Fortuna Mining (TSX: FVI) saw gold production in the first quarter of 2025 grow on a year over year basis. Gold production for the quarter hit 91,893 ounces, versus 89,678 ounces in the year ago period.
However, that’s about the end of where production improved. On a quarter over quarter basis, gold production declined from 95,993 ounces in Q4. And in terms of overall production, gold equivalent production fell from 112,543 ounces in the year ago period, and 116,358 ounces in the fourth quarter, to 103,459 gold equivalent ounces in Q1 2025.
The decline was largely attributed to the San Jose mine in Mexico, which was placed on care and maintenance late in the fourth quarter of 2024. The mine in Q4 contributed 13,055 ounces of gold equivalent production, as compared to nil in Q1. Excluding San Jose, production was up slightly in the first quarter on a comparable basis.
Fortuna meanwhile reiterated its guidance following the release of the results, which calls for annual production of 380,000 to 422,000 gold equivalent ounces, including 334,000 to 373,000 gold ounces.
The company also repurchased 916,900 common shares during the quarter at a cost of $4.2 million.
Fortuna Silver last traded at $8.14 on the TSX.
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