Below is a list of institutions that provide research coverage of Fortuna Silver Mines Inc. Fortuna does not provide analyst coverage reports nor endorses or approves any opinions, estimates or forecasts made by the analysts who cover the Company. Please contact the analyst directly if you want to receive a copy of their report or discuss their views.

BMO Capital Markets Andrew Kaip Initiated coverage July 12, 2010

Tel. +1.416.359.7224

Canaccord Adams Nicholas Campbell Initiated coverage December 1, 2009

Tel. +1.604.643.7027

CIBC World Markets Brian Quast Initiated coverage March 2, 2010

Tel. +1.416.594.7000

Collins Stewart Europe Limited Andrei Kroupnik Initiated coverage November 12, 2011

Tel. +44 (0) 20 7523 8370

Cormark Securities Inc. Graeme Jennings Initiated coverage June 24, 2011

Tel. +1.416.943.4220

Haywood Securities Inc. Chris Thompson Initiated coverage June 10, 2011

Tel. +1.604.697.6149

Mark Turner (Independent analyst) Initiated coverage March 2008