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Here are 1-3 brief analogies to describe Fortuna Mining (FSM):

• Imagine a smaller, globally diversified Barrick Gold or Newmont, but with significant operations in both gold and silver, along with some lead and zinc.
• Think of it as a Pan American Silver, but with a broader portfolio that includes more gold mines and operations spread across several continents.
• A mid-tier precious metals miner with diverse international operations, similar to a smaller Newmont or Barrick Gold, but with a pronounced emphasis on silver production.

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• Gold: A precious metal extracted from its mines in Mexico, Argentina, Burkina Faso, and Côte d'Ivoire.
• Silver: A precious metal mined from its operations in Peru and Mexico.
• Lead: A base metal produced from its Caylloma mine in Peru.
• Zinc: A base metal extracted from its Caylloma mine in Peru.

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Major Customers of Fortuna Silver Mines Inc. (FSM)

Fortuna Silver Mines Inc. is a mining company that extracts and produces precious metals (silver and gold) and base metal concentrates (lead and zinc). As such, it operates as a business-to-business (B2B) supplier, selling its raw or semi-processed mineral products to other companies within the global metals industry, rather than directly to individuals.

Mining companies like Fortuna generally do not publicly disclose the specific names of their major customers due to the commodity nature of their products and competitive reasons. However, based on typical industry practices for producers of precious and base metals, their customers fall into the following categories:

• Precious Metal Refiners: For their gold and silver dore (unrefined metal) production, the primary customers are specialized precious metal refineries. These companies process the dore into high-purity, marketable forms such as bullion bars.
• Base Metal Smelters: For their lead and zinc concentrates, the customers are base metal smelters. These industrial facilities process the concentrates to extract and refine the contained metals.
• Metal Trading Houses: Large international commodity trading firms may also act as customers, purchasing concentrates or dore for onward sale and distribution to refiners and smelters globally.

While specific customer companies are not typically identified by Fortuna Silver Mines Inc., their sales are directed towards these industrial buyers who further process or trade the extracted metals.

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Jorge A. Ganoza, President, CEO and Director
Jorge A. Ganoza co-founded Fortuna Silver Mines Inc. (now Fortuna Mining) in 2004 and has served as its President and CEO since January 2006. He is a fourth-generation miner from a Peruvian family with a history of owning and operating underground gold, silver, and base metal mines. Prior to co-founding Fortuna, Mr. Ganoza worked in business development at senior levels for several private and public Canadian junior mining companies operating across Latin America. He previously served as a Director of Ferreycorp from March 2017 to July 2020.

Luis D. Ganoza, Chief Financial Officer
Luis D. Ganoza has been the Chief Financial Officer at Fortuna Silver Mines Inc. since June 2006. He possesses over 14 years of experience in the operation and financial management of mining companies. Before joining Fortuna, he was the Controller and Treasurer for Minera Atacocha, one of Peru's largest public mining companies, which was subsequently acquired by the Votorantim Group. Mr. Ganoza also serves as a Director and Non-Executive Chairman of Atico Mining Corporation.

Cesar E. Velasco, Chief Operating Officer – Latin America
Cesar E. Velasco was appointed Chief Operating Officer, Latin America, effective September 1, 2021. He joined Fortuna in 2018 as Country Head Peru. Mr. Velasco is an executive with 23 years of global experience in the mining and manufacturing industry, having held senior management positions in various large private and public multinational companies throughout Latin America, including EXSA, ENAEX–EXSA JV, and Dyno Nobel Latin America.

David Whittle, Chief Operating Officer – West Africa
David Whittle serves as the Chief Operating Officer for West Africa. He has over 30 years of international mining industry experience spanning exploration, development, and production across Africa and Australia. His experience includes working with both junior and major mining companies.

Eric Chapman, Senior Vice President, Technical Services
Eric Chapman is a geologist with over 20 years of experience who joined Fortuna Silver Mines Inc. in 2011. He was appointed Vice President, Technical Services in 2017, and later became Senior Vice President, Technical Services. Prior to his time at Fortuna, Mr. Chapman was a Senior Consultant for Snowden Mining Industry Consultants, where he worked on various mine and exploration projects in Africa and the Americas.

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Here are the key risks to Fortuna Mining (FSM):

1. Commodity Price Volatility: Fortuna Mining's financial performance is highly susceptible to fluctuations in the global prices of precious and base metals, including silver, gold, lead, and zinc. These prices are cyclical and can be influenced by economic conditions, central bank policies, and geopolitical events, directly impacting the company's revenues and profits.

2. Geopolitical and Jurisdictional Risks: The company operates mines in several countries, including Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire. Many of these jurisdictions are traditionally viewed as riskier, exposing Fortuna Mining to potential political instability, changes in mining regulations and taxation, social unrest, and community disputes. These factors can lead to operational disruptions, increased costs, and impact the company's valuation.

3. Operational Disruptions and Production Challenges: Fortuna Mining faces inherent operational risks common to the mining industry, such as supply chain interruptions, technical failures, accidents, and labor disputes. More specifically, the company has experienced declining production due to events like a seismic incident at the Yaramoko mine and the planned closure of the San Jose mine in 2025, with no immediate new projects to offset this decline.

