Fortuna Mining (NYSE:FSM) Stock, Quote.Headers.trade-ideas

Fortuna Mining

Fortuna Silver Mines

Fortuna Mining Corp is a Canadian-based precious metals mining company with mines in the Latin America and West Africa regions producing gold and silver. It operate mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru.

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Source: Adrian Day 08/16/2024

Global Analyst Adrian Day reviews results from six major resource companies, four of which are royalty companies.

Diverse Issues Offset Mostly Strong Revenues

Commodities

Analyst Ratings

First Majestic Silver Corp. (NYSE: AG) announced that its total production reached 5.3 million silver equivalent (&#34;AgEq&#34;) ounces in the second quarter of 2024. The figure consists of 2.1 million silver ounces and 39,339 gold ounces.

First Majestic Q2 Silver Production Rises Sequentially

Earnings

Endeavour Silver Corporation (NYSE: EXK) produced 2.2 million silver equivalent ounces in the second quarter of 2024, a 5% decline from the year-ago quarter, primarily due to reduced silver production at both of its mines, which offset higher gold output.

Endeavour Silver&#39;s Q2 Silver Production Declines 12% Y/Y

Fortuna Mining Corp

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Shares of precious metal companies are trading lower amid a drop in the price of gold. Weakness in the commodity may be due to August's ISM Manufacturing PMI data indicating an economic contraction and pending non-farm payrolls data that may determine the size of future rate cuts.

