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Fortuna Silver reports record production and financial results in third quarter

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(Kitco News) - Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) today announced record Q3 2023 gold and gold equivalent production from its five operating mines in West Africa and Latin America, as well as record financial results.

According to Fortuna, its gold and silver production for the quarter was 94,821 ounces (up 43% compared to Q3 2022) and 1.7 million ounces (down 6% compared to Q3 2022), respectively, or 128,671 gold equivalent ounces (up 26% compared to Q3 2022), including lead and zinc by-products.

Fortuna said that in Q3 2023, its record gold production was mainly driven by Séguéla contributing 31,498 ounces during its first full quarter of production, and Yaramoko contributing 34,036 ounces.

The company reported Q3 2023 consolidated all-in sustaining costs (AISC) of $1,312 per gold equivalent ounce sold, down 8% compared to $1,431 per ounce in Q3 2022.

According to the company, net income attributable to Fortuna for the quarter was $27.5 million compared to an attributable net loss of $3.7 million in Q3 2022. 

Fortuna explained that the increase in net income was driven by increased gold sales volume, higher realized gold and silver prices and lower cost of sales per gold equivalent ounce. 

President and CEO Jorge A. Ganoza stated, “Fortuna has delivered record production and financial results for all its key metrics driven by the first full quarter contribution of our flagship Séguéla gold mine.

“As we shift from a two-year capital-intensive phase to strong free cash flow generation, we will prioritize strengthening our balance sheet through debt reduction and advancing high value opportunities in our exploration portfolio. We currently maintain eleven drill rigs turning across our properties including three at our newly acquired Diamba Sud gold project in Senegal.”

Fortuna Silver Mines is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru.

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