Diy13/iStock via Getty Images The Green Dream is alive and well as the push to achieve Carbon Zero continues to dominate the air waves as a front-runner for environmental issues. Part of the solution for a cleaner environment is the switch to Electric Vehicles, the installation of solar panels etc. Along with a myriad of industrial uses such as photography, medicine, water purification and jewelry, the demand for silver is rising, which in turn puts pressure of silver prices. There is also the possibili ...

Fortuna Silver Mines Inc. (FSM) produced 112,543 gold equivalent ounces in the first quarter of 2024, which marked a 20% increase from the year-ago quarter.  This includes a gold production of 89,678 ounces and a silver production of 1.1 million ounces. Gold output marked a 49% year-over-year increase, while silver production was down 32%.Mine Performances in Q1FSM currently has five operating mines in its portfolio. The Séguéla mine, located in Côte d´Ivoire, contributed 34,556 ounces of gold in the first ...

Shares of Fortuna Silver Mines Inc. (FSM) scaled a new 52-week high of $4.76 on Apr 5, before closing the session a tad lower at $4.71. The company’s share price boosted as gold prices hit record levels due to multiple factors like U.S. interest rate cut bets, geopolitical tensons, speculative buying and central bank purchases.FSM has a market capitalization of $1.44 billion and carries a Zacks Rank #3 (Hold) at present.Shares of Fortuna Silver have risen 31.9% in the past three months compared with the ind ...

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 ...

VANCOUVER, British Columbia, March 25, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce that it will be attending Gold Forum Europe 2024, which is being held at the Park Hyatt in Zürich, Switzerland, from April 8 to 10, 2024. Jorge A. Ganoza, President, Chief Executive Officer, and co-founder of Fortuna, will be presenting on Tuesday, April 9 at 2:30 p.m. Central European Time in Ballroom 3. About Gold Forum Europe Gold Forum Europe is Europe’s only independen ...

VANCOUVER, British Columbia, March 25, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) is pleased to announce that it will be attending Gold Forum Europe 2024, which is being held at the Park Hyatt in Zürich, Switzerland, from April 8 to 10, 2024. Jorge A. Ganoza, President, Chief Executive Officer, and co-founder of Fortuna, will be presenting on Tuesday, April 9 at 2:30 p.m. Central European Time in Ballroom 3. About Gold Forum Europe Gold Forum Europe is Europe's only independent ...

(Kitco News) - The Séguéla mine in Côte d’Ivoire and the recently acquired Diamba Sud gold project in Senegal are “the two high-value opportunities,” says Jorge Ganoza, president & CEO of Fortuna Silver Mines (TSX:FVI).In February Ganoza spoke to Kitco Mining at the 33rd BMO Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida.The Canadian-listed precious metals company has mines in Côte d’Ivoire, Burkina Faso, Mexico, Argentina and Peru. In 2021 Fortuna expanded from Latin America int ...

Fortuna Silver Mines Inc. (FSM) reported fourth-quarter 2023 adjusted earnings per share of 7 cents, which missed the Zacks Consensus Estimate of 8 cents. The bottom line marked a solid 250% improvement year over year. Results were aided by higher gold sales volume and improved gold prices.Including the impact of impairment charges and other non-recurring items, Fortuna Silver reported a loss of 30 cents per share in the fourth quarter. The company had reported a loss of 52 cents per share in the fourth qua ...

(All amounts expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, March 06, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) ("Fortuna" or the "Company") today reported its financial and operating results for the fourth quarter and full year 2023. Fourth Quarter and Full Year 2023 highlights Financial Attributable net loss for the quarter of $92.3 million or $0.30 per share after non-cash impairment charges of $90.6 million in Q4 ...

