Fortuna Silver Reports 2015 Net Loss of $10.6 Million

Fortuna Silver Mines Inc. (TSX:FVI,NYSE:FSM) released its consolidated financial results for 2015, commenting that it incurred a net loss of $10.6 million, and adjusted net income of $6.7 million. Revenue came in at $154.7 million.
Other 2015 highlights are as follows:

• Impairment of Caylloma Mine of $25.0 million, before tax in 2015
• Adjusted net income of $6.7 million, compared to $15.7 million in 2014
• Adjusted earnings per share of $0.05, compared to $0.12 in 2014
• Cash position, including short term investments as at December 31, 2015 was $108.2 million
• Silver and gold production of 6,624,635 ounces and 39,689 ounces, respectively
• Cash cost per ounce of payable silver, net of by-product credits for gold, lead and zinc, was $3.59
• All-in sustaining cash cost per ounce of payable silver, net of by-product credits for gold, lead and zinc, was $14.51

Jorge A. Ganoza, president and CEO of Fortuna, commented:

Our 2015 operational and financial results reflect Fortuna’s capacity to perform soundly in a challenging metal price environment. Adjusting for a $25.0 million impairment at our Caylloma Mine, the company delivered $6.7 million of adjusted net income.” Mr. Ganoza continued, “San Jose exceeded its silver and gold production guidance while Caylloma successfully shifted mining to high grade polymetallic zones in the Animas Vein, resulting in increased zinc and lead output that helped improve margins. All-in sustaining cash cost of $14.51 per silver ounce, 13% below annual guidance, is the result of higher by-product credits and material savings in our CAPEX budget; For 2016 we have provided guidance for an All-in sustaining cash cost of $11.1 per silver ounce as we transition in July to the expanded new rate of 3,000 tpd at San Jose.

Click here to read the full Fortuna Silver Mines Inc. (TSX:FVI,NYSE:FSM) press release.