Fortuna Silver 1st Quarter 2022 Highlights
Operational
Gold and silver production of 66,800 ounces and 1,670,128 ounces, respectively. An increase of 93% and a decrease of 13% respectively compared to the first quarter of 2021 (“Q1 2021”). Gold equivalent production of 103,0983 ounces.
AISC 1 per ounce of gold sold of $1,038 for the Lindero Mine and $1,147 for the Yaramoko Mine. AISC 1,2 per silver equivalent ounce of payable silver sold of $15.32 and $17.83 for the San Jose Mine and Caylloma Mine, respectively.
All mine operations performed in line with annual guidance projections.
Total recordable injury rate of 3.13 with 2 lost time injuries. One fatal incident at the Lindero mine in January.
Financial
Net income of $27.0 million or $0.09 per share, compared to $26.4 million or $0.14 net income per share reported in Q1 2021. Adjusted net income1 of $33.4 million compared to $27.5 million reported in Q1 2021
Sales of $182.3 million, an increase of 55% from the $117.8 million reported in the same period in Q1 2021
Consolidated realized prices of $1,884 per ounce and $24.18 per ounce for gold and silver respectively
Adjusted EBITDA1 of $80.3 million compared to $60.8 million reported in Q1 2021
Free cash flow from ongoing operations1 of $9.6 million compared to $11.8 million reported in Q1 2021.
As at March 31, 2022, the Company had cash and cash equivalents of $110.4 million, and available liquidity of $150.4 million