Fortuna Reports Second Quarter Unaudited 2021 Financial Results
Fortuna | 1
Fortuna Reports Second Quarter Unaudited 2021 Financial Results
(All amounts expressed in US dollars, tabular amounts in million, unless otherwise stated)
Vancouver, August 11, 2021: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today
reported second quarter 2021 net income of $16.2 million, adjusted net income1 of $21.5 million, and adjusted EBITDA1
of $54.9 million.
Jorge A. Ganoza, President and CEO, commented, “In spite of COVID -19 related challenges at Lindero, which have led us
to revise guidance for the year, our second quarter results continue to reflect the strength of our business with record
sales of $120.5 million and consolidated EBITDA1 margins above 45%.” Mr. Ganoza continued, “At Lindero, we have been
gradually overcoming the COVID-19 travel restrictions which have limited access to on-site foreign technical support, and
are now seeing continued improvement in mechanical availability and equipment productivity.” Mr. Ganoza added, “We
look forward to the contribution of the Roxgold acquisition to our financial performance starting in Q3, with the forecasted
addition of 62,000 to 66,000 gold ounces of production from the Yaramoko mine for the second half of 2021 at an AISC 1
below $1,150 per ounce.”
Second Quarter 2021 Highlights
• Record sales of $120.5 million, an increase of 171% from the $44.5 million reported in the same period in 2020
(“Q2 2020”), due to higher gold and silver sales volumes and higher realized prices for all metals, and sales from
the Lindero mine of $ 34.2 million
• Net income of $ 16.2 million or $0.09 per share, an increase of $21.9 million and $0.12 per share, from the $5.7
million net loss or $0.03 net loss per share reported in Q2 2020
• Adjusted net income1 of $21.5 million compared to $5.1 million net loss in Q2 2020
• Adjusted EBITDA1 of $54.9 million compared to $9.4 million reported in Q2 2020
• Free cash flow from ongoing operations1 of $18.5 million compared to $0.2 million reported in Q2 2020
• As of June 30, 2021, the Company had cash and cash equivalents of $121.8 million, a decrease of $10.1 million
from December 31, 2020 , primarily due to a $35.3 million promissory note that was provided to Roxgold Inc.
(“Roxgold”) to cover a portion of the expected acquisition closing costs
• Silver and gold production of 1,892,822 ounces and 31,048 ounces, respectively
• AISC1,2 per silver equivalent ounce of payable silver sold of $13.61 and $18.45 for the San Jose Mine and Caylloma
Mine, respectively, and AISC1 per ounce of gold sold of $1,214 for the Lindero Mine
• Completed the business combination with Roxgold on July 2, 2021 creating a low -cost intermediate global
precious metals producer with extensive brownfields and greenfields organic growth potential in the Americas
and West Africa; and led by a highly experienced management team
1 Refer to Non-IFRS Financial Measures at the end of this news release
2 AISC/oz Ag Eq calculated at realized metal prices, refer to mine site results for realized prices and Non-IFRS Financial Measures for silver equivalent ratio
NYSE: FSM | TSX: FVI
www.fortunasilver.com NEWS RELEASE
Fortuna | 2
Three months ended June 30 Six months ended June 30
2021 2020 % Change 2021 2020 % Change
Sales 120.5 44.5 171% 238.3 92.0 159%
Mine operating income 48.5 13.8 251% 99.8 21.2 371%
Operating income (loss) 35.9 (1.3) 2,862% 76.2 0.5 15,140%
Net income (loss) 16.2 (5.7) 384% 42.6 (10.2) 518%
Earnings (loss) per share - basic 0.09 (0.03) 364% 0.23 (0.06) 476%
Adjusted net income1 21.5 (5.1) 522% 49.0 (7.3) 771%
Adjusted EBITDA1 54.9 9.4 484% 115.7 25.4 356%
Net cash provided by operating activities 29.5 0.8 3,588% 50.7 4.5 1,027%
Free cash flow from ongoing operations1 18.5 0.2 10,696% 35.8 14.3 151%
Capex
Sustaining 13.0 2.1 519% 21.0 5.6 275%
Non-sustaining 0.7 0.1 600% 1.0 0.2 416%
Lindero 1.4 4.9 (71%) 4.0 26.3 (85%)
Brownfields 3.4 0.3 1,033% 5.9 1.8 230%
As at Jun 30, 2021 Dec 31, 2020 % Change
Cash and cash equivalents 121.8 131.9 (8%)
1 Refer to Non-IFRS financial measures and Forward Looking Statements at the end of this news release
Second Quarter 2021 Results
Sales for the three months ended June 30, 2021 were $120.5 million, an increase of 171% from the $44.5 million reported
in Q2 2020. Lindero reported sales of $34.2 million from 18,924 ounces of gold ounces sold. San Jose reported sales of
$60.3 million, an increase of 98% from the $30.5 million reported in Q2 2020 due to a 58% and 52% increase in the volume
of silver and gold ounces sold, respectively , and higher realized metal prices, primarily silver . Caylloma reported sales of
$26.0 million, a 86% increase from the $14.0 million reported in Q2 2020 due to higher realized prices, primarily zinc and
silver, and higher volumes of metal sold, primarily gold.
