FVI:CC - Fortuna Silver Mines' Q1 gold production jumped 93%

Fortuna Silver Mines (NYSE:FSM) +2.2% pre-market after reporting Monday that Q1 gold production surged 93% Y/Y to 66.8K oz. while silver output fell 13% to 1.67M oz., equating to gold equivalent production of 103.1K oz. Fortuna said the higher gold production was driven by contributions of 30,068 oz. from the Lindero mine and 28,235 oz. from the Yaramoko mine, which was acquired last July, while lower silver output was caused mostly by a 14% decrease in head grade at the San Jose mine, which is in line with the mineral reserve average grade. Q1 by-product base metal production totaled 9.1M lbs. of lead and 10.8M lbs. of zinc. Fortuna reiterated FY 2022 production guidance of 6.2M-6.9M oz. of silver and 244K-280K oz. of gold , or 369K-420K gold equivalent oz. Seeking Alpha contributor Taylor Dart notes Fortuna's costs are "up sharply at nearly every operation, including the newly acquired Yaramoko

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Fortuna Silver Mines' Q1 gold production jumped 93%