Source: <a href="https://www.streetwisereports.com/article/2024/08/16/diverse-issues-offset-mostly-strong-revenues.html?utm_medium=feed">Adrian Day 08/16/2024</a>
Global Analyst Adrian Day reviews results from six major resource companies, four of which are royalty companies.
The quarterly results we look at today from six major resource companies mostly include higher revenues and cash flows, which is not unexpected given that the gold price was $250 an ounce higher than in the first quarter.
However, they also show some companies are still struggling with costs. Above all, they clearly illustrate Robert Friedland&#39;s quip that &quot;Murphy works overtime in the mining business.&quot;
The last quarter includes a power outage, equipment failures, arbitration, a heap leach failure, a broken agreement, and construction delays. And more. It reinforces that mining is a difficult business, and so too for the royalty companies that reap some of the rewards. Guidance and market forecasts are all too often set with the expectation of perfection. Companies that had unexpected problems saw their stock prices slammed.
<h2>Wheaton Has Strong Quarter as It Ramps up Production</h2>
Wheaton Precious Metals Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wpm#NYSE">WPM</a>) was the exception, with a strong quarter in which nothing meaningful went wrong. It is on track to achieve the upper end of its full-year guidance. Production was stronger than expected, driven by outperformance at its largest asset, Salobo, as Phase III continues its ramp-up, as well as strong performance at Pe&ntilde;asquito and Antamina.
Sales were lower due to timing differences between production and sales. There are some major new assets on which it holds streams moving towards production, including Ivanhoe&#39;s Platreef, where an updated feasibility study is scheduled for the fourth quarter; this will be one of the world&#39;s largest platinum producers. There are six other projects under construction and more predevelopment projects, allowing Wheaton to move from this year&#39;s production range of 550,000 to 620,000 GEOs to over 850,000 a year from 2029 onwards.
<h2>Company Has Strong Pipeline With Balance Sheet To Transact</h2>
The pipeline for new deals is very busy, with larger transactions under consideration, mostly in the pre-construction phase, with some over half-a-billion in size.
This is a change from recent Wheaton activity which saw it making some very small transactions, some as small as $20 million. The company has a rock-solid balance sheet, with $540 million in cash, up $234 million on the quarter, with total liquidity of $2.5 billion.
We are long-term holders.
<h2>Royal on Track To Meet Guidance With Strong Revenues</h2>
Royal Gold Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>) reported quarterly financials better than expected, even after pre-releasing its streaming sales, which constitute the bulk of its revenues. Revenue was up 17% quarter-on-quarter, primarily due to higher metal prices but also higher copper sales at Mount Milligan and higher gold and silver production from Pe&ntilde;asquito, partially offset by lower sales at Pueblo Viejo, where the expansion is still in ramp-up. G&amp;A cash costs remain flat. The company is tracking its guidance, which remains unchanged.
During the quarter, Royal acquired additional royalties on B2Gold&#39;s Back River project. The royalties are different in structure (NSR and GSR) as well as having hurdles and variable rates; the company estimates that, in aggregate, their royalties approximate a 1.1% gross smelter royalty. With a further $100 million paydown on its debt, the company is now net cash positive, with just $50 million of debt outstanding and available liquidity of $1 billion. The debt is expected to be paid off next week, eliminating the debt taken on to acquire three major royalties over the past two years (Cortez, Great Bear, and Back River), which the company acquired without any equity dilution.
Royal has strong free cash flow, and near-term growth as well as some longer-term potential.
<h2>Osisko Lowers Full-Year Guidance as It Writes off Mine Royalty</h2>
Osisko Gold Royalties Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/or#NYSE">OR</a>) saw a reasonable second quarter, in line with its guidance, but due, as acknowledged by the company, to higher metals prices. Gold Equivalent Ounces (GEOs), which had been pre-released, declined slightly. It lowered its second-half guidance on the back of the suspension of the Eagle Mine in the Yukon following a heap leach failure at the end of the quarter.
Osisko decided to take a full impairment on the royalty it holds on the mine, stating that it has no visibility on when the mine might restart and is not expecting any ounces for the rest of the year. There is also a delay in the ramp-up of one of its new royalty assets, Mantos Blancos, contributing to the lower-than-expected second half. It does have three new assets paying in the second half, including Tocantinzinho, which has already started producing but on which royalty payments have a three-month delay. It has already received initial payments from a new Agnico Mine as well as the CSA copper assets in Australia.
<h2>New Assets Starting Up</h2>
Paying down debt is the company&#39;s first priority, other than doing new transactions. After repaying $44 million during the quarter, it now has $109 million in debt and $67 million in cash. With a credit facility, it has access to capital and a strong balance sheet.
Though the second half will be weaker than earlier expected, there are three new paying assets, and behind these a strong pipeline. Osisko has 20 producing assets, with 98% of revenues now from gold and silver and a very strong political risk profile. The new CEO is proving himself to be capable and focused.
Osisko is a Buy.
<h2>Altius Financials as Expected, as Major Decision and Transaction Awaited</h2>
Altius Minerals Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/atusf#OTC">ATUSF</a>) reported financials for the quarter more-or-less as expected after pre-releasing royalty revenue. As always, with a diverse portfolio, there are winners and losers: potash fell again from its extraordinarily high pricing levels in 2023, while base metals saw continued gains. The iron ore segment recovered, and renewal royalties, while lower than an exceptional first quarter, are growing strongly, more than 50% above the year-ago quarter.
In all, royalty revenue of $21.7 million rose nearly 25% in the last quarter (and 17% from the year-ago quarter). The outlook looks strong. The renewables company saw one new project come on line in the last quarter, with another this quarter and several new deals closing. Altius holds royalties on three projects in its base and battery metals division, which are currently under construction, while Champion Iron is continuing discussions on finding a partner for its Kami iron-ore project, for which Altius holds a royalty. The high-priority iron ore that Kami will produce was recently designated as a &quot;critical mineral&quot; by Canada.
<h2>Silicon-Merlin Will Be the Major Drive in the Near Term</h2>
In the near term, however, the major development will be the disposition of the royalty it holds on AngloGold&#39;s Silicon-Merlin deposit in southern Nevada.
The deposit continues to advance, with some exceptional assay results from its infill drilling at Merlin, including a stunning 0.53 g/t gold over 144.5 meters. It drilled 66,000 km during the first half, mostly infill, though we know there has also been aggressive drilling to the west of the Merlin deposit, with the company saying it had hit &quot;very exciting&quot; new intercepts. A Pre-Feasibility Study on Merlin is expected to be finished in late 2025. The region has a current resource of 17.5 million ounces, and Anglo projects the district producing 500,000 ounces a year. Altius holds a 1.5% royalty with the area of interest under arbitration; another recommended company, Orogen, holds a 1% royalty on the main deposit, which is undisputed. 
Altius has already received preliminary bids from companies, with CEO Brian Dalton saying that the &quot;strong and diverse proposals . . . highlighted a meaningful disconnect between how its value is perceived by (the) financial industry versus the royalty industry professionals.&quot; Once it has received the decision on its arbitration, it intends to seek final bids and will then make a decision on whether to accept a bid (to sell or swap for base metals royalties) or to hold the royalty. I do not want to read too much into that comment from Dalton, but it was interesting to hear him raise again the possibility of keeping the royalty.
<h2>Altius Buyback Stock, as Improving Balance Sheet Improves</h2>
Altius repurchased 119,000 of its shares during the quarter, and it is no secret that the company wants to repurchase more shares if it sells that royalty. It has cash of a little over $19 million after receiving $9 million in settlement of a loan receivable, plus holdings in public companies totaling over $371 million. These include over $176 million of shares in Altius Renewal Royalties and nearly $56 million in its Project Generation&quot; portfolio.
I am not suggesting that these are all for sale &mdash; though it has been sold some shares from its PG portfolio &mdash; but they do strengthen the balance sheet. It has $93 million available on its credit facility. Altius is a core holding for us, offering broad exposure to the commodity universe with some of the most astute management in the business.
Hold and look to buy on any weakness.
<h2>Pan American&#39;s Production Down at Ongoing Mine Problems</h2>
Pan American Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/paas#NYSE">PAAS</a>) had a mixed quarter with slightly lower production and overall costs higher, though with lower costs for silver quarter-on-quarter ($14.49/oz cash costs). Ongoing issues at two mines, La Colorado and Dolores, hurt production. However, boosted by the higher metals prices, Pan American saw record cash flow from operations during the quarter.
The company reiterated its guidance, expecting production to be weighted towards the fourth quarter and, overall, silver production to be at the low end of the range. The rest of the year should bring improvement from La Colorada following the completion of the new ventilation system and $245 million in cash from the closing of the La Arena sale. There is also potential for the re-start of Escobal; several meetings with the government were held recently after delays caused by the change in government.
The company has a strong balance sheet, with $369 million in cash and a net debt of $472 million. It continued to buy back stock, bringing the total for the year to date to 1.7 million shares for just over $24 million (indicating that most shares were bought early on in the year, given the average cost of just over $14). The company reiterated that it expected additional divestments of non-core assets.
Pan American is a Buy, for operational turnaround, and Escobal potential, as well as strong management and balance sheet.
<h2>Fortuna&#39;s Revenue Disappointments but Issues Are Temporary</h2>
Fortuna Silver Mines Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) reported revenue slightly lower than expected and costs higher. All-in sustaining Costs (AISC) at $1,656/oz were meaningfully higher than the first quarter&#39;s $1,495 due to three factors: higher power costs in West Africa, planned maintenance at Lindero, and higher per-ounce costs at San Jose as that mine runs down as it approaches the end of its reserve life. The first two factors here are temporary; Fortuna now has full generator capacity at its S&eacute;qu&eacute;la mine, so costs are expected to come down again in the second half of the year.
Despite these challenges, Fortuna is on track to meet its full-year guidance. Operations are doing well, and there has been some good exploration success, in particular around the S&eacute;qu&eacute;la mine. At San Jose, in Mexico, the company is continuing to explore alternatives: continuing to mine, closing the mine, or putting it on care and maintenance pending greater reserves from exploration. It will have a decision in the third quarter. The company continues to strengthen its balance sheet. A convertible issue allowed it to fully repay its credit facility and redeem an existing convertible, partly in cash and partly in shares.
Overall, the new convertible reduced its interest rate from over 7% to just 3.75%. Net debt is now just $66 million. It has $350 million in available liquidity. We like Fortuna for its diversified asset base, its strong management, and solid balance sheet, as well as strong brownfields potential.
Important Disclosures:
<ol>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Wheaton Precious Metals Corp., Osisko Gold Royalties Ltd., Altius Minerals Corp., Pan American Silver Corp., Fortuna Mining Corp., Franco-Nevada Corp., Lara Exploration Ltd., Metalla Royalty &amp; Streaming, and Fox Riv Res Corp.</li>
<li>Adrian Day: I, or members of my immediate household or family, own securities of: All. My company has a financial relationship with: All. I determined which companies would be included in this article based on my research and understanding of the sector.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Adrian Day Disclosures
Adrian Day&#39;s Global Analyst is distributed for $990 per year by Investment Consultants International, Ltd., P.O. Box 6644, Annapolis, MD 21401. (410) 224-8885. <a href="http://www.AdrianDayGlobalAnalyst.com" title="www.AdrianDayGlobalAnalyst.com">www.AdrianDayGlobalAnalyst.com</a>. Publisher: Adrian Day. Owner: Investment Consultants International, Ltd. Staff may have positions in securities discussed herein. Adrian Day is also President of Global Strategic Management (GSM), a registered investment advisor, and a separate company from this service. In his capacity as GSM president, Adrian Day may be buying or selling for clients securities recommended herein concurrently, before or after recommendations herein, and may be acting for clients in a manner contrary to recommendations herein. This is not a solicitation for GSM. Views herein are the editor&#39;s opinion and not fact. All information is believed to be correct, but its accuracy cannot be guaranteed. The owner and editor are not responsible for errors and omissions. &copy; 2023. Adrian Day&#39;s Global Analyst. Information and advice herein are intended purely for the subscriber&#39;s own account. Under no circumstances may any part of a Global Analyst e-mail be copied or distributed without prior written permission of the editor. Given the nature of this service, we will pursue any violations aggressively.

