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FORTUNA Silver Mines Inc. (symbol: FSM) is a prominent player in the precious and base metal mining sector. Established in 2005, the company has rapidly grown to become one of Latin America's leading silver producers. Fortuna operates several mines, including the Lindero gold mine in Argentina, the Yaramoko gold mine in Burkina Faso, the San Jose silver and gold mine in Mexico, the Caylloma silver, lead, and zinc mine in Peru, and the Seguela gold mine in Cote d'Ivoire.
Fortuna's operations are focused on sustainable growth, efficient mining, and delivering value to shareholders. The company has extensive property holdings of 87,000 hectares, providing ample opportunities for organic growth and exploration. A notable project is the 44,000-meter drill program targeting multiple silver and gold reserves at the San Jose and Caylloma mines.
Financially, Fortuna continues to show robust performance. The majority of its revenue comes from the Seguela gold mine, with significant contributions from the other mines. The company's strategic initiatives include ongoing exploration and development activities aimed at increasing production and enhancing operational efficiency.
Fortuna is also committed to maintaining high standards in quality assurance and quality control (QA/QC) across all its operations. The management team, led by President and CEO Jorge A. Ganoza, ensures that the company adheres to best practices in mining, environmental stewardship, and corporate governance.
For the latest updates, comprehensive reports, and detailed information about Fortuna Silver Mines Inc., visit their official website or follow their news releases and investor communications.
Fortuna Mining (NYSE: FSM) has announced significant exploration results from its Séguéla Mine in Côte d'Ivoire. The company reported notable drill intersections at the Kingfisher deposit, including 15.3 meters averaging 4.1 g/t Au and 17 meters averaging 3.3 g/t Au, approximately 150 meters along strike of the recently reported maiden Inferred Resource of 294,000 ounces averaging 2.3 g/t Au.
At the Kingfisher deposit, 58 holes totaling 11,103 meters were completed since September 2024, with mineralization remaining open at depth across most of the 2-kilometer strike. The Sunbird deposit showed promising results, including an intersection of 20.4 g/t Au over 19.6 meters, with mineralization extending 650 meters along strike from existing underground resources.
Fortuna Mining has announced updated Mineral Reserves and Mineral Resources at its Séguéla Mine, featuring the discovery of over 500,000 gold ounces of new Inferred Resources. The mine now reports 1.0 Moz Au in Proven and Probable Mineral Reserves, 396,000 oz Au in Measured and Indicated Resources, and 677,000 oz Au in Inferred Resources.
Key highlights include maiden Inferred Resources of 294,000 oz for Kingfisher and 61,000 oz for Badior deposits, plus 141,000 oz Au of underground Inferred Resource at Sunbird. For 2024, Séguéla Mine is expected to produce between 126,000 to 138,000 gold ounces at the upper range.
Fortuna Mining (NYSE: FSM | TSX: FVI) has repurchased 6,402,640 common shares during Q4 2024 as of November 29, under its normal course issuer bid (NCIB). The shares were bought at a weighted-average price of $4.77, totaling $30.5 million. This represents 41.88% of the 15,287,201 shares authorized for repurchase. The company cites record Q3 earnings, strong free cash flow, and high gold prices as enabling factors for the buyback program, while maintaining a balance between shareholder returns and portfolio development.
Fortuna Mining reported record Q3 2024 financial results with attributable net income of $50.5 million ($0.16 per share) and operating cash flow of $119.3 million. The company produced 110,820 ounces of gold equivalent at a cash cost of $1,059 per ounce. Key highlights include achieving a positive net cash position of $8.0 million, increased liquidity to $430.6 million, and consolidated sales of $274.9 million (up 13% year-over-year). The company remains on track to meet its annual production guidance of 457-497 koz gold equivalent.
Gold prices are surging towards record highs, with Goldman Sachs projecting potential reaches of $3,000 by end-2025. Amid this backdrop, Yukon Metals Corp. announced results from ground-based Gravity and Time Domain Electromagnetic surveys at its Star River Project, identifying four prominent conductive zones. The surveys, completed by Aurora Geosciences, covered 20.6 kilometers with 100m line spacing and revealed targets coincident with gold and silver sampling up to 101 grams per tonne gold. The 715-hectare project, located 50km south of Ross River, Yukon, is accessible by all-season road and features multiple showings of polymetallic carbonate replacement mineralization.
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has announced the release date for its third quarter 2024 unaudited financial statements and MD&A. The company will publish these documents on Wednesday, November 6, 2024, after market close. A conference call to discuss the financial and operational results is scheduled for Thursday, November 7, 2024, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time.
The call will be hosted by key company executives, including Jorge A. Ganoza (President and CEO), Luis D. Ganoza (CFO), Cesar Velasco (COO - Latin America), and David Whittle (COO - West Africa). Shareholders, analysts, media, and interested investors are invited to participate via webcast or phone. Replay options will be available until November 21, 2024, and a transcript will be archived on the company's website.
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports solid production results for Q3 2024 from its five operating mines in West Africa and Latin America. Highlights include:
- Gold equivalent production of 110,820 ounces
- Gold production of 91,251 ounces
- Silver production of 816,187 ounces
- Zinc and lead production of 12.8 million and 10.0 million pounds
The Lindero leach pad expansion, the company's largest capital project in 2024, is 76% complete and on budget. Fortuna reiterates its 2024 annual production guidance of 457-497 thousand gold equivalent ounces. Notable mine performances include Séguéla's strong output and Yaramoko's continued solid performance, while San Jose faces challenges as it nears the end of its reserves.
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has provided an update on its Yaramoko Mine operations in Burkina Faso. This comes in response to recent public comments by Burkina Faso's President Ibrahim Traoré regarding mining companies and potential withdrawal of existing mining permits. Fortuna has received confirmation from the country's Ministry of Mines that there are no plans to withdraw existing mining permits that comply with local laws. The company affirms that the Yaramoko Mine is in compliance and continues normal operations.
The Yaramoko Mine, operational since 2016, reached the one-million-ounce gold pour milestone on May 19, 2024. It is expected to contribute approximately 25 percent of Fortuna's gold equivalent ounces in 2024, aligning with the company's annual guidance of 457 to 497 koz Au Eq for the year.
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has reported promising results from its exploration programs at the Diamba Sud Gold Project in Senegal. Key highlights include:
- Western Splay Prospect: Drill hole DSDD293 intersected 6.9 g/t Au over 33.3 meters, and DSR680 yielded 8.9 g/t Au over 27.7 meters.
- Karakara Prospect: Drill hole DSDD300 returned 8.8 g/t Au over 6.4 meters.
The company completed 13,319 meters of drilling across 95 holes, focusing on expanding the Western Splay and Kassasoko prospects. A revised geological model has identified additional targets for testing, potentially contributing to growing the project portfolio and resource base.
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has reported significant exploration results from its Séguéla Mine in Côte d'Ivoire. The Kingfisher prospect has shown promising results, with drill hole SGRC1865 intersecting 14.2 g/t Au over 16.8 meters from 100 meters depth. The prospect's strike length now extends over 2 kilometers and remains open at depth.
At the Sunbird deposit, drilling continues to support underground mining potential, with drill hole SGDD140 intersecting 8.8 g/t Au over 6.3 meters from 301 meters depth. The company plans to continue exploration throughout 2024, aiming for a maiden Inferred resource at Kingfisher in early 2025 and evaluating underground mining potential at Sunbird.
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