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) reported strong financial results for Q4 and full year 2021, showcasing record sales of $198.9 million, up 92% from Q4 2020. Full-year sales reached $599.9 million, a 115% increase year-over-year. Net income was $59.4 million, reflecting a significant growth of 175%. Adjusted EBITDA for Q4 was $89.6 million, doubling the previous year. Free cash flow from ongoing operations was $30.9 million in Q4. Despite higher costs, the company maintained a solid liquidity position of $187.1 million as of December 31, 2021.
Fortuna Silver Mines (NYSE: FSM) has announced updated Mineral Reserve and Resource estimates as of December 31, 2021, revealing a significant year-over-year increase of 81% in Proven and Probable Mineral Reserves of gold, totaling 3.3 Moz, and a decrease of 10% in silver reserves, totaling 25.9 Moz. Inferred resources also saw an increase of 82% in gold (1.0 Moz) while silver decreased by 8% (26.3 Moz). Successful exploration initiatives, particularly the integration of Yaramoko and Séguéla into the company’s portfolio and ongoing brownfields exploration programs, aim to expand resources further in 2022.
Fortuna Silver Mines (NYSE: FSM) announced a maiden Inferred Mineral Resource estimate for the Sunbird discovery at its Séguéla gold Project in Côte d'Ivoire, totaling 3.4 million tonnes at an average grade of 3.16 g/t Au, containing approximately 350,000 ounces of gold. The resource remains open for further exploration, and the company expresses optimism for additional growth through ongoing drilling efforts. Notably, this estimate will not affect the current construction plan for the Séguéla gold Project.
Fortuna Silver Mines Inc. (NYSE: FSM) will release its fourth-quarter and full-year 2021 financial statements on March 23, 2022, after market close. A conference call to discuss results will be held on March 24, 2022, at 9:00 a.m. Pacific time, featuring key executives including Jorge A. Ganoza, President and CEO. Participants can join the call via webcast or phone. The replay will be available until April 7, 2022, for audio and until March 25, 2023, for the webcast. Fortuna operates four mines and is actively involved in sustainable mining practices.
Fortuna Silver Mines (NYSE: FSM) announced it received a notice from SEMARNAT on January 28, 2022, regarding a typographical error in the environmental impact authorization for the San Jose Mine in Oaxaca, Mexico. Initially granted a 12-year extension, SEMARNAT now states the term is only 2 years. Fortuna believes this notice is erroneous and is taking legal action to reaffirm the original 12-year extension. The company remains compliant with environmental laws, and the notice does not impact current operations.
Fortuna Silver Mines Inc. (NYSE: FSM) has announced significant progress on its Séguéla gold Project in Côte d’Ivoire, with the construction approximately 32% complete as of January 31, 2022. The company has committed about $124.5 million of the $173.5 million budget. Major equipment and construction contracts are in place, and first gold pour is anticipated by mid-2023. The construction includes a fully equipped accommodation camp and ongoing work on the processing plant, tailings storage, and grid connection.
Fortuna Silver Mines Inc. (NYSE: FSM) reports a tragic fatality at its Lindero Mine in Salta, Argentina. The accident occurred at the conveyor stacking system, with no additional injuries reported. In response, stacking activities at the heap leach pad have been temporarily halted for 48 hours, and a safety stop has been initiated. The company has engaged local authorities for an investigation into the incident and is providing support to the affected worker's family. CEO Jorge A. Ganoza emphasized the company's commitment to health and safety as their top priority.
Fortuna Silver Mines (NYSE: FSM) has updated the Sunbird exploration program at the Séguéla gold Project in Côte d’Ivoire. The company is proceeding with the construction of a 3,750 tonnes per day open pit mine, targeting first gold pour by mid-2023. Recent drilling results at the Sunbird Prospect have shown significant high-grade mineralization, with gold assays up to 20.2 g/t. An inferred resource estimate is expected in Q1 2022, while additional drilling continues to explore further potential at depth.
Fortuna Silver Mines Inc. (NYSE: FSM) reports that its Yaramoko gold Mine in Burkina Faso is operating normally despite the ongoing political situation in the country. The company has confirmed that its workforce and supply chains remain unaffected. Fortuna is actively monitoring the situation and will issue updates as necessary.
With a focus on sustainability, Fortuna operates four mines across Argentina, Burkina Faso, Mexico, and Peru, with another under construction in Côte d'Ivoire. The company emphasizes efficient production and social responsibility.
Fortuna Silver Mines Inc. (NYSE: FSM) announced fourth quarter and full year 2021 production results from its mines in the Americas and West Africa. In 2021, gold production reached 207,192 ounces (up 274% from 2020) and silver production was 7,498,701 ounces (up 5%). 2022 guidance forecasts gold production of 244,000 to 280,000 ounces, a 16% to 35% increase, while silver output is expected to decline between 8% and 17%. Positive performance noted in Lindero and Caylloma mines, while Yaramoko experienced a production shortfall.