Fortuna Silver Mines Inc
XMUN:F4S

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Fortuna Silver Mines Inc Logo
Fortuna Silver Mines Inc
XMUN:F4S
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Price: 4.36 EUR -5.69%
Market Cap: €824.2m

Fortuna Silver Mines Inc
Investor Relations

Fortuna Silver Mines is a metals producer that digs ore out of its own mines, processes it, and sells the resulting silver, gold, and other metal products. Its business is built around mining projects rather than making finished consumer goods, so its main job is to turn rock in the ground into saleable metal units such as concentrates or doré for refiners and smelters. Its customers are the downstream metal buyers in the supply chain, including refiners, smelters, and other processors that turn mine output into purified metal for industrial use, jewelry, and investment products. The company makes money mainly by selling the metals it produces, so its earnings depend on mine output, operating costs, and metal prices. What makes Fortuna’s business different is that it sits at the upstream end of the precious-metals chain: it is a mine operator, not a retailer or metal fabricator. That means its value comes from finding, developing, and running mines efficiently in places where it can extract silver and gold economically over long periods.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 7, 2026
AI Summary
Q1 2026

Record quarter: Fortuna said Q1 2026 was its strongest quarter yet, with record sales of $342 million, adjusted net income of $111 million, adjusted EBITDA of $219 million, and free cash flow from ongoing operations of $174 million.

Production and safety: The company produced 72,900 gold equivalent ounces and reported 0 lost time injuries, extending its streak to 5 straight quarters without an LTI.

Growth pipeline: Management reiterated a plan to grow annual gold production by about 60% over the next 24 months to roughly 0.5 million ounces, led by Se9gue9la and Diamba Sud.

Balance sheet strength: Fortuna ended the quarter with $816 million of total liquidity and $493 million of net cash, and said it can fund about $330 million of 2026 capital, exploration and sustaining spend from internal cash flow.

Cost pressure: Consolidated all-in sustaining cost was $2,107 per gold equivalent ounce, with management saying about $122 per ounce reflected external factors such as higher gold-price-linked royalties and share-based compensation.

Guidance and taxes: The company said it remains on track to meet full-year 2026 guidance, but also warned free cash flow should be somewhat lower over the next 2 quarters because of tax payments, and it expects the full-year effective tax rate to rise into the high 30% range.

Key Financials
Sales
$342 million
Adjusted net income
$111 million
Adjusted net income per share
$0.36
Adjusted EBITDA
$219 million
Free cash flow from ongoing operations
$174 million
Gold equivalent production
72,900 ounces
All-in sustaining cost
$2,107 per gold equivalent ounce
Cash cost per gold equivalent ounce
$951
Average realized gold price
$4,884 per ounce
Total liquidity
$816 million
Net cash
$493 million
Share repurchases
$20 million
Share repurchases year to date
$40 million
2026 capital, exploration and sustaining spend
$330 million
2026 exploration and growth allocation
56%
2026 Diamba Sud early works budget
$100 million
Se9gue9la gold production
42,016 ounces
Se9gue9la cash cost
$679 per ounce
Se9gue9la all-in sustaining cost
$1,760 per ounce
Se9gue9la ore mined
393,000 tonnes
Se9gue9la strip ratio
13.9:1
Lindero gold production
21,545 ounces
Lindero sales
$101.5 million
Lindero EBITDA margin
69% of sales
Lindero cash cost
$1,208 per ounce
Lindero all-in sustaining cost
$1,783 per ounce
Caylloma silver production
258,000 ounces
Caylloma zinc production
11.5 million pounds
Caylloma lead production
8.2 million pounds
Caylloma sales
$34.6 million
Caylloma EBITDA margin
62% of sales
Caylloma cash cost
$30.26 per ounce
Caylloma all-in sustaining cost
$44.36 per ounce of silver equivalent
General and administration expenses
$27.8 million
Foreign exchange loss
$2.1 million
Effective tax rate
33%
Taxes expected in 2026
approximately $140 million
Property, plant and equipment additions
$45.3 million
Sustaining capital
approximately $28 million
Nonsustaining spend
$17 million
Cash and cash equivalents
$665.9 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Jorge A. Ganoza Durant B.Sc., Eng
Co-Founder, President, CEO & Director
No Bio Available
Mr. Mario D. Szotlender
Co-Founder & Director
No Bio Available
Mr. Luis Dario Ganoza Durant B.Sc., BSc Eng., M.B.A., M.Sc.
Chief Financial Officer
No Bio Available
Mr. Eric N. Chapman P.Geo.
Senior Vice President of Technical Services
No Bio Available
Mr. Cesar E. Velasco
Chief Operating Officer of Latin America
No Bio Available
Mr. David Edward Whittle B.Com., B.Comm., C.A., CPA
Chief Operating Officer of West Africa
No Bio Available
Mr. Kevin O'Reilly
Vice President of Finance and Accounting
No Bio Available
Mr. Carlos Baca
Vice President of Investor Relations
No Bio Available
Ms. Linda Desaulniers
Corporate Counsel & Chief Compliance Officer
No Bio Available
Mr. Armando Nakamura
Vice President of People
No Bio Available

Contacts

Address
BRITISH COLUMBIA
Vancouver
200 Burrard St Suite 650
Contacts
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