1. July 2013

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 technical
information contained in this presentation is an accurate summary of the original reports
and data provided to or developed by Fortuna Silver Mines Inc.
2

3. Caylloma Mine, Peru
3
Vision
To be valued by our workers, the community and our shareholders as a leading
silver mining company in Latin America

4. Core Assets
4
Proven mine builders and operators in the Americas
Production
• San Jose Mine, Mexico
• Caylloma Mine, Peru
Exploration
• New Trinidad North discovery
at San Jose Mine
• 51,000 meter brownfields drill
program in 2013 at San Jose
and Caylloma

5. Key Milestones
5
Foundations of a leading silver mining company
• Fortuna Silver Mines
established
• Commenced production at
Caylloma on time and on
budget
• Acquired 100 % interest in
San Jose project
• Construction and
commercial production at
San Jose Mine, on time and
on budget
• Trinidad North discovery at
San Jose Mine
• Commissioning of 1,800 tpd
mill expansion at San Jose
Mine in the third quarter
2005‐2007 2009‐2011 2013

6. Trinidad North Discovery – San Jose Mine
6
Bonanza‐style Ag‐Au grades and widths
• Average grade and
widths in excess of
those found in the
San Jose reserves
and resources
• Close proximity to
existing operation
• Open to depth and
to north

7. Trinidad North Discovery – San Jose Mine
7
Drill hole SJO‐283
556.20 – 569.20 m: 13.00 m averaging 1,789 g/t Ag, 10.10 g/t Au, 2,328 g/t Ag Eq

8. Trinidad North Discovery – San Jose Mine
8
Northernmost drill holes – Section 1847400N
• Banded ore textures indicate episodic
mineralizing events
• Consistently high‐grade over wide widths
• Robust mineralized system with strong
potential for lateral and vertical extensions
• Vertical extension of Trinidad system
exceeds 500 m ‐ open to depth
• Potential for discovery of additional
mineralized shoots along strike to north

9. Trinidad North Discovery – San Jose Mine
9
Drilling highlights
Hole_Id
From To Interval Est. True Ag Au Ag Eq
(m) (m) (m)
Width
(m)
(g/t) (g/t) (g/t)
SJO-261
510.45 528.65 18.20 10.7 241 1.57 325
549.55 553.70 4.15 2.4 1,370 7.89 1,791
SJO-266
469.80 489.00 19.20 12.3 427 2.77 575
494.00 497.80 3.80 2.4 532 3.44 716
513.50 516.30 2.80 1.8 867 4.36 1,100
SJO-268 531.20 545.00 13.80 7.2 320 1.45 397
SJO-275 515.70 537.75 22.05 13.7 510 3.32 687
SJO-276 448.95 465.35 16.40 12.3 520 3.69 717
SJO-279 501.70 513.75 12.05 7.4 406 1.75 499
SJO-283 556.20 569.20 13.00 7.3 1,789 10.10 2,328
SJO-288
551.85 591.10 39.25 19.3 736 4.76 990
596.70 602.80 6.10 3.0 529 4.69 779
SJO-295
515.00 523.80 8.80 5.9 1,240 6.94 1,610
533.20 544.00 10.80 7.2 731 3.84 936
• Estimated true widths of up to
19 meters
• Ag Eq values range to 2.3 kg/t
• Initial NI 43‐101 resource
estimation targeted for
October 2013
• Exploration and infill drilling to
continue throughout H2 2013
and 2014
• Initial production projected for
Q1 2015
Ag Eq values calculated at Au:Ag ratio of 53.37 based on Au price of US$1572.19 and
Ag price of US$29.46 and metallurgical recoveries of 89 % for both Au and Ag

10. ‐40%
‐30%
‐20%
‐10%
0%
10%
20%
30%
40%
50%
60%
70%
2.05
2.45
2.85
3.25
3.65
4.05
4.45
4.85
5.25
5.65
6/29/2012
7/29/2012
8/28/2012
9/27/2012
10/27/2012
11/26/2012
12/26/2012
1/25/2013
2/24/2013
3/26/2013
4/25/2013
5/25/2013
6/24/2013
FVI‐T SLV
Capital structure and share performance
10
Solid balance sheet to support disciplined growth
Strong Balance Sheet
• US$68 million in cash (Q1 2013)
• US$40 million credit facility (untapped)
• No long term debt
• No hedging
Share Structure (as of June 17)
Outstanding: 125.3 million
Fully diluted: 132.5 million
Share Price
Performance %
Relative Performance (%) of FVI.T and Spot Silver Price (through 6‐28‐13)
Exchanges
NYSE: FSM
TSX: FVI
BVL: FVI
Frankfurt: F4S.F
3.48
3.50
+1%+1%
‐29%‐29%

