Fortuna reports consolidated financial results for the third quarter 2020

(All amounts expressed in US dollars, unless otherwise stated)

温哥华,2020年11月12日:manbext客户端2.0Fortuna Silver Mines Inc.(纽约证券交易所:FSM)(TSX:FVI)今天报告净收入为1310万美元,调整为4220万美元的EBITDA,并从2020年第三季度从持续运营的持续运营中的自由现金流量为3010万美元。

Jorge A. Ganoza,总裁兼首席执行官评论道,“我们报告了销售和自由现金流量的突破季度,因为我们继续通过稳固的生产结果和成本遏制措施将目前的金属价格环境资本化。”格兰萨先生继续,“在Lindero,加速阶段正在进行10月份的第一黄金倒。”Ganoza先生的结论是,“我们在2021年的第一季度留在Lindero的商业生产轨道。”

第三季度2020亮点

  • Sales of $83.4 million, compared to $61.3 million in Q3 2019
  • 净收入为1,310万美元,而2019年第三季度净收率为770万美元
  • 调整后的净收入1of $16.1 million, compared to $1.9 million in Q3 2019
  • 调整后EBITDA14220万美元,相比于2019年第3季度为1920万美元
  • Free cash flow from ongoing operations1of $30.1 million, compared to $10.6 million in Q3 2019
  • 银色和黄金产量分别为2,127,746盎司和12,791盎司

注意:

  1. Refer to non-GAAP financial measures andForward-Looking Statementsat the end of this news release

Third quarter COVID-19 related impacts on operations

The COVID-19 pandemic continues to impact economies around the world and our operations. In response to the pandemic, the Governments of Mexico, Peru and Argentina implemented measures to curb the spread of COVID-19, which included among others, the closure of international borders, temporary suspension of all non-essential activities, and the declaration of mandatory quarantine periods. Certain of these measures have either been eliminated or relaxed during the third quarter.

The Company is managing the necessary country-by-country restrictions in order to assist in the protection of those most vulnerable. At each of our mine sites, health protocols are in place for control, isolation and quarantine, as necessary, and these continue to be reviewed and adjusted accordingly based on the circumstances at each location. Operations at the Caylloma Mine were temporarily suspended for a 21-day period in July to among other things sanitize and disinfect the mine and make infrastructure improvements to accommodate social distance guidelines. As a result of the shutdown, approximately $0.9 million has been recorded as care and maintenance costs.

In April 2020, the Company withdrew its production and cost guidance for the year until further notice due to the uncertainties related to the impact caused by COVID-19 constraints on the Company's business and operations (refer toFortuna news release dated April 2, 2020)。

Third Quarter 2020 Consolidated Results

Sales for the three months ended September 30, 2020 were $83.4 million, a 36% increase from the $61.3 million reported in the same period in 2019 driven by higher silver and gold prices of 44% and 29%, along with increased volume of silver and gold ounces sold of 9% and 12%, respectively.

营业收入截至9月30日止三个月,2020年为2850万美元,从2019年同期报告的150万美元的营业损失增加了30百万美元。2019年的经营亏损受到与增值税相关的830万美元的外汇损失影响应收施工在阿根廷。除了外汇的效力,我们在第三季度的营业收入较高的营业收入是由较高贵金属价格的推动,尽管为期21天的关闭,但销售的销量较高的银色和金牌盎司的销量也降低了Caylloma矿山的销量。其他因素增加营业收入的现金生产成本降低,勘探和评估成本为140万美元,这部分抵消了220万美元的高额股份支付费用。本季度股价表现的增加直接影响了我们现金结算股权的价值。

Net income for the three months ended September 30, 2020 was $13.1 million, a $20.8 million increase over the $7.7 million net loss reported in the same period in 2019. The effective tax rate for the quarter was 53% which reflects a negative impact of approximately 7 percentage points derived from the devaluation of the Mexican peso.

Free cash flow from ongoing operations for the three months ended September 30, 2020 was $30.1 million compared to $10.6 million in the same period in 2019. Net cash provided by operating activities for the quarter increased $27.3 million to $45.5 million.

Capital resources and liquidity

截至2020年9月30日,本公司可用的总流动资金为1.40亿美元,其中包括1.50亿美元的信贷设施,包括55000万美元的可用信贷。本季度末,公司现金及现金等价物为8520万美元(2019年12月31日:8340万美元)。

Third Quarter 2020 Consolidated Results

San Jose Mine, Mexico

季度结果

The San Jose Mine produced 1,917,540 ounces of silver and 11,425 ounces of gold during the third quarter of 2020, which represents a 12% and 4% increase over the comparable quarter in 2019. The increase was due primarily to higher silver and gold head grades of 16% and 9%, respectively.

Cash cost per tonne for the three months ended September 30, 2020 decreased 4% to $67.62 per tonne compared to $70.53 per tonne in the same period in 2019. The decrease in cash cost per tonne is mainly due to lower mine preparation costs compared to the same period in the prior year. Mine preparation in 2020 is in line with plan.

