Intrinsic value of Fortuna Silver Mines - FSM

Previous Close

$4.53

  Intrinsic Value

$28.08

stock screener

  Rating & Target

str. buy

+520%

Previous close

$4.53

 
Intrinsic value

$28.08

 
Up/down potential

+520%

 
Rating

str. buy

We calculate the intrinsic value of FSM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  35.90
  32.81
  30.03
  27.53
  25.27
  23.25
  21.42
  19.78
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
Revenue, $m
  285
  379
  493
  629
  787
  970
  1,178
  1,411
  1,670
  1,953
  2,261
  2,593
  2,949
  3,328
  3,730
  4,154
  4,599
  5,066
  5,555
  6,064
  6,595
  7,148
  7,723
  8,321
  8,942
  9,587
  10,258
  10,955
  11,680
  12,434
Variable operating expenses, $m
  57
  76
  99
  126
  157
  194
  236
  282
  334
  391
  452
  519
  590
  666
  746
  831
  920
  1,013
  1,111
  1,213
  1,319
  1,430
  1,545
  1,664
  1,788
  1,917
  2,052
  2,191
  2,336
  2,487
Fixed operating expenses, $m
  130
  133
  136
  139
  142
  145
  148
  151
  154
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
  196
  201
  205
  209
  214
  219
  224
  229
  234
  239
  244
Total operating expenses, $m
  187
  209
  235
  265
  299
  339
  384
  433
  488
  549
  613
  684
  759
  838
  922
  1,011
  1,104
  1,201
  1,303
  1,409
  1,520
  1,635
  1,754
  1,878
  2,007
  2,141
  2,281
  2,425
  2,575
  2,731
Operating income, $m
  99
  171
  259
  364
  488
  632
  795
  978
  1,181
  1,404
  1,647
  1,910
  2,191
  2,490
  2,808
  3,143
  3,496
  3,865
  4,252
  4,655
  5,076
  5,514
  5,969
  6,442
  6,935
  7,446
  7,978
  8,531
  9,105
  9,703
EBITDA, $m
  142
  228
  333
  459
  607
  779
  973
  1,192
  1,434
  1,700
  1,990
  2,302
  2,637
  2,994
  3,373
  3,772
  4,192
  4,632
  5,093
  5,573
  6,074
  6,596
  7,138
  7,702
  8,288
  8,898
  9,531
  10,189
  10,874
  11,586
Interest expense (income), $m
  0
  2
  5
  8
  12
  17
  23
  29
  36
  45
  54
  64
  75
  86
  99
  112
  127
  141
  157
  174
  191
  209
  228
  247
  268
  289
  311
  333
  357
  382
  407
Earnings before tax, $m
  96
  166
  251
  352
  471
  609
  766
  942
  1,137
  1,351
  1,584
  1,835
  2,105
  2,392
  2,696
  3,017
  3,354
  3,708
  4,078
  4,464
  4,867
  5,286
  5,722
  6,175
  6,646
  7,136
  7,644
  8,174
  8,724
  9,296
Tax expense, $m
  26
  45
  68
  95
  127
  164
  207
  254
  307
  365
  428
  495
  568
  646
  728
  815
  906
  1,001
  1,101
  1,205
  1,314
  1,427
  1,545
  1,667
  1,794
  1,927
  2,064
  2,207
  2,355
  2,510
Net income, $m
  70
  121
  183
  257
  344
  445
  559
  687
  830
  986
  1,156
  1,340
  1,536
  1,746
  1,968
  2,202
  2,449
  2,707
  2,977
  3,259
  3,553
  3,859
  4,177
  4,508
  4,852
  5,209
  5,580
  5,967
  6,368
  6,786

