Production and cost guidance

Mine	Silver (Moz)	Gold (koz)	Lead (Mlbs)	Zinc (Mlbs)	Cash Cost^1,3	AISC^1,2,3,5
SILVER					($/oz Ag Eq)	($/oz Ag Eq)
San Jose, Mexico	3.1 – 3.6	19 – 23	–	–	20.3 – 22.3	22.8 – 24.0
Caylloma, Peru	0.9 – 1.1	–	29 – 34	36 – 39	12.7 – 14.0	18.0 – 21.0
GOLD					($/oz Au)	($/oz Au)
Lindero, Argentina⁴	–	93 – 105	–	–	850 – 950	1,730 – 1,950
Yaramoko, Burkina Faso	–	105 – 119	–	–	865 – 965	1,220 – 1,320
Séguéla, Côte d’Ivoire	–	126 – 138			630 – 730	1,110 – 1,230
CONSOLIDATED TOTAL	4.0 – 4.7	343 – 385	29 – 34	36 – 39	935 – 1,055	1,485 – 1,640

Notes

All amounts in US dollars unless otherwise indicated.

Cash Cost and all-in sustaining cost (AISC) are non-IFRS financial measures which are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures disclosed by other issuers. Refer to the note under “Non-IFRS Financial Measures” below
Cash cost includes production cash cost and for Lindero, is net of copper by-product credit. AISC includes sustaining capital expenditures, worker’s participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary G&A and Brownfields exploration and is estimated at metal prices of $1,800/oz Au, $22/oz Ag, $2,000/t Pb, and $2,500/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12
Silver equivalent is calculated at metal prices of $1,800/oz Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn
The cost guidance for the Lindero Mine does not take into account potential changes by the new Argentine Government to national macroeconomic policies, the taxation system and import and export duties which, if implemented, may have a material impact on costs
Historical non-IFRS measure cost comparatives: The following table provides the historical cash costs and historical AISC for the Company’s four mines which were operating during the year ended December 31, 2022, as follows:

Notes

All amounts in US dollars unless otherwise indicated.

Cash cost and AISC are non-IFRS financial measures; refer to the note under “Non-IFRS Financial Measures” on this website
Silver equivalent was calculated at metal prices of $1,802/oz Au, $21.75/oz Ag, $2,161/t Pb and $3,468/t Zn for the year ended December 31, 2022
Further details on the cash costs and AISC for the year ended December 31, 2022 are disclosed on pages 38, 40, and 41 (with respect to cash costs) and pages 39 and 42 (with respect to AISC) of the Company’s management discussion and analysis (“MD&A”) for the year ended December 31, 2022 dated as of March 15, 2023 (“2022 MD&A”) which is available under Fortuna’s SEDAR+ profile at www.sedarplus.ca and is incorporated by reference into this news release, and the note under “Non-IFRS Financial Measures” on this website