Fortuna Silver Mines Inc. (FSM): Business Model Canvas [Dec-2025 Updated]

You're looking for the real mechanics behind Fortuna Silver Mines Inc.'s strategy as they aggressively shift focus to gold, and honestly, it's a fascinating pivot from their silver roots. After two decades analyzing miners, including a decade leading a team at BlackRock, I can tell you their model hinges on maximizing the high-margin output from the Séguéla Mine while maintaining a rock-solid balance sheet-they had about $\$\text{588.3}$ million in liquidity as of Q3 2025. We need to see how they balance that growth capital expenditure with their 2025 All-in Sustaining Cost (AISC) guidance of $\$\text{1,670}-\$\text{1,765}$ per Gold Equivalent Ounce (GEO) and manage tricky host government relationships across Peru, Argentina, and Côte d'Ivoire. Dive into the nine blocks below to see the exact partnerships, resources, and revenue streams driving this near-term strategy.

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

The Key Partnerships for Fortuna Silver Mines Inc. are centered around securing financing, advancing organic growth through specialized engineering expertise, and maintaining critical relationships with the host governments where its operating mines are located.

Syndicate Banks for Financing Facilities

Fortuna Silver Mines Inc. maintains a significant debt facility with a syndicate of banks. As of June 30, 2025, the Company had a $150.0 million revolving credit facility, referred to as the Credit Facility. This facility also includes an uncommitted accordion option of an additional $75.0 million. The facility was amended effective October 31, 2024, setting the committed amount at $150 million. As of the reporting date, the Credit Facility remained undrawn, excluding Letters of Credit. The syndicate of banks involved in this facility has included BNP Paribas, The Bank of Nova Scotia, Bank of Montreal, and Société Générale.

Compliance with the facility requires adherence to specific financial covenants:

• Maintaining an interest coverage ratio of not less than 4.00:1.00.
• A Net Total Debt to EBITDA ratio of not more than 4.00:1.00.
• A Net Senior Secured Debt to EBITDA ratio of not more than 2.25:1.00.

The Company confirmed compliance with all covenants as of June 30, 2025.

Lycopodium Minerals Canada Ltd. for Séguéla Expansion Study

To drive organic growth at the Séguéla Mine in Côte d'Ivoire, Fortuna Silver Mines Inc. selected Lycopodium Minerals Canada Ltd. to undertake the Processing Plant Expansion Options Study. This study, announced on December 3, 2025, is a key step to unlock the next phase of growth for the mine. The goal is to evaluate practical solutions to increase the processing plant throughput beyond its current 1.75 Mtpa capacity to a range between 2.0 and 2.5 Mtpa. The study is scheduled to commence immediately, with completion targeted for the second quarter of 2026. Lycopodium Minerals Canada Ltd. brings expertise as they designed, built, and commissioned the original Séguéla processing plant.

Host Governments for Mining Permits and Royalties

Maintaining strong relationships with host governments is fundamental for securing and maintaining mining permits, royalties, and fiscal stability across Fortuna Silver Mines Inc.'s operational footprint in the Americas and West Africa. The Company operates in Côte d'Ivoire, Argentina, and Peru.

The financial interactions with host governments include specific fiscal arrangements. For instance, following the divestiture of the Yaramoko Mine in Burkina Faso, Fortuna paid a dividend of $11.5 million to the government of Burkina Faso related to their carried interest. The Yaramoko Mine was subject to a 10% carried interest held by the State of Burkina Faso. In Argentina, surface access agreements are being pursued for generative exploration targets. The operational context in these jurisdictions is detailed below:

The Arizaro deposit, part of the Lindero Property in Argentina, hosts an Inferred Mineral Resource of 32.4 Mt averaging 0.37 g/t Au containing 389,000 ounces of gold (as of March 12, 2025).

Key Equipment and Consumables Suppliers

Fortuna Silver Mines Inc. relies on a network of suppliers for the continuous operation of its global mine assets. While specific supplier names are not publicly detailed in the latest reports, the scale of operations is reflected in the 2025 exploration budget, which is a key area of expenditure tied to supplier contracts for services and materials.

The total consolidated mineral exploration budget for 2025 is set at $41.0 million. This budget is allocated across two main categories:

• Brownfields exploration: $21.6 million, representing 53 percent of the total budget.
• Greenfields initiatives: $19.3 million, representing 47 percent of the total budget.

The Brownfields budget includes significant drilling commitments, such as 73,000 metres planned at the Séguéla Mine.

Refiners and Smelters for Off-take Agreements

Fortuna Silver Mines Inc. produces gold, silver, lead, and zinc concentrates from its operations. The Company requires agreements with refiners and smelters for the processing and sale of its metal concentrates. Specific details regarding the counterparties and terms of these off-take agreements for Fortuna Silver Mines Inc. as of late 2025 were not explicitly detailed in the available financial and operational updates. The company's strategy focuses on maximizing value from its production portfolio.

Finance: draft 13-week cash view by Friday.

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

Fortuna Silver Mines Inc. focuses its key activities on operating its existing mines, advancing development projects, and strategically optimizing its asset portfolio through transactions.

