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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 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.
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