Intrinsic value of Fortuna Silver Mines - FSM

Previous Close

$4.09

  Intrinsic Value

$10.16

stock screener

  Rating & Target

str. buy

+148%

Previous close

$4.09

 
Intrinsic value

$10.16

 
Up/down potential

+148%

 
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 0001), $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 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  27.50
  25.25
  23.23
  21.40
  19.76
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
Revenue, $m
  342
  428
  528
  641
  767
  907
  1,061
  1,228
  1,409
  1,602
  1,808
  2,026
  2,256
  2,498
  2,751
  3,016
  3,293
  3,581
  3,881
  4,193
  4,518
  4,855
  5,205
  5,569
  5,947
  6,341
  6,750
  7,176
  7,619
  8,081
Variable operating expenses, $m
  143
  179
  221
  268
  321
  379
  444
  514
  589
  670
  756
  847
  943
  1,044
  1,150
  1,261
  1,376
  1,497
  1,622
  1,753
  1,888
  2,029
  2,176
  2,328
  2,486
  2,650
  2,822
  3,000
  3,185
  3,378
Fixed operating expenses, $m
  77
  78
  80
  82
  84
  85
  87
  89
  91
  93
  95
  97
  100
  102
  104
  106
  109
  111
  113
  116
  118
  121
  124
  126
  129
  132
  135
  138
  141
  144
Total operating expenses, $m
  220
  257
  301
  350
  405
  464
  531
  603
  680
  763
  851
  944
  1,043
  1,146
  1,254
  1,367
  1,485
  1,608
  1,735
  1,869
  2,006
  2,150
  2,300
  2,454
  2,615
  2,782
  2,957
  3,138
  3,326
  3,522
Operating income, $m
  122
  171
  227
  291
  363
  443
  530
  626
  729
  839
  957
  1,082
  1,214
  1,352
  1,497
  1,649
  1,808
  1,973
  2,145
  2,325
  2,511
  2,704
  2,906
  3,115
  3,332
  3,558
  3,794
  4,038
  4,293
  4,559
EBITDA, $m
  177
  239
  311
  393
  485
  587
  699
  821
  952
  1,093
  1,244
  1,403
  1,571
  1,748
  1,934
  2,128
  2,330
  2,541
  2,761
  2,990
  3,228
  3,475
  3,731
  3,998
  4,276
  4,564
  4,865
  5,177
  5,502
  5,841
Interest expense (income), $m
  0
  2
  4
  7
  10
  13
  16
  20
  25
  30
  35
  40
  46
  52
  59
  66
  73
  81
  89
  97
  106
  115
  124
  133
  143
  154
  165
  176
  188
  200
  213
Earnings before tax, $m
  120
  167
  220
  281
  350
  426
  510
  601
  699
  804
  917
  1,036
  1,161
  1,293
  1,431
  1,576
  1,727
  1,885
  2,048
  2,219
  2,396
  2,581
  2,772
  2,971
  3,178
  3,394
  3,618
  3,851
  4,094
  4,346
Tax expense, $m
  32
  45
  59
  76
  94
  115
  138
  162
  189
  217
  247
  280
  313
  349
  386
  426
  466
  509
  553
  599
  647
  697
  748
  802
  858
  916
  977
  1,040
  1,105
  1,174
Net income, $m
  88
  122
  161
  205
  255
  311
  372
  439
  510
  587
  669
  756
  848
  944
  1,045
  1,151
  1,261
  1,376
  1,495
  1,620
  1,749
  1,884
  2,024
  2,169
  2,320
  2,477
  2,641
  2,811
  2,988
  3,173

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
  705
  883
  1,088
  1,321
  1,582
  1,871
  2,188
  2,533
  2,905
  3,303
  3,728
  4,177
  4,652
  5,150
  5,673
  6,219
  6,790
  7,384
  8,002
  8,646
  9,315
  10,010
  10,732
  11,483
  12,263
  13,074
  13,918
  14,796
  15,710
  16,662
Adjusted assets (=assets-cash), $m
  705
  883
  1,088
  1,321
  1,582
  1,871
  2,188
  2,533
  2,905
  3,303
  3,728
  4,177
  4,652
  5,150
  5,673
  6,219
  6,790
  7,384
  8,002
  8,646
  9,315
  10,010
  10,732
  11,483
  12,263
  13,074
  13,918
  14,796
  15,710
  16,662
Revenue / Adjusted assets
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
Average production assets, $m
  526
  659
  812
  986
  1,181
  1,396
  1,633
  1,891
  2,168
  2,466
  2,782
  3,118
  3,472
  3,844
  4,234
  4,642
  5,068
  5,511
  5,973
  6,453
  6,953
  7,471
  8,011
  8,571
  9,153
  9,759
  10,388
  11,044
  11,726
  12,437
Working capital, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
Total debt, $m
  80
  125
  178
  238
  305
  379
  461
  550
  645
  748
  857
  972
  1,094
  1,222
  1,357
  1,497
  1,644
  1,796
  1,955
  2,121
  2,292
  2,471
  2,657
  2,850
  3,050
  3,259
  3,475
  3,701
  3,936
  4,181
Total liabilities, $m
  181
  227
  280
  339
  406
  481
  562
  651
  747
  849
  958
  1,074
  1,195
  1,324
  1,458
  1,598
  1,745
  1,898
  2,057
  2,222
  2,394
  2,572
  2,758
  2,951
  3,152
  3,360
  3,577
  3,803
  4,037
  4,282
Total equity, $m
  524
  656
  808
  981
  1,175
  1,390
  1,626
  1,882
  2,158
  2,454
  2,770
  3,104
  3,456
  3,827
  4,215
  4,621
  5,045
  5,486
  5,946
  6,424
  6,921
  7,437
  7,974
  8,532
  9,111
  9,714
  10,341
  10,993
  11,672
  12,380
Total liabilities and equity, $m
  705
  883
  1,088
  1,320
  1,581
  1,871
  2,188
  2,533
  2,905
  3,303
  3,728
  4,178
  4,651
  5,151
  5,673
  6,219
  6,790
  7,384
  8,003
  8,646
  9,315
  10,009
  10,732
  11,483
  12,263
  13,074
  13,918
  14,796
  15,709
  16,662
Debt-to-equity ratio
  0.150
  0.190
  0.220
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.340
Adjusted equity ratio
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743
  0.743

