Fortuna Mining Corp. - FSM STOCK NEWS

Fortuna Silver Mines has announced the results of its annual and special meeting held on June 20, 2024. A total of 153,562,018 common shares, representing 50.16% of issued and outstanding shares, were represented. Shareholders voted in favor of all matters, including the appointment of auditors, election of directors, and a name change to 'Fortuna Mining Corp.'

Key directors elected include Jorge Ganoza Durant with 99.52% votes in favor, and David Laing with 88.83% votes in favor. The name change will take effect on June 20, 2024, with shares and debentures trading under the new name within two to five business days. The ticker symbols 'FSM' and 'FVI' will remain unchanged.

The company has issued a notice of redemption for its 4.65% senior subordinated unsecured convertible debentures, to be redeemed on July 10, 2024, if not converted to common shares. The new company website will launch on June 21, 2024, under www.fortunamining.com. CEO Jorge A. Ganoza emphasized the company's evolution and growth into a mid-tier precious metals producer.

Fortuna Silver Mines has announced significant drilling results at the Séguéla Mine in Côte d’Ivoire. The Kingfisher Prospect has returned 23.7 g/t gold over 17.9 meters, and other notable findings include 6.0 g/t over 11.9 meters and 6.4 g/t over 19.6 meters. At the Badior Prospect, key results include 20.5 g/t gold over 4.2 meters and 38.3 g/t over 3.5 meters. The Ancien Deposit revealed 27.4 g/t gold over 5.6 meters and 39.1 g/t over 2.8 meters. These findings expand high-grade gold potential, with Kingfisher showing continuous mineralization over 1 kilometer, remaining open at depth. Drilling at Badior and Ancien has also yielded promising high-grade intersections, supporting the underground mining potential. Drilling at Séguéla will continue through the second half of 2024, aiming for a maiden resource estimate by early 2025.

Fortuna Silver Mines has completed its offering of 3.75% convertible senior notes due 2029, raising US$172.5 million, including an additional US$22.5 million from the exercise of an option. The initial conversion rate is set at 151.7220 shares per US$1,000 principal amount, equating to a conversion price of approximately US$6.59 per share.

The proceeds will be used to repay bank debts, fund working capital, general corporate purposes, and to redeem its existing 4.65% senior subordinated unsecured convertible debentures. Debenture holders have until July 10, 2024, to convert or receive cash payment. The notes and shares are not registered under the U.S. Securities Act and cannot be sold in the U.S. without registration or exemption.

Fortuna Silver Mines announces the pricing of its convertible senior notes offering due 2029, with an aggregate principal amount of $150 million. The initial purchasers have an option to buy an additional $22.5 million in notes within 15 days. The notes will bear a 3.75% annual interest rate, paid semi-annually, and have an initial conversion rate of 151.7220 common shares per $1,000 in principal, equivalent to a $6.59 per share conversion price. The offering is expected to close on June 10, 2024, subject to customary conditions. Net proceeds will repay existing bank debt, fund working capital, and cover general corporate purposes, including the repayment of existing 4.65% senior subordinated unsecured convertible debentures. The notes and shares are not registered under the U.S. Securities Act or qualified by a prospectus in Canada, limiting their offer and sale to qualified institutional buyers and non-U.S. persons outside the U.S.

Fortuna Silver Mines (NYSE: FSM | TSX: FVI) has released its 2023 Sustainability Report, highlighting key ESG performance metrics. The report details significant progress in tailings management, climate change initiatives, and overall safety performance. Notable improvements include a reduction in the Total Recordable Incident Frequency Rate (TRIFR) from 2.67 in 2022 to 1.22 in 2023 and an increase in ISO 45001 and ISO 14001 certifications. Additionally, there was a reduction in carbon intensity and freshwater consumption, with 63% of water usage from recycling. Financial contributions to governments and communities also rose, with $74.4 million paid in government contributions and $8.5 million allocated to community development. However, the report noted one fatality at the Caylloma Mine.

Fortuna Silver Mines announced that its Yaramoko Mine in Burkina Faso achieved the one-million-ounce gold pour milestone on May 19, 2024. Production commenced on May 16, 2016, and Fortuna acquired the mine on July 2, 2021. As of December 31, 2023, the mine has a remaining life of two years, with Proven and Probable Mineral Reserves of 219,000 ounces of gold. The 2024 exploration budget is set at $6.1 million for 41,450 meters of drilling. The mine has not recorded any Lost Time Injury Incidents for over 3.5 years, covering 9 million working hours. About 52% of the 900-strong workforce hails from neighboring communities.

Fortuna Silver Mines Inc. reported financial results for Q1 2024 with $26.3 million net income, $84.3 million cash flow, and $40 million debt repayment. Operational highlights include 112,543 gold equivalent production, shareholder capital return, and new prospects at Séguéla. Despite a decrease in production and higher costs at San Jose, the company maintains a strong liquidity position.

Fortuna Silver Mines Inc. (NYSE: FSM) has renewed its share repurchase program, approved by the Toronto Stock Exchange. The company plans to repurchase up to five percent of its outstanding common shares through the NCIB, starting on May 2, 2024. The program aims to enhance shareholder value by buying back undervalued shares, with a limit of 15,287,201 common shares to be repurchased and cancelled. Fortuna will base its repurchase decisions on financial performance, cash flow, and regulatory restrictions.