Fortuna Silver Mines Announces 2023 Fourth Quarter and Yearly Financials and Operations Update
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.