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  88
  122
  161
  205
  255
  311
  372
  439
  510
  587
  669
  756
  848
  944
  1,045
  1,151
  1,261
  1,376
  1,495
  1,620
  1,749
  1,884
  2,024
  2,169
  2,320
  2,477
  2,641
  2,811
  2,988
  3,173
Depreciation, amort., depletion, $m
  54
  68
  84
  102
  122
  144
  168
  195
  224
  254
  287
  321
  358
  396
  437
  479
  522
  568
  616
  665
  717
  770
  826
  884
  944
  1,006
  1,071
  1,139
  1,209
  1,282
Funds from operations, $m
  142
  190
  244
  307
  377
  455
  541
  634
  734
  841
  956
  1,077
  1,205
  1,340
  1,481
  1,629
  1,783
  1,944
  2,111
  2,285
  2,466
  2,654
  2,849
  3,053
  3,264
  3,483
  3,712
  3,950
  4,197
  4,455
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  142
  190
  245
  307
  377
  455
  541
  634
  734
  842
  956
  1,078
  1,206
  1,341
  1,482
  1,630
  1,784
  1,944
  2,112
  2,286
  2,467
  2,655
  2,850
  3,053
  3,265
  3,484
  3,713
  3,950
  4,198
  4,456
Maintenance CAPEX, $m
  -43
  -54
  -68
  -84
  -102
  -122
  -144
  -168
  -195
  -224
  -254
  -287
  -321
  -358
  -396
  -437
  -479
  -522
  -568
  -616
  -665
  -717
  -770
  -826
  -884
  -944
  -1,006
  -1,071
  -1,139
  -1,209
New CAPEX, $m
  -114
  -133
  -153
  -174
  -195
  -216
  -237
  -257
  -278
  -297
  -317
  -336
  -354
  -372
  -390
  -408
  -426
  -444
  -462
  -480
  -499
  -519
  -539
  -560
  -582
  -606
  -630
  -655
  -682
  -711
Cash from investing activities, $m
  -157
  -187
  -221
  -258
  -297
  -338
  -381
  -425
  -473
  -521
  -571
  -623
  -675
  -730
  -786
  -845
  -905
  -966
  -1,030
  -1,096
  -1,164
  -1,236
  -1,309
  -1,386
  -1,466
  -1,550
  -1,636
  -1,726
  -1,821
  -1,920
Free cash flow, $m
  -14
  3
  24
  50
  81
  118
  160
  208
  262
  321
  385
  455
  530
  611
  696
  785
  880
  978
  1,082
  1,190
  1,302
  1,419
  1,541
  1,667
  1,799
  1,935
  2,077
  2,224
  2,377
  2,537
Issuance/(repayment) of debt, $m
  39
  46
  53
  60
  67
  74
  82
  89
  96
  102
  109
  116
  122
  128
  134
  140
  147
  153
  159
  165
  172
  179
  186
  193
  201
  208
  217
  226
  235
  245
Issuance/(repurchase) of shares, $m
  25
  11
  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 from financing (excl. dividends), $m  
  64
  57
  53
  60
  67
  74
  82
  89
  96
  102
  109
  116
  122
  128
  134
  140
  147
  153
  159
  165
  172
  179
  186
  193
  201
  208
  217
  226
  235
  245
Total cash flow (excl. dividends), $m
  50
  59
  76
  110
  148
  192
  242
  297
  357
  423
  494
  571
  652
  739
  830
  926
  1,026
  1,131
  1,241
  1,355
  1,474
  1,598
  1,726
  1,860
  1,999
  2,144
  2,294
  2,450
  2,612
  2,781
Retained Cash Flow (-), $m
  -113
  -132
  -152
  -173
  -194
  -215
  -236
  -256
  -276
  -296
  -315
  -334
  -352
  -370
  -388
  -406
  -424
  -442
  -460
  -478
  -497
  -516
  -537
  -558
  -580
  -603
  -627
  -652
  -679
  -707
Prev. year cash balance distribution, $m
  153
  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
  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 available for distribution, $m
  90
  -73
  -76
  -63
  -46
  -23
  6
  40
  81
  127
  179
  237
  300
  368
  442
  520
  602
  690
  781
  877
  977
  1,081
  1,190
  1,302
  1,419
  1,541
  1,667
  1,797
  1,933
  2,074
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
  86
  -67
  -66
  -52
  -36
  -17
  4
  25
  46
  67
  85
  101
  114
  124
  130
  132
  131
  127
  120
  111
  101
  90
  78
  66
  55
  45
  36
  28
  21
  16
Current shareholders' claim on cash, %
  95.0
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4
  93.4

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 $268.111 million for the last fiscal year's total revenue generated by Fortuna Silver Mines. The default revenue input number comes from 0001 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 27.5% 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 41.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $75 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%.

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 153.9%.

Life of production assets of 9.7 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 -0.2%. 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 - $563.584 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 159.637 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 $0.7 billion.

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COMPANY NEWS

▶ Early Warning Report   [Sep-18-18 05:00AM  GlobeNewswire]
▶ TomaGold issues an update on its activities   [Aug-27-18 07:30AM  CNW Group]
▶ 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]

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