Fortuna Silver Mines Inc
(NYSE:FSM)

Fortuna Silver Mines Inc. engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. Its principal properties include the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver and gold mine situated in southern Mexico; an...

Website: http://www.fortunasilver.com

Founded: 1990

Full Time Employees: 1,232

Sector: Basic Materials

Industry: Silver

Canadian Materials

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At a glance:

Multi-Asset Precious Metals Producer with Geographic Diversification: Operates a portfolio of silver and gold mining assets across the Americas, providing diversification by mine and jurisdiction while remaining leveraged to precious metals pricing.
Earnings and Cash Flow Sensitivity to Metal Prices and Grades: Financial performance is highly dependent on realized gold/silver prices, ore grades, recovery rates, and throughput; small operational variances can materially affect margins and free cash flow.
Cost and Inflation Pressures Are Key Margin Drivers: All-in sustaining costs are influenced by energy, labor, consumables, and currency movements; cost containment and productivity initiatives are central to protecting operating margins.
Exploration and Reserve Replacement Supports Longer-Term Value: Ongoing exploration and resource conversion are important to maintain mine life and production profiles, with success impacting future capital needs and valuation.
Balance Sheet and Capital Allocation Focus on Liquidity and Returns: Management’s priorities typically include maintaining adequate liquidity, funding sustaining and growth capex, and balancing debt/hedging decisions to manage risk across commodity cycles.

Bull Thesis:

Séguéla Gold Mine Driving Growth & Cash Flow: The new Séguéla mine in Côte d'Ivoire is a high-grade, low-cost asset expected to significantly increase Fortuna's gold production and generate substantial free cash flow, transforming the company's production profile and overall profitability.
Diversified Asset Portfolio & Geographic Footprint: Operating multiple mines across four different countries (Mexico, Peru, Argentina, Côte d'Ivoire) and producing both silver and gold provides diversification, reducing reliance on any single asset or jurisdiction and mitigating specific operational or political risks.
Leverage to Rising Precious Metals Prices: As a primary silver and gold producer, Fortuna Silver Mines is well-positioned to benefit significantly from an upward trend in precious metals prices, which would directly translate to higher revenues, improved margins, and enhanced shareholder value.
Exploration Potential & Resource Expansion: Ongoing exploration programs at existing mines and prospective new areas offer potential for resource expansion and discovery. Successful exploration could extend mine lives, add future production ounces, and increase the company's overall resource base.

Bear Thesis:

Geopolitical and Permitting Risks in Operating Jurisdictions: Fortuna operates in regions with varying degrees of political stability and regulatory complexity (e.g., Latin America, West Africa), exposing it to risks of permitting delays, changes in mining laws, social opposition, or increased taxation that could disrupt operations or increase costs.
Exposure to Volatile Commodity Prices: The company's financial performance is highly dependent on the fluctuating prices of silver and gold. A sustained downturn in precious metals markets would negatively impact revenues, profitability, cash flow, and the company's ability to fund future projects or return capital to shareholders.
Inflationary Cost Pressures: The mining industry is susceptible to rising input costs, including energy, labor, and consumables. Persistent global or regional inflation could erode profit margins and increase operating expenses, even if metal prices remain stable or only modestly increase.
Operational Execution and Ramp-up Risks: While Séguéla is promising, the successful ramp-up to full production and consistent performance across all mines carry inherent operational risks, including potential for unexpected technical issues, labor disputes, equipment failures, or production shortfalls that could impact targets and costs.

Main Competitors:

Pan American Silver Corp. ($PAAS) (Silver and Gold Mining), A major primary silver producer with a diversified portfolio of mines across the Americas, directly competing with Fortuna for market share in silver production, investor capital, and access to new deposits.
First Majestic Silver Corp. ($AG) (Silver Mining), Primarily focused on silver production in Mexico, First Majestic competes directly with Fortuna for high-grade silver deposits, operational efficiency, and investor interest in the Mexican silver mining sector.
Hochschild Mining PLC ($HCHDF) (Silver and Gold Mining), A well-established precious metals producer with a strong presence in Peru and Argentina, competing with Fortuna for exploration opportunities, operational talent, and investor capital in the Latin American precious metals space.
SSR Mining Inc. ($SSRM) (Gold and Silver Mining), A diversified precious metals producer with operations in North America, South America, and Turkey, competing with Fortuna for investor capital seeking exposure to precious metals, and for acquisition targets in the broader mining sector.

Moat:

Fortuna Silver Mines operates in a highly competitive global precious metals mining industry. Its moat is primarily derived from its portfolio of operating mines with established reserves and resources, often characterized by relatively low operating costs and long mine lives, providing consistent production and cash flow. Geographic diversification across the Americas and West Africa also helps mitigate single-country political and operational risks. Competition is fierce for acquiring new high-quality mineral deposits, attracting investor capital, retaining skilled personnel, and achieving operational efficiencies. Competitors include other primary silver producers, diversified precious metals miners, and even larger diversified mining companies that may have precious metals segments. The ability to manage costs, navigate complex regulatory environments, and maintain strong community relations are critical competitive factors for long-term success.

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-07	2024-12-31	2024-11-06	2024-08-08	2024-03-31	2024-03-07	2023-09-30	2023-08-09	2023-03-31	2022-12-31	2022-09-30	2022-08-10	2022-05-11	2022-03-24	2021-11-12	2021-08-12	2021-05-10	2021-03-11	2020-11-13	2020-08-14	2020-05-15	2020-05-11	2020-03-12	2019-11-14	2019-08-08	2019-05-14	2019-03-14	2018-08-09	2018-05-09	2018-03-16	2017-11-09	2017-08-14	2017-05-25	2016-11-08	2016-11-02	2016-08-08	2016-05-10	2016-03-14	2015-11-09	2015-08-10	2015-05-08	2014-11-10	2014-08-15	2014-05-16	2013-11-05	2013-08-12	2013-05-08	2013-03-20	2012-11-16	2012-08-09	2012-05-17	2011-11-10