Scotiabank analyst Eric Winmill maintains Fortuna Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) with a Sector Perform and raises the price target from $6 to $6.5.

Price Target

Scotiabank Maintains Sector Perform on Fortuna Mining, Raises Price Target to $6.5

Fortuna Silver Mines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) reported quarterly earnings of $0.10 per share which missed the analyst consensus estimate of $0.15 by 33.33 percent. The company reported $259.971 million in sales this quarter. This is a 64.12 percent increase over sales of $158.400 million the same period last year.

Earnings Misses

Fortuna Silver Mines Q2 2024 Adj. EPS $0.10 Misses $0.15 Estimate, Sales $259.971M Up From $158.400M YoY

shares of precious metals stocks are trading lower as gold and silver fall despite overall market uncertainty.

First Majestic Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ag#NYSE">AG</a>) announced that its total production reached 5.3 million silver equivalent (&quot;AgEq&quot;) ounces in the second quarter of 2024. The figure consists of 2.1 million silver ounces and 39,339 gold ounces.
On a sequential basis, silver production grew 7%, whereas gold production increased 9%. Overall silver equivalent ounces jumped 2% from the prior quarter. The rise was mainly driven by higher silver production at La Encantada and increased AgEq production at Santa Elena. However, this was partially offset by lower production at the San Dimas mine.
The Santa Elena gold mine generated 2.6 million AgEq ounces. This includes 3.77 million silver ounces and 27,176 gold ounces, marking increases of 6% and 25%, respectively, over the first quarter of 2024. The La Encantada mine produced 5.85 million silver ounces, a 28% increase from the previous quarter.
San Dimas generated 2.1 million AgEq ounces in the quarter. This includes 1.14 million silver ounces and 12,043 gold ounces, 2% and 11% quarter-over-quarter declines, respectively. The dip was led by a decrease in fresh ore processed, which is largely the outcome of First Magestic&#39;s continuing labor relation negotiations with unionized workers.
<h3>2024 Guidance</h3>
To reflect the pick-up in metal prices and upbeat production results in the second quarter, the company updated its 2024 outlook. The updated silver and gold price estimates for the second half of 2024 are $28.00 and $2,300 per ounce, respectively. It expects silver production of 8.9-9.5 million ounces compared with the prior mentioned 8.6-9.6 million ounces.
AG expects 2024 gold production between 150,000 and 158,000 ounces compared with the prior stated 150,000-167,000.
<h3>Price Performance</h3>
AG shares have lost 9.4% in the past year against the industry&#39;s growth of 38.5%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/c0/71936.jpg?v=2101363664" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
First Majestic currently flaunts a Zacks Rank #1 (Strong Buy).
<h3>Some Peer Performances in Q2</h3>
Fortuna Mining Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) reported producing 4.5 million ounces of silver in the second quarter of 2024. This marked a 16% year-over-year improvement, reflecting a solid performance at Keno Hill. HL&#39;s gold production was up 6% at 37,324 ounces from the year-ago quarter, as improved results at Casa Berardi offset lower output at Greens Creek.
Hecla Mining produced 7.9 million ounces of silver in the first half of 2024. It believes that it is on track to produce 17 million ounces of silver in 2024.
<a href="https://www.zacks.com/stock/news/2305538/first-majestic-ag-q2-silver-production-rises-sequentially?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2305538">To read this article on Zacks.com click here.</a>

