Fortuna Silver Mines Inc. (NYSE:FSM) Q1 2024 Earnings Conference Call May 8, 2024 12:00 PM ET
Company Participants
Carlos Baca - Vice President, Investor Relations
Jorge Alberto Ganoza - President and Chief Executive Officer
Luis Dario Ganoza - Chief Financial Officer
Cesar Velasco - Chief Operating Officer, Latin America
David Whittle - Chief Operating Officer, West Africa
Conference Call Participants
Adrian Day - Adrian Day Asset Management
Don DeMarco - National Bank Financial
Eric Winmill - Scotiabank
Tony Christ - Odyssey Investments
Operator
Greetings and welcome to the First Quarter 2024 Financial and Operational Results Call for Fortuna Silver. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Carlos Baca, Vice President of Investor Relations. Sir, you may begin.
Carlos Baca
Thank you, Ali. Good morning, ladies and gentlemen. I would like to welcome you to Fortuna Silver Mines first quarter 2024 financial and operational results conference call.
Hosting the call today on behalf of the company will be Jorge Alberto Ganoza, President and Chief Executive Officer; Luis Dario Ganoza, Chief Financial Officer; Cesar Velasco, Chief Operating Officer, Latin America; and David Whittle, Chief Operating Officer, West Africa.
Today’s earnings call presentation is available on our website. As a reminder, statements made during this call are subject to the reader advisories included in yesterday’s news release, the earnings call presentation, MD&A and the risk factors in our annual information form. Financial figures contained in the presentation and discussed in today’s call are presented in U.S. dollars unless otherwise stated. Technical information in the presentation has been reviewed and approved by Eric Chapman, Fortuna’s Senior Vice President of Technical Services and qualified person.
I would now like to turn the call over to Jorge Alberto Ganoza, President, Chief Executive Officer and Co-Founder of Fortuna.
Jorge Alberto Ganoza
Good morning to all. We continue to report strong operational and financial performance and according to our plans and guidance expect an even stronger second half of the year for production and costs. Of our $225 million in sales, gold contributed 81% and silver 10%, with the balance being [indiscernible]. We realized an average gold price in the quarter of $2,087 per ounce compared to $1,990 in the fourth quarter of 2023. Silver stayed flat at $23 quarter-over-quarter. Our attributable net income and adjusted net income for the quarter were both $26 million or $0.09 per share. Cash flow from operations before changes in working capital was $84 million or $0.28 per share. Both earnings and cash flow were well ahead of analysts’ consensus figures of $0.06 and $0.25 per share respectively.