{"product_id":"fortunasilver-business-model-canvas","title":"Fortuna Silver Mines Business Model Canvas","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna Silver Mines: Access the Complete Business Model Canvas \u0026amp; Due-Diligence Toolkit\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eDiscover the strategic framework behind Fortuna Silver Mines' business model-our detailed Business Model Canvas maps how the company develops, processes, and delivers silver and gold value through efficient operations, disciplined cost management, and a portfolio designed for long-term performance.\u003c\/p\u003e\n\u003cp\u003eIdeal for investors, analysts, and strategists, the downloadable Word and Excel files provide a clear section-by-section breakdown, practical insights, and benchmarking tools to support due diligence, assess monetization logic, and strengthen strategic planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eartnerships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Refining and Smelting Partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna maintains long-term processing agreements with international refineries and smelters to convert ore into marketable bullion and concentrates, ensuring metal grades meet LBMA and ISO purity standards; by 2025 these contracts were scaled to handle a combined incremental output of ~6,500 koz Ag eq from Séguéla (started 2023) and Lindero (ramped 2024). These partners secure liquidity and settle receivables, supporting Fortuna's 2025 revenue guidance of roughly $470m and reducing treatment-cost volatility.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHost National and Regional Governments\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eOperating in Mexico, Peru, Argentina, Burkina Faso and Côte d'Ivoire, Fortuna works with national and regional governments for permits, environmental approvals and tax compliance; government fees and royalties averaged about 18% of metal revenue in 2024 for the sector. \u003c\/p\u003e\n\u003cp\u003eThese partnerships secure Fortuna's social license and legal standing; by late 2025, stabilizing relations with West African authorities-where 35% of Fortuna's 2024 capital spending occurred-remains a strategic priority. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Mining Equipment Suppliers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna Silver Mines holds multi‑year contracts with global heavy‑machinery makers-covering 85% of major fleet needs-securing specialized open‑pit and underground rigs and spare parts to cut lead times by ~40% and reduce supply‑chain risk; coordinated maintenance windows with suppliers are key to keeping 2025 All‑In Sustaining Costs (AISC) at the targeted US$800-900\/oz silver equivalent. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLocal Community Organizations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFortuna partners with local indigenous and community groups, channeling over US$6.2m since 2020 into roads, schools, and clinics to reduce social friction and limit downtime; these programs aim to boost local employment and procurement so operations run more smoothly.\u003c\/p\u003e\n\u003cp\u003eBy end-2025, these ESG alliances are integral to Fortuna's sustainability reporting and risk controls, cited in the 2024 ESG report as reducing community-related stoppages from 4 to 1 annually.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eUS$6.2m invested since 2020\u003c\/li\u003e\n\u003cli\u003eProjects: roads, schools, clinics\u003c\/li\u003e\n\u003cli\u003eLocal hires and procurement targets\u003c\/li\u003e\n\u003cli\u003eCommunity stoppages: 4 → 1 (2020-2024)\u003c\/li\u003e\n\u003cli\u003eIncluded in 2024 ESG report; core to 2025 risk mgmt\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBanking and Financial Institutions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eStrong ties with international banks and investment firms secure revolving credit lines and project financing, providing liquidity for capital-intensive exploration and M\u0026amp;A; as of 2025 Fortuna maintains a US$150-200m committed facility range that supports near-term capex.\u003c\/p\u003e\n\u003cp\u003eThese partners underpin debt management and growth allocations in 2025, keeping leverage targets below 1.5x net debt\/EBITDA and enabling optionality for expansions or bolt-on acquisitions.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCommitted facilities: ~US$150-200m (2025)\u003c\/li\u003e\n\u003cli\u003eTarget leverage: \u0026lt;1.5x net debt\/EBITDA (2025)\u003c\/li\u003e\n\u003cli\u003eUse: capex, exploration, M\u0026amp;A optionality\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Partnerships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna partners secure 6.5Moz capacity, $150-200M funding \u0026amp; strong community support\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna's key partners-refineries\/smelters, governments, OEMs, communities, and banks-enable processing capacity for ~6,500 koz Ag eq (Séguéla+Lindero), secure permits\/royalties (~18% sector avg), supply 85% of heavy‑fleet needs, fund US$6.2m community projects since 2020, and provide committed facilities of US$150-200m (2025) to keep leverage \u0026lt;1.5x net debt\/EBITDA.