本季度的全面持续现金成本为每盎司12.0美元,而2019年可比性期的价格为10.77美元,主要是与更高销售和利润相关的更高版税地和工人参与费用。

Caylloma Mine, Peru

季度结果

2020年第三季度,CaYlloma矿产铅生产了670万磅铅和1030万磅锌,比同期生产的720万磅铅和1150万磅锌的铅增多了6%。2019. The lower production was due to lost production from a 21-day shutdown of the mine in early July to sanitize and disinfect the mine following the sudden death of a contractor’s employee. Lead and zinc head grades were 18% and 13% higher than in the same period in 2019. Silver production for the third quarter totaled 210,206 ounces with an average head grade of 74 g/t compared to the 228,168 ounces produced with an average head grade of 64 g/t in the same period in 2019. The Company incurred $0.9 million of costs during the 21-day shutdown of the mine and have been reported as care and maintenance costs.

Cash cost per tonne of processed ore for the three months ended September 30, 2020 was $82.55, which was 11% lower than the $93.03 cash cost per tonne in the same period in 2019. The lower cash cost per tonne was due to lower mine preparation as a result of cost-cutting efforts related to Covid-19. Cash costs incurred during the shutdown were reported as care and maintenance costs.

All-in sustaining cash cost per ounce of payable silver equivalent was $19.37 for the quarter compared to $15.78 for the comparable period in 2019, due to the impact of the 21-day voluntary suspension at the mine site in July.

Lindero矿井更新

在位于萨尔塔省的Lindero露天坑堆金矿建设,阿根廷大幅齐全,截至2020年9月30日。2020年10月20日,该公司宣布了728盎司的第一个金倒(参见Fortuna news release dated October 20, 2020) as the mine ramps up towards commercial production in the first quarter of 2021.

下表总结了截至2020年9月30日止九个月的Lindero Line的建设和预生产的支出:

There were $15.2 million of construction trade payables outstanding as at the end of the third quarter.

在2020年的第三季度,总共6.75,000吨的矿石,平均0.83克/吨金,估计为17,980盎司的黄金(参见2020年10月14日的Fortuna新闻发布)。放置在浸出垫上的矿石的平均金头等级低于1.00克/吨至1.10g / t的预算(参见5月8日,2020年5月8日的Fortuna新闻稿)。较低的平均头级是由于Covid-19相关限制,延迟了采矿活动的开始,并限制了从坑中获得高档矿石的进入,并导致从中等级储存的不足。

从2019年9月的采矿业务开始(参见2019年9月13日的Fortuna新闻发布)到第三季度2020年底,共有230万吨矿化材料,平均0.61克/吨Au,含有45,700盎司黄金已从坑中提取。其中160万吨平均0.52吨/吨,据估计,储存了27,500盎司的黄金,其余682,000吨平均0.83克/吨,含有18,200盎司送到破碎机。(参见2020年10月14日的Fortuna新闻稿)。

管理层证实了2020年第三季度从坑中的材料运动的对帐,并表明级别控制模型与矿物储备块模型之间的良好相关性,差异低于五个百分之五,盎司和盎司(参见到Fortuna新闻发布10月14日,2020年)。

管理层已更新2020年Lindero的生产预测,并将制作13,000至15,000盎司金Doré的估计数(参见5月8日的Fortuna新闻发布日期)。新的预测考虑了在调试和增速活动期间遇到的以下操作问题:

  • 尽管在10月底将93%的LEACH-PAD上的计划金盎司置于LEACH-PAD中,但采用了预先堆叠序列限制了公司根据原始计划实施早期灌溉策略的能力。当调试输送机堆叠系统时,将在11月中旬在11月中旬解决这个问题,并实施了撤退堆叠序列,这将加速灌溉过程。
  • 由于在Covid-19相关限制下完成这些活动的挑战和限制,在11月和12月期间分配了额外的时间,以便在11月和12月期间分配了HPGR群堆叠系统的调试和增值时间表。这将导致将包含的金盎司减少两个月,从38,000盎司到24,000盎司。
  • The shortfall of gold ounces placed on the leach pad in November and December along with the placement of a greater quantity of coarser crushed material due to the extended commissioning of the HPGR has a compound effect on reducing gold doré production.

Qualified Person

Eric Chapman, Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

非GAAP财务措施

下表代表了在此新闻稿中引用的某些非GAAP财务措施的计算。

Reconciliation to Adjusted Net Income for the three and nine months ended September 30, 2020 and 2019

Reconciliation to Adjusted EBITDA for the three and nine months ended September 30, 2020 and 2019

Reconciliation to free cash flow from ongoing operations for the three and nine months ended September 30, 2020 and 2019

财务报表和MD&A可在Sedar和公司网站上提供:
//www.mkingstudio.com/investors/financials/2020 /

电话会议审查第三季度2020财政和业务结果

会议呼吁讨论财务和业务结果将于11月13日星期五,2020年9月13日上午9:00举行。太平洋时间|12:00 PM。东部时间。举办电话将是Jorge A. Ganoza,总裁兼首席执行官,以及Luis D. Ganoza,首席财务官。

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at:https://www.webcaster4.com/webcast/page/1696/38330or over the phone by dialing in just prior to the starting time.

