Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Vancouver-based Fortuna Silver Mines delivered a record financial performance in Q1 2021 on increased metals prices and sales volumes.


The company’s Caylloma mine of southern Peru produced 6pc more lead at 3,711mt in Q1 2021 compared to 3,503mt in Q1 2020 and 1pc higher zinc at 5,429mt during Q1 2021 over 5,362mt produced in Q1 2020. The rise in metal output derived from higher head grades.  


Lead shipments from the Caylloma mine rose 21pc to 3,627mt in Q1 2021 compared to 3,001mt shipped in Q1 2020. Zinc shipments from Caylloma increased 16.7pc to 5,564mn in Q1 2021 against 4,768mt of zinc shipped in Q1 2020.


The metals mining company recorded a 148pc increase in total sales at $117.8mn in Q1 2021 compared to $47.5mn in Q1 2020. Caylloma mine’s sales rose 92pc to $25.4mn in Q1 2021 versus $13.2mn in Q1 2020 due to higher metal prices and increased volumes of metal sold.


The miner’s net income was $26.4mn in Q1 2021, up $30.9mn against a net loss of $4.5mn recorded in Q1 2020. Operating income was $40.4mn in Q1 2021, an increase of $38.6mn over $1.8mn in Q1 2020. Adjusted EBITDA was $60.8mn in Q1 2021 rising by $44.9mn compared to $15.9mn in Q1 2020.

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