VANCOUVER, British Columbia, Oct. 05, 2023 (GLOBE NEWSWIRE) — Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports 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 94,821 ounces and 1.7 million ounces, respectively, or 128,671 gold equivalent ounces1, including lead and zinc by-products. Gold and silver production for the nine months totaled 219,260 ounces and 4.5 million ounces, respectively, or 316,235 gold equivalent ounces1, including lead and zinc by-products. Fortuna is well positioned to achieve annual production guidance.
Q3 2023 highlights
- Record gold equivalent production of 128,671 ounces1; a 38 percent increase compared to Q2 2023 (93,454 Au Eq)2 and a 26 percent increase compared to Q3 2022 (101,840 Au Eq)3
- Record gold production of 94,821 ounces; an increase of 47 percent compared to Q2 2023 (64,348 oz Au)2 and 43 percent compared to Q3 2022 (66,344 oz Au)
- Increase in gold production was driven mainly by Séguéla’s first full quarter of production and steady operating performance across all mines
- Yaramoko’s annual gold production guidance revised upwards to 110 to 120 thousand ounces, an increase of approximately 14 percent
- Silver production of 1,680,751 ounces
- Strong safety performance across the business with Total Recordable Injury Frequency Rate (TRIFR) of 0.86 compared to 2.36 in Q3 2022
| Gold Production (oz) |
Silver Production (oz) |
|||||||||||||||
| Q3 2023 |
Q3 2022 |
9 months 2023 |
Guidance 2023 (koz) |
Q3 2023 |
Q3 2022 |
9 months 2023 |
Guidance 2023 (Moz) |
|||||||||
| Lindero, Argentina | 20,933 | 30,032 | 71,647 | 96 – 106 | – | – | – | – | ||||||||
| Yaramoko, Burkina Faso | 34,036 | 27,130 | 89,476 | 110 – 1205 | – | – | – | – | ||||||||
| Séguéla, Côte d’Ivoire | 31,498 | – | 35,520 | 60 – 75 | – | – | – | – | ||||||||
| San Jose, Mexico | 8,205 | 9,091 | 22,213 | 34 – 37 | 1,372,530 | 1,545,410 | 3,633,107 | 5.3 – 5.8 | ||||||||
| Caylloma, Peru | 149 | 91 | 404 | – | 308,221 | 292,096 | 896,583 | 1.0 – 1.1 | ||||||||
| Total | 94,821 | 66,344 | 219,260 | 282 – 320 | 1,680,751 | 1,837,506 | 4,529,690 | 6.3 – 6.9 | ||||||||
In the third quarter, record gold production was mainly driven by Séguéla contributing 31,498 ounces during its first full quarter of production, and Yaramoko contributing 34,036 ounces. 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 320 thousand ounces of gold, and between 6.3 to 6.9 million ounces of silver, or between 412 and 463 thousand gold equivalent ounces, including lead and zinc by-products4 (refer to Fortuna news release dated January 17, 2023).
Notes:
- Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,924/oz Au, $23.70/oz Ag, $2,136/t Pb and $2,428/t Zn or Au:Ag = 1:81.19, Au:Pb = 1:0.90, Au:Zn = 0.79
- Refer to Fortuna news release dated July 12, 2023, “Fortuna reports production of 93,454 gold equivalent ounces for the second quarter of 2023”
- Refer to Fortuna news release dated October 6, 2022, “Fortuna reports production of 101,840 gold equivalent ounces for the third quarter of 2022”
- Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,700/oz Au, $21/oz Ag, $2,000/t Pb and $3,200/t Zn or Au:Ag = 1:81.00, Au:Pb = 1:0.85, Au:Zn = 1:0.53
- Reflects the Yaramoko Mine’s updated production guidance for 2023
- Figures may not add due to rounding
West Africa Region
Séguéla Mine, Côte d’Ivoire: Solid first full production quarter; exceeding nameplate capacity
| Q3 2023 |
Q2 2023 |
|||
| Tonnes milled | 310,387 | 109,605 | ||
| Average tpd milled | 3,695 | 1,611 | ||
| Gold grade (g/t) | 3.83 | 1.56 | ||
| Gold recovery (%) | 93.4 | 89.6 | ||
| Gold production1 (oz) | 31,498 | 4,023 | ||
| Note: | ||||
| 1. Production includes doré only | ||||
From Séguéla’s first gold pour on May 24th to the successful completion of the processing plant performance test in August, the operation is now exceeding nameplate capacity (refer to Fortuna news releases dated May 25, 2023 and September 7, 2023). Séguéla is well positioned to achieve the mid-point of its gold production guidance of 60 to 75 thousand ounces for the second half of 2023 (refer to Fortuna news release dated January 17, 2023).
Mining
In the third quarter of 2023, mine production totaled 502,326 tonnes of ore, averaging 3.48 g/t Au, and containing an estimated 56,136 ounces of gold from the Antenna Pit. Movement of waste during the quarter totaled 1,156,540 tonnes, for a strip ratio of 2.3:1.
The first stage of grade control drilling was completed at the…
Read More: Séguéla drives Fortuna to record gold equivalent production