Welcome to our dedicated page for Fortuna Mining news (Ticker: FSM), a resource for investors and traders seeking the latest updates and insights on Fortuna Mining stock.
Fortuna Mining Corp. (NYSE: FSM, TSX: FVI) generates a steady flow of news related to its precious metals mining operations in Latin America and West Africa. As a Canadian company with three operating mines and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal, its disclosures cover production performance, project development, exploration results, and corporate actions.
News updates frequently focus on quarterly and annual production, expressed in gold equivalent ounces (GEO) that combine gold, silver, lead, and zinc. Recent releases detail record gold production at the Séguéla Mine in Côte d’Ivoire, consolidated GEO output from ongoing operations, and guidance ranges for future GEO production, cash costs, and all-in sustaining costs. Operational updates also describe mine-specific events, such as mechanical downtime and subsequent remediation at the Lindero Mine in Argentina, and strong base metal production at the Caylloma Mine in Peru.
Investors following FSM news will also see extensive coverage of growth projects and exploration. Fortuna reports on Mineral Reserve and Mineral Resource updates at Séguéla, underground studies at the Sunbird deposit, and drilling results that expand mineralization at both Séguéla and the Diamba Sud Gold Project in Senegal. Technical milestones, including the filing of NI 43-101 reports and the award of feasibility and plant expansion studies, are regular topics.
Corporate and financial news items include quarterly financial results, liquidity and net cash positions, and share repurchases under the company’s normal course issuer bid. Together, these updates provide context on Fortuna’s operating performance, project pipeline, and capital allocation. Bookmark this page to review the latest FSM production reports, exploration results, technical studies, and regulatory announcements as they are released.
Fortuna Silver Mines (NYSE: FSM) has provided a positive update on its Séguéla gold Project in Côte d’Ivoire. As of January 2023, the project is approximately 90% complete, with commissioning scheduled for Q2 2023. Key achievements include the near-completion of the SAG mill installation and the successful commissioning of the fuel depot. Recruitment for operational teams is underway, and initial mining activities are set to begin in February. Upcoming milestones include the first ore to the ROM pad by the end of March and first gold pour in April. Ongoing negotiations with the Côte d’Ivoire government aim to finalize mining convention terms.
Fortuna Silver Mines has updated its mineral reserves and resources at the Yaramoko Mine in Burkina Faso following a brownfields exploration program and further evaluation. Significant changes include a reduction of 120,000 ounces of gold due to a surveying error and an additional 46,000 ounces deemed uneconomical to extract, shortening the mine's life from 5 years to 3 years. The 55 Zone now reflects a decreased gold content, while the 109 Zone saw minor gains. Overall, proven and probable reserves decreased by 43% in ounces during the first half of 2022, emphasizing the need for careful resource management.
Fortuna Silver Mines Inc. (NYSE: FSM) announced that the Mexican Federal Administrative Court has granted a provisional injunction allowing its subsidiary, Compañia Minera Cuzcatlan, to continue operations at the San Jose Mine, based on a 12-year environmental impact authorization (EIA). This decision follows a legal challenge to revoke the annulment of the EIA initiated by Minera Cuzcatlan. The Court will soon decide on a permanent injunction. The San Jose Mine is significant for the local economy, employing over 1,200 workers and fostering sustainable development with local communities.
Fortuna Silver Mines (NYSE: FSM) reported production results for Q4 and full year 2022, producing 259,427 ounces of gold and 6,907,275 ounces of silver, with gold output up 25% year-over-year and silver down 8%. 2023 guidance anticipates gold production between 282,000 to 320,000 ounces (up 9-23%) and silver between 6.3 to 6.9 million ounces (down up to 9%). Notably, the Lindero Mine achieved a record annual gold production of 118,418 ounces. An increase in cash costs and AISC is projected due to inflation and operational expenditure rises.
Fortuna Silver Mines (NYSE: FSM) reports that its Mexican subsidiary, Compania Minera Cuzcatlan, is facing a re-assessment of its environmental impact authorization for the San Jose Mine in Oaxaca, Mexico. This follows a resolution from SEMARNAT that annuls a previously granted 12-year extension. CEO Jorge A. Ganoza contends that the SEMARNAT Resolution lacks merit, citing successful audits and legal victories supporting their compliance with environmental regulations. The company intends to contest this decision legally while maintaining its operational compliance and community engagement.
Fortuna Silver Mines (NYSE: FSM) has released its position statement on the Global Industry Standard on Tailings Management (GISTM), outlining its commitments to responsible tailings management. The company operates three tailings storage facilities (TSFs) and is progressing towards GISTM compliance by 2027. Key commitments include adopting GISTM requirements for new TSFs and ensuring compliance across all facilities by 2027. Fortuna emphasizes the importance of safe tailings management for sustainable mining and aims to enhance stakeholder value through its rigorous implementation plan.
Fortuna Silver Mines Inc. (NYSE: FSM) announced significant progress in the construction of its Séguéla gold Project in Côte d’Ivoire, with 85% completion as of November 30, 2022. Key milestones include the energization of the high voltage substation and the initiation of SAG mill installation. The project remains on schedule and within budget, with first gold pour expected mid-2023. Mining activities are set to begin in Q1 2023, supported by ongoing preparations and a committed budget of $169 million.
Fortuna Silver Mines (NYSE: FSM) has announced an amendment to its senior secured revolving credit facility, increasing the maximum amount by US$50 million to US$250 million. The facility's maturity remains in November 2025. Key amendments include a US$50 million accordion option, a step-up level increase from US$150 million to US$175 million, and a transition from LIBOR to SOFR for interest rates. The changes also involve a 25 basis points increase in loan interest rate margins and higher commitment fee rates. This move aims to enhance liquidity and financial stability.
Fortuna Silver Mines Inc. (NYSE: FSM) has announced significant updates from its Séguéla gold Project in Côte d’Ivoire. The updated resource estimation indicates a total of 3.2 million tonnes in Indicated Mineral Resource at an average grade of 2.74 g/t gold, containing 279,000 ounces, along with 4.2 million tonnes in Inferred Mineral Resource at 3.74 g/t gold, containing 506,000 ounces. The drilling program highlighted high-grade intersections, including 10.2 g/t gold over 9.1 meters at the Sunbird Deposit. New regional discoveries at Badior and Barana reaffirm the project's exploration potential.
Fortuna Silver Mines reported Q3 2022 financial results with gold production at 66,344 ounces and silver at 1,837,506 ounces, reflecting increases of 1% and 7% year-over-year. Free cash flow rose to $34 million, up 17% from Q3 2021, while adjusted EBITDA decreased to $54.4 million. A net loss of $4.1 million was reported, impacted by inflation and operational costs. Séguéla construction is 83% complete and on track for mid-2023 operations. The company has $125.9 million in available liquidity and confirmed it will meet production targets.