Operating income for the three months ended June 30, 2021 was $35.9 million, an increase of $37.2 million compared to
Q2 2020. The increase was due primarily to higher silver and gold prices, and Lindero’s contribution to mine operating
income of $7.2 million.
Net income for the three months ended June 30, 2021 was $16.2 million, a $21.9 million increase over the $5.7 million
net loss reported in Q2 2020. The effective tax rate for the quarter was 43%.
Adjusted EBITDA for the three months ended June 30, 2021 was $54.9 million, an increase of $45.5 million compared to
the $9.4 million reported in Q2 2020. The increase reflects Lindero´s contribution to adjusted EBITDA of $16.2 milion as
well as higher EBITDA at San Jose and Caylloma.
Free cash flow from ongoing operations for the three months ended June 30, 2021 was $18.5 million compared to $0.2
million in Q2 2020.
Liquidity
As of June 30, 2021, the Company had cash and cash equivalents of $121.8 million, a decrease of $10.1 million from
December 31, 2020, primarily due to a $35.3 million promissory note that was provided to Roxgold to cover a portion of
the expected acquisition closing costs.
The Company’s $120.0 million credit facility remains fully drawn as of June 30, 2021 and is set to expire on January 26,
2022. It is contemplated that during the third quarter of 2021, the Company’s existing credit facility will be replaced by a
new credit facility in the increased amount of $200.0 million pursuant to an amended and restated credit agreement with
the Company’s existing and new lenders.
Fortuna | 3
Lindero Mine
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Mine Production
Tonnes placed on the leach pad 1,477,000 - 3,607,000 -
Gold
Grade (g/t) 0.95 - 0.87 -
Production (oz) 19,521 - 41,853 -
Metal sold (oz) 18,924 - 40,213 -
Realized price ($/oz) 1,804 - 1,777 -
Unit Costs
Cash cost ($/oz Au)1 673 - 655 -
All-in sustaining cash cost ($/oz Au)1 1,214 - 1,130 -
Capital expenditures ($000's)
Sustaining 6,615 - 10,655 -
Brownfields 351 - 442 -
1 Refer to Non-IFRS Financial Measures
Argentina suffered a surge of COVID-19 during the second quarter of 2021 with the infection rate peaking at 41,000 cases
per day. Extended nationwide COVID -19 related travel restrictions continued to limit onsite access to foreign vendor
support affecting ramp up activities at Lindero.
The COVID-19 infection rate at Lindero increased during the second quarter of 2021 and had a significant impact on the
operation´s performance as 163 personnel tested positive, representing 18 percent of the workforce. During the quarter,
the Company intermittently voluntarily suspended onsite operations for a total of 16 days which directly impacted ramp
up progress and reduced the amount of ore delivered to the heap leach pad. Strict government mandated travel
restrictions have led to disruptions in the hiring and movement of skilled personnel and delays in access to foreign vendor
support, which resulted in higher mechanical downtime leading to lower tonnes of processed ore being delivered to the
leach pad.