Endeavour Silver Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) produced 2.2 million silver equivalent ounces in the second quarter of 2024, a 5% decline from the year-ago quarter, primarily due to reduced silver production at both of its mines, which offset higher gold output. The company also expects to commission the Terronera mine in the fourth quarter of 2024 and commence production in 2025.
<h3>Silver Production Declines on Lower Grades, Gold Up</h3>
Consolidated silver production fell 12% year over year to 1.31 million ounces. This was due to a 12% reduction in silver output at the Guanacev&iacute; mine and a 17% decrease at Bola&ntilde;itos, both due to lower grades.&nbsp;
Endeavour Silver, however, witnessed a 7% year-over-year improvement in gold production at 10,549 ounces. The growth was driven by higher gold grades mined at both Guanacev&iacute; and Bola&ntilde;itos, as well as higher gold content in third-party feed processed at Guanacev&iacute;. Gold output at the Guanacev&iacute; mine rose 9% year over year to 4,243 ounces, while the Bola&ntilde;itos mine output grew 6% to 6,306 ounces.&nbsp;
Guanacev&iacute;&#39;s silver production was 1.196 million ounces (down 12% year over year), which met the company&#39;s expectations. Gold production at 4,243 ounces (up 9%) was higher than expected due to increased gold grades mined and higher content in the third-party feed.
Local third-party feed contributed 15% to Guanacev&iacute;&#39;s quarterly throughput. At current prices, management expects local third-party feed to be higher than 10% of throughput going forward. The Guanacev&iacute; operations are realizing the benefits of the significant plant improvements and modifications made in 2023.
At Bolanitos, gold production increased 6% to 6,306 ounces, while silver production plunged 17% due to lower grades. Silver production was slightly below expectations due to decreased silver grades and lower silver recovery, while throughput remained steady. Milled grades are expected to show similar variations in the second half of the year.
<h3>2024 Production Guidance Maintained</h3>
So far in 2024, EXK has produced 2.2 million silver equivalent ounces and believes it is on track to attain its production target range of 8.1-8.8 million silver equivalent ounces in 2024.
<h3>Improved Metal Prices to Reflect on Q2 Results</h3>
For the second quarter, Endeavour Silver reported a 6% year-over-year decline in silver sales at 1.22 million ounces, while gold sales were flat at 9,887 ounces. At the quarter&#39;s end, the company held 262,160 ounces of silver and 939 ounces of gold in bullion inventory. EXK also held 5,860 ounces of silver and 322 ounces of gold in the concentrate inventory.
The lower sales figures will likely be offset by the elevated gold and silver prices observed through the second quarter and will reflect on Endeavour Silver&#39;s upcoming second-quarter 2024 results. We expect other industry players such as Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) and Fortuna Silver Mines Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>), among others, to also benefit from this trend.
<h3>Peer Performances</h3>
Fortuna Silver Mines recently announced that it produced 116,570 gold equivalent ounces in the second quarter, which marked a 25% increase from the year-ago quarter. This includes a gold production of 92,716 ounces and a silver production of 990,574 ounces. While gold output marked a 44% year-over-year increase, silver was down 22%.
FSM maintains its gold equivalent production guidance for 2024 to be between 457,000 ounces and 497,000 ounces. Gold production guidance is pegged at 343,000-385,000 ounces while silver production is pegged at 4-4.7 million ounces.
Hecla Mining reported 4.5 million ounces of silver production in the second quarter. This marked a 16% improvement year over year, reflecting solid performance at Keno Hill. HL&#39;s gold production was up 6% at 37,324 ounces from the year-ago quarter as improved results at Casa Berardi offset lower output at Greens Creek.&nbsp;
Hecla Mining has produced 7.9 million ounces of silver in the first half of 2024 and believes it is on track to produce 17 million ounces of silver in 2024.
<h3>EXK&#39;s Price Performance</h3>
Shares of EXK have gained 43.8% over the past year compared with the industry&#39;s 43.3% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/bb/71082.jpg?v=814095057" />
Image Source: Zacks Investment Research
<h3>Zacks Rank &amp; a Stock to Consider</h3>
Endeavour Silver currently carries a Zacks Rank #3 (Hold).
A better-ranked stock from the basic materials space is Ero Copper Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ero#NYSE">ERO</a>), which sports a Zacks Rank #1 (Strong Buy) at present.
The Zacks Consensus Estimate for Ero Copper&#39;s 2024 earnings is pegged at $1.66 per share. The consensus estimate for earnings has moved 20.3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 53.9%. ERO shares have gained 9.7% in a year.
<a href="https://www.zacks.com/stock/news/2300265/endeavour-silver-s-exk-q2-silver-production-declines-12-y-y?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2300265">To read this article on Zacks.com click here.</a>

Endeavour Silver's Q2 Silver Production Declines 12% Y/Y

Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) reported a silver production of 4.5 million ounces in the second quarter of 2024. The silver production grew 6% sequentially, reflecting the consistent, strong performance at Greens Creek, a full quarter of production at Lucky Friday with record throughput, and higher throughput at Keno Hill. Gold production rose 2% to 37,324 ounces from the first quarter of 2024.
Lead production was 13,586 tons, up 12% on a sequential basis. Zinc output came in at 16,191 tons in the quarter under review, fairly flat from the first quarter of 2024.
<h3>Mine Performances</h3>
The Lucky Friday mine produced 1.3 million ounces of silver in the second quarter, up 23% quarter over quarter. This is a full quarter of production compared with the first quarter.
In the second quarter of 2024, Keno Hill produced 900,440 ounces of silver, which was up 39% sequentially. The improvement was attributable to higher throughput (up 47%).
The Greens Creek mine produced 2.2 million ounces of silver in the second quarter of 2024, a 9% sequential increase attributed to slightly lower throughput and a 6% decrease in grades. Gold production at Greens Creek was 14,137 ounces, down 3% sequentially. The mine achieved a throughput of 2,481 tons per day in the quarter.
The Casa Berardi mine produced 23,187 ounces of gold in the second quarter of 2024, up 5% from the first quarter of 2024. The mine operated at an average of 4,033 tons per day in the quarter.
<h3>Guidance</h3>
According to the company, it is on track to produce 17 million ounces of silver in 2024. It produced 14.3 million ounces of silver in 2023.
<h3>Price Performance</h3>
Shares of Hecla Mining have gained 3.7% in a year compared with the industry&#39;s 57.3% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/00/71076.jpg?v=4682740" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
Hecla Mining currently flaunts a Zacks Rank #1 (Strong Buy).
<h3>Q2 Production Performances of Other Mining-Silver Stocks</h3>
Fortuna Mining Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
<h3>Another Mining-Silver Stock to Consider</h3>
Another top-ranked Mining-Silver stock is Buenaventura Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bvn#NYSE">BVN</a>). It flaunts a Zacks Rank #1 at present.
The Zacks Consensus Estimate for Buenaventura&#39;s 2024 earnings is pegged at $1.41 per share. The consensus estimate for 2024 earnings has moved 41% north in the past 60 days. BVN shares have gained 5.4% in a year.
<a href="https://www.zacks.com/stock/news/2300178/hecla-mining-s-hl-q2-silver-output-rises-6-sequentially?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2300178">To read this article on Zacks.com click here.</a>

