What is Brief History of Fortuna Silver Mines Company?

In 2006–2007 Fortuna refurbished and restarted the Caylloma polymetallic mine in Peru, reaching commercial production and generating the cash flow used to fund exploration and permitting for future projects, a key phase in the company overview and founding growth story.

By 2011 the San Jose mine in Oaxaca, Mexico, achieved commercial production; throughput expansions in the mid‑2010s lifted output to over 6–7 Moz AgEq annually, with silver‑gold byproduct credits driving low cash costs and making San Jose central to Fortuna Silver Mines company overview.

The workforce expanded from dozens to several hundred across Peru and Mexico; Fortuna opened Lima and Oaxaca offices to support operations, reflecting the company background and management build‑out during this growth phase.

Approved in 2016 and built through 2019, Lindero in Salta, Argentina is a gold heap‑leach open pit with construction capex of roughly US$320–340 million, enabling Fortuna to diversify beyond silver and enter large‑scale open‑pit gold production amid Argentina macro volatility.

Facing peers such as Pan American Silver, First Majestic, Hecla and Yamana, Fortuna emphasized disciplined capital allocation, grade control and debottlenecking to sustain attractive AISC and preserve operational competitiveness.

Lindero poured first gold in late 2020 and ramped toward 100–120 koz/year, contributing to a strategic shift in the brief history of Fortuna Silver Mines company from a regional silver producer to a growing gold‑silver operator.

Between 2021–2023 Fortuna completed an all‑share acquisition of Roxgold, adding the high‑grade Yaramoko underground mine (Burkina Faso) and the Séguéla development project (Côte d’Ivoire), shifting the company timeline of major events to a multi‑continent, balanced gold‑silver producer.

The Roxgold deal was mainly financed with Fortuna shares, preserving balance‑sheet flexibility; subsequent debt facilities and operating cash flow funded Séguéla capex, aligning with the company’s acquisitions and financial history.

Séguéla poured first gold in May 2023 and ramped toward 130–150 koz/year, supported by high‑margin satellite deposits Ancien, Koula and Sunbird, moving Fortuna’s consolidated gold production above 400 koz while silver output steadied near 5–6 Moz.

The company exited non‑core exploration ground, prioritized organic growth around operating hubs and reinforced West Africa leadership and ESG programs, reflecting operational consolidation in the company’s corporate milestones and growth.

Fortuna targets stable 450–500 koz annual gold and 5–6 Moz silver per year for 2025–2027, driven by Séguéla satellite sequencing and Yaramoko optimization.

Exploration budget concentrated on near-mine, high-IRR targets to replace reserves at sub-US$25/oz AgEq discovery cost, prioritizing Sunbird, Koula and Ancien at Séguéla.

Management targets mid-quartile AISC through mine-plan discipline, FX advantages and plant efficiency gains at Lindero and Séguéla to sustain margins amid inflationary pressure.

Priority is reinvesting free cash flow into high-return brownfields and selective bolt-on M&A in Tier-2 jurisdictions to compound NAV per share over the medium term; see the company’s strategic discussion in Growth Strategy of Fortuna Silver Mines.