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Also traded in: Canada, Germany, Mexico, Peru, Switzerland

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash-to-Debt 2.92
NYSE:FSM's Cash-to-Debt is ranked lower than
59% of the 1545 Companies
in the Global Silver industry.

( Industry Median: 291.20 vs. NYSE:FSM: 2.92 )
Ranked among companies with meaningful Cash-to-Debt only.
NYSE:FSM' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.01  Med: 21.37 Max: No Debt
Current: 2.92
Equity-to-Asset 0.75
NYSE:FSM's Equity-to-Asset is ranked higher than
73% of the 724 Companies
in the Global Silver industry.

( Industry Median: 0.60 vs. NYSE:FSM: 0.75 )
Ranked among companies with meaningful Equity-to-Asset only.
NYSE:FSM' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.7  Med: 0.81 Max: 0.87
Current: 0.75
0.7
0.87
Interest Coverage 21.98
NYSE:FSM's Interest Coverage is ranked lower than
85% of the 1021 Companies
in the Global Silver industry.

( Industry Median: 10000.00 vs. NYSE:FSM: 21.98 )
Ranked among companies with meaningful Interest Coverage only.
NYSE:FSM' s Interest Coverage Range Over the Past 10 Years
Min: 1.19  Med: 67.97 Max: 6750
Current: 21.98
1.19
6750
Piotroski F-Score: 7
Altman Z-Score: 4.16
Beneish M-Score: -0.93
WACC vs ROIC
22.26%
6.75%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating Margin % 23.16
NYSE:FSM's Operating Margin % is ranked higher than
60% of the 743 Companies
in the Global Silver industry.

( Industry Median: 1.28 vs. NYSE:FSM: 23.16 )
Ranked among companies with meaningful Operating Margin % only.
NYSE:FSM' s Operating Margin % Range Over the Past 10 Years
Min: -22.49  Med: 21.25 Max: 37.44
Current: 23.16
-22.49
37.44
Net Margin % 8.53
NYSE:FSM's Net Margin % is ranked lower than
56% of the 746 Companies
in the Global Silver industry.

( Industry Median: 0.29 vs. NYSE:FSM: 8.53 )
Ranked among companies with meaningful Net Margin % only.
NYSE:FSM' s Net Margin % Range Over the Past 10 Years
Min: -13.9  Med: 4.85 Max: 21.61
Current: 8.53
-13.9
21.61
ROE % 5.47
NYSE:FSM's ROE % is ranked higher than
67% of the 1395 Companies
in the Global Silver industry.

( Industry Median: -10.31 vs. NYSE:FSM: 5.47 )
Ranked among companies with meaningful ROE % only.
NYSE:FSM' s ROE % Range Over the Past 10 Years
Min: -7.74  Med: 2.86 Max: 12.57
Current: 5.47
-7.74
12.57
ROA % 3.93
NYSE:FSM's ROA % is ranked higher than
69% of the 1566 Companies
in the Global Silver industry.

( Industry Median: -9.58 vs. NYSE:FSM: 3.93 )
Ranked among companies with meaningful ROA % only.
NYSE:FSM' s ROA % Range Over the Past 10 Years
Min: -6.4  Med: 2.1 Max: 10.54
Current: 3.93
-6.4
10.54
ROC (Joel Greenblatt) % 15.88
NYSE:FSM's ROC (Joel Greenblatt) % is ranked higher than
76% of the 1487 Companies
in the Global Silver industry.

( Industry Median: -13.76 vs. NYSE:FSM: 15.88 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
NYSE:FSM' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -4.43  Med: 10.23 Max: 25.59
Current: 15.88
-4.43
25.59
3-Year Revenue Growth Rate 20.70
NYSE:FSM's 3-Year Revenue Growth Rate is ranked higher than
81% of the 624 Companies
in the Global Silver industry.

( Industry Median: -3.70 vs. NYSE:FSM: 20.70 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
NYSE:FSM' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 0  Med: 4.45 Max: 35.5
Current: 20.7
0
35.5
3-Year EBITDA Growth Rate 109.10
NYSE:FSM's 3-Year EBITDA Growth Rate is ranked lower than
54% of the 1105 Companies
in the Global Silver industry.

