07:22 AM EST, 03/07/2024 (MT Newswires) -- National Bank of Canada on Thursday ascribed a neutral bias with Fortuna Silver Mines Inc. ( FSM ) 's results in the fourth quarter of 2023.

Fortuna booked an adjusted EPS of US$0.08, matching the bank's forecast but below the consensus estimate of US$0.11.

Cash flow per share of US$0.35 exceeded Fortuna's projection of US$0.32 and the consensus forecast of US$0.34, driven by lower-than-expected interest and taxes paid.

Fortuna posted a US$90.6 million impairment on the San Jose mine, the bank noted.

National Bank gave Fortuna a sector perform rating with a $5.35 price target.