Fortuna is a rapidly growing precious metals producer, operating two low-cost mines in Peru and Mexico and holding commanding land positions in Peru, Mexico and Argentina. Established in 2005, the company is focused on acquiring precious metals exploration projects and producing mines in Latin America. Management has established a reputation as efficient mine builders and operators by driving operational excellence and organic growth since the company's formation.
Fortuna´s consolidated annual production1 guidance for ongoing operations in 2019 is 8.2 - 9.0 million ounces of silver, 49 - 54 thousand ounces of gold, 26.1 - 28.8 million pounds of lead, and 39.8 - 44.0 million pounds of zinc at an estimated consolidated all-in sustaining cash cost of $9.9 - $12.1 per silver equivalent ounce. Production and cost estimates are based on Mineral Reserves and Mineral Resources as December 31, 2018.
In July 2016, Fortuna acquired the open pit, heap leach development stage Lindero gold Project in Salta, Argentina. Lindero has a 13 year reserve life, an approved environmental impact study and has been granted all major permits for the construction of an 18,750 tpd gold mine. A positive construction decision was made in September of 2017 and commercial production is expected in the first quarter of 2020. With Lindero in its first year of full production, Fortuna's consolidated precious metals annual production1 is expected to increase in 2020 to 7.5 - 8.3 Moz Ag + 189 - 209 koz Au or 293 - 324 koz Au Eq gold equivalent2 ounces.
Management is committed to operating safely and profitability and to maintaining industry best practices in employee relations, community outreach and environmental safeguards.
Fortuna is financially stable and does not hedge its silver or gold production. Shares of the company trade mainly on the New York Stock Exchange (NYSE: FSM) and Toronto Stock Exchange (TSX: FVI).
1. Based on annual production plans based on Mineral Reserves and Mineral Resources as of December 31, 2018
2. Gold equivalent is calculated using gold to silver ratio of 1 to 72 and does not include lead nor zinc by-products