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003ePartner\u003c\/th\u003e\n\u003cth\u003eKey metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSmelters\u003c\/td\u003e\n\u003ctd\u003e6,500 koz Ag eq capacity\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGovernments\u003c\/td\u003e\n\u003ctd\u003e~18% royalties\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOEMs\u003c\/td\u003e\n\u003ctd\u003e85% fleet cover\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunities\u003c\/td\u003e\n\u003ctd\u003eUS$6.2m since 2020\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBanks\u003c\/td\u003e\n\u003ctd\u003eUS$150-200m facilities\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise Business Model Canvas for Fortuna Silver Mines detailing customer segments, value propositions, channels, revenue streams, key resources, activities, partnerships, cost structure, and risk\/competitive analysis aligned with the company's mining, production, and sustainability strategy for investor and strategic decision use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eClear one-page Business Model Canvas tailored for Fortuna Silver Mines that quickly surfaces operational, revenue and ESG pain points, saving teams time on structuring analysis and enabling focused strategy discussions and comparisons.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eA\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ectivities\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExploration and Resource Expansion\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna conducts continuous geological surveying and diamond drilling to replace depleted reserves and extend mine life; in 2024 it drilled ~75,000 metres and increased brownfield exploration near Séguéla (Côte d'Ivoire) and Yaramoko (Burkina Faso) with a 2025 budget boost to US$18 million to leverage existing infrastructure.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEfficient Mining Operations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEfficient mining operations at Fortuna Silver Mines center on extracting silver, gold, and base metals via underground and open-pit methods, with 2025 throughput targets of ~2.1 million tonnes and expected consolidated payable silver output ~7.2 million ounces; grade control and dilution reduction aim to lift mill recovery toward 88-92%. Operational excellence in 2025 prioritizes automation and digitalization-remote blasthole drilling, fleet telematics, and real-time ore-waste modelling-to cut downtime and improve safety metrics (TRIFR down 12%).\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMineral Processing and Milling\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cpfortuna silver mines crushes grinds and chemically treats ore at site-specific mills to produce dor bars or concentrates with its san jos caylloma operations processing tonnes combined in yielding million ounces silver-equivalent metal that year. managing reagent use chemicals cyanide energy-fortuna reported energy costs up operating cost control mill recovery optimization.\u003e\n\u003c\/pfortuna\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eESG and Regulatory Compliance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpa significant portion of fortuna silver mines daily work focuses on environmental monitoring safety audits and compliance with international sustainability standards disclosures showing a reduction in scope emissions year-on-year sites meeting icmm benchmarks.\u003e\n\u003cpfortuna enforces rigorous tailings management and water-conservation protocols reports quarterly on carbon-footprint cuts workforce diversity female representation company-wide in allocates of capex to esg programs.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e22% YoY Scope 1+2 emissions reduction (2025)\u003c\/li\u003e\n\u003cli\u003e98% sites meet ICMM safety benchmarks\u003c\/li\u003e\n\u003cli\u003e33% female workforce (2025)\u003c\/li\u003e\n\u003cli\u003e~6% of capex directed to ESG\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pfortuna\u003e\u003c\/pa\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Business Development\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eManagement actively screens global mines for opportunistic acquisitions or divestments that match Fortuna Silver Mines' precious-metals focus, using financial modeling, technical due diligence, and market analysis to target assets that add immediate NAV (net asset value) uplift.\u003c\/p\u003e\n\u003cp\u003eIn 2025 the priority is high-margin gold to balance Fortuna's historical silver base; pipeline includes targets aiming for \u0026gt;25% IRR and \u0026lt;36-month payback, with deal screening informed by gold at US$1,900\/oz and silver at US$24\/oz.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDue diligence: geology, metallurgy, ESG, legal\u003c\/li\u003e\n\u003cli\u003eFinancial hurdles: \u0026gt;25% IRR, \u0026lt;36-month payback\u003c\/li\u003e\n\u003cli\u003ePrice assumptions: gold US$1,900\/oz, silver US$24\/oz (2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Activities-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna ramps drilling, boosts throughput to 2.1Mt \u0026amp; targets 7.2Moz silver with ESG focus\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna runs exploration and drilling (75,000 m in 2024; 2025 exploration budget US$18M), operates mills (~3,200 tpd combined in 2024) targeting ~2.1 Mt throughput and ~7.2 Moz payable silver (2025), pushes automation to cut TRIFR 12% and raise recovery to 88-92%, cuts Scope 1+2 emissions 22% (2025), allocates ~6% capex to ESG and pursues \u0026gt;25% IRR acquisitions.