Fortuna Silver Mines Inc. (FSM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Fortuna Silver Mines Inc. (FSM) surge como um ator dinâmico na paisagem de metais preciosos, navegando estrategicamente no complexo mundo da mineração de prata e ouro no México e pelo Peru. Com um modelo de negócios sofisticado que equilibra a excelência operacional, práticas sustentáveis ​​e desenvolvimento estratégico de recursos, o FSM transforma a exploração mineral em uma empresa precisa e orientada por valor. Sua abordagem inovadora alavanca tecnologias avançadas, parcerias estratégicas e um compromisso com a mineração responsável, posicionando a empresa como uma força distinta no mercado global de metais.

Fortuna Silver Mines Inc. (FSM) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com empreiteiros de mineração local no México e Peru

A Fortuna Silver Mines colabora com vários empreiteiros de mineração locais em suas regiões operacionais:

País	Contratante	Serviços prestados	Valor do contrato (2023)
México	Serviços de mineração MEPSA	Operações de mineração subterrânea	US $ 4,2 milhões
Peru	Soluções de perfuração peruana	Perfuração de exploração	US $ 3,7 milhões

Acordos de joint venture

Fortuna Silver Mines mantém parcerias estratégicas de joint venture:

• Projeto Lindero (Argentina): 100% de propriedade
• San Jose Mine (México): 100% de propriedade
• Mina de Caylloma (Peru): 100% de propriedade

Parcerias regulatórias governamentais e ambientais

Jurisdição	Órgão regulatório	Investimentos de conformidade (2023)
México	Secretaría de Economía	US $ 1,5 milhão
Peru	Ministro de Energía y Minas	US $ 1,2 milhão

Parcerias de provedores de tecnologia

As principais parcerias tecnológicas incluem:

• Caterpillar Inc.: Fornecimento de equipamentos de mineração
• Mineração Sandvik: tecnologias de perfuração e extração
• METSO OUTOTEC: Equipamento de processamento mineral

Parcerias de desenvolvimento comunitário local

Localização	Programa de Investimento Comunitário	Investimento anual (2023)
Oaxaca, México	Desenvolvimento de infraestrutura local	$850,000
Arequipa, Peru	Treinamento de educação e habilidades	$650,000

Fortuna Silver Mines Inc. (FSM) - Modelo de negócios: Atividades -chave

Exploração e extração de mineração de prata e ouro

A Fortuna Silver Mines opera três locais de mineração primária em 2024:

Localização	Metal primário	Produção anual (2023)
San Jose Mine, México	Prata/ouro	10,9 milhões de onças equivalentes a prata
Mina de Lindero, Argentina	Ouro	167.370 onças de ouro
Caylloma Mina, Peru	Prata/chumbo/zinco	1,5 milhão de onças equivalentes a prata

Operações de processamento e refino minerais

Recursos de processamento em sites de mineração:

• Capacidade total de processamento: 4.450 toneladas por dia
• Taxas de recuperação metalúrgica: 85-92% para prata e ouro
• Instalações de processamento no local com tecnologias avançadas de separação mineral

Avaliação geológica contínua e avaliação de recursos

Categoria de recursos	Recursos medidos	Recursos indicados
San Jose Mine	25,7 milhões de onças de prata	38,5 milhões de onças de prata
Lindero Mine	1,4 milhão de onças de ouro	2,1 milhões de onças de ouro

Implementando práticas de mineração sustentável

Investimentos de gestão ambiental em 2023:

• US $ 12,5 milhões alocados a programas de sustentabilidade ambiental
• Taxa de reciclagem de água: 76%
• Alvo de redução de emissões de carbono: 15% até 2026

Desenvolvendo e mantendo a infraestrutura de mineração

Detalhes do investimento em infraestrutura:

Categoria de infraestrutura	Valor do investimento (2023)
Infraestrutura do site da mina	US $ 45,3 milhões
Atualizações de equipamentos	US $ 22,7 milhões
Infraestrutura de exploração	US $ 18,6 milhões