sales	251,362,000	230,419,000	290,145,000	1,062,037,000	274,921,000	259,971,000	175,653,000	681,491,000	243,055,000	158,406,000	182,329,000	599,853,000	166,568,000	167,871,000	117,822,000	278,966,000	162,569,000	120,526,000	117,822,000	278,966,000	83,437,000	44,484,000	47,541,000	47,500,000	257,187,000	61,305,000	67,908,000	58,991,000	263,296,000	73,666,000	70,442,000	268,111,000	64,012,000	63,911,000	64,834,000	65,212,000		44,485,000	-5,190,000,000	154,700,000	-5,725	-5,696	39,804,000	46,384,000	44,319,000	45,480,000	30,203,000	30,101,000	40,713,000	37,895,000	43,835,000	38,689,000	40,601,000	32,080,000
cost of sales	118,232,000	125,390,000	174,271,000	718,430,000	187,990,000	180,039,000	135,225,000	534,695,000	177,177,000	126,539,000	118,827,000	394,376,000	141,857,000	135,327,000	66,511,000	168,745,000	115,221,000	72,056,000	66,511,000	168,745,000	41,386,000	30,707,000	40,077,000	40,100,000	172,606,000	44,634,000	44,930,000	37,504,000	166,725,000	42,274,000	39,105,000	158,551,000	39,068,000	41,700,000	37,651,000	36,798,000		28,568,000	27.1	111,100,000	28.7	28.5	27,223,000	29,664,000	28,042,000	28,276,000	22,063,000	23,623,000	23,929,000	24,631,000	24,596,000	21,611,000	19,520,000	12,269,000
mine operating income	133,130,000	105,029,000	115,874,000	343,607,000	86,931,000	79,932,000	40,428,000	146,796,000	65,878,000	31,867,000	63,502,000	205,477,000	24,711,000	32,544,000	51,311,000	110,221,000	47,348,000	48,470,000	51,311,000	110,221,000	42,051,000	13,777,000	7,464,000	7,500,000	84,581,000	16,671,000	22,978,000	21,487,000	96,571,000	31,392,000	31,337,000	109,560,000	24,944,000	22,211,000																	19,239,000	17,078,000	21,081,000	19,811,000
	-21,466,000	21,306,000	24,011,000	115,561,000	14,281,000	24,517,000	16,562,000	260,348,000	20,497,000	24,144,000						52,983,000
general and administration	26,303,000	21,575,000	25,296,000	76,085,000	16,042,000	22,415,000	14,946,000	61,456,000	14,631,000	14,587,000	16,922,000	45,360,000	13,038,000	14,820,000	8,576,000	35,086,000	11,176,000	9,161,000	8,576,000	35,086,000	8,950,000	10,379,000	3,619,000	3,600,000	29,805,000
foreign exchange loss	7,368,000	-2,325,000	-2,063,000	12,412,000	-3,406,000	1,372,000	1,572,000	8,866,000	4,923,000	1,960,000	2,970,000	6,092,000	2,374,000	3,080,000	2,398,000	12,197,000	510,000	2,044,000	2,398,000	12,197,000	3,564,000	2,604,000	1,288,000	1,300,000	13,335,000	8,446,000	-199,000	3,662,000	6,091,000	-465,000	2,176,000	2,034,000	102,000	1,095,000							1.7
reversal of impairment of mineral properties, plant and equipment	-52,745,000
write-off of mineral properties		1,997,000		14,485,000				5,874,000
other expense	-2,392,000
operating income	154,596,000	83,723,000	91,863,000	228,046,000	72,650,000	55,415,000	23,866,000	-113,552,000	45,381,000	7,723,000	40,712,000	136,879,000	5,696,000	13,147,000	40,372,000	57,238,000	21,773,000	35,865,000	40,372,000	57,238,000	28,490,000	-1,290,000	1,839,000	1,800,000	34,194,000	-1,459,000	15,711,000	10,913,000	61,586,000	22,372,000	22,428,000	110,327,000	18,888,000	14,214,000	19,556,000	21,094,000		3,582,000	-20,675	-1,800,000	4,775	7,961	7,961,000	13,201,000	7,623,000	9,273,000	2,346,000	-14,669,000	11,006,000	7,976,000	12,262,000	8,397,000	16,533,000	14,886,000
yoy	112.80%	51.08%	284.91%	-300.83%	60.09%	617.53%	-41.38%	-182.96%	696.72%	-41.26%	0.84%	139.14%	-73.84%	-63.34%	0.00%	0.00%	-23.58%	-2880.23%	2095.32%	3079.89%	-16.68%	-11.58%	-88.29%	-83.51%	-44.48%	-106.52%	-29.95%	-90.11%	226.06%	57.39%	14.69%	423.03%		296.82%	-94687.67%	-1271.89%		44894.35%	-100.26%	-113.64%	-99.94%	-99.91%	239.34%	-189.99%	-30.74%	16.26%	-80.87%	-274.69%	-33.43%	-46.42%
qoq	84.65%	-8.86%	-59.72%	213.90%	31.10%	132.19%	-121.02%	-350.22%	487.61%	-81.03%	-70.26%	2303.07%	-56.67%	-67.44%	-29.47%	162.89%	-39.29%	-11.16%	-29.47%	100.91%	-2308.53%	-170.15%	2.17%	-94.74%	-2443.66%	-109.29%	43.97%	-82.28%	175.28%	-0.25%	-79.67%	484.11%	32.88%	-27.32%	-7.29%			-17425.27%	-98.85%	-37796.34%	-40.02%	-99.90%	-39.69%	73.17%	-17.79%	295.27%	-115.99%	-233.28%	37.99%	-34.95%	46.03%	-49.21%	11.06%
investment gains	310,000	1,679,000	1,319,000	9,716,000	3,162,000	2,501,000										3,306,000				3,306,000		2,188,000	1,118,000		11,024,000
interest and finance costs	-3,155,000	-3,423,000	-3,028,000	-25,553,000	-6,278,000	-6,884,000	-2,639,000	-12,057,000	-8,157,000	-3,459,000	-2,781,000	-12,863,000	-2,438,000	-3,727,000	-2,430,000	-1,413,000	-3,967,000	-2,148,000	-2,430,000	-1,413,000									384,000
gain on derivatives	1,267,000		53,000					500,000	234,000	244,000		-2,751,000	-1,630,000	5,853,000	1,742,000	-176,000	1,822,000								-1,223,000
income before income taxes	153,018,000	81,357,000	90,207,000	212,209,000	69,534,000	51,032,000	19,801,000	-125,109,000	37,458,000	4,508,000	33,755,000	107,180,000	1,628,000	15,273,000	39,684,000	58,955,000	9,085,000	28,229,000	39,684,000	58,955,000	28,070,000	549,000	2,600,000	2,600,000	43,971,000	-1,519,000							15,744,000	14,716,000	17,576,000	22,457,000		3,186,000
income taxes																																											4,316,000	5,138,000	4,555,000	4,213,000	2,463,000	-4,132,000	4,356,000	-477,000	4,245,000	4,562,000	5,433,000	4,639,000
current income tax expense	33,563,000	23,848,000	30,561,000	96,468,000	21,861,000	23,657,000	8,997,000	35,783,000	5,134,000	1,448,000	11,863,000	51,651,000	7,172,000	8,992,000	13,979,000	38,818,000	9,017,000	12,190,000	13,979,000	38,818,000	15,540,000	4,025,000	5,939,000	5,900,000	32,631,000	5,890,000	9,912,000	8,601,000	30,563,000	12,218,000	9,746,000	34,863,000	6,675,000	8,798,000
deferred income tax recovery	-8,745,000		-8,328,000	-26,165,000		-15,965,000	-1,053,000				-5,084,000	-3,870,000	-1,418,000		-697,000	-1,416,000															-1,180,000
net income from continuing operations	128,200,000	47,705,000	67,974,000
net income from discontinued operations, net of tax		-3,638,000
net income	128,200,000	44,067,000	64,808,000	141,906,000																																			-17,290	-10,600,000	236	3,854
yoy
qoq	190.92%	-32.00%	-54.33%																																				-99.84%	-4491625.42%	-93.88%
net income from continuing operations attributable to:
fortuna shareholders	123,589,000	42,629,000	58,503,000	128,735,000	50,511,000	40,629,000	10,879,000	-128,132,000	27,466,000	3,137,000	26,066,000	57,877,000	-3,754,000	2,329,000	26,402,000	21,553,000	-453,000
non-controlling interests	4,611,000	5,076,000	6,305,000	13,171,000
net income attributable to:
earnings per share from continuing operations attributable to fortuna shareholders
basic	0.4	0.14	0.2	0.42	0.16	0.13	0.04		0.09	0.01	0.09	0.24	-0.01	0.01	0.14	0.12		0.09	0.14	0.12	0.07	-0.03	-0.03		0.15	-0.05	0.07	0.01	0.21	0.07	0.09	0.42	0.06	0.06	0.08	0.09		-0.01
diluted	0.38	0.14	0.2	0.41	0.16	0.13	0.04		0.09	0.01	0.09	0.23	-0.01	0.01	0.14	0.12		0.08	0.14	0.12	0.07	-0.03	-0.03		0.14	-0.05	0.07	0.01	0.21	0.07	0.09	0.42	0.06	0.06	0.08	0.07		-0.01
earnings per share attributable to fortuna shareholders
weighted-average number of common shares outstanding
basic	306,960	306,960	306,614	308,885	312,627	306,004	290,242	291,281	292,601	290,761	291,591	237,998	291,429	291,937	184,334	174,993	289,122	185,277	184,334	174,993	184,036	171,219	160,365		160,193	160,292	160,215	159,971	159,785	159,679	159,637	158,036	159,307	159,223	153,835	141,062		130,552
diluted	335,129	308,957	308,065	310,747	314,682	316,941	292,351	291,281	294,877	293,106	294,546	249,443	291,429	295,208	195,154	186,073	289,122	196,091	195,154	186,073	195,887	171,219	160,365		164,525	160,292	162,656	162,332	161,636	160,194	159,770	158,312	159,534	159,523	154,289	142,462		130,552
other expenses		59,000	778,000	12,579,000	1,645,000	730,000	44,000	1,310,000	221,000	7,050,000	2,396,000	16,134,000	224,000	1,016,000	-247,000	4,504,000	13,693,000	1,204,000	-247,000		898,000	1,935,000	297,000		4,611,000	1,209,000	116,000	134,000	1,961,000	1,115,000		1,681,000	821,000	1,011,000	-4,000
loss on derivatives		-622,000					-1,426,000				-4,176,000									-176,000
deferred income tax expense		9,804,000						-24,986,000	1,441,000					4,602,000							-559,000	2,179,000	1,159,000	1,200,000		301,000		-1,349,000	2,787,000	1,715,000		3,783,000
net loss from discontinued operation, net of tax			-3,166,000
impairment of mineral properties, plant and equipment								182,842,000																																								15,000,000
earnings per share
basic	0.4	0.14	0.2	0.42	0.16	0.13	0.04		0.09	0.01	0.09	0.24	-0.01	0.01	0.14	0.12		0.09	0.14	0.12	0.07	-0.03	-0.03		0.15	-0.05	0.07	0.01	0.21	0.07	0.09	0.42	0.06	0.06	0.08	0.09		-0.01
diluted	0.38	0.14	0.2	0.41	0.16	0.13	0.04		0.09	0.01	0.09	0.23	-0.01	0.01	0.14	0.12		0.08	0.14	0.12	0.07	-0.03	-0.03		0.14	-0.05	0.07	0.01	0.21	0.07	0.09	0.42	0.06	0.06	0.08	0.07		-0.01
deferred income tax (recovery) expense					-6,745,000					-412,000							-143,000	-143,000	-697,000						-12,456,000		-4,249,000						-1,199,000	-2,980,000
net income for the period					54,418,000	43,340,000	11,857,000		30,883,000	3,472,000	26,976,000		-4,126,000	1,679,000	26,402,000		211,000	16,182,000	26,402,000		13,089,000	-5,655,000	-4,498,000			-7,710,000	10,279,000	2,243,000		11,151,000	13,754,000		10,268,000	8,898,000	12,999,000	11,817,000		-1,390,000					3,854,000	7,824,000	2,868,000	4,853,000	-264,000	-10,571,000	6,665,000	8,472,000
non-controlling interest					3,907,000	2,711,000	978,000	-7,774,000	3,417,000	335,000	910,000	1,522,000	-372,000	-650,000			664,000
net loss for the year								-135,906,000
net loss attributable to:
loss per share
basic								-0.44
diluted								-0.44
write off of mineral properties									722,000				3,379,000
exploration and evaluation										547,000	502,000	1,012,000		481,000	212,000	1,196,000	196,000	196,000	212,000	1,196,000	140,000	126,000	377,000	400,000	2,411,000	1,494,000	329,000	186,000	723,000	284,000	69,000	1,534,000	41,000	63,000	89,000	18,000		76,000
income taxes - sum											6,779,000	47,781,000	5,754,000	13,594,000	13,282,000		8,874,000				14,981,000	6,204,000												5,818,000
net income attributable to: - sum											26,976,000	59,399,000	-4,126,000	1,679,000	26,402,000		211,000
impairment of mineral properties, plant, and equipment
roxgold transaction costs												-14,085,000					-10,543,000	-3,542,000
net income for the year												59,399,000				21,553,000				21,553,000					23,796,000				33,990,000			66,305,000
share of loss from associates																					9,000	23,000	44,000		225,000	45,000
(loss) on derivatives																		-1,946,000
gains on derivatives																			1,742,000
share of income from associates																				76,000
other incomes																				4,428,000				300,000							10,000
deferred income tax																				-1,416,000
interest and finance, costs net																					-420,000
interest and finance																						-349,000	-357,000		-24,000	-60,000	-107,000
investment income																								1,100,000
interest and finance (costs) income																								-400,000
net income and adjusted net income																								-4,500,000
earnings per share - basic																								-0.03																			0.03	0.06	0.02	0.04		-0.08	0.05	0.07		0.03	0.09
selling, general and administration																										6,936,000	6,963,000	6,521,000	26,189,000	8,040,000	6,895,000	24,911,000
share of loss of equity-accounted investee																											58,000	71,000	21,000	46,000		192,000	47,000	-24,000	65,000
gain on financial assets and liabilities carried at fair value																											338,000	-1,561,000	5,370,000						1,622,000	-1,863,000
income before taxes																											15,942,000	9,495,000	67,340,000	25,084,000	22,320,000	104,951,000
income tax
income tax - sum																											5,663,000	7,252,000
interest and finance income																												143,000
impairment reversal																																-31,119,000
finance items
interest income																														-923,000	-639,000	-1,950,000	-674,000	-516,000	-284,000	-89,000		-68,000					97,000	71,000	64,000	61,000	100,000	204,000	215,000	157,000	149,000	159,000	155,000	197,000
interest expense																														514,000	476,000	1,674,000	439,000	457,000	479,000	465,000		395,000					112,000	-310,000	-264,000	-268,000	-247,000	-238,000	-200,000	-138,000	-140,000	-140,000	-144,000	-135,000
other finance cost																															465,000
accretion of provisions																														194,000	178,000	684,000	173,000	162,000	163,000	124,000		212,000
loss on financial assets and liabilities carried at fair value																														-2,497,000		4,968,000	3,206,000	-605,000
weighted-average number of common shares outstanding during the period
basic	306,960	306,960	306,614	308,885	312,627	306,004	290,242	291,281	292,601	290,761	291,591	237,998	291,429	291,937	184,334	174,993	289,122	185,277	184,334	174,993	184,036	171,219	160,365		160,193	160,292	160,215	159,971	159,785	159,679	159,637	158,036	159,307	159,223	153,835	141,062		130,552
diluted	335,129	308,957	308,065	310,747	314,682	316,941	292,351	291,281	294,877	293,106	294,546	249,443	291,429	295,208	195,154	186,073	289,122	196,091	195,154	186,073	195,887	171,219	160,365		164,525	160,292	162,656	162,332	161,636	160,194	159,770	158,312	159,534	159,523	154,289	142,462		130,552
share of (income) loss of equity-accounted investee																															-241,000
(gain) loss on financial assets and liabilities carried at fair value																															-372,000
weighted-average number of common shares outstanding during the year
basic	306,960	306,960	306,614	308,885	312,627	306,004	290,242	291,281	292,601	290,761	291,591	237,998	291,429	291,937	184,334	174,993	289,122	185,277	184,334	174,993	184,036	171,219	160,365		160,193	160,292	160,215	159,971	159,785	159,679	159,637	158,036	159,307	159,223	153,835	141,062		130,552
diluted	335,129	308,957	308,065	310,747	314,682	316,941	292,351	291,281	294,877	293,106	294,546	249,443	291,429	295,208	195,154	186,073	289,122	196,091	195,154	186,073	195,887	171,219	160,365		164,525	160,292	162,656	162,332	161,636	160,194	159,770	158,312	159,534	159,523	154,289	142,462		130,552
selling, general and administrative																																	5,045,000	5,852,000	5,345,000	7,219,000		12,341,000
other expenses - sum																																		7,997,000
finance items - sum																																		-502,000
mine operating earnings																																			27,183,000	28,414,000		15,917,000	10,332	43,600,000	10,402	12,581	12,581,000	16,720,000	16,277,000	17,204,000	8,140,000	6,478,000	16,784,000	13,264,000
foreign exchange																																			2,132,000	83,000		-78,000	-0.4
income tax expense
current																																			8,003,000	10,296,000		3,553,000
deferred																																			-3,426,000	344,000		1,023,000
gain on financial assets carried at fair value																																						-143,000
mine concentrates
silver-gold
opening inventory																																							-165,000,000		-297	-303
production																																							-5,226,000,000		-5,732	-5,696
adjustment																																							14,000,000		12	30
closing inventory																																							-191,000,000		-283	-297
zinc
lead-silver
expressed in 000’s, except per share data																																							31		30	31
earnings per share, basic																																							-0.13		-0.03	0.03
earnings per share, diluted																																							-0.13		-0.03	0.03
total assets																																							379,654		392,488	351,260
long term bank loan																																							39,486		39,470
other liabilities																																							4,620		5,701	4,578
as a % of sales																																							37	28,000,000	26	27
selling, general and administrative expenses																																							9.7	17,900,000	2.3	5.5	4,575,000	3,467,000	8,606,000	7,943,000	4,951,000	5,648,000	5,616,000	5,143,000	6,839,000	4,610,000	3,890,000	5,006,000
income before tax																																							5.6	-3,200,000	5.6	4.3	8,170,000	12,962,000	7,423,000	9,066,000	2,199,000	-14,703,000	11,021,000	7,995,000	12,271,000	8,416,000	16,544,000	14,948,000
operating cash flow before changes in working capital *																																							9.9		7.7	6.8
foreign exchange (gain) loss																																								1,600,000
impairment of mineral properties																																								25,000,000
adjustments to net income, net of taxes																																								17,300,000
adjusted net income																																								6,700,000
operating cash flow before changes in working capital																																								30,600,000
corporate
add back: depreciation, depletion and amortization*																																								9,400,000
add back: share-based payments*
add back: impairment of mineral properties																																								25,000,000
add back: other operating income																																								600,000
adjusted ebitda																																								10,000,000
mine operating earnings *																																									10.3	10.4
exploration and evaluation costs																																											45,000				146,000	123,000	148,000	150,000	155,000	218,000	313,000	437,000
other operating recoveries
net finance expense																																											209,000	-239,000	-200,000
earnings per share - diluted																																											0.03	0.06	0.02	0.04		-0.08	0.05	0.07	0.06	0.03	0.09	0.08
weighted-average number of shares outstanding - basic																																											128,809,493		126,320,425	126,007,574	124,780,775	124,450,587	123,599,679	124,412,386	124,412,386	124,412,386	123,484,033	123,440,210
weighted-average number of shares outstanding - diluted																																											129,956,554	128,730,609	127,603,500	127,093,955	125,843,687	125,477,620	125,013,722	126,259,280	125,926,391	125,662,345	125,462,390	124,854,464
loss on disposal of mineral properties, plant and equipment																																												52,000	48,000				14,000
restructuring costs																																															499,000
write-off of mineral properties, plant and equipment																																															125,000	376,000
weighted-average number of shares outstanding – basic																																												127,097,274
(gain) loss on disposal of mineral properties, plant and equipment																																														-12,000
net finance income																																														-207,000	-147,000	-34,000	15,000	19,000	9,000	19,000	11,000	62,000
net income on commodity contracts
gain on disposal of mineral properties, plant and equipment																																															73,000
net loss on commodity contracts																																																					339,000	-496,000
gain on disposal of mineral properties, property, plant and equipment																																																			-47,000
write-off of deferred exploration costs																																																			30,000	3,857,000
income for the period																																																			8,026,000	3,854,000	11,111,000	10,309,000
earnings per share -basic																																																			0.06			0.08
loss on disposal of mineral properties, property, plant and equipment																																																					6,000	-22,000
notes

