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Fortuna Silver Mines Inc.

TICKER: FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE

Fortuna Silver Mines Inc. is one of the fastest-growing silver producers in Latin America, with two 100%-owned underground mines in Peru and Mexico. In 2014, the company expects to produce 6 Moz silver and 32.3 Koz gold at an estimated consolidated all‐in sustaining cash cost of US$17.14/oz Ag, net of byproducts gold, lead and zinc. Fortuna has followed a disciplined growth strategy since its formation in 2005 and has earned a reputation as an efficient mine builder and strong operator. The company has a strong balance sheet, no debt and an untapped US$40M credit facility.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Mining Report Interview with Björn Paffrath (8/19/14) "Fortuna Silver Mines Inc. recently had some great drill results at San Jose. Also, the latest numbers showed a solid quarter with reduced all-in costs and free cash flow that helps to build up the treasury. Fortuna is definitely a company we follow closely." More >

Benjamin Asuncion, Haywood Securities (8/14/14) "Fortuna Silver Mines Inc. delivered Q2/14 operating cash flow (before changes in working capital and inclusive of taxes) of $15M/$0.12/share on net revenues of $44M, which came in ahead of our estimates of $13M/$0.10/share in cash flow on revenues of $44M. Higher cash flow was attributed to lower cash taxes paid during the quarter."

Matthew O'Keefe, Dundee Capital Markets (8/14/14) "Fortuna Silver Mines Inc.'s management is currently studying an expansion to 3 Ktpd at San Jose from the current 2 Ktpd, which would see the company's production increase from the current 10.3 to over 14 Moz Ag eq. . .results from the expansion study are expected in Q4/14 with a 'go' decision early in 2015."

Trevor Turnbull, Scotia Capital (8/13/14) "At San Jose, Fortuna Silver Mines Inc. is preparing an updated resource estimate for the high-grade Trinidad North discovery, which is scheduled for October 2013, and a decision on the tailings dam expansion is expected before year-end. . .our net asset valuation estimate of $3.92/share is unchanged based on Q2/14 results. Fortuna is one of the only free cash flowing silver companies (for 2014) we cover, and we continue to appreciate the growth opportunities at Trinidad North."

Chris Thompson, Raymond James (8/13/14) "We are maintaining our Outperform rating and $6.50 target price on Fortuna Silver Mines Inc. following the release of in-line Q2/14 financial results. Strong and consistent operating performance, a strong and growing cash balance ($60M), and near-term organic growth offered at San Jose (notably from the high grade Trinidad North discovery) underpins our Outperform rating on Fortuna."

more comments

The Gold Report Interview with Chris Thompson (8/13/14) "Fortuna Silver Mines Inc. has absolutely met my expectations. . .Fortuna is a rare example of a company that operates two mines in two countries efficiently and cost effectively. One of those mines, San Jose, has had tremendous exploration success through the discovery of a new high-grade zone. Its new high-grade zone, Trinidad North, is within easy reach of existing development. What this means for Fortuna is a tremendous opportunity for organic production growth and cash-flow growth. The grade of this new discovery is better than the head grade of its current operation. For example, select assays published July 14 include 399 g/t silver and 2.15 g/t gold (528 g/t Ag eq) over 13m. So Trinidad North will have a very favorable effect on San Jose's overall cost structure and growth profile. Fortuna is the sort of company we really look for and really like. We see potential here for an additional lift in valuation. That will be determined by its ability to increase San Jose's production capacity beyond the current 2,000 tpd mill rate." More >

Andrew Kaip, BMO Capital Markets (8/12/14) "Operationally, Fortuna Silver Mines Inc. performed in line with expectations in Q2/14. . .encouraging stepout drill results from Trinidad North suggest potential for resource growth and may ultimately underpin the ongoing capacity expansion study at San Jose."

The Gold Report Interview with Sean Rakhimov (7/16/14) "In this cycle the best performers have not been the companies that made good discoveries but rather companies that have properly managed their resources and finances. Those companies have done well. Fortuna Silver Mines Inc. is on the list of companies that have done well. . .Fortuna Silver has also been making headway with respect to its production growth closing in on the 8 Moz of silver equivalent. Fortuna has benefited from drilling success at its Mexican operation where high-grade intercepts allowed the company to ramp up both tonnes processed and ounces produced, which in turn reduces per ounce cost. Interestingly, Fortuna is currently valued at a premium to Endeavour Silver despite producing in round numbers 3 Moz of silver equivalent less annually. This likely has to do with excitement regarding continued impressive drill results in Mexico, as well as the fact that Fortuna's other producing mine is in Peru and therefore is not subject to increased royalty/taxes enacted in Mexico in 2014." More >

Andrew Kaip, BMO Capital Markets (7/15/14) "Fortuna Silver Mines Inc. announced assay results for 11 additional stepout drilling holes of the Trinidad North discovery located contiguous with the San Jose mine. . .with a weighted average grade of 322 g/t silver and 1.74 g/t gold over an average estimated true width of 3.6m, above the Trinidad North Inferred resource grades of 269 g/t silver and 1.67 g/t gold. The stepout results appear to extend the Trinidad North mineralized envelope to the north and indicate potential to increase existing Inferred resources at the deposit."

Benjamin Asuncion, Haywood Securities (7/14/14) "Fortuna Silver Mines Inc. reported results from an additional 11 holes drilled at Trinidad North targeting a ~200m strike extension of the Trinidad North system, with a majority of reported intervals outside the boundary of the current Inferred resource. Highlights from drilling included SJOM-369: 1,029 g/t Ag and 5.94 g/t Au (1,388 g/t Ag eq) over 3.3m (estimated true width)."

Leon Esterhuizen, CIBC World Markets (7/14/14) "Drill results from Fortuna Silver Mines Inc.'s Trinidad North disclosed include eleven drill holes completed from April to June 2014, which confirm that the high-grade silver-gold mineralization remains open along strike to the north and to depth. Holes include SJOM-369—1,029 g/t Ag and 5.94 g/t Au (1,385 g/t Ag eq) over an estimated true width of 3.3m. . .these results feed into the possibility of mill expansion at San Jose (from 2,000 tonnes per day to 3,000), allowing the company to capitalize upon the successful ramp-up of this asset."

