Mineral Reserves - Proven and Probable     Contained Metal
PropertyClassificationTonnes
(000)
Ag
 (g/t)
Au
 (g/t)
Pb
 (%)
Zn
 (%)
Ag (Moz)Au
(koz)
Silver
Mines
Caylloma,
Peru
Proven991010.342.193.090.31
Probable2,361800.202.413.866.115
Proven + Probable2,460810.212.413.836.416
San Jose, MexicoProven2323112.12N/AN/A2.316
Probable3,7042391.58N/AN/A28.5188
Proven + Probable3,9362431.61N/AN/A30.8204
TotalProven + Probable6,3961811.07N/AN/A37.2220
Gold
Mine
Lindero, Argentina Proven25,352N/A0.76N/AN/A0.0618
Probable58,875N/A0.58N/AN/A0.01,096
Proven + Probable84,226N/A0.63N/AN/A0.01,714
Total Proven + Probable37.21,934
Mineral Resources - Measured and Indicated     Contained Metal
PropertyClassificationTonnes (000)Ag
 (g/t)
Au
 (g/t)
Pb
 (%)
Zn
 (%)
Ag (Moz)Au
(koz)
Silver
Mines
Caylloma,    PeruMeasured6811100.371.963.282.48
Indicated1,6711040.311.562.965.617
Measured + Indicated2,3521060.331.673.068.025
San Jose, MexicoMeasured171040.80N/AN/A0.10
Indicated5381050.70N/AN/A1.812
Measured + Indicated5551050.70N/AN/A1.913
TotalMeasured + Indicated2,9071060.40N/AN/A9.937
Gold
Mine
Lindero, Argentina Measured2,092N/A0.55N/AN/A0.037
Indicated16,774N/A0.49N/AN/A0.0265
Measured + Indicated18,866N/A0.50N/AN/A0.0302
Total Measured + Indicated9.9339
Mineral Resources – Inferred     Contained Metal
PropertyClassificationTonnes (000)Ag
 (g/t)
Au
 (g/t)
Pb
 (%)
Zn
 (%)
Ag (Moz)Au
(koz)
Silver
Mines
Caylloma, PeruInferred4,0561120.372.584.0014.648
San Jose, MexicoInferred3,8891310.96N/AN/A16.3120
TotalInferred7,9451210.66N/AN/A30.9168
Gold
Mine
Lindero, ArgentinaInferred8,600N/A0.38N/AN/A0.0106
TotalInferred30.9 274
  1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for 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. 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
  5. Mineral Resources and Mineral Reserves are estimated as of September 25, 2019 for the San Jose Mine and as of June 30, 2019 for the Caylloma Mine and reported for both mines as of December 31, 2019 taking into account production-related depletion for the period through December 31, 2019. Mineral Resources and Mineral Reserves for Lindero are estimated and reported as of March 31, 2019
  6. Mineral Reserves for the San Jose Mine are based on underground mining within optimized stope designs using an estimated NSR break-even cut-off grade of US$64.54/t, equivalent to 138 g/t Ag Eq based on assumed metal prices of US$17/oz Ag and US$1,380/oz Au; estimated metallurgical recovery rates of 91 % for Ag and 90 % for Au and mining costs of US$33.24/t; processing costs of US$17.12/t; and other costs including distribution, management, community support and general service costs of US$15.18/t based on actual operating costs. Mining recovery is estimated to average 91% and mining dilution 11%. Mineral Resources are reported at a 110 g/t Ag Eq cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices. Proven and Probable Mineral Reserves include 2.36 Mt containing 20.4 Moz of silver and 124 koz of gold reported at a 142 g/t Ag Eq cut-off grade, in addition to Inferred Resources totaling 2.71 Mt containing 10.9 Moz of silver and 78 koz of gold reported at a 110 g/t Ag Eq cut-off grade, located in the Taviche Oeste concession and subject to a 2.5 % royalty
  7. Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on the proposed mining method for extraction including; mechanized (breasting) at US$ 85.26/t; mechanized (enhanced) at US$ 78.90/t; and semi-mechanized at US$ 86.03/t using assumed metal prices of US$17/oz Ag, US$1,380/oz Au, US$2,170/t Pb and US$2,590/t Zn; metallurgical recovery rates of 84 % for Ag, 25 % 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 2018 through June 2019. Mining recovery is estimated to average 93 % with mining dilution ranging from 10 % to 22 % 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) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices and US$135/t for veins classified as narrow (all other veins) based on narrow vein mining methods
  8. Mineral Reserves for Lindero are reported based on open pit mining within a designed pit shell for variable gold cut-off grades and gold recoveries by metallurgical type. Met type 1 cut-off 0.27 g/t Au, recovery 75.4 %; Met type 2 cut-off 0.26 g/t Au, recovery 78.2 %; Met type 3 cut-off 0.26 g/t Au, recovery 78.5 %; and Met type 4 cut-off 0.30 g/t Au, recovery 68.5 %. Mining recovery is estimated to average 100% and mining dilution 0%. The cut-off grades and pit design are considered appropriate based on long term gold prices of US$1,320/oz, estimated mining costs of US$1.28 per tonne of material, total processing and process G&A costs of US$8.29 per tonne of ore, and refinery costs net of pay factor of US$6.90 per ounce gold. Lindero Mineral Resources are reported within the same conceptual pit shell above a 0.2 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices
  9. 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.
  10. Totals may not add due to rounding procedures
  11. N/A = Not Applicable
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