FSM - Fortuna Silver Mines: Another Disappointing Reserve Update

• Fortuna Silver released its Q4 and FY2021 results earlier this year, reporting quarterly production of ~76,200 ounces of gold and ~1.98 million ounces of silver.
• Unfortunately, while FY2021 ended on a high note with record production at Lindero, the FY2022 guide was disappointing, with much lower production expected at Yaramoko and lower silver production.
• Meanwhile, it was another year of disappointing reserve replacement at San Jose, with the mine life (reserves only) now sitting at less than 4 years at much lower grades.
• With significant growth on deck from Seguela, it's not all negative, but I don't see nearly enough margin of safety to pay up for the stock at US$4.30.

For further details see: