Fortuna Silver Mines reports Q2 attributable EPS 13c vs. 1c last year

Reports Q2 revenue $260M vs. $158.4M last year. “Our business performed well in the quarter, generating strong net cash flow from operations of $93.0 million before working capital changes and free cash flow after sustaining capital of $38.6 million.” said Jorge Ganoza, Fortuna’s President and CEO. Ganoza continued, “We anticipate our free cash flow to increase further in the second half of the year as we conclude a heavy sustaining capex phase in the third quarter with the completion of the Lindero leach pad expansion project.” Mr. Ganoza added, “With the issue of $172.5 million of convertible notes we have significantly strengthened our balance sheet and liquidity while lowering our cost of capital. This added financial flexibility places the Company in an advantageous position to pursue strategic initiatives and emerging opportunities in our established regions.” Mr. Ganoza concluded “On the exploration front we continue creating value through discovery. At the recently identified Kingfisher prospect, at the Seguela mine, we have drill defined gold mineralization over a strike length of two kilometers. Our drill program will continue non-stop with the aim of delivering a first resource for this exciting new discovery by year end.”