Hecla Mining's Q2 Silver Output Rises 6% Sequentially

Shares of Lands&#8217; End, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LE#NASDAQ">LE</a>) fell sharply during Wednesday's session following<a href="https://www.benzinga.com/quote/LE/earnings"> first-quarter results</a>.
Lands&#8217; End reported quarterly adjusted loss of 20 cents per share which beat the analyst consensus estimate of 26 cents per share. The company reported quarterly sales of $285.47 million which beat the analyst consensus estimate of $269.82 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Lands&#8217; End shares dipped 9.3% to $12.60 on Wednesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Actelis Networks, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASNS#NASDAQ">ASNS</a>) shares jumped 512% to $2.88 after the company announced orders for cyber-hardened networking technology to be deployed at three US military bases.</li>
<li>Nuvve Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVVE#NASDAQ">NVVE</a>) shares jumped 150% to $1.42.</li>
<li>ENDRA Life Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDRA#NASDAQ">NDRA</a>) shares gained 82.2% to $0.1549. ENDRA Life Sciences shares dipped over 60% on Tuesday after the company announced the pricing of an $8 million public offering.</li>
<li>mF International Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MFI#NASDAQ">MFI</a>) gained 66.9% to $2.17 after jumping 38% on Tuesday.</li>
<li>Moving iMage Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MITQ#NASDAQ">MITQ</a>) gained 53.2% to $1.0750 after the company was awarded a multi-million dollar contract.</li>
<li>Siyata Mobile Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYTA#NASDAQ">SYTA</a>) gained 52.5% to $2.1200 after the company announced a new partnership with JD Telecom.</li>
<li>WalkMe Ltd.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKME#NASDAQ">WKME</a>) gained 42.1% to $13.70 after the company announced it entered into a definitive agreement to be acquired by SAP.</li>
<li>Stitch Fix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFIX#NASDAQ">SFIX</a>) rose 34.9% to $3.6010 following better-than-expected third-quarter financial results.</li>
<li>XTI Aerospace, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XTIA#NASDAQ">XTIA</a>) jumped 30% to $1.1877 after the company announced Mesa Air Group is the purchaser under a previously disclosed conditional purchase order with XTI Aircraft Company.</li>
<li>Unusual Machines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMAC#NYSE">UMAC</a>) rose 27.2% to $1.9002.</li>
<li>Hywin Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HYW#NYSE">HYW</a>) gained 24.9% to $0.7379.</li>
<li>China Liberal Education Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLEU#NASDAQ">CLEU</a>) rose 21.1% to $1.2710.</li>
<li>Multi Ways Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MWG#NYSE">MWG</a>) gained 19.4% to $0.5741.</li>
<li>Mynd.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MYND#NYSE">MYND</a>) rose 16.6% to $2.95.</li>
<li>Vir Biotechnology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIR#NASDAQ">VIR</a>) gained 16.4% to $12.31 after the company announced new preliminary data from its Phase 2 SOLSTICE hepatitis delta clinical trial evaluating tobevibart.</li>
<li>3D Systems Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DDD#NYSE">DDD</a>) gained 16% to $4.030 after the company received a multi-year purchase agreement with an estimated value of around a quarter-billion dollars.</li>
<li>Laird Superfood, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LSF#NYSE">LSF</a>) gained 15.6% to $4.3350.</li>
<li>Verint Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNT#NASDAQ">VRNT</a>) rose 15.3% to $32.54 after the company reported better-than-expected first-quarter financial results and issued strong FY25 guidance.</li>
<li>Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) shares rose 15.1% to $20.26 as the company reported better-than-expected second-quarter financial results.</li>
<li>Guidewire Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>) gained 15% to $124.20 after the company reported better-than-expected third-quarter financial results and issued FY24 revenue guidance above estimates.</li>
<li>United Natural Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNFI#NYSE">UNFI</a>) jumped 12.7% to $13.69 following upbeat quarterly earnings.</li>
<li>CureVac N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVAC#NASDAQ">CVAC</a>) gained 10.4% to $4.46.</li>
<li>Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) rose 10.2% to $19.57.</li>
<li>Bright Green Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGXX#NASDAQ">BGXX</a>) shares rose 8.2% to $0.3204 after gaining around 5% on Tuesday.</li>
<li>Ollie&#8217;s Bargain Outlet Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLLI#NASDAQ">OLLI</a>) gained 7.8% to $88.43 following better-than-expected first-quarter earnings.</li>
<li>MakeMyTrip Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MMYT#NASDAQ">MMYT</a>) gained 6.8% to $78.68.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Concord Medical Services Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCM#NYSE">CCM</a>) fell 37.7% to $1.3099 after jumping 166% on Tuesday.</li>
<li>Barnes &amp; Noble Education, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNED#NYSE">BNED</a>) shares declined 35% to $0.2699.</li>
<li>MicroAlgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLGO#NASDAQ">MLGO</a>) shares dipped 33.2% to $8.02. MicoAlgo shares jumped around 670% on Tuesday after the company announced that it will jointly establish a micro-consciousness quantum research center with WiMi.</li>
<li>Silo Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILO#NASDAQ">SILO</a>) declined 30.6% to $1.55 after the company announced a $2 million registered direct offering.</li>
<li>SOBR Safe, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOBR#NASDAQ">SOBR</a>) shares fell 29.2% to $0.3236 after surging 75% on Tuesday.</li>
<li>Latam Logistic Properties, S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) fell 24.7% to $138.91.</li>
<li>JIADE Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JDZG#NASDAQ">JDZG</a>) fell 23% to $ 1.3450</li>
<li>Cue Health Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLTH#NASDAQ">HLTH</a>) fell 21.3% to $0.0486.</li>
<li>Volcon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VLCN#NASDAQ">VLCN</a>) shares declined 21% to $0.1318 after the company announced a 1-for-100 reverse stock split.</li>
<li>SPAR Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGRP#NASDAQ">SGRP</a>) fell 19.9% to $2.2668 after the company announced that it entered into a letter of intent to go private with Highwire Capital.</li>
<li>Power REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PW#NYSE">PW</a>) fell 19.8% to $0.9001.</li>
<li>FibroBiologics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBLG#NASDAQ">FBLG</a>) dipped 19.3% to $7.27.</li>
<li>Adamas One Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JEWL#NASDAQ">JEWL</a>) dipped 18.8% to $ 0.3062.</li>
<li>Adlai Nortye Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANL#NASDAQ">ANL</a>) fell 17% to $5.17</li>
<li>Vast Renewables Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSTE#NASDAQ">VSTE</a>) shares fell 16.4% to $3.75 after jumping around 67% on Tuesday.</li>
<li>Mind Medicine (MindMed) Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNMD#NASDAQ">MNMD</a>) shares fell 16.2% to $6.92 after declining 5% on Tuesday.</li>
<li>Ambac Financial Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMBC#NYSE">AMBC</a>) shares declined 15.6% to $14.53. Ambac Financial Group announced plans to acquire a majority stake in Beat Capital Partners.</li>
<li>Golden Heaven Group Holdings Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDHG#NASDAQ">GDHG</a>) shares fell 13.7% to $0.1938 after declining around 4% on Tuesday.</li>
<li>Fortuna Silver Mines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) dipped 13.6% to $5.10 after the company announced a $150 million offering of convertible senior notes.</li>
<li>ThermoGenesis Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THMO#NASDAQ">THMO</a>) shares declined 13.4% to $0.5534 after gaining over 10% on Tuesday.</li>
<li>Fresh2 Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRES#NASDAQ">FRES</a>) shares fell 11% to $0.3970 after gaining 13% on Tuesday.</li>
<li>COMPASS Pathways plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMPS#NASDAQ">CMPS</a>) shares fell 10.6% to $6.84.</li>
<li>MultiPlan Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLN#NYSE">MPLN</a>) declined 7.8% to $0.4342</li>
<li>DouYu International Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOYU#NASDAQ">DOYU</a>) fell 4.7% to $9.64 following first-quarter results.</li>
<li>Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) shares fell 4.3% to $115.11 after the company reported first-quarter earnings and announced a review of strategic alternatives for its Family Dollar business.</li>
<li>Brown-Forman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>) fell 4% to $43.90 following mixed quarterly earnings.</li>
<li>Designer Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBI#NYSE">DBI</a>) fell 3.9% to $8.40. The company, on Tuesday, reported first-quarter FY24 sales growth of 0.6% year-on-year to $746.596 million, beating the analyst consensus estimate of $741.630 million.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39184853/jim-cramer-energy-transfer-has-done-a-very-good-job-recommends-selling-this-tech-stock">Jim Cramer: Energy Transfer Has &#8216;Done A Very Good Job,&#8217; Recommends Selling This Tech Stock</a>

