Fortuna Silver Mines Inc. (FSM) reported record earnings and cash flow for the third quarter of 2024, driven by higher realized metal prices and solid operational performance across its mines.

The Canadian precious metals miner achieved record attributable net income of $50.5 million, or $0.16 per share, for the quarter ended September 30, 2024. This represents an 84% increase compared to $27.5 million in the same period last year. Adjusted net income also rose 69% to $49.9 million.

Fortuna's mines produced 110,820 gold equivalent ounces during the quarter at a cash cost of $1,059 per ounce, in line with the company's annual guidance range of 457,000 to 497,000 ounces at cash costs between $935 and $1,055 per ounce.

However, all-in sustaining costs (AISC) of $1,696 per ounce were slightly higher than the guided range of $1,485 to $1,640 due to factors like the leach pad expansion at the Lindero mine in Argentina and currency appreciation. Excluding the Lindero expansion, consolidated AISC was $1,594 per ounce.

The company generated a strong operating cash flow of $119.3 million and free cash flow of $56.6 million during the quarter. As of September 30, 2024, Fortuna had a cash balance of $180.6 million and achieved a positive net cash position of $8.0 million.

Fortuna also renegotiated its revolving credit facility, reducing the amount to $150 million from $250 million and increasing the uncommitted accordion option to $75 million. This improved pricing and covenant flexibility for the company.