Fortuna Mining Stock Price, News & Analysis

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports solid production results for Q3 2024 from its five operating mines in West Africa and Latin America. Highlights include:

• Gold equivalent production of 110,820 ounces
• Gold production of 91,251 ounces
• Silver production of 816,187 ounces
• Zinc and lead production of 12.8 million and 10.0 million pounds

The Lindero leach pad expansion, the company's largest capital project in 2024, is 76% complete and on budget. Fortuna reiterates its 2024 annual production guidance of 457-497 thousand gold equivalent ounces. Notable mine performances include Séguéla's strong output and Yaramoko's continued solid performance, while San Jose faces challenges as it nears the end of its reserves.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has provided an update on its Yaramoko Mine operations in Burkina Faso. This comes in response to recent public comments by Burkina Faso's President Ibrahim Traoré regarding mining companies and potential withdrawal of existing mining permits. Fortuna has received confirmation from the country's Ministry of Mines that there are no plans to withdraw existing mining permits that comply with local laws. The company affirms that the Yaramoko Mine is in compliance and continues normal operations.

The Yaramoko Mine, operational since 2016, reached the one-million-ounce gold pour milestone on May 19, 2024. It is expected to contribute approximately 25 percent of Fortuna's gold equivalent ounces in 2024, aligning with the company's annual guidance of 457 to 497 koz Au Eq for the year.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has reported promising results from its exploration programs at the Diamba Sud Gold Project in Senegal. Key highlights include:

- Western Splay Prospect: Drill hole DSDD293 intersected 6.9 g/t Au over 33.3 meters, and DSR680 yielded 8.9 g/t Au over 27.7 meters.

- Karakara Prospect: Drill hole DSDD300 returned 8.8 g/t Au over 6.4 meters.

The company completed 13,319 meters of drilling across 95 holes, focusing on expanding the Western Splay and Kassasoko prospects. A revised geological model has identified additional targets for testing, potentially contributing to growing the project portfolio and resource base.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has reported significant exploration results from its Séguéla Mine in Côte d'Ivoire. The Kingfisher prospect has shown promising results, with drill hole SGRC1865 intersecting 14.2 g/t Au over 16.8 meters from 100 meters depth. The prospect's strike length now extends over 2 kilometers and remains open at depth.

At the Sunbird deposit, drilling continues to support underground mining potential, with drill hole SGDD140 intersecting 8.8 g/t Au over 6.3 meters from 301 meters depth. The company plans to continue exploration throughout 2024, aiming for a maiden Inferred resource at Kingfisher in early 2025 and evaluating underground mining potential at Sunbird.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) announced its Q2 2024 financial results. Key highlights include:

Financial: Attributable net income rose to $40.6 million or $0.13 per share, up from $26.3 million or $0.09 per share in Q1 2024. Adjusted attributable net income was $30.4 million or $0.10 per share. Cash flow from operations before working capital changes reached $93.0 million, with free cash flow of $38.6 million. Fortuna issued convertible notes for $172.5 million, using part to clear $125.0 million under its credit facility. Liquidity stood at $355.6 million by June 30, 2024.

Operational: Gold equivalent production increased to 116,570 ounces from 112,543 ounces in Q1 2024. Gold production rose to 92,716 ounces, and silver production dropped to 990,574 ounces. Consolidated cash costs per ounce of gold equivalent sold were $988, and all-in sustaining cash costs were $1,656, with specific adjustments for San Jose mine.

Growth: At the Kingfisher prospect, Séguéla Mine, Fortuna intersected 23.7 g/t gold over 17.8 meters. Exploration at Diamba Sud showed 31.3 g/t gold over 12.0 meters.

Financial Metrics: Sales increased by 64% to $260.0 million. Operating income surged by 619% to $55.4 million. Adjusted EBITDA was $112.7 million.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has announced the release date for its second quarter 2024 financial results. The unaudited financial statements and MD&A will be released on August 7, 2024, after market close. A conference call to discuss the results is scheduled for August 8, 2024, at 12:00 p.m. Eastern time.

Key executives, including CEO Jorge A. Ganoza and CFO Luis D. Ganoza, will host the call. Shareholders and interested parties can join via webcast or phone. The replay will be available until August 22, 2024, and a transcript will be archived on the company's website.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reported an impressive Q2 2024 production of 116,570 gold equivalent ounces, marking a 25% increase from Q2 2023 and a 4% rise from Q1 2024.

Gold production reached 92,716 ounces, up 44% year-over-year, but silver production fell 22% to 990,574 ounces. Zinc and lead production were 13.0 million and 10.5 million pounds, respectively.

For the first half of 2024, consolidated gold and silver production totaled 182,394 ounces and 2.1 million ounces, respectively. The company maintains its 2024 production guidance of 343-385 thousand ounces of gold and 4.0-4.7 million ounces of silver, equaling 457-497 thousand ounces of gold equivalent.

Operational highlights include strong performance from the Séguéla and Yaramoko mines despite power supply issues, steady production at Lindero, and ongoing exploration at San Jose, which is on track to meet annual guidance despite potential resource depletion.

Fortuna Mining has provided an update on its exploration programs at the Diamba Sud Gold Project in Senegal. The most notable result was an intersection of 31.3 g/t gold over 12.0 meters from the Karakara Prospect. Other significant finds include 8.9 g/t gold over 27.7 meters from Western Splay and 2.9 g/t gold over 15.3 meters from Kassasoko.

The exploration team completed a 20,665-meter, 159-hole drilling program since March 2024. Results are expected to contribute to growing the project portfolio and resource base. The Karakara Prospect continues to show promising high-grade mineralization, with multiple significant intercepts. The company aims to further refine geological controls and progress satellite prospects.

The exploration team will slow down drilling during the upcoming rainy season but will continue to review and fine-tune the geological controls on mineralization.

Fortuna Silver Mines has announced the results of its annual and special meeting held on June 20, 2024. A total of 153,562,018 common shares, representing 50.16% of issued and outstanding shares, were represented. Shareholders voted in favor of all matters, including the appointment of auditors, election of directors, and a name change to 'Fortuna Mining Corp.'

Key directors elected include Jorge Ganoza Durant with 99.52% votes in favor, and David Laing with 88.83% votes in favor. The name change will take effect on June 20, 2024, with shares and debentures trading under the new name within two to five business days. The ticker symbols 'FSM' and 'FVI' will remain unchanged.

The company has issued a notice of redemption for its 4.65% senior subordinated unsecured convertible debentures, to be redeemed on July 10, 2024, if not converted to common shares. The new company website will launch on June 21, 2024, under www.fortunamining.com. CEO Jorge A. Ganoza emphasized the company's evolution and growth into a mid-tier precious metals producer.