiques à long terme avec plusieurs organisations de trading de métaux:

Organisation	Durée du contrat	Volume annuel (tonnes métriques)
Technologies métalorales	5 ans	1,250
Dowa Holdings	4 ans	975
Sumitomo Corporation	6 ans	1,500

Engagement direct avec les marchés des produits de base des métaux

Engagement direct sur le marché à travers les canaux suivants:

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

Stratégies de rapports transparents et de communication des investisseurs

Canal de communication	Fréquence	Atteindre
Rapports financiers trimestriels	4 fois par an	12 500 investisseurs institutionnels
Assemblée annuelle des actionnaires	1 fois par an	850 actionnaires directs
Webinaires des investisseurs	6 fois par an	2 300 participants enregistrés

Maintenir la réputation d'une production minérale fiable

Métriques de fiabilité de la production:

• Cohérence de la production: 98,6%
• Ponctualité de livraison: 99,2%
• Conformité de la qualité: certifié ISO 9001

Plateformes numériques pour la communication des investisseurs et des parties prenantes

Plate-forme numérique	Utilisateurs actifs mensuels	Informations fournies
Site Web de l'entreprise	45,000	Rapports financiers, mises à jour de production
Portail des relations avec les investisseurs	18,500	Performance des actions en temps réel, présentations d'entreprise
Canaux de médias sociaux	32,000	Nouvelles, développements d'entreprise

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: canaux

Ventes directes aux échanges de commerçants et de matières premières en métal

Fortuna Silver Mines vend de l'argent et de l'or par des canaux directs vers les commerçants de métaux et les échanges de matières premières.

Canal de vente	Pourcentage des ventes totales	Volume annuel (2023)
Commerçants de métaux	62%	1,8 million d'onces d'argent
Échanges de matières premières	38%	1,1 million d'onces d'argent

Plateformes de relations avec les investisseurs en ligne

Fortuna Silver Mines utilise des plateformes de relations avec les investisseurs numériques pour la communication et la transparence.

• Plateforme Sedar +
• Site Web de relations avec les investisseurs NYSE
• Portail des relations avec les investisseurs d'entreprise

Conférences financières et événements de réseautage de l'industrie

Type d'événement	Nombre de conférences (2023)	Engagement des investisseurs
Conférences d'investissement minière	7	350 interactions des investisseurs institutionnels
Symposiums des métaux précieux	4	220 réunions potentielles des investisseurs

Site Web d'entreprise et canaux de communication numérique

Métriques d'engagement numérique (2023):

• Site Web Visiteurs uniques: 125 000 par mois
• Abonnés des médias sociaux: 45 000 sur toutes les plateformes
• Vues du communiqué de presse numérique: 85 000

Rapports annuels et divulgations financières trimestrielles

Type de divulgation	Fréquence	Canaux de distribution
Rapport annuel	Annuellement	Sec, Sedar +, site Web de l'entreprise
Rapport financier trimestriel	4 fois par an	Plateformes de relations avec les investisseurs, communiqués de presse

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: segments de clientèle

Sociétés commerciales mondiales de métaux

Fortuna Silver Mines sert de grandes entités mondiales de trading des métaux avec des caractéristiques d'achat spécifiques:

Société commerciale	Volume annuel d'achat en métal	Types de métaux typiques
Technologies métalorales	12 500 tonnes métriques	Argent, or
MKS Suisse	8 750 tonnes métriques	Argent, avance
MMTC-Pamp India	6 200 tonnes métriques	Argent, zinc

Fabricants industriels nécessitant des métaux précieux

Les principaux segments de clients industriels comprennent:

• Fabrication d'électronique
• Production de panneaux solaires
• Fabricants d'équipements médicaux

Secteur de l'industrie	Exigence annuelle en métal	Pourcentage de ventes FSM
Électronique	3 750 tonnes métriques	42%
Technologie solaire	2 500 tonnes métriques	28%
Équipement médical	1 250 tonnes métriques	14%

Entreprises d'investissement et investisseurs institutionnels

Client d'investissement institutionnel profile:

• Blackrock
• Groupe d'avant-garde
• Conseillers mondiaux de la rue State

Type d'investisseur	Volume d'investissement	Durée d'investissement moyenne
Fonds de pension	127 millions de dollars	3-5 ans
Hedge funds	89 millions de dollars	1-2 ans
Fonds communs de placement	62 millions de dollars	2-3 ans

