1. San Jose Mine,
Mexico
www.fortunasilver.com December 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. Vision
To be valued by our workers, the community and our
shareholders as a leading silver mining company in Latin America
Caylloma Mine,
Peru
3

4. Core Assets
Operating and exploring in the Americas
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 (as of Nov. 9 ) th Exchanges
 US$62.75 million in cash (Q3 2012)  Outstanding: 125.2 million
 US$20 million undrawn credit facility  Fully diluted: 131.3 million
 No long term debt
 No hedging
FVI.T vs. Ag (JUN 30th – NOV 30th)
FVI.T
FVI‐T SLV
Frankfurt: F4S.F
170%
5.70
Relative performance of FVI.T (%) & SLV (%)
160%
5.20 150%
Share price
140%
4.70 132%
130%
121%
4.20 120%
110%
3.70
100%
3.20 90%
6/29/2012 7/29/2012 8/29/2012 9/29/2012 10/29/2012 11/29/2012
5

6. Proven Mine Builders and Operators
Senior Management
Jorge A. Ganoza Dr. Thomas I. Vehrs Cesar Pera Luis Dario Ganoza Manuel Ruiz‐Conejo Robert Brown
President, Vice President, Vice President, Chief Financial Vice President, Vice President,
CEO and Director Exploration Human & Organizational Officer Operations Corporate
Development Development
Co‐founder of Over 35 years Over 25 years Over 15 years Over 25 years 20 years experience in
Fortuna. Peruvian experience managing experience in experience in the experience in the exploration, project
geological engineer. exploration organizational operations and execution of multi‐ development and
Identified and programs in the development financial million dollar finance. Former CEO
negotiated purchase Americas. Tom also and change in management of mining projects and of Calibre Mining
of Caylloma, built serves as an Latin American public mining the implementation Corp. and senior
the Fortuna team. independent director companies. companies. Luis of community manager at Barrick
Jorge also serves as for AQM Copper Inc. also serves as a relations programs. Gold in exploration
Chairman of the Director of Atico and business
Board of Atico Mining Corporation, development.
Mining Corporation, TSX.V: ATY
TSX.V: ATY
6

7. 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
Vancouver‐based mining with resource companies and Financier, businessman over 30 years experience.
financier. Also founded currently serves as Chairman of and Director of Radius Served as Director of
Focus Ventures, Radius the Board for Eldorado Gold Gold, Endeavour Silver, Explorations for the
Gold, Mar West Resources Corporation and as a Director for Magellan, Focus Ventures Hochschild Group.
and Northland Resources. Layne Christensen Company. and Iron Creek.
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
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
team. Jorge also serves as serves as CEO of Apurimac Ferrum,
Chairman of the Board of a private company developing iron
Atico Mining Corporation, ore assets in Peru.
TSX.V: ATY
7

8. Key Milestones
Foundations of a Leading Silver Mining Company
Commissioning
of 1,500 tpd
Plant plant
expansion to expansion at
Shares begin 1,500 tpd at San Jose
trading on San Jose mine
Shares begin NYSE
trading on TSX Commissioning
Acquired 100% Off‐site dore of dore plant
Commenced plant
interest in Reported for San Jose
Shares begin commercial construction
San Jose positive mine
trading production at for San Jose
project pre‐feasibility
Successful on BVL San Jose mine, mine
drilling at study at on time and
Commenced Received EIS San Jose
San Jose Increased on budget
production at approval and
significantly silver
Company Caylloma on permits for Started
increased production
established time and on San Jose construction
Ag Eq by 85%
budget resources of San Jose
Shares trade Increased mine
on the TSX.V Acquired stake silver
in production Increased
Acquired San Jose by 96% silver
Caylloma mine project production
by 13%
2005 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 2013
8

9. Emergence of a Leading Silver Mining Company
Sustainable mineral reserve and resource growth
140.0
Inferred Resources
Measured & Indicated Resources
120.0 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
• Caylloma Mine Ag Eq calculated using Ag = US$26.59/oz and Au = US$1,279.31/oz
• San Jose Mine Ag Eq calculated using Ag = US$15.12/oz and Au = US$897.51/oz
9

10. Emergence of a Leading Silver Mining Company
Increasing Exposure to Precious Metals
Ag Production
5.0 4.9 4.9
4.1
4.0 3.7
Moz
3.0 2.4
2.0 1.9
1.6
1.0 0.81
0.44
‐
2007 2008 2009 2010 2011 2012 2013 2014 2015
Forecast
Au Production
30,000 27,000
26,000
25,000
21,100
20,000 17,400
oz
15,000
10,000 7,000
5,000 3,300 2,100 2,300 2,500
‐
2007 2008 2009 2010 2011 2012 2013 2014 2015
Forecast
2012 base metal revenue estimate = US$26M; Pb = US$2,300/t & Zn = US$2,000/t
10

11. Financial Snapshot
Strong financial performance
Revenue US$ [´millions’] Operating Income US$ [‘millions’]
160.4 45.9
38.1
110.0
27.7
74.1
51.4 14.4
2009 2010 2011 2012E 2009 2010 2011 2012E
FORECAST FORECAST
2012 forecast: Ag = US$29.91/oz, Au = US$1,655/oz, Pb = US$1,980/t and Zn = US$1,889/t
11