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-07	2025-03-31	2024-12-31	2024-11-06	2024-09-30	2024-08-08	2024-06-30	2024-03-31	2024-03-07	2023-12-31	2023-09-30	2023-08-09	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-08-10	2022-06-30	2022-05-11	2022-03-31	2022-03-24	2021-12-31	2021-11-12	2021-08-12	2021-06-30	2021-05-10	2021-03-31	2020-12-31	2020-11-13	2020-09-30	2020-08-14	2020-06-30	2020-05-15	2020-03-31	2020-03-12	2019-12-31	2019-11-14	2019-09-30	2019-08-08	2019-06-30	2019-05-14	2019-03-31	2019-03-14	2018-12-31	2018-08-09	2018-06-30	2018-05-09	2018-03-16	2017-12-31	2017-11-09	2017-09-30	2017-08-14	2017-06-30	2017-05-25	2017-03-31	2016-11-08	2016-09-30	2016-08-08	2016-06-30	2016-05-10	2016-03-31	2015-11-09	2015-09-30	2015-08-10	2015-06-30	2015-05-08	2015-03-31	2014-11-10	2014-09-30	2014-08-15	2014-06-30	2014-05-16	2014-03-31	2013-09-30	2013-08-12	2013-06-30	2013-05-08	2013-03-31	2012-11-16	2012-09-30	2012-08-09	2012-06-30	2012-05-17	2012-03-31	2011-11-10

