Gold Prices Hit All-time Record Price Highs! What does this mean for depressed Gold Mining Stocks? The President and CEO of Fortuna Silver, Jorge Ganoza, discusses the latest record quarterly production results which includes the second full quarter of high-margin gold production from the Séguéla Gold Mine in West Africa, which had its first gold pour in May of 2023.
We discuss what this means to the bottom line, and how positive free cash flow will transform the company in the coming quarters even further and I ask the CEO of Fortuna about the large non-cash impairment charges taken for the last quarter.
We discuss the positive production growth trend and forecasts for another record-setting year in 2024! Fortuna has announced its annual guidance of 457 to 497 koz Gold Equivalent ounces with strong production growth occurring in West Africa.
Ganoza explains:
Those are the margins that start getting people's attempts attention. The industry, just like everybody, over the last years has seen mounting pressures from increasing prices on consumable services...that is taking a toll on our margins. This move in gold – and hopefully, we see even a stronger move in following on the silver – will expand or margins. That's what we work for, right? The challenge for us now is keeping a lid on cost as prices continue or underlying commodities continue to rise.
Jorge talks about the company's transforming move into West Africa a few years ago and how it is now rewarding the company with a healthier balance sheet. The strong quarterly free cash flow means the company was able to further reduce its debt by $41 million in the latest quarter, on top of $40 million the quarter prior! What else does 2024 hold for Fortuna Silver? Please watch this interview to learn more!
To learn more about Fortuna, please visit their website.
Please note, that employees at GoldSeek are long-term shareholders in Fortuna Silver Mines and the company has been a supportive sponsor of both GoldSeek.com and SilverSeek.com.
About the author
Founder and President of GoldSeek.com and SilverSeek.com
Twitter: @GoldSeek
His experience with the precious metals markets started back in the mid-1990s, which led to the creation of GoldSeek.com in 1995. Today GoldSeek.com ranks within the top, most-visited gold investor websites in the world with a 250,000+ global monthly reader outreach. Its sister site, SilverSeek.com, is ranked as the most visited silver website in the world recently reaching 100,000+ monthly silver investor readers.
With over 15 years of experience with investing into gold and silver mining companies, Peter devotes much of his time researching, consulting and investing into gold and silver stocks with a primary focus on micro-caps. His focus is also heavily on gold and silver’s return as monetary metals and the ongoing monetary and financial developments with a global perspective.
Back at the start of the new secular precious metals bull market, Peter established the technically+fundamentally-focused subscription newsletter, Gold Seeker Report. In 2005, he merged the service and co-founded The Gold & Silver Forecaster weekly newsletter.
Peter also specializes in assisting start-up / micro-cap ($1M - $100M+ market caps) companies connect with investors, capital among other specialized consulting services - typically IPO, undiscovered or turnaround situations.
In 2008 he launched an online gold and silver auction house - SeekBullion.com - which in its first year has auctioned over $10 million in bullion and coins with an additional $10M in the coming couple years. In 2012 the site is now under re-development pending a future re-launch.
Peter also makes frequent appearances in the media, including Investors Business Daily, MarketWatch, Reuters, and theStreet.com
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