Fortuna Mining Corp. reports operating and financial developments for a Canadian precious metals miner that produces gold and silver from three operating mines and a portfolio of exploration projects.
Recurring updates include quarterly production in gold-equivalent ounces, cash costs and all-in sustaining costs, cash flow, liquidity, safety performance and capital actions through normal course issuer bid activity. Company news also covers Mineral Reserve and Mineral Resource estimates, drilling at deposits such as Sunbird at Séguéla, exploration projects including Diamba Sud in Senegal, project agreements in the Guyana Shield, annual reporting and MD&A releases.
Fortuna Mining has announced updated Mineral Reserves and Mineral Resources at its Séguéla Mine, featuring the discovery of over 500,000 gold ounces of new Inferred Resources. The mine now reports 1.0 Moz Au in Proven and Probable Mineral Reserves, 396,000 oz Au in Measured and Indicated Resources, and 677,000 oz Au in Inferred Resources.
Key highlights include maiden Inferred Resources of 294,000 oz for Kingfisher and 61,000 oz for Badior deposits, plus 141,000 oz Au of underground Inferred Resource at Sunbird. For 2024, Séguéla Mine is expected to produce between 126,000 to 138,000 gold ounces at the upper range.
Fortuna Mining (NYSE: FSM | TSX: FVI) has repurchased 6,402,640 common shares during Q4 2024 as of November 29, under its normal course issuer bid (NCIB). The shares were bought at a weighted-average price of $4.77, totaling $30.5 million. This represents 41.88% of the 15,287,201 shares authorized for repurchase. The company cites record Q3 earnings, strong free cash flow, and high gold prices as enabling factors for the buyback program, while maintaining a balance between shareholder returns and portfolio development.
Fortuna Mining reported record Q3 2024 financial results with attributable net income of $50.5 million ($0.16 per share) and operating cash flow of $119.3 million. The company produced 110,820 ounces of gold equivalent at a cash cost of $1,059 per ounce. Key highlights include achieving a positive net cash position of $8.0 million, increased liquidity to $430.6 million, and consolidated sales of $274.9 million (up 13% year-over-year). The company remains on track to meet its annual production guidance of 457-497 koz gold equivalent.
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has announced the release date for its third quarter 2024 unaudited financial statements and MD&A. The company will publish these documents on Wednesday, November 6, 2024, after market close. A conference call to discuss the financial and operational results is scheduled for Thursday, November 7, 2024, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time.
The call will be hosted by key company executives, including Jorge A. Ganoza (President and CEO), Luis D. Ganoza (CFO), Cesar Velasco (COO - Latin America), and David Whittle (COO - West Africa). Shareholders, analysts, media, and interested investors are invited to participate via webcast or phone. Replay options will be available until November 21, 2024, and a transcript will be archived on the company's website.
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.