Fortuna Silver Mines, Inc.

Fortuna Silver Mines, Inc.

Fortuna Silver Mines, Inc.

Overview
Date Founded

1990

Headquarters

200 Burrard Street, Suite 650, Vancouver, BC, V6C 3L6, CAN

Type of Company

Public

Employees (Worldwide)

1,822

Industries

Non-Energy Mining & Minerals
Metal Manufacturing & Products

Company Description

Fortuna Silver Mines is a rapidly growing silver producer with two low-cost operating mines and land holdings of more than 87,000 hectares in Peru and Mexico. Established in 2005, with a mandate to acquire silver-rich exploration projects and producing mines in Latin America, Fortuna's management team has effectively implemented a disciplined growth strategy. In 2012, silver and gold production increased for the sixth consecutive year, reaching 4.0 million ounces of silver and 20,699 ounces of gold at an estimated consolidated average cash cost per ounce of silver, net of by-product credits, is US$6.38(*) Drawing on mineral reserves containing approximately 44 million ounces of silver and 233,000 ounces of gold, Fortuna expects annual production rate to increase to an estimated 5 million ounces of silver and 26,000 ounces of gold, plus significant lead and zinc by-products, by mid-2013. (*) The final calculation of operating costs has not yet been completed and the amounts are approximations. Fortuna is targeting growth in both reserves and production by leveraging its industry expertise in Latin America. Management is committed to operating profitability and maintaining industry best practices while striving for excellence in employee relations, community outreach and safeguarding of the environment. Fortuna is financially stable and has no long-term debt or hedging programs. Shares of the company are listed on the New York Stock Exchange (FSM), Toronto Stock Exchange (FVI), Bolsa de Valores de Lima (FVI) and Frankfurt Stock Exchange (F4S.F). Fortuna is headquartered in Vancouver, Canada and maintains management offices in Lima, Peru. The company employs approximately 1,500 people in Canada, Peru and Mexico.

Executives & Employees

Director, President & Chief Executive Officer

Chief Financial Officer

Vice President, Operations

Vice President, Project Development

Vice President-Exploration

Vice President, Technical Services

Vice President, Finance & Accounting

Co-Founder

Manager-Investor Relations

Board of Directors

Co-Founder at Fortuna Silver Mines, Inc.

Co-Founder at Fortuna Silver Mines, Inc.

Director, President & Chief Executive Officer at Fortuna Silver Mines, Inc.

Chief Operating Officer at Equinox Gold Corp.

President, Chief Executive Officer & Director at Cannon Point Resources Ltd.

Chief Executive Officer at Faro Capital Safi SA

Vice President-Business Development at Equinox Gold Corp.

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Fortuna Silver Mines, Inc.
Owners & Shareholders
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Ingalls & Snyder manages and advises pension plans, philanthropic and educational endowments, corporations and an open-end growth mutual fund. The firm is a multi-cap value manager. They use bottom-up research to examine balance sheets valuations and possible risk/return ratios. Ingalls & Snyder generally recommends a long-term, total-return strategy. The firm prefers investments in securities with an established trading history. They rarely participate in initial public offerings. Ingalls & Snyder conducts in-house research, including internally generated forecasts of ROE for the stocks they follow. Analysts contribute to the sellside as well as the buyside. The firm's portfolio managers develop their own investment philosophies dependent on client objectives. Their Legacy Growth fund invests in a well-diversified portfolio of growth-oriented equities. Their objective is to achieve above average long-term growth of capital for shareholders. The majority of the fund's holdings are in large-cap common stocks, the remainder being in shares of medium and small-sized companies. The fund seeks companies having strong underlying financial characteristics and prospects for sustained above average growth in earnings. Ingalls & Snyder's taxable fixed-income department emphasizes high yield securities. They specialize in little-known and smaller-sized issues. They also provide facilities to transact in US Government securities, municipal securities and options contracts.

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Mason Hill Advisors invests and trades on behalf of their clients in a broad range of domestic, foreign and emerging market securities and financial instruments. Their funds investment objective is to achieve maximum capital appreciation, consistent with moderate investment risk. Mason Hills employs a value investment approach that incorporates an appreciation for superior and well-managed businesses. They seek to identify investment opportunities for the funds resulting from significant discrepancies between market valuation (price) and intrinsic worth (value) of superior businesses. Only when securities appear substantially underpriced, does Mason Hill consider purchasing them for the appropriate fund(s). When shorting, they search for overvalued securities with an attractive risk/reward. Mason Hill's research and analysis focuses on company specific data, but also takes into account broader market and economic trends.

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Montrusco Bolton Investments offers investors a variety of investment strategies in the equity, fixed income, balanced and alternative asset classes. Equity strategies offered include US, Canadian, EAFE and Global equity. Depending on the size of their investment, clients may choose to invest either through a separate account structure or utilize the firm’s commingled funds to achieve their investment objective. Separate accounts are generally invested in one of the specific equity or fixed income strategies Montrusco Bolton offers. Alternatively, the firm can create a portfolio consisting primarily of interests in one or more of the Montrusco Bolton Funds, but may also include: individual equities, ETFs, bonds, and cash or cash equivalents.

Recent Transactions
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Fortuna Silver Mines, Inc. purchases Radius Gold, Inc. /Tlacolula Property from Radius Gold, Inc.

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Fortuna Silver Mines, Inc. issued Common Shares

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Fortuna Silver Mines, Inc. purchases Goldrock Mines Corp.

Transaction Advisors
Legal Advisor

Advised onFortuna Silver Mines, Inc. purchases Goldrock Mines Corp.

Underwriter

Advised onFortuna Silver Mines, Inc. issued Common Shares

Manager

Advised onFortuna Silver Mines, Inc. issued Common Shares

Key Stats and Financials As of 2017
Market Capitalization
$1.14B
Total Enterprise Value
$822M
Earnings Per Share
$0.55
Revenue
$348M
Net Profit
$86.1M
EBITDA
$165M
EBITDAMargin
47.28%
Total Debt
$51.1M
Total Equity
$706M
Enterprise Value Sales
2.36x
Enterprise Value EBITDAOperating
5x
TEVNet Income
9.56x
Debt TEV
0.06x
Three Year Compounded Annual Growth Rate Of Revenue
21.89%
Five Year Compounded Annual Growth Rate Of Revenue
16.67%
Suppliers
Sandstorm Gold Ltd. Consumer Finance | Vancouver, BC

Sandstorm Gold finances gold mining projects through an arrangement called gold streaming. A gold stream involves Sandstorm making an upfront payment to a mining partner that is in need of capital to build their mine, refinance their obligations, complete an acquisition or for various other reasons. In exchange for that upfront payment, Sandstorm receives a contract which stipulates the purchase of a certain percentage of the gold produced from the mine, for the life of the mine, at a fixed per unit cost. To give an example, one of Sandstorm’s gold streaming agreements is with a company called Mutiny Gold (ASX-MYG). Mutiny needed capital for the development of its Deflector project in Western Australia. Sandstorm provided US$38 million to Mutiny as an upfront cash payment and in return, received a gold streaming agreement to purchase 15% of the life of mine gold produced from Deflector at US$500 per ounce.

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