4
FORTUNA SILVER MINES INC. | 2013 ANNUAL REPORT
Silver production increases for the seventh consecutive year, reaching a record 4.6
million ounces, while gold production rises by 3% to 21,200 ounces. Balance sheet
and treasury remain strong at year-end.
Financial
• Sales of $137.4 million, compared with $161.0
million in 2012
• Cash cost per silver ounce of $7.03, net of by-
products, compared with guidance of $6.55
• Consolidated all-in sustaining cash cost per ounce
of silver of $20.45, net of by-products, compared
with guidance of $20.45
• Net loss of $19.1 million after a non-cash
impairment charge of $20.4 million, net of tax,
compared with net income of $31.5 million in 2012
• Cash generated by operating activities of $40.9
million, compared with $62.2 million in 2012
• Adjusted net income of $9.4 million or earnings
per share of $0.08 compared with earnings of
$0.25 in 2012
Production and reserves
• Silver production increases by 16% to 4.6 million
ounces
• Gold production rises by 3% to 21,242 ounces
• Combined Inferrred Resources for Caylloma and
San Jose increased to 11.6 Mt containing an
estimated 59.1 Moz silver averaging 159 g/t and
370.9 koz gold averaging 1.0 g/t; year-over-year
increases of 26% and 36%, respectively
• San Jose mill capacity expanded from 1,150 to
1,800 tpd
Community and environment
• Approximately $3 million invested in social
programs in Peru and Mexico, with an emphasis
on education, health and nutrition, and
sustainable development
2013 highlights
Capital share structure*
Issued and Outstanding 126,335,370
Stock options
6,866,027
Warrants
0
Fully Diluted
133,201,397
* May 9, 2014
Brownfields team at Caylloma Mine
San Jose Mine crushing circuit