( Industry Median: -18.10 vs. NYSE:FSM: 109.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
NYSE:FSM' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: -28.05 Max: 109.1
Current: 109.1
0
109.1
GuruFocus has detected 3 Warning Signs with Fortuna Silver Mines Inc $NYSE:FSM.
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» NYSE:FSM's 30-Y Financials

Financials (Next Earnings Date: 2017-05-25)


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Business Description

Industry: Metals & Mining » Silver    NAICS: 212222    SIC: 614
Compare:AMEX:SVM, AMEX:MAG, NYSE:EXK, NAS:SSRI, AMEX:USAS, OTCPK:MISVF, OTCPK:SLVRF, OTCPK:MLYCF, OTCPK:SZSMF, OTCPK:DOLLF, OTCPK:LBSV, OTCPK:SVROF, OTCPK:CMCXF, NYSE:AG, NYSE:CDE, NYSE:HL, NAS:PAAS, NYSE:TAHO, NYSE:WPM » details
Traded in other countries:FVI.Canada, F4S.Germany, FVIN.Mexico, FVI.Peru, FVI.Switzerland,
Headquarter Location:Canada
Fortuna Silver Mines Inc is engaged in silver mining and related activities including exploration, extraction, and processing. The Company operates the Caylloma mine in Peru and the San Jose mine in Mexico.

Fortuna Silver Mines Inc is a Canadian company formed in 2005. The Company is engaged in silver mining and related activities in Latin America, including exploration, extraction, and processing. The Company operates the Caylloma silver/lead/zinc mine in southern Peru and the San Jose silver/gold mine in southern Mexico. The Company's mineral properties include; Mario Property, Don Mario Property, Tlacolula Property, Taviche Oeste Concession, San Luisito Concessions and Caylloma Property. The Company is subject to various investigations, claims, legal, and labor and tax proceedings covering matters that arise in the ordinary course of business activities.

Top Ranked Articles about Fortuna Silver Mines Inc

Fortuna Commissions 3,000 tpd Mill Expansion On-Time and Under-Budget at the San Jose Mine, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 6, 2016) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) is pleased to announce that commissioning activities on the expansion of the San Jose Mine from 2,000 tpd to 3,000 tpd have concluded successfully on-time and under-budget. As of the first of July, the processing plant and mine are fully operational at 3,000 tpd; allowing for an annual production rate of 7-8 million ounces of silver and 50-53 thousand ounces of gold. The capital expenditure of the plant expansion was US$27.5 million, 16% below budget. Jorge A. Ganoza, President and CEO of Fortuna, commented, "I would like to commend the superb work done by our team in delivering the construction and commissioning of the San Jose Mine expansion to 3,000 tpd on-time and under-budget." Mr. Ganoza continued, "Post expansion, the San Jose Mine will rank among the world's top thirteen primary silver producing mines with an estimated AISC below US$7.0 per ounce of silver." Fortuna Silver Mines Inc. Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver mine in southern Peru and the San Jose silver-gold mine in Mexico. The company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit our website at www.fortunasilver.com. ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO and Director Fortuna Silver Mines Inc. Trading symbols: NYSE: FSM / TSX: FVI Forward-looking Statements This news release contains forward looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company's plans for its mines and mineral properties; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; the future financial or operating performance of the Company; and proposed expenditures. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver and other metals; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the Company's plans for its mines and mineral properties; mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. This news release also refers to non-GAAP financial measures, such as cash cost per tonne of processed ore; cash cost per payable ounce of silver; total production cost per tonne; all-in sustaining cash cost; all-in cash cost; adjusted net (loss) income; operating cash flow per share before changes in working capital, income taxes, and interest income; and adjusted EBITDA. These measures do not have a standardized meaning or method of calculation, even though the descriptions of such measures may be similar. These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies.





Fortuna Silver Mines Inc.
Carlos Baca
Investor Relations
T (Peru): 51.1.616.6060, ext. 0




Read more...
Early Warning Report

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 20, 2016) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) announces that it acquired for a purchase price of C$1.5 million, direct ownership of 10.0 million units (the "Units") of Medgold Resources Corp. ("Medgold"), of 200 Burrard Street, Suite 650, Vancouver, BC V6C 3L6, at a price of C$0.15 per Unit on June 17, 2016. Each Unit consists of one common share of Medgold and one warrant ("Warrant") to purchase an additional common share of Medgold exercisable at a price of C$0.15 per share for one year. Immediately following this transaction, Fortuna owned 10.0 million common shares of Medgold, representing 15.65% of the issued and outstanding common shares of Medgold, and 10.0 million Warrants. Assuming the exercise of the Warrants in full, Fortuna would own 20.0 million common shares, which would represent 27.07% of the then issued and outstanding common shares of Medgold. However, the warrants have a restriction on exercise such that Fortuna may only exercise at any given time the number of Warrants that will not result in Fortuna owning 20% or more of Medgold's outstanding common shares, unless and until a resolution approving such exercise of the Warrants has been passed by the shareholders of Medgold in accordance with the applicable rules and policies of the TSX Venture Exchange. Immediately prior to the transaction, Fortuna owned no Common Shares and no Warrants. The shares were acquired by Fortuna for investment purposes, and depending on market and other conditions, it may from time to time in the future increase or decrease its ownership, control or direction over securities of Medgold through market transactions, private agreements, or otherwise. Fortuna has filed on www.sedar.com a report in accordance with NI 62-103, and a copy of the report may be obtained by contacting Sally Whittall, the Corporate Secretary of Fortuna, at 604-484-4085. About Fortuna Silver Mines Inc. Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver Mine in southern Peru and the San Jose silver-gold Mine in Mexico. The company is selectively pursuing acquisition opportunities throughout the Americas. For more information, please visit our website at www.fortunasilver.com.