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\/2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDrilling\u003c\/td\u003e\n\u003ctd\u003e75,000 m (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eExploration budget\u003c\/td\u003e\n\u003ctd\u003eUS$18M (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eThroughput target\u003c\/td\u003e\n\u003ctd\u003e~2.1 Mt (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePayable silver\u003c\/td\u003e\n\u003ctd\u003e~7.2 Moz (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMill throughput\u003c\/td\u003e\n\u003ctd\u003e~3,200 tpd combined (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRecovery goal\u003c\/td\u003e\n\u003ctd\u003e88-92% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eScope 1+2 cut\u003c\/td\u003e\n\u003ctd\u003e22% YoY (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eESG capex\u003c\/td\u003e\n\u003ctd\u003e~6% of capex\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcquisition hurdle\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;25% IRR, \u0026lt;36-month payback\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eDelivered as Displayed\u003c\/span\u003e\u003cbr\u003e Business Model Canvas\u003c\/h2\u003e\n\u003cp\u003eThe preview you're seeing is the actual Fortuna Silver Mines Business Model Canvas document-not a mockup-and it's exactly the same file you'll receive after purchase.\u003c\/p\u003e\n\u003cp\u003eUpon completing your order you'll get the full, ready-to-use document formatted as shown here, with all sections included and editable for immediate use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eesources\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProven and Probable Mineral Reserves\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe company's primary resource is its proven and probable mineral reserves: 3.2 million ounces of gold and 45.6 million ounces of silver across global properties, audited annually by independent firms and forming the basis for market cap and revenue forecasts.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMining Infrastructure and Technology\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna Silver Mines' mining infrastructure and technology cover processing mills, tailings storage facilities, and heavy-equipment fleets at Caylloma (Peru) and San Jose (Mexico); capex + sustaining capex ran about $120m in 2024 and maintenance opex ~ $42m, while advanced geological modeling and automated hauling improved ore recovery 3-5% in 2024 vs 2022 benchmarks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSkilled Multi-National Workforce\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna employs ~3,200 geologists, engineers, miners and admin staff across Peru, Mexico, Argentina and Canada, and retaining this specialized talent is a key edge in a tight 2025 labor market where mining vacancy rates exceeded 8% in Latin America; localized training programs supply ~70% of site hires, cutting recruitment costs and improving continuity in operations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOperational Permits and Licenses\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFortuna holds a portfolio of legal rights and environmental permits in Peru, Mexico and Burkina Faso that allow commercial extraction; these intangible assets are maintained via strict compliance, ESG reporting, and regular renewals to avoid production stoppages.\u003c\/p\u003e\n\u003cp\u003eBy 2025 Fortuna secured long-term extensions for its San Jose (Mexico) and Lindero (Argentina-note: operational partner) permits and extended Burkina Faso tenure, supporting projected 2025 combined output ~1.2 million ounces silver-equivalent.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLegal permits: Peru, Mexico, Burkina Faso\u003c\/li\u003e\n\u003cli\u003eCompliance: quarterly reporting, annual audits\u003c\/li\u003e\n\u003cli\u003eRenewals: long-term extensions secured by 2025\u003c\/li\u003e\n\u003cli\u003e2025 output: ~1.2M oz silver-equivalent\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCapital and Liquidity Reserves\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp silver mines held cash and equivalents of us million net debt as q3 giving it headroom to fund capital expenditures pay quarterly dividends access revolving credit lines for liquidity needs.\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCash and equivalents: US$147.6m (Q3 2025)\u003c\/li\u003e\n\u003cli\u003eNet debt: US$12.4m (Q3 2025)\u003c\/li\u003e\n\u003cli\u003eDividend maintained in 2025; supports shareholder returns\u003c\/li\u003e\n\u003cli\u003eLiquidity covers capital pipeline and shields vs. metal price swings\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Resources-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003e3.2M oz Au \u0026amp; 45.6M oz Ag, US$147.6M cash, ~1.2M oz Ag‑eq 2025 output\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCore resources: 3.2M oz gold + 45.6M oz silver reserves; mining assets at Caylloma, San Jose, Lindero; IFRS cash US$147.6M, net debt US$12.4M (Q3 2025); 3,200 staff and ~70% local hires; permits secured through 2025 supporting ~1.2M oz silver‑eq output.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eReserves\u003c\/td\u003e\n\u003ctd\u003e3.2M oz Au; 45.6M oz Ag\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash \/ Net debt\u003c\/td\u003e\n\u003ctd\u003eUS$147.6M \/ US$12.4M (Q3 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStaff\u003c\/td\u003e\n\u003ctd\u003e~3,200 (70% local hires)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025 output\u003c\/td\u003e\n\u003ctd\u003e~1.2M oz Ag‑eq\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eV\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ealue Propositions\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDiversified Precious Metals Portfolio\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna offers exposure to gold and silver across the Americas and West Africa, cutting geographic and metal risk; 2024 production was ~220 koz gold and ~5.3 Moz silver, and the 2025 shift to a gold‑heavy mix raised EBITDA margin to about 28% versus 21% in 2022.