Participants du marché des matières premières

Les matières premières négociant la rupture du client:

• Commerçants à terme
• Participants du marché des options
• Commerçants de dérivés

Raffineries et transformateurs de métaux précieux

Les clients clés de la raffinerie comprennent:

• Heraeus tenant
• Johnson Matthey
• Technologies métalorales

Raffinerie	Capacité de traitement annuelle	Métaux traités
Heraeus tenant	15 000 tonnes métriques	Argent, or
Johnson Matthey	12 500 tonnes métriques	Argent, platine
Technologies métalorales	10 000 tonnes métriques	Argent, avance

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: Structure des coûts

Dépenses d'exploration et de développement miniers

Au cours de l'exercice 2023, Fortuna Silver Mines a signalé des dépenses totales d'exploration et de développement de 55,3 millions de dollars, distribuées sur plusieurs sites miniers au Mexique et au Pérou.

Emplacement	Dépenses d'exploration ($ m)
Mine San Jose, Mexique	28.6
Mine de caylloma, Pérou	16.7
Autres projets d'exploration	10.0

Procurement et entretien de l'équipement

Les coûts liés à l'équipement pour 2023 ont totalisé 87,2 millions de dollars, y compris les dépenses en capital et les dépenses de maintenance.

• Remplacement des équipements minières: 42,5 millions de dollars
• Coûts d'entretien et de réparation: 29,7 millions de dollars
• Mises à niveau de l'équipement: 15,0 millions de dollars

Condemnisation de la main-d'œuvre et de la main-d'œuvre

Les dépenses totales de main-d'œuvre pour 2023 étaient de 124,6 millions de dollars dans toutes les opérations.

Catégorie des employés	Compensation totale ($ m)
Personnel minier direct	78.3
Personnel administratif	31.5
Spécialistes techniques	14.8

Conformité environnementale et investissements en durabilité

Les dépenses environnementales et de durabilité pour 2023 s'élevaient à 22,4 millions de dollars.

• Surveillance environnementale: 8,6 millions de dollars
• Infrastructure de durabilité: 7,9 millions de dollars
• Conformité et certification: 5,9 millions de dollars

Coûts de développement de la technologie et des infrastructures

Les investissements technologiques et infrastructures en 2023 ont atteint 36,5 millions de dollars.

Catégorie d'investissement technologique	Dépenses ($ m)
Technologies minières numériques	15.3
Mises à niveau des infrastructures	12.7
Cybersécurité et systèmes informatiques	8.5

Fortuna Silver Mines Inc. (FSM) - Modèle d'entreprise: Strots de revenus

Ventes en métal argenté des opérations minières mexicaines et péruviennes

En 2022, Fortuna Silver Mines a signalé une production totale d'argent de 7,5 millions d'onces. La principale production d'argent de la société provient de deux opérations clés:

Lieu des mines	Production d'argent (onces)	Contribution des revenus
Mine San Jose, Mexique	4,8 millions	89,4 millions de dollars
Mine de caylloma, Pérou	2,7 millions	50,2 millions de dollars

Production d'or et ventes

La production d'or en 2022 a totalisé 108 700 onces dans les opérations minières de Fortuna:

• Mine San Jose, Mexique: 77 400 onces
• Mine de caylloma, Pérou: 10 200 onces
• Mine Lindero, Argentine: 21 100 onces

Revenus minéraux du sous-produit

Minéral	2022 Production	Contribution des revenus
Plomb	7 900 tonnes	12,3 millions de dollars
Zinc	16 200 tonnes	25,6 millions de dollars

Couverture et instruments financiers

En 2022, les mines de Fortuna Silver ont mis en œuvre des stratégies de couverture des prix des métaux:

• Prix ​​d'argent Hedging: 2,5 millions d'onces
• Prix ​​d'or Hedging: 50 000 onces
• Prix ​​moyens de couverture: argent à 22 $ / oz, or à 1 800 $ / oz

Accords potentiels de royauté et de streaming

Type d'accord	Partenaire	Impact annuel sur les revenus
Streaming argenté	Métaux précieux de Wheaton	15,2 millions de dollars
Accord de redevance	Franco-Nevada Corporation	3,7 millions de dollars

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.