Fortuna Silver Mines Inc. (FSM) - Modelo de negócios: Recursos -chave

Reservas minerais

A Fortuna Silver Mines opera dois locais de mineração primários:

Localização	Nome do meu	Comprovado & Reservas prováveis ​​(2023)	Capacidade de produção anual
México	San Jose Mine	5,5 milhões de toneladas	11.500 toneladas por dia
Peru	Caylloma Mina	1,2 milhão de toneladas	1.200 toneladas por dia

Equipamento de mineração avançado

• Máquinas de mineração subterrânea
• Platas de perfuração avançadas
• Equipamento de processamento mineral
• Tecnologias de extração automatizada

Recursos de força de trabalho

Força de trabalho total: 1.345 funcionários a partir de 2023

Categoria de especialização	Número de profissionais
Engenheiros de Mineração	187
Geólogos	92
Especialistas metalúrgicos	64

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,2 bilhão
• Caixa e equivalentes em dinheiro: US $ 178,3 milhões
• Capital de giro: US $ 263,4 milhões
• Despesas de capital anual: US $ 120-140 milhões

Capacidades técnicas

Os recursos técnicos incluem:

• Capacidade de perfuração de exploração: 100.000 metros anualmente
• Instalações avançadas de teste metalúrgico
• Tecnologias de mapeamento geológico integrado
• Sistemas de monitoramento de minas em tempo real

Fortuna Silver Mines Inc. (FSM) - Modelo de Negócios: Proposições de Valor

Produção de prata e ouro de alta qualidade a partir de operações diversificadas de mineração

As minas de prata Fortuna produziram 12,3 milhões de onças equivalentes a prata em 2022, com a produção distribuída em várias minas:

Localização da mina	Produção de prata (OZ)	Produção de ouro (OZ)
San Jose Mine, México	6,4 milhões	64,200
Mina de Lindero, Argentina	3,9 milhões	132,400
Caylloma Mina, Peru	2,0 milhões	4,900

Compromisso com práticas de mineração sustentáveis ​​e responsáveis

Métricas de investimento ambiental e social para 2022:

• US $ 15,2 milhões investidos em proteção ambiental
• 92% da taxa de emprego da força de trabalho local
• Zero incidentes ambientais significativos
• US $ 3,4 milhões gastos em programas de desenvolvimento comunitário

Desenvolvimento e exploração de recursos minerais consistentes

Despesas de exploração e expansão de recursos:

Ano	Orçamento de exploração	Novos recursos minerais
2022	US $ 35,6 milhões	Aumentou 8,2%

Operações de mineração econômicas

Métricas de custo de produção para 2022:

• Custo de sustentação de All-In (AISC): US $ 14,23 por onça equivalente a prata
• Custo em dinheiro: US $ 8,76 por onça equivalente a prata
• Custos totais de produção: US $ 654 milhões

Fortes padrões ambientais e de governança social

Métricas de Governança e Sustentabilidade:

• Classificação ESG: B (MSCI)
• 33% de representação de mulheres em funções de gerenciamento
• Emissões reduzidas de carbono em 12% em comparação com 2021
• Implementou 5 projetos de energia renovável

Fortuna Silver Mines Inc. (FSM) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com organizações de negociação e compra de metal

A Fortuna Silver Mines mantém contratos estratégicos de longo prazo com várias organizações de comércio de metal:

Organização	Duração do contrato	Volume anual (toneladas métricas)
Tecnologias Metalor	5 anos	1,250
DOWA HOLDINGS	4 anos	975
Sumitomo Corporation	6 anos	1,500

Engajamento direto com mercados de commodities de metais

Engajamento direto do mercado através dos seguintes canais:

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

Relatórios transparentes e estratégias de comunicação de investidores

Canal de comunicação	Freqüência	Alcançar
Relatórios financeiros trimestrais	4 vezes anualmente	12.500 investidores institucionais
Reunião anual de acionistas	1 tempo anualmente	850 acionistas diretos
Webinars de investidores	6 vezes anualmente	2.300 participantes registrados

