Fortuna Silver Mines Inc. (NYSE:FSM) Stock Slumps 15% in a Week: A Good Buy Now?
Fortuna Silver Mines Inc. (NYSE:FSM) is down 15% in a week. The company has announced Q2 production results from its operating mines. The results are from Caylloma Mine in Peru, Lindero Mine in Argentina, and San Jose Mine in Mexico. Fortuna Silver produced 31,048 gold ounces or 55,953 gold equivalent ounces and 1,892,822 silver ounces.
For the first six months of 2021, gold and silver production was 65,603 ounces and 3,806,577 ounces, respectively. The mining company also provided a revised production and cost projection for 2021, including gold production in 2H 2021 from the Yaramoko Mine in Burkina Faso.
The company has updated the consolidated gold and silver production and cost guidance following the closing of the business combination with Roxgold Inc. at the beginning of the month. The company now expects 194,000 to 223,000 gold ounces and 6.8 million to 7.6 million silver ounces in 2021. In addition, production from the Yaramoko Mine will contribute to Fortuna’s full-year guidance, around 30-32% of the revised guidance. So in the coming months, FSM is a stock to watch.
Market Reaction:
On Wednesday, FSM stock jumped 2% at $4.42 with more than 7.42 million shares, compared to its average volume of 4.39 million shares. The stock has moved within a range of $4.2900 – 4.4758 after opening the trade at $4.32. Over the past 52-week, the stock has been trading within a range of $4.2900 – 9.8500.
