Fortuna reports results for the first quarter of 2023

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Algemeen advies 17/05/2023 07:23
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

Vancouver, May 15, 2023:Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the first quarter of 2023.

First Quarter 2023 highlights


Adjusted net income of $13.2 million or $0.05 per share
Net income of $11.9 million or $0.04 per share
Adjusted EBITDA1 of $65.3 million
Net cash provided by operating activities $41.8 million and free cash flow from ongoing operations of $8.5 million
Liquidity as of March 31, 2023 was $129.7 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)

Gold production of 60,092 ounces
Silver production of 1,586,378 ounces
Gold equivalent production of 94,110 ounces
Consolidated cash costs1 per ounce of gold equivalent sold of $916
Consolidated AISC1 per ounce of gold equivalent sold of $1,514
Lost Time Injury Frequency Rate (LTIFR) of 0.56 and Total Recordable Injury Frequency Rate (TRIFR) of 1.39
Growth and Development

On May 8, 2023 Fortuna announced a definitive agreement to acquire Chesser Resources Ltd. by way of an all share transaction for a total consideration of A$89.0 million (CAD$80.6). Upon completion, the former shareholders of Chesser will own approximately 5.1% of the shares of Fortuna on an undiluted basis. Chesser Resources’ Diamba Sud Project in Senegal expands Fortuna’s advanced exploration pipeline in West Africa.
First gold pour at the Séguéla mine in Cote d’Ivoire is planned for May 2023
Jorge A. Ganoza, President and CEO, commented, “Production and total cost per ounce for the first quarter were overall on plan, resulting in net earnings per share of $0.04 and free cash flow from operations of $8.5 million. Commissioning activities at Séguéla are well advanced and tracking according to plan for first gold pour in May, giving us a higher level of confidence in a smooth ramp-up process towards design capacity.” Mr. Ganoza continued, “The announced Chesser transaction meets our strategic objective of expanding our asset portfolio of high value opportunities in countries where we operate or near neighbours.” Mr. Ganoza concluded, “The Chesser acquisition provides for an exciting advanced exploration opportunity, expanding our West African presence to Senegal, a mining friendly jurisdiction, and into the heart of the Senegal-Mali shear zone, one of the most prolific gold belts in the West African region.”

First Quarter 2023 Consolidated Results
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