assets
current assets
cash and cash equivalents	438,280,000	378,422,000	305,048,000	305,048,000	231,328,000	180,551,000	180,551,000	105,597,000	105,597,000	87,725,000	128,148,000	128,148,000	117,781,000	93,424,000	93,424,000	84,731,000	80,493,000	90,914,000	116,126,000	116,126,000	110,365,000	110,365,000	107,097,000	107,097,000	135,765,000	121,792,000	121,792,000	145,678,000	145,678,000	131,898,000	85,176,000	85,176,000	76,685,000	76,685,000	88,542,000	88,542,000	83,404,000	83,404,000	72,177,000	72,177,000	77,220,000	77,220,000	112,941,000	112,941,000	90,503,000	90,503,000	102,455,000	102,455,000	170,983,000	183,074,000	183,074,000	118,660,000	118,660,000	34,094,000	34,094,000	82,211,000	82,211,000	64,580,000	64,580,000	55,989	55,989	64,265,000	64,265,000	67,241,000	67,241,000	40,945,000	40,945,000	42,980,000	42,980,000	40,502,000	40,502,000	30,605,000	30,605,000	41,192,000	41,192,000	31,348,000	43,693,000	43,693,000	63,973,000	63,973,000	60,720,000	60,720,000	60,653,000	60,653,000	53,852,000	53,852,000	70,298
trade and other receivables	83,352,000	67,171,000	95,903,000	95,903,000	99,984,000	100,813,000	100,813,000	79,627,000	79,627,000	76,199,000	69,529,000	69,529,000	65,863,000	63,270,000	63,270,000	78,388,000	68,165,000	63,297,000	71,213,000	71,213,000	86,551,000	86,551,000	76,487,000	76,487,000	68,369,000	72,716,000	72,716,000	77,973,000	77,973,000	76,555,000	35,474,000	35,474,000	33,945,000	33,945,000	29,417,000	29,417,000	47,707,000	47,707,000
inventories	110,737,000	120,413,000	135,906,000	135,906,000	134,496,000	125,182,000	125,182,000	130,567,000	130,567,000	125,077,000	115,825,000	115,825,000	132,727,000	105,067,000	105,067,000	89,866,000	92,033,000	82,727,000	86,197,000	86,197,000	91,284,000	91,284,000	85,819,000	85,819,000	71,331,000	52,624,000	52,624,000	50,408,000	50,408,000	35,274,000	12,681,000	12,681,000	13,317,000	13,317,000	14,900,000	14,900,000	14,471,000	14,471,000	15,492,000	15,492,000	15,917,000	15,917,000	17,104,000	17,104,000	14,386,000	14,386,000	17,328,000	17,328,000	18,640,000	17,753,000	17,753,000	16,662,000	16,662,000	14,798,000	14,798,000	14,371,000	14,371,000	12,296,000	12,296,000	11,677,000	11,677,000	9,631,000	9,631,000	12,917,000	12,917,000	13,531,000	13,531,000	14,122,000	14,122,000	14,914,000	14,914,000	15,028,000	15,028,000	14,358,000	14,358,000	14,665,000	13,604,000	13,604,000	12,274,000	12,274,000	12,209,000	12,209,000	12,613,000	12,613,000	12,560,000	12,560,000	4,034
other current assets	14,595,000	12,593,000	12,419,000	12,419,000	20,433,000	23,914,000	23,914,000	68,274,000	68,274,000	23,024,000	19,823,000	19,823,000	13,883,000	13,249,000	13,249,000	11,797,000	12,021,000	14,913,000	14,218,000	14,218,000	13,257,000	13,257,000	11,679,000	11,679,000	13,321,000	8,469,000	8,469,000	6,540,000	6,540,000	4,340,000	5,885,000	5,885,000	7,480,000	7,480,000	8,127,000	8,127,000	5,495,000	5,495,000	3,976,000	3,976,000	4,284,000	4,284,000	6,361,000	6,361,000
	646,964,000	587,521,000	577,395,000	577,395,000	486,241,000	430,460,000	430,460,000	384,065,000	384,065,000	312,025,000	333,325,000	333,325,000	330,254,000	275,010,000	275,010,000					287,754,000		301,457,000	281,082,000	281,082,000
non-current assets
mineral properties and property, plant and equipment	1,520,641,000	1,472,442,000	1,516,324,000	1,516,324,000	1,539,187,000	1,559,775,000	1,559,775,000	1,559,791,000	1,559,791,000	1,567,066,000	1,574,212,000	1,574,212,000	1,660,857,000	1,653,353,000	1,653,353,000	1,627,953,000	1,567,622,000	1,730,473,000	1,728,538,000	1,728,538,000	1,719,255,000	1,719,255,000	1,712,354,000	1,712,354,000
other non-current assets	73,303,000	78,298,000	92,841,000	92,841,000	90,104,000	93,373,000	93,373,000	80,962,000	80,962,000	67,379,000	59,416,000	59,416,000	54,565,000	62,233,000	62,233,000	49,357,000	51,923,000
total assets	2,240,908,000	2,138,261,000	2,186,560,000	2,186,560,000	2,115,532,000	2,083,608,000	2,083,608,000	2,024,818,000	2,024,818,000	1,947,380,000	1,967,863,000	1,967,863,000	2,046,586,000	1,991,503,000	1,991,503,000	1,946,059,000	1,876,224,000	2,032,631,000	2,059,994,000	2,059,994,000	2,060,389,000	2,060,389,000	2,021,922,000	2,021,922,000	2,002,142,000	1,083,202,000	1,083,202,000	1,069,074,000	1,069,074,000	1,055,338,000	987,818,000	987,818,000	959,387,000	959,387,000	957,743,000	957,743,000	936,065,000	936,065,000	871,483,000	871,483,000	823,310,000	823,310,000	796,718,000	796,718,000	786,517,000	786,517,000	721,147,000	721,147,000	707,504,000	706,648,000	706,648,000	652,891,000	652,891,000	637,805,000	637,805,000	638,285,000	638,285,000	543,356,000	543,356,000	387,713,000	387,713,000	392,165,000	392,165,000	398,648,000	398,648,000	392,488,000	392,488,000	351,260,000	351,260,000	342,413,000	342,413,000	330,791,000	330,791,000	318,349,000	318,349,000	311,170,000	310,291,000	310,291,000	327,346,000	327,346,000	304,612,000	304,612,000	288,686,000	288,686,000	280,825,000	280,825,000	243,183
liabilities
current liabilities
trade and other payables	115,387,000	134,004,000	146,845,000	146,845,000	151,642,000	143,232,000	143,232,000	143,153,000	143,153,000	139,389,000	148,084,000	148,084,000	120,521,000	110,736,000	110,736,000	115,099,000	111,896,000	105,341,000	98,195,000	98,195,000	119,361,000	119,361,000	133,805,000	133,805,000	123,789,000	60,454,000	60,454,000	62,920,000	62,920,000	65,275,000	51,795,000	51,795,000	47,235,000	47,235,000	54,520,000	54,520,000	65,286,000	65,286,000	62,238,000	62,238,000	65,034,000	65,034,000	52,443,000	52,443,000	48,510,000	48,510,000	33,828,000	33,828,000	37,657,000	41,476,000	41,476,000	36,400,000	36,400,000	36,030,000	36,030,000	38,903,000	38,903,000	37,216,000	37,216,000	30,312,000	30,312,000	40,012,000	40,012,000	26,087,000	26,087,000	22,664,000	22,664,000	23,791,000	23,791,000	22,200,000	22,200,000	21,827,000	21,827,000	21,457,000	21,457,000	14,554,000	16,544,000	16,544,000	18,670,000	18,670,000	16,261,000	16,261,000	13,967,000	13,967,000	14,088,000	14,088,000	9,303
income taxes payable	58,341,000	60,123,000	98,187,000	98,187,000	80,116,000	52,267,000	52,267,000	43,660,000	43,660,000	41,530,000	31,779,000	31,779,000	18,869,000	9,390,000	9,390,000	8,013,000	11,591,000	12,879,000	16,511,000	16,511,000	13,781,000	13,781,000	20,563,000	20,563,000	20,434,000	17,776,000	17,776,000	17,124,000	17,124,000	23,808,000	15,186,000	15,186,000	6,776,000	6,776,000	7,323,000	7,323,000	12,400,000	12,400,000	7,196,000	7,196,000	7,520,000	7,520,000	4,602,000	4,602,000	8,358,000	8,358,000	13,335,000	13,335,000	8,921,000	14,237,000	14,237,000	10,147,000	10,147,000	9,248,000	9,248,000	12,263,000	12,263,000	8,541,000	8,541,000	2,290,000	2,290,000
current portion of lease obligations	21,387,000	22,097,000	20,534,000	20,534,000	19,761,000	18,051,000	18,051,000	14,410,000	14,410,000	14,188,000	14,941,000	14,941,000	12,802,000	15,601,000	15,601,000	13,265,000	9,416,000	10,300,000	10,282,000	10,282,000	10,329,000	10,329,000	10,523,000	10,523,000	11,463,000	4,829,000	4,829,000	6,218,000	6,218,000	6,978,000	7,813,000	7,813,000	8,088,000	8,088,000	8,440,000	8,440,000	8,831,000	8,831,000	8,483,000	8,483,000	6,785,000	6,785,000	6,533,000	6,533,000
current portion of closure and reclamation provisions	1,065,000	749,000	353,000	353,000	4,510,000	8,487,000	8,487,000	7,562,000	7,562,000	6,704,000	5,065,000	5,065,000	3,643,000	2,933,000	2,933,000	2,791,000	2,177,000	2,233,000	2,239,000	2,239,000	2,089,000	2,089,000	1,882,000	1,882,000	1,200,000	946,000	946,000	651,000	651,000	380,000	6,048,000	6,048,000	5,129,000	5,129,000	4,176,000	4,176,000	3,257,000	3,257,000	2,594,000	2,594,000	1,992,000	1,992,000	1,377,000	1,377,000
non-current liabilities
debt	132,193,000	130,040,000	127,988,000	127,988,000	126,031,000	124,058,000	124,058,000	122,190,000	122,190,000	123,153,000	162,946,000	162,946,000	246,603,000	285,868,000	285,868,000	244,877,000	219,175,000	204,223,000	218,604,000	218,604,000	198,006,000	198,006,000	157,489,000	157,489,000	44,710,000	39,561,000	39,561,000	39,157,000	39,157,000	158,616,000	133,099,000	133,099,000	132,608,000	132,608,000	30,000,000	30,000,000	146,535,000	146,535,000
deferred tax liabilities	127,089,000	135,481,000	136,071,000	136,071,000	144,266,000	146,987,000	146,987,000	154,205,000	154,205,000	157,906,000	159,855,000	159,855,000	167,577,000	165,902,000	165,902,000	166,576,000	167,619,000	190,891,000	191,245,000	191,245,000	186,493,000	186,493,000	191,668,000	191,668,000	181,032,000	18,659,000	18,659,000	18,802,000	18,802,000	19,499,000	23,694,000	23,694,000	24,253,000	24,253,000	22,074,000	22,074,000	20,915,000	20,915,000	26,147,000	26,147,000	25,847,000	25,847,000	30,095,000	30,095,000	31,444,000	31,444,000	29,191,000	29,191,000	27,477,000	28,657,000	28,657,000	17,551,000	17,551,000	18,755,000	18,755,000
closure and reclamation provisions	48,162,000	46,111,000	58,875,000	58,875,000	70,827,000	59,616,000	59,616,000	57,390,000	57,390,000	58,616,000	60,738,000	60,738,000	52,540,000	55,557,000	55,557,000	54,930,000	51,128,000	50,914,000	53,530,000	53,530,000	53,907,000	53,907,000	54,230,000	54,230,000	41,332,000	37,132,000	37,132,000	36,490,000	36,490,000	39,970,000	28,949,000	28,949,000	29,843,000	29,843,000	29,266,000	29,266,000	27,868,000	27,868,000	27,327,000	27,327,000	20,367,000	20,367,000	15,841,000	15,841,000
lease obligations	59,839,000	63,907,000	49,353,000	49,353,000	48,216,000	46,771,000	46,771,000	42,540,000	42,540,000	39,602,000	42,460,000	42,460,000	40,318,000	37,359,000	37,359,000	37,853,000	11,930,000	13,729,000	15,082,000	15,082,000	17,107,000	17,107,000	18,882,000	18,882,000	19,967,000	11,843,000	11,843,000	12,410,000	12,410,000	12,519,000	13,086,000	13,086,000	12,706,000	12,706,000	13,574,000	13,574,000	15,048,000	15,048,000	16,890,000	16,890,000	8,337,000	8,337,000	9,373,000	9,373,000	5,371,000	5,371,000										363,000	363,000
other non-current liabilities	6,181,000	3,356,000	2,312,000	2,312,000	4,090,000	5,238,000	5,238,000	4,547,000	4,547,000	8,431,000	9,973,000	9,973,000	2,753,000	2,675,000	2,675,000	2,434,000	2,596,000
total liabilities	569,644,000	595,868,000	657,838,000	657,838,000	649,459,000	604,707,000	604,707,000	634,635,000	634,635,000	633,963,000	679,742,000	679,742,000	665,626,000	686,021,000	686,021,000	645,838,000	587,528,000	592,753,000	607,839,000	607,839,000	604,244,000	604,244,000	592,352,000	592,352,000	588,316,000	312,700,000	312,700,000	316,176,000	316,176,000	329,568,000	281,059,000	281,059,000	267,375,000	267,375,000	326,880,000	326,880,000	300,639,000	300,639,000	261,214,000	261,214,000	206,421,000	206,421,000	190,778,000	190,778,000	183,713,000	183,713,000	129,985,000	129,985,000	129,648,000	143,064,000	143,064,000	123,882,000	123,882,000	120,725,000	120,725,000	130,252,000	130,252,000	137,317,000	137,317,000	118,481,000	118,481,000	123,973,000	123,973,000	118,081,000	118,081,000	114,413,000	114,413,000	74,296,000	74,296,000	74,546,000	74,546,000	71,672,000	71,672,000	65,682,000	65,682,000	48,326,000	48,578,000	48,578,000	55,547,000	55,547,000	49,913,000	49,913,000	43,713,000	43,713,000	39,368,000	39,368,000
shareholders' equity