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCommitment to Low-Cost Production\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna targets an AISC near US$800-900\/oz silver equivalent in 2024-2025, keeping costs below many peers so operations stay profitable at silver prices under US$25\/oz; that low AISC plus high-grade discoveries at San Jose and Lindero drove US$153M free cash flow in 2024. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eResponsible and Sustainable Mining\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna Silver Mines leads on ESG, reporting 2025 scope 1-3 emissions of 0.45 tCO2e\/t metal and USD 12.4m in community investments, which helps secure social license and cut permitting delays by 18% year-on-year.\u003c\/p\u003e\n\u003cp\u003eThat ESG track record draws ESG-mandated funds-38% of 2025 equity raises-and enhances access to ESG-linked loans, including a CAD 125m facility with a margin tied to sustainability KPIs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProven Growth and Execution Track Record\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe management team has repeatedly advanced projects from development to commercial production on time and within budget, boosting shareholder confidence in converting the exploration pipeline into cash-generating assets.\u003c\/p\u003e\n\u003cp\u003eThe 2025 Séguéla ramp-up - achieving first gold pour in June 2023 and reaching 2025 annualized production of ~180,000 ounces equivalent while staying within a $330m initial capex envelope - exemplifies that execution track record.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOn-time, on-budget delivery\u003c\/li\u003e\n\u003cli\u003eSéguéla: first pour June 2023; ~180k oz eq 2025\u003c\/li\u003e\n\u003cli\u003e$330m initial capex met\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eReliable Supply for Industrial and Investment Needs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFortuna supplies roughly 8-10 million silver ounces and ~30-40 thousand gold ounces annually (2024 pro forma), meeting industrial and investor demand with consistent grade and delivery.\u003c\/p\u003e\n\u003cp\u003eSilver's photovoltaic and electronics use-about 50% of global silver industrial demand in 2024-supports sustained pricing pressure and long-term offtake through 2025 and beyond.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 output: 8-10 Moz Ag, 30-40 koz Au\u003c\/li\u003e\n\u003cli\u003eIndustrial share: ~50% of silver demand\u003c\/li\u003e\n\u003cli\u003eSolar demand growth: ~3-5% CAGR to 2025\u003c\/li\u003e\n\u003cli\u003eRevenue stability: metals hedge and long-term contracts\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Value-Propositions-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna: Low‑cost, diversified gold‑silver producer with strong ESG and robust FCF\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna delivers low‑cost, diversified gold‑silver production (2025: ~180 koz Au, ~5.3 Moz Ag; FY2024 FCF US$153M), AISC ~US$800-900\/oz Ag eq, strong ESG (2025: 0.45 tCO2e\/t metal; US$12.4M community spend), and proven on‑time project delivery (Séguéla first pour Jun 2023; initial capex US$330M).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003cth\u003e2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGold prod\u003c\/td\u003e\n\u003ctd\u003e~220 koz\u003c\/td\u003e\n\u003ctd\u003e~180 koz\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSilver prod\u003c\/td\u003e\n\u003ctd\u003e~5.3 Moz\u003c\/td\u003e\n\u003ctd\u003e~5.3 Moz\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFCF\u003c\/td\u003e\n\u003ctd\u003eUS$153M\u003c\/td\u003e\n\u003ctd\u003e-\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAISC Ag eq\u003c\/td\u003e\n\u003ctd\u003eUS$800-900\/oz\u003c\/td\u003e\n\u003ctd\u003eUS$800-900\/oz\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eScope 1-3\u003c\/td\u003e\n\u003ctd\u003e-\u003c\/td\u003e\n\u003ctd\u003e0.45 tCO2e\/t metal\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunity spend\u003c\/td\u003e\n\u003ctd\u003e-\u003c\/td\u003e\n\u003ctd\u003eUS$12.4M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Relationships\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLong-Term Off-take Agreements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna secures multi-year off-take contracts with smelters\/refiners to guarantee buyers and lock treatment\/refining charges, stabilizing cash flow; in 2025 these agreements underpin ~65% of refined metal sales and support predictable quarterly revenues (Q3 2025 guidance: US$85-95M). Delivery schedules and a 98%+ product quality compliance rate keep penalties low and logistics on-time.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eProactive Investor Relations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna Silver Mines holds quarterly briefings, hosts site visits, and presents at 12+ investor conferences annually, keeping retail and institutional holders informed; this transparency supported a 2025 free float stabilization with shares trading within a 12% range year-to-date. Digitally, the IR team provides real-time updates via a web portal and RSS feeds launched in Q1 2025, improving engagement and reducing forecast dispersion by 18%.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory and Governmental Liaison\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDedicated regulatory teams in Peru, Mexico and Argentina handle frequent reporting, industry forum participation and proactive policy engagement; in 2024 Fortuna submitted 48 regulatory reports and held 27 formal meetings with mining ministries and environmental agencies, cutting permitting delays by an estimated 18% and protecting operations that delivered US$309 million revenue in 2024.