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)
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 – 1,720
Yaramoko, Burkina Faso	–	38	–	–	1,060	1,410
Séguéla, Côte d’Ivoire	–	134 – 147			680 – 750	1,500 – 1,600
CONSOLIDATED TOTAL	0.9 – 1.0	265 – 290	29 – 32	45 – 49	895 – 1,015	1,670 – 1,765

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
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 percent 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 four mines which were operating during the year ended December 31, 2024, 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	14.12	21.72
Gold	($/oz Au)	($/oz Au)
Lindero, Argentina	1,051	1,793
Yaramoko, Burkina Faso	860	1,359
Séguéla, Côte d’Ivoire	584	1,153

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 $2,401/oz Au, $28.00/oz Ag, $2,072/t Pb and $2,786/t Zn for the year ended December 31, 2024.
Further details on the cash costs and AISC for the year ended December 31, 2024 are disclosed on pages 31, 33 and 35 (with respect to cash costs) and page 37 (with respect to AISC) of the Company’s management discussion and analysis (“MD&A”) for the year ended December 31, 2024 dated as of March 5, 2025 (“2024 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” below
Yaramoko production reported as of April 14, 2025; AISC reported as of March 31, 2025
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	–	1,060	–
Séguéla	680	–	750
Consolidated cash cost	895	–	1,015

AISC Guidance ($/Au Eq Oz)	2025 Guidance
Lindero	1,600	–	1,720
Caylloma	1,810	–	2,060
Yaramoko	–	1,410	–
Séguéla	1,500	–	1,600
Corporate G&A	–	116	–
Consolidated AISC	1,670	–	1,765

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.