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Fortuna Silver ups production of all metals in Q2, updates annual guidance

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(Kitco News) - Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) reported that in Q2 2021, the company produced 1,892,822 ounces of silver and 31,048 ounces of gold or 55,953 gold equivalent ounces.

The company’s silver production was 49% higher than 1,273,922 ounces produced in Q2 2020, whereas its gold output increased 337% compared to Q2 2020 (7,099 ounces), primarily due to production increase at Caylloma, San Jose, and ramp up of operations at Lindero.

Additionally, Fortuna Silver produced 8,143,876 pounds of lead (20% increase over Q2 2020) and 11,763,866 pounds of zinc (7% increase over Q2 2020) in Q2 2021.

Production at the Lindero gold mine in Argentina was 19,521 ounces, or 73% of the plan, comprised of 18,726 ounces in doré and 794 ounces of gold-in-carbon inventory.

The San Jose mine in Mexico produced 1,624,394 ounces of silver and 10,266 ounces of gold in Q2 2021 with average head grades for silver and gold of 205 g/t and 1.30 g/t, respectively; 4% above and in line with plan.

In Q2 2021, the Caylloma mine in Peru produced 268,428 ounces of silver with an average head grade of 76 g/t, in line with plan. Gold production was 1,261 ounces, an increase of 183% over Q2 2020. Lead and zinc production for the second quarter of 2021 was 8,143,876 pounds and 11,763,866 pounds with average head grades for lead and zinc of 3.09% and 4.58%, respectively; 8% and 9% above plan.

The company expects consolidated silver and gold production of 6.8 to 7.6 million ounces and 194 to 223 thousand ounces, respectively for 2021, or 283 to 323 thousand gold equivalent ounces, representing a year over year increase of 90% to 116%.

Gold production at the Yaramoko mine in Burkina Faso for the second half 2021 contributes to the company´s full year guidance, representing 30% to 32% of the updated guidance.

Fortuna Silver Mines is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and an advanced development project in Côte d’Ivoire.

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