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San Jose Mine, 
                                     Mexico




www.fortunasilver.com   APRIL 2012
Regulatory Disclaimer
Certain statements in this presentation constitute forward‐looking statements and as such are based on an
assumed set of economic conditions and courses of action. These include estimates of future production
levels, expectations regarding mine production costs, expected trends in mineral prices and statements that
describe Fortuna’s future plans, objectives or goals. There is a significant risk that actual results will vary,
perhaps materially, from results projected depending on such factors as changes in general economic
conditions and financial markets, changes in prices for silver and other metals, technological and operational
hazards in Fortuna’s mining and mine development activities, risks inherent in mineral exploration,
uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries, the
timing and availability of financing, governmental and other approvals, political unrest or instability in
countries where Fortuna is active, labor relations and other risk factors.
Thomas I. Vehrs, Ph.D., Vice President of Exploration, is the Qualified Person for Fortuna Silver Mines Inc. as
defined by National Instrument 43‐101. Dr. Vehrs is a Founding Registered Member of The Society for
Mining, Metallurgy, and Exploration, Inc. (SME Registered Member Number 3323430RM) and is responsible
for ensuring that the information contained in this presentation is an accurate summary of the original
reports and data provided to or developed by Fortuna Silver Mines.




                                                                                                                   2
Corporate Objective
      To create value through the rational 
acquisition, exploration, development and 
           mining of silver in Latin America
                                    Caylloma Mine,
                                              Peru



                                                3
Core Assets
Operating and Exploring in Latin America


Production
 San Jose Mine, Mexico
 Caylloma Mine, Peru

Exploration
 Exploring in Mexico and Peru; two 
  largest silver producing countries in 
  the world
 44,000 meter drill program for 2012 




                                           4
Company Snapshot
Strong Balance Sheet                      Share Structure                   Exchanges
 US$56 million in cash (end 2011)         Outstanding: 123.1 million
 US$20 million undrawn                    Fully diluted: 128.8 million
  credit facility
 No long term debt
 No hedging

                                                                            Frankfurt: F4S.F
        Fortuna´s Share Price vs Silver Price (April 2011 – April 2012 ) 




                                                                                               5
Financial Snapshot
Strong Revenue and Margin Growth
          Revenue                                   110,004
          US$ 000s
                                         74,056               Silver and Gold Revenue Mix
                      51,428                                     1%       4%
                                                                 4%                7%
                                                                          3%

                                                                23%                14%
                                                                         21%
                       2009               2010       2011
                                                                                   15%
                                                                                            Copper Revenue
          Margins
                                                                         23%                Gold Revenue
         35.00                                                  29%
                       Cash Cost*                31.11 
                                                                                            Zinc Revenue
         30.00         Silver Net Realized Price
         25.00                                    30.74                                     Lead Revenue
US$/oz




         20.00                         18.18                                                Silver Revenue
                       13.75                         30.74                         64%
         15.00
                                        24.04
         10.00         18.61                                    44%
                                                                         49%
                                          24.04
           5.00         18.61
              ‐
          (5.00)
                                                  0.37 
                       (4.86)          (5.86)
         (10.00)
                        2009            2010      2011          2009     2010     2011
                   * Net of by product credits



                                                                                                             6
Key Milestones
Foundations of a Leading Silver Mining Company
                                                                                                                       Shares begin 
                                                                                                                        trading on 
                                                                                                   Shares begin            NYSE
                                                                                                  trading on TSX            >>
                                                                              Acquired 100%             >>             Signed option 
                                                                              interest in San         Reported         agreement to 
                                                           Shares begin            Jose             positive pre‐      acquire 100% 
                                                             trading                >>            feasibility study    stake in Mario 
                                        Successful           on BVL
                                      drilling  at San                         Received EIS          at San Jose          Property
                   Commenced                Jose                >>             approval and             >>                  >>
                   production at       significantly      Increased silver    permits for San        Started           Commenced 
   Company          Caylloma on      increased Ag Eq        production             Jose           construction of       commercial 
  established       time and on         resources              by 85%               >>            San Jose Mine        production at 
      >>               budget                                                 Increased silver          >>              San Jose, on 
Shares trade on         >>                                                     production by      Increased silver      time and on 
   the TSX.V       Acquired stake                                                   96%             production             budget
      >>                 in                                                                            by 13%
  Acquired            San Jose 
Caylloma Mine