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  672
  892
  1,160
  1,479
  1,853
  2,283
  2,772
  3,321
  3,928
  4,595
  5,320
  6,102
  6,939
  7,831
  8,777
  9,774
  10,822
  11,921
  13,070
  14,269
  15,518
  16,819
  18,172
  19,578
  21,040
  22,558
  24,137
  25,777
  27,483
  29,257
Adjusted assets (=assets-cash), $m
  672
  892
  1,160
  1,479
  1,853
  2,283
  2,772
  3,321
  3,928
  4,595
  5,320
  6,102
  6,939
  7,831
  8,777
  9,774
  10,822
  11,921
  13,070
  14,269
  15,518
  16,819
  18,172
  19,578
  21,040
  22,558
  24,137
  25,777
  27,483
  29,257
Revenue / Adjusted assets
  0.424
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
  0.425
Average production assets, $m
  432
  574
  746
  952
  1,192
  1,469
  1,784
  2,137
  2,528
  2,957
  3,423
  3,926
  4,465
  5,039
  5,647
  6,289
  6,964
  7,671
  8,410
  9,181
  9,985
  10,822
  11,693
  12,598
  13,538
  14,515
  15,531
  16,586
  17,684
  18,825
Working capital, $m
  -36
  -48
  -62
  -79
  -99
  -122
  -148
  -178
  -210
  -246
  -285
  -327
  -372
  -419
  -470
  -523
  -580
  -638
  -700
  -764
  -831
  -901
  -973
  -1,048
  -1,127
  -1,208
  -1,293
  -1,380
  -1,472
  -1,567
Total debt, $m
  90
  151
  225
  314
  418
  538
  674
  826
  995
  1,180
  1,382
  1,599
  1,832
  2,080
  2,343
  2,620
  2,911
  3,217
  3,536
  3,870
  4,217
  4,579
  4,955
  5,346
  5,752
  6,174
  6,613
  7,069
  7,543
  8,036
Total liabilities, $m
  187
  248
  322
  411
  515
  635
  771
  923
  1,092
  1,277
  1,479
  1,696
  1,929
  2,177
  2,440
  2,717
  3,009
  3,314
  3,633
  3,967
  4,314
  4,676
  5,052
  5,443
  5,849
  6,271
  6,710
  7,166
  7,640
  8,133
Total equity, $m
  485
  644
  837
  1,068
  1,338
  1,649
  2,002
  2,398
  2,836
  3,318
  3,841
  4,406
  5,010
  5,654
  6,337
  7,057
  7,814
  8,607
  9,437
  10,302
  11,204
  12,143
  13,120
  14,135
  15,191
  16,287
  17,427
  18,611
  19,843
  21,124
Total liabilities and equity, $m
  672
  892
  1,159
  1,479
  1,853
  2,284
  2,773
  3,321
  3,928
  4,595
  5,320
  6,102
  6,939
  7,831
  8,777
  9,774
  10,823
  11,921
  13,070
  14,269
  15,518
  16,819
  18,172
  19,578
  21,040
  22,558
  24,137
  25,777
  27,483
  29,257
Debt-to-equity ratio
  0.180
  0.230
  0.270
  0.290
  0.310
  0.330
  0.340
  0.340
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
Adjusted equity ratio
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  121
  183
  257
  344
  445
  559
  687
  830
  986
  1,156
  1,340
  1,536
  1,746
  1,968
  2,202
  2,449
  2,707
  2,977
  3,259
  3,553
  3,859
  4,177
  4,508
  4,852
  5,209
  5,580
  5,967
  6,368
  6,786
Depreciation, amort., depletion, $m
  43
  57
  75
  95
  119
  147
  178
  214
  253
  296
  342
  393
  447
  504
  565
  629
  696
  767
  841
  918
  999
  1,082
  1,169
  1,260
  1,354
  1,452
  1,553
  1,659
  1,768
  1,883
Funds from operations, $m
  114
  178
  258
  352
  463
  592
  737
  901
  1,082
  1,282
  1,498
  1,732
  1,983
  2,250
  2,533
  2,831
  3,145
  3,474
  3,818
  4,177
  4,551
  4,941
  5,346
  5,767
  6,205
