1. San Jose Mine,
Mexico
www.fortunasilver.com September 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 (as of July 30 ) th Exchanges
 US$60.65 million in cash (Q2 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 (Sept. 2011 – Sept. 2012)
5

6. Financial Snapshot
Strong financial performance
Revenue US$ [´000s] Operating Income US$ [´000s]
154,122 43,402
38,065
110,004
27,728
74,056
51,428 14,383
2009 2010 2011 2012 2009 2010 2011 2012
FORECAST FORECAST
2012 forecast: Ag = US$30/oz, Au = US$1,660/oz, Pb = US$2,300/t and Zn = US$2,000/t
6

7. Financial Snapshot
Strong cash flow and sustainable growth
Cash Flow Per Share Earnings Per Share
0.14
0.14
0.12 0.12
0.10 0.10
0.08 0.08
0.06 0.06
0.04 0.04
0.02 0.02
- -
Q2 2012 Q1 2012 Q4 2011 Q3 2011 Q2 2012 Q1 2012 Q4 2011 Q3 2011
(0.02)
7

8. Financial Snapshot
Revenue by metal
1% 4%
7%
15%
9%
29% 23% Copper
14%
19%
7% Lead
21%
23%
Zinc
3%
4%
Gold
64% 65%
49% Silver
44%
2009 2010 2011 2012
FORECAST
2012 forecast: Ag = US$30/oz, Au = US$1,660/oz, Pb = US$2,300/t and Zn = US$2,000/t
8

9. 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
Company Caylloma on San Jose 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
9

10. 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
10

11. 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
* Ag Eq calculated using Ag = US$25.14/oz and Au = US$1,391.63/oz
11

12. Emergence of a Leading Silver Mining Company
Increasing Exposure to Precious Metals
Ag Production 4.9 4.9
5.0
4.1
3.7
4.0
M oz
3.0 2.4
1.9
2.0 1.6
0.81
1.0 0.44
-
2007 2008 2009 2010 2011 2012 2013 2014 2015
Production forecast
Au Production
30,000 27,000
26,000
25,000
21,100
20,000 17,400
oz
15,000
10,000 7,000
3,300
5,000 2,100 2,300 2,500
-
2007 2008 2009 2010 2011 2012 2013 2014 2015
Production forecast
2012 base metal revenue estimate = US$26M; Pb = US$2,300/t & Zn = US$2,000/t
12

13. 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 Mining development.
Corporation, a TSX.V Corporation, a
listed company. TSX.V listed
company.
13

14. 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 Explorations for the
Gold, Mar West Resources Corporation and as a Director for Silver, Magellan, Focus Hochschild Group.
and Northland Resources. Layne Christensen Company. Ventures 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
Chairman of the Board of Ferrum, a private company
Atico Mining Corporation, a developing iron ore assets in Peru.
TSX.V listed company.
14

15. 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
Production forecast
15

16. 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
16

17. 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
Production forecast Production forecast
17

18. 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
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. Exploration 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, Vilafr
Cailloma 6 El Pochotle EARLY STAGE
o Sur
Over 87,000 hectares LAND
PACKAGE
20

21. Exploration Snapshot
Brownfields Peru
 29,000 ha land package
 4 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
21

22. 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
 Drill testing planned for 3rd/4th quarter of 2012
22

23. Exploration Snapshot
San Jose land package, Mexico
 58,000 ha concession package
 Soil and stream sediment sampling
 2 drill rigs in operation
 US$5.8 M 2012 exploration budget
 Significant resource growth
potential within trucking distance
to processing plant
23

24. 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]
 1,600 meter drill program in preparation stage
El Pochotle
 100% owned
 High-grade Ag – Au epithermal vein systems
 6,000 meter drill program planned for 3rd /4th quarter of 2012
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  Execute on production ramp-up at San Jose by 4Q 2013
production, profitabilit
 Focus on operational efficiencies to reduce cash costs
y and cash 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 September 2012