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. 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.
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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.