  6,660
  7,134
  7,625
  8,137
  8,669
Change in working capital, $m
  -9
  -12
  -14
  -17
  -20
  -23
  -26
  -29
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
Cash from operations, $m
  123
  190
  272
  369
  483
  615
  764
  930
  1,115
  1,317
  1,537
  1,774
  2,028
  2,298
  2,583
  2,885
  3,201
  3,533
  3,879
  4,241
  4,618
  5,011
  5,419
  5,843
  6,284
  6,742
  7,218
  7,713
  8,228
  8,764
Maintenance CAPEX, $m
  -32
  -43
  -57
  -75
  -95
  -119
  -147
  -178
  -214
  -253
  -296
  -342
  -393
  -447
  -504
  -565
  -629
  -696
  -767
  -841
  -918
  -999
  -1,082
  -1,169
  -1,260
  -1,354
  -1,452
  -1,553
  -1,659
  -1,768
New CAPEX, $m
  -114
  -142
  -172
  -205
  -240
  -277
  -315
  -353
  -391
  -429
  -466
  -503
  -539
  -574
  -608
  -642
  -675
  -707
  -739
  -772
  -804
  -837
  -870
  -905
  -940
  -977
  -1,016
  -1,056
  -1,098
  -1,142
Cash from investing activities, $m
  -146
  -185
  -229
  -280
  -335
  -396
  -462
  -531
  -605
  -682
  -762
  -845
  -932
  -1,021
  -1,112
  -1,207
  -1,304
  -1,403
  -1,506
  -1,613
  -1,722
  -1,836
  -1,952
  -2,074
  -2,200
  -2,331
  -2,468
  -2,609
  -2,757
  -2,910
Free cash flow, $m
  -22
  5
  42
  89
  148
  218
  302
  399
  510
  636
  775
  929
  1,096
  1,277
  1,471
  1,678
  1,898
  2,129
  2,373
  2,629
  2,896
  3,175
  3,466
  3,769
  4,083
  4,411
  4,751
  5,105
  5,472
  5,854
Issuance/(repayment) of debt, $m
  49
  61
  74
  89
  104
  120
  136
  152
  169
  185
  202
  217
  233
  248
  263
  277
  291
  305
  319
  333
  347
  362
  376
  391
  406
  422
  439
  456
  474
  493
Issuance/(repurchase) of shares, $m
  57
  38
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  106
  99
  84
  89
  104
  120
  136
  152
  169
  185
  202
  217
  233
  248
  263
  277
  291
  305
  319
  333
  347
  362
  376
  391
  406
  422
  439
  456
  474
  493
Total cash flow (excl. dividends), $m
  84
  105
  127
  178
  252
  338
  438
  552
  679
  821
  977
  1,146
  1,329
  1,525
  1,734
  1,955
  2,189
  2,435
  2,693
  2,962
  3,243
  3,537
  3,842
  4,160
  4,490
  4,833
  5,190
  5,561
  5,946
  6,347
Retained Cash Flow (-), $m
  -128
  -159
  -193
  -230
  -270
  -311
  -353
  -396
  -439
  -481
  -523
  -565
  -605
  -644
  -682
  -720
  -757
  -793
  -830
  -866
  -902
  -939
  -977
  -1,015
  -1,055
  -1,097
  -1,140
  -1,184
  -1,232
  -1,281
Prev. year cash balance distribution, $m
  66
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  23
Cash available for distribution, $m
  22
  -55
  -66
  -52
  -18
  27
  85
  156
  240
  340
  453
  582
  724
  881
  1,051
  1,235
  1,432
  1,642
  1,863
  2,096
  2,341
  2,598
  2,865
  3,144
  3,435
  3,737
  4,050
  4,376
  4,715
  5,066
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  21
  -50
  -58
  -43
  -14
  20
  57
  97
  138
  178
  215
  248
  275
  296
  309
  314
  312
  302
  287
  266
  242
  216
  188
  160
  134
  109
  87
  68
  51
  38
Current shareholders' claim on cash, %
  90.1
  85.5
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6
  84.6

