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Fortuna reports 19% silver output decline in 2020, expects gold production to grow up to 365% in 2021

19 January 2021



Fortuna Silver Mines (TSX: FVI) today reported production results for the fourth-quarter and full-year 2020 from its three operating mines in Latin America, the San Jose mine in Mexico, the Caylloma mine in Peru, and the Lindero mine in Argentina.For the full year 2020, the company produced 7,133,717 ounces of silver and 55,349 ounces of gold or 11.3 million silver equivalent ounces.


The company withdrew its production and cost guidance for 2020 in early April due to the COVID-19 pandemic and the temporary shutdown of operations mandated by governments in Mexico and Argentina and chose not to issue a revised guidance when operations and activities re-started in Mexico and Argentina.


In 2020, the company produced 7,133,717 ounces of silver, a 19% decrease over 2019, while gold production increased by 10% to 55,349 ounces. Lead production was 29,627,923 pounds, or 3% higher than in 2019. Zinc production of 45,545,299 pounds was in line with 2019.


In 2021, the company expects gold production of between 178 to 202 thousand ounces; a projected increase of between 322 to 365% over 2020. Silver production will be between 6.8 to 7.6 million ounces; a projected decrease of 5% over 2020 to a projected increase of 7% over 2020. Gold equivalent production in 2021 expected to be between 267 to 302 thousand ounces; a projected increase of between 79 to 103% over 2020.


Fortuna Silver Mines is a Canadian precious metals mining company with operations in Peru, Mexico and Argentina