Trevor Turnbull, Scotia Capital (7/14/14) "As Fortuna Silver Mines Inc. prepares an updated resource estimate for its Trinidad North discovery, the latest drilling intercepts continue to impress. . .highlights include the farthest step-out to the north yet, Hole-395, which returned 854 g/t of silver and 4.97 g/t of gold over 3.3m. . .Fortuna continues to outperform its peers, backed by growing production and the expanding Trinidad North discovery at San Jose."

Benjamin Asuncion, Haywood Securities (7/11/14) "Fortuna Silver Mines Inc. delivered Q2/14 consolidated silver equivalent production of 2.7 Moz Ag eq, which came in 6% higher than our estimate of 2.6 Moz Ag eq. . .for the quarter (Q2/14), we are looking for operating cash flow (before changes in working capital) of $11M or $0.10/share on revenues of $44M."

Leon Esterhuizen, CIBC World Markets (7/11/14) "Fortuna Silver Mines Inc. delivered another strong set of quarterly production results, driven by improved results at San Jose. Q2/14 silver production was 1.63 Moz, 6% higher than Q1/14's 1.54 Moz output and a 52% increase on Q2/13, while gold output in the quarter was 8.5 Koz, 4% higher than Q1/14's 8.2 Koz output. . .we increase our price target to CA$6.50/share from CA$5/share. . .the company continues to deliver and has further potential catalysts from San Jose and drilling at Trinidad North."

Trevor Turnbull, Scotia Capital (7/10/14) "Fortuna Silver Mines Inc. reported strong Q2/14 operating results, led by its flagship San Jose mine, which beat on both production and costs. . .the company continues to outperform its peers and with these results this trend should carry on as the company demonstrates strong and improving operations backed by growing production and the expanding Trinidad North discovery at San Jose."

Benjamin Asuncion, Haywood Securities (7/10/14) "Fortuna Silver Mines Inc. delivered Q2/14 consolidated silver equivalent production of 2.7 Moz Ag eq, which came in 6% higher than our estimate of 2.6 Moz Ag eq. . .for Q2/14, we are looking for operating cash flow (before changes in working capital) of $11M or $0.10/share on revenues of $44M."

Andrew Kaip, BMO Capital Markets (7/10/14) "Fortuna Silver Mines Inc. announced Q2/14 silver and gold production of 1.6 Moz and 8.5 Koz, respectively, 16% and 13% above BMO Research's forecasts of 1.4 Moz silver and 7.51 Koz gold, largely due to higher milled grades and better recoveries at San Jose. The company reported that gold and silver grades at the mine were 14% and 9% above plan for silver and gold, respectively. . .Fortuna indicated that mineralization in the Trinidad North zone and the central portion of the Trinidad deposit remains open in multiple directions, suggesting good prospects for additional resource growth."

The Gold Report Interview with Louis James (5/28/14) "Regarding silver companies, I was very happy to see that Fortuna Silver Mines Inc., a pick of ours, reported net income last quarter. I'm happy with any miner that has been able to eke out a profit, given the belt tightening that has gone on. That means the company bit the bullet, did what was necessary and delivered for shareholders. I'm very pleased with the company." More >

Lawrence Roulston, Resource Opportunities (5/26/14) "Fortuna Silver Mines Inc. reported a strong first quarter, with record revenue of $45.5M, resulting in cash generated from operations of $16.9M and net income of $4.9M. . .the company produced 1.5 Moz Ag, 8.15 Koz Au and 10.4 Mlb Pb and Zn in Q1/14. . .management expects to produce 6 Moz Ag and 32.3 Koz Au or 7.9 Moz Ag eq in 2014. Further expansion is now under consideration, which would boost production at San Jose to 3Ktpd. . .the boost in production adds considerable upside potential."

Benjamin Asuncion, Haywood Securities (5/13/14) "Fortuna Silver Mines Inc. delivered Q1/14 operating cash flow (before changes in working capital and inclusive of taxes) of $16.9M ($0.13/share) on net revenues of $45.5M, which came in ahead of our estimates of $13.4M ($0.11/share) in cash flow (consensus of $0.11/share) and revenues of $44M. . .cash and short-term investments of $62M plus undrawn credit facilities of $40M allow for more degrees of operating freedom and provide flexibility to pursue growth opportunities."

Graeme Jennings, Cormark Securities (5/13/14) "Fortuna Silver Mines Inc. reported its Q1/14 financial results yesterday, which generally came in in line with our expectations. . .we are maintaining our Buy recommendation, as the company offers investors a stable, profitable production profile, a highly prospective brownfields development opportunity and is led by one of the best management teams in the midtier silver producer space."

Leon Esterhuizen, CIBC World Markets (5/12/14) "Fortuna Silver Mines Inc. delivered a good set of financial results that follows on from the positive operating results in mid-April. We maintain our Sector Performer rating but highlight Fortuna as a defensive performer with strong geared potential in a silver rally."

Benjamin Asuncion, Haywood Securities (5/12/14) "Fortuna Silver Mines Inc. reported Q1/14 operating cash flow (before changes in working capital and inclusive of taxes) of $16.9M or $0.13/share on revenues of $45.5M, which exceeded our estimates of $13.4M or $0.11/share on revenues of $44M. Stronger-than-anticipated financial performance was largely attributed to higher net revenues and lower taxes paid in the quarter."

Andrew Kaip, BMO Capital Markets (5/12/14) "Fortuna Silver Mines Inc. reported Q1/14 headline net income of $4.9M. . .the company ended Q1/14 with cash and equivalents (including short-term investments) of ~$62M. . .Q1/14 earnings were in line with expectations."

