Reserves and Resources

Mineral Reserves - Proven and Probable

PropertyClassificationTonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Contained Metal
Ag
(Moz)
Au
(koz)
Caylloma Mine, Peru
Silver VeinsProven18760.480.150.270.00.0
 Probable884970.880.230.321.42.5
 Proven + Probable895020.870.230.321.42.5
Polymetallic VeinsProven115840.291.993.080.31.1
 Probable1,399660.192.403.833.08.5
 Proven + Probable1,513670.202.373.773.39.5
Combined-All VeinsProven116920.291.973.050.31.1
 Probable1,487910.232.273.624.410.9
 Proven + Probable1,603910.232.253.584.712.0

Mineral Resources - Measured and Indicated

PropertyClassificationTonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Contained Metal
Ag
(Moz)
Au
(koz)
Caylloma Mine, PeruMeasured510780.321.192.291.35.3
 Indicated1,386900.321.362.234.014.3
 Measured + Indicated1,896870.321.322.245.319.6

Mineral Resources - Inferred

PropertyClassificationTonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Contained Metal
Ag
(Moz)
Au
(koz)
Caylloma Mine, PeruInferred5,7511050.352.824.0719.565.6

Notes:

  1. Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves
  2. Mineral Resources are exclusive of Mineral Reserves
  3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
  4. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources or Mineral Reserves at Caylloma
  5. Mineral Resources and Mineral Reserves are estimated as of September 30, 2017 and reported as of December 31, 2017 taking into account production-related depletion for the period through December 31, 2017
  6. Mineral Reserves for Caylloma are estimated using break-even cut-off grades based on estimated NSR values using assumed metal prices of US$19/oz Ag, US$1,250/oz Au, US$2,200/t Pb and US$2,500/t Zn; metallurgical recovery rates of 84% for Ag, 17% for Au, 93% for Pb and 90% for Zn with the exception of high zinc oxide areas that use metallurgical recovery rates of 57% for Ag, 17% for Au, 57% for Pb and 35% for Zn; and actual operating costs. Caylloma Mineral Resources are reported based on estimated NSR values using the same metal prices and metallurgical recovery rates as detailed for Mineral Reserves; and an NSR cut-off grade of US$50/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$135/t for veins classified as narrow (all other veins)
  7. Eric Chapman, P.Geo. (APEGBC #36328) is the Qualified Person for resources and Edwin Gutierrez (SME Registered Member #4119110RM) is the Qualified Person for reserves, both being current or former employees of Fortuna Silver Mines Inc.
  8. Totals may not add due to rounding procedures
Technical Report

Technical Report

Effective Date: August 31, 2016

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