When gold production is strong, it suggests confidence in gold’s value and the stability of the monetary system. The company, Fortuna, reported strong gold production in the first quarter of 2024.
If the production numbers remain high and the price of gold continues to rise (approaching $2,500 per ounce), Fortuna could make over $150 million in extra profit each year. Additionally, the company repurchased over 1 million shares of its own stock, which could indicate that they believe their stock is undervalued and a good investment.
Gold is the canary in the coal mine in the monetary world.
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 8, 2024
$FSM Fortuna reports strong gold equivalent production of 112,543 ounces in the first quarter of 2024
If these production numbers hold with gold pushing towards $2,500/oz, this should translate into an additional $150M+ in free cashflow on an annualized basis. pic.twitter.com/eJP7KyzQ7S
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 8, 2024
50% of NSR on Seguela exercised for AUD $10m
1,030,375 shares were repurchased under its normal course issuer bid program at an average price of $3.42 per share totaling $3.52 million. pic.twitter.com/8DoFmSGWSU
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) April 8, 2024