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Fortuna Silver (FSM) Q1 Gold Equivalent Production Rises 20% Y/Y
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Fortuna Silver Mines Inc. (FSM - Free Report) 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 Q1
FSM 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 quarter of 2024. The mine had poured its first gold on May 24, 2023. It is expected to produce gold in the range of 126,000-138,000 ounces in 2024.
The Yaramoko Mine in Burkina Faso produced 27,177 ounces of gold, up 3% year over year. FSM expects Yaramoko's gold production to be between 105,000 ounces and 119,000 ounces for 2024.
At the Lindero mine in Argentina, fourth-quarter gold production was 23,262 ounces, down 8% year over. The annual guidance for the mine is 93,000-105,000 ounces of gold for 2024.
The San Jose mine in Mexico produced 759,111 ounces of silver and 4,533 ounces of gold in the first quarter of 2024. Silver production was down 42% year over year, whereas gold production declined 45%. The company expects gold production for 2024 to be between 19,000 ounces and 23,000 ounces. Silver production for 2024 is expected at 3.1-3.6 million ounces.
The Caylloma mine in Peru produced 315,460 ounces of silver in the first quarter, up 11% year over year. Gold output was 150 ounces compared with 166 ounces in the first quarter of 2023. The mine’s silver production is targeted between 0.9 million ounces and 1.1 million ounces in 2024.
Zinc production was around 12.2 million pounds and lead production was 9.5 million pounds. Compared with the year-ago quarter, zinc and lead production declined 13% and 12%, respectively.
2024 Guidance Maintained
Gold equivalent production guidance is maintained between 457,000 ounces and 497,000 ounces. The range projects a year-over-year increase of 1-10%.
The gold production guidance is pegged at 343,000-385,000 ounces for 2024, which indicates growth of 5-18% from the 2023 reported level. The silver production guidance for the year is 4-4.7 million ounces, which suggests a decline of 21-32% year over year.
Other Updates
Fortuna Silver repaid $40 million on the company's credit facility in the first quarter of 2024. The company also repurchased 1,030,375 shares under its normal course issuer bid program at an average price of $3.42 per share totaling $3.52 million.
Price Performance
Shares of Fortuna Silver have gained 18.7% in the past year compared with the industry’s 5.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 37% in the past year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.00 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 91% over the last year.
The Zacks Consensus Estimate Sylvamo’s 2024 earnings is pegged at $5.75 per share. The consensus estimate for 2024 earnings has moved up 21% in the past 60 days. It has an average trailing four-quarter earnings surprise of 24%. Sylvamo shares have gained 34% over the last year.
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Fortuna Silver (FSM) Q1 Gold Equivalent Production Rises 20% Y/Y
Fortuna Silver Mines Inc. (FSM - Free Report) 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 Q1
FSM 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 quarter of 2024. The mine had poured its first gold on May 24, 2023. It is expected to produce gold in the range of 126,000-138,000 ounces in 2024.
The Yaramoko Mine in Burkina Faso produced 27,177 ounces of gold, up 3% year over year. FSM expects Yaramoko's gold production to be between 105,000 ounces and 119,000 ounces for 2024.
At the Lindero mine in Argentina, fourth-quarter gold production was 23,262 ounces, down 8% year over. The annual guidance for the mine is 93,000-105,000 ounces of gold for 2024.
The San Jose mine in Mexico produced 759,111 ounces of silver and 4,533 ounces of gold in the first quarter of 2024. Silver production was down 42% year over year, whereas gold production declined 45%. The company expects gold production for 2024 to be between 19,000 ounces and 23,000 ounces. Silver production for 2024 is expected at 3.1-3.6 million ounces.
The Caylloma mine in Peru produced 315,460 ounces of silver in the first quarter, up 11% year over year. Gold output was 150 ounces compared with 166 ounces in the first quarter of 2023. The mine’s silver production is targeted between 0.9 million ounces and 1.1 million ounces in 2024.
Zinc production was around 12.2 million pounds and lead production was 9.5 million pounds. Compared with the year-ago quarter, zinc and lead production declined 13% and 12%, respectively.
2024 Guidance Maintained
Gold equivalent production guidance is maintained between 457,000 ounces and 497,000 ounces. The range projects a year-over-year increase of 1-10%.
The gold production guidance is pegged at 343,000-385,000 ounces for 2024, which indicates growth of 5-18% from the 2023 reported level. The silver production guidance for the year is 4-4.7 million ounces, which suggests a decline of 21-32% year over year.
Other Updates
Fortuna Silver repaid $40 million on the company's credit facility in the first quarter of 2024. The company also repurchased 1,030,375 shares under its normal course issuer bid program at an average price of $3.42 per share totaling $3.52 million.
Price Performance
Shares of Fortuna Silver have gained 18.7% in the past year compared with the industry’s 5.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Ecolab Inc. (ECL - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Sylvamo (SLVM - Free Report) . ECL, CRS and SLVM sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 37% in the past year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.00 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 91% over the last year.
The Zacks Consensus Estimate Sylvamo’s 2024 earnings is pegged at $5.75 per share. The consensus estimate for 2024 earnings has moved up 21% in the past 60 days. It has an average trailing four-quarter earnings surprise of 24%. Sylvamo shares have gained 34% over the last year.