John Kratochwil, Canaccord Genuity (5/12/14) "Fortuna Silver Mines Inc.'s operating performance in Q1/14 was strong and could imply that production guidance could prove conservative. . .the company remains a Canadian Focus List pick due to a 52% production growth profile from 2013-2016 (through organic growth), leverage to silver prices (10% increase in silver price equates to 15% increase in NAV), a proven management team with a history of delivering and a growing resource at Trinidad North, which may support a further throughput expansion at San Jose (study results expected Q4/14E)."

Trevor Turnbull, Scotia Capital (5/12/14) "Fortuna Silver Mines Inc. continues to demonstrate strong and improving operations backed by growing production and the expanding Trinidad North discovery at San Jose. We maintain our Sector Perform rating, but would look for opportunities to buy on any weakness."

Chris Lichtenheldt, Dundee Capital Markets (5/5/14) "While Fortuna Silver Mines Inc.'s existing Trinidad North is positive (and we believe still mispriced), the discovery remains open in several directions and management continues to conduct both infill and stepout drilling. Drill results continue to improve at depth and to the north."

Benjamin Asuncion, Haywood Securities (4/29/14) "Fortuna Silver Mines Inc.'s Trinidad North continues to deliver bonanza intercepts. . .we feel a premium multiple relative to peers is justified given Fortuna's balance sheet strength and significant organic growth potential presented by the high-grade Trinidad North zone at San Jose."

Chris Lichtenheldt, Dundee Capital Markets (4/29/14) "Fortuna Silver Mines Inc. released new stepout drilling at Trinidad North, which continues to confirm the presence of high-grade silver/gold mineralization. The company highlighted hole SJOM-364, which intercepted high-grade (3,219 g/t Ag eq, or 49 g/t Au Eq) over 3m at the extreme northern limit of current drill, which indicates the discovery remains open with promising potential for additional discovery. . .we don't believe Trinidad North is priced into Fortuna shares, and as positive news flow continues, upside improves."

Andrew Kaip, BMO Capital Markets (4/29/14) "Fortuna Silver Mines Inc. released assays from eight additional drill holes targeting the Trinidad North zone at the San Jose mine in Mexico. . .results from the release drill holes returned a weighted average grade of 626 g/t silver and 3.7 g/t gold over an average estimated true width of 3.3m, above the Trinidad North Inferred resource grades of 269 g/t silver and 1.67 g/t gold. Drill results indicate potential to increase existing resources at the Trinidad North deposit."

Frik Els, Mining.com (4/14/14) "Fortuna Silver Mines Inc. shot up more than 7% on Monday after releasing record production numbers from its silver-gold-zinc mines. . .on the whole, silver production jumped 55% and gold more than 80% compared to the same quarter last year."

Chris Lichtenheldt, Dundee Capital Markets (4/14/14) "This morning Fortuna Silver Mines Inc. released Q1/14 production results of 1.5 Moz silver and 8.15 Koz gold, which were 8% and 10% above our expectations. The production beat was at both San Jose and Caylloma as grade was higher than expected in the quarter at both mines; recoveries at both assets were also above our expectations for both silver and gold."

Trevor Turnbull, Scotia Capital (4/14/14) "Fortuna Silver Mines Inc. reported strong Q1/14 operating results, beating our production and cost estimates at both the San Jose and Caylloma mines. . .the company continues to demonstrate strong and improving operations backed by growing production and the expanding Trinidad North discovery at San Jose."

David Kratochvil, Canaccord Genuity (4/14/14) "We reiterate our Buy rating and CA$6.50 target for Fortuna Silver Mines Inc. following the release of Q1/14 production results, which came in ahead of our estimates. Stronger-than-expected grades from both assets led to the beat, and production performance in the quarter indicates that 2014 guidance may prove to be conservative. Fortuna Silver continues to be a Canaccord Genuity Focus List pick."

Benjamin Asuncion, Haywood Securities (4/14/14) "Overall, Fortuna Silver Mines Inc.'s Q1/14 consolidated production exceeded expectations (2.5 Moz Ag eq versus an estimated 2.3 Moz Ag eq) due to higher-than-anticipated head grades. The expansion at San Jose (from 1,800 to 2,000 tpd) was completed in early April and is expected to be ramped up this month."

Andrew Kaip, BMO Capital Markets (4/14/14) "Fortuna Silver Mines Inc. announced Q1/14 silver and gold production of 1.5 Moz and 8.2 Koz, respectively, 13% above our forecasts of 1.4 Moz silver and 7.2 Koz gold, due to higher milled grades at San Jose. . .the company also announced that the processing plant expansion at San Jose is now complete with the mill operating at 2 Ktpd."

The Gold Report Interview with Robert Cohen (3/31/14) "We think that there's upside left in Fortuna Silver Mines Inc. The company is well managed and it has a high-grade discovery in Mexico that will show up in near-term production. Some people will consider Fortuna politically safer. They might prefer Mexico and Peru over Guatemala, but that varies from individual to individual." More >

Benjamin Asuncion, Haywood Securities (3/19/14) "Fortuna Silver Mines Inc.'s near-term growth will be driven twofold: first, with the ramp-up to 2 Ktpd by Q2/14, which drives production from 2.5 Moz in 2013 to 3.9 Moz in 2014 and, second, with the high-grade contribution from Trinidad North, which drives production to 4.6 Moz in 2015. . .we are upgrading our rating to Buy and maintaining our $5 target."

SmallCap Power (3/18/14) "Fortuna Silver Mines Inc. was the top performer for the week with a 10% gain in market capitalization . . .the stock gained on reporting positive drill results at its San Jose mine, Mexico. On March 10, 2014, Fortuna announced new results for stepout drilling of the Trinidad North discovery located contiguous with the San Jose mine in Oaxaca, Mexico, which showed 2,800 g/t Ag and 14.5 g/t Au over a true thickness of 4.2m. The results continue to confirm the extension of the Trinidad North zone with high-grade silver-gold mineralization present over wide vein widths."

Chris Thompson, Raymond James (3/18/14) "We are maintaining our Strong Buy rating and $6 target price on shares of Fortuna Silver Mines Inc. We believe recent share price weakness, attributable to Peruvian political events and general weakness in precious metals equities, presents a compelling opportunity to further add to positions ahead of production growth at San Jose."