ON BEHALF OF THE BOARD





Jorge A. Ganoza


President, CEO and Director


Fortuna Silver Mines Inc.



Forward looking Statements This news release contains forward looking statements which constitute "forward looking information" within the meaning of applicable Canadian securities legislation and "forward looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward looking Statements"). All statements included herein, other than statements of historical fact, are Forward looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward looking Statements in this news release include, without limitation, statements regarding the possible acquisition or disposition by the Company of securities in Medgold; statements about; acquisition opportunities in the Americas. Often, but not always, these Forward looking Statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties and factors include, among others, whether the Company will in the future acquire or dispose of securities in Medgold; changes in general economic conditions and financial markets; changes in prices for silver and other metals; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward looking Statements.





Investor Relations:
Carlos Baca- T (Peru)
51.1.616.6060, ext. 0




Read more...
Fortuna Reports Results of Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 17, 2016) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) hereby announces the voting results at the Company's annual general meeting held yesterday. A total of 87,428,866 common shares were represented at the meeting, being 67.0% of the Company's issued and outstanding shares. Shareholders voted in favour of all matters brought before the meeting including the appointment of auditors for the ensuing year, and the election of management's nominees as directors. Detailed results of the votes on the election of directors are as follows:


Director
Votes For
Votes Withheld


Jorge Ganoza Durant

Simon Ridgway

Michael Iverson

Mario Szotlender

Robert Gilmore

Thomas Kelly

David Farrell
63,289,809 (92.5%)

60,591,557 (88.6%)

66,025,445 (96.5%)

35,989,820 (52.6%)

66,060,418 (96.6%)

46,857,061 (68.5%)

66,072,109 (96.6%)
5,119,387 (7.5%)

7,817,639 (11.4%)

2,383,752 (3.5%)

32,419,378 (47.4%)

2,348,777 (3.4%)

21,552,136 (31.5%)

2,337,088 (3.4%)



About Fortuna Silver Mines Inc. Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver Mine in southern Peru and the San Jose silver-gold Mine in Mexico. The company is selectively pursuing acquisition opportunities throughout the Americas. For more information, please visit our website at www.fortunasilver.com. ON BEHALF OF THE BOARD


Jorge A. Ganoza


President, CEO and Director


Fortuna Silver Mines Inc.



Forward looking Statements This news release contains forward looking statements which constitute "forward looking information" within the meaning of applicable Canadian securities legislation and "forward looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward looking Statements"). All statements included herein, other than statements of historical fact, are Forward looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward looking Statements in this news release may include, without limitation, statements about the Company's plans for its mines and mineral properties; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward looking Statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver and other metals; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward looking Statements.





Investor Relations:
Carlos Baca- T (Peru)
51.1.616.6060, ext. 0




Read more...
Fortuna to Acquire Goldrock Mines Corp.

Sourcing Continued Low Cost Precious Metals Production Growth

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 7, 2016) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) ("Fortuna", the "Company") and Goldrock Mines Corp. (TSX VENTURE:GRM) ("Goldrock") are pleased to announce that they have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which Fortuna has agreed to acquire all of the issued and outstanding common shares of Goldrock (the "Arrangement"). Goldrock's principal asset is the 100% owned Lindero Project located in Salta Province, Argentina. The Lindero Project is an open pit, heap leach gold project with a completed 2016 feasibility study which has been granted the environmental permit necessary for development of the project. Transaction Highlights:

Acquisition provides for continued expansion of low cost production
Fortuna will be focused on bringing the Lindero project into production by 2018
Potential production of approximately 26.5 Moz of silver equivalent (or approximately 346 koz of gold equivalent) annually by 20181
Pro Forma all-In Sustaining Cost ("AISC") of less than US$10/oz silver equivalent (or approximately US$765/oz gold equivalent)2
Combined company with two operating mines and a development project in three top mining jurisdictions in the Americas
Development of the Lindero project benefits from Fortuna's financial flexibility through a strong balance sheet, zero net debt, and strong free cash flow generation
Shareholders representing approximately 26% of Goldrock shares have agreed to support the transaction