Conference call details:

Date: Friday, November 13, 2020
Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time

拨入号码(免费电话):+1.844.369.8770
Dial in number (International): +1.862.298.0840

Replay number (Toll Free): +1.877.481.4010
重播号码(国际):+1.919.882.2331
重播密码:38330

回放的电话会议将是可用的until November 27, 2020. Playback of the webcast will be available until November 13, 2021. In addition, a transcript of the call will be archived on the company’s website://www.mkingstudio.com/investors/financials/2020 /

万博体育关于Fortmanbext客户端2.0una Silver Mines Inc.

manbext客户端2.0命运银矿公司是加拿大宝贵的metals mining company with operations in Peru, Mexico and Argentina. Sustainability is integral to all our operations and relationships. We produce silver and gold and generate shared value over the long-term for our shareholders and stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website atwww.mkingstudio.com.

ON BEHALF OF THE BOARD

豪尔赫A. Ganoza.
总裁CEO和董事
manbext客户端2.0

交易符号:纽约证券交易所:FSM |TSX:FVI.

Investor Relations:
Carlos Baca.
T(秘鲁):+51.1.616.6060,ext。0.
E:info@fortunasilver.com

Forward looking Statements

此新闻稿包含前瞻性陈述,该陈述构成适用的加拿大证券立法和“前瞻性陈述”在1995年“安全港”规定的“安全港”规定的“安全港”规定的“前瞻性陈述”中的“前瞻性陈述”(集体,“前瞻性陈述”)。除了历史事实的陈述之外,此处包括的所有陈述是前瞻性陈述,并受到各种所知和未知的风险和不确定性,可能导致实际事件或结果与前瞻性陈述中反映的实际情况不同。本新闻发布的前瞻性陈述包括但不限于有关该公司其矿山和矿产性质计划的陈述;公司的经营战略,计划和前景;公司矿山和矿产物质的优点;本公司未来的财务或经营业绩;the timing and amount of estimated future production; recovery rates; mine plans and mine life; the future price of gold, silver and other metals; costs of production;并提出支出;Lindero Mine的建设与建设相关成本,实现商业生产稳定运营和时机;并预测Lindero Line的生产2020年。通常,但并非总是,这些前瞻性陈述可以通过使用“估计”,“预期”,“预期”,“潜在”,“开放”,“未来”,“假设”,“预计”,“使用”,“详细”,“已被”获得“,”计划“,”反思“,”愿意“,”愿意“,”剩下“,”剩下“,”剩下“,”要“或陈述事件,”或“应该”或“应该”和类似的表达式,包括负变化。

前瞻性陈述涉及已知的和未知的风险,不确定性和其他因素,可能导致公司的实际结果,绩效或成就与前瞻性陈述表达或暗示的任何结果,绩效或成就进行重大不同。这些不确定性和因素包括在其他方面包括Covid-19的持续时间和效果以及对我们的运营和劳动力的任何其他淫乱,以及对全球经济和社会的影响;一般经济条件和金融市场的变化;金,银和其他金属价格的变化;外汇汇率波动;阿根廷货币控制的任何延长;Fortuna矿业和矿山发展活动的技术与运营危害;在Lindero延迟调试;延迟在Lindero实现稳定的生产和商业生产的开始;矿物勘查中固有的风险;矿产储量,矿产资源和金属回收中固有的不确定性;政府和其他批准; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

本文所载的前瞻性陈述是基于管理层的假设,信仰,期望和意见,包括但不限于有关公司其矿产和矿产性质计划的预期;矿山生产成本;矿产价格和货币汇率的预期趋势;本公司目前的矿产资源和储备估计的准确性;该公司的活动将符合公司的公开陈述和指定的目标;影响公司或其物业不会有任何重大不利变化;将获得所有必需的批准;这不会有显着的破坏,影响操作和如本文所载的其他假设。前瞻性陈述是截至目前的日期,该公司不承担任何义务更新任何前瞻性陈述的义务,无论是新信息,未来事件或结果还是其他,除非法律要求。无法保证前瞻性陈述将被证明是准确的,因为实际结果和未来事件可能与在此类陈述中预期的那些中有所不同。 Accordingly, investors should not place undue reliance on Forward looking Statements.

本新闻发布还指的是非GAAP财务措施,例如每吨加工矿石的现金成本;现金成本每张支付盎司银;每吨生产总成本;全面维持现金成本;All-in Cash Calt Silver Indery;调整后的网(亏损)收入;每股现金流量在营运资金,所得税和利息收入的变更之前;持续运营的免费现金流量;并调整EBITDA。即使这些措施的描述可能类似,这些措施也没有标准化的含义或方法。 These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies.

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