[Management's Responsibility and Independent Auditor's Report](index=2&type=section&id=Management's%20Responsibility%20and%20Independent%20Auditor's%20Report) [Management's Responsibility for the Financial Statements](index=2&type=section&id=Management's%20Responsibility%20for%20the%20Financial%20Statements) Management confirms responsibility for IFRS financial statements and maintains internal controls for reliable financial reporting - Management is responsible for preparing financial statements in accordance with **IFRS** and for the accompanying **MD&A** content[2](index=2&type=chunk) - The Company maintains **Internal Control over Financial Reporting** and **Disclosure Controls** for asset safeguarding and reliable financial information[3](index=3&type=chunk) - Financial statements were audited by **KPMG LLP** in accordance with **PCAOB** standards[5](index=5&type=chunk) [Report of Independent Registered Public Accounting Firm](index=3&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) KPMG LLP issued unqualified opinions on financial statements and internal controls, identifying Lindero CGU impairment as a critical audit matter - **KPMG LLP** issued an **unqualified opinion** on the fair presentation of financial statements for 2023 and 2022 in accordance with **IFRS**[8](index=8&type=chunk) - An **unqualified opinion** was also issued on the effectiveness of **internal control over financial reporting** as of December 31, 2023[9](index=9&type=chunk)[17](index=17&type=chunk) - A **critical audit matter** involved the **Lindero CGU impairment assessment** due to increased costs, requiring significant judgment on assumptions, though no impairment was ultimately required[13](index=13&type=chunk)[14](index=14&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Income (Loss)](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) Net loss improved to **$43.6 million** in 2023 from **$135.9 million** in 2022, primarily due to lower impairment charges and increased sales Consolidated Income (Loss) Statement Highlights (in thousands of US$) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Sales | $842,428 | $681,491 | | Mine operating income | $190,025 | $146,796 | | Impairment of mineral properties | $90,615 | $182,842 | | Operating loss | $(407) | $(113,552) | | Net loss for the year | $(43,630) | $(135,906) | | Basic and Diluted Loss per share | $(0.17) | $(0.44) | [Consolidated Statements of Comprehensive Income (Loss)](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Comprehensive loss for 2023 was **$45.5 million**, a significant reduction from **$136.2 million** in 2022, including currency translation adjustments Consolidated Comprehensive Income (Loss) (in thousands of US$) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net loss for the year | $(43,630) | $(135,906) | | Total other comprehensive income (loss) | $(1,881) | $(271) | | **Comprehensive loss for the year** | **$(45,511)** | **$(136,177)** | [Consolidated Statements of Financial Position](index=9&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Total assets increased to **$1.97 billion** in 2023, while total liabilities rose to **$679.7 million**, with total equity remaining stable at **$1.29 billion** Consolidated Financial Position Highlights (in thousands of US$) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | **$333,325** | **$252,712** | | Cash and cash equivalents | $128,148 | $80,493 | | **Total Assets** | **$1,967,863** | **$1,876,224** | | **Total Current Liabilities** | **$243,770** | **$135,080** | | **Total Liabilities** | **$679,742** | **$587,528** | | **Total Equity** | **$1,288,121** | **$1,288,696** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$296.9 million** in 2023, leading to a **$47.7 million** increase in cash and equivalents, totaling **$128.1 million** Consolidated Cash Flow Highlights (in thousands of US$) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $296,909 | $194,249 | | Net cash used in investing activities | $(216,884) | $(255,333) | | Net cash (used in) provided by financing activities | $(32,716) | $38,466 | | **Increase (decrease) in cash and cash equivalents** | **$47,655** | **$(26,604)** | | **Cash and cash equivalents, end of year** | **$128,148** | **$80,493** | [Consolidated Statements of Changes in Equity](index=11&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity remained stable at **$1.288 billion** in 2023, with net loss offset by share issuances for the Chesser acquisition Changes in Equity (in thousands of US$) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Balance at January 1 | $1,288,696 | $1,429,570 | | Total comprehensive loss for the year | $(45,511) | $(136,177) | | Transactions with owners (net) | $44,936 | $(4,697) | | **Balance at December 31** | **$1,288,121** | **$1,288,696** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [1. Nature of Operations](index=12&type=section&id=1.