Mantendo a reputação de produção mineral confiável

Métricas de confiabilidade da produção:

• Consistência da produção: 98,6%
• Pontualidade de entrega: 99,2%
• Conformidade de qualidade: certificada ISO 9001

Plataformas digitais para comunicação de investidores e partes interessadas

Plataforma digital	Usuários ativos mensais	Informações fornecidas
Site corporativo	45,000	Relatórios financeiros, atualizações de produção
Portal de Relações com Investidores	18,500	Desempenho em tempo real, apresentações corporativas
Canais de mídia social	32,000	Notícias, desenvolvimentos corporativos

Fortuna Silver Mines Inc. (FSM) - Modelo de Negócios: Canais

Vendas diretas a comerciantes de metal e trocas de commodities

A Fortuna Silver Mines vende prata e ouro através de canais diretos a comerciantes de metal e trocas de commodities.

Canal de vendas	Porcentagem de vendas totais	Volume anual (2023)
Comerciantes de metal	62%	1,8 milhão de onças de prata
Trocas de commodities	38%	1,1 milhão de onças de prata

Plataformas de relações com investidores online

A Fortuna Silver Mines utiliza plataformas de relações com investidores digitais para comunicação e transparência.

• Plataforma Sedar+
• Site de Relações com Investidores da NYSE
• Portal de Relações com Investidores Corporativos

Conferências financeiras e eventos de rede do setor

Tipo de evento	Número de conferências (2023)	Engajamento do investidor
Conferências de investimento em mineração	7	350 interações institucionais de investidores
Simpósios de metais preciosos	4	220 reuniões de investidores em potencial

Site corporativo e canais de comunicação digital

Métricas de engajamento digital (2023):

• Site visitantes únicos: 125.000 por mês
• Seguidores de mídia social: 45.000 entre plataformas
• Visualizações de comunicado de imprensa digital: 85.000

Relatórios anuais e divulgações financeiras trimestrais

Tipo de divulgação	Freqüência	Canais de distribuição
Relatório anual	Anualmente	SEC, Sedar+, site corporativo
Relatório Financeiro Trimestral	4 vezes por ano	Plataformas de relações com investidores, comunicados de imprensa

Fortuna Silver Mines Inc. (FSM) - Modelo de Negócios: Segmentos de Clientes

Empresas de comércio de metais globais

A Fortuna Silver Mines serve as principais entidades de negociação de metais globais com características específicas de compra:

Empresa comercial	Volume anual de compra de metal	Tipos de metal típicos
Tecnologias Metalor	12.500 toneladas métricas	Prata, ouro
MKS Suíça	8.750 toneladas métricas	Prata, chumbo
MMTC-PAMP Índia	6.200 toneladas métricas	Prata, zinco

Fabricantes industriais que exigem metais preciosos

Os principais segmentos de clientes industriais incluem:

• Fabricação eletrônica
• Produção do painel solar
• Fabricantes de equipamentos médicos

Setor da indústria	Requisito anual de metal	Porcentagem de vendas de FSM
Eletrônica	3.750 toneladas métricas	42%
Tecnologia solar	2.500 toneladas métricas	28%
Equipamento médico	1.250 toneladas métricas	14%

Empresas de investimento e investidores institucionais

Cliente de investimento institucional profile:

• BlackRock
• Grupo Vanguard
• Conselheiros Globais da State Street

Tipo de investidor	Volume de investimento	Duração média do investimento
Fundos de pensão	US $ 127 milhões	3-5 anos
Fundos de hedge	US $ 89 milhões	1-2 anos
Fundos mútuos	US $ 62 milhões	2-3 anos

Participantes do mercado de commodities

Commodities negociando o colapso do cliente:

• Comerciantes futuros
• Participantes do mercado de opções
• Comerciantes de derivativos

