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Forecast gold doré production for this year from the new operation has been more than halved and Fortuna expects Lindero to start commercial production in the first quarter of 2021.

It said the project was 94% complete when the site was demobilised in March due to Argentina's mandatory COVID-19 social isolation restrictions.

Fortuna said it had received approval on April 28 to resume under a minimum emergency operations programme and expected mobilisation to site in the second half of May to resume construction.

It expected openpit mining to gradually resume in July and now expects Lindero to produce 25,000-28,000 ounces of gold doré between September and December 31, compared with an estimated 60,000-80,000oz this year forecast in February.

It reiterated a capex forecast of US$314-$320 million for Lindero's construction, flagged earlier this year and 28% higher than the 2017 feasibility estimate.

Fortuna estimated it needed between $75-$80 million to take Lindero to commercial production and said it had $88.5 million of available liquidity as of March 31.

"The company has modified its construction and commissioning plans to mitigate risks to the timeline and budget associated with a reduced workforce, limited foreign vendor support, and limitations on local travel," it said.

Fortuna produced 1.8 million ounces of silver and 10,101oz of gold in the March quarter, from its San Jose mine in Mexico and Caylloma in Peru, and is set to release its financial results for the period on Thursday.

It had withdrawn its 2020 production and cost guidance in April due to uncertainties surrounding the impact of COVID-19 constraints on its operations.

Fortuna shares (TSX: FVI) closed at C$4.56 on Friday, near the middle of a 52-week range of $2.05-$6.12, to capitalise it at $733 million (US$527 million).