Fortuna Mining Corp. (FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE) had a very strong quarter, with all mines operating at guidance (Séguéla outperforming), leading to record revenue and free cash flow.
Cash costs fell to just $929 an ounce, with AISC also down to $1,640 per ounce. (Costs had been higher in the previous quarter because of high cost ounces at the depleting San Jose, since sold.)
The balance sheet was strengthened, and the company repurchased nearly one million shares during the quarter.
The Company That Can’t Get No Respect
Yet a penny miss on earnings sent the stock down sharply, in a classic case of market overreaction. Probably, it was algorithms and so-called Artificial Intelligence (sic) responding to headings proclaiming “earnings down” and didn’t bother reading the rest.
Whoever said markets were rational?
After selling two end-of-life mines last quarter, Fortuna CEO Jorge Ganoza discussed the company’s strong…