    2005               2006               2007                2008                2009                 2010               2011



                                                                                                                                         7
Investment Highlights

   1   Emergence of a leading silver mining company in Latin America

   2   Proven mine builders and operators

   3   Strong cash flow and sustainable growth from existing mines

   4   Brownfields exploration upside

   5   Disciplined acquisition strategy




                                                                       8
Emergence of a Leading Silver Mining Company
Sustainable Mineral Reserve and Resource Growth  
                                    140.0
                                                     Inferred Resources

                                    120.0            Measured & Indicated Resources

                                                     Proven & Probable Reserves
  Contained Metal ‐ Ag Eq (Moz) *




                                    100.0



                                     80.0



                                     60.0



                                     40.0



                                     20.0



                                      0.0
                                                 2005             2006             2007             2008        2009   2010   2011

                                            * Ag Eq calculated using Ag = US$25.14/oz and Au = US$1,391.63/oz




                                                                                                                                     9
Emergence of a Leading Silver Mining Company
Increasing Exposure to Silver
                                                                                                                 2014E consolidated production: 
                8.0                                                                                               6.4M Ag Eq oz +  base metals

                                 Caylloma Mine BM Ag Eq (Pb + Zn)
                7.0
                                 San Jose Mine Ag Eq (Ag + Au)
                                 Caylloma Mine Ag Eq (Ag + Au)
                6.0

                5.0
 Ag Eq (Moz)*




                4.0

                3.0

                2.0

                1.0

                0.0
                          2007           2008          2009           2010           2011          2012           2013       2014        2015
                                                                                                           PRODUCTION FORECAST
                      *  Ag Eq calculated using Ag = US$30/oz, Au = US$1,660/oz ,  Pb = US$2,300/t and Zn = US$2,000/t 



                                                                                                                                                   10
Proven Mine Builders and Operators
  Senior Management




Jorge A. Ganoza         Dr. Thomas I. Vehrs          Cesar Pera           Luis Dario Ganoza         Manuel Ruiz‐Conejo
   President,              Vice President,         Vice President,        Chief Financial Officer      Vice President, 
CEO and Director            Exploration         Human & Organizational                                   Operations
                                                    Development

Co‐founder of           Over 35 years                Over 25 years           Over 15 years            Over 25 years 
Fortuna Silver.         experience managing          experience in           experience in            experience in the 
Peruvian geological     exploration programs         organizational          the operations           execution of multi‐
engineer. Identified    in the Americas.             development and         and financial            million dollar 
and negotiated                                       change in Latin         management of            mining projects 
purchase of                                          American                public mining            and the 
Caylloma, built the                                  companies.              companies.               implementation 
Fortuna Silver                                                                                        of community 
Mine´s team.                                                                                          relations programs.




                                                                                                                     11
Proven Mine Builders and Operators
Board of Directors
Simon Ridgway
    Chairman
   of the Board                Robert R. Gilmore                       Mario Szotlender                  Tomas Guerrero

Co‐founder of Fortuna          30 years of experience working          Co‐founder of Fortuna             Geological engineer with 
Silver. Vancouver‐based        with resource companies and             Silver. Financier,                over 30 years experience.  
mining financier. Also         currently serves as Chairman of         businessman and Director          Served as Director of 
founded Focus Ventures,        the Board for Eldorado Gold             of Radius Gold, Endeavour         Explorations for the 
Radius Gold, Mar West          Corporation and as a Director for       Silver, Magellan, Focus           Hochschild Group.
Resources and Northland        Layne Christensen Company.              Ventures and Iron Creek.
Resources.



Jorge A. Ganoza
President and CEO              Thomas Kelly                            Michael Iverson

Co‐founder of Fortuna          36 years of experience in mine          Chief Executive Officer of Fortuna 
Silver. Peruvian geological    production, minerals industry           from 1998 to January 2005. 
engineer. Identified and       consulting and corporate                President and Director of Niogold 
negotiated purchase of         management in various Latin             Mining Corp. since 1998.
Caylloma, built the Fortuna    American countries; currently 
Silver Mine´s team.            serves as Chief Executive Officer of 
                               Apurimac Ferrum, a private 
                               company developing iron ore 
                               assets in Peru.


