Fortuna Silver Mines Inc. announced its quarterly financial results on Thursday and the company` CEO is delighted that the company reported a record-breaking quarter in sales and free cash flow as itcontinues to capitalize on the current metals price environment through solid production results and cost containment measures.
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Third-quarter 2020 highlights
The company reported the sales of $83.4 million, a 36% increase in Q3 of 2020, compared to $61.3 million in Q3 2019. The increase in sales was due to the by higher silver and gold prices. The company’s net income for the 3Q was $13.1 million, compared to a net loss of $7.7 million in Q3 2019. The Company`s operating income for the three months ended September 30, 2020, was $28.5 million, an increase of $30.0 million from a $1.5 million operating loss reported in the same period in 2019.The company reported Adjusted net incomeof $16.1 million, compared to $1.9 million in Q3 2019. The company produces Silver and gold production of 2,127,746 ounces and 12,791 ouncesrespectively. The company has adjustedEBITDAof $42.2 million, compared to $19.2 million in Q3 2019. Free cash flow was $42.2 millioncompared to $19.2 million in Q3 2019.
QuarterlyResults for the San Jose Mine, Mexico
The San Jose Mine produced 1,917,540 ounces of silver and 11,425 ounces of gold during the third quarter of 2020.Cash cost per tonne for the three months ended September 30, 2020, decreased 4% to $67.62 per tonne. All-in sustaining cash cost per ounce of payable silver equivalent was $12.0 for the quarter.
QuarterlyResults forThe Caylloma Mine, Peru
The Caylloma Mine produced 6.7 million pounds of lead and 10.3 million pounds of zinc during the third quarter of 2020. The lower production was due to lost production from a 21-day shutdown of the mine in early. Silver production for the third quarter totalled 210,206 ounces with an average head grade of 74 g/t. The Company incurred $0.9 million of costs during the 21-day shutdown. Cash cost per tonne of processed ore for the three months ended September 30, 2020, was $82.55.All-in sustaining cash cost per ounce of payable silver equivalent was $19.37 for the quarter compared to $15.78.
