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Here are a few analogies for Fortuna Mining (FSM):

• A diversified silver and gold miner, like a smaller Barrick Gold but with a greater emphasis on silver.
• Like Newmont (a gold mining giant), but scaled down and with a stronger silver portfolio.
• Similar to Pan American Silver, but also a significant gold producer.

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• Silver: A precious metal primarily used in jewelry, investment, and various industrial applications.
• Gold: Another precious metal widely used in jewelry, investment, and diverse industrial and electronic applications.
• Lead: A base metal primarily utilized in batteries, solders, and various industrial applications.
• Zinc: A base metal mainly used for galvanizing steel, in alloys, and for die-casting.

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Fortuna Mining (symbol: FSM), which is officially known as Fortuna Silver Mines Inc., sells primarily to other companies (B2B) rather than directly to individuals.

As a mining company producing precious metals (silver and gold) and base metals (lead and zinc), Fortuna Silver Mines Inc. typically sells its commodities to a diverse global market. Due to the fungible nature of these products and competitive considerations, Fortuna Silver Mines Inc. does not publicly disclose the names of specific major customer companies that represent a significant portion of its revenue in its financial filings. Instead, it describes the categories of buyers for its products. The primary types of customer companies for Fortuna Silver Mines Inc. include:

• Precious Metal Refineries: These companies process the doré bars (a semi-pure alloy of gold and silver) produced by Fortuna into refined, investment-grade precious metals. Fortuna has previously mentioned using internationally recognized refiners such as Valcambi S.A. (a private company based in Switzerland).
• Metal Traders: Large international commodity trading firms that purchase base metal concentrates (lead and zinc) from Fortuna. These traders then distribute the concentrates to various industrial smelters and end-users globally. These are typically private entities or divisions of larger diversified trading groups.
• Industrial Smelters: Companies that directly purchase base metal concentrates (lead and zinc) for processing into refined base metals, which are then used in manufacturing and various other industries. These smelters operate worldwide and are often private or subsidiaries of larger industrial groups.

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Jorge A. Ganoza Durant, President, Chief Executive Officer & Director

Mr. Ganoza co-founded Fortuna Silver Mines Inc. in 2004. He is an experienced geological engineer with over 25 years of experience in mineral exploration, mining, and business development across Latin America, having worked in senior business development roles for various private and public Canadian junior mining companies before co-founding Fortuna. Mr. Ganoza is a fourth-generation miner from a Peruvian family with a history of owning and operating underground gold, silver, and polymetallic mines. He served as a Director of Ferreycorp from March 2017 to July 2020 and is currently a Director and Vice President-Operations at Atico Mining Corporation, a role he has held since 2019 (Director since 2010).

Luis D. Ganoza Durant, Chief Financial Officer

Mr. Ganoza has served as the Chief Financial Officer of Fortuna Silver Mines Inc. since 2006. He possesses over 14 years of experience in the operational and financial management of mining companies. Prior to joining Fortuna, he held the positions of Controller and Treasurer for Minera Atacocha, which was one of Peru's largest public mining companies and was subsequently acquired by Votorantim Group. Mr. Ganoza holds a B.Sc. in Mining Engineering, an MBA, and an M.Sc. in Accounting and Finance. He also serves as the Board Chair for Atico Mining Corporation.

David Whittle, Chief Operating Officer, West Africa

Mr. Whittle is the Chief Operating Officer for West Africa. His prior experience includes serving as COO and EVP of Quintana Resources Capital, a base metals streaming company, and he was one of the original executives of Endeavour Mining, a gold producer in West Africa. He has also held senior positions in mining investment banking at Standard Bank in New York, technical consulting at MRDI in California, the Refugio project at Bema Gold Corp., and various operational roles with Billiton in Peru, South Africa, and northern Chile.

Cesar E. Velasco, Chief Operating Officer, Latin America

Mr. Velasco serves as the Chief Operating Officer for Latin America.

Paul Weedon, Senior Vice President of Exploration

Mr. Weedon holds the position of Senior Vice President of Exploration.

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Key Risks to Fortuna Mining (FSM)

1. Declining Production and Short Mine Life: Fortuna Mining faces a significant challenge with the closure of its San Jose mine in 2025 and the limited reserve life of its Yaramoko mine, estimated at approximately two years as of October 2024. This is projected to result in a substantial decline in gold equivalent production, potentially over 35% from 2024 to 2026. The company is undergoing a "growth-transition" phase, aiming to rebuild its production profile, but this introduces execution risks associated with its key growth projects.
2. Jurisdictional Risk: Fortuna operates in multiple regions, including Côte d'Ivoire, Burkina Faso, Argentina, Mexico, and Peru. These jurisdictions are often perceived as higher-risk for mining operations, which can lead to various operational challenges such as permitting issues, potential political instability, and even mine suspensions or seizures. Such risks can negatively impact the company's valuation compared to its peers operating in more stable regions.
3. Commodity Price Volatility: As a precious and base metal producer, Fortuna Mining's financial performance is highly susceptible to fluctuations in the prices of gold, silver, lead, and zinc. While favorable commodity prices can boost revenues and profits, significant downward movements can adversely affect the company's profitability and share price.