%20NATURE%20OF%20OPERATIONS) The company is a Canadian public company operating five precious and base metal mines across Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru - The Company operates **five mines** across Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru, focusing on **precious and base metals**[36](index=36&type=chunk) - The Company's common shares are listed on the **NYSE (FSM)** and **TSX (FVI)**[37](index=37&type=chunk) [8. Acquisition of Chesser Resources](index=29&type=section&id=8.%20ACQUISITION%20OF%20CHESSER%20RESOURCES) The company acquired **Chesser Resources** for **$59.3 million** in September 2023, gaining exploration projects in Senegal, accounted for as an asset acquisition - The company acquired Chesser Resources on September 20, 2023, for its exploration projects in Senegal, treated as an **asset acquisition**[155](index=155&type=chunk)[156](index=156&type=chunk) Acquisition Cost and Asset Allocation (in thousands of US$) | Item | Amount | | :--- | :--- | | **Consideration Transferred** | | | Shares issued | $45,548 | | Acquisition costs & other fees | $13,765 | | **Total Cost of Acquisition** | **$59,313** | | **Assets Acquired (Net)** | | | Exploration and evaluation assets | $58,862 | | Cash and other net assets | $451 | | **Total Assets Acquired** | **$59,313** | [9. Mineral Properties and Property, Plant and Equipment](index=30&type=section&id=9.%20MINERAL%20PROPERTIES%20AND%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) Net book value of mineral properties and PPE was **$1.57 billion** in 2023, with the Séguéla mine achieving commercial production and a **$90.6 million** impairment charge recorded - The **Séguéla mine** achieved commercial production in mid-2023, initiating depreciation and ceasing interest capitalization for related assets[160](index=160&type=chunk) Mineral Properties and PPE Movement (in thousands of US$) | Description | Dec 31, 2022 | Additions/Acquisitions | Impairment | Depletion/Depreciation | Other | Dec 31, 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Book Value** | **$1,567,622** | **$334,965** | **$(90,615)** | **$(241,071)** | **$3,211** | **$1,574,212** | [14. Debt](index=32&type=section&id=14.%20DEBT) Total debt decreased to **$206.8 million** in 2023, comprising a **$162.9 million** credit facility and **$43.9 million** in convertible debentures maturing in October 2024 Debt Summary (in thousands of US$) | Debt Type | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Credit facility | $162,946 | $177,020 | | Convertible debentures | $43,901 | $42,155 | | **Total Debt** | **$206,847** | **$219,175** | | Current portion | $43,901 | - | | Non-current portion | $162,946 | $219,175 | - The **$250 million Amended Credit Facility** matures in November 2025, secured by pledges from the Company and its operating subsidiaries[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) - The **$46.0 million convertible debentures** mature on October 31, 2024, convertible at **C$5.00 per share**[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) [20. Sales](index=39&type=section&id=20.%20SALES) Total sales increased by **23.6%** to **$842.4 million** in 2023, driven by the new Séguéla mine and significant customer concentration Sales by Geography (in thousands of US$) | Location | 2023 | 2022 | | :--- | :--- | :--- | | Argentina (Lindero) | $207,509 | $212,092 | | Burkina Faso (Yaramoko) | $228,846 | $193,541 | | Côte d'Ivoire (Séguéla) | $154,165 | - | | Mexico (San Jose) | $149,706 | $173,527 | | Peru (Caylloma) | $102,202 | $102,331 | | **Total Sales** | **$842,428** | **$681,491** | - The company exhibits **significant customer concentration**, with the top customer accounting for **27%** of sales and the top three for **70%** in 2023[193](index=193&type=chunk) [23. Other (Income) Expenses](index=40&type=section&id=23.%20OTHER%20(INCOME)%20EXPENSES) Other expenses sharply increased to **$18.9 million** in 2023, primarily due to one-time costs including severance provisions and work stoppage-related expenses - Other expenses for 2023 included several **significant one-off items**[197](index=197&type=chunk) - $6.4 million in severance provisions for the anticipated San Jose mine closure at the end of 2024 - $2.8 million for a new union agreement at San Jose - $1.5 million for standby costs during a work stoppage at San Jose - $3.7 million in administrative penalties at Yaramoko - $2.0 million for standby costs during a work stoppage at Yaramoko [25. Income Tax](index=41&type=section&id=25.