Andrew Kaip, BMO Capital Markets (3/18/14) "Fortuna Silver Mines Inc. ended 2013 with cash and equivalents (including short-term investments) of ~US$49.1M. . .the company's unit costs are expected to trend lower over 2014E as the company ramps up mining rates and completes the mill expansion to 2 Ktpd at San Jose by Q2/14E."

Chris Lichtenheldt, Dundee Capital Markets (3/18/14) "Fortuna Silver Mines Inc. reported a slight miss on earnings per share in Q4/13, but cash flow per share was in line. . .the company remains attractive on both spot P/NAV and spot 2014 P/CF, trading 28% and 40% below the peers, respectively. Based on attractive valuation, coupled with further potential exploration upside at Trinidad North, Fortuna remains one of our top silver picks for 2014."

The Gold Report Interview with Rick Rule (3/17/14) "Fortuna Silver Mines Inc. continues to impress with its ability to operate midsize silver mines. Its two operations have consistently met its promises. That set it apart from an industry where probably 75% of the project news has been disappointing. Fortuna, as a consequence of meeting projections quarter after quarter, has begun to develop a loyal shareholder base among silver speculators." More >

Benjamin Asuncion, Haywood Securities (3/10/14) "Fortuna Silver Mines Inc. continues to deliver positive Trinidad North drill results. . .results were positive insofar as continuing to return significant grades over potentially mineable widths in an area located ~200m outside of the current resource boundary. The opportunity of Trinidad North is exemplified by its proximity to current/planned underground infrastructure, minimizing the incremental capital cost to develop, and the high grades, which have the potential to improve mill head grades and help support future margins."

Andrew Kaip, BMO Capital Markets (3/10/14) "Fortuna Silver Mines Inc. released assays from eight additional drill holes targeting the Trinidad North zone at the San Jose mine. . .the drill results released further delineate a 200m x 200m segment of the vein along strike and down plunge of the currently delineated Inferred resource for the Trinidad North zone. Results released are encouraging and include a number of high-grade intercepts, including 2,800 g/t silver and 14.5 g/t gold over an estimated true width of 4.2m, and 1,200 g/t silver and 8.45 g/t gold over an estimated true width of 10.2m. The mineralized system at Trinidad North remains open to the north and to depth."

Andrew Kaip, BMO Capital Markets (2/25/14) "Fortuna Silver Mines Inc.'s presentation [at the BMO Global Metals & Mining Conference] focused on Caylloma operations as well as the ramp-up of the San Jose mine. The company is guiding to production of 6 Moz silver and 32 Koz gold over 2014E. . .Fortuna plans to provide a new resource estimate for the Trinidad North zone by the end of Q2/14E. . .the company expects to begin production from Trinidad North in Q1/15E."

The Gold Report Interview with Benjamin Asuncion (2/24/14) "Fortuna Silver Mines Inc. has two assets: Caylloma in Peru and San Jose in Mexico. San Jose is the big value driver here, especially given the recent Trinidad North discovery Fortuna has made there. What makes Trinidad north so interesting is the high grades and proximity to underground development, which means Fortuna will be able to go from discovery drill hole to production and cash flow in just over two years. At San Jose, we see growth from 2.5 Moz silver in 2012 to 5 Moz in 2015. The company also has a strong management team with a track record of successful and prudent acquisitions." More >

Heiko Ihle, Euro Pacific Canada (2/19/14) "Fortuna Silver Inc. announced updated resources and reserves for its wholly-owned Caylloma and San Jose mines. . .overall Inferred resources increased to 11.6Mt containing approximately 59.1 Moz silver and 370,900 oz gold. These updated figures imply increases in silver and gold resources of 26% and 36% respectively. . .additionally, further expansion of the Trinidad North discovery could add additional ounces to overall reserves, as management continues to deliver on keeping overall cash costs low. We reiterate that our favorable opinion on the firm has not changed."

Andrew Kaip, BMO Capital Markets (2/18/14) "Fortuna Silver Mines Inc. announced an updated reserve and resource statement for its Caylloma and San Jose mines. . .total silver and gold reserve grades increased ~7% and ~16%, respectively, from the 2012 year-end update. . .the company expects to complete an extension of a crosscut at Trinidad North by Q3/14 to facilitate exploration over a 500m strike interval from existing Inferred resources. . .Fortuna's year-end reserve and resource update was broadly in line with our expectations."

Raymond James (1/31/14) "We are increasing our target price on Fortuna Silver Mines Inc. to $6 (from $5.50) and reiterate our Strong Buy rating. In rolling forward our valuation to 2015, we begin to capture the effect of the high-grade Trinidad North discovery at the company's San Jose mine, resulting in 21% production growth (2014-2015), with Trinidad North contributing 30% of mill throughput."

Thibaut Lepouttre, Caesars Report (1/24/14) "In 2013, Fortuna Silver Mines Inc. produced 4.6 Moz of silver and in excess of 21,000 oz of gold at its San José Mine in Mexico and Caylloma mine in Peru. The total output should increase this year even further, to 6 Moz of silver and just more than 32,000 oz of gold, thanks to the expansion at the San Jose mine. . .Fortuna should definitely be free cash-flow positive based on the current gold and silver price."

Chris Lichtenheldt, Dundee Capital Markets (1/21/14) "One highlight hole from Fortuna Silver Mines Inc.'s stepout drilling at the Trinidad North discovery at its San Jose mine in Mexico includes 3,500 g/t Ag and 15 g/t Au over a true width of 3.7m. . .the company released assay results for eight drill holes completed in Q4/13. These results confirm the continuation of the high-grade Trinidad North zone over a further 200m on strike beyond the limits of the existing Inferred resource. Furthermore, mineralization remains open to the north, to depth, and potentially vertically above the 1,200m level."

