Fortuna Silver Mines Inc. FSM has seen a surge in its shares following the release of its robust first-quarter 2024 report, showcasing substantial gold and gold equivalent production from its diversified operations across West Africa and Latin America.
The report reveals that gold production witnessed a remarkable increase to 89,678 ounces, marking a 49% year-over-year surge, while silver production stood at 1,074,571 ounces, reflecting a decrease of 32% year-over-year.
Notably, the company’s gold equivalent output, including contributions from lead and zinc by-products, reached 112,543 ounces, marking a significant 20% increase year-over-year.
The report also highlights the exceptional performance in the West Africa Region, where mine production yielded 420,538 tonnes of ore, with an average grade of 2.23 g/t Au, leading to an estimated 30,192 ounces of gold extracted from the Antenna and Ancien pits.
Additionally, the Latin American region showcased robust mining operations, with a total of 2 million tonnes of ore extracted.
FY24 Guidance: Fortuna has reiterated its annual production guidance for gold at 343 to 385 thousand ounces and silver at 4.0 to 4.7 million ounces.
The company has also reaffirmed its outlook for gold equivalent ounces, including lead and zinc by-products, within the range of 457 to 497 thousand ounces.
Price Action: FSM shares are up 1.91% premarket at $4.80 as of the latest check on Monday.
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