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  • Caylloma Mine, Peru

OPERATING HIGHLIGHTS

  20201 2021E1
Tonnes milled (000) 510 530
Average milled (tpd) 1,433 1,500
Silver production (Moz) 1.0 1.0 - 1.1
Gold production (koz) 4.1 -
Lead production (Mlbs) 30 29 - 32
Zinc production (Mlbs) 46 44 - 49
Cash cost (US$/t) $81.8 $85.0 - $93.0
AISC2 (US$/oz Au) $17.8 $19.4 - $23.0

Notes

Commodities
Silver, zinc, lead
Ownership
100%
Operation
1,430
tonnes per day
Claim block area
36,000
hectares
Deposit type
Intermediate sulphidation
epithermal deposit
Mining method
Underground
cut-and-fill

Mineral Reserves and Resources

  Contained Metal
Property Classification Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
  Ag
(Moz)
Au
(koz)
Mineral Reserves - Proven and Probable
Caylloma Mine, Peru
Silver Veins Proven 22 417 1.17 0.52 0.57   0.3 0.8
  Probable 77 578 1.30 0.23 0.24   1.4 3.2
  Proven + Probable 98 542 1.27 0.29 0.31   1.7 4.0
Polymetallic Veins Proven 109 97 0.44 2.62 2.61   0.3 1.6
  Probable 1,455 80 0.21 2.80 3.83   3.7 9.7
  Proven + Probable 1,564 81 0.22 2.78 3.75   4.1 11.2
Combined-All Veins Proven 131 150 0.56 2.27 2.28   0.6 2.4
  Probable 1,532 105 0.26 2.67 3.65   5.2 12.9
  Proven + Probable 1,662 108 0.28 2.64 3.54   5.8 15.2
Mineral Resources - Measured and Indicated
Caylloma Mine, Peru Measured 529 106 0.37 1.92 3.37   1.8 6.3
  Indicated 1,611 96 0.26 1.74 3.36   5.0 13.5
  Measured + Indicated 2,140 99 0.29 1.78 3.36   6.8 19.8
Mineral Resources - Inferred
Caylloma Mine, Peru Inferred 3,751 122 0.40 2.70 4.08   14.7 48.5
  • Notes:
    • Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
    • Mineral Resources are exclusive of Mineral Reserves
    • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
    • Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
    • Caylloma Mineral Resources and Reserves are estimated as of June 30, 2020 and reported as of December 31, 2020 taking into account production-related depletion for the period through December 31, 2020
    • Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at US$ 83.37/t; mechanized (enhanced) at US$ 81.66/t; semi-mechanized at US$ 90.19/t; and a conventional method at US$173.74/t; using assumed metal prices of US$21/oz Ag, US$1,600/oz Au, US$2,000/t Pb and US$2,270/t Zn; metallurgical recovery rates of 83% for Ag, 42% for Au, 91% for Pb and 90% for Zn with the exception of the Ramal Piso Carolina vein that uses a metallurgical recovery rate of 75% for Au. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2019 through June 2020. Mining recovery is estimated to average 95% with average mining dilution ranging from 13% to 32% depending on the mining methodology. Mineral Resources are reported at an NSR cut-off grade of US$65/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$135/t for veins classified as narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices
    • Eric Chapman, P. Geo. (APEGBC #36328) is the Qualified Person for Mineral Resources and Amri Sinuhaji (APEGBC #48305) is the Qualified Person for Mineral Reserves, both being employees of Fortuna Silver Mines Inc.
    • Totals may not add due to rounding procedures

       

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