The combination of Fortuna and Goldrock is expected to expand Fortuna's already low cost silver equivalent production, and will add an asset with over 10 years of reserve mine life, the ability to add significant free cash flow once constructed, and property and district scale exploration opportunities. Under the terms of the Arrangement Agreement, each common share of Goldrock (a "Goldrock Share") will be exchanged for 0.1331 (the "Exchange Ratio") of a Fortuna common share (a "Fortuna Share"). Based on the closing prices of Fortuna Shares and Goldrock Shares on the Toronto Stock Exchange ("TSX") and TSX Venture exchange ("TSX-V") respectively on June 6, 2016, the consideration to be received by the Goldrock shareholders pursuant to the Arrangement represents the equivalent of C$1.08 per Goldrock Share. The consideration to be received by holders of Goldrock Shares represents premiums of 58.2% based on the June 6, 2016 closing price of Goldrock Shares on TSX-V and 84.6% based on the 20-day volume-weighted average trading price of Goldrock Shares on the TSX-V as of June 6, 2016. The Exchange Ratio implies a total equity value for the Arrangement of approximately C$129 million on a fully-diluted in-the-money basis. Following completion of the transaction, each warrant to purchase a Goldrock Share will instead represent a right to receive 0.1331 of a Fortuna share. All options to purchase a Goldrock Share are in-the-money and will be exercised on or prior to completion of the Arrangement.


1Assumes 2018 as first full year of Lindero gold production of 127 koz from the Lindero Technical Report and Fortuna production of 9.1 Moz silver, 51 koz gold production, 25 Mlb lead production, and 33 Mlb zinc production using $1,150/oz gold, $15.00/oz silver, $1.0/lb lead, $1.0/lb zinc for metal equivalency





2Corresponds to 2018 estimated Fortuna AISC of $11.6/oz silver equivalent or $9.2/oz silver net of by-product credits and Lindero first full year of production AISC OF $549/oz gold



Benefits to Fortuna Shareholders

Lindero 2016 Feasibility Study: 26% after-tax IRR and NPV5% of US$152M (US$1,200/oz gold)

Fortuna has identified upfront capital project opportunities, which may marginally reduce the project IRR, but also improve the project's risk profile
Pro Forma 2018 annual production of 26.5 million silver equivalent ounces including base metals (28% 3-year CAGR vs 2015)
Accretive to Fortuna on all key metrics including net asset value, reserves, resources and adjusted cashflow basis to Fortuna shareholders
Increases precious metals equivalent reserve base by 200%
Property and district scale exploration opportunities

Benefits to Goldrock Shareholders:

Immediate premium to Goldrock shareholders of 58.2% based on the closing price of Fortuna and Goldrock on June 6, 2016 and 84.6% based on the 20-day volume-weighted average price of Goldrock on June 6, 2016
Exposure to Fortuna's asset portfolio of operating mines, in particular the low cost San Jose Mine, and diversifies Goldrock's single-asset and development-stage risks, as well as metal exposure
Enhanced financial position with Fortuna's strong balance sheet, free cashflow from Fortuna's producing mines and access to low cost credit facilities
Construction of the Lindero Project will benefit from the combined Fortuna and Goldrock Latin American mine development and operating expertise
Increased trading liquidity with an enhanced and more robust capital markets profile

