FSM - Fortuna reports strong gold equivalent production of 112543 ounces in the first quarter of 2024 | Benzinga

VANCOUVER, British Columbia, April 08, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) reports strong gold and gold equivalent production for the first quarter of 2024 from its five operating mines in West Africa and Latin America. Gold and silver production for the quarter was 89,678 ounces and 1.1 million ounces, respectively, or 112,543 gold equivalent ounces¹, including lead and zinc by-products.

Fortuna reiterates its 2024 annual production guidance range of 343 to 385 thousand ounces of gold and 4.0 to 4.7 million ounces of silver or between 457 and 497 thousand ounces of gold equivalent ounces², including lead and zinc by-products (refer to Fortuna news release dated January 18, 2024). All amounts expressed in this news release are in US dollars unless otherwise stated.

Q1 2024 highlights

• $40 million was repaid on the Company's credit facility in Q1 2024, resulting in a total of
  $121 million paid since Q3 2023.
• 1,030,375 shares were repurchased under its normal course issuer bid program at an average price of $3.42 per share totaling $3.52 million.
• On April 1, the Company exercised its right to acquire 50 percent of the 1.2 percent net smelter return (NSR) at the Séguéla Mine for AUD$10 million as per a royalty agreement with Franco Nevada Corp. dated March 30, 2021.
• Gold equivalent production of 112,543 ounces; a 20 percent increase compared to Q1 2023 (94,110 oz Au Eq)⁴ and a 17 percent decrease compared to Q4 2023 (136,154 oz Au Eq)³.
• Gold production of 89,678 ounces; a 49 percent increase compared to Q1 2023 (60,092 oz Au)⁴. and a decrease of 16 percent compared to Q4 2023 (107,376 oz Au)³.
• Silver production of 1,074,571 ounces; a 32 percent decrease compared to Q1 2023 (1,586,378 oz Ag) and a decrease of 21 percent compared to Q4 2023 (1,354,003 oz Ag)³.
• Total Recordable Injury Frequency Rate (TRIFR) of 3.10 compared to 1.39 in Q1 2023.
  

Notes:

1. Au Eq includes gold, silver, lead, and zinc and is calculated using the following metal prices: $2,087/oz Au, $23.43/oz Ag, $2,084/t Pb and $2,450/t Zn or Au:Ag = 1:89.08, Au:Pb = 1:1.00, Au:Zn = 1:0.85
2. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,800/oz Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn or Au:Ag = 1:81.82, Au:Pb = 1:0.90, Au:Zn = 1:0.72
3. Refer to Fortuna news release dated January 18, 2024, "Fortuna reports record 2023 production of 452 koz Au Eq and 2024 annual guidance of 457 to 497 koz Au Eq"
4. Refer to Fortuna news release dated April 12, 2023, "Fortuna reports production of 94,110 gold equivalent ounces for the first quarter of 2023"

Q1 2024 Consolidated Gold and Silver Production

West Africa Region

Séguéla Mine, Côte d'Ivoire: Solid production with mill throughput above design capacity

Note:

1. Production includes doré only
   

Mining

In the first quarter of 2024, mine production totaled 420,538 tonnes of ore, averaging 2.23 g/t Au, ...

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