Win us with honest trifles

Fortuna Silver (FSM) (FVI.to): Heart of Darkness

When your 4q21 anal yst estimates from seven sources averages a 14c EPS

…and your result is (we quote), “Net income of $16.6 million or $0.05 per share“, the question isn’t whether the quarter sucked or not, the question is why. And to get the answer, “We penetrated deeper and deeper into the heart of darkness.”

Lindero did okay (it just kills its workers), San José got whacked by costs, Caylloma did its normal act of survival but the real issues are from Out Of Africa. How much did these guys pay for Roxgold again? And 2022 guidance for Yaramoko includes an AISC of up to U$1,600/oz. In Kurtz’s famous last words, “The horror! The horror!

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