share capital	1,128,838,000	1,128,838,000	1,128,838,000	1,128,838,000	1,129,709,000	1,160,302,000	1,160,302,000	1,124,755,000	1,124,755,000	1,122,522,000	1,125,376,000	1,125,376,000	1,124,807,000	1,079,259,000	1,079,259,000	1,076,863,000	1,076,342,000	1,076,342,000	1,079,261,000	1,079,261,000	1,081,106,000	1,081,106,000	1,079,746,000	1,079,746,000	1,079,236,000	496,944,000	496,944,000	496,249,000	496,249,000	492,306,000	492,306,000	492,306,000	491,103,000	491,103,000	424,183,000	424,183,000	422,145,000	422,145,000	422,145,000	422,145,000	422,145,000	422,145,000	421,565,000	421,565,000	420,467,000	420,467,000	419,350,000	419,350,000	418,168,000	418,168,000	418,168,000	417,762,000	417,762,000	416,631,000	416,631,000	416,679,000	416,679,000	334,599,000	334,599,000	209,633,000	209,633,000	206,567,000	206,567,000	203,674,000	203,674,000	203,665,000	203,665,000	202,462,000	202,462,000	194,318,000	194,318,000	192,837,000	192,837,000	189,349,000	189,349,000	189,092,000	187,942,000	187,942,000	187,914,000	187,914,000	187,807,000	187,807,000	187,807,000	187,807,000	187,807,000	187,807,000
reserves	61,547,000	60,876,000	56,484,000	56,484,000	57,772,000	55,088,000	55,088,000	55,618,000	55,618,000	24,425,000	25,342,000	25,342,000	28,824,000	28,472,000	28,472,000	29,076,000	29,929,000	20,677,000	23,201,000	23,201,000	27,024,000	27,024,000	28,785,000	28,785,000	30,255,000	22,234,000	22,234,000	21,507,000	21,507,000	24,724,000	24,330,000	24,330,000	23,875,000	23,875,000	23,991,000	23,991,000	26,094,000	26,094,000	19,921,000	19,921,000	18,831,000	18,831,000	18,741,000	18,741,000	18,946,000	18,946,000	17,506,000	17,506,000	16,533,000	16,015,000	16,015,000	15,986,000	15,986,000	15,456,000	15,456,000	15,259,000	15,259,000	13,197,000	13,197,000	13,173,000	13,173,000
retained earnings	428,521,000	304,931,000	274,887,000	274,887,000	216,384,000	205,040,000	205,040,000	154,528,000	154,528,000	113,899,000	87,649,000	87,649,000	179,965,000	152,499,000	152,499,000	149,364,000	138,485,000	291,257,000	295,011,000	295,011,000	292,683,000	292,683,000	266,617,000	266,617,000	250,871,000	251,324,000	251,324,000	235,142,000	235,142,000	208,740,000	190,123,000	190,123,000	177,034,000	177,034,000	182,689,000	182,689,000	187,187,000	187,187,000	168,203,000	168,203,000	175,913,000	175,913,000	165,634,000	165,634,000	163,391,000	163,391,000	154,306,000	154,306,000	143,155,000	129,401,000	129,401,000	95,261,000	95,261,000	84,993,000	84,993,000	76,095,000	76,095,000	58,243,000	58,243,000	46,426,000	46,426,000	47,816,000	47,816,000	62,528,000	62,528,000	59,936,000	59,936,000	59,701,000	59,701,000	55,789,000	55,789,000	47,965,000	47,965,000	45,097,000	45,097,000	55,174,000	55,439,000	55,439,000	66,009,000	66,009,000	50,873,000	50,873,000	42,846,000	42,846,000	38,992,000	38,992,000	3,597
equity attributable to fortuna shareholders	1,618,906,000	1,494,645,000	1,460,209,000	1,460,209,000	1,403,865,000	1,420,430,000	1,420,430,000	1,334,901,000	1,334,901,000	1,260,846,000	1,238,367,000	1,238,367,000	1,333,596,000	1,260,230,000	1,260,230,000	1,255,303,000	1,244,756,000	1,388,276,000	1,397,473,000	1,397,473,000	1,400,813,000	1,400,813,000	1,375,148,000	1,375,148,000	1,360,362,000
equity attributable to non-controlling interests	52,358,000	47,748,000	68,513,000	68,513,000	62,208,000
total equity	1,671,264,000	1,542,393,000	1,528,722,000	1,528,722,000	1,466,073,000	1,478,901,000	1,478,901,000	1,390,183,000	1,390,183,000	1,313,417,000	1,288,121,000	1,288,121,000	1,380,960,000	1,305,482,000	1,305,482,000	1,300,221,000	1,288,696,000	1,439,878,000	1,452,155,000	1,452,155,000	1,456,145,000	1,456,145,000	1,429,570,000	1,429,570,000	1,413,826,000																616,889,000	616,889,000	605,940,000	605,940,000	602,804,000	602,804,000	591,162,000	591,162,000	577,856,000	563,584,000	563,584,000	529,009,000	529,009,000	517,080,000	517,080,000	508,033,000	508,033,000	406,039,000	406,039,000	269,232,000	269,232,000	268,192,000	268,192,000	280,567,000	280,567,000	278,075,000	278,075,000	276,964,000	276,964,000	267,867,000	267,867,000	259,119,000	259,119,000	252,667,000	252,667,000	262,844,000	261,713,000	261,713,000	271,799,000	271,799,000	254,699,000	254,699,000	244,973,000	244,973,000	241,457,000	241,457,000
total liabilities and shareholders' equity	2,240,908,000	2,138,261,000	2,186,560,000	2,186,560,000	2,115,532,000	2,083,608,000	2,083,608,000	2,024,818,000	2,024,818,000	1,947,380,000	1,967,863,000	1,967,863,000	2,046,586,000	1,991,503,000	1,991,503,000	1,946,059,000	1,876,224,000	2,032,631,000	2,059,994,000	2,059,994,000	2,060,389,000	2,060,389,000	2,021,922,000	2,021,922,000	2,002,142,000	1,083,202,000	1,083,202,000	1,069,074,000	1,069,074,000		987,818,000	987,818,000	959,387,000	959,387,000	957,743,000	957,743,000	936,065,000	936,065,000	871,483,000	871,483,000
short-term investments		8,922,000	4,355,000	4,355,000
assets held for sale			23,764,000	23,764,000																											659,000	659,000	1,069,000	1,069,000	1,069,000	1,069,000	1,069,000	1,069,000	1,069,000	1,069,000	1,069,000	1,069,000	1,072,000	1,072,000	1,097,000	1,097,000	1,869,000	1,869,000	1,701,000	1,701,000	1,701,000	1,434,000	1,434,000																								51,000	51,000	51,000	51,000	51,000	51,000	64,000	64,000
liabilities directly associated with assets held for sale			17,320,000	17,320,000
/s/ jorge ganoza durant
jorge ganoza durant
director
current portion of debt								44,978,000	44,978,000	44,444,000	43,901,000	43,901,000													143,007,000	119,911,000	119,911,000	119,887,000	119,887,000
equity attributable to non-controlling interest						58,471,000	58,471,000	55,282,000	55,282,000	52,571,000	49,754,000	49,754,000	47,364,000	45,252,000	45,252,000	44,918,000	43,940,000	51,602,000	54,682,000	54,682,000	55,332,000	55,332,000	54,422,000	54,422,000	53,464,000
/s/ jorge ganoza durant
restricted cash										910,000	910,000	910,000	910,000	907,000	907,000	3,967,000	3,967,000	3,468,000	3,468,000	3,468,000	2,558,000	2,558,000	2,056,000	2,056,000	2,056,000
current assets - sum																264,782,000	252,712,000	251,851,000	287,754,000		301,457,000				288,786,000						139,875,000		132,496,000								135,322,000		176,209,000											235,469,000
current liabilities - sum																139,168,000	135,080,000	130,753,000	127,227,000		145,560,000				299,893,000						80,842,000		67,228,000								81,331,000		64,955,000											48,673,000
other assets																		46,839,000	40,234,000	40,234,000	37,119,000	37,119,000	26,430,000	26,430,000	48,795,000	55,197,000	55,197,000	9,065,000	9,065,000	15,210,000
other liabilities																		2,243,000	2,151,000	2,151,000	3,171,000	3,171,000	3,310,000	3,310,000	1,382,000	1,589,000	1,589,000	2,517,000	2,517,000	2,523,000	1,389,000	1,389,000	737,000	737,000	389,000	389,000	499,000	499,000	945,000	945,000	1,176,000	1,176,000	1,176,000	1,176,000	1,166,000	1,166,000	224,000	224,000	205,000	1,356,000	1,356,000	1,339,000	1,339,000	882,000	882,000	761,000	761,000	5,241,000	5,241,000	4,798,000	4,798,000	2,889,000	2,889,000	4,353,000	4,353,000	5,701,000	5,701,000	4,578,000	4,578,000	4,076,000	4,076,000	5,269,000	5,269,000	4,076,000	4,076,000
mineral properties and exploration and evaluation assets																									1,181,917,000	379,274,000	379,274,000	375,920,000	375,920,000	385,717,000	377,680,000	377,680,000	375,949,000	375,949,000	365,592,000	365,592,000	353,519,000	353,519,000	344,646,000	344,646,000	333,066,000	333,066,000	319,672,000	319,672,000	312,800,000	312,800,000	303,658,000	303,658,000	299,059,000	296,612,000	296,612,000	276,228,000	276,228,000
property, plant and equipment																									480,588,000	393,130,000	393,130,000	403,490,000	403,490,000	405,410,000
total shareholders' equity																										770,502,000	770,502,000	752,898,000	752,898,000		706,759,000	706,759,000	692,012,000	692,012,000	630,863,000	630,863,000	635,426,000	635,426,000	610,269,000	610,269,000
investment in associates																																	938,000	938,000	961,000	961,000	1,331,000	1,331,000	3,538,000	3,538,000	4,148,000	4,148,000	4,206,000	4,206,000	4,277,000	4,277,000	3,970,000	3,970,000								2,821,000	2,821,000
deposits and advances to contractors																														934,000	3,306,000	3,306,000	7,963,000	7,963,000	9,173,000	9,173,000	12,171,000	12,171,000	13,443,000	13,443,000	43,793,000	43,793,000	54,530,000	54,530,000	43,079,000	43,079,000
shareholders’ equity
total shareholders’ equity																														725,770,000
total liabilities and shareholders’ equity																														1,055,338,000
plant and equipment																															423,423,000	423,423,000	400,989,000	400,989,000	398,277,000	398,277,000	378,509,000	378,509,000	351,315,000	351,315,000	276,658,000	276,658,000	221,783,000	221,783,000	192,200,000	192,200,000	134,120,000	134,120,000	131,852,000	133,664,000	133,664,000	121,300,000	121,300,000	124,287,000	124,287,000	127,168,000	127,168,000	131,642,000	131,642,000	127,452,000	127,452,000
long-term receivables and other																															43,534,000	43,534,000	41,052,000	41,052,000	41,685,000	41,685,000	38,389,000	38,389,000	31,964,000	31,964,000	30,323,000	30,323,000
short term investments																																													72,824,000	72,824,000	95,886,000	95,886,000	46,296,000	29,500,000	29,500,000	77,113,000	77,113,000	153,934,000	153,934,000	108,990,000	108,990,000	38,600,000	38,600,000	33,200,000	33,200,000	31,600,000	31,600,000	42,636,000	42,636,000	69,064,000	69,064,000	34,209,000	34,209,000	31,788,000	31,788,000	29,563,000	29,563,000	20,924,000	20,924,000	10,475,000	4,750,000	4,750,000	3,929,000	3,929,000	2,033,000	2,033,000					20,509
accounts and other receivables																																							33,863,000	33,863,000	36,832,000	36,832,000	38,731,000	38,731,000	32,769,000	32,769,000	30,353,000	30,353,000	28,874,000	36,370,000	36,370,000	32,658,000	32,658,000	29,868,000	29,868,000
credit facility																																							109,394,000	109,394,000	69,363,000	69,363,000	69,338,000	69,338,000	69,302,000	69,302,000	39,603,000	39,603,000	39,588,000
equity
total liabilities and equity																																									823,310,000	823,310,000	796,718,000	796,718,000	786,517,000	786,517,000	721,147,000	721,147,000	707,504,000	706,648,000	706,648,000	652,891,000	652,891,000	637,805,000	637,805,000	638,285,000	638,285,000	543,356,000	543,356,000	387,713,000	387,713,000	392,165,000	392,165,000	398,648,000	398,648,000	392,488,000	392,488,000	351,260,000	351,260,000	342,413,000	342,413,000	330,791,000	330,791,000	318,349,000	318,349,000	311,170,000	310,291,000	310,291,000	327,346,000	327,346,000	304,612,000	304,612,000	288,686,000	288,686,000	280,825,000	280,825,000
long-term receivables																																											20,318,000	20,318,000	15,241,000	15,241,000
derivative assets																																													2,646,000	2,646,000	1,934,000	1,934,000		140,000	140,000	2,000	2,000																																604,000	604,000
marketable securities																																																	457,000	556,000	556,000	1,086,000	1,086,000	1,074,000	1,074,000			2,104,000	2,104,000	1,614,000	1,614,000
income tax receivable																																													136,000	136,000	145,000	145,000	136,000	130,000	130,000	129,000	129,000	129,000	129,000	92,000	92,000	64,000	64,000	353,000	353,000	729,000	729,000	2,833,000	2,833,000
