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Symbol
Currency
NYSE:FSM
USD
TSE:FVI
CAD
Description
Fortuna Silver Mines Inc are a gold and silver focused mid-tier producer with five producing mines in Argentina, Burkina Faso, Cote d'Ivoire, Mexico and Peru and four exploration properties. Currently they produce roughly 385koz. of gold and 4.5Moz. of silver per year. They have approximately 5.5Moz. of gold and 40Moz. of silver in the reserves and resources category of which 4Moz. of gold and 20Moz. of silver are in the measured and indicated category. They have a market capitalisation of ~$1436.85M which is a rise of roughly 64% over the last six months. As of 03/07/2024 they have ~$140M debt and ~$128M cash. They have 306M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.
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General Details
Financial
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
MCap (FD):
$877.56M
$1,436.85M
11/02/2023
$559.29M
Total Assets:
$1,991.00M
$1,991.00M
11/02/2023
$0.00M
Total Liabilities:
$686.00M
$686.00M
11/02/2023
$0.00M
Current Assets:
$275.00M
$275.00M
11/02/2023
$0.00M
Current Liabilities:
$138.00M
$138.00M
11/02/2023
$0.00M
Total Debt:
$285.00M
$140.00M
03/07/2024
$-145.00M
Cash:
$93.00M
$128.00M
01/11/2024
$35.00M
Enterprise Value:
$1,069.56M
$1,448.85M
11/29/2015
$379.29M
Cash Flow:
$109.75M
$295.79M
never
$186.03M
Cash Flow Multiple:
8.00
4.86
never
-3.14
Net Debt to Cash Flow Ratio:
1.75
0.04
never
-1.71
Finance within 1 year:
11/02/2023
n/a
Misc
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
Shares Outstanding:
306,000,000
306,000,000
03/07/2024
0
Shares (FD):
309,000,000
309,000,000
11/02/2023
0
Insider Ownership:
n/a
n/a
never
n/a
Dividend (Annual):
n/a
n/a
never
n/a
Company Type:
Mostly Silver
Mostly Gold
never
n/a
Production ETA:
n/a
n/a
11/02/2023
n/a
Production (Gold Eq Oz.):
(guess) 399,301
(guess) 438,867
03/07/2024
39,566
Production (Silver Eq Oz.) :
(guess) 34,931,768
(guess) 36,662,701
03/07/2024
1,730,933
Initial CapEx (Outstanding):
n/a
n/a
11/02/2023
n/a
Funding Option:
n/a
n/a
11/02/2023
n/a
Documentation:
none
PRODUCER
03/23/2024
n/a
Future MCap Modifier:
0.25Producer: Quality
0.25Producer: Quality
11/02/2023
0
Cash Flow Multiplier:
8
12
03/07/2024
4.00
Resource Data
GOLD
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
O U N C E S
T O T A L
Proven & Probable:
3.00M
3.00M
11/02/2023
0.00M
Measured & Indicated:
4.00M
4.00M
11/02/2023
0.00M
Inferred:
1.50M
1.50M
11/02/2023
0.00M
Reserves & Resources:
5.50M
5.50M
never
0.00M
P L A U S I B L E
Proven & Probable:
2.55M
2.55M
11/02/2023
0.00M
Measured & Indicated:
3.23M
3.23M
11/02/2023
0.00M
Inferred:
0.64M
0.64M
11/02/2023
0.00M
Reserves & Resources:
3.87M
3.87M
never
0.00M
C U R R E N T
Annual Production:
(guess) 325,000oz.
(CG) 385,000oz.
03/07/2024
60,000oz.
Cash Cost:
$1,250
$1,100
03/07/2024
$-150.00
Extra Operating Cost:
$450
$600
01/18/2024
$150.00
G R A D E
Underground (Avg):
3.00 g/t
4.00 g/t
03/23/2024
1.00 g/t
Open Pit (Avg):
n/a
1.50 g/t
03/23/2024
1.50 g/t
Recovery Rate:
(CG) 85.00%
(CG) 85.00%
03/23/2024
0.00%
F U T U R E
Proven & Probable:
4.00M
4.00M
11/02/2023
0.00M
Annual Production:
350,000oz.
450,000oz.
03/07/2024
100,000oz.
Cash Cost:
$1,300
$1,200
03/07/2024
$-100
Extra Operating Cost:
$450
$600
03/07/2024
$150
SILVER
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
O U N C E S
T O T A L
Proven & Probable:
20.00M
20.00M
11/02/2023
0.00M
Measured & Indicated:
30.00M
20.00M
03/07/2024
-10.00M
Inferred:
25.00M
20.00M
03/07/2024
-5.00M
Reserves & Resources:
55.00M
40.00M
never
-15.00M
P L A U S I B L E
Proven & Probable:
16.00M
16.00M
11/02/2023
0.00M
Measured & Indicated:
22.40M
16.00M
03/07/2024
-6.40M
Inferred:
10.00M
8.00M
03/07/2024
-2.00M
Reserves & Resources:
32.40M
24.00M
never
-8.40M
C U R R E N T
Annual Production:
(guess) 6,500,000oz.