%20INCOME%20TAX) Total income tax expense was **$32.6 million** in 2023 on a pre-tax loss, with the effective tax rate significantly impacted by foreign exchange and inflation adjustments Income Tax Expense (in thousands of US$) | Description | 2023 | 2022 | | :--- | :--- | :--- | | Current income tax expense | $42,636 | $35,783 | | Deferred tax expense (recovery) | $(10,057) | $(24,986) | | **Total income tax expense** | **$32,579** | **$10,797** | - As of December 31, 2023, the company had **$347.8 million** in unrecognized deductible temporary differences and unused tax losses, with no deferred tax asset recognized[201](index=201&type=chunk) [26. Segmented Information](index=43&type=section&id=26.%20SEGMENTED%20INFORMATION) In 2023, the **Sango (Séguéla)** segment reported the highest pre-tax income, while **Cuzcatlan (San Jose)** incurred the largest loss due to an impairment charge Segment Income (Loss) Before Taxes for 2023 (in thousands of US$) | Segment (Mine) | Revenues | Segment Income (Loss) Before Taxes | | :--- | :--- | :--- | | Sango (Séguéla) | $154,165 | $65,588 | | Sanu (Yaramoko) | $228,846 | $35,127 | | Bateas (Caylloma) | $102,202 | $28,039 | | Mansfield (Lindero) | $207,509 | $20,200 | | Cuzcatlan (San Jose) | $149,706 | $(106,416) | | Corporate | - | $(53,589) | | **Total** | **$842,428** | **$(11,051)** | [28. Management of Financial Risk](index=48&type=section&id=28.%20MANAGEMENT%20OF%20FINANCIAL%20RISK) The company faces credit, liquidity, currency, metal price, and interest rate risks, with a significant liquidity risk tied to the San Jose mine legal proceedings - The company had **$213.1 million** in liquidity as of December 31, 2023, from cash and undrawn credit facilities[214](index=214&type=chunk) - A **significant liquidity risk** stems from legal proceedings regarding the **San Jose mine's EIA**, potentially triggering a **credit facility default** if unresolved by December 31, 2024[215](index=215&type=chunk)[217](index=217&type=chunk) - The company is exposed to **significant currency risk**, particularly with the West African CFA Franc, Canadian Dollar, Mexican Peso, and Peruvian Sol[219](index=219&type=chunk) - **Capital controls in Argentina** require conversion of gold doré export proceeds into Argentine Pesos, impacting capital management[225](index=225&type=chunk) [31. Contingencies and Capital Commitments](index=54&type=section&id=31.%20CONTINGENCIES%20AND%20CAPITAL%20COMMITMENTS) The company faces various contingencies, including mine closure guarantees, a potential **$16.7 million** service contract termination payment, and ongoing tax disputes in Peru and Argentina - The company provided a **$12.9 million bank letter of guarantee** to the Peruvian government for the **Caylloma mine closure plan**[234](index=234&type=chunk) - A service agreement at the **Séguéla mine** has a potential **$16.7 million early termination payment** if terminated as of December 31, 2023[237](index=237&type=chunk) - The company is appealing **$1.9 million** in Peruvian tax assessments related to disallowed deductions for 2010 and 2011[239](index=239&type=chunk)[241](index=241&type=chunk) - In Argentina, the company challenged a **'windfall income tax prepayment'** and secured a **preliminary injunction** during litigation over its constitutionality[246](index=246&type=chunk)[247](index=247&type=chunk) [32. Impairment](index=57&type=section&id=32.%20IMPAIRMENT) A **$90.6 million impairment charge** was recorded for the **San Jose mine** due to a shortened mine life and rising costs, while the Lindero CGU required no impairment - An **impairment charge of $90.6 million** was recorded for the **San Jose mine**, reducing its carrying value to a recoverable amount of **$10.0 million**[252](index=252&type=chunk) - The **San Jose impairment** resulted from a shortened mine life to end-2024, driven by significant cost increases from **Mexican Peso appreciation**, higher labor costs, and inflation[251](index=251&type=chunk)[255](index=255&type=chunk) - The **Lindero mine** showed impairment indicators from increased costs, but no impairment charge was required as of December 31, 2023, after testing[253](index=253&type=chunk) Key Assumptions for Impairment Testing | Assumption | Lindero | San Jose | | :--- | :--- | :--- | | Discount Rate (after-tax) | 7.7% | 6.6% | | Long-Term Gold Price | $1,800/oz | $1,800/oz | | Long-Term Silver Price | $23.00/oz | $23.00/oz | [33. Subsequent Events](index=58&type=section&id=33.%20SUBSEQUENT%20EVENTS) The reinstatement of the **San Jose mine's environmental permit** was appealed in January 2024, with a final decision expected within 6-12 months, critical for avoiding credit facility default - A favorable court ruling reinstating the **San Jose mine's 12-year environmental permit** has been appealed, with the mine operating under a **permanent injunction**[260](index=260&type=chunk) - A final Appeals Court decision is expected within **6-12 months**; failure to secure a positive, unappealable ruling by December 31, 2024, will trigger a **credit facility default**[260](index=260&type=chunk)