In the second quarter of 2021, a total of 1,477 ,000 tonnes of ore were placed on the leach pad averaging 0.95 g/t gold
containing an estimated 44,889 ounces of gold. Total gold production for the quarter was 19,521 ounces, 73 percent of
the plan.
Cash cost per gold ounce sold was $673, as the mine continues to ramp-up production.
All-in sustaining cash costs per gold ounce sold was $1,214, in line with the Company’s original guidance for the first half
of the year of between $1,130 and $1,335 per gold ounce sold, due primarily to the timing of sustaining capital
expenditures.
In the second quarter of 2021, sustaining capital expenditures included $2.3 million of capitalized stripping, $1.7 million
for leach pad expansion, and $1.2 million for the ADR plant.
The Company´s updated gold production guidance range for Lindero of between 90 and 110 thousand ounces reflects the
direct and indirect impact of COVID-19 related challenges. These factors have been evaluated and their effect considered
for the second half of the year (refer Fortuna news release dated July 19, 2021).
Fortuna | 4
San Jose Mine
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Mine Production
Tonnes milled 269,565 160,151 529,368 406,977
Average tonnes milled per day 3,029 1,799 3,038 2,313
Silver
Grade (g/t) 205 220 211 217
Recovery (%) 92 91 91 91
Production (oz) 1,624,394 1,029,049 3,270,838 2,599,250
Metal sold (oz) 1,621,410 1,025,242 3,263,710 2,618,796
Realized price ($/oz) 26.90 17.28 26.53 16.56
Gold
Grade (g/t) 1.30 1.42 1.33 1.37
Recovery (%) 91 91 91 91
Production (oz) 10,266 6,654 20,567 16,284
Metal sold (oz) 10,212 6,703 20,499 16,480
Realized price ($/oz) 1,826 1,728 1,804 1,635
Unit Costs
Production cash cost ($/t)2 75.50 65.98 72.86 69.10
Production cash cost ($/oz Ag Eq)1,2 9.57 7.26 8.99 7.67
Net smelter return ($/t) 219.52 170.72 221.57 160.77
All-in sustaining cash cost ($/oz Ag Eq)1,2 13.61 11.04 13.50 10.85
Capital expenditures ($000's)
Sustaining 3,985 1,170 5,972 2,743
Non-sustaining 757 122 1,031 –
Brownfields 2,154 194 3,890 1,500
1 Production cash cost silver equivalent and All-in sustaining cash cost silver equivalent are calculated using realized metal prices for each period
2 Production cash cost, Production cash cost silver equivalent, and All-in sustaining cash cost silver equivalent are Non-IFRS Financial Measures, refer to Non-IFRS
Financial Measures
The San Jose Mine produced 1,624,394 ounces of silver and 10,266 ounces of gold during the three months ended June
30, 2021, which represents an increase of 58% and 54%, respectively, compared to Q 2 2020. The increase was due
primarily to 68% higher tonnes milled in the second quarter of 2021 compared to Q2 2020, which was impacted by the
54-day shutdown of operations from government mandated restrictions in response to COVID-19.
The production cash cost per tonne for the three months ended June 30, 2021 was $75.50 an increase from the $65.98
per tonne in Q2 2020 primarily due to a stronger US dollar during Q2 2020 and higher planned mining preparation activities
during the current quarter.
The all-in sustaining cash cost of payable silver equivalent for the three months ended June 30, 2021 was $13.61 per
ounce, an increase of 23% compared to $11.04 per ounce in Q2 2020. The increase was due primarily to higher production
cash costs as noted above, increases in sustaining and brownfields capital expenditures, and higher royalties, offset partly
by higher silver equivalent sales.
Capital expenditures totalled $6.9 million for the three months ended June 30, 2021, an increase of 364% compared to
Q2 2020, as COVID-19 restrictions more significantly impacted operations during Q2 2020.