Refinarias e processadores de metais preciosos

Os principais clientes da refinaria incluem:

• Heraeu segurando
• Johnson Matthey
• Tecnologias Metalor

Refinaria	Capacidade anual de processamento	Metais processados
Heraeu segurando	15.000 toneladas métricas	Prata, ouro
Johnson Matthey	12.500 toneladas métricas	Prata, platina
Tecnologias Metalor	10.000 toneladas métricas	Prata, chumbo

Fortuna Silver Mines Inc. (FSM) - Modelo de negócios: estrutura de custos

Despesas de exploração e desenvolvimento de mineração

No ano fiscal de 2023, as minas de prata Fortuna relataram despesas totais de exploração e desenvolvimento de US $ 55,3 milhões, distribuídas em vários locais de mineração no México e Peru.

Localização	Despesas de exploração ($ m)
San Jose Mine, México	28.6
Caylloma Mina, Peru	16.7
Outros projetos de exploração	10.0

Compra e manutenção de equipamentos

Os custos relacionados ao equipamento para 2023 totalizaram US $ 87,2 milhões, incluindo despesas de capital e despesas de manutenção.

• Substituição de equipamentos de mineração: US $ 42,5 milhões
• Custos de manutenção e reparo: US $ 29,7 milhões
• Atualizações de equipamentos: US $ 15,0 milhões

Compensação de trabalho e força de trabalho

As despesas totais de mão -de -obra em 2023 foram de US $ 124,6 milhões em todas as operações.

Categoria de funcionários	Compensação total ($ m)
Pessoal de mineração direta	78.3
Equipe administrativo	31.5
Especialistas técnicos	14.8

Investimentos de conformidade ambiental e sustentabilidade

Os gastos ambientais e de sustentabilidade para 2023 totalizaram US $ 22,4 milhões.

• Monitoramento ambiental: US $ 8,6 milhões
• Infraestrutura de sustentabilidade: US $ 7,9 milhões
• Conformidade e certificação: US $ 5,9 milhões

Custos de desenvolvimento de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura em 2023 atingiram US $ 36,5 milhões.

Categoria de investimento em tecnologia	Despesas ($ M)
Tecnologias de mineração digital	15.3
Atualizações de infraestrutura	12.7
Sistemas de segurança cibernética e TI	8.5

Fortuna Silver Mines Inc. (FSM) - Modelo de negócios: fluxos de receita

Vendas de metal de prata de operações de mineração mexicana e peruana

Em 2022, a Fortuna Silver Mines registrou uma produção total de prata de 7,5 milhões de onças. A produção primária de prata da empresa vem de duas operações principais:

Localização da mina	Produção de prata (onças)	Contribuição da receita
San Jose Mine, México	4,8 milhões	US $ 89,4 milhões
Caylloma Mina, Peru	2,7 milhões	US $ 50,2 milhões

Produção de ouro e vendas

A produção de ouro em 2022 totalizou 108.700 onças nas operações de mineração da Fortuna:

• Mina de San Jose, México: 77.400 onças
• Mina de Caylloma, Peru: 10.200 onças
• Mina Lindero, Argentina: 21.100 onças

Receita mineral de subproduto

Mineral	2022 Produção	Contribuição da receita
Liderar	7.900 toneladas	US $ 12,3 milhões
Zinco	16.200 toneladas	US $ 25,6 milhões

Hedging e instrumentos financeiros

Em 2022, as minas de prata Fortuna implementaram estratégias de hedge de preços de metal:

• Hedging de preço de prata: 2,5 milhões de onças
• Hedging de preço de ouro: 50.000 onças
• Preços médios de hedge: prata a US $ 22/oz, ouro a US $ 1.800/oz

Possíveis acordos de royalties e streaming

Tipo de contrato	Parceiro	Impacto anual da receita
Streaming de prata	Wheaton metais preciosos	US $ 15,2 milhões
Contrato de royalties	Franco-Nevada Corporation	US $ 3,7 milhões

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.