Chris Thompson, Raymond James (1/21/14) "We are maintaining our Strong Buy rating for Fortuna Silver Mines Inc. We continue to believe that the San Jose mine offers untapped production growth potential as a result of its high grades and potential for a plant increase. Continuing on exploration success at San Jose, the company announced exceptional results from stepout holes designed to test the limits of the Trinidad North ore shoot. . .highlights include 3.5 Kg /t silver and 15.04 g/t gold (4.4 Kg Ag eq) over 3.7m."

Benjamin Asuncion, Haywood Securities (1/21/14) "Fortuna Silver Mines Inc. released results from eight stepout holes drilled underground to test for extensions of the Trinidad North deposit at the 100%-owned San Jose mine in Mexico. Overall results were positive as they extended the mineralization to the north an additional 200m along strike, beyond the boundary of the current Inferred resource. Mineralization remains open to the north at depth and potentially above the 1,200m level."

The Gold Report Interview with Heiko Ihle (1/15/14) "I visited Fortuna Silver Mines Inc.'s Caylloma project in Peru. The family that runs the company has a long history in the mining space. The CEO, Jorge Ganoza, is a third-generation miner. Simon Ridgway is also behind the company and serves as board chairman. Overall, Fortuna did reasonably well in 2013. The stock held up fairly well, by which I mean it was down less than some others. I attribute that to its cash-cow project in Mexico, helped by another decent cash-flow project in Peru. Plus, the management team realizes that times are tough and it is doing all it can to cut costs and increase cash flow." More >

Leon Esterhuizen, CIBC World Markets (1/14/14) "Fortuna Silver Mines Inc. reported good Q4/13 and full-year production results, as well as improved 2014 guidance. . .the company anticipates a 30% increase in silver output to 6 Moz and a 51% increase in gold production to 32.3 Koz. . .with the increased upside (53%), we upgrade to Sector Outperform from Sector Perform as of Jan. 13."

Andrew Kaip, BMO Capital Markets (1/13/14) "Fortuna Silver Mines Inc.'s Q4/13 production results exceeded our expectations; 2014 silver production guidance is above our forecast, largely due to higher throughput rates at San Jose and higher grades at both operations. The expansion to 2 Ktpd at San Jose (from 1.8 Ktpd previously) reflects near-term growth in process capacity at the company's lowest-cost operation."

Benjamin Asuncion, Haywood Securities (1/13/14) "Fortuna Silver Mines Inc.'s overall Q4/13 consolidated production exceeded expectations (2.37 Moz Ag eq versus 2.13 Moz Ag eq), largely due to higher throughput and silver grades at San Jose. We view today's news as positive for the company, given the expansion at San Jose and improving cost profile for Caylloma."

The Mining Report Interview with Chris Thompson (12/31/13) "Out of the 10 silver producers we cover, four have the potential to outperform their peers [including] Fortuna Silver Mines Inc. I like Fortuna and I like management's approach to trimming costs, especially at its Caylloma mine." More >

Andrew Kaip, BMO Capital Markets (11/25/13) "Fortuna Silver Mines Inc. released assays from drilling at its San Jose project in Mexico. Results are from extension drilling on the Trinidad ore shoot. . .highlights from the released holes include 904 g/t silver and 8.6 g/t gold over an estimated true width of 5.3m, and 347 g/t silver and 2.48 g/t gold over an estimated true width of 4.1m. . .the mineralized system at Trinidad North remains open to the north and to depth."

Chris Lichtenheldt, Dundee Capital Markets (11/25/13) "Fortuna Silver Mines Inc. released the first two drill holes from the stepout exploration program at Trinidad North (holes 329 and 330). . .these results demonstrate an Ag eq grade that is more than twice the current reserve grade around 300 g/t Ag eq and 54% above our current assumption for the Inferred resource at Trinidad North. . .overall, we are encouraged by today's results."

Benjamin Asuncion, Haywood Securities (11/25/13) "Fortuna Silver Mines Inc. released the first results from underground drilling of the Trinidad North zone. . .overall, the results released highlight the potential to expand the current Inferred resource to the north and future production anticipated from Trinidad North beyond 2015."

Chris Lichtenheldt, Dundee Capital Markets (11/7/13) "The ore from the Trinidad North deposit at Fortuna Silver Mines Inc.'s San Jose mine is expected to begin being processed in early 2015, which we forecast will help consolidated silver production grow 43% from 4.5 Moz in 2013E to 6.5 Moz in 2016E. The recent mill expansion to 1,800 tpd at San Jose is the other main growth-driver. Infill drilling is ongoing and by Q3/14, we should have more clarity with respect to the mineable cutoff grade and head grades from Trinidad North, which should allow the market to pay a more 'full value' for the company."

Graeme Jennings, Cormark Securities (11/7/13) "Fortuna Silver Mines Inc. has an excellent track record of identifying and developing undervalued assets through a management team that offers the rare combination of equally strong explorers, mine builders and operators. . .the company continues to have one of the best management teams in the mid-tier silver producer space, which continues to look for organic opportunities to increase production where available while controlling cash costs to remain profitable in the current market environment."

Benjamin Asuncion, Haywood Securities (11/7/13) "Fortuna Silver Mines Inc. delivered Q3/13 operating cash flow of $7.6M ($0.6/share), which was in line with our expectations of $7.7M ($0.06/share) and consensus ($0.06/share). . .cash and short-term investments of $42M plus undrawn credit facilities of $40M allow for more degrees of operating freedom and provides flexibility to pursue growth opportunities."

Leon Esterhuizen, CIBC World Markets (11/6/13) "Fortuna Silver Mines Inc.'s cash generated from operating activities in Q3/13 was $7.6M, up marginally from Q2/13's $5.9M, delivering CFPS of $0.06. . .the cash position at quarter end was $41.8M, and the company also has an undrawn credit facility of $40M, a very solid balance sheet. . .we believe that Fortuna is taking the right steps to ensure viability and deliver relative value."

Chris Thompson, Raymond James (11/6/13) "At Caylloma, Fortuna Silver Mines Inc. reported Q3/13 costs of $87/t (previously reported), which was below guidance of $88/t; costs reported at San Jose were $72/t (previously reported), an improvement from Q2/13's $77/t. With San Jose now operating at 1,800 tpd, we expect further cost improvements going forward; at Caylloma, we are impressed to see costs at $87/t and improved recoveries (for all metals), which we believe is sustainable."