Fortuna | 5
Caylloma Mine
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Mine Production
Tonnes milled 133,645 134,172 265,532 266,913
Average tonnes milled per day 1,536 1,525 1,517 1,500
Silver
Grade (g/t) 76 72 77 69
Recovery (%) 83 79 82 83
Production (oz) 268,428 244,873 535,739 493,984
Metal sold (oz) 275,652 275,085 534,963 487,562
Realized price ($/oz) 26.54 16.06 26.42 16.73
Lead
Grade (%) 3.09 2.77 3.15 2.86
Recovery (%) 90 83 89 86
Production (000's lbs) 8,144 6,777 16,325 14,499
Metal sold (000's lbs) 8,497 7,696 16,495 14,312
Realized price ($/lb) 0.95 0.75 0.94 0.80
Zinc
Grade (%) 4.58 4.29 4.64 4.43
Recovery (%) 87 87 87 87
Production (000's lbs) 11,764 10,977 23,733 22,797
Metal sold (000's lbs) 11,755 11,859 24,021 22,371
Realized price ($/lb) 1.33 0.89 1.28 0.93
Unit Costs
Production cash cost ($/t)2 91.15 74.92 89.59 77.86
Production cash cost ($/oz Ag Eq)1,2 14.54 13.85 14.12 13.84
Net smelter return ($/t) 189.10 91.17 192.70 102.12
All-in sustaining cash cost ($/oz Ag Eq)1,2 18.45 15.34 18.48 16.16
Capital expenditures ($000's)
Sustaining 2,478 955 4,449 2,829
Brownfields 979 86 1,609 349
1 Production cash cost silver equivalent and All-in sustaining cash cost silver equivalent are calculated using realized metal prices for each period
2 Production cash cost, Production cash cost silver equivalent, and All-in sustaining cash cost silver equivalent are Non-IFRS Financial Measures, refer to Non-IFRS
Financial Measures
The Caylloma Mine produced 268,428 ounces of silver, 8.1 million pounds of lead and 11.8 million pounds of zinc during
the three months ended June 30, 2021, an increase of 10%, 20%, and 7% respectively compared to Q2 2020. The increased
metal production was due to higher head grades. Gold production for the second quarter of 2021 totaled 1,261 ounces
with an average head grade of 0.42 g/t.
The production cash cost per tonne for the three months ended June 30, 2021 was $91.15, an increase of 22% compared
to Q2 2020. The increase was due primarily to Q2 2020 having lower costs than planned due to a shutdown of mining
operations in April 2020 without any significant impact on tonnes processed during the quarter.
The all-in sustaining cash cost of payable silver equivalent for the three months ended June 30, 2021 was $ 18.45 per
ounce, an increase of 20% compared to the $15.34 per ounce in Q2 2020. The increase was due primarily to higher
production cash costs as noted above, increases in sustaining and brownfields capital expenditures, and higher royalties,
offset partly by higher silver equivalent sales.
Corporate Update
On July 2, 2021, Fortuna and Roxgold completed the previously announced business combination between Fortuna and
Roxgold (the "Transaction") to create a global growth-oriented intermediate gold and silver producer. Roxgold’s principal
assets are the producing Yaramoko mine in Burkina Faso, the Séguéla advanced development gold project in Côte D’Ivoire,
and the Boussoura exploration property in Burkina Faso.
Fortuna | 6
Qualified Person
Eric Chapman, Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional
Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s
Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and
technical information contained in this news release and has verified the underlying data.
Non-IFRS Financial Measures
The following tables represent the calculation of certain Non-IFRS financial measures as referenced in this news release.
In alignment with the World Gold Council standard for all -in sustaining cash cost and all -in cash cost , the Company has
presented the cash cost figures on a sold ounce basis for all periods presented and has excluded royalties that are under
the scope of IAS 12 – Income Taxes, with the change from the previously presented figures being applied retrospectively
to prior periods.
