Production and cost guidance

2025 Consolidated 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	–	–	–	–	–	–
Caylloma, Peru	0.9 – 1.0	–	29 – 32	45 – 49	15.0 – 16.6	21.7 – 24.7
GOLD					($/oz Au)	($/oz Au)
Lindero, Argentina⁴	–	93 – 105	–	–	1,060 – 1,235	1,600 – 1,770
Yaramoko, Burkina Faso	–	107 – 121	–	–	880 – 1,000	1,165 – 1,320
Séguéla, Côte d’Ivoire	–	134 – 147			680 – 750	1,500 – 1,600
CONSOLIDATED TOTAL	0.9 – 1.0	334 – 373	29 – 32	45 – 49	935 – 1,055	1,550 – 1,680

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 $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb, and $2,700/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 $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb and $2,700/t Zn. The guidance assumes an exchange rate of 0.89 USD/EUR. For Argentina, it assumes an annual inflation rate of 29% and an annual devaluation of 18 percent.
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 five mines which were operating during the year ended December 31, 2023, as follows:

Historical non-IFRS Measure Cost Comparatives

Mine	Cash Cost ^{1, 2, 3}	AISC ^{1, 2, 3}
Silver	($/oz Ag Eq)	($/oz Ag Eq)
Caylloma, Peru	14.28	19.90
Gold	($/oz Au)	($/oz Au)
Lindero, Argentina	920	1,565
Yaramoko, Burkina Faso	809	1,499
Séguéla, Côte d’Ivoire	357	760

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” below.
Silver equivalent was calculated at metal prices of $1,902/oz Au, $23.37/oz Ag, $2,155/t Pb and $2,706/t Zn for the year ended December 31, 2023.
Further details on the cash costs and AISC for the year ended December 31, 2023 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, 2023 dated as of March 16, 2024 (“2023 MD&A”) which is available under Fortuna’s SEDAR+ profile at sedarplus.ca and is incorporated by reference into this news release, and the note under “Non-IFRS Financial Measures” on this website.
Refer to table below: 2025 cash cost and consolidated AISC guidance

2025 cash cost and consolidated AISC guidance

Cash cost guidance ($/Au Eq Oz)	2025 Guidance
Lindero	1,060	–	1,235
Caylloma	1,250	–	1,385
Yaramoko	880	–	1,000
Séguéla	680	–	750
Consolidated cash cost	895	–	1,015

AISC Guidance ($/Au Eq Oz)	2025 Guidance
Lindero	1,600	–	1,770
Caylloma	1,810	–	2,060
Yaramoko	1,165	–	1,320
Séguéla	1,500	–	1,600
Corporate G&A	–	86	–
Consolidated AISC	1,550	–	1,680

Note

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 $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb, and $2,700/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.