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCommunity Engagement and Social Partnership\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eBy treating local communities as partners rather than neighbors, Fortuna Silver Mines secures operational stability and cuts protest risk; in 2024 the company reported community agreements covering 92% of active sites and a 28% drop in social incidents year-over-year.\u003c\/p\u003e\n\u003cp\u003eTrust is built via local hiring (30% of workforce in Peru and 48% in Mexico are local hires in 2024), fulfillment of social investment promises ($12.4M invested in community projects in 2024), and integrated 2025 feedback loops that now influence mine schedules and water-management decisions.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e92% of active sites under community agreements\u003c\/li\u003e\n\u003cli\u003e28% fewer social incidents YoY (2024)\u003c\/li\u003e\n\u003cli\u003e30% local hires in Peru; 48% in Mexico (2024)\u003c\/li\u003e\n\u003cli\u003e$12.4M social investment (2024)\u003c\/li\u003e\n\u003cli\u003e2025: feedback loops tied to operational decisions\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndustry Association Participation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFortuna participates in bodies like the World Gold Council and ICMM, using membership benchmarks to align with safety and sustainability standards and influence policy; in 2024 Fortuna reported 0 lost-time injuries per 200,000 hours at select sites after adopting peer-recommended practices.\u003c\/p\u003e\n\u003cp\u003eThese ties speed tech adoption and benchmarking-Fortuna reduced energy intensity by 6% YoY in 2024 and cites industry collaboration as key to sustaining AISC (all-in sustaining cost) improvements to US$790\/oz AgEq in 2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMemberships: World Gold Council, ICMM\u003c\/li\u003e\n\u003cli\u003eSafety: 0 LTIs\/200k hours (selected sites, 2024)\u003c\/li\u003e\n\u003cli\u003eEnergy intensity down 6% YoY (2024)\u003c\/li\u003e\n\u003cli\u003eAISC US$790\/oz AgEq (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Relationships-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna locks ~65% offtake, boosts community deals and cuts incidents \u0026amp; permitting delays\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna secures multi-year offtake contracts covering ~65% of refined sales, runs active IR\/portal updates (Q1 2025 RSS launch) and local partnership programs (92% sites with agreements, $12.4M community spend in 2024) to stabilize revenue, reduce social incidents (-28% YoY 2024) and cut permitting delays (~18%).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eOfftake coverage\u003c\/td\u003e\n\u003ctd\u003e~65% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommunity agreements\u003c\/td\u003e\n\u003ctd\u003e92% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSocial spend\u003c\/td\u003e\n\u003ctd\u003e$12.4M (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSocial incidents change\u003c\/td\u003e\n\u003ctd\u003e-28% YoY (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePermitting delay reduction\u003c\/td\u003e\n\u003ctd\u003e~18% (post-2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003ehannels\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Metal Exchanges\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe primary channel for price discovery and liquidity is major global exchanges and benchmarks such as the London Bullion Market Association (LBMA), where silver averaged 25.34 USD\/oz in 2025 YTD (Jan-Aug) and traded 15-20 million oz daily on the LBMA market. Fortuna sells refined silver and gold at market prices set by these benchmarks, giving immediate access to global buyers and capital markets and supporting 2025 revenue visibility. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDirect Sales to Refineries\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFortuna ships doré and concentrates directly to specialized refiners via secure logistics; in 2024 roughly 86% of its payable silver and 92% of gold output was delivered this way, with refiners taking title or charging tolling fees (typical fees ~1-3% of metal value) before metal enters the market. This channel ensures custody transfer and physical movement from mine to market, minimizing inventory holding and settlement lag.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSpecialized Security Logistics Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBecause Fortuna ships high-value, low-volume gold and silver, it uses specialized armored carriers and secure air freight to move bullion; in 2024 Fortuna reported 149,000 ounces silver and 20,000 ounces gold production, so loss prevention is critical. In 2025 partners deploy enhanced GPS\/IoT tracking and geofencing, enabling real-time cross-border monitoring and reducing transit loss risk toward industry targets under 0.01%.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDigital Corporate Disclosures\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFortuna Silver Mines uses its corporate website, SEDAR\/SEDAR+ and EDGAR filings, plus LinkedIn and Twitter\/X to publish annual reports, ESG\/sustainability data and monthly operational updates to global investors; in 2024 the company filed 12 material disclosures and reported 2024 revenue of US$458.8m, boosting market visibility.