Trevor Turnbull, Scotia Capital (11/6/13) "Fortuna Silver Mines Inc. reported nil earnings versus consensus of $0.02/share after prereporting strong silver and gold production. . .the poor timing of sales does not accurately reflect Fortuna's good control of per ton costs in Mexico and Peru. We expect cash to build from the low point of $31.3M at quarter-end with a return to profitability in Q4/13. . .we are factoring in higher grades into our San Jose mine plan to account for the core of the Trinidad North discovery. . .as a result of newly modeled ounces, our NAV increases 14% to $3.34/share. . .we continue to rate Fortuna Sector Outperform."

Benjamin Asuncion, Haywood Securities (10/18/13) "Fortuna Silver Mines Inc. tabled an updated reserve and resource estimate for the San Jose mine, which demonstrated increases to both estimates while maintaining the overall grade. Reserves now stand at 3.9 Mt grading 197 g/t Ag or 296 g/t Ag eq, which represents an 18% increase in tonnage and a 5% improvement in silver equivalent grades. . .included in the updated figures was a maiden estimate for the Trinidad North zone with an Inferred resource of 1.9 Mt grading 269 g/t Ag or 366 g/t Ag eq."

Trevor Turnbull, Scotia Capital (10/17/13) "Fortuna Silver Mines Inc. reported its maiden resource for the high-grade, gold-silver Trinidad North discovery. . .overall, 2P reserves at San Jose increased 27% year over year to 24.8 Moz silver and 215.1 Koz gold, and Inferred resources increased 39% to 35.3 Moz silver. . .we continue to rate the company Sector Outperform."

Chris Lichtenheldt, Dundee Capital Markets (10/17/13) "Under a higher cutoff grade of 175 g/t Ag eq for Fortuna Silver Mines Ltd.'s Trinidad North deposit at San Jose, the company reports an Inferred resource of 19.2 Moz Ag eq at a grade of 498 g/t Ag eq. These results compare favorably to our estimated 15 Moz Ag eq at a grade of 500 g/t Ag eq mineral inventory of the deposit. . .the overall increase in reserves/resources at the San Jose has added ~3 years to the estimated mine life. . .it is encouraging to see the resiliency of the resource at Trinidad North as the cutoff grade is increased, as it further supports our view that the deposit will serve as an attractive sweetener in the mill."

Andrew Kaip, BMO Capital Markets (10/17/13) "Fortuna Silver Mines Inc. announced a reserve and resource update for its San Jose mine. . .the update included an initial Inferred resource estimate for the Trinidad North discovery. 2P reserves came in at 24.8 Moz silver and 215 Koz gold, reflecting a ~22% and ~27% increase, respectively, from the year-end 2012 update; reserve grade also increased by ~3% and ~8% for silver and gold, respectively."

Heiko Ihle, Euro Pacific Canada (10/16/13) "Fortuna Silver Mines Inc. produced 1.1 Moz silver and 4,515 oz gold during Q3/13. . .we maintain our Buy recommendation on the company's shares, which are currently trading at a 13.7% discount to our raised price target of $4.10 (prior $4)/share. Continued delivery from Fortuna's management team coupled with the expansion at San Jose provides future upside potential."

Trevor Turnbull, Scotia Capital (10/15/13) "Fortuna Silver Mines Inc. exceeded our silver and base metal production expectations, led by Caylloma's strong output and cost control. Caylloma's costs per tonne were at the low end of guidance and production was higher across the board for all metals. At San Jose, gold and silver production was in line with our estimates. . .we continue to rate the company Sector Outperform."

Leon Esterhuizen, CIBC World Markets (10/15/13) "Fortuna Silver Mines Inc. reported year-to-date production at the San Jose project was 3.17 Moz silver and with a marginally improved Q4/13 expected, the company remains on track to achieve its 4.5 Moz guidance and our 4.3 Moz forecast. . .cash costs for the San Jose mine were US$72.09/t, down from US$77.18/t in Q2/13. The Caylloma mine had a good quarter with production coming in ahead of plan, due to higher-than-expected grades and better recoveries. Cash costs for the Caylloma mine were US$87.06/t, down from US$93.34/t in Q2/13 and 1% below guidance of US$88/t, a downwards trend that we believe should continue."

Benjamin Asuncion, Haywood Securities (10/15/13) "While Fortuna Silver Mines Inc.'s overall Q3/13 silver equivalent production was in line with our estimates (1.8 Moz Ag eq versus an estimated 1.9 Moz Ag eq), relative performance from Caylloma was slightly above our estimates (1.1 Moz Ag eq versus an estimated 1 Moz Ag eq). . .strong performance from Caylloma was attributed to higher silver grades and recoveries."

Andrew Kaip, BMO Capital Markets (10/15/13) "Fortuna Silver Mines Inc.'s gold production came in below BMO Research's expectations, while base metal credits exceeded BMO Research estimates. The unexpected mill stoppage at San Jose reflects a one-time challenge associated with the expansion that is unlikely to negatively impact future operational results."

Chris Lichtenheldt, Dundee Capital Markets (10/15/13) "Fortuna Silver Mines Inc.'s Q3/13 silver production of 1,105 Koz was 5% above our expectation of 1,055 Koz. . .given the largely in-line quarter, our price target remains unchanged at CA$5.75. . .we remain Buy rated."

