Fortuna Silver Mines Reports Strong Financial and Operational Results for Q1 2024

Fortuna Silver Mines Reports Strong Financial and Operational Results for Q1 2024

Fortuna Silver Mines has announced its financial and operational results for the first quarter of 2024, showing significant financial recovery and operational advancements.

Financial Highlights:

  • The company reported a net income of $26.3 million or $0.09 per share, a substantial improvement from a net loss of $92.3 million in the previous quarter.
  • Adjusted net income stood at $26.7 million, also up from $20.6 million in Q4 2023.
  • Fortuna generated $84.3 million in cash flow from operations before changes in working capital, with free cash flow from ongoing operations at $12.1 million.
  • Debt reduction was a key focus, with $40 million paid down on its revolving credit facility, bringing the total net debt down to $83 million.
  • The net debt to adjusted EBITDA ratio improved to 0.2:1.

Operational Highlights:

  • Gold equivalent production was 112,543 ounces, down from 136,154 ounces in Q4 2023.
  • Gold production decreased to 89,678 ounces, and silver production to 1,074,571 ounces.
  • The company maintained solid control over costs, reporting consolidated cash costs per ounce of gold equivalent sold at $879 and all-in sustaining costs (AISC) at $1,495 per ounce.

Growth and Development:

  • At Seguela, mill throughput exceeded design capacity, averaging 195 tonnes per hour.
  • The discovery of the Kingfisher prospect at Seguela and ongoing exploration at the Yessi Vein at San Jose highlighted significant potential for resource expansion.

Return to Shareholders:

  • Fortuna returned $3.5 million to shareholders through its normal course issuer bid (NCIB) program and announced the renewal of the NCIB to purchase up to 5% of its outstanding common shares.


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