Fortuna Silver Mines Inc. (NYSE:FSM) shares are trading higher after reporting 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 stood at 89,678 ounces (+49% Y/Y) and 1,074,571 ounces (-32% Y/Y), respectively, for the quarter. The company’s gold equivalent ounces, including lead and zinc by-products, came in at 112,543 ounces (+20% Y/Y).
Read: Gold Shines Above $2,300, Ends Another Week At Record High: Mining Stocks Rally To 11-Month Peak
Production Details
In the first quarter of 2024, the West Africa Region mine production totaled 420,538 tonnes of ore, averaging 2.23 g/t Au, and containing an estimated 30,192 ounces of gold from the Antenna and Ancien pits.
Additionally, the company stated that the Latin American region’s ore mined came in at 2 million tonnes.
FY
24 Guidance
Fortuna reiterated its annual production guidance for gold at 343 to 385 thousand ounces of gold and silver at 4.0 to 4.7 million ounces. The company also reaffirmed the outlook for gold equivalent ounces, including lead and zinc by-products, at 457 to 497 thousand ounces.
Price Action
FSM shares are up 1.91% at $4.80 premarket on content last checked on Monday.
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Additional Insight: The strong production numbers for gold and gold equivalent ounces reflect Fortuna Silver Mines Inc.’s ability to effectively operate its mines in different regions. The company’s focus on both gold and silver production, along with by-products like lead and zinc, demonstrates a diversified approach to maximize output and profitability. It will be interesting to see how Fortuna Silver Mines Inc. continues to meet its production guidance and adapt to changes in the precious metals market in the coming quarters.