Jorge Ganoza, President & CEO of Fortuna, stated: "We are very pleased to bring this transaction forward for our shareholders. Fortuna has remained disciplined in its growth initiatives while building and preserving a robust balance sheet and positioning the Company for the value-creating opportunities that complement our existing portfolio of high-quality assets." He added, "We believe the addition of the low-cost, long-life Lindero gold Project provides such an opportunity while underpinning an industry leading business. The combination has the potential to expand our low cost production with significant free cash flow generation and diversified production, which will allow Fortuna to become one of the lowest cost precious metals producers globally." Paul Matysek, President and CEO of Goldrock, stated: "We are very excited to combine Goldrock with Fortuna. This transaction provides our shareholders with an immediate premium while retaining exposure to longer term value creation that the Lindero Project will offer to the merged company. I am very proud of the tireless work exerted by the Goldrock team who has nurtured this quality asset under challenging conditions from discovery to development stage. We look forward to Fortuna constructing and commissioning this mine." Transaction Summary The proposed business combination will be effected by way of a Plan of Arrangement completed under the Business Corporations Act (British Columbia). The Arrangement will be subject to the approval of at least 66-2/3% of the votes cast by holders of Goldrock Shares at a special meeting of Goldrock shareholders expected to take place at the end of July 2016. In addition to the shareholder approvals, the Arrangement is also subject to the receipt of certain regulatory, court and stock exchange approvals and other closing conditions customary in transactions of this nature. The Arrangement Agreement has been unanimously approved by the boards of directors of each of Goldrock and Fortuna. Fort Capital Partners has provided a fairness opinion to the board of directors of Goldrock that, subject to the assumptions, limitations and qualifications set out in such fairness opinion, the consideration under the Transaction is fair, from a financial point of view, to the Goldrock shareholders. The directors and executive officers of Goldrock, as well as Goldrock's major shareholders including Orion Mine Finance and Waterton Global Resource Management holding in aggregate approximately 26% of Goldrock's outstanding common shares have entered into customary voting support agreements in favour of the Arrangement. The Arrangement Agreement includes customary deal protection provisions including a non-solicitation covenant on the part of Goldrock and gives Goldrock the right to accept a superior proposal in certain circumstances and terminate the Arrangement Agreement. Fortuna has a six day right to match any superior proposal. The Arrangement Agreement also provides for the payment by Goldrock of a C$7.0 million termination fee if the Arrangement Agreement is terminated in certain circumstances and a reciprocal expense reimbursement of C$1 million payable under certain circumstances. Further information regarding the Arrangement will be contained in an information circular that Goldrock will prepare, file and mail in due course to the Goldrock shareholders in connection with the special meeting of the Goldrock shareholders to be held to consider the Arrangement. All shareholders are urged to read the information circular once available as it will contain additional important information concerning the Arrangement. The Arrangement Agreement will be filed on the SEDAR. Advisors and Counsel Raymond James Ltd. is acting as the exclusive financial advisor to Fortuna. Blake, Cassels & Graydon LLP is acting as legal counsel to Fortuna. Fort Capital Partners and Axemen Resource Capital Ltd. are acting as financial advisors to Goldrock. Stikeman Elliott LLP is acting as legal counsel to Goldrock. On behalf of the Board of Directors of Fortuna Silver Mines By: "Jorge Ganoza" President and CEO On behalf of the Board of Directors of Goldrock Mines By: "Paul Matysek" President and CEO Conference Call and Webcast Information Fortuna will host a conference call on Wednesday, June 8 at 9:00 a.m. (Toronto, Canada time) for members of the investment community to discuss the business transaction. A copy of the transaction investor presentation will be made available on the Fortuna website prior to the conference call. Webcast Participants To register, please copy and paste the link below into your browser: http://www.investorcalendar.com/IC/CEPage.asp?ID=175071 Teleconference Participants (required for those who wish to ask questions) Date: Wednesday, June 8, 2016 Time: 6:00 a.m. Pacific / 9:00 a.m. Eastern Dial in number (Toll Free): 1.877.407.8035 Dial in number (International): 1.201.689.8035 Replay number (Toll Free): 1.877.660.6853 Replay number (International): 1.201.612.7415 Replay Passcode: 13639093 Playback of the webcast will be available until September 8, 2016. Playback of the conference call will be available until June 22, 2016 at 11:59 p.m. Eastern. In addition, a transcript of the call will be archived in the Company's website: http://www.fortunasilver.com/s/financial_reports.asp. About Fortuna Silver Mines Inc. Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma silver mine in southern Peru and the San Jose silver-gold mine in Mexico. The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit our website at www.fortunasilver.com. About Goldrock Mines Corp. Goldrock Mines Corp. is an emerging gold producer focused on the development of its 100% owned Lindero gold deposit located in Salta province, northwestern Argentina. The company has been granted the primary mining permit by the Salta provincial government allowing the Company to develop the Lindero open pit, heap leach gold mine. The company also has secondary permits in place for process water extraction, road construction, building and electrical permits. In addition, the company has received formal public declaration of support for the Lindero development by a Salta provincial government decree recognizing Lindero as the priority development project for Salta province. With the HPGR unit delivered into Argentina, the purchase of land in Pocitos, the completion of water supply wells and basic engineering including the preparation of construction bid packages, the company is positioning itself for a smooth transition to full construction. The focused activity taken by the company to date has significantly de-risked the remaining construction and development schedule deliverables for the project. Average annual gold production is anticipated to average 128,000 ounces over the first three years of production and to average 108,000 ounces during the first nine years. Total mine life is estimated at over 12 years, with significant exploration potential both at Lindero and the adjacent Arizaro deposit which has the potential to use the planned Lindero infrastructure. 2016 Lindero Project Feasibility Study Highlights


