Proven mine builders and operators

• Disciplined growth strategy and low cash-operating costs
• Caylloma Mine restarted in 2006 and production ramped-up year-after-year
• San Jose Mine completed on schedule and on budget in 2011

Sustainable growth in silver and gold production in Peru and Mexico

• 2011 production: 2.5 million ounces of silver and 7,000 ounces of gold, plus base metals
• 2012 production: 4.0 million ounces of silver and 20,699 ounces of gold, plus base metals
• 2013 production forecast: 4.4 million ounces of silver and 23,300 ounces of gold plus base metals
• 2014 production forecast: 5 million ounces of silver and 26,000 ounces of gold, plus base metals

Financially stable and profitable

• US$68 million in cash and short-term investments (Q1 2013)
• No long-term debt
• US$40 million untapped revolving credit facility

Fueling Growth

The company's strategy is to grow organically by exploring and developing our commanding land packages in Peru and Mexico. Fortuna plans to supplement this growth by selectively pursuing the acquisition of advanced-stage, silver-rich projects in Latin America.

To execute this strategy, Fortuna will focus on the Americas and on high-margin operations The objective is to achieve 14 million silver equivalent ounces in production by 2016; 7 million from current reserves and mine plans and 7 million from new reserves. We are implementing our growth strategy with the following initiatives:

Maximize production, profitability and cash flow of operating mines

• Commissioning of San Jose expansion to design capacity of 1,500 tpd by 3Q 2013
• Focus on operational efficiencies to reduce cash costs
• Convert silver/gold concentrate to dore production at San Jose in an off-site facility

Capitalize on brownfields exploration opportunities

• Conduct 51,000 meters of exploration and development drilling in 2013
• Continue generating silver-gold targets on extensive land packages at San Jose and Caylloma

Pursue M&A opportunities

• Evaluate post-discovery, pre-development stage opportunities in the Americas
• Seek projects with silver/gold contribution of no less than 50% of revenue
• Focus on projects with cash cost per silver ounce below industry median