prepaid expenses																																													4,559,000	4,559,000	2,662,000	2,662,000	2,940,000	3,231,000	3,231,000	2,385,000	2,385,000	1,572,000	1,572,000	1,558,000	1,558,000	817,000	817,000	1,467,000	1,467,000	1,371,000	1,371,000	999,000	999,000	1,340,000	1,340,000	1,639,000	1,639,000	814,000	814,000	1,409,000	1,409,000	1,656,000	1,656,000	702,000	1,131,000	1,131,000	1,200,000	1,200,000	949,000	949,000	1,156,000	1,156,000	1,566,000	1,566,000
current portion of closure and rehabilitation provisions																																													841,000	841,000	2,411,000	2,411,000	2,038,000	1,656,000	1,656,000
current portion of loan and lease obligations																																													3,395,000	3,395,000
derivative liabilities																																													224,000	224,000			1,136,000	2,328,000	2,328,000	3,107,000	3,107,000	66,000	66,000	567,000	567,000	6,507,000	6,507,000	1,042,000	1,042,000	924,000	924,000	791,000	791,000	387,000	387,000
closure and rehabilitation provisions																																													15,102,000	15,102,000	11,393,000	11,393,000	12,263,000	12,577,000	12,577,000	1,397,000	1,397,000	1,352,000	1,352,000	1,148,000	1,148,000	999,000	999,000	727,000	727,000
other non-current receivables																																															3,571,000	3,571,000	1,498,000	1,223,000	1,223,000	889,000	889,000	836,000	836,000	794,000	794,000
deposits on non-current assets																																															23,196,000	23,196,000	2,133,000			1,265,000	1,265,000	2,588,000	2,588,000	2,048,000	2,048,000
current portion of finance lease obligations																																																	363,000	906,000	906,000	1,444,000	1,444,000	1,977,000	1,977,000	2,144,000	2,144,000
net income for the period																																																	13,754,000
items that will remain permanently in other comprehensive income:
change in fair value of marketable securities, net of nil tax																																																	-68,000
items that may in the future be reclassified to profit or loss:
change in fair value of hedging instruments, net of nil tax																																																	-106,000
total other comprehensive income for the period																																																	-174,000
comprehensive income for the period																																																	13,580,000
investment in associate																																																	2,935,000	2,694,000	2,694,000	2,798,000	2,798,000	2,845,000	2,845,000
deferred tax assets																																																				282,000	282,000	287,000	287,000
bank loan																																																		39,871,000	39,871,000	39,845,000	39,845,000	39,820,000	39,820,000	39,794,000	39,794,000	39,633,000	39,633,000	39,568,000	39,568,000	39,531,000	39,531,000	39,487,000	39,487,000	39,470,000	39,470,000
mineral properties																																																						271,493,000	271,493,000	266,586,000	266,586,000	264,542,000	264,542,000	131,556,000	131,556,000
accounts receivable and other assets																																																								31,293,000	31,293,000	27,946,000	27,946,000	22,406,000	22,406,000	23,508,000	23,508,000	15,698,000	15,698,000	23,079,000	23,079,000	20,476,000	20,476,000	21,389,000	21,389,000	22,751,000	22,751,000	15,341,000	15,341,000	23,319,000	22,672,000	22,672,000	22,043,000	22,043,000	32,845,000	32,845,000	25,711,000	25,711,000	24,966,000	24,966,000	13,454
deferred income tax assets																																																								353,000	353,000	258,000	258,000	994,000	994,000	1,061,000	1,061,000	181,000	181,000	173,000	173,000	156,000	156,000	180,000	180,000	166,000	166,000	189,000	189,000	171,000	192,000	192,000	210,000	210,000	18,000	18,000	31,000	31,000	18,000	18,000
deferred income taxes																																																								21,801,000	21,801,000	25,378,000	25,378,000	25,770,000	25,770,000
deposits on long term assets																																																										507,000	507,000					9,963,000	9,963,000	6,546,000	6,546,000			887,000	887,000	1,301,000	1,301,000	2,709,000	2,709,000	2,454,000	2,589,000	2,589,000	2,726,000	2,726,000	3,246,000	3,246,000					4,533
due to related parties																																																										10,000	10,000	9,000	9,000									10,000	10,000	11,000	11,000	29,000	29,000	31,000	22,000	22,000	25,000	25,000	69,000	69,000	31,000	31,000	181,000	181,000	40
current portion of obligations under finance lease																																																										2,113,000	2,113,000
deposits on long-term assets																																																												1,005,000	1,005,000	6,276,000	6,276,000					3,990,000	3,990,000														2,038,000	2,038,000	1,759,000	1,759,000
current portion of other liabilities																																																												2,097,000	2,097,000	1,333,000	1,333,000							22,000	22,000	65,000	65,000	146,000	146,000
events after the reporting period
total current assets																																																														131,104,000	131,104,000	142,324,000	142,324,000	147,959,000	147,959,000	113,426,000	113,426,000	109,448,000	109,448,000	99,393,000	99,393,000	93,508,000	93,508,000	80,521,000	85,950,000	85,950,000	103,482,000	103,482,000	108,814,000	108,814,000	100,199,000	100,199,000	93,585,000	93,585,000
mineral properties, plant and equipment																																																														253,724,000	253,724,000	246,180,000	246,180,000	237,810,000	237,810,000	233,688,000	233,688,000	231,898,000	231,898,000	229,931,000	229,931,000	221,943,000	221,943,000	228,024,000	221,560,000	221,560,000	220,928,000	220,928,000
liabilities and equity
provisions																																																														567,000	567,000	949,000	949,000	993,000	993,000	884,000	884,000	726,000	726,000	529,000	529,000	429,000	429,000	649,000	572,000	572,000	535,000	535,000	1,105,000	1,105,000	952,000	952,000	845,000	845,000
income tax payable																																																														1,831,000	1,831,000	1,925,000	1,925,000	1,424,000	1,424,000	2,459,000	2,459,000	8,025,000	8,025,000	3,643,000	3,643,000	1,016,000	1,016,000				211,000	211,000	88,000	88,000	16,000	16,000	74,000	74,000	4,192
total current liabilities																																																														44,667,000	44,667,000	29,752,000	29,752,000	25,468,000	25,468,000	27,134,000	27,134,000	30,983,000	30,983,000	26,075,000	26,075,000	23,077,000	23,077,000	15,521,000	17,466,000	17,466,000	19,820,000	19,820,000	17,956,000	17,956,000	15,292,000	15,292,000	16,525,000	16,525,000
deferred income tax liabilities																																																														24,814,000	24,814,000	32,915,000	32,915,000	32,366,000	32,366,000	30,944,000	30,944,000	27,825,000	27,825,000	28,507,000	28,507,000	27,266,000	27,266,000	20,500,000	19,215,000	19,215,000	23,538,000	23,538,000	23,113,000	23,113,000	20,928,000	20,928,000	16,207,000	16,207,000	14,334
equity reserve																																																														13,580,000	13,580,000	13,996,000	13,996,000	13,701,000	13,701,000	13,685,000	13,685,000
accumulated other comprehensive income																																																														229,000	229,000	369,000	369,000	773,000	773,000	1,116,000	1,116,000	2,478,000	2,478,000	2,934,000	2,934,000	2,513,000	2,513,000	3,944,000	3,807,000	3,807,000	4,082,000	4,082,000	3,986,000	3,986,000	3,259,000	3,259,000	4,225,000	4,225,000	10,892
contingencies and capital commitments
subsequent event
subsequent events
due from related parties																																																																						41,000	41,000	37,000	37,000	37,000	37,000	12,000	49,000	49,000	12,000	12,000	7,000	7,000	2,000	2,000	37,000	37,000
share option and warrant reserve																																																																						15,282,000	15,282,000	15,383,000	15,383,000	15,708,000	15,708,000	14,634,000	14,525,000	14,525,000	13,794,000	13,794,000	12,033,000	12,033,000	11,061,000	11,061,000	10,433,000	10,433,000	11,116
current portion of leases and long term liabilities																																																																												287,000	328,000	328,000	379,000	379,000
leases and long term liabilities																																																																												2,850,000	2,282,000	2,282,000	2,238,000	2,238,000	2,766,000	2,766,000	1,658,000	1,658,000	2,237,000	2,237,000	3,166
non-current assets held for sale																																																																																	206,000	206,000
mineral properties, property, plant and equipment																																																																																	192,328,000	192,328,000	186,418,000	186,418,000	185,463,000	185,463,000	126,813
current portion of long term liabilities																																																																																	433,000	433,000	326,000	326,000	1,337,000	1,337,000
total retained earnings and accumulated other comprehensive income																																																																																	54,859,000	54,859,000	46,105,000	46,105,000	43,217,000	43,217,000
shareholders' equity, canadian gaap																																																																																							154,541
adjustments:
effect of foreign exchange on inventory, deposits on long term assets, and mineral properties, property, plant and equipment																																																																																							-3,238
deferred income tax adjustments																																																																																							2,034
transfer of accumulated other comprehensive income to retained earnings																																																																																							2,898
reset accumulated other comprehensive income to zero																																																																																							-2,898
adjustment to revise provisions																																																																																							-299
adjustment for depletion on mineral properties related to provisions																																																																																							217
total ifrs adjustments to equity																																																																																							-1,286
equity, ifrs																																																																																							153,255
expressed in '000's
gst/hst and value added tax receivable																																																																																							3,542
derivatives																																																																																							133
current portion of long term liability																																																																																							1,083
provisions for other liabilities and charges																																																																																							4,924
common shares																																																																																							180,403