LOM Gold Production
(oz Au)
1,149,000


Mine Life
(Years)
12


Mine Throughput
(Mt)
82.5


LOM Average Annual Production
(oz Au)
96,000


Peak Production Year
(oz Au)
138,000


LOM Cash Costs
(US$/oz)
$661


LOM AISC
(US$/oz)
$715


Strip Ratio
(Waste:Ore)
1.22:1


Recoveries
(%)
68.3%



Cautionary Statement for Public Release Certain information contained in this public release may be deemed "forward-looking" within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect Fortuna's and Goldrock's expectations regarding the generation of free cash flow, execution of business strategy, future development and construction, future growth, future production, estimated costs, results of operations, business prospects and opportunities of Fortuna and Goldrock. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Specific forward-looking statements in this public release include the expected timing for production at the Lindero Project, 2018 production estimates, 2018 AISC estimates, expectations with respect to the accretive nature of the Arrangement, enhancements to the financial position of Fortuna, impact of identified upfront capital project opportunities, mine life at the Lindero Project, increased trading liquidity and relative market position of the combined company, the completion of construction of the Lindero Project, the completion of the Arrangement and the estimated compound growth rate. Metals prices assumed for equivalency are US$1,150/oz gold, US$15.00/oz silver and US$2,200/t zinc and lead. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks, the failure to obtain shareholder, regulatory or court approvals in connection with the Arrangement, adverse changes in the construction timetable or progress at the Lindero Project, and those risk factors identified in Fortuna's most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at www.sedar.com under Fortuna's name and risks disclosed in information circular for the meeting of Goldrock shareholders that will be filed on SEDAR under Goldrock's name in due course. There are no assurances Fortuna and Goldrock can fulfil forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to the respective management teams as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing Fortuna and Goldrock, some of which are beyond Fortuna's or Goldrock's control. Although the Fortuna and Goldrock believe that any forward- looking statements and information contained in this press release are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Fortuna and Goldrock expressly disclaim any intention or obligation to update or revise any forward-looking statements and information, whether as a result of new information, events or otherwise, except as required by applicable securities laws. The information contained in this release is not investment or financial product advice. The scientific and technical data contained in this news release has been reviewed and approved by the following independent Qualified Persons under NI 43-101: Edwin Gutierrez, Technical Services Corporate Manager for Fortuna Silver Mines Inc. Mr. Gutierrez is a Registered Member of the Society for Mining, Metallurgy and Exploration, Inc. (SME Registered Member Number 4119110RM) and is responsible for ensuring that the scientific and technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by Fortuna Silver Mines. The scientific and technical data contained in this news release has been reviewed and approved by the following independent Qualified Persons under NI 43-101: David Keough, F.AusIMM (CP), COO and a Director of Goldrock Mines Corp., is Goldrock's designated Qualified Person.





Fortuna Investor Relations:
Carlos Baca- T (Peru)
51.1.616.6060, ext. 0
Goldrock:
Bassam Moubarak
Chief Financial Officer
1-604-681-4462




Read more...

Ratios

vs
industry
vs
history
PE Ratio 40.67
FSM's PE Ratio is ranked lower than
99.99% of the 450 Companies
in the Global Silver industry.

( Industry Median: 19.78 vs. FSM: 40.67 )
Ranked among companies with meaningful PE Ratio only.
FSM' s PE Ratio Range Over the Past 10 Years
Min: 12.66  Med: 35.65 Max: 1169.56
Current: 40.67
12.66
1169.56
Forward PE Ratio 16.50
FSM's Forward PE Ratio is ranked lower than
53% of the 583 Companies
in the Global Silver industry.

( Industry Median: 17.01 vs. FSM: 16.50 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 40.67
FSM's PE Ratio without NRI is ranked lower than
99.99% of the 443 Companies
in the Global Silver industry.

( Industry Median: 20.29 vs. FSM: 40.67 )
Ranked among companies with meaningful PE Ratio without NRI only.
FSM' s PE Ratio without NRI Range Over the Past 10 Years
Min: 12.34  Med: 35.65 Max: 1169.56
Current: 40.67
12.34
1169.56
PB Ratio 1.59
FSM's PB Ratio is ranked higher than
52% of the 1388 Companies
in the Global Silver industry.

( Industry Median: 2.03 vs. FSM: 1.59 )
Ranked among companies with meaningful PB Ratio only.
FSM' s PB Ratio Range Over the Past 10 Years
Min: 0.39  Med: 2 Max: 7.23
Current: 1.59
0.39
7.23
PS Ratio 3.07
FSM's PS Ratio is ranked lower than
71% of the 672 Companies
in the Global Silver industry.

