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 (NYSE: FSM) has received a 12-year extension for its environmental impact authorization (EIA) at the San Jose Mine in Oaxaca, Mexico. Following an appeal from Fortuna after a previous denial, SEMARNAT confirmed compliance with all environmental obligations, leading to the extension. The San Jose Mine has undergone 13 environmental audits and has not been cited for pollution. It employs over 1,200 people and engages with local communities for sustainable development.
Fortuna Silver Mines provides an update on exploration across Latin America and West Africa. With 12 drill rigs operating, the exploration has yielded promising results, including 16.5 g/t gold over 6.3 meters at the Sunbird Prospect in Côte d'Ivoire and significant assays from the Arizaro Project in Argentina. The ongoing drilling at multiple sites reveals consistent mineralization and positive continuity, with a total of 25,064 meters drilled at San Jose, Mexico. The mineralization remains open at depth, with further drilling planned into 2022 to enhance resource understanding.
Fortuna Silver Mines Inc. (NYSE: FSM) has announced its plans to appeal a Denial Order received on November 10, 2021, from SEMARNAT regarding the extension of the Environmental Impact Authorization (EIA) for the San Jose Mine in Oaxaca, Mexico. The appeal will be filed by its subsidiary, Minera Cuzcatlan, before the end of November 2021. Despite the denial, the mine continues operating under court protection, with a crucial deadline for obtaining permanent injunctions set for February 18, 2022. Fortuna asserts compliance with environmental laws and seeks an extension for the EIA.
Fortuna Silver Mines Inc. (NYSE: FSM) reported a third-quarter 2021 net income of $0.2 million, which is a significant decrease from $13.1 million in Q3 2020. However, adjusted net income grew 40% to $22.5 million, with adjusted EBITDA increasing 78% to $75.3 million. Record sales of $162.6 million reflect a 95% increase year-over-year, driven by gold sales from the Yaramoko and Lindero mines. Free cash flow from operations reached $33.8 million. The company has cash and equivalents totaling $135.8 million, up from $131.9 million at year-end.
Fortuna Silver Mines Inc. (NYSE: FSM) will release its unaudited financial statements for Q3 2021 on November 10, 2021, after market close. A conference call to discuss these results will take place on November 12, 2021, at 9:00 AM PT / 12:00 PM ET, hosted by CEO Jorge A. Ganoza and CFO Luis D. Ganoza. Interested parties can join via webcast or phone. Replay options are available for those who cannot attend live. Fortuna operates mines in Argentina, Burkina Faso, Mexico, and Peru, focusing on sustainability and shared value for stakeholders.
Fortuna Silver Mines (NYSE: FSM) has provided an update on its application for an extension of the Environmental Impact Authorization (EIA) for the San Jose Mine in Oaxaca, Mexico. The original EIA granted in 2009 expired on October 23, 2021. The company filed for a 10-year extension in May 2021, but SEMARNAT has requested additional information. Despite delays due to COVID-19 and administrative processes, a federal court has granted a provisional injunction allowing operations to continue. Fortuna is actively working with SEMARNAT to expedite the extension process.
Fortuna Silver Mines Inc. (NYSE: FSM) reported robust Q3 2021 production results from its mines in the Americas and West Africa. The company produced 65,425 ounces of gold and 1,711,881 ounces of silver, totaling 87,950 gold equivalent ounces. Notably, gold production surged 411% compared to Q3 2020, while silver production decreased by 20%. The Lindero Mine achieved record gold output of 26,235 ounces. Total gold and silver production for the first nine months reached 131,029 ounces and 5,518,458 ounces respectively. The company also noted a decrease in COVID-19 disruptions, with 94% of the workforce vaccinated.
Fortuna Silver Mines (NYSE: FSM) announces the commencement of construction for the Séguéla gold Project in Côte d’Ivoire, following its acquisition of Roxgold Inc. in July 2021. The project boasts a nine-year mine life with an initial annual production of 130,000 ounces of gold. The estimated initial capital investment is $162 million, supported by the company's strong financial position. Construction is set to take approximately 20 months, with initial gold production expected by mid-2023. The project indicates strong economic metrics with a projected after-tax IRR of 49% at a $1,600 gold price.
Fortuna Silver Mines (NYSE: FSM) announces the retirement of David Volkert as Vice President of Exploration - Latin America, effective September 30, 2021. Jorge A. Ganoza, CEO, acknowledged Volkert's contributions over the past five years. Paul Weedon will be promoted to Senior Vice President of Exploration, effective October 1, and David Whittle to Vice President of Operations - West Africa on the same date. Both new appointees bring extensive experience in the mining industry, enhancing Fortuna's operational leadership.
Fortuna Silver Mines (NYSE: FSM) announced the sale of 515,365 common shares in Keon Capital Inc. on September 7, 2021. The shares were sold at C$0.10 each, totaling C$51,536.50. This transaction represents approximately 26.9% of Keon’s total outstanding shares. Post-sale, Fortuna no longer holds any shares in Keon and has no plans to acquire further securities related to the company. The required early warning report will be filed on SEDAR for transparency.