Business
Fortuna Silver Mines Reports Results for Second Quarter of 2023
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, Aug. 09, 2023 (GLOBE NEWSWIRE) -- F
About this update from Fortuna Mining Corp.
[{"type":"text","content":" (All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the second quarter of 2023. Second Quarter 2023 highlights Financial Adjusted net income of $2.9 million or $0.01 per share Net income of $3.5 million or $0.01 per share Adjusted EBITDA1 of $44.4 million Net cash provided by operating activities $44.2 million and free cash flow from ongoing operations of $9.5 million Liquidity as of March 31, 2023 was $97.9 million Return to Shareholders NCIB share repurchase program renewed for up to 5% of outstanding common shares (refer to Fortuna news release dated April 28, 2023) Operational Gold production of 64,348 ounces Silver production of 1,262,561 ounces Gold equivalent production of 93,454 ounces Consolidated cash costs1 per ounce of gold equivalent sold of $968 Consolidated all-in sustaining costs (AISC)1 per ounce of gold equivalent sold of $1,799 Lost Time Injury Frequency Rate (LTIFR) of 0.43 and Total Recordable Injury Frequency Rate (TRIFR) of 1.15. One fatal incident was recorded at the Caylloma mine in June. Growth and Development First gold pour at the Séguéla mine in Côte d’Ivoire took place on May 24, 2023, with the first gold shipment having taken place in July, subsequent to the close of the quarter. The transaction to acquire Chesser Resources Limited is continuing to progress and is expected to close in the third week of September Jorge A. Ganoza, President and CEO, commented, “The first gold pour and sale at Séguéla is an exciting milestone for the Company as our new flagship asset enters into production and adds stable, high margin ounces to our portfolio. Ramp-up activities at the process plant continue to progress, and during the month of July the process plant met and exceeded name plate capacity and is expected to operate at a stable rate through the quarter.” Mr. Ganoza continued, “Loss of production, stand-by charges and expenses related to the illegal union blockade at the San Jose Mine and standby charges during the repair of the Armtec tunnel at the Yaramoko Mine, both weighed on the results and AISC for the second qu...