( Industry Median: 1.84 vs. FSM: 3.07 )
Ranked among companies with meaningful PS Ratio only.
FSM' s PS Ratio Range Over the Past 10 Years
Min: 1.37  Med: 3.82 Max: 3240
Current: 3.07
1.37
3240
Price-to-Free-Cash-Flow 87.14
FSM's Price-to-Free-Cash-Flow is ranked lower than
99.99% of the 237 Companies
in the Global Silver industry.

( Industry Median: 17.07 vs. FSM: 87.14 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
FSM' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 16.67  Med: 57.98 Max: 197.89
Current: 87.14
16.67
197.89
Price-to-Operating-Cash-Flow 12.72
FSM's Price-to-Operating-Cash-Flow is ranked lower than
69% of the 385 Companies
in the Global Silver industry.

( Industry Median: 8.68 vs. FSM: 12.72 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
FSM' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 4.71  Med: 12.66 Max: 345
Current: 12.72
4.71
345
EV-to-EBIT 13.23
FSM's EV-to-EBIT is ranked lower than
78% of the 904 Companies
in the Global Silver industry.

( Industry Median: 20.02 vs. FSM: 13.23 )
Ranked among companies with meaningful EV-to-EBIT only.
FSM' s EV-to-EBIT Range Over the Past 10 Years
Min: -326  Med: 12.2 Max: 582.6
Current: 13.23
-326
582.6
EV-to-EBITDA 7.92
FSM's EV-to-EBITDA is ranked lower than
54% of the 971 Companies
in the Global Silver industry.

( Industry Median: 10.14 vs. FSM: 7.92 )
Ranked among companies with meaningful EV-to-EBITDA only.
FSM' s EV-to-EBITDA Range Over the Past 10 Years
Min: -100.3  Med: 10.6 Max: 161.7
Current: 7.92
-100.3
161.7
PEG Ratio 4.57
FSM's PEG Ratio is ranked lower than
99.99% of the 107 Companies
in the Global Silver industry.

( Industry Median: 1.85 vs. FSM: 4.57 )
Ranked among companies with meaningful PEG Ratio only.
FSM' s PEG Ratio Range Over the Past 10 Years
Min: 0.25  Med: 0.46 Max: 298.36
Current: 4.57
0.25
298.36
Shiller PE Ratio 102.54
FSM's Shiller PE Ratio is ranked lower than
88% of the 183 Companies
in the Global Silver industry.

( Industry Median: 24.05 vs. FSM: 102.54 )
Ranked among companies with meaningful Shiller PE Ratio only.
FSM' s Shiller PE Ratio Range Over the Past 10 Years
Min: 47.83  Med: 147 Max: 295
Current: 102.54
47.83
295
Current Ratio 2.87
FSM's Current Ratio is ranked higher than
55% of the 1502 Companies
in the Global Silver industry.

( Industry Median: 2.17 vs. FSM: 2.87 )
Ranked among companies with meaningful Current Ratio only.
FSM' s Current Ratio Range Over the Past 10 Years
Min: 0.01  Med: 3.71 Max: 9.03
Current: 2.87
0.01
9.03
Quick Ratio 2.64
FSM's Quick Ratio is ranked higher than
58% of the 1502 Companies
in the Global Silver industry.

( Industry Median: 1.71 vs. FSM: 2.64 )
Ranked among companies with meaningful Quick Ratio only.
FSM' s Quick Ratio Range Over the Past 10 Years
Min: 0.01  Med: 3.23 Max: 8.77
Current: 2.64
0.01
8.77
Days Inventory 32.68
FSM's Days Inventory is ranked higher than
81% of the 606 Companies
in the Global Silver industry.

( Industry Median: 76.92 vs. FSM: 32.68 )
Ranked among companies with meaningful Days Inventory only.
FSM' s Days Inventory Range Over the Past 10 Years
Min: 24.75  Med: 35.99 Max: 56.64
Current: 32.68
24.75
56.64
Days Sales Outstanding 40.83
FSM's Days Sales Outstanding is ranked lower than
62% of the 600 Companies
in the Global Silver industry.

( Industry Median: 36.83 vs. FSM: 40.83 )
Ranked among companies with meaningful Days Sales Outstanding only.
FSM' s Days Sales Outstanding Range Over the Past 10 Years
Min: 4.71  Med: 36.84 Max: 75.25
Current: 40.83
4.71
75.25
Days Payable 43.55
FSM's Days Payable is ranked lower than
63% of the 464 Companies
in the Global Silver industry.