The Gold Report Interview with Tom Szabo (10/14/13) "And then there is Fortuna Silver Mines Inc., a gold-silver producer in Mexico that we already consider to be peerless. It's a well-run operation, a growth story that continues to be pretty hungry, and is possibly on the cusp of acquiring its next project with the intent of turning it into Fortuna's third profitable mine. [The San Jose expansion] is going to improve the cash flow. The persistence of the gold-silver ore shoots continues at depth and along strike. The company has only been able to take the resource so far given that San Jose is a new mine, but the edges keep expanding as the drilling progresses. This creates a confidence boost for management. So sure, the expansion improves cash flow, but it also says management is confident enough in the deposit to go forward with such an aggressive expansion. I would argue that when management is confident and competent, shareholders can be confident as well. [Trinidad North] is really interesting. This zone is a northern extension of San Jose. It was not explored historically because it was owned by another company. The known mineralization backed up right against the property boundary. Not only is the mineralization continuing, but it seems to be strengthening. Fortuna picked up the additional land and the subsequent drilling has demonstrated that." More >

Chris Lichtenheldt, Dundee Capital Markets (9/25/13) "Fortuna Silver Mines Inc. reminded investors that while the 'all-in' cash cost for 2013 is guided to $22.23/oz, for the period of 2014–2016 the guided 'all-in' cash cost is around $13/oz. This would make the company one of the lowest-cost silver producers going forward. . .the Trinidad North discovery remains open in multiple directions and the company believes ongoing exploration will be successful."

Benjamin Asuncion, Haywood Securities (9/24/13) "Fortuna Silver Mines Inc. announced the completion of construction and commissioning of the plant expansion at San Jose. . .the mill is now operational at 1,800 tpd. . .we view the expansion of San Jose to 1,800 tpd as positive given it was accomplished on time and budget, without significant interruption to existing operations."

Andrew Kaip, BMO Capital Markets (9/23/13) "Fortuna Silver Mines Inc. has completed the mill expansion at the San Jose mine in Oaxaca, Mexico, to 1.8 Ktpd on time and within budget. . . the company is now focused on development and expansion of the Trinidad North zone, which FVI plans to begin mining by Q1/15. . .the delivery of the mill expansion on time and within budget represents the achievement of another key milestone for FVI and increases operational flexibility at San Jose."

Trevor Turnbull, Scotia Capital (9/23/13) "Fortuna Silver Mines Inc. has completed the construction and commissioning of its San Jose mill expansion to 1,800 tpd. The expansion, which represents a 57% increase in throughput capacity, was completed on time and on budget. . .we continue to rate the company Sector Outperform, as we believe its internally funded growth profile is one of the best in our coverage universe."

Chris Lichtenheldt, Dundee Capital Markets (9/17/13) "After Fortuna Silver Mines Inc. released its latest batch of drill results and following our recent site visit to the San Jose mine, we are increasing our estimate of the mineral inventory at Trinidad North (TN) to 15 Moz Ag eq at a grade of 500 g/t Ag eq versus our previous forecast of 10 Moz at 400 g/t Ag eq. More importantly, TN remains open to the north and at depth. . .a key highlight at the current veins (Trinidad and Bonanza) that increases our confidence in the system is that the drill intervals are not influenced by single high grade veins assaying kilos of silver over several centimeters, but rather a robust structure that is eminently capable of bulk mining. The reconciliation to the reserve/resource model to date at the mine has been good for both tonnage and grade."

Andrew Kaip, BMO Capital Markets (9/16/13) "Fortuna Silver Mines Inc.'s San Jose plant has been completed on schedule. . .additionally, the company estimates an initial Trinidad North zone resource of approximately 11 Moz silver and 70 Koz gold within the Trinidad and Bonanza veins. Trinidad North remains open and should provide future reserve and resource growth."

Chris Thompson, Raymond James (9/11/13) "Fortuna Silver Mines Inc. has completed the installation of 1,800 tpd mill capacity at San Jose (from 1,100 tpd) and expects commissioning to be completed by late September; also, the company is well placed to continue drill testing the Trinidad North discovery via underground drilling (maiden resource anticipated in October). Upside potential includes the near-term (late 2014) exploitation of the Trinidad North zone, which offers higher grades and wider widths than are currently being exploited (implication: higher production at lower opex) from existing mine infrastructure (implication: limited additional capex)."

Morning Coffee (8/19/13) "Potential game changer: Fortuna Silver Mines Inc.'s drill results continue to demonstrate the significant potential of Trinidad North. . .highlights include hole SJO-321, which intercepted 4m grading 850 g/t Ag and 4.48 g/t Au, and hole SJO-304, which intercepted 8.2m grading 487 g/t Ag and 4 g/t Au."

Chris Thompson, Raymond James (8/14/13) "We have increased our target on Fortuna Silver Mines Inc. to $4.75 (from $4.50) and reiterate our Outperform rating, prompted by a trim to our operating cost assumptions. . .while costs at Caylloma were below guidance and our estimates, a 3-year plan to rationalize costs further impresses. . .in addition, corporate general and administrative expense cost cutting further lightens the load."

Chris Lichtenheldt, Dundee Capital Markets (8/14/13) "Fortuna Silver Mines Inc. reports the recent expansion at San Jose continues to progress according to plan with the mine expected to operate at 1800 tpd by November 2013. . .in addition to the ongoing ramp-up at San Jose, we believe the key event to watch is the Trinidad North discovery at San Jose. . .we believe Trinidad North can continue to be a positive catalyst for the stock going forward. . .in order to maintain attractive unit costs at Caylloma. . .the company is working on an updated reserve that will focus on a smaller, higher-grade deposit."

The Gold Report Interview with Louis James (8/14/13) "I like high-grade silver producers in Mexico like Fortuna Silver Mines Inc." More >

Chris Lichtenheldt, Dundee Capital Markets (8/13/13) "To address the lower price environment, Fortuna Silver Mines Inc. has made the following specific changes: 1) reducing corporate expenses by $5.5M/year (or 33%) going forward 2) reducing 2013 capex by $12.6M to $40.1M 3) reducing 2013 planned exploration by $3.7M to $10.5M 4) reducing operating costs at the Caylloma mine by 8% from $95/t to between $87–88/t for Q3/13 and Q4/13. We view these changes positively."

