Fortuna Silver's Q1 Surprise: Big Gold Gains Outshine Silver Slide

Fortuna Silver Mines Inc. FSM shares are trading higher after it reported 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

In particular, in the first quarter of 2024, 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. 

Also, the company stated that the Latin American region’s ore mined came in at 2 million tonnes.

FY24 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 reaffirmed the outlook for gold equivalent ounces, including lead and zinc by-products, at 457 and 497 thousand ounces.

Price Action: FSM shares are up 1.91% at $4.80 premarket on the last check Monday.

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