Reconciliation to Adjusted Net Income for the three and six months ended June 30, 2021 and 2020
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Net income (loss) 16.2 (5.7) 42.6 (10.2)
Adjustments, net of tax:
Community support provision and accruals1 0.1 - 0.1 (0.1)
Foreign exchange loss, Lindero Mine2 0.5 2.7 2.6 6.0
Share of loss from associates - - - 0.1
Investment income - (2.2) - (3.3)
Roxgold transaction costs 3.5 - 3.5 -
Other non-cash items 1.2 0.1 0.2 0.2
Adjusted net income (loss) 21.5 (5.1) 49.0 (7.3)
1 Amounts are recorded in Cost of sales
2 Amounts are recorded in General and Administration
Reconciliation to Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020
Three months ended June 30, Six months ended June 30,
Consolidated 2021 2020 2021 2020
Net income (loss) 16.2 (5.7) 42.6 (10.2)
Adjustments:
Community support provision (0.1) - (0.1) (0.1)
Inventory adjustment - 0.1 (0.1) -
Foreign exchange loss, Lindero Mine 0.5 2.7 2.6 6.0
Net finance items 2.1 0.3 4.6 0.7
Depreciation, depletion, and amortization 20.5 8.9 39.7 20.4
Income taxes 12.0 6.2 25.3 13.3
Share of loss from associates - - - 0.1
Investment income - (2.2) - (3.3)
Other non-cash items 3.7 (0.9) 1.1 (1.5)
Adjusted EBITDA 54.9 9.4 115.7 25.4
Fortuna | 7
Reconciliation to Free Cash Flow from ongoing operations for three and six months ended June 30, 2021 and 2020
Three months ended June 30, Six months ended June 30,
Consolidated 2021 2020 2021 2020
(Restated) (Restated)
Net cash provided by operating activities 29.5 0.8 50.7 4.5
Adjustments
Roxgold transaction costs 3.5 - 3.5 -
Change in long term receivables and assets 0.0 (0.4) (0.1) (0.6)
Additions to mineral properties, plant and equipment (13.8) (3.3) (23.2) (8.3)
Impact of adoption in IAS 16 and Production costs - 2.6 - 12.2
Current income tax expense (12.2) (4.0) (26.2) (10.0)
Income taxes paid 11.4 4.5 31.0 16.5
Free cash flow from ongoing operations 18.5 0.2 35.8 14.3
Reconciliation of Production Cash Cost per Tonne and Cash Cost per Payable Ounce of Silver Equivalent Sold for the
three and six months ended June 30, 2021 and 2020
San Jose Mine Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Cost of sales 31,363 16,427 60,071 43,714
Changes in concentrate inventory 65 286 94 (64)
Depletion and depreciation in concentrate inventory (47) (110) (33) 5
Inventory adjustment 1 (118) 81 2
IFRS 16 embedded lease adjustment 57 4 101 10
Royalties and mining taxes (1,384) (749) (2,727) (1,639)
Workers participation (1,646) (803) (3,355) (2,089)
Depletion and depreciation (8,056) (4,371) (15,660) (11,818)
Cash cost A 20,353 10,566 38,572 28,121
Total processed ore (tonnes) B 269,565 160,151 529,368 406,977
Production cash cost per tonne ($/t) =A/B 75.50 65.98 72.86 69.10
Cash cost A 20,353 10,566 38,572 28,121
Changes in concentrate inventory (65) (286) (94) 64
Depletion and depreciation in concentrate inventory 47 110 33 (5)
Inventory adjustment (1) 118 (81) (2)
Treatment charges 2,420 103 2,181 219
Refining charges (1,392) 1,171 (378) 2,744
Cash cost applicable per payable ounce sold C 21,362 11,782 40,233 31,141
Payable ounces of silver equivalent sold1 D 2,231,385 1,622,866 4,477,204 4,061,802
Cash cost per ounce of payable silver equivalent sold2 ($/oz) =C/D 9.57 7.26 8.99 7.67
Mining cost per tonne 40.98 38.44 39.28 36.65
Milling cost per tonne 16.13 13.88 16.48 17.10
Indirect cost per tonne 12.64 7.72 11.66 8.62
Community relations cost per tonne 1.01 5.88 0.67 2.70
Distribution cost per tonne 4.74 0.06 4.77 4.03
Production cash cost per tonne ($/t) 75.50 65.98 72.86 69.10
