1. San Jose Mine,
Mexico
www.fortunasilver.com JUNE 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 and Founding Registered Member of The Society for
Mining, Metallurgy, and Exploration, Inc. (SME Registered Member Number 3323430RM) and Edgar Vilela,
Corporate Manager of Technical Services of Fortuna, are the Qualified Persons for Fortuna Silver Mines Inc.
as defined by National Instrument 43-101. Dr. Vehrs is responsible for ensuring that the geological and
scientific information contained in this presentation are an accurate summary of the original reports and
data provided to or developed by Fortuna Silver Mines. Mr. Vilela is responsible for ensuring that the
information on reserves, production and costs contained in this presentation are 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 Exchanges
 US$54 million in cash (end Q1 2012)  Outstanding: 125.2 million
 US$20 million credit facility  Fully diluted: 131.0 million
 No long term debt
 No hedging
Frankfurt: F4S.F
FVI.TO vs. Ag (June 2011 – June 2012)
5

6. Financial Snapshot
Strong Revenue and Margin Growth
Revenue US$ [´000s] Operating Income US$ [´000s]
2012E estimated using Ag = US$30/oz, Au = US$1,660/oz, Pb = US$2,300/t and Zn = US$2,000/t
6

7. Financial Snapshot
Revenue by Metal
Copper
Gold
Zinc
Lead
Silver
2012E estimated using Ag = US$30/oz, Au = US$1,660/oz, Pb = US$2,300/t and Zn = US$2,000/t
7

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

9. Investment Highlights
1
2
3
4
5
9

10. Emergence of a Leading Silver Mining Company
Sustainable Mineral Reserve and Resource Growth
10

11. Emergence of a Leading Silver Mining Company
Increasing Exposure to Precious Metals
Ag Production
Production forecast
Au Production
Production forecast
• 2012 base metal revenue estimate = US$26M; Pb = US$2,300/t & Zn = US$2,000/t
11

12. 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 Fortuna. Over 35 years Over 25 years Over 15 years Over 25 years
Peruvian geological experience managing experience in experience in the experience in the
engineer. Identified and exploration programs organizational operations and execution of multi-
negotiated purchase of in the Americas. Tom development and financial million dollar mining
Caylloma, built the also serves as an change in Latin management of projects
Fortuna team. Jorge independent director American companies. public mining and the
also serves as Chairman for AQM Copper Inc. companies. Luis also implementation
of the Board of Atico serves as a Director of community
Mining Corporation, a of Atico Mining relations programs.
TSX.V listed company. Corporation, a TSX.V
listed company.
12

13. 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 and over 30 years experience.
financier. Also founded Focus currently serves as Chairman of Director of Radius Gold, Served as Director of
Ventures, Radius Gold, Mar the Board for Eldorado Gold Endeavour Silver, Magellan, Explorations for the
West Resources and Corporation and as a Director for Focus Ventures and Iron Hochschild Group.
Northland Resources. Layne Christensen Company. 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 engineer. production, minerals industry from 1998 to January 2005.
Identified and negotiated consulting and corporate President and Director of Niogold
purchase of Caylloma, built management in various Latin Mining Corp. since 1998.
the Fortuna team. Jorge also American countries; currently
serves as Chairman of the serves as CEO of Apurimac Ferrum,
Board of Atico Mining a private company developing iron
Corporation, a TSX.V listed ore assets in Peru.
company.
13

14. Caylloma Mine, Peru
Overview
Commodities Silver, gold, zinc, lead
Operation 1,300 tpd underground mine
Reserve Life 8 Years
Location Arequipa, Peru
Ownership 100%
Deposit type Intermediate-sulfidation
epithermal deposit
2012 Cash Cost Estimate US$85.00/t
2012 Development Projects
 Phase 2 of new tailings facility
 Upgrading of the processing plant
 Mine development
 Mine camp improvements
14

15. 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
15

16. San Jose Mine, Mexico
Overview
Commodities Silver, gold
Operation 1,000 tpd underground mine
Reserve Life 9 Years
Location Taviche Mining District,
Oaxaca, Mexico
Ownership 100%
Deposit type High-grade, low sulphidation
epithermal vein deposit
2012 Cash Cost Estimate US$75.00/t
2012 Development Projects
 Processing plant and mine
expansion to 1,500 tpd
 Construction of new off-site dore
plant
 Tailings dam expansion
16

17. 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
17

18. San Jose Mine, Mexico
Proven Mine Builders: Discovery to Production
 2007- Resource expansion
 2010- Positive pre-feasibility study
 2011- Commissioning on-time and on-budget
18

19. 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
19

20. San Jose Mine, Mexico
Silver and Gold Production Forecast
Ag Production
Au Production
20

21. Brownfields Upside, Caylloma
Prolific Mining District
Source: INGEMMET
21

22. 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
 US$7.1 M brownfields
exploration program
22

23. Brownfields Upside, San Jose
Under-Explored Mining District
Source: Mexican Geological Society
23

24. 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
 US$5.8 M brownfields exploration
program
Stream Sediment Results
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. 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 the Americas
Pursue selective  Silver contribution of >50% of revenue
M&A opportunities
 Below industry median for cash cost
26

27.  Proven operators and mine builders in the Americas
 Organic growth potential
 Consistent cash generation
Caylloma Mine
Peru
27

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 JUNE 2012