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) announced the expiration of common share purchase Warrants for Medgold Resources Corp. on October 16, 2020. The Warrants, allowing for the purchase of 1,079,700 shares at C$0.40, expired unexercised. Following this, Fortuna holds 21,079,700 shares of Medgold, totaling 15.64% of its issued shares. Fortuna may adjust its ownership in Medgold in the future based on market conditions. An early warning report has been filed regarding this ownership change.
Fortuna Silver Mines Inc. (NYSE: FSM) reported Q3 2020 production results, achieving 2.1 million ounces of silver and 12,791 ounces of gold, reflecting increases of 10% and 12% year-over-year, respectively. Despite these gains, lead and zinc production declined by 6% and 10%, respectively. The company suspended production guidance due to COVID-19 uncertainties. For the first nine months of 2020, silver and gold production totaled 5.2 million ounces and 29,992 ounces, respectively. The Lindero Project faced delays, impacting the average gold grade of ore placed.
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Fortuna Silver Mines (NYSE: FSM) has commenced irrigation and leaching of ore at its Lindero gold Project in Argentina, with the first gold pour expected in early October 2020. As of August 31, 2020, 277,000 tonnes of ore averaging 0.87 g/t Au were placed on the heap leach pad. Night shift operations began in mid-August, achieving up to 93% of design capacity. Pre-commissioning of the ADR plant is 80% complete, and the company is advancing construction amid COVID-19 challenges effectively.
Fortuna Silver Mines reported a net loss of $5.7 million for Q2 2020, marking a significant decline from a net income of $10.3 million in the same quarter last year. Sales dropped to $44.5 million from $67.9 million in Q2 2019. The company achieved adjusted EBITDA of $9.4 million, down from $27.2 million in the prior year. Despite challenges from pandemic-induced shutdowns, Fortuna maintained neutral free cash flow of $0.2 million from ongoing operations. Production figures included 1,273,922 ounces of silver and 7,099 ounces of gold.