11. Senior Management
11
Demonstrated operational expertise
Jorge A. Ganoza
President, CEO and Director
Co‐founder of Fortuna. Peruvian geological
engineer. Identified and negotiated purchase
of Caylloma, built the Fortuna team. Jorge
also serves as Chairman of the Board of Atico
Mining Corporation.
Dr. Thomas I. Vehrs
Vice President, Exploration
Over 35 years experience managing
exploration programs in the Americas. Tom
also serves as an independent director for
AQM Copper Inc.
Cesar Pera
Vice President,
Human & Organizational Development
Over 25 years experience in organizational
development and change in Latin American
companies.
Luis Dario Ganoza
Chief Financial Officer
Over 15 years experience in the
operations and financial management
of public mining companies. Luis also
serves as a Director of Atico Mining
Corporation.
Manuel Ruiz‐Conejo
Vice President, Operations
Over 25 years experience in the
execution of multi‐million dollar mining
projects and the implementation of
community relations programs.
Robert Brown
Vice President, Corporate Development
20 years experience in exploration,
project development and finance.
Former CEO of Calibre Mining Corp. and
senior manager at Barrick Gold in
exploration and business development.

12. Directors
12
Industry leaders with expertise in the Americas
Simon Ridgway
Chairman of the Board
Co‐founder of Fortuna. Vancouver‐
based mining financier. Also founded
Focus Ventures, Radius Gold, Mar West
Resources and Northland Resources.
Jorge A. Ganoza
President and CEO
Co‐founder of Fortuna. Peruvian
geological engineer. Identified and
negotiated purchase of Caylloma, built
the Fortuna team. Jorge also serves as
Chairman of the Board of Atico Mining
Corporation.
Robert R. Gilmore
30 years of experience working with
resource companies and currently
serves as Chairman of the Board for
Eldorado Gold Corporation and as a
Director for Layne Christensen
Company.
Tomas Guerrero
Geological engineer with over 30 years
experience. Served as Director of
Explorations for the Hochschild Group.
Michael Iverson
Chief Executive Officer of Fortuna from 1998
to January 2005. President and Director of
Niogold Mining Corp. since 1998.
Thomas Kelly
36 years of experience in mine production,
minerals industry consulting and corporate
management in various Latin American
countries. Currently serves as COO of Atico
Mining Corporation.
Mario Szotlender
Co‐founder of Fortuna. Financier,
businessman and Director of Radius Gold,
Endeavour Silver, Magellan, Focus Ventures
and Iron Creek.

13. Solid Reserve and Resource Base
13
Consistent resource growth
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
2005 2006 2007 2008 2009 2010 2011 2012
Contained Metal ‐Ag Eq(Moz) *
Proven & Probable Reserves
Measured & Indicated Resources
Inferred Resources
* Ag Eq for Resources calculated using Ag = US$25.14/oz and Au = US$1,391.63/oz
Ag Eq for Reserves calculated using Ag = US$29.36/oz and Au = US$1,544.00/oz
Mineral Resources are exclusive of Mineral Reserves

14. 3,300 2,200 2,700 2,600
7,000
20,700
23,600
31,600 32,200 33,200
31,100
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E 2017E
oz
0.4
0.8
1.7 1.9
2.5
3.9
4.5
5.4 5.4
5.7 5.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E 2017E
M oz
Increasing Silver and Gold Production
Low cost, organic growth in Peru and Mexico
2013 base metal revenue estimate = US$30M; Pb = US$1,973/t and Zn = US$2,197/t
Ag Production
Au Production
14

15. 24
39
62
69
2010 2011 2012 2013E*
51
74
110
161
174
2009 2010 2011 2012 2013E*
Cash Flow from Operations
(US$ M)
Financial Snapshot
15
Consistent revenue and cash flow growth
Revenue
(US$ M)
(*) 2013 forecast (using 3‐month trailing average): Ag = US$28.11/oz, Au = $1,569/oz, Pb = 1,973/t and Zn = 2,197/t

16. 0.03
0.06
0.07
0.05
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
Q2 2012 Q3 2012 Q4 2012 Q1 2013
0.13
0.16
0.10
0.13
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
Q2 2012 Q3 2012 Q4 2012 Q1 2013
Cash Flow Per Share (US$)
Financial Snapshot
16
Quarterly earnings and cash flow per share performance
Earnings Per Share (US$)

17. Caylloma Mine
PRODUCTIONPRODUCTIONDEVELOPMENT
PROJECTS
DEVELOPMENT
PROJECTS
EARLY STAGEEARLY STAGE
DRILL
TARGETS
DRILL
TARGETS
Project Pipeline
17
Over 95,600 hectare land package in Peru and Mexico
San Jose MineCarolinaCailloma 6
Don Luis
San Pedro
Oeste
Trinidad NorthCerro Vilafro,
Vilafro Sur
DISCOVERYDISCOVERY

18. 0.4
1.9
2.4
3.4 3.3
3.7 3.6
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
4,600
17,900
20,900
28,400
28,200
30,200
29,100
4,000
8,000
12,000
16,000
20,000
24,000
28,000
32,000
San Jose Mine, Mexico
18
Overview
Commodities
Silver, gold
Operation
1,050 tpd underground mine
Reserve Life
9 Years
Location
Taviche Mining District
Oaxaca, Mexico
Ownership
100 %
Deposit Type
High‐grade, low sulphidation
epithermal vein deposit
2013E Cash Cost/t
US$70
2013E Cash Cost/oz Ag,
net of by‐product Au
US$2.90
491
1,949
2,403
2,993
0
500
1000
1500
2000
2500
3000
3500
2011 2012 2013E 2014E
Ag Production Au Production
oz
Moz