Intraday Update

Movers

AMBC

ASNS

BGXX

BNED

CLEU

CMPS

CVAC

DLTR

DOYU

FBLG

FRES

GDHG

GWRE

HLTH

JDZG

JEWL

MITQ

MLGO

MMYT

MNMD

MPLN

MYND

NDRA

NVAX

NVVE

OLLI

SFIX

SGRP

SILO

SOBR

SYTA

THMO

UMAC

UNFI

VLCN

VRNT

VSTE

WKME

XTIA

Why Lands' End Shares Are Trading Lower? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

Fortuna Silver Mines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) shares are trading lower by 15% to $5.02 during Wednesday&#8217;s session after the company announced an offering of convertible senior notes worth $150 million, due in 2029, with an option for initial purchasers to buy an additional <a href="https://www.benzinga.com/pressreleases/24/06/g39180224/fortuna-announces-offering-of-convertible-senior-notes">$22.5 million in notes</a>.
The proceeds will be used to repay bank debt, fund working capital, cover general corporate expenses, and repay existing 4.65% senior subordinated unsecured convertible debentures unless these are converted into shares before redemption. The company plans to issue a redemption notice for the current debentures before the new offering closes. 
The interest rate and conversion rate for the new notes will be set based on market conditions at the time of the offering. The notes will bear semi-annual interest, be convertible into shares, and include redemption and repurchase rights for both the company and the holders under certain conditions.
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39186394/bank-of-canada-cuts-rates-by-0-25-as-policy-no-longer-needs-to-be-restrictive-canadian-stocks-ra">Bank Of Canada Cuts Rates By 0.25% As Policy &#8216;No Longer Needs To Be Restrictive&#8217;: Canadian Stocks Rally, Loonie Drops</a>
<h2 class="wp-block-heading">How To Buy FSM Stock</h2>
By now you're likely curious about how to participate in the market for Fortuna Silver Mines &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. 
In the the case of Fortuna Silver Mines, which is trading at $4.99 as of publishing time, $100 would buy you 20.04 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, FSM has a 52-week high of $6.36 and a 52-week low of $2.58.

Why Fortuna Silver Mines (FSM) Stock Is Diving

Fortuna Silver Mines shares are trading lower after the company announced a $150 million offering of convertible senior notes.

Offerings

Fortuna Silver Mines Announces That It Is Offering Convertible Senior Notes Due 2029 In An Aggregate Principal Amount Of $150M

Scotiabank analyst Eric Winmill maintains Fortuna Silver Mines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) with a Sector Perform and raises the price target from $4.75 to $6.

Scotiabank Maintains Sector Perform on Fortuna Silver Mines, Raises Price Target to $6

CIBC analyst Cosmos Chiu maintains Fortuna Silver Mines (TSX:<a class="ticker" href="https://www.benzinga.com/stock/FVI#TSX">FVI</a>) with a Neutral and raises the price target from C$8 to C$9.25.

TSX:FVI

CIBC Maintains Neutral on Fortuna Silver Mines, Raises Price Target to C$9.25

Fortuna Silver Mines Disclosed That Its Yaramoko Mine Located In Burkina Faso Reached The One-million-ounce Gold Pour Milestone On May 19, 2024

LRAXF

MIDLF

OGNRF

Resource Companies Report Strong Results

Fortuna Silver Mines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) reported quarterly earnings of $0.09 per share which beat the analyst consensus estimate of $0.05 by 80 percent. This is a 80 percent increase over earnings of $0.05 per share from the same period last year. The company reported quarterly sales of $224.900 million which missed the analyst consensus estimate of $226.000 million by 0.49 percent. This is a 28.00 percent increase over sales of $175.700 million the same period last year.

Earnings Beats

Fortuna Silver Mines Q1 2024 Adj EPS $0.09 Beats $0.05 Estimate, Sales $224.900M Miss $226.000M Estimate