                                                                                                                              12
Caylloma Mine, Peru
Overview



 100% owned
 1,300 tpd underground operation
 Ag ‐ Pb & Zn concentrates
 Reserve life = 8 years




                                    13
Caylloma Mine, Peru  
Solid Reserve and Resource Base
                                                                                       Contained Metal
                                       Tonnes      Ag       Au        Pb        Zn
          Classification                (000)     (g/t)    (g/t)      (%)      (%)      Ag        Au
                                                                                       (Moz)     (koz)

Proven & Probable Reserves              4,642     135      0.33      1.33     1.93      20.2     49.5

Measured & Indicated Resources          2,258     123      0.30      0.85     1.28      8.9      21.8

Inferred Resources                      3,258     112      0.36      0.99     1.50      11.8     37.9


     Notes to Mineral Reserve and Mineral Resource tables prepared in accordance with NI 43 ‐ 101: 
      Mineral Reserves and Mineral Resources are as defined by the CIM Definition Standards on 
       Mineral Resources and Mineral Reserves
      Mineral Resources are exclusive of Mineral Reserves
      Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
      Caylloma Mineral Resources and Mineral Reserves are estimated as of June 30, 2011 and 
       reported as of December 31, 2011
      Refer to www.fortunasilver.com for full disclosure



                                                                                                         14
San Jose Mine, Mexico
Overview



 100% owned
 1,000 tpd underground operation
 High grade Ag ‐ Au concentrate 
 Reserve life = 9 years




                                    15
San Jose Mine, Mexico
Solid Reserve and Resource Base
                                                                          Contained Metal
                                              Tonnes      Ag       Au
                 Classification                (000)     (g/t)    (g/t)     Ag        Au
                                                                           (Moz)     (koz)

      Probable Reserves                       3,600      204      1.59      23.6    183.7
      Indicated Resources                      376       243      2.12      2.9      25.6
      Inferred Resources                      3,072      223      1.80      22.0    178.1


     Notes to Mineral Reserve and Mineral Resource tables prepared in accordance with NI 43 ‐ 101: 
      Mineral Reserves and Mineral Resources are as defined by the CIM Definition Standards on 
       Mineral Resources and Mineral Reserves
      Mineral Resources are exclusive of Mineral Reserves
      Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
      Mineral Reserves and Mineral Resources reported as of December 31st, 2011
      Refer to www.fortunasilver.com for full disclosure




                                                                                                      16
San Jose Mine, Mexico
Commercial Production Declared in September 2011
 Construction and commissioning on‐time and on‐budget
 Construction CAPEX of US$55 million
 Plant expansion to 1,500 tpd initiated in 2012
 LOM average cash cost per Ag Eq oz = US$7.84




                                                         17
San Jose Mine, Mexico
Underground Mine Design
        North                                            South
                               Service Raise
                                                                L 1540


         Main Ramp


                                                      Auxiliary Branch


Auxiliary Ramp                                                  L 1400

                                                     Ventilation Raise
                                                                L 1360



                                                                L 1300

       LEGEND
                                                      Main Levels
       Projected Ramp
                             Ore Pass
       Projected Level
                                                                L 1200
       Indicated Resources
       Inferred Resources
                                        Waste Pass
       Production block
                                                                L 1100



                                                                         18
San Jose Mine, Mexico
Ag Eq Production Forecast

                    6,000
                                      Au (Ag Eq)                                                                                5,155
                    5,000                                                                                                                       4,861
                                                                                                4,471           4,634
                                      Ag                                        4,309
                    4,000
Ag Eq (´000s oz)*




                                                                3,261
                    3,000                       2,603

                    2,000

                    1,000        783


                       0
                                 2011            2012            2013            2014            2015            2016            2017            2018

                            *  Ag Eq calculated using Ag = US$ 23.60/oz, Au = US$ 1,350/oz; metallurgical recoveries of 88% & 90% for Ag and Au respectively




                                                                                                                                                               19
Brownfields Upside, Caylloma
Prolific Mining District




                               Source: INGEMMET


                                            20
Brownfields Upside, Caylloma
Exploration Success
Fueling Growth


 11,000 ha concession package
 Expand resource base through 
  exploration of veins with 
  potential for high‐grade silver 
  mineralization 




