Fortuna Silver Mines has released its financial and operational outcomes for both the fourth quarter and the entirety of 2023. The company, based in Vancouver, British Columbia, encountered a net loss of $92.3 million or $0.30 per share in the fourth quarter due to non-cash impairment charges of $90.6 million, culminating in a total net loss of $50.8 million for 2023. Despite these figures, Fortuna reported an adjusted net income of $20.6 million or $0.07 per share for the fourth quarter, amounting to $64.9 million or $0.22 per share over the year.
Operationally, Fortuna achieved record production levels, with gold equivalent output reaching 136,154 ounces in the fourth quarter and 452,389 ounces throughout 2023. This represents a significant increase from the previous year. Gold production alone was reported at 107,376 ounces for the fourth quarter and 326,638 ounces for the full year, with silver production also making a substantial contribution.
Financially, the company generated $105.1 million in cash from operations during the fourth quarter, leading to a total of $296.3 million for 2023. Free cash flow from ongoing operations was reported at $66.2 million for the fourth quarter and $153.5 million for the year. Fortuna also made significant repayments on its corporate credit facility, reducing its total net debt to $83.0 million by the end of 2023, with additional payments made subsequent to year-end.
Looking forward, Fortuna has initiated a 45,000-meter drill program at the Diamba Sud project in Senegal, with plans to produce a Preliminary Economic Assessment by the end of 2024. Additionally, the Séguéla Mine processing facility has been operating above capacity, with further optimization opportunities identified for 2024. 