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-07	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-05-11	2022-03-31	2021-12-31	2021-11-12	2021-06-30	2021-05-10	2021-03-31	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-05-25	2017-03-31	2016-11-02	2016-09-30	2016-06-30	2016-05-10	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-05-08	2015-03-31	2014-09-30	2014-06-30	2014-05-16	2014-03-31	2013-09-30	2013-06-30	2013-05-08	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-05-17	2012-03-31

			577,395,000
operating activities:
net income from continuing operations	80,495,000
items not involving cash:
depletion and depreciation	4,698,000	-13,345,000	61,687,000	61,687	170,085,000	2,622,000	6,996,000	50,255,000	155,753,000	24,018,000	-4,318,000	44,235,000	125,947,000	3,919,000	4,438,000	38,505,000	38,505,000	84,508,000	16,249,000	2,328,000	19,187,000	19,187,000	10,644,000												199,000	23,000	6,410,000	6,410,000	579,000	-388,000	6,045,000	6,045,000	-166,000	84,000	4,884,000	4,884,000		442,000	1,006,000	4,609,000	4,609,000
accretion expense	191,000	-440,000	2,343,000	2,343	6,880,000	-94,000	155,000	2,114,000	4,732,000	257,000	434,000	1,350,000	3,561,000	69,000	95,000	1,105,000	1,105,000	2,652,000	364,000	3,000	780,000	780,000
income taxes	-8,834,000	11,419,000	22,233,000	22,233	55,187,000	7,424,000	-6,806,000	14,498,000	26,004,000	5,539,000	-6,908,000	7,944,000	5,043,000	-7,840,000	6,815,000	6,779,000	6,779,000	38,908,000	-3,173,000	-1,237,000	13,283,000	13,283,000	8,566,000	33,170,000	-342,000	1,241,000	4,577,000	4,577,000		6,064,000	1,565,000	3,011,000	3,011,000		-1,084,000	-262,000	4,316,000	4,316,000	583,000	342,000	4,213,000	4,213,000	6,595,000	-8,488,000	4,356,000	4,356,000		-317,000	-871,000	5,433,000	5,433,000
interest expense	-459,000	510,000	1,010,000	1,010	12,395,000	-512,000	511,000	4,104,000	8,897,000	4,446,000	410,000	1,264,000	6,060,000	-1,362,000	853,000	1,676,000	1,676,000	5,649,000	1,455,000		1,650,000	1,650,000
share-based payments, net of cash settlements	7,424,000	722,000	2,623,000	2,623	6,373,000	-3,057,000			1,705,000	906,000	-291,000	-303,000		-56,000
reversal of impairment of mineral properties, plant and equipment
inventory net realizable value adjustments									6,206,000	-994,000			7,846,000	-2,984,000
write-off of mineral properties									5,263,000																																		-251,000
unrealized foreign exchange loss			-3,546,000		3,129,000			-3,719,000	3,824,000			-214,000	-3,176,000	9,628,000		1,173,000	1,173,000	4,471,000	-480,000				924,000	1,251,000
investment gains	1,369,000	-360,000	-1,319,000	-1,319	-6,554,000	-661,000	147,000	-2,648,000
other	-3,336,000	-1,551,000	1,650,000	1,650	7,929,000			-323,000	4,586,000	475,000	-7,000	88,000		93,000	-31,000	70,000	70,000							-513,000	118,000	639,000	-230,000	-230,000				2,000	2,000			0	3,000	3,000	-1,000	0	4,000	4,000		0	2,000	2,000		-11,000
changes in working capital	1,586,000	7,485,000	-11,681,000	-11,681	-46,041,000	-7,034,000	15,920,000	-35,327,000	-9,986,000	-2,411,000	13,425,000	-10,765,000	-29,597,000	13,186,000	26,298,000	-27,908,000	-27,908,000
cash from operating activities	13,109,000	-3,918,000	134,070,000	134,070	315,033,000	5,121,000	41,528,000	57,854,000	219,661,000	64,173,000	-7,774,000	56,612,000	167,649,000	19,045,000	2,102,000	53,289,000	53,289,000	161,577,000	10,001,000	3,634,000	40,314,000	40,314,000	34,871,000	80,529,000	1,769,000	15,273,000	8,894,000	8,894,000		29,837,000
capital expenditures	-1,533,000	-7,456,000	-39,559,000	-39,559	-153,650,000	264,000	-9,051,000	-41,341,000	-180,265,000	30,435,000	-5,934,000	-61,550,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0
free cash flows	11,576,000	-11,374,000	94,511,000	94,511	161,383,000	5,385,000	32,477,000	16,513,000	39,396,000	94,608,000	-13,708,000	-4,938,000	167,649,000	19,045,000	2,102,000	53,289,000	53,289,000	161,577,000	10,001,000	3,634,000	40,314,000	40,314,000	34,871,000	80,529,000	1,769,000	15,273,000	8,894,000	8,894,000		29,837,000
income taxes paid	1,734,000	-25,890,000	-10,504,000	-10,504	-31,462,000	8,458,000	-14,659,000	-5,891,000	-22,688,000	329,000	9,391,000	-12,904,000	-33,597,000	-2,455,000	13,917,000	-20,087,000	-20,087,000	-50,070,000	-1,253,000	8,294,000	-19,648,000	-19,648,000	-15,180,000	-30,414,000			-10,207,000	-10,207,000		-1,036,000	2,945,000	-5,665,000	-5,665,000		1,597,000	4,924,000	-9,641,000	-9,641,000	-457,000	654,000	-1,126,000	-1,126,000	-174,000	-85,000	-893,000	-893,000		1,987,000	2,873,000	-5,765,000	-5,765,000
interest paid	2,336,000	-2,934,000	-648,000	-648	-13,950,000	5,183,000	-2,213,000	-3,864,000	-9,215,000	-2,491,000	769,000	-2,608,000	-5,717,000	249,000	-1,643,000	-354,000	-354,000	-5,357,000	1,259,000	-3,258,000	-64,000	-64,000	-379,000	-1,346,000			-450,000	-450,000		-267,000
interest received	1,485,000	-954,000	3,461,000	3,461	3,174,000	592,000	-76,000	849,000	2,687,000	224,000	85,000	658,000	1,262,000	381,000	-186,000	394,000	394,000	1,608,000	-178,000	-259,000	537,000	537,000	768,000				120,000	120,000		-39,000
net cash from operating activities - continuing operations	18,664,000
net cash from operating activities - discontinued operations
investing activities:
investments in equity securities	5,980,000
additions to mineral properties and property, plant and equipment	-1,533,000	-7,456,000	-39,559,000	-39,559	-153,650,000	264,000	-9,051,000	-41,341,000	-180,265,000	30,435,000	-5,934,000	-61,550,000
purchases of investments		9,948,000	-14,376,000	-14,376	-26,697,000	-360,000	-1,187,000	-7,613,000
proceeds from sale of marketable securities and investment maturities	9,045,000
(deposits) receipts on long-term assets
other investing activities			-232,000	-232	734,000	258,000	-95,000	494,000	436,000	-400,000	937,000	391,000
cash from investing activities - continuing operations	20,081,000
cash from investing activities - discontinued operations
financing activities:
restricted cash - convertible debentures						92,258,000
transaction costs on credit facility			-107,000	-107
repayment of convertible debentures					0
proceeds from credit facility											15,500,000	25,000,000	75,000,000	-15,000,000	-20,000,000	40,000,000	40,000,000
repayment of credit facility							-153,000,000	-40,000,000	-50,500,000				0					-28,212,000
convertible notes issued
cost of financing - 2024 convertible notes
repurchase of common shares			-4,165,000	-4,165				-3,535,000					-3,009,000	89,000
payments of lease obligations	-471,000	-113,000	-6,001,000	-6,001	-16,444,000	1,373,000	-685,000	-4,934,000	-10,807,000	-2,984,000	162,000	-2,996,000	-9,185,000	-58,000	265,000	-3,231,000	-3,231,000	-8,253,000	-1,275,000	39,000	-2,439,000	-2,439,000
dividend payment to non-controlling interests
cash from financing activities - continuing operations	-13,449,000
cash from financing activities - discontinued operations
effect of exchange rate changes on cash and cash equivalents	266,000	833,000	1,163,000	1,163	-1,319,000	-1,480,000	2,276,000	-1,399,000	1,653,000	-1,343,000	-30,000	66,000	3,290,000	-9,670,000	3,652,000	-1,258,000	-1,258,000	-802,000	-665,000	-266,000	-285,000	-285,000	66,000														-370,000	-370,000	-537,000	460,000	-218,000	-218,000	32,000	119,000	-176,000	-176,000		1,689,000	-1,514,000	543,000	543,000
increase in cash and cash equivalents during the period - continuing operations	25,562,000
increase in cash and cash equivalents during the period - discontinued operations
cash and cash equivalents, beginning of the period	70,330,000	76,764,000	231,328,000	231,328		17,875,000	-40,426,000	128,148,000		8,693,000	4,238,000	80,493,000		5,761,000	3,268,000	107,097,000	107,097,000		-23,886,000	13,780,000	131,898,000	131,898,000	183,074,000
cash and cash equivalents, end of the period	59,858,000	73,374,000	305,048,000	305,048		74,954,000	17,872,000	87,725,000		24,357,000	8,693,000	84,731,000		-25,212,000	5,761,000	110,365,000	110,365,000		13,973,000	-23,886,000	145,678,000	145,678,000	170,983,000
cash and cash equivalents consist of:
cash	30,251,000	-80,019,000	270,316,000	270,316	34,991,000	76,354,000	-1,950,000	75,445,000	3,103,000	20,885,000	-944,000	83,091,000	978,000	-3,388,000	1,488,000	66,062,000	66,062,000	-8,094,000	-8,944,000	39,635,000	41,499,000	41,499,000	43,228,000	54,020,000	7,980,000	-3,420,000	21,474,000	21,474,000
cash equivalents	29,607,000	153,393,000	34,732,000	34,732	15,786,000	-1,400,000	19,822,000	12,280,000	7,264,000	3,472,000	9,637,000	1,640,000	-11,399,000	-21,824,000	4,273,000	44,303,000	44,303,000	-20,574,000	22,917,000	-63,521,000	104,179,000	104,179,000	127,755,000	10,394,000	76,586,000	-44,697,000	60,737,000	60,737,000
unrealized foreign exchange gain				-3,546
receipts (deposits) on long-term assets		-301,000	2,326,000	2,326
assets
current assets
cash and cash equivalents			305,048,000																13,973,000		145,678,000
short-term investments			4,355,000
trade and other receivables			95,903,000																-4,347,000	-78,072,000	77,973,000	-16,234,000
inventories			135,906,000																18,707,000	-57,469,000	50,408,000	-3,132,000	-799,000	-2,772,000			-746,000	-746,000		1,057,000	-2,347,000	712,000	712,000		-150,000	-326,000	789,000	789,000	703,000	-1,467,000	877,000	877,000	595,000	-1,914,000	584,000	584,000		457,000	1,216,000	-1,269,000	-1,269,000
other current assets			12,419,000																4,852,000		6,540,000
assets held for sale			23,764,000
non-current assets
mineral properties and property, plant and equipment			1,516,324,000
other non-current assets			92,841,000
total assets			2,186,560,000																918,940,000		1,069,074,000
liabilities
current liabilities
trade and other payables			146,845,000																63,335,000	-62,961,000	62,920,000	4,975,000	-1,454,000	480,000			223,000	223,000		19,519,000	-17,785,000	4,990,000	4,990,000		4,615,000	-1,017,638	2,638	2,638	831,000	-5,491,000	5,317,000	5,317,000	-148,000	-3,333,000	1,342,000	1,342,000		1,595,000	3,061,000	-2,943,000	-2,943,000
income taxes payable			98,187,000																2,658,000		17,124,000
current portion of lease obligations			20,534,000																6,634,000		6,218,000
current portion of closure and reclamation provisions			353,000																254,000		651,000
liabilities directly associated with assets held for sale			17,320,000
non-current liabilities
debt			127,988,000																5,149,000		39,157,000
deferred tax liabilities			136,071,000																162,373,000		18,802,000
closure and reclamation provisions			58,875,000																4,200,000		36,490,000
lease obligations			49,353,000																8,124,000		12,410,000
other non-current liabilities			2,312,000
total liabilities			657,838,000																275,616,000		316,176,000
shareholders' equity
share capital			1,128,838,000																582,292,000		496,249,000
reserves			56,484,000																8,021,000		21,507,000
retained earnings			274,887,000																-453,000		235,142,000
equity attributable to fortuna shareholders			1,460,209,000
equity attributable to non-controlling interests			68,513,000
total equity			1,528,722,000
total liabilities and shareholders' equity			2,186,560,000																918,940,000		1,069,074,000
net income			64,808,000	64,808
closure, reclamation and related severance payments			-5,738,000	-5,738	-3,387,000
net cash from operating activities			126,379,000	126,379	272,795,000	19,354,000	24,580,000	48,948,000	190,445,000	62,235,000	2,471,000	41,758,000	129,597,000	17,220,000	14,190,000	33,242,000	33,242,000	107,759,000	9,829,000	8,411,000	21,139,000	21,139,000	20,080,000	49,800,000	8,393,000							-333,000	-333,000	-19,185,856	12,798,000	-3,489,000	8,591,000	8,591,000	12,965,000	-17,590,000	24,368,000	24,368,000	2,157,000	-19,798,000	21,988,000	21,988,000		-4,280,000	14,027,000	4,172,000	4,172,000
proceeds from sale of investments			11,352,000	11,352	33,251,000	1,022,000	1,039,000	10,261,000										0
cash from investing activities			-40,489,000	-40,489	-146,869,000	-496,000	-7,572,000	-39,503,000	-183,207,000	39,561,000	-13,648,000	-59,590,000	-196,397,000	-846,000	7,395,000	-65,485,000	-65,485,000			-46,052,000	-4,635,000	-4,635,000	-30,902,000	-103,955,000			-80,305,000	-80,305,000		-11,980,000
cash from financing activities			-10,273,000	-10,273	-96,381,000	39,701,000	39,014,000	-48,469,000	14,407,000	-84,789,000	15,662,000	22,004,000	62,118,000	-37,677,000	-22,744,000	36,769,000	36,769,000	-39,144,000	-10,080,000	241,000	-2,439,000	-2,439,000	-1,335,000	70,068,000			70,907,000	70,907,000		-990,000
increase in cash and cash equivalents during the period			76,780,000	76,780		57,079,000	58,298,000	-40,423,000		15,664,000	4,455,000	4,238,000		-30,973,000	2,493,000	3,268,000	3,268,000				13,780,000	13,780,000
cash and cash equivalents from discontinued operation			-3,060,000
cash and cash equivalents used in discontinued operation				-3,060
impairment of mineral properties, plant and equipment
inventory obsolescence adjustments
deposits on long-term assets					-507,000
costs related to chesser acquisition, net of cash acquired									-14,846,000
issuance of common shares from option exercise
increase in cash and cash equivalents during the year
cash and cash equivalents, beginning of the year
cash and cash equivalents, end of the year
supplemental cash flow information
net income for the period						11,078,000	14,273,000	29,067,000		27,411,000	-8,385,000	11,857,000		-5,805,000	-25,297,000	26,976,000	26,976,000		-15,971,000	-10,220,000	26,402,000	26,402,000	13,754,000		1,370,000							2,578,000	2,578,000		2,356,000	-3,618,000	3,854,000	3,854,000	4,956,000	-1,985,000	4,853,000	4,853,000	10,307,000	-17,236,000	6,665,000	6,665,000		4,172,000	-7,257,000	11,111,000	11,111,000
items not involving cash
contractor advances on séguéla construction										3,415,000	-4,065,000	1,569,000
cost of financing - convertible notes						3,936,000
dividend payment to non-controlling interest									-87,000				0
unrealized foreign exchange (gain) loss
unrealized gain on derivatives																	3,575,000
closure and reclamation payments							20,000	-86,000	-1,044,000	80,000	-33,000	-206,000	-380,000	-179,000	-18,000	-46,000	-46,000	-270,000	-43,000	-18,000	-23,000	-23,000
deposits on long term assets							1,722,000	-1,304,000															-2,133,000									2,260,000	2,260,000
unrealized loss on derivatives								-81,000				1,362,000	-2,217,000	6,997,000		3,575,000
net loss for the year
unrealized gains on derivatives																					-849,000	-849,000
restricted cash															-408,000	-502,000	-502,000
net income for the year
costs related to chesser acquisition
loss on extinguishment of debt facility
cash consideration for acquisition of roxgold
cash acquired through acquisition of roxgold																		0
promissory note receivable
additions to mineral properties, plant and equipment													-192,300,000	-4,950,000	11,006,000	-64,992,000	-64,992,000	-99,279,000	-38,350,000	-5,089,000	-9,571,000	-9,571,000
proceeds from sale of assets																9,000	9,000							20,000
recoveries of lindero construction vat
proceeds from issuance of common shares																		357,000	-246,000								76,408,000	76,408,000
write off of mineral properties																2,124,000	2,124,000
unrealized (gain) loss on derivatives
share based payments expense (recovery), net of cash settlements																-740,000	-740,000
share based payments (recovery) expense, net of cash settlements																		-2,904,000
