Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI) has reported record gold and gold equivalent production for the third quarter of 2023 from its five operating mines in West Africa and Latin America. Gold and silver production for the quarter was 94,821oz and 1.7Moz, respectively, or 128,671oz Au Eq, including lead and zinc by-products.
Increase in gold production was driven mainly by Séguéla’s first full quarter of production and steady operating performance across all mines.
Séguéla contributed 31,498oz during its first full quarter of production, and Yaramoko contributing 34,036oz. Yaramoko’s strong production was a result of higher average gold grades, leading to an upward revision in the mine’s production guidance for 2023. Lindero, San Jose, and Caylloma also showed steady performance in the quarter, positioning Fortuna to achieve its annual production guidance range of between 282 to 320Koz of gold, and between 6.3 to 6.9Moz of silver.
Q3 highlights include a 38% increase in gold compared to Q2 2023 from 93,454oz to 128,671oz and a 26% increase compared to Q3 2022 (101,840oz). For silver, the company also highlighted production reaching 1,680,751oz.
Gold and silver production for the nine months totaled 219,260oz and 4.5Moz, respectively, or 316,235oz Au Eq, including lead and zinc by-products. Fortuna is well positioned to achieve annual production guidance.
From Séguéla’s first gold pour in late May, to the successful completion of the processing plant performance test in August, the operation is now exceeding nameplate capacity. Séguéla is well positioned to achieve the mid-point of its gold production guidance of 60 to 75Koz for the second half of 2023.
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