Take physic, pomp

Fortuna Silver (FSM) (FVI.to) 3q13 numbers

FVI has posted its numbers on SEDAR and, dear subscribers, even if I do say so myself they compare closely with the SWAGs* from IKN224, dated August 18th. For example, here’s how we saw Revs ($30m), COGS ($23m) and MOI ($7m)…
…and here’s the reality…
…which is revenues of $30.203m, COGS of $22.063m and MOI of $8.14m. So a million out on the mine costs, but strangely G&A came in almost exactly $1m higher than our forecast so one cancelled out the other. I also wrote in IKN224 (and let’s quote), “Personally, I think FVI will be lucky to make $22/oz average [price for its silver sales] for 3q13 and will post a small loss as a result.” In the end, FVI sold its silver at an average of $21.30/oz and its final net result was a $264,000 loss. I think that counts as close.
Anyway, on considering the numbers posted (and again a message to subscribers) I’m very happy about maintaining my current position in FVI, the one taken as from last week. We’ll talk about this one more on Sunday.

UPDATE: The FVI NR is out, read it here

*stupid wild ass guesses

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