                                     21
Brownfields Upside, San Jose
Under‐Explored Mining District




                                 Source: Mexican Geological Society


                                                                22
Brownfields Upside, San Jose
Commanding Land Position
 58,000 ha concession package
 Soil and stream sediment sampling 
  identified multiple geochemical 
  gold anomalies
 Significant resource growth 
  potential within trucking 
  distance to processing plant


  Stream Sediment Results




                                       23
Mario Project, Peru
Central Peru Silver‐Base Metal Belt




                                      24
Mario Project, Peru
Commitment to Growth                Highlights of Historic Drilling
 Located in Junin, central Peru    Hole ID
                                               From       To     Drill Int.     Ag      Au     Pb       Zn
                                                (m)      (m)       (m)         (g/t)   (ppb)   (%)     (%)
 4,900 contiguous hectares         FO‐06‐02     1.45     8.90        7.45      192      440    1.21    1.77

 Highly prospective silver‐gold‐   FO‐06‐03   111.00   129.75      18.75       265      554    2.57   12.61
                                    FO‐06‐05    59.20   131.40      72.20         44     974    0.55    0.66
  base metal mineralization         FO‐06‐07    39.30    56.15      16.85       390      483    4.86    6.90
 US$4 million purchase option      FO‐07‐25   174.30   177.70        3.40      309      119    0.36    0.52

  agreement + NSR royalties         FO‐08‐29    70.30    81.80        8.75      658      229    6.04    1.32
                                    FO‐08‐29   111.10   117.00        5.90      523      875    5.56    6.85
  with buyback provisions 
                                    O‐08‐29    125.80   133.05        7.25      176      694    2.93    4.77
                                    FO‐08‐34   107.10   149.85      42.75         31   1,047    0.54    0.55
                                    PU‐00‐01   143.90   152.60        8.70      404       NA    3.16   11.34
                                    PU‐00‐03    89.45    91.00        1.55     1,021      NA   13.96    2.98
                                    PU‐00‐08    29.45    38.60        9.15      560       NA    6.35   26.10
                                    PU‐00‐09    50.70    54.55        3.85      486       NA    4.91    7.87
                                    PU‐03‐24    10.30    18.80        8.50      283      315    2.56    3.14
                                    PU‐03‐28    72.20    85.80      13.60       303    2,918    3.96   11.05
                                    PU‐03‐29    23.00    27.00        4.00      434      315    2.65    3.44
                                    PU‐03‐38   141.70   145.90        4.20      475      417    4.24    1.88




                                                                                                             25
Community Relations Program
Forging Strategic Partnerships
 Programs are based on respect for ethno‐cultural diversity, open communication 
  and effective interaction with all stakeholders
 We work with communities towards self‐development of economically sustainable 
  activities to improve their quality of life




                                                                                26
Growth Strategy
Three‐Pronged Approach to Create Shareholder Value

Maximize production,       Execute on production ramp‐up at San Jose by 4Q 2013
profitability and cash     Focus on operational efficiencies to reduce cash costs 
flow of current mines      Off‐site Ag ‐ Au concentrate leaching facility at San Jose


     Capitalize on         44,000 meter exploration program between Peru and Mexico
     brownfields 
                           Two crews evaluating multiple Ag ‐ Au anomalies at San Jose
     exploration 
    opportunities          Commanding land packages in Peru and Mexico



                           Post discovery, pre‐development opportunities in Latin America     
  Pursue selective
                           Silver contribution of >50% of revenue
 M&A opportunities 
                           Below industry median for cash cost 




                                                                                            27
 Proven operators and mine builders in Latin America
 Organic growth potential
 Consistent cash generation




                                                        Caylloma Mine
                                                                 Peru


                                                                  28
Management Head Office
Carlos Baca
T: +51.1.616.6060, ext. 0

Corporate Office
Holly Hendershot
T (Toronto): +1.647.725.0813
T (Vancouver): +1.604.484.4085



                            www.fortunasilver.com   APRIL 2012

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Fortuna april 2012_investor_presentation

