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 (FSM) and Roxgold Inc. have initiated mailing materials for their respective shareholder meetings to vote on a proposed merger scheduled for June 28, 2021. The meetings will be held virtually due to COVID-19 precautions. Upon completion of the merger, Fortuna will acquire all Roxgold shares, offering 0.283 Fortuna shares plus a nominal cash payment per Roxgold share. Post-transaction, shareholders will retain approximately 63.6% and 36.4% of the combined company. This merger aims to enhance asset quality and production capabilities.
Fortuna Silver Mines (NYSE: FSM) has received positive news regarding a royalty claim affecting its San Jose Mine in Oaxaca, Mexico. The Dirección General de Minas (DGM) terminated the cancellation procedure for one of its mining concessions, concluding that the basis for cancellation was not established. Consequently, Fortuna has ceased its Amparo Proceedings in a Collegiate Court in Mexico and is now in goodwill discussions with the Mexican Geological Service to resolve the royalty claim amicably. This development is expected to facilitate ongoing operations at the mine.
Fortuna Silver Mines Inc. (NYSE: FSM) reported record financial results for Q1 2021, including a net income of $26.4 million and adjusted EBITDA of $60.8 million. Sales surged by 148% to $117.8 million, driven by higher metal prices and sales volumes, particularly from the Lindero Mine at $36.9 million. Free cash flow from ongoing operations reached $17.4 million. The company maintained its production guidance of 178,000 to 202,000 ounces of gold and 6.8 million to 7.6 million ounces of silver.
Fortuna Silver Mines Inc. (NYSE: FSM) will release its first-quarter 2021 financial statements and MD&A on May 10, 2021, after market close. A conference call is scheduled for May 11, 2021, at 9:00 a.m. Pacific time, featuring CEO Jorge A. Ganoza and CFO Luis D. Ganoza. Investors can access the call via webcast or phone. Replay details will be available until May 25, 2021, for audio and until May 11, 2022, for the webcast. Fortuna operates in Peru, Mexico, and Argentina, focusing on sustainable precious metal production.
Fortuna Silver Mines is set to acquire Roxgold in a significant merger, enhancing its growth in the precious metals sector. The anticipated production is approximately 450,000 gold equivalent ounces annually at an all-in sustaining cost (AISC) of about US$950 per ounce. The transaction offers Roxgold shareholders a 42.1% premium, valuing the deal at C$1.1 billion. The merger is expected to bolster Fortuna's market position, with a projected average annual EBITDA of over US$500 million from 2021 to 2023, and improved access to capital for further growth initiatives.
Fortuna Silver Mines and Roxgold Inc. have announced a definitive agreement for Fortuna to acquire all issued securities of Roxgold. Under the agreement, Roxgold shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold share, valuing Roxgold at C$2.73 per share, a premium of 42.1%. The transaction estimates a fully diluted equity value of C$1.1 billion, creating a global intermediate gold and silver producer with anticipated combined production of 450,000 ounces annually. The merger enhances growth opportunities and market competitiveness.
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Fortuna Silver Mines Inc. (NYSE: FSM) reported its Q1 2021 production results, achieving notable gains. The company produced 1,913,755 ounces of silver and 34,555 ounces of gold, marking a 5% increase in silver and a 242% increase in gold compared to Q1 2020. Highlights include silver production from the San Jose Mine and significant contributions from the Caylloma Mine. The Lindero Mine is on track for 2021 gold production guidance of 140,000 to 160,000 ounces. Challenges due to COVID-19 travel restrictions are being managed with remote assistance technology.
Fortuna Silver Mines Inc. (NYSE: FSM) has filed its fiscal 2020 annual report on Form 40-F with the SEC. This report includes audited financial statements, management’s discussion, and analysis. Shareholders can request printed copies of the annual financial statements for free. Fortuna Silver Mines operates in Peru, Mexico, and Argentina, focusing on sustainable mining while producing silver and gold. The company's commitment to environmental protection and social responsibility aims to create long-term value for shareholders and stakeholders.
Fortuna Silver Mines (NYSE: FSM) announced promising results from step-out and infill drilling at the San Jose Mine, confirming high-grade mineralization continuity within the Trinidad Footwall structures. Conducted from mid-2020 to March 2021, the program included 4,670 meters across 22 drill holes, revealing significant intercepts such as 1,931 g/t Ag and 6.76 g/t Au. The 2021 exploration budget is set at US$10.9 million for 33,800 meters of diamond drilling, targeting extensions of the Trinidad vein system and new surface targets.