(guess) 4,500,000oz.
01/18/2024
-2,000,000oz.
Cash Cost:
$12.00
$14.00
03/07/2024
$2.00
Extra Operating Cost:
$8.00
$8.00
11/08/2023
$0.00
G R A D E
Underground (Avg):
120.00 g/t
120.00 g/t
11/02/2023
n/a
Open Pit (Avg):
n/a
n/a
11/02/2023
n/a
Recovery Rate:
(CG) 80.00%
(CG) 80.00%
03/23/2024
0.00%
F U T U R E
Proven & Probable:
40.00M
20.00M
03/07/2024
-20.00M
Annual Production:
6,500,000oz.
1,500,000oz.
03/07/2024
-5,000,000oz.
Cash Cost:
$14.00
$15.00
03/07/2024
$1.00
Extra Operating Cost:
$10.00
$10.00
11/02/2023
$0.00
Property
Last Analysis Data (11/02/2023)
Stage
Location
Name
Owned
Size (Ha)
Type
Au
Ag
Cu
Notes
Production
Salta , Argentina
Lindero
100%
3,500
Open Pit
show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).
Exploration
Argentina
Arizaro
100% (guess)
n/a
Open Pit
show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Production
West Africa , Burkina Faso
Yaramoko
100%
16,700
n/a
show
1 million oz deposit. Very high grade (avg 13 gpt). Feasibility study due in Q2 2014.
100,000 oz per year for 10+ years.
Low cash costs, very economic.
Exploration
West Africa , Burkina Faso
Bissa West
90%
3,800
n/a
show
Likely their second mine, but still early exploration.
Exploration
West Africa , Burkina Faso
Solna
100%
37,000
n/a
show
Their largest property. Early exploration.
Production
West Africa , Cote d'Ivoire
Seguela
100% (guess)
300,000
n/a
show
500,000 oz at 2.4 gpt
Still early exploration
Production
Oaxaca , Mexico
San Jose
100%
n/a
Underground
show
4.5 million oz of production in 2015.
Including Trinidad North, 85 million oz deposit (150 gpt).
Production
Arequipa , Peru
Caylloma
100%
n/a
Underground
show
2 million oz of production in 2015
44 million oz deposit (150 gpt)
Exploration
West Africa , Senegal
Diamba Sud
100% (guess)
5,300
Open Pit
show
Appears to be a mine.
Early exploration.
Total Land Package Size (ha):
366,300
Current Data
Stage
Location
Name
Owned
Size (Ha)
Type
Au
Ag
Cu
Notes
Production
Salta , Argentina
Lindero
100%
3,500
Open Pit
show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).
Exploration
Argentina
Arizaro
100% (guess)
n/a
Open Pit
show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Production
West Africa , Burkina Faso
Yaramoko
100%
16,700
n/a
show
1 million oz deposit. Very high grade (avg 13 gpt). Feasibility study due in Q2 2014.
100,000 oz per year for 10+ years.
Low cash costs, very economic.
Exploration
West Africa , Burkina Faso
Bissa West
90%
3,800
n/a
show
Likely their second mine, but still early exploration.
Exploration
West Africa , Burkina Faso
Solna
100%
37,000
n/a
show
Their largest property. Early exploration.
Production
West Africa , Cote d'Ivoire
Seguela
100% (guess)
300,000
n/a
show
500,000 oz at 2.4 gpt
Still early exploration
Production
Oaxaca , Mexico
San Jose
100%
n/a
Underground
show
4.5 million oz of production in 2015.
Including Trinidad North, 85 million oz deposit (150 gpt).
Production
Arequipa , Peru
Caylloma
100%
n/a
Underground
show
2 million oz of production in 2015
44 million oz deposit (150 gpt)
Exploration
West Africa , Senegal
Diamba Sud
100% (guess)
5,300
Open Pit
show
Appears to be a mine.
Early exploration.
