Fortuna Mining Corp. - FSM STOCK NEWS

Fortuna Silver Mines (NYSE: FSM) is set to participate in the Gold Forum Europe 2023 at the Park Hyatt in Zurich, Switzerland, from April 11-12, 2023. Jorge A. Ganoza, President and CEO, will present on April 11 at 2:10 p.m. CET. This forum is the only independent investment event focused on precious metals in Europe, showcasing a wide range of mining companies across various production stages.

Fortuna operates four mines in Argentina, Burkina Faso, Mexico, and Peru, with a fifth mine under construction in Côte d'Ivoire. The company emphasizes sustainability in its operations, aiming to deliver long-term value for stakeholders through environmentally responsible practices and social responsibility.

Fortuna Silver Mines Inc. has filed its fiscal 2022 annual report on Form 40-F with the SEC as of March 30, 2023. This report includes audited financial statements, management’s discussion and analysis, and an annual information form. It is accessible on the Company’s website and the SEC’s site. Printed copies of the financial statements are available free for shareholders. Fortuna operates four mines across Argentina, Burkina Faso, Mexico, and Peru, with a fifth in Côte d'Ivoire. The Company prioritizes sustainability in its operations.

Fortuna Silver Mines (NYSE: FSM) announced updated Mineral Reserve and Resource estimates as of December 31, 2022. The total Proven and Probable Mineral Reserves now contain 2.8 Moz Au and 20.1 Moz Ag, reflecting year-over-year decreases of 14% and 22% respectively. In contrast, the combined Measured and Indicated Resources rose by 32% in gold to 1.1 Moz Au, while silver remained unchanged at 10.5 Moz Ag. The Inferred Resources increased 39% for gold and 1% for silver. Notably, the maiden Inferred Resource for the Arizaro Project reports 280 koz Au. These shifts are vital for assessing company growth and investor interest.

Fortuna Silver Mines reported its financial results for Q4 and full year 2022 on March 15, 2023. Despite achieving adjusted net income of $7.2 million in Q4, the company faced a significant net loss of $160.4 million for the quarter, primarily due to impairment charges of $164.5 million. For the full year, Fortuna recorded a net loss of $135.9 million. Adjusted EBITDA stood at $55.8 million in Q4 and $245.5 million for the year. The company maintained liquidity of $150.5 million by year-end. Production metrics showed declines in gold and silver output compared to the previous year, with cash costs trending higher due to inflationary pressures. The company anticipates improved production as its Séguéla Project nears completion.

Fortuna Silver Mines Inc. (NYSE: FSM) has received a permanent injunction from the Mexican Federal Administrative Court, allowing its subsidiary Compañía Minera Cuzcatlan to continue operations at the San Jose Mine under a 12-year environmental impact authorization (EIA). This decision reaffirms the legality of the EIA, which was initially granted in December 2021, and counters attempts by SEMARNAT to revoke it. The mine, a significant regional employer, supports over 1,200 jobs and collaborates with local communities to bolster social benefits. Fortuna emphasizes compliance with environmental regulations and sustainable development initiatives.

Fortuna Silver Mines Inc. (NYSE: FSM) provides an update on its Sunbird drilling program at the Séguéla Gold Project in Côte d’Ivoire. Infill drilling for resource confidence enhancement has begun, yielding promising high-grade results, including 10.6 g/t Au over 21.7 meters and 14.9 g/t Au over 14 meters. Overall, 30 holes have been drilled, with a total of 9,500 meters planned for this phase. The objective is to upgrade resources to reserves, currently at 1.1 million ounces of gold. Drilling is expected to conclude by Q2 2023, with further depth potential testing scheduled for later in the year.

Fortuna Silver Mines Inc. (NYSE: FSM) announced it will release its financial statements for Q4 and the full year 2022 on March 15, 2023, after market closure. A conference call to discuss these results will occur on March 16, 2023, at 9:00 a.m. PT / 12:00 p.m. ET, featuring key executives including CEO Jorge A. Ganoza. Interested parties can access the call via the provided webcast link or by phone. Replay options will be available through late March and into 2024. Fortuna operates four mines across several countries and focuses on sustainability and stakeholder value.

Fortuna Silver Mines (NYSE: FSM) has provided a positive update on its Séguéla gold Project in Côte d’Ivoire. As of January 2023, the project is approximately 90% complete, with commissioning scheduled for Q2 2023. Key achievements include the near-completion of the SAG mill installation and the successful commissioning of the fuel depot. Recruitment for operational teams is underway, and initial mining activities are set to begin in February. Upcoming milestones include the first ore to the ROM pad by the end of March and first gold pour in April. Ongoing negotiations with the Côte d’Ivoire government aim to finalize mining convention terms.

Fortuna Silver Mines has updated its mineral reserves and resources at the Yaramoko Mine in Burkina Faso following a brownfields exploration program and further evaluation. Significant changes include a reduction of 120,000 ounces of gold due to a surveying error and an additional 46,000 ounces deemed uneconomical to extract, shortening the mine's life from 5 years to 3 years. The 55 Zone now reflects a decreased gold content, while the 109 Zone saw minor gains. Overall, proven and probable reserves decreased by 43% in ounces during the first half of 2022, emphasizing the need for careful resource management.