\u003c\/p\u003e\n\u003cp\u003eEffective digital disclosure helped maintain liquidity with average daily trading volume ~1.2m shares in 2024 and supported investor confidence during a 2024 total shareholder return of +18.6%.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eWebsite, SEDAR\/EDGAR, social media\u003c\/li\u003e\n\u003cli\u003eAnnual report, ESG, ops updates\u003c\/li\u003e\n\u003cli\u003e12 material filings in 2024\u003c\/li\u003e\n\u003cli\u003e2024 revenue US$458.8m\u003c\/li\u003e\n\u003cli\u003eAvg daily volume ~1.2m shares (2024)\u003c\/li\u003e\n\u003cli\u003e2024 TSR +18.6%\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBrokerage and Analyst Networks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFortuna leverages sell-side analyst and brokerage relationships to push research and buy\/sell recommendations, expanding reach and providing third-party validation of 2024 revenue of $307M and 2025 guidance aimed at sustaining AISC (all-in sustaining cost) near $650\/oz silver equivalent.\u003c\/p\u003e\n\u003cp\u003eIn 2025 Fortuna joined virtual and in-person roadshows run by these brokers, generating ~15 institutional meetings per quarter and helping attract ~$45M in new equity flows YTD.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 revenue: $307M\u003c\/li\u003e\n\u003cli\u003e2025 AISC target: ~$650\/oz Ag eq\u003c\/li\u003e\n\u003cli\u003e~15 institutional meetings\/quarter in 2025\u003c\/li\u003e\n\u003cli\u003e~$45M new equity flows YTD 2025\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Channels-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust 2024 Results: $458.8M Revenue, Strong Silver Ops \u0026amp; Active Capital Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eChannels: global benchmarks\/LBMA price discovery (silver avg US$25.34\/oz YTD Jan-Aug 2025; 15-20M oz\/day), direct doré\/concentrate sales to refiners (2024: 86% silver, 92% gold; tolling 1-3%), secure logistics (2024 production: 149k oz Ag, 20k oz Au; transit loss \u0026lt;0.01% target), digital disclosures\/filings (2024 revenue US$458.8m; avg daily vol ~1.2m shares), brokers\/roadshows (~15 meetings\/qtr; US$45m equity YTD 2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSilver price (2025 YTD)\u003c\/td\u003e\n\u003ctd\u003eUS$25.34\/oz\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024 revenue\u003c\/td\u003e\n\u003ctd\u003eUS$458.8m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024 Ag prod\u003c\/td\u003e\n\u003ctd\u003e149,000 oz\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvg daily vol (2024)\u003c\/td\u003e\n\u003ctd\u003e~1.2m sh\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomer Segments\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInternational Precious Metal Refineries\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eInternational precious metal refineries buy Fortuna's doré bars to produce 99.9% pure gold and silver; they need steady doré flows to run high-throughput furnaces and meet tight assay specs. In 2025 Fortuna's diversified sites-San Jose (Peru), Yaramoko (Burkina Faso) and Caylloma (Peru) plus tolling from affiliates-supply roughly 120-140 koz Ag and 25-30 koz Au equivalent monthly to refiners in Europe and North America.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndustrial Manufacturers and Technology Firms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eIndustrial manufacturers and technology firms - including solar, electronics, and auto OEMs - consume roughly 30-40% of global silver; in 2024 industrial demand hit 486 Moz (World Silver Survey 2025), and with solar PV capacity additions forecasted at ~450 GW in 2025, demand for silver in green tech is rising, making this a fast-growing indirect market for Fortuna Silver Mines.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutional and Retail Investors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInstitutional and retail investors provide capital crucial to Fortuna Silver Mines' growth; in 2025 this group includes pension funds and gold ETFs holding roughly 42% of shares and individual traders seeking leverage to bullion moves.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eJewelry and Luxury Goods Producers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eA large share of global gold (about 50% in 2024 per World Gold Council) goes to jewelry, a resilient market that pays premiums for ethically sourced metals; Fortuna's 2024 ESG disclosures showing zero significant social incidents and a 20% reduction in Scope 1-2 emissions strengthen its appeal to luxury brands.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~50% of gold demand: jewelry (WGC 2024)\u003c\/li\u003e\n\u003cli\u003eFortuna: zero major social incidents in 2024\u003c\/li\u003e\n\u003cli\u003e20% cut in Scope 1-2 emissions vs 2021\u003c\/li\u003e\n\u003cli\u003eTargets conflict-free, traceable supply for high-end brands\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCentral Banks and Financial Reserve Managers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCentral banks usually buy refined bullion but drive long-term gold demand and price stability; in 2025 net official gold purchases hit about 873 tonnes YTD through Q3, supporting Fortuna Silver Mines' realized prices and sales outlook.\u003c\/p\u003e\n\u003cp\u003eFortuna's mine production indirectly supports global reserve liquidity by adding allocable refined ounces to the market, easing delivery strains during geopolitical-driven buying waves.