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Addressable Markets for Fortuna Mining's Main Products:

• Silver: The global silver market size was valued at USD 23.51 billion in 2025 and is projected to reach USD 36.51 billion by 2035, growing at a CAGR of 4.50% from 2026 to 2035. Another estimate indicates the global silver market size was anticipated to reach USD 21.91 billion in 2025, growing at a CAGR of 3.31% during the forecast period from 2025 to 2033. Industrial use now dominates silver demand, accounting for nearly two-thirds of total consumption.
• Gold: The global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a CAGR of 6.51% over the forecast period of 2025-2030. In terms of volume, the global gold market size stood at 4,890.0 tons in 2025 and is expected to grow from 5,118.1 tons in 2026 to 7,424.4 tons by 2034, recording a CAGR of 4.70%. Asia Pacific dominated the gold market with a market share of 65.54% in 2025.
• Lead: The global lead market size was valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034, with a projected CAGR of 5.84%. Another source reported the global lead market was valued at USD 29.9 billion in 2025 and is estimated to reach USD 31.2 billion in 2026. The increasing demand for lead-acid batteries accounts for approximately 86% of total lead consumption, essential in automotive applications, uninterruptible power supplies, and energy storage systems. The Asia-Pacific region covers major consumers like China, Japan, and India and dominates global lead consumption.
• Zinc: The global zinc market size was estimated at USD 23.36 billion in 2024. In terms of volume, the zinc market size was valued at 13.78 million tons in 2025 and is estimated to grow to 15.06 million tons by 2031, at a CAGR of 1.57% during the forecast period (2026-2031). The global zinc market is projected to grow at a 5.58% CAGR from 2025 to 2035, driven by increasing demand in construction, automotive, and renewable energy sectors. Asia-Pacific commanded 62.86% of 2025 volume and is set to remain the dominant consumer.

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Future Revenue Growth Drivers for Fortuna Silver Mines Inc. (FSM)

1. Increased Gold Production from the Séguéla Mine and its Expansion: The Séguéla mine in Côte d'Ivoire is a cornerstone of Fortuna's gold-led growth strategy. It significantly contributed to increased net income and lower consolidated costs in the first quarter of 2024. The mine is ramping up towards its nameplate capacity, with satellite deposits such as Sunbird, Koula, and Ancien scheduled to commence production sequentially through 2025–2027, supporting an annual run-rate of 150,000 to 200,000 ounces of gold. Furthermore, an expansion of the Séguéla plant capacity by 15% to 40% is anticipated in the second quarter of 2026, which is expected to further boost gold output. The mine's mineral reserves have also increased by 31%, extending its operational life to over nine years.
2. Development of the Diamba Sud Gold Project: The Diamba Sud project in Senegal is identified as a significant emerging growth engine for Fortuna. Recent drilling has substantially increased the indicated mineral resources by 53% and inferred resources by 93% within six months, now totaling 1 million ounces of indicated and inferred resources. The project's indicated mineral resources now stand at 1.25 million ounces, with a feasibility study projected for completion by mid-2026. This development is critical to Fortuna's long-term objective of achieving over 500,000 ounces of gold production annually.
3. Optimization and Life Extension of Existing Gold Assets: Fortuna is focused on optimizing its current gold-producing assets to enhance output and extend mine life. For instance, the Lindero gold project in Argentina aims to increase its annual production to between 110,000 and 130,000 ounces by 2025 through improved stacking and recovery methods, alongside low-capital expenditure debottlenecking. Similarly, ongoing infill drilling and regional exploration at the Yaramoko mine in Burkina Faso are targeting production stabilization to 100,000–130,000 ounces per year, with updated reserves and resources expected in the 2025 technical report. The company's strategic decision to divest non-core assets like the San Jose and Yaramoko mines in 2025 allows for a concentrated focus on higher-yield, longer-life gold operations.
4. Favorable Precious Metal Price Environment: The company's financial outlook is supported by expectations of higher precious metal prices, particularly for gold. Increased gold sales volume and higher realized gold and silver prices have already contributed to improved financial results. Analysts are projecting higher gold prices in the coming years, with some forecasts reaching $6,000 per ounce by 2026. This elevated price environment is expected to enhance revenue, although it may also lead to higher costs due to royalties.

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Share Repurchases

• Fortuna Silver Mines Inc. received approval in April 2025 from the Toronto Stock Exchange to renew its normal course issuer bid, authorizing the repurchase of up to 5% of its outstanding common shares, which equates to approximately 15.3 million common shares, through May 1, 2026.
• Between December 23, 2025, and January 7, 2026, the company repurchased 1,700,000 common shares on the open market for a total consideration of $17,019,894, at a weighted-average price of $10.01 per share. These repurchases represented approximately 11% of the shares authorized under the NCIB.
• As of April 28, 2025, under its prior normal course issuer bid, Fortuna repurchased an aggregate of 7,319,540 common shares at a weighted-average price of US$4.7203 per common share.

Outbound Investments

• Fortuna completed the sale of its San Jose Mine in April 2025 and the Yaramoko Mine in May 2025, as part of a strategy to streamline its portfolio by divesting non-core assets.

Capital Expenditures

• Fortuna's capital expenditures for the full year 2025 amounted to $178.1 million.
• In the fourth quarter of 2025, non-sustaining capital expenditures totaled $20.6 million, with $10.7 million allocated to mine site exploration and other items, and $10.1 million directed towards the Diamba Sud project.
• For 2026, the company has allocated significant capital towards project development and exploration, including $100 million for the Diamba Sud project and $55 million for exploration activities. These expenditures are focused on growth initiatives, such as advancing the Diamba Sud project in Senegal and the Séguéla plant expansion in Côte d'Ivoire, and brownfield exploration at Séguéla and Caylloma.