Total Land Package Size (ha):
366,300
Profitability (by resource)
Proven & Probable
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
Percentage Gold:
92.92%
92.61%
n/a
-0.31%
Percentage Silver:
7.08%
7.39%
n/a
0.31%
Total (Gold Eq. Oz.):
3.23M
3.24M
n/a
0.01M
Total (Silver Eq. Oz.):
282.45M
270.62M
n/a
-11.83M
P L A U S I B L E
Gold Eq. Oz.:
2.73M
2.74M
n/a
0.01M
Silver Eq. Oz.:
239.08M
229.03M
n/a
-10.05M
Maximum Profit (Gold):
$724.46M
$1,761.80M
n/a
$1,037.34M
Maximum Profit (Silver):
$42.88M
$105.92M
n/a
$63.04M
Total Maximum Profit:
$767.34M
$1,867.72M
n/a
$1,100.38M
Max Profit / Current MCap:
0.874
1.300
n/a
0.425
Max Profit Per Share (Gold):
$2.34
$5.70
n/a
$3.36
Max Profit Per Share (Silver):
$0.14
$0.34
n/a
$0.20
Total Max Profit Per Share:
$2.48
$6.04
n/a
$3.56
Total Free Profit Per Share:
$0.00
$1.39
n/a
$1.39
FD MCap / Gold Eq.:
$321.11
$524.11
n/a
$203.00
FD MCap / Silver Eq.:
$3.67
$6.27
n/a
$2.60
FD MCap / Per Metal as % Spot Price:
16.18%
21.92%
n/a
5.74%
Measured & Indicated
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
Percentage Gold:
92.10%
94.35%
n/a
2.25%
Percentage Silver:
7.90%
5.65%
n/a
-2.25%
Total (Gold Eq. Oz.):
4.34M
4.24M
n/a
-0.10M
Total (Silver Eq. Oz.):
379.93M
354.16M
n/a
-25.77M
P L A U S I B L E
Gold Eq. Oz.:
3.49M
3.42M
n/a
-0.06M
Silver Eq. Oz.:
304.97M
285.83M
n/a
-19.14M
Maximum Profit (Gold):
$917.64M
$2,231.61M
n/a
$1,313.96M
Maximum Profit (Silver):
$60.03M
$105.92M
n/a
$45.89M
Total Maximum Profit:
$977.68M
$2,337.53M
n/a
$1,359.85M
Max Profit / Current MCap:
1.114
1.627
n/a
0.513
Max Profit Per Share (Gold):
$2.97
$7.22
n/a
$4.25
Max Profit Per Share (Silver):
$0.19
$0.34
n/a
$0.15
Total Max Profit Per Share:
$3.16
$7.56
n/a
$4.40
Total Free Profit Per Share:
$0.32
$2.91
n/a
$2.59
FD MCap / Gold Eq.:
$251.73
$419.94
n/a
$168.21
FD MCap / Silver Eq.:
$2.88
$5.03
n/a
$2.15
FD MCap / Per Metal as % Spot Price:
12.69%
17.56%
n/a
4.88%
Reserves & Resources
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
Percentage Gold:
89.74%
91.99%
n/a
2.25%
Percentage Silver:
10.26%
8.01%
n/a
-2.25%
Total (Gold Eq. Oz.):
6.13M
5.98M
n/a
-0.15M
Total (Silver Eq. Oz.):
536.15M
499.47M
n/a
-36.69M
P L A U S I B L E
Gold Eq. Oz.:
4.24M
4.15M
n/a
-0.08M
Silver Eq. Oz.:
370.74M
347.09M
n/a
-23.65M
Maximum Profit (Gold):
$1,098.76M
$2,672.06M
n/a
$1,573.30M
Maximum Profit (Silver):
$86.83M
$158.88M
n/a
$72.05M
Total Maximum Profit:
$1,185.59M
$2,830.94M
n/a
$1,645.35M
Max Profit / Current MCap:
1.351
1.970
n/a
0.619
Max Profit Per Share (Gold):
$3.56
$8.65
n/a
$5.09
Max Profit Per Share (Silver):
$0.28
$0.51
n/a
$0.23
Total Max Profit Per Share:
$3.84
$9.16
n/a
$5.32
Total Free Profit Per Share:
$1.00
$4.51
n/a
$3.51
FD MCap / Gold Eq.:
$207.08
$345.83
n/a
$138.75
FD MCap / Silver Eq.:
$2.37
$4.14
n/a
$1.77
FD MCap / Per Metal as % Spot Price:
10.44%
14.46%
n/a
4.03%
Future Valuation (Cash Flow & Totals)
Defaults
Defaults
11/02/2023 Last Analysis Data
Current Data
Change
Item
Value
Value
Updated
Value
Spot Gold:
$1,984.10
$2,390.90
04/20/2024
$406.80
Spot Silver:
$22.68
$28.62
04/20/2024
$5.94
Gold:Silver Ratio:
87.48
83.54
04/20/2024
-3.94
Spot Gold (Future):
$3,000.00
$3,000.00
$0.00
Spot Silver (Future):
$100.00
$100.00
$0.00
Gold:Silver Ratio (Future):
30.00
30.00
0.00
Gold Avg. Recovery Rate:
75.00%
75.00%
0.00%
Silver Avg. Recovery Rate:
75.00%
75.00%
0.00%
Plausibility of P & P:
100.00%
100.00%
0.00%
Plausibility of M & I:
80.00%
80.00%
0.00%
Plausibility of Inferred:
50.00%
50.00%
0.00%
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