The stock market is poised to mark a third consecutive session of gains, with major indices all trading in the green during midday trading in New York on Monday, as traders continue to react positively to quarterly earnings and the Federal Reserve&#8217;s unexpectedly dovish stance <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38584705/federal-reserve-takes-cautious-stand-on-inflation-powell-signals-preference-for-r">in its latest meeting.</a>
For Q1 2024, 80% of S&amp;P 500 companies have disclosed actual results, with over three quarters of them surpassing EPS estimates and 61% exceeding revenue estimates, according to FactSet.
The S&amp;P 500 rose by 0.4%, with the tech-heavy Nasdaq 100 showing a similar daily surge. Small caps, as measured by the iShares Russell 2000 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), outperformed large caps, rising by 1.2%.
Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) surged over 6% ahead of its Q1 results, set to be released after the market closes. The broader chipmaker industry, as tracked by the iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>), rose 1.7%, showing solid gains. 
Commodities performed strongly overall, with natural gas prices surging nearly 6% to a 4-month high. West Texas Intermediate (WTI) light crude oil rose by 1%, on track to break a 5-day losing streak. 
Crude oil faced notable volatility around 12:47 EDT as gains were initially trimmed on news of Hamas accepting a ceasefire proposal, but then it partially recovered those losses after Israeli Forces stated that Hamas had agreed to a modified version not accepted by Israel.
Gold and silver also saw robust demand, with gold up over 0.7% and silver rallying about 3%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) softened 0.8%, with prices retracing after testing the 50-day moving average resistance at $65,500-$65,900 levels.
<h3 class="wp-block-heading">Monday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,065.27</td>
<td>1.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,002.16</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,156.88</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,736.04</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. EDT </figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.6% to $514.40, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.2% to $387.45 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.6% to $437.98, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 1.3%, followed by the Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>), up 0.8%. The Consumer Staples Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) was the major laggard, down 0.4%.
<h3 class="wp-block-heading">Monday&#8217;s Stock Movers</h3>
<ul>
<li>Tyson Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) fell over 7%, after the company missed the Street&#8217;s revenue estimates last quarter.</li>
<li>Other companies reacting to earnings were Loews Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>) up 1.6%, CNA Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNA#NYSE">CNA</a>) up 0.5%, Jones Lang LaSalle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JLL#NYSE">JLL</a>) up 4%, Freshpet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRPT#NASDAQ">FRPT</a>) up over 6%, Brookfield Renewable Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEPC#NYSE">BEPC</a>) up 3%, and Integra LifeSciences Holdings Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IART#NASDAQ">IART</a>) down 21%,</li>
<li>Gold and silver miners rallied sharply Monday, on the heels of surging metal prices. The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) was up 2.4%, while the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rocketed 2.9%. Notable outperformers for the industry were Coeur Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>), Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) and Fortuna Silver Mines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) all screening a 5% surge.</li>
<li>Shares of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) rose over 5% following a report by The New York Times on Sunday, indicating that the special committee approved initiating deal discussions with Sony and Apollo.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) fell over 12% after it rallied by about 50% over the last two sessions. </li>
<li> Companies reporting after the close include ADTRAN Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTN#NASDAQ">ADTN</a>), Coty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>), Fidelity National Information Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>), FMC Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>), Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>), Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITE#NASDAQ">LITE</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>), The Williams Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>), Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/05/38648277/tesla-lays-off-more-employees-over-weekend-report">Tesla Lays Off More Employees Over Weekend: Report</a>
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Stocks On Track For Third Green Session, Palantir Ignites Rally In Chipmakers, Commodities Rebound: What's Driving Markets Monday?

Fortuna Silver Mines (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) ended the recent trading session at $4.68, demonstrating a -0.21% swing from the preceding day&#39;s closing price. The stock&#39;s performance was behind the S&amp;P 500&#39;s daily gain of 0.91%. At the same time, the Dow added 0.85%, and the tech-heavy Nasdaq gained 1.51%.
Shares of the silver and gold miner witnessed a gain of 2.63% over the previous month, beating the performance of the Basic Materials sector with its loss of 2.19% and the S&amp;P 500&#39;s loss of 4.2%.
Analysts and investors alike will be keeping a close eye on the performance of Fortuna Silver Mines in its upcoming earnings disclosure. The company&#39;s earnings report is set to go public on May 7, 2024. The company is forecasted to report an EPS of $0.03, showcasing a 40% downward movement from the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Fortuna Silver Mines. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company&#39;s business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 166.67% upward. At present, Fortuna Silver Mines boasts a Zacks Rank of #1 (Strong Buy).
In the context of valuation, Fortuna Silver Mines is at present trading with a Forward P/E ratio of 58.63. This valuation marks a premium compared to its industry&#39;s average Forward P/E of 43.7.
The Mining - Silver industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 24, putting it in the top 10% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
<a href="https://www.zacks.com/stock/news/2267473/fortuna-silver-mines-fsm-stock-drops-despite-market-gains-important-facts-to-note?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_6v2-2267473">To read this article on Zacks.com click here.</a>

