Well, hello there my friends, Chris Marcus here with you for Arcadia Economics and today a quick update on Fortuna Mining. As they did have an update out this morning, reporting progress on their share buyback program. Certainly that’s something that Jorge Canoza, the CEO of Fortuna has talked about in many of the calls that we’ve done where he’s keeping a very close eye on the balance sheet and strengthening that. And here we see that Fortuna announcing that they purchased an aggregate of 6.4 million common shares. Weighted average price of $4.77 and that is a total gross amount of just over $30.5 million and has left the company at a total of 41.8% purchase of the 15.3 million shares that it’s authorized to purchase under its normal course issuer bid program.

Here a comment from Jorge. He mentions with record earnings in the third quarter and strong free cash flow generation supported by historically high gold prices. Fortuna is poised to return capital to shareholders. Our capital priorities moving forward will be to continue to balance returns to shareholders with advancing high value opportunities in our portfolio. And again, that’s another thing that he talked more about in that last call we did, which I will link to the end of the video. So if you are a Fortuna shareholder or considering Fortuna, can hear directly from Jorge some of his thoughts there.

And I will also just highlight here is the earnings release that came out in the first week of November and they had record attributable earnings of $50.5 million and also free cash flow in the second quarter of $56.6 million. And just to put that in context in terms of the 6.4 million shares that were repurchased, here is the capital structure as of September 10th, where they had fully diluted 315.4 million shares. So obviously you have the 6.4 million shares that have been purchased since then. And lastly, just taking a look at Fortuna on the day, doing quite well.

It has gone above that 477 average price level that they have paid was up over 10% a little while ago, coming back in slightly, although around 2.30 PM up 40 cents or just over 8.91%. So congratulations to Fortuna. If you do have any questions about them, you can go to FortunaMining.com and just hit the contact tab. Obviously, a company that has done well, especially getting their mind online in the past year and also with new targets coming online at Suguela will be fun to see how they do in the next couple quarters, especially as the gold price, even despite a little bit of a sell off recently, still pretty elevated even compared to the third quarter.

So congratulations to Fortuna. And if you like to see that call that I mentioned a couple of times in this video, well, just click on the link that is coming your way now. [tr:trw].

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