( Industry Median: 47.37 vs. FSM: 43.55 )
Ranked among companies with meaningful Days Payable only.
FSM' s Days Payable Range Over the Past 10 Years
Min: 0.66  Med: 43.92 Max: 117.08
Current: 43.55
0.66
117.08

Buy Back

vs
industry
vs
history
5-Year Yield-on-Cost % 1.40
FSM's 5-Year Yield-on-Cost % is ranked lower than
63% of the 895 Companies
in the Global Silver industry.

( Industry Median: 2.23 vs. FSM: 1.40 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
FSM' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0  Med: 0 Max: 0
Current: 1.4
3-Year Average Share Buyback Ratio -3.10
FSM's 3-Year Average Share Buyback Ratio is ranked higher than
86% of the 1131 Companies
in the Global Silver industry.

( Industry Median: -12.90 vs. FSM: -3.10 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
FSM' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -225  Med: -12.4 Max: -0.8
Current: -3.1
-225
-0.8

Valuation & Return

vs
industry
vs
history
Price-to-Net-Current-Asset-Value 25.72
FSM's Price-to-Net-Current-Asset-Value is ranked lower than
97% of the 640 Companies
in the Global Silver industry.

( Industry Median: 8.00 vs. FSM: 25.72 )
Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
FSM' s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.65  Med: 9.2 Max: 26.17
Current: 25.72
1.65
26.17
Price-to-Tangible-Book 1.63
FSM's Price-to-Tangible-Book is ranked higher than
56% of the 1342 Companies
in the Global Silver industry.

( Industry Median: 2.29 vs. FSM: 1.63 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
FSM' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.53  Med: 1.63 Max: 2.98
Current: 1.63
0.53
2.98
Price-to-Intrinsic-Value-Projected-FCF 2.18
FSM's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
59% of the 325 Companies
in the Global Silver industry.

( Industry Median: 2.03 vs. FSM: 2.18 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
FSM' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 2.12  Med: 5.9 Max: 101.67
Current: 2.18
2.12
101.67
Price-to-Median-PS-Value 0.82
FSM's Price-to-Median-PS-Value is ranked higher than
61% of the 518 Companies
in the Global Silver industry.

( Industry Median: 1.05 vs. FSM: 0.82 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
FSM' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.53  Med: 0.89 Max: 1.86
Current: 0.82
0.53
1.86
Price-to-Graham-Number 1.77
FSM's Price-to-Graham-Number is ranked lower than
99.99% of the 368 Companies
in the Global Silver industry.

( Industry Median: 1.43 vs. FSM: 1.77 )
Ranked among companies with meaningful Price-to-Graham-Number only.
FSM' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.22  Med: 2.08 Max: 3.82
Current: 1.77
1.22
3.82
Earnings Yield (Greenblatt) % 7.53
FSM's Earnings Yield (Greenblatt) % is ranked higher than
61% of the 1748 Companies
in the Global Silver industry.

( Industry Median: -0.10 vs. FSM: 7.53 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
FSM' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.2  Med: 6.3 Max: 56.3
Current: 7.53
0.2
56.3
Forward Rate of Return (Yacktman) % -1.63
FSM's Forward Rate of Return (Yacktman) % is ranked lower than
59% of the 305 Companies
in the Global Silver industry.

( Industry Median: -2.06 vs. FSM: -1.63 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
FSM' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -52.1  Med: -3.6 Max: 66.8
Current: -1.63
-52.1
66.8

More Statistics

Revenue (TTM) (Mil) $210.3
EPS (TTM) $ 0.11
Beta0.83
Short Percentage of Float0.00%
52-Week Range $4.11 - 9.75
Shares Outstanding (Mil)146.98

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 240 272 377
EPS ($) 0.28 0.38 0.58
EPS without NRI ($) 0.28 0.38 0.58
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($)
» More Articles for FSM

Headlines

Articles On GuruFocus.com
Fortuna Reports Production of 2.1 Million Ounces of Silver and 14,111 Ounces of Gold for the Third Q Oct 13 2016 
Fortuna Announces Change in the Board of Directors Oct 03 2016 
Fortuna Commissions 3,000 tpd Mill Expansion On-Time and Under-Budget at the San Jose Mine, Mexico Jul 06 2016 
Early Warning Report Jun 20 2016 
Fortuna Reports Results of Annual General Meeting Jun 17 2016 
Fortuna to Acquire Goldrock Mines Corp. Jun 07 2016 
Fortuna Reports Consolidated Financial Results for the First Quarter 2016 May 09 2016 
Fortuna Reports Production of 1.6 Million Ounces of Silver and 9,264 Ounces of Gold for First Quarte Apr 13 2016 
Fortuna Files Form 40-F, Annual Report Mar 29 2016 
Fortuna Updates Reserves and Resources Mar 24 2016 

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