19. 19
San Jose Mine, Mexico
1,800 tpd mill expansion – Commissioning in Q3 2013

20. San Jose Mine Brownfields Exploration
20
Anomaly evaluation, mapping, sampling & target identification
• 64,400 ha concession
area
• US$7.5 M 2013
exploration budget

21. 2.0 2.0
2.1
2.0
2.1
2.0
2.1
1.5
1.6
1.7
1.8
1.9
2.0
2.1
2.2
2011 2012 2013E 2014E 2015E 2016E 2017E
Caylloma Mine, Peru
21
Overview
21
Commodities
Silver, gold, zinc, lead
Operation
1,300 tpd underground mine
Reserve Life
8 Years
Location
Arequipa, Peru
Ownership
100 %
Deposit Type
Intermediate sulphidation
epithermal deposit
2013E Cash Cost/t
US$96
2013E Cash Cost/oz Ag,
net of by‐products Pb and Zn
US$7.70
Ag Production
Moz

22. Caylloma Mine Brownfields Exploration
22
High‐grade silver‐gold mineralization intercepted in drilling
at Carolina Ramal Piso and Don Luis veins
• 31,200 ha concession area
• US$6.7 M 2013 exploration budget
Exploration drilling highlights:
Ramal Piso Carolina Vein
Hole_Id
From
(m)
To
(m)
Int
(m)
Est. True Width
(m)
Ag
(g/t)
Au
(g/t)
CARS005213 243.20 244.00 0.80 0.6 39 13.95
CARS005313 248.50 249.65 1.15 0.7 1,759 18.28
CARS005513 306.40 308.85 2.45 1.7 105 21.28
CARS005613
202.35 203.20 0.85 0.6 1,759 1.77
215.50 216.70 1.20 0.8 430 30.25
Hole_Id
From
(m)
To
(m)
Int
(m)
Est. True Width
(m)
Ag
(g/t)
Au
(g/t)
DLUS002413 189.75 191.45 1.70 1.5 1,294 3.56
DLUS002613 317.00 319.80 2.80 1.3 946 0.07
Don Luis Vein

23. Growth Strategy
23
Three‐pronged approach to create shareholder value
Capitalize on
brownfields exploration
opportunities
• Post discovery,
pre‐development
opportunities in the
Americas
• Below industry median
for cash cost
• 51,000 meter exploration
program between Peru and
Mexico
• Defining new discoveries at
San Jose and Caylloma
• Commanding land packages in
Peru and Mexico
• Commissioning of San Jose
expansion to 1,500 tpd in
Q3 2013
• Focus on operational
efficiencies to reduce
cash costs
Pursue selective
M&A opportunities
Maximize production,
profitability and cash
flow of current mines

24. Commitment to Sustainability
24
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. 25
Proven mine developers and operators
Exploration success
• Trinidad North discovery at San Jose Mine, Mexico
• Carolina discovery at Caylloma Mine, Peru
Strong treasury
• US$68 M in cash (1Q 2013)
• US$40 M credit facility (untapped)
In line to meet 2013 guidance
• 4.5 million ounces of silver production
• 23,600 ounces of gold production
1
2
3
4
A leading silver mining company in the Americas
Investment Highlights

26. 26
MANAGEMENT HEAD OFFICE
Carlos Baca
Investor Relations Manager
T: +51.1.616.6060, ext. 0
info@fortunasilver.com
CORPORATE OFFICE
Holly Hendershot
Investor Relations
T: +1.647.725.0813

27. Classification
Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Contained Metal
Ag
(Moz)
Au
(koz)
Proven & Probable Reserves 3,335 190 1.58 20.4 169.5
Inferred Resources 4,257 185 1.57 25.3 214.9
Appendix
27
San Jose Mine NI 43 – 101 Reserves and Resources
Mineral Reserve and Mineral Resource estimates 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
• Measured and Indicated Resources exclusive of Mineral Reserves are not material and are not included in table
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
• San Jose Mineral Resources & Mineral Reserves are reported as of December 31, 2012
• Refer to www.fortunasilver.com for full disclosure

28. Appendix
28
Caylloma Mine NI 43 – 101 Reserves and Resources
Classification
Tonnes
(000)
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Contained Metal
Ag
(Moz)
Au
(koz)
Proven & Probable Reserves 4,308 130 0.37 1.52 2.15 17.9 51.1
Measured & Indicated Resources 1,601 79 0.33 0.79 1.43 4.1 17.0
Inferred Resources 6,633 101 0.27 1.84 2.58 21.5 58.5
Mineral Reserve and Mineral Resource estimates 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 reported as of December 31, 2012
• Refer to www.fortunasilver.com for full disclosure