Business
Fortuna Silver Mines Reports Results for the Fourth Quarter and Full Year 2023
(All amounts expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, March 06, 2024 (GLOBE NEWSWIRE) -- Fort
About this update from Fortuna Mining Corp.
[{"type":"text","content":" (All amounts expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, March 06, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the fourth quarter and full year 2023. Fourth Quarter and Full Year 2023 highlights Financial Attributable net loss for the quarter of $92.3 million or $0.30 per share after non-cash impairment charges of $90.6 million in Q4 2023, totaling an attributable net loss of $50.8 million for the full year 2023 Attributable adjusted net income1 of $20.6 million or $0.07 per share in Q4 2023, totaling $64.9 million, or $0.22 per share for the full year 2023 Net cash generated by operations for the quarter was $105.1 million or $0.36 per share in Q4 2023, totaling $296.3 million or $ 1.0 per share for the full year 2023 Free cash flow from ongoing operations1 of $66.2 million in Q4 2023; totaling $153.5 million for the full year 2023 The Company repaid $41.0 million of its corporate credit facility in the fourth quarter and the total net debt1 at year end stands at $83.0 million. An additional payment of $25.0 million was made subsequent to year end. Liquidity as at December 31, 2023 was $213.1 million Operational Record gold equivalent production of 136,154 ounces3 in Q4 2023 and record annual gold equivalent production of 452,389 ounces3; representing increases of 6 and 13 percent compared to the respective periods in 2022 Record gold production of 107,376 ounces in Q4 2023 and 326,638 ounces for the full year 2023 Silver production of 1,354,003 ounces in Q4 2023 and 5,883,691 ounces for the full year 2023 Consolidated cash cost per gold equivalent ounce1 of $840 in Q4 2023 and $874 for the full year 2023 Consolidated AISC per gold equivalent ounce1 of $1,509 for Q4 2023 and $1,508 for the full year 2023 Continuous trend of improvement in annual safety performance across the business with a Total Recordable Injury Frequency Rate (TRIFR) of 1.22, and a Lost Time Injury Frequency Rate (LTIFR) of 0.36, compared to 2.32 and 0.39 in 2022 Growth and Development During the fourth quarter of 2023 the Company initiated a 45,000-meter drill program at its newly acquired Diamba Sud project in Senegal. Subject to results the Company plans to produce a Preliminary ...