The Gold Report Interview with Chris Lichtenheldt (8/12/13) "We have a Buy on Fortuna Silver Mines Inc. . .Fortuna Silver is a company with two assets. Its Caylloma mine in Peru is probably around the break-even point at today's lower prices. San Jose in Mexico is a pure silver-gold mine with good margins and very exciting exploration potential. We recommend Fortuna based largely on its Mexican potential." More >

Benjamin Asuncion, Haywood Securities (7/23/13) "Fortuna Silver Mines Inc. delivered silver equivalent production that slightly exceeded our estimates owing to higher performance from San Jose. The key takeaway was the continuing expansion of San Jose on schedule to ramp-up to 1,800 tpd later this year, thus placing Fortuna on track to deliver on revised guidance. . .the principal driver of near-term growth comes from plans to expand San Jose, which in addition to steady-state production from Caylloma, places Fortuna on the path to deliver 5.2 Moz of primary silver production or 8.5Moz of Ag eq production in 2014."

Chris Lichtenheldt, Dundee Capital Markets (7/12/13) "Fortuna Silver Mines Inc.'s San Jose silver production of 580 Koz beat our estimate of 476 Koz silver as grades of 199 g/t silver were higher than our expected 187 g/t silver; throughput of 1,147 tpd was 11.5% above our 1,000 tpd estimate. Gold production of 4,681 oz was above our 4,201 oz estimate due to the higher throughput. . .we remain Buy rated."

Benjamin Asuncion, Haywood Securities (7/11/13) "Fortuna Silver Mines Inc. delivered consolidated production of 1.8 Moz Ag eq from the San Jose silver-gold project in Mexico and the Caylloma polymetallic mine in Peru. Actual results were moderately higher than our production estimates. . .San Jose produced 581 Koz silver plus 4.7 Koz gold, which exceeded our expectations; operating costs came in at US$77/t, which was 3% lower than our expectations."

Andrew Kaip, BMO Capital Markets (7/11/13) "Fortuna Silver Mines Inc.'s Q2/13 silver production was 12% higher than BMO Research's forecast of 1 Moz, whereas gold production came in 5% above BMO at 4.9 Koz. The company also announced that management is working on implementing cost and capital reduction measures to be discussed on the earnings call next month."

Raymond James (7/10/13) "We single out Fortuna Silver Mines Inc. as a preferred silver and gold producer. . .we also note that the company is well positioned with a strong balance sheet should weak metal prices prevail, with cash reserves estimated at ~$50M (Q2/13E) and no debt."

Dundee Capital Markets (7/3/13) "Fortuna Silver Mines Ltd. has one lower-grade mine and one higher-grade mine. If required, we believe the company could lower consolidated all-in cash costs by $1–2/oz. . .furthermore, we believe the company's recent exploration success at the San Jose mine could potentially lower cash costs at San Jose by another couple dollars, as grades could increase; however exact forecasts are not available yet."

The Gold Report Interview with Ian Gordon (6/26/13) "I keep an eye on Fortuna Silver Mines Inc. because it took over an asset of a company that I financed called Continuum Resources Ltd. I like the management of Fortuna." More >

Graeme Jennings, Cormark Securities (6/19/13) "Fortuna Silver Mines Inc. officially announced that it is increasing this year's planned expansion at San Jose to 1,800 tpd, up from the previous planned increase in throughput to 1,500 tpd. The expansion is still on track for commissioning in Q3/13, however, now at the higher rate. . .company management continues to demonstrate its operating expertise while doing what it can to squeeze more ounces from its two operating mines."

Chris Thompson, Raymond James (6/18/13) "The update on Fortuna Silver Mines Inc.'s San Jose plant expansion (and production guidance for 2013–2017), coupled with the recently released exploration results from the Trinidad North discovery at the San Jose mine, underpins the near-term production growth potential offered by the company. . .recent drill results released from the Trinidad North discovery—to the north and at depth from existing San Jose mine infrastructure—underpins the exploration potential offered by the mine. . .we are encouraged by the exploration success that Fortuna is having at Trinidad North and the potential impact this discovery may have on San Jose's silver and gold production."

Andrew Kaip, BMO Capital Markets (6/18/13) "Fortuna Silver Mines announced an upgrade to the planned mill expansion at San Jose to 1.8 Ktpd from 1.5 Ktpd and released a new production schedule; the mill expansion is on track and expected to be commissioned in Q3/13. Fortuna is able to realize higher processing rates due to equipment selection without incurring additional costs; underground development to achieve rates of 1.5 Ktpd is on schedule for mid-Q3/13 with flexibility in production sequencing accommodating the step-up in processing rates to 1.8 Ktpd by mid-Q4/13. . .BMO Research estimates a +10% increase in 2014E/2015E EPS and 6% increase in 2014E/2015E CFPS."

Benjamin Asuncion, Haywood Securities (6/18/13) "Fortuna Silver Mines Inc. tabled an updated mine plan and revised guidance for San Jose. . .the mill expansion to 1,800 tpd remains on track for commissioning in Q3/13 with the mine anticipated to ramp up to 1,500 tpd by August and 1,800 tpd by November. . .the updated mine plan, incorporating the 1,800 tpd throughput, reaffirms our near-term expectations for San Jose."

Chris Lichtenheldt, Dundee Capital Markets (6/17/13) "Fortuna Silver Mines Inc.'s San Jose project is in the midst of an expansion that will bring throughput capacity to 1500 tpd and is expected to be completed in Q3/13. . .the exploration potential at San Jose is one of the main reasons we currently rate the shares Buy. . .while it is too early to predict the ultimate size and grade of the company's Trinidad North discovery, it is undoubtedly extremely interesting and we believe could amount to a company-changing discovery if ongoing exploration remains successful."

Nicholas Campbell, Canaccord Genuity (5/31/13) "Fortuna Silver Mines Inc. annual production is set to grow to 7+Moz Ag in 2014. . .this figure does not reflect the Trinidad North discovery at San Jose, which we believe has the potential to boost its annual production to 9+Moz by 2016. . .this gives the company an improving growth profile with significant upside. . .we believe Trinidad North has been overlooked in the current market environment. . .therefore, we adding are the company to our Canadian Focus List. . .our recommendation remains at a Speculative Buy."

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