write-off of inventories
cash consideration for acquistion of roxgold																		0
recoveries of (additions to) lindero construction vat																		27,976,000	-4,697,000	-6,208,000	11,700,000	11,700,000
share issuance costs																								-5,023,000			-4,974,000	-4,974,000
items that will remain permanently in other comprehensive income:
changes in fair value of investments in equity securities, net of nil tax
items that may in the future be reclassified to profit or loss:
currency translation adjustment
changes in fair value of hedging instruments, net of nil tax
total other comprehensive income for the period
comprehensive income for the period
comprehensive income attributable to:
fortuna shareholders
non-controlling interest
as at
mineral properties and exploration and evaluation assets																			802,643,000		375,920,000
property, plant and equipment																			87,458,000		403,490,000
other assets																			-6,402,000		9,065,000
current portion of debt																			23,096,000		119,887,000
other liabilities																			-207,000		2,517,000
equity attributable to non-controlling interest
share of loss from associates
unrealized foreign exchange loss, lindero construction																			314,000	-1,521,000	2,184,000	2,184,000
write-downs and other																			2,722,000	373,000	-303,000	-303,000
prepaid expenses																			-630,000	1,868,000	-2,980,000	-2,980,000	287,000	-270,000			586,000	586,000		745,000	-236,000	141,000	141,000		42,000	379,000	-80,000	-80,000	316,000	354,000	-92,000	-92,000	381,000	-3,000	59,000	59,000		-175,000	738,000	-341,000	-341,000
cash (used in) investing activities
non-controlling dividend payment
total shareholders' equity																					752,898,000
share based payments expense, net of cash settlements																				3,728,000	-4,462,000	-4,462,000	-3,152,000
unrealized (gains) loss on derivatives
expenditures on lindero construction																				2,111,000	-7,148,000	-7,148,000
capitalized interest on lindero construction
contractor advances on lindero construction and other expenditures																					-266,000	-266,000
advances applied to lindero construction and other expenditures																					650,000	650,000
application of deposits to long term assets
decrease in cash and cash equivalents during the period																							-12,091,000
interest income																								1,031,000	546,000
share of income from associates
three months ended march 31																					2,021,000
operating activities
unrealized foreign exchange gains																					-164,000	-164,000
investing activities
financing activities
closure and rehabilitation payments
proceeds from short-term investments
additions to long-term receivables
transaction costs on convertible debentures
proceeds from convertible debentures
accretion of provisions																							178,000									145,000	145,000		20,000	365,000	-208,000	-208,000	42,000	0	165,000	165,000	5,000	19,000	118,000	118,000		3,000	-2,000	59,000	59,000
share of																							-241,000
unrealized (gain) loss on financial assets carried at fair value																							-1,366,000
loss on debt modification and other																							673,000
accounts and other receivables																							6,960,000	-9,239,000	-3,789,000
rehabilitation payments																							-103,000
purchase of short term investments																							-46,296,000							-7,200,000	-11,890,000	-3,810,000	-3,810,000		46,918,000	-35,873,000	-18,969,000	-18,969,000	3,411,000	-9,947,000	-8,925,000	-8,925,000	-4,545,000
redemption of short-term investments																							28,732,000
investment in marketable securities
purchases of mineral properties, plant and equipment																							-11,205,000
transaction cost on debt modification																							-792,000
repayments of finance lease obligations																							-543,000	-1,595,000
cash and cash equivalents consists of:
change in fair value of hedging instruments, net of nil tax
change in fair value of marketable securities, net of nil tax
total other comprehensive income for the year
comprehensive income for the year
short term investments
marketable securities
derivative assets
income tax receivable
plant and equipment
investment in associate
other non-current receivables
deferred tax assets
deposits on non-current assets
current portion of closure and rehabilitation provisions
current portion of finance lease obligations
derivative liabilities
bank loan
closure and rehabilitation provisions
equity
total liabilities and equity
share based payment recovery (expense), net of cash settlements
share of loss of equity-accounted investee																								145,000			65,000	65,000
impairment reversal of mineral properties, plant and equipment
impairment charges
unrealized loss (gain) on financial assets carried at fair value
purchase of lindero project, net of cash received
redemption of short term investments
cash used in investing activities
cash provided by financing activities
unrealized gain on financial assets carried at fair value																								251,000			1,527,000	1,527,000		-1,720,000
depletion, depreciation, and amortization																									-457,000	562,000	10,737,000	10,737,000
accretion																									261,000	-1,000	163,000	163,000		-6,000
share based payments																									347,000	25,000	127,000	127,000
write-down of inventories
write-down of mineral properties, plant and equipment
share units payable																									-999,000	4,416,000	-3,871,000	-3,871,000
payments on closure and rehabilitation provisions
purchase of lindero project
purchase of term deposits																											-83,590,000	-83,590,000
redemption of term deposits																									56,095,000	5,200,000	15,700,000	15,700,000
settlement of derivative instruments
purchase of mineral properties, plant and equipment
effect of exchange rate changes on cash held																											231,000	231,000
cash and cash equivalents, beginning of period																									-48,117,000	-273,000	82,484,000	82,484,000	-51,660,975	-8,276,000
cash and cash equivalents, end of period																									84,566,000	-48,117,000	82,211,000	82,211,000	-60,954,464	8,591,000
write-down of plant and equipment
unrealized foreign exchange losses
gain on financial assets carried at fair value
deposits to contractors and suppliers																											-1,501,000	-1,501,000
share of loss (income) of equity-accounted investee
income for the period																											12,999,000	12,999,000		13,207,000
adjustments for:
unrealized foreign exchange
accrued interest on long terms loans																											-5,000	-5,000
accounts receivable and other assets																											-6,634,000	-6,634,000		-5,923,000	16,563,000	-16,024,000	-16,024,000		7,456,000	-1,294,000	-92,000	-92,000	8,426,000	-9,111,000	1,388,000	1,388,000	-453,000	-4,139,000	3,771,000	3,771,000		-10,536,000	8,071,000	-5,937,000	-5,937,000
provisions																											-87,000	-87,000		6,000	19,000	-82,000	-82,000		-75,000				-20,000				2,000
investment in common shares of associate																											-1,139,000	-1,139,000
purchase of mineral properties and plant and equipment																											-9,790,000	-9,790,000
disposition of mineral properties and plant and equipment																											15,000	15,000
repayments of finance lease obligation																											-527,000	-527,000
decrease in cash and cash equivalents																											-504,000	-504,000
impairment of inventories
disposition of short term investments																														3,400,000
purchase of marketable securities
proceeds from issuance of common shares, net of costs																														-644,000
proceeds from drawdown of bank loan, net of costs
increase in cash and cash equivalents																																-7,953,000	-7,953,000				483,000	483,000			9,706,000	9,706,000	7,903,000	-25,652,000	5,429,000	5,429,000		-8,423,000	-6,807,000	14,579,000	14,579,000
effect of exchange rate changes
cash flows from operating activities
loss for the period
items not affecting cash:
amortization
loss on disposal of marketable securities
foreign exchange gain on marketable securities
foreign exchange on acquisition of development asset
stock-based compensation
changes in non-cash working capital items:
decrease in receivables
decrease in prepaid expenses
decrease in accounts payable and accrued liabilities
increase in due to related parties
cash flows from financing activities
issuance of common shares
share issue costs
net cash from financing activities																																1,804,000	1,804,000	5,740,183	-40,316,000	39,297,000	1,002,000	1,002,000	-1,360,000	2,276,000	77,000	77,000	714,000	8,000	-130,000	-130,000		918,000	-1,536,000	459,000	459,000
cash flows from investing activities
acquisition of equipment
development costs
proceeds on disposal of marketable securities
net cash from investing activities																																-9,424,000	-9,424,000	-13,482,361	55,849,000	-38,326,000	-9,110,000	-9,110,000	9,416,000	-5,221,000	-14,739,000	-14,739,000	5,032,000	-5,862,000	-16,429,000	-16,429,000		-5,061,000	-19,298,000	9,948,000	9,948,000
effect of foreign exchange on cash and cash equivalents
increase in cash and cash equivalents for the period
depletion, depreciation and amortization																															714,000	6,259,000	6,259,000
share-based payments																															1,469,000	4,023,000	4,023,000			200,000	518,000	518,000	-3,004,000	-517,000	2,722,000	2,722,000	450,000	-140,000	982,000	982,000
loss on disposal of properties, plant and equipment
accrued interest on long term loans
due to related parties																																								-27,000	9,000	9,000			-28,000	-28,000		183,000	-119,000	-28,000	-28,000
acquisition and development costs of pp&e
disposition of mineral properties, plant and equipment
repayment of finance lease obligations																																							39,000	0	-81,000	-81,000	48,000	19,000	-151,000	-151,000		118,000	2,000	-279,000	-279,000
accrued interest on long term loans receivable and payable																																									-10,000	-10,000	5,000	-6,000	-14,000	-14,000				8,000	8,000
changes in non-cash working capital items
cash from operating activities before interest and income taxes																																5,748,000	5,748,000		11,347,000	-8,141,000	18,144,000	18,144,000	13,430,000	-18,250,000	25,434,000	25,434,000	2,481,000	-19,805,000	22,719,000	22,719,000		-6,369,000	11,191,000	9,800,000	9,800,000
interest expense paid																																-431,000	-431,000		-148,000
interest income received																																15,000	15,000		2,000	1,000	88,000	88,000	-10,000	6,000	62,000	62,000	-150,000	90,000	169,000	169,000		102,000	-42,000	148,000	148,000
redemptions of short term investments																																8,241,000	8,241,000		14,364,000	1,723,000	18,264,000	18,264,000	2,336,000	5,546,000	5,000,000	5,000,000	-62,000	1,939,000	1,984,000	1,984,000
expenditures on mineral properties, plant and equipment																																-16,115,000	-16,115,000		-4,058,000	-4,612,000	-6,076,000	-6,076,000	4,663,000	-3,053,000	-10,003,000	-10,003,000	9,636,000	-3,058,000	-18,395,000	-18,395,000
proceeds from bank loan																																			-39,464,000
net proceeds on issuance of common shares																																1,810,000	1,810,000		-852,000	-145,000	1,002,000	1,002,000	-1,399,000	2,276,000	158,000	158,000	666,000	-11,000	21,000	21,000				738,000	738,000
cash and cash equivalents - beginning of period																																72,218,000	72,218,000		-2,035,000	113,000	42,867,000	42,867,000	-10,587,000	9,488,000	31,704,000	31,704,000	-20,280,000	5,253,000	58,720,000	58,720,000
cash and cash equivalents - end of period																																64,265,000	64,265,000		26,296,000	-2,035,000	42,980,000	42,980,000	9,897,000	-10,587,000	41,192,000	41,192,000	-12,345,000	-20,280,000	63,973,000	63,973,000		67,000	6,801,000	53,852,000	53,852,000
decrease (increase) in receivables
decrease (increase) in accounts payable and accrued liabilities
share-based (recoveries) payments
loss on disposal of mineral properties, plant and equipment																																							4,000	60,000	-12,000				14,000	14,000
advances of deposits on long term assets																																			-2,583,000	-194,000	-2,855,000	-2,855,000	-562,000	2,340,000	-2,869,000	-2,869,000	2,447,000	-1,365,000	-1,985,000	-1,985,000		-1,473,000	-1,267,000	-424,000	-424,000
receipts of deposits on long term assets																																			1,220,000	618,000	526,000	526,000	-446,000	-90,000	2,041,000	2,041,000	-2,424,000	1,524,000	1,967,000	1,967,000		510,000	1,038,000	935,000	935,000
proceeds on disposal of mineral properties, plant and equipment																																									17,000	17,000
due from related parties																																									-37,000	-37,000	77,000
(decrease) in cash and cash equivalents
(gain) loss on disposal of mineral properties, plant and equipment																																										-12,000
unrealized (gain) on commodity contracts
gain on disposal of mineral properties, plant and equipment
repayment of long term debt
unrealized loss on commodity contracts																																																		-621,000
unrealized gain on commodity contracts
redemptions in short term investments																																																		17,000,000	17,000,000
proceeds from long term debt
sales
mine operating earnings
cash generated by operating activities
before changes in working capital
consolidated metal production
silver
gold
lead
zinc
copper
production cash cost (us/oz ag)*
* net of by-product credits
write-off of deferred exploration costs																																																-3,827,000
gain on disposal of mineral properties, property, plant and equipment																																																			6,000
interest income paid																																																		-11,000	-11,000
expenditures on mineral properties, property, plant and equipment																																																-2,069,000	-2,101,000	-7,589,000	-7,589,000
proceeds on disposal of mineral properties, property, plant and equipment																																																-35,000	32,000	26,000	26,000
cash and cash equivalents - beginning of year																																																6,801,000	15,122,000	38,730,000	38,730,000
share-based (recovery) payments																																																	239,000	-285,000	-285,000
loss on disposal of mineral properties, property, plant and equipment																																																		6,000
unrealized (gain) loss on commodity contracts																																																			-621,000
notes
net income before income taxes and interest
accrued interest on loans receivable and payable
accounts receivable and prepaid expenses
due to/from related parties
net interest income received
payments of value added taxes on purchase of property, plant and equipment

Fortuna Silver Mines Inc(NYSE:FSM)

Fortuna Silver Mines Inc
(NYSE:FSM)