  • 1. San Jose Mine,  Mexico www.fortunasilver.com APRIL 2012
  • 2. Regulatory Disclaimer Certain statements in this presentation constitute forward‐looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna’s future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna’s mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors. Thomas I. Vehrs, Ph.D., Vice President of Exploration, is the Qualified Person for Fortuna Silver Mines Inc. as defined by National Instrument 43‐101. Dr. Vehrs is a Founding Registered Member of The Society for Mining, Metallurgy, and Exploration, Inc. (SME Registered Member Number 3323430RM) and is responsible for ensuring that the information contained in this presentation is an accurate summary of the original reports and data provided to or developed by Fortuna Silver Mines. 2
  • 3. Corporate Objective To create value through the rational  acquisition, exploration, development and  mining of silver in Latin America Caylloma Mine, Peru 3
  • 4. Core Assets Operating and Exploring in Latin America Production  San Jose Mine, Mexico  Caylloma Mine, Peru Exploration  Exploring in Mexico and Peru; two  largest silver producing countries in  the world  44,000 meter drill program for 2012  4
  • 5. Company Snapshot Strong Balance Sheet Share Structure Exchanges  US$56 million in cash (end 2011)  Outstanding: 123.1 million  US$20 million undrawn   Fully diluted: 128.8 million credit facility  No long term debt  No hedging Frankfurt: F4S.F Fortuna´s Share Price vs Silver Price (April 2011 – April 2012 )  5
  • 6. Financial Snapshot Strong Revenue and Margin Growth Revenue 110,004 US$ 000s 74,056 Silver and Gold Revenue Mix 51,428 1% 4% 4% 7% 3% 23% 14% 21% 2009 2010 2011 15% Copper Revenue Margins 23% Gold Revenue 35.00 29% Cash Cost* 31.11  Zinc Revenue 30.00 Silver Net Realized Price 25.00 30.74 Lead Revenue US$/oz 20.00 18.18  Silver Revenue 13.75  30.74 64% 15.00 24.04 10.00 18.61 44% 49% 24.04 5.00 18.61 ‐ (5.00) 0.37  (4.86) (5.86) (10.00) 2009 2010 2011 2009 2010 2011 * Net of by product credits 6
  • 7. Key Milestones Foundations of a Leading Silver Mining Company Shares begin  trading on  Shares begin  NYSE trading on TSX >> Acquired 100%  >> Signed option  interest in San  Reported agreement to  Shares begin  Jose positive pre‐ acquire 100%  trading  >> feasibility study  stake in Mario  Successful  on BVL drilling  at San  Received EIS  at San Jose Property Commenced Jose  >> approval and  >> >> production at  significantly  Increased silver  permits for San  Started  Commenced  Company  Caylloma on  increased Ag Eq  production Jose construction of  commercial  established time and on  resources    by 85%  >> San Jose Mine production at  >> budget  Increased silver  >> San Jose, on  Shares trade on  >> production by  Increased silver  time and on  the TSX.V Acquired stake  96%  production budget >> in  by 13% Acquired San Jose  Caylloma Mine 2005 2006 2007 2008 2009 2010 2011 7
  • 8. Investment Highlights 1 Emergence of a leading silver mining company in Latin America 2 Proven mine builders and operators 3 Strong cash flow and sustainable growth from existing mines 4 Brownfields exploration upside 5 Disciplined acquisition strategy 8
  • 9. Emergence of a Leading Silver Mining Company Sustainable Mineral Reserve and Resource Growth   140.0 Inferred Resources 120.0 Measured & Indicated Resources Proven & Probable Reserves Contained Metal ‐ Ag Eq (Moz) * 100.0 80.0 60.0 40.0 20.0 0.0 2005 2006 2007 2008 2009 2010 2011 * Ag Eq calculated using Ag = US$25.14/oz and Au = US$1,391.63/oz 9