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• Gold: The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach around USD 400 billion by 2030.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033.
• Lead: The global lead market size was valued at approximately USD 23.34 billion in 2024 and is expected to reach USD 37.20 billion by 2032.
• Zinc: The global zinc market size was valued at USD 36.26 billion in 2024 and is projected to reach USD 54.11 billion by 2032.

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Fortuna Mining (symbol: FSM) is poised for future revenue growth over the next 2-3 years, primarily driven by several key factors related to its operational assets and market conditions.

Here are 3-5 expected drivers of future revenue growth:

1. Increased Gold Production from the Séguéla Mine in Côte d'Ivoire: The Séguéla mine is a flagship asset on a clear growth path. Fortuna has provided guidance for increased gold production from Séguéla, expecting 140,000 ounces in 2025 and 170,000 to 180,000 ounces in 2026, as its expansion plan comes online. The company is actively exploring options to enhance the process plant throughput and is continuing drilling to expand the underground resource, with underground mining operations anticipated to begin in 2027. This expansion and optimization are expected to directly contribute to higher gold output and, consequently, increased revenue.
2. Advancement and Future Production from the Diamba Sud Project in Senegal: The Diamba Sud project is emerging as Fortuna's next significant growth engine. A construction decision for this project is on the horizon for the first half of 2026. A Preliminary Economic Assessment (PEA) outlines an average annual gold production of 147,000 ounces during the first three years of operation. While the first gold pour is targeted for the second quarter of 2028, the substantial progress in development and the impending construction decision within the next 2-3 years will establish a solid foundation for future revenue.
3. Favorable Precious Metal Prices: Fortuna Mining has significantly benefited from incrementally higher gold prices in recent quarters. The company realized an average gold price of $2,490 per ounce in Q3 2024, $2,660 in Q4 2024, and $3,467 per ounce in Q3 2025. Sustained or further increases in gold and silver prices will directly translate to higher revenue for the same volume of metal produced. The global silver market is also projected to see rising prices, driven by supply deficits and increasing demand, which Fortuna's diversified portfolio is well-positioned to capitalize on.
4. Exploration Success and Resource Expansion: Fortuna is actively engaged in exploration programs aimed at expanding and upgrading mineral resources at its existing properties, particularly at Séguéla (Sunbird and Kingfisher deposits) and Diamba Sud. These ongoing efforts to identify new mineralization and extend the life of existing mines contribute to the long-term production pipeline and increase the overall resource base, which is crucial for sustaining and growing revenue beyond the immediate future.

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Share Repurchases

• Fortuna Mining renewed its Normal Course Issuer Bid (NCIB) to repurchase up to 5% of its outstanding common shares, equivalent to 15,347,999 common shares, between May 2, 2025, and May 1, 2026. This program is valued at approximately $110 million at current prices (as of August 2025).
• Under its previous NCIB, which expired in May (likely May 2025), the company repurchased 7.32 million shares at a weighted-average price of $4.72 per share. This amounted to approximately $34.1 million in buybacks in the previous year (likely 2024).
• In Q1 2025, Fortuna repurchased approximately 0.9 million shares for $4.2 million.

Share Issuance

• No specific dollar amount of shares issued was found for the last 3-5 years.

Inbound Investments

• No information available on large inbound investments made in Fortuna Mining by third-parties.

Outbound Investments

• Fortuna completed the divestment of its interest in Roxgold Sanu S.A. (which owned the Yaramoko Mine) and three other wholly-owned Burkina Faso subsidiaries on May 12, 2025, receiving net proceeds of $68.8 million.
• The company completed the sale of its non-core San Jose Mine in Mexico by April 14, 2025.
• Fortuna acquired 15% of Awale Resources, which holds the Odienne project and other permits in Côte d'Ivoire, as of June 11, 2025.

Capital Expenditures

• Fortuna's capital expenditures were $48.5 million in Q3 2025. This included $17.4 million in non-sustaining capital expenditures, primarily allocated to mine site exploration ($9.8 million) and the Diamba Sud Gold Project ($6.5 million).
• The anticipated capital expenditures for the full year 2025 have been adjusted upwards to approximately $190 million, reflecting increased exploration allocations at Séguéla and Diamba. Mine site capital, projects, and greenfield exploration for 2025 are projected at $195 million.
• Annual capital expenditures were $204 million in 2024, $217 million in 2023, and $251 million in 2022.