Gold and silver mining, processing, and exploration form the core of the day-to-day business. For the full year of 2024, Fortuna Silver Mines Inc. produced a record 369,637 ounces of gold and 3.7M ounces of silver, totaling a record 455,958 gold equivalent ounces (GEO). Following portfolio streamlining, the consolidated 2025 E AISC / GEO is guided to be between $1,670 - $1,765. The Séguéla Mine in Côte d\'Ivoire is projected to produce between 134 - 147 koz Au in 2025, with production expected to rise to 160 - 180 koz Au in 2026. The Caylloma Mine in Peru guides 2025 production of 0.9 - 1.0 Moz Ag, 29 - 32 Mlbs Pb, and 45 - 49 Mlbs Zn.

The company executes strategic portfolio optimization via divestitures. Fortuna Silver Mines Inc. completed the sale of the San Jose Mine in Mexico in April 2025, and divested the Yaramoko Mine in Burkina Faso in May 2025. The Yaramoko transaction involved an aggregate cash payment of approximately US$130 million, including $70 million consideration payable on closing and $57.5 million in cash dividends. These sales resulted in the updated 2025 GEO guidance being lowered to a range of 309,000 to 339,000 ounces from the original 380,000 to 422,000 ounces.

Project development is a critical activity, specifically advancing the Diamba Sud Gold Project in Senegal. Fortuna Silver Mines Inc. reported a Preliminary Economic Assessment (PEA) for Diamba Sud in October 2025, projecting an initial capital expenditure of $283.2 million and a payback period of about 0.8 years (ten months). The company expects to make a construction decision in the first half of 2026, with the definitive feasibility study targeted for completion by mid-2026. Fortuna has approved a $17 million budget to advance early construction works, including camp expansion and detailed engineering for Diamba Sud.

Intensive brownfields exploration supports resource growth at operating mines. The total mineral exploration budget for 2025 is $41.0 million.

The budgeted allocation for exploration activities in 2025 is detailed below:

Maintaining the Social License to Operate (SLO) involves local engagement. For instance, the Séguéla Mine has $2 million budgeted for land compensation payments in 2025. Previously, the San Jose Mine had a 15-year renewable agreement with the Municipality of Ocotlan for operating a grey water treatment plant.

Key exploration focus areas and associated budgets include:

• Séguéla Brownfields exploration budget: $13.5 million.
• Diamba Sud Greenfields budget: $8.3 million.
• Caylloma Brownfields budget: $4.8 million.
• Total 2025 Mineral Exploration Budget: $41.0 million.

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

You're looking at the core assets Fortuna Mining Corp. (the company rebranded from Fortuna Silver Mines Inc. in 2024) relies on to execute its business plan as of late 2025. These are the tangible and intangible things the company absolutely must have to make its model work.

Operating Mines and Production Capacity

Fortuna Mining Corp. operates three key mines across Latin America and West Africa, focusing on gold and silver production. The company divested its San Jose (Mexico) and Yaramoko (Burkina Faso) assets, streamlining its focus to these core producers. The 2025 guidance reflects production from continuing operations.

Here's a look at the 2025 production and cost guidance for the operating assets:

For context, the consolidated 2025 Gold Equivalent Ounce (GEO) guidance range for continuing operations is between 380,000 and 422,000 GEOs.

Mineral Reserves and Resources Base

The resource base underpins future production, and Fortuna Mining Corp. has been actively drilling to upgrade these figures, especially at Séguéla. While the prompt mentions a figure of 2.6 Moz Gold Equivalent Ounces (GEO) in reserves, the latest publicly detailed reserve breakdown shows significant gold ounces in the operating portfolio.

The mineral inventory for the Séguéla Mine, as of December 31, 2024, included:

• Proven and Probable Mineral Reserves: 1.1 Moz Au contained within 9.8 Mt.
• Indicated Resources (exclusive of Reserves): 396,000 oz Au in 3.4 Mt.

The company is actively working to integrate exploration success, like at Kingfisher and Sunbird deposits at Séguéla, into the life-of-mine plan later in 2025.

Financial Strength and Liquidity

A strong balance sheet provides the necessary capital to fund growth projects without undue stress. As of the third quarter of 2025, Fortuna Mining Corp. maintained a robust financial position.

Key financial metrics reported for Q3 2025 include:

• Total Liquidity: $588.3 million.
• Net Cash Position: $265.8 million.
• Quarter-end Cash Balance: $438.3 million.
• Free Cash Flow from ongoing operations (Q3 2025): $73.4 million.

This liquidity positions the company to fund high-impact growth initiatives, including Diamba Sud.

High-Impact Growth Asset: Diamba Sud Gold Project

The Diamba Sud Gold Project in Senegal is a critical future asset, following the acquisition of Chesser Resources in 2023. A Preliminary Economic Assessment (PEA) was filed with an effective date of October 15, 2025.

The PEA outlines significant development potential:

The PEA suggests a payback period of about 0.8 years using a gold price of $2,750 per oz.

Technical Expertise

Fortuna Mining Corp. possesses deep technical knowledge across different mining methods, essential for managing its diverse operational footprint.

• Expertise in open-pit mining, evidenced by operations like Lindero.
• Expertise in underground mining, utilized at Caylloma and for expansion at Séguéla (Sunbird deposit).
• Technical capability to execute large capital projects on budget, such as the Lindero leach pad expansion completed in Q1 2025 at a total cost of $51.8 million.

The company has a management team with in-depth understanding of the Latin America and West Africa regions.

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:

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:

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:

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:

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:

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:

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.