Fortuna Silver Mines (NYSE:FSM) -1.6% in Monday’s trading after reporting Q2 silver production fell 13% Y/Y while saying all four of its operating mines are on target to achieve annual guidance for silver and gold.
Fortuna Silver (FSM) said Q2 silver production of 1.65M oz was a 13% decline from the year-earlier period, primarily driven by a 9% decrease in head grade at the San Jose mine, which was in line with the Q2 mineral reserve average grade, while gold output doubled to 62.1K oz, driven mainly by 29K oz from the Lindero mine and 24.5K oz from the recently acquired Yaramoko mine; Q2 gold equivalent production totaled 96.7K oz.
The miner reiterated full-year production guidance of 6.2M-6.9M oz of silver and 244K-280K oz of gold, with annual production of 369K-420K gold equivalent oz.
Fortuna Silver (FSM) shares are “primed for a major comeback” over the next 12-18 months, SomaBull writes in a bullish analysis published on Seeking Alpha.