  • 10. Emergence of a Leading Silver Mining Company Increasing Exposure to Silver 2014E consolidated production:  8.0 6.4M Ag Eq oz +  base metals Caylloma Mine BM Ag Eq (Pb + Zn) 7.0 San Jose Mine Ag Eq (Ag + Au) Caylloma Mine Ag Eq (Ag + Au) 6.0 5.0 Ag Eq (Moz)* 4.0 3.0 2.0 1.0 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 PRODUCTION FORECAST *  Ag Eq calculated using Ag = US$30/oz, Au = US$1,660/oz ,  Pb = US$2,300/t and Zn = US$2,000/t  10
  • 11. Proven Mine Builders and Operators Senior Management Jorge A. Ganoza Dr. Thomas I. Vehrs Cesar Pera Luis Dario Ganoza Manuel Ruiz‐Conejo President,  Vice President,  Vice President,  Chief Financial Officer Vice President,  CEO and Director  Exploration Human & Organizational  Operations Development Co‐founder of  Over 35 years  Over 25 years  Over 15 years  Over 25 years  Fortuna Silver.  experience managing  experience in  experience in  experience in the  Peruvian geological  exploration programs  organizational  the operations  execution of multi‐ engineer. Identified  in the Americas. development and  and financial  million dollar  and negotiated  change in Latin  management of  mining projects  purchase of  American  public mining  and the  Caylloma, built the  companies. companies. implementation  Fortuna Silver  of community  Mine´s team. relations programs. 11
  • 12. Proven Mine Builders and Operators Board of Directors Simon Ridgway Chairman of the Board Robert R. Gilmore Mario Szotlender Tomas Guerrero Co‐founder of Fortuna  30 years of experience working  Co‐founder of Fortuna  Geological engineer with  Silver. Vancouver‐based  with resource companies and  Silver. Financier,  over 30 years experience.   mining financier. Also  currently serves as Chairman of  businessman and Director  Served as Director of  founded Focus Ventures,  the Board for Eldorado Gold  of Radius Gold, Endeavour  Explorations for the  Radius Gold, Mar West  Corporation and as a Director for  Silver, Magellan, Focus  Hochschild Group. Resources and Northland  Layne Christensen Company. Ventures and Iron Creek. Resources. Jorge A. Ganoza President and CEO  Thomas Kelly Michael Iverson Co‐founder of Fortuna  36 years of experience in mine  Chief Executive Officer of Fortuna  Silver. Peruvian geological  production, minerals industry  from 1998 to January 2005.  engineer. Identified and  consulting and corporate  President and Director of Niogold  negotiated purchase of  management in various Latin  Mining Corp. since 1998. Caylloma, built the Fortuna  American countries; currently  Silver Mine´s team. serves as Chief Executive Officer of  Apurimac Ferrum, a private  company developing iron ore  assets in Peru. 12
  • 13. Caylloma Mine, Peru Overview  100% owned  1,300 tpd underground operation  Ag ‐ Pb & Zn concentrates  Reserve life = 8 years 13
  • 14. Caylloma Mine, Peru   Solid Reserve and Resource Base Contained Metal Tonnes  Ag Au Pb Zn Classification (000) (g/t) (g/t) (%) (%) Ag Au (Moz) (koz) Proven & Probable Reserves 4,642  135 0.33 1.33 1.93 20.2 49.5 Measured & Indicated Resources 2,258 123 0.30 0.85 1.28 8.9 21.8 Inferred Resources 3,258 112 0.36 0.99 1.50 11.8 37.9 Notes to Mineral Reserve and Mineral Resource tables prepared in accordance with NI 43 ‐ 101:   Mineral Reserves and Mineral Resources are as defined by the CIM Definition Standards on  Mineral Resources and Mineral Reserves  Mineral Resources are exclusive of Mineral Reserves  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability  Caylloma Mineral Resources and Mineral Reserves are estimated as of June 30, 2011 and  reported as of December 31, 2011  Refer to www.fortunasilver.com for full disclosure 14
  • 15. San Jose Mine, Mexico Overview  100% owned  1,000 tpd underground operation  High grade Ag ‐ Au concentrate   Reserve life = 9 years 15
