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(Kitco News) - Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) announced on Wednesday that in Q1 2023, the company produced 94,110 gold equivalent ounces, down 9% compared to Q1 2022 (103,098 gold equivalent ounces).
The company said that its Q1 2023 gold production was 60,092 ounces, down 10% over Q1 2022 (66,800 ounces), primarily due to a decrease in head grades at the Lindero and Yaramoko mines albeit in line with the mining sequence and mineral reserves.
Silver production of 1,586,378 ounces was 5% lower compared to Q1 2022 (1,670,128 ounces) with marginally lower tonnage and head grades milled at the San Jose and Caylloma mines.
The company also reported zinc and lead production of 13.1 million pounds and 9.5 million pounds in Q1 2023; 21% and 4% increase over Q1 2022, respectively.
Fortuna reiterated its 2023 annual production guidance range of 6.3 to 6.9 million ounces of silver and 282 to 320 thousand ounces of gold or between 412,000 and 463,000 gold equivalent ounces, including lead and zinc by-products.
Importantly, the company said that the Seguela mine in Ivory Coast is on-track to initiate gold production in May 2023, adding that construction and operational activities have progressed well. As of the end of March, the project construction was 96% complete.
Fortuna Silver Mines is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Ivory Coast.
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| New Gold produces 104,857 gold equivalent ounces in Q1, up 20% y-o-y |