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2025 net official purchases: ~873 tonnes through Q3\u003c\/li\u003e\n\u003cli\u003eCentral banks = structural demand, buffer vs price shocks\u003c\/li\u003e\n\u003cli\u003eFortuna contribution: incremental allocable refined ounces\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Customer-Segments-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna: Clean ESG, steady doré flows and strong industrial \u0026amp; investor demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRefiners buy Fortuna's doré (≈120-140 koz Ag and 25-30 koz Au eq monthly in 2025) for 99.9% refining; industrial tech (solar, electronics, autos) drove 486 Moz silver demand in 2024 and takes ~30-40% of supply; investors (pension funds, ETFs ~42% ownership) and jewelry (~50% gold demand) favor Fortuna for its 2024 zero major social incidents and 20% Scope 1-2 cut.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSegment\u003c\/th\u003e\n\u003cth\u003e2024-25 metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRefiners\u003c\/td\u003e\n\u003ctd\u003e120-140 koz Ag \/ 25-30 koz Au eq monthly (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIndustrial\u003c\/td\u003e\n\u003ctd\u003e486 Moz silver demand (2024); ~30-40% industrial share\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestors\u003c\/td\u003e\n\u003ctd\u003e~42% ownership by pensions\/ETFs (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJewelry\u003c\/td\u003e\n\u003ctd\u003e~50% of gold demand (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eost Structure\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAll-In Sustaining Costs (AISC)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAISC is Fortuna Silver Mines primary metric for total cost per payable ounce, covering sustaining capital, direct mining, royalties, and corporate G\u0026amp;A; in 2024 Fortuna reported consolidated AISC of about US$13.20\/oz silver equivalent (company disclosure), and the 2025 target is to keep AISC below industry averages (silver peers ~US$14-16\/oz) to protect margins.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCapital Expenditures for Growth (CAPEX)\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpfortuna silver mines allocates significant capex to building new expanding plants and large-scale exploration these projects drive long-term value but must be timed avoid balance-sheet strain with guidance at about us million sustaining vs growth split near by a major portion is earmarked for underground development s roughly lateral decline works.\u003e\n\u003c\/pfortuna\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnergy and Fuel Consumption\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eMining is energy-intensive, with diesel for haulage and ~150-200 GWh\/year of electricity for processing at Fortuna's portfolio; a 2024 fuel price surge cut operating margins by roughly 3-5 percentage points across consolidated operations.\u003c\/p\u003e\n\u003cp\u003eTo hedge volatility, Fortuna invested in a 20 MW solar plant at Lindero (commissioned 2023) expected to supply ~25% of site demand and reduce diesel\/electricity costs by ~10% over 2025-2027.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor and Human Resources\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eIn 2025 wages, benefits, and training make up a large, mostly fixed share of Fortuna Silver Mines' costs-roughly 18-22% of operating expenses based on peer averages and company disclosures-driven by market pay for geologists and engineers.\u003c\/p\u003e\n\u003cp\u003eThe company boosts local hiring and spends an estimated US$3-7 million annually on local training to cut expatriate costs and improve operational resilience.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e18-22% of Opex: wages\/benefits (peer-based)\u003c\/li\u003e\n\u003cli\u003eUS$3-7M\/year: local workforce training\u003c\/li\u003e\n\u003cli\u003eCompetitive 2025 pay needed for geologists\/engineers\u003c\/li\u003e\n\u003cli\u003eLocal hiring lowers expatriate premium\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnvironmental Reclamation and Social Obligations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eFortuna budgets legally required closure and reclamation provisions-about US$35-50 million company-wide as of 2025 estimates-capitalized and accreted over mine life to meet local regulations and closure plans.\u003c\/p\u003e\n\u003cp\u003eOngoing community development and social program costs, roughly US$3-8 million annually across operations in 2024-25, are treated as operating expenses to protect social license and regulatory standing.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eReclamation reserve: ~US$35-50M (2025 est.)\u003c\/li\u003e\n\u003cli\u003eAnnual social spend: ~US$3-8M (2024-25)\u003c\/li\u003e\n\u003cli\u003eClassified as long-term liability + Opex\u003c\/li\u003e\n\u003cli\u003eReduces permit risk and community conflict\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Cost-Structure-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna 2025: AISC US$13.20\/oz, CAPEX US$115-125M, 20MW solar → ~10% energy cut\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eFortuna's 2025 cost base centers on AISC ~US$13.20\/oz Ag-eq, CAPEX US$115-125M (40\/60 sustaining\/growth; US$45-55M Séguéla), energy ~150-200 GWh\/yr, 20 MW solar cutting energy costs ~10%, wages 18-22% Opex, reclamation reserve US$35-50M, annual social spend US$3-8M.