1 Silver equivalent sold for Q2 2021 is calculated using a silver to gold ratio of 67.9:1 (Q2 2020: 100:1) and for Q2 2021 YTD: silver to gold ratio of 68.0:1 (Q2 2020 YTD: 98.8:1)
2 Silver equivalent is calculated using the realized prices for gold and silver. Refer to Financial Results - Sales and Realized Prices
Fortuna | 8
Caylloma Mine Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Cost of sales 16,413 14,280 32,030 27,070
Changes in concentrate inventory (294) (1,538) (229) 289
Depletion and depreciation in concentrate inventory 18 655 22 129
IFRS 16 embedded lease adjustment 645 491 1,293 1,059
Royalties and mining taxes (62) (153) (89) (319)
Provision for community support - 27 - 99
Workers participation (573) 192 (1,213) 172
Depletion and depreciation (3,965) (3,902) (8,026) (7,718)
Cash cost A 12,182 10,052 23,788 20,781
Total processed ore (tonnes) B 133,645 134,172 265,532 266,913
Production cash cost per tonne ($/t) =A/B 91.15 74.92 89.59 77.86
Cash cost A 12,182 10,052 23,788 20,781
Changes in concentrate inventory 294 1,538 229 (289)
Depletion and depreciation in concentrate inventory (18) (655) (22) (129)
Treatment charges 3,590 5,101 6,747 9,563
Refining charges 428 419 833 743
Cash cost applicable per payable ounce sold C 16,476 16,455 31,575 30,669
Payable ounces of silver equivalent sold1 D 1,132,781 1,188,319 2,235,781 2,215,414
Cash cost per ounce of payable silver equivalent sold2 ($/oz) =C/D 14.54 13.85 14.12 13.84
Mining cost per tonne 35.60 34.67 36.24 37.34
Milling cost per tonne 15.50 13.43 14.54 13.69
Indirect cost per tonne 30.95 19.45 30.26 19.87
Community relations cost per tonne 1.13 6.83 0.85 3.63
Distribution cost per tonne 7.97 0.54 7.70 3.33
Production cash cost per tonne ($/t) 91.15 74.92 89.59 77.86
1 Silver equivalent sold for Q2 2021 is calculated using a silver to gold ratio of 68.1:1 (Q2 2020: 105.9:1) , silver to lead ratio of 1:27.9 pounds (Q2 2020: 1:21.3), and silver to zinc
ratio of 1:20.0 pounds (Q2 2020: 1:18.1). YTD 2021: silver to gold ratio of 67.8:1 (Q2 2020 YTD: 98.5:1), silver to lead ratio of 1:28.2 pounds (Q2 2020 YTD: 1:20.9), and silver to
zinc ratio of 1:20.6 pounds (Q2 2020 YTD: 1:17.9)
2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
Reconciliation of All-in Sustaining Cash Cost and All-in Cash Cost per Payable Ounce of Silver Equivalent Sold for three
and six months ended June 30, 2021 and 2020
San Jose Mine Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Cash cost applicable 21,362 11,782 40,233 31,141
Royalties and mining taxes (956) 749 2,727 1,639
Workers' participation 2,058 1,004 4,194 2,611
General and administrative expenses (operations) 1,771 1,444 3,446 2,865
Adjusted operating cash cost 24,235 14,979 50,600 38,256
Care and maintenance costs (impact of COVID-19) - 1,568 - 1,568
Sustaining capital expenditures3 3,985 1,170 5,972 2,743
Brownfields exploration expenditures3 2,154 194 3,890 1,500
All-in sustaining cash cost 30,374 17,911 60,462 44,067
Non-sustaining capital expenditures3 757 122 1,031 249
All-in cash cost 31,131 18,033 61,493 44,316
Payable ounces of silver equivalent sold1 2,231,451 1,622,866 4,477,204 4,061,802
All-in sustaining cash cost per ounce of payable silver equivalent sold2 13.61 11.04 13.50 10.85
All-in cash cost per ounce of payable silver equivalent sold2 13.95 11.11 13.73 10.91
1 Silver equivalent sold for Q2 2021 is calculated using a silver to gold ratio of 67.9:1 (Q2 2020: 100:1) and for Q2 2021 YTD: silver to gold ratio of 68.0:1 (Q2 2020
YTD: 98.8:1)
2 Silver equivalent is calculated using the realized prices for gold and silver. Refer to Financial Results - Sales and Realized Prices
3 Presented on a cash basis