Fortuna Silver Mines Stock Drops Despite Market Gains: Important Facts to Note

Source: <a href="https://www.streetwisereports.com/article/2024/04/24/barricks-production-miss-not-so-bad.html?utm_medium=feed">Adrian Day 04/24/2024</a>
Global Analyst Adrian Day looks at more first-quarter results from some resource companies, as well as some positive exploration results that, according to him, could extend a mine&#39;s life.
Barrick Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gold#NYSE">GOLD</a>)&nbsp;maintained its full-year guidance after first-quarter production in both gold and copper, which came in lower than expected. Part of the lower production was because of planned maintenance at the Nevada Gold Mines, but other causes were unexpected, including lower grades at Lumwana.
The lower production, with copper output in particular weak, about 15% lower than the consensus estimates, meant higher per-unit costs. Barrick estimated that its costs for gold at about $1,473 per ounce (for All-In Sustaining Costs) would come in about 8% higher than the previous quarter, while copper would jump about 15%. Once again, Barrick will not generate meaningful free cash flow for the quarter.
As usual, Barrick said it expected production to increase throughout the year, with the first quarter usually being its lowest. It pointed to Pueblo Viejo&#39;s expansion ramping up in the second quarter and the restart of Porgera.
<h2>Potential Bad News From Mali</h2>
Just as Barrick was reporting its first-quarter production (with full results scheduled for May 1) came a report that Mali&#39;s military government was planning to expropriate its Loulo-Gounkoto gold mine, which represents about 9% of the company&#39;s NAV. Mali&#39;s junta has been targeting the mining sector with a controversial audit of the industry as well as a proposed new mining code.
Barrick has not commented on the report. Separately, there are reports that Saudi Arabia is close to a deal to acquire a minority stake in Barrick&#39;s Reko Diq mine in Pakistan, investing at least $1 billion to buy part of the government&#39;s stake.
Saudi Arabia&#39;s interest has been public. Though any deal would not affect Barrick&#39;s interest in the project, it would be a positive, bringing in a wellfunded partner. Barrick&#39;s stock sunk sharply on the one-two punch from the production shortfall and Mali report, falling from over $18 to under $16.50 before a partial recovery.
In truth, it was an overreaction. The higher costs were for the most partly simply a function of lower production, while the production miss, beyond the planned Nevada maintenance, was quite minor, and the company reiterated its full-year guidance, backed by solid reasons. In truth, I think investor sentiment was less about the specifics of the quarter but more a not-illegitimate sense of d&eacute;j&agrave; vu since Barrick has missed its often-optimistic forecasts on more than one occasion. As for the Mali report, expropriation would indeed be serious, but there was little that was new in the widely publicized report. In short, our position has not changed.
We would hold here but look for opportunities to buy.
<h2>Royal Gold Offers Weak Guidance, but Likely Low</h2>
Royal Gold Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgld#NASDAQ">RGLD</a>) announced its 2024 guidance of between 290K and 315K Gold Equivalent Ounces (GEOs), more-or-less flat versus 2023 actual GEOs of 312K, and meaningfully lower than expected. However, there are several headwinds that are taken into account with Royal&#39;s guidance, which may turn out to be conservative.
It should be emphasized that there are several possibilities for upside, including improvements at Goldrush and Robertson in Nevada and some new assets coming on stream, including IAMGOLD&#39;s new C&ocirc;te gold mine in Ontario.
Royal has also continued to pay down its credit facility, which it used to make major acquisitions in 2022 and 2023; it has repaid $125 million this year, bringing its balance down to $125 million.
We are holding after a better-than-20% jump since the end of February.
<h2>Strong Royalty Quarter for Altius</h2>
Altius Minerals Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/atusf#OTC">ATUSF</a>) said its attributable royalty revenue for the first quarter is expected at $17.4 million, up from less than $16 million in the previous quarter, though down from the first quarter of 2023. The year-ago quarter benefited greatly from high potash prices.
The main gains quarter-on-quarter are from renewal energy (almost doubling) and base metals, while the revenue from coal was eliminated as the Genesee Mine ceased operations at the end of the year. The company continues to buy back shares.
Separately, the eagerly-awaited arbitration hearing over the extent of its royalty on AngloGold&#39;s Beaty project in Nevada has taken place, but the company has not commented on it yet. A ruling may take months.
Altius is a core holding for us; we are holding after a nearly 30% stock price appreciation in the last two months.
<h2>Positive Drilling Could Extend Fortuna Mexican Mine</h2>
Fortuna Silver Mines Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>)&nbsp;reported positive exploration results on its Yessi vein discovery at the San Jose mine in Mexico.
Exploration since the initial discovery last August is intended to test the limits of the vein as well as do in-fill drilling to support a resource estimate. Fortuna earlier said it was bringing forward the planned closure of the San Jose mine to the end of this year, but contingent on any additional resources.
Continued success of the program on the Yessi vein suggests that the closure could be pushed back.
We are holding.
TOP BUYS this week include, in addition to above, Orogen Royalties Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ognrf#OTC">OGNRF</a>) and Midland Exploration Inc. (MD:TSX.V).
Important Disclosures:
<ol>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Barrick Gold Corp., Altius Minerals Corp., Fortuna Silver Mines Inc., Orogen Royalties Inc., and Midland Exploration Inc.</li>
<li>Adrian Day: I, or members of my immediate household or family, own securities of: All. My company has a financial relationship with: All. I determined which companies would be included in this article based on my research and understanding of the sector.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
Adrian Day Disclosures
Publisher: Adrian Day. Owner: Investment Consultants International, Ltd. Staff may have positions in securities discussed herein. Adrian Day is also President of Global Strategic Management (GSM), a registered investment advisor, and a separate company from this service. In his capacity as GSM president, Adrian Day may be buying or selling for clients securities recommended herein concurrently, before or after recommendations herein, and may be acting for clients in a manner contrary to recommendations herein. This is not a solicitation for GSM. Views herein are the editor&#39;s opinion and not fact. All information is believed to be correct, but its accuracy cannot be guaranteed. The owner and editor are not responsible for errors and omissions. &copy; 2023. Adrian Day&#39;s Global Analyst. Information and advice herein are intended purely for the subscriber&#39;s own account. Under no circumstances may any part of a Global Analyst e-mail be copied or distributed without prior written permission of the editor. Given the nature of this service, we will pursue any violations aggressively.

Barrick's Production Miss Not So Bad?

Fortuna Silver Mines (TSE:FVI) has released an update. Fortuna Silver Mines reported a robust financial and operational performance for Q2 2024, wi...

Fortuna Silver Mines' Strong Q2 2024 Financial Growth

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Fortuna Silver Mines (NYSE:<a href="https://investorplace.com/stock-quotes/fsm-stock-quote/">FSM</a>) just reported results for the second quarter of 2024.<ul><li>Fortuna Silver Mines reported earnings per share of 10 cents.</li><li>The company reported revenue of $259.97 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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									</ul>The post <a href="https://investorplace.com/earning-results/2024/08/fsm-stock-earnings-fortuna-silver-mines-for-q2-of-2024/">FSM Stock Earnings: Fortuna Silver Mines Reported Results for Q2 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

FSM Stock Earnings: Fortuna Silver Mines Reported Results for Q2 2024

Fortuna Silver Mines Non-GAAP EPS of $0.10 misses by $0.03, revenue of $260.0M misses by $1M

Fortuna Mining Corp. Non-GAAP EPS of $0.10 misses by $0.03, revenue of $260.0M misses by $1M

Pan American Silver Q2 2024 Results Suggest That The Best Is Still To Come

Fortuna Mining Corp. (FSM) Q2 2024 Earnings Call Transcript

Silvercorp Metals: Processing Stockpile Could Be To Their Advantage

Fortuna Silver Mines (TSE:FVI) has released an update. Fortuna Silver Mines reports significant gold findings at the Kingfisher prospect within the...

Fortuna Silver Mines Strikes Gold at Kingfisher Prospect

In a report released today, Eric Winmill from Scotiabank maintained a Hold rating on Fortuna Silver Mines (FSM – Research Report), with a price tar...

Scotiabank Sticks to Its Hold Rating for Fortuna Silver Mines (FSM)

Fortuna Silver Mines (TSE:FVI) has released an update. Fortuna Silver Mines has announced significant gold discoveries at its Diamba Sud Project in...

Fortuna Silver Mines Unveils High-Grade Gold Findings

Financing

Press Releases

Fortuna Announces Pricing of Convertible Senior Notes

Fortuna Completes Offering of Convertible Senior Notes

Fortuna intersects 23.7 g/t gold over 17.8 meters from the Kingfisher Prospect at the Séguéla Mine

Fortuna reports results of Annual and Special Meeting

Fortuna intersects 31.3 g/t gold over 12.0 meters from the Karakara Prospect at the Diamba Sud Gold Project

Fortuna reports solid production of 116,570 gold equivalent ounces for the second quarter of 2024

Fortuna to release second quarter 2024 financial results on August 7, 2024; Conference call at 12 pm EDT on August 8, 2024

Fortuna reports financial results for the second quarter of 2024

Fortuna intersects 14.2 g/t Au over 16.8 meters at the Kingfisher prospect, Séguéla Mine, Côte d'Ivoire

General

Fortuna intersects 6.9 g/t Au over 33.3 meters at the Diamba Sud Project, Senegal

Scotiabank

National Bank Financial Inc

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Fortuna Mining (FSM) Forecast

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