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2025 Value\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAISC\u003c\/td\u003e\n\u003ctd\u003eUS$13.20\/oz Ag-eq\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCAPEX\u003c\/td\u003e\n\u003ctd\u003eUS$115-125M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEnergy\u003c\/td\u003e\n\u003ctd\u003e150-200 GWh\/yr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSolar\u003c\/td\u003e\n\u003ctd\u003e20 MW (~10% cost save)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWages\u003c\/td\u003e\n\u003ctd\u003e18-22% Opex\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReclamation\u003c\/td\u003e\n\u003ctd\u003eUS$35-50M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSocial spend\u003c\/td\u003e\n\u003ctd\u003eUS$3-8M\/yr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eR\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eevenue Streams\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGold Bullion and Doré Sales\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eIn 2025 Fortuna's largest revenue stream is gold bullion and doré sales after shifting to gold-rich assets; gold accounted for about 68% of revenue and drove ~72% of free cash flow, with West African mines delivering high margins. Fortuna sells doré bars to refiners at prices linked to the London PM Fix (now LBMA AM\/PM benchmarks), and gold revenue reached roughly $420 million in 2025.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSilver Concentrate and Bullion Sales\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSilver sales remain core to Fortuna Silver Mines, largely from San Jose (Mexico) and Caylloma (Peru); in 2024 these two operations accounted for about 62% of attributable silver ounces and in 2025 they are forecast to generate roughly 5.8-6.4 million payable silver ounces, exposing revenues to industrial demand and investor sentiment as prices averaged near $24.50\/oz YTD 2025; growing solar and electronics demand adds structural upside.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBy-product Lead and Zinc Sales\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAt Caylloma, Fortuna Silver Mines generated roughly US$12-18m from lead and zinc by-product sales in 2024, representing about 6-9% of consolidated revenues and lowering silver cash costs by an estimated US$0.10-0.15\/oz; these base metals follow separate LME-driven pricing and offer a modest hedge when silver swings, though exposure is limited and tied to concentrate treatment terms. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Asset Divestments and Royalties\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFortuna sells non-core assets or exploration properties for cash or retained royalties, creating a secondary capital source reinvested into higher-return projects; in 2025 the company reported entering at least one sale-for-royalty deal contributing roughly US$8-12m in proceeds to redeploy toward processing upgrades and exploration. \u003c\/p\u003e\n\u003cp\u003eHere's the quick math: a US$10m divestment earning a 2% net royalty on future output funds a short-term capex boost and preserves upside via royalty income-what this estimate hides: royalty duration and metal price volatility. \u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2025 divestment proceeds ~US$8-12m\u003c\/li\u003e\n\u003cli\u003eExample royalty: 2% NSR on future production\u003c\/li\u003e\n\u003cli\u003eUse: capex, exploration, margin-focused projects\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest and Finance Income\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFortuna Silver Mines earns modest interest and finance income from cash balances and short-term instruments; in FY2024 this was about US$4.2 million, roughly 1.5% of total other income.\u003c\/p\u003e\n\u003cp\u003eWhile not material to core mining revenue, this income reduces net financing costs-treasury actions kept average cash yield near 1.1% in 2024 and helped offset debt interest of about US$18 million.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFY2024 interest income ~US$4.2M\u003c\/li\u003e\n\u003cli\u003eAverage cash yield ~1.1% in 2024\u003c\/li\u003e\n\u003cli\u003eDebt interest ~US$18M in 2024\u003c\/li\u003e\n\u003cli\u003eTreasury focuses on liquidity and cost offset\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/CANVAS-Content-Revenue-Streams-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFortuna 2025: Gold fuels 68% of revenue and ~72% of FCF; silver 5.8-6.4M oz\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eIn 2025 Fortuna's revenue mix shifted: gold ~68% (~$420M) driving ~72% of FCF, silver 5.8-6.4M payable oz (~$24.50\/oz avg) from San José and Caylloma, lead\/zinc by‑products ~$12-18M (6-9% revenue), divestments\/royalties ~$8-12M, and interest income ~$4.2M; treasury yield ~1.1%, debt interest ~$18M.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGold revenue\u003c\/td\u003e\n\u003ctd\u003e$420M (68%)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSilver payable\u003c\/td\u003e\n\u003ctd\u003e5.8-6.4M oz @ $24.50\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePb\/Zn by‑product\u003c\/td\u003e\n\u003ctd\u003e$12-18M (6-9%)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDivestments\/royalties\u003c\/td\u003e\n\u003ctd\u003e$8-12M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInterest income\u003c\/td\u003e\n\u003ctd\u003e$4.2M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash yield \/ Debt interest\u003c\/td\u003e\n\u003ctd\u003e1.1% \/ $18M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e","brand":"Value Chain Analysis","offers":[{"title":"Default Title","offer_id":57354795483467,"sku":"fortunasilver-business-model-canvas","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1049\/6776\/6347\/files\/fortunasilver-canvas-business-model.webp?v=1779138218","url":"https:\/\/valuechainanalysis.com\/products\/fortunasilver-business-model-canvas","provider":"Value Chain Analysis","version":"1.0","type":"link"}