PRECIOUS METALS

Fortuna is well placed for 2022 guidance

The company expects to hit the upper end of 2022 silver production guidance

Fortuna’s share price gained 11.96% day on day to trade at C$4.21 (US$3.07) on October 7.

Fortuna’s share price gained 11.96% day on day to trade at C$4.21 (US$3.07) on October 7.

The company, which has four operating mines in Argentina, Burkina Faso, Mexico, and Peru, recorded gold equivalent production for the three months of 101,840 ounces.

The result consisted of 66,344oz Au, which is up 1.4% year on year; and 1.84 million oz Ag, with that having risen by 7.3% year on year.

National Bank of Canada Financial Markets said the production figures beat NBF's forecasts of 66,100oz Au and 1.6 million Ag.

Fortuna attributed the gold production result to contributions of 30,032oz and 27,130oz from the Argentinian Lindero mine and the Burkina Faso Yaramoko mine, respectively.

The rise in silver production was primarily driven by higher tonnage treated at the Mexican San Jose mine, it said.

The company reiterated its 2022 guidance range of 6.2 million-6.9 million oz Ag, 244,000-280,000oz Au, or between 369,000-420,000oz AuEq.

NBF noted that year-to-date production marks roughly 79% of the full-year silver guidance midpoint of 6.55 million oz and 75% of the gold guidance midpoint of 292,000oz.

Fortuna's share price gained 11.96% day on day to trade at C$4.21 (US$3.07) on October 7.

NBF has a target price for the company of C$4.25.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.