12. Financial Snapshot
Strong cash flow and sustainable growth
Cash Flow Per Share US$ Earnings Per Share US$
0.18 0.14
0.16 0.12
0.14
0.10
0.12
0.10 0.08
0.08 0.06
0.06
0.04
0.04
0.02
0.02
‐ ‐
Q4 2011 Q1 2012 Q2 2012 Q3 2012 (0.02) Q4 2011 Q1 2012 Q2 2012 Q3 2012
12

13. 2012 Production Guidance
Consolidated production for the first nine months
13

14. Project Pipeline
San Jose Mine
PRODUCTION
Caylloma Mine
DEVELOPMENT PROJECTS
Bateas Don Luis Tlacolula
San Pedro, San Carlos, Animas NE/ DRILL TARGETS
El Toro, Apóstoles Nancy
Cerro Vilafro,
Vilafro Sur
Cailloma 6 El Pochotle EARLY STAGE
Over 87,000 hectares LAND
PACKAGE
14

15. San Jose Mine, Mexico
Overview
Commodities Silver, gold
Operation 1,050 tpd underground mine
Reserve Life 9 Years
Taviche Mining District,
Location
Oaxaca, Mexico
Ownership 100%
High‐grade, low sulphidation
Deposit type
epithermal vein deposit
2012E cash cost/t US$75.00
Ag Production Au Production
3,000 25,000
20,000
2,000
15,000
k oz
oz
10,000
1,000
5,000
‐ ‐
2011 2012 2013 2014 2011 2012 2013 2014
Forecasts Forecasts
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

17. 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
Waste Pass
Production block
L 1100
17

18. Exploration Snapshot
San Jose land package, Mexico
 58,000 ha concession package
 Soil and stream sediment sampling
 3 drill rigs in operation
 US$5.8 M 2012 exploration budget
 Significant resource growth
potential within trucking distance
to processing plant
18

19. Exploration Snapshot
Brownfields Mexico
Tlacolula
 Option to acquire 60% interest from Radius
 Large and untested low sulfidation epithermal vein system
 Two main veins identified, Tlacolula and Guila:
‐ CH 136366: 6.30 m avg. 19.34 g/t Au and
986 g/t Ag (open) [Guila Vein]
‐ CH 135709: 9.60 m avg. 0.13 g/t Au and
295 g/t Ag (open) [Tlacolula Vein]
 Drill program in permit and preparation stage
El Pochotle
 100% owned
 High‐grade Ag – Au epithermal vein systems
 Drill program in‐progress
19

20. Caylloma Mine, Peru
Overview
Commodities Silver, gold, zinc, lead
Operation 1,300 tpd underground mine
Reserve Life 8 Years
Location Arequipa, Peru
Ownership 100%
Intermediate sulfidation
Deposit type
epithermal deposit
2012E cash cost/t US$85.00
Ag Production
2,000
1,900
1,800
k oz
1,700
1,600
1,500
2009 2010 2011 2012
Forecast
20

21. 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
21

22. Exploration Snapshot
Brownfields Peru
 29,000 ha land package
 5 drill rigs in operation
 US$7.2M 2012 exploration
budget
 Brownfields exploration
program oriented at
expanding resource base with
priority given to silver‐rich
veins
22

23. Exploration Snapshot
Brownfields Peru
Animas/Nancy Vein System
 100% ownership
 High‐grade polymetallic vein system with moderate Ag
values:
‐ ANIM022012: 5.05 m avg. 106 g/t Ag, 6.90% Pb
and 7.54 % Zn [Animas vein]
‐ NANS002012: 9.55 m avg. 91 g/t Ag, 5.30% Pb
and 7.62 % Zn [Nancy vein]
 Generating updated resource model
Cerro Vilafro
 100% ownership
 Epithermal system with a NE‐SW trending vein swarm,
hosted by Cretaceous quartzites with potential to be a
bulk‐mineable, open‐pit target:
‐ CH 503715: 0.40 m avg. 3.23 g/t Au and 827 g/t Ag
‐ CH 503708: 0.40 m avg. 2.14 g/t Au and 2,440 g/t Ag
23

24. Growth Strategy
Three‐pronged approach to create shareholder value
Maximize production,  Execute on production ramp‐up at San Jose by 2Q 2013
profitability and cash  Focus on operational efficiencies to reduce cash costs
flow of current mines  Off‐site Ag ‐ Au concentrate leaching facility for San Jose mine
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 the Americas
Pursue selective
 Silver contribution of >50% of revenue
M&A opportunities
 Below industry median for cash cost
24

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
25

26. Investment Highlights
1 Emergence of a leading silver mining company in the Americas
2 Proven mine developers and operators
3 Strong cash flow and sustainable growth from existing mines
4 Brownfields exploration upside
5 Disciplined acquisition strategy
26

27. Management Head Office
Carlos Baca
T: +51.1.616.6060, ext. 0
info@fortunasilver.com
Corporate Office
Holly Hendershot
T (Toronto): +1.647.725.0813
T (Vancouver): +1.604.484.4085
www.fortunasilver.com December 2012