Fortuna Mining Corp. reports operating and financial developments for a Canadian precious metals miner that produces gold and silver from three operating mines and a portfolio of exploration projects.
Recurring updates include quarterly production in gold-equivalent ounces, cash costs and all-in sustaining costs, cash flow, liquidity, safety performance and capital actions through normal course issuer bid activity. Company news also covers Mineral Reserve and Mineral Resource estimates, drilling at deposits such as Sunbird at Séguéla, exploration projects including Diamba Sud in Senegal, project agreements in the Guyana Shield, annual reporting and MD&A releases.
Fortuna Silver Mines Inc. (NYSE: FSM) announced significant progress at its Séguéla gold Project in Côte d'Ivoire, which is 61% complete as of June 15, 2022. The project, with a capital budget of $173.5 million, has $143.8 million committed. Key milestones include securing major equipment, executing construction contracts, and preparing for the first gold pour scheduled for mid-2023. Despite supply chain challenges, the project is on track, with critical earthworks and civil works completed ahead of the wet season.
Fortuna Silver Mines Inc. (NYSE: FSM) updated its Sunbird exploration program at the Séguéla gold Project in Côte d’Ivoire, building on a maiden Inferred Mineral Resource of 350,000 gold ounces released in March 2022. Expansion drilling has revealed high-grade mineralization, with significant drill results including up to 28.2 g/t gold. The program aims to extend the mineralized footprint, and regional exploration has identified several promising new targets. Continued drilling is set to further define and expand gold resources in the area, ensuring ongoing exploration success.
Fortuna Silver Mines reported strong Q1 2022 results, with gold production at 66,800 ounces, a 93% increase, and silver production of 1,670,128 ounces, a decrease of 13%. Net income rose to $27 million, or $0.09 per share, while sales surged 55% to $182.3 million. Adjusted EBITDA increased to $80.3 million, showcasing a robust operational performance with an adjusted net income of $33.4 million. The company maintains healthy liquidity of $150.4 million and is on track with the Séguéla Project, which is 48% complete. Operational challenges, however, included a fatal incident and production issues at the Lindero mine due to COVID-19.
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Fortuna Silver Mines Inc. (NYSE: FSM) will release its first quarter 2022 financial statements and MD&A on May 11, 2022, after market close. A conference call to discuss these results will take place on May 12, 2022, at 9:00 a.m. PT / 12:00 p.m. ET, featuring President and CEO Jorge A. Ganoza and other key executives. Interested parties can join via a webcast or phone. Playback options will be available until May 26, 2022, for the earnings call and until May 12, 2023, for the webcast.
Fortuna Silver Mines Inc. (NYSE: FSM) has announced the acceptance of a normal course issuer bid (NCIB) by the Toronto Stock Exchange, allowing the purchase of up to five percent of its outstanding shares, totaling approximately 14.6 million shares. This buyback initiative is set to begin on May 2, 2022, and will continue until May 1, 2023, or until the maximum number of shares is repurchased. The company's management believes that buying back shares represents a prudent use of corporate funds, especially if shares trade below their intrinsic value.
Fortuna Silver Mines Inc. (NYSE: FSM) has announced strong first-quarter production results for 2022. Gold production rose by 93% year-over-year to 66,800 ounces, aided by the Lindero and Yaramoko mines. However, silver output saw a 13% decline to 1,670,128 ounces due to lower head grades at the San Jose Mine. The company maintains its annual guidance of 6.2 to 6.9 million ounces of silver and 244,000 to 280,000 ounces of gold for 2022. Overall, Fortuna's operations across its four mines in the Americas and West Africa remain on track for the year.
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Fortuna Silver Mines Inc. (NYSE: FSM) has submitted its fiscal 2021 annual report on Form 40-F to the SEC. The report includes the company's audited financial statements, management discussion, and analysis. Shareholders can access the report on the company's website and the SEC's website. Fortuna operates four mines across multiple countries, focusing on sustainable precious metals production. The company is committed to environmental protection and social responsibility, ensuring long-term value for stakeholders.
Fortuna Silver Mines (NYSE: FSM) announced an updated NI 43-101 Technical Report for its Yaramoko Gold Mine in Burkina Faso, effective December 31, 2021. This report highlights the potential for developing an open pit mine after the completion of the underground 55 Zone mine. Current operations utilize two underground portals to extract gold, with a conventional processing method in place. The report also discloses up-to-date Mineral Resources and Reserves that substantiate future production plans.