  • 16. San Jose Mine, Mexico Solid Reserve and Resource Base Contained Metal Tonnes  Ag Au Classification (000) (g/t) (g/t) Ag Au (Moz) (koz) Probable Reserves 3,600 204 1.59 23.6 183.7 Indicated Resources 376 243 2.12 2.9 25.6 Inferred Resources 3,072 223 1.80 22.0 178.1 Notes to Mineral Reserve and Mineral Resource tables prepared in accordance with NI 43 ‐ 101:   Mineral Reserves and Mineral Resources are as defined by the CIM Definition Standards on  Mineral Resources and Mineral Reserves  Mineral Resources are exclusive of Mineral Reserves  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability  Mineral Reserves and Mineral Resources reported as of December 31st, 2011  Refer to www.fortunasilver.com for full disclosure 16
  • 18. San Jose Mine, Mexico Underground Mine Design North South Service Raise L 1540 Main Ramp Auxiliary Branch Auxiliary Ramp L 1400 Ventilation Raise L 1360 L 1300 LEGEND Main Levels Projected Ramp Ore Pass Projected Level L 1200 Indicated Resources Inferred Resources Waste Pass Production block L 1100 18
  • 19. San Jose Mine, Mexico Ag Eq Production Forecast 6,000 Au (Ag Eq) 5,155 5,000 4,861 4,471 4,634 Ag 4,309 4,000 Ag Eq (´000s oz)* 3,261 3,000 2,603 2,000 1,000 783 0 2011 2012 2013 2014 2015 2016 2017 2018 *  Ag Eq calculated using Ag = US$ 23.60/oz, Au = US$ 1,350/oz; metallurgical recoveries of 88% & 90% for Ag and Au respectively 19
  • 22. Brownfields Upside, San Jose Under‐Explored Mining District Source: Mexican Geological Society 22
  • 23. Brownfields Upside, San Jose Commanding Land Position  58,000 ha concession package  Soil and stream sediment sampling  identified multiple geochemical  gold anomalies  Significant resource growth  potential within trucking  distance to processing plant Stream Sediment Results 23
  • 25. Mario Project, Peru Commitment to Growth Highlights of Historic Drilling  Located in Junin, central Peru Hole ID From  To Drill Int.  Ag Au  Pb Zn (m) (m) (m) (g/t) (ppb) (%) (%)  4,900 contiguous hectares FO‐06‐02 1.45 8.90 7.45 192 440 1.21 1.77  Highly prospective silver‐gold‐ FO‐06‐03 111.00 129.75 18.75 265 554 2.57 12.61 FO‐06‐05 59.20 131.40 72.20 44 974 0.55 0.66 base metal mineralization FO‐06‐07 39.30 56.15 16.85 390 483 4.86 6.90  US$4 million purchase option  FO‐07‐25 174.30 177.70 3.40 309 119 0.36 0.52 agreement + NSR royalties  FO‐08‐29 70.30 81.80 8.75 658 229 6.04 1.32 FO‐08‐29 111.10 117.00 5.90 523 875 5.56 6.85 with buyback provisions  O‐08‐29 125.80 133.05 7.25 176 694 2.93 4.77 FO‐08‐34 107.10 149.85 42.75 31 1,047 0.54 0.55 PU‐00‐01 143.90 152.60 8.70 404 NA 3.16 11.34 PU‐00‐03 89.45 91.00 1.55 1,021 NA 13.96 2.98 PU‐00‐08 29.45 38.60 9.15 560 NA 6.35 26.10 PU‐00‐09 50.70 54.55 3.85 486 NA 4.91 7.87 PU‐03‐24 10.30 18.80 8.50 283 315 2.56 3.14 PU‐03‐28 72.20 85.80 13.60 303 2,918 3.96 11.05 PU‐03‐29 23.00 27.00 4.00 434 315 2.65 3.44 PU‐03‐38 141.70 145.90 4.20 475 417 4.24 1.88 25
  • 26. Community Relations Program Forging Strategic Partnerships  Programs are based on respect for ethno‐cultural diversity, open communication  and effective interaction with all stakeholders  We work with communities towards self‐development of economically sustainable  activities to improve their quality of life 26
  • 27. Growth Strategy Three‐Pronged Approach to Create Shareholder Value Maximize production,   Execute on production ramp‐up at San Jose by 4Q 2013 profitability and cash   Focus on operational efficiencies to reduce cash costs  flow of current mines  Off‐site Ag ‐ Au concentrate leaching facility at San Jose Capitalize on   44,000 meter exploration program between Peru and Mexico brownfields   Two crews evaluating multiple Ag ‐ Au anomalies at San Jose exploration  opportunities  Commanding land packages in Peru and Mexico  Post discovery, pre‐development opportunities in Latin America      Pursue selective  Silver contribution of >50% of revenue M&A opportunities   Below industry median for cash cost  27