Fortuna Silver Mines Inc. is a Canada-based mining company engaged in silver mining and related activities in Latin America, including exploration, extraction and processing. The Company operates the Caylloma silver, lead, and zinc mine (Caylloma) in southern Peru and the San Jose silver and gold mine (San Jose) in southern Mexico. The Company's segments include Corporate, Bateas and Cuzcatlan. The Company owns interest in the Caylloma mine and related mining concessions located in southern Peru. The Caylloma property is located in the Caylloma Mining District, approximately 220 kilometers north-northwest of Arequipa, Peru. The Company produces approximately 1.7 million ounces of silver and over 1,160 ounces of gold at Caylloma. The Company's San Jose property, which covers a silver gold bearing epithermal vein system is located in the state of Oaxaca in southern Mexico. The Company produces approximately 4.9 million ounces of silver and over 38,530 ounces of gold at San Jose.

FINANCIAL RATIOS  of  Fortuna Silver Mines (FSM)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FSM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FSM stock intrinsic value calculation we used $210 million for the last fiscal year's total revenue generated by Fortuna Silver Mines. The default revenue input number comes from 2016 income statement of Fortuna Silver Mines. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FSM stock valuation model: a) initial revenue growth rate of 35.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FSM is calculated based on our internal credit rating of Fortuna Silver Mines, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fortuna Silver Mines.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FSM stock the variable cost ratio is equal to 20%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $127 million in the base year in the intrinsic value calculation for FSM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Fortuna Silver Mines.

Corporate tax rate of 27% is the nominal tax rate for Fortuna Silver Mines. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FSM stock is equal to 0.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FSM are equal to 151.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Fortuna Silver Mines operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FSM is equal to -12.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $423 million for Fortuna Silver Mines - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 137 million for Fortuna Silver Mines is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fortuna Silver Mines at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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PAAS Pan American S 15.82 2.47  str.sell

COMPANY NEWS

▶ Fortuna: 2Q Earnings Snapshot   [05:08AM  Associated Press]
▶ 6 Cheap Stocks to Buy Under $6   [Jun-15-18 09:32AM  InvestorPlace]
▶ Early Warning Report   [May-23-18 02:06PM  GlobeNewswire]
▶ Early Warning Report   [01:57PM  GlobeNewswire]
▶ Fortuna posts AGM Information Circular   [May-10-18 05:01AM  GlobeNewswire]
▶ Fortuna Files Form 40-F, Annual Report   [Apr-02-18 05:46PM  GlobeNewswire]
▶ Fortuna Silver Mines Inc. to Host Earnings Call   [Mar-20-18 09:00AM  ACCESSWIRE]
▶ Fortuna posts 4Q profit   [Mar-16-18 05:01AM  Associated Press]
▶ Fortuna reports consolidated financial results for 2017   [Mar-15-18 09:10PM  GlobeNewswire]
▶ Fortuna Updates Reserves and Resources   [Feb-22-18 05:01AM  GlobeNewswire]
▶ Metal Mining Industry Shows Signs of Recovery   [Jan-16-18 09:00AM  PR Newswire]
▶ Fortuna Silver Mines Inc. to Host Earnings Call   [Nov-09-17 09:30AM  ACCESSWIRE]
▶ Financially Sounds Stocks Poised For High Growth   [Nov-03-17 12:02PM  Simply Wall St.]
▶ Fortuna CEO purchases additional company shares   [Oct-12-17 05:00AM  Marketwired]
▶ Fortuna CEO purchases company shares   [Oct-10-17 05:00AM  Marketwired]
▶ Fortuna posts 2Q profit   [Aug-14-17 11:22PM  Associated Press]
▶ Fortuna Reports Results of Annual General Meeting   [Jul-06-17 05:07AM  Marketwired]
▶ Fortuna posts 4Q profit   [May-15-17 06:38PM  Associated Press]
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