Home Uncategorized Fortuna Reports Results for the Fourth Quarter and Full Year 2024

Fortuna Reports Results for the Fourth Quarter and Full Year 2024

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GlobeNewswire

Published Mar 05, 2025  •  58 minute read

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(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

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VANCOUVER, British Columbia, March 05, 2025 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI)
(“Fortuna” or the “Company”) today reported its financial and operating results for the fourth quarter and full year of 2024.

Fourth Quarter and Full Year 2024 highlights

Cash and Cashflow

Record free cash flow1 of $95.6 million in Q4, a quarter over quarter (“QoQ”) improvement of 69%; $202.9 million in 2024Net cash from operations of $141.6 million before working capital or $0.46 per share in Q4, a QoQ increase of 21%; $438.2 million or $1.42 per share in 2024Quarter-end cash of $231.3 million, a QoQ increase of $50.7 million from strong growth in free cash flow. Liquidity was $381.3 million and the Company achieved a positive net cash1 position of $58.8 million

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Profitability

Attributable net income of $11.3 million or $0.04 per share in Q4 after non-cash charges of $26.3 million; attributable net income of $128.7 million or $0.42 per share in 2024Attributable adjusted net income1 of $37.0 million or $0.12 per share in Q4 including unrealized foreign exchange loss and higher effective tax rate from Euro devaluation of $0.05 per share; $144.0 million, or $0.47 per share in 2024

Return to Shareholders

Returned $30.6 million to shareholders in Q4 through the repurchase of 6.4 million shares and an additional $1.8 million for 0.4 million shares in January 2025

Operational

Gold equivalent production of 116,358 ounces3 in Q4; record gold equivalent production of 455,958 ounces 3 in 2024, meeting the low end of annual guidanceConsolidated cash cost per gold equivalent ounce (“GEO1“)of $1,015 in Q4; $987 in 2024, within annual guidanceConsolidated AISC per GEO1 of $1,772 for Q4; $1,640 in 2024, within annual guidanceStrong safety performance in 2024 with a TRIFR of 1.36, and a LTIFR of 0.48 achieving the same level of top industry standard as in 2023

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Growth and Development

$49.0 million invested in mineral exploration and project development in 2024 and a budget of $51.0 million for 2025.  Some of the high-value targets include Kingfisher and Sunbird deep deposits at the Séguéla mine, the Tongon North prospect in northern Cote d´Ivoire, and the Diamba Sud project in Senegal.The flagship Séguéla mine delivered 137,781 ounces at an AISC of $1,153 per ounce in 2024, in its first full year of gold production. Two-year gold production guidance for 2025 and 2026 has been provided for Séguéla, with incremental production planned to reach 160,000 to 180,000 ounces in 2026 at an AISC in the range of $1,260 to $1,390 per ounce.

Jorge A. Ganoza, President and CEO, commented, “Q4 was a record quarter of free cash-flow at $95.6 million. Quarter over quarter, we realized 7% higher gold prices and 10% higher revenue, while keeping cash cost per ounce flat, leading to expanded operating cash flow margin from 33% to 50%. With the growth in cash flow over the year and a sound balance sheet we returned $30.6 million to shareholders via share buybacks in Q4.” Mr. Ganoza continued “Cost and capital optimization initiatives across the portfolio remains top of mind for management with various opportunities successfully implemented in 2024 and continuing into 2025. The sale of the non-core asset San Jose mine will remove our highest cost ounces and refocuses capital and management´s attention to high-value opportunities in the portfolio. Additionally, the successful optimization of the Séguéla mine is enabling us to plan for increased rates of annual gold production of 160,000 to 180,000 ounces at industry leading costs by 2026, unlocking significant value.”

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Fourth Quarter and Full Year 2024 Consolidated Results

               Three months ended, Years ended December 31,(Expressed in millions) December
31, 2024 September
30, 2024 December
31, 2023 2024 2023  % ChangeSales  302.2 274.9  265.3   1,062.0 842.4  26%Mine operating income  106.8 86.9  51.9   343.6 190.0  81%Operating income (loss)  52.8 72.7  (77.4)  228.0 (0.4) 57,100%Attributable net income (loss)  11.3 50.5  (92.3)  128.7 (50.8) 353%Attributable income (loss) per share – basic  0.04 0.16  (0.30)  0.42 (0.17) 347%Adjusted attributable net income1  37.0 49.9  20.6   144.0 64.9  122%Adjusted EBITDA1  137.9 131.3  120.3   476.9 335.1  42%Net cash provided by operating activities  150.3 92.9  105.1   365.7 296.9  23%Free cash flow from ongoing operations1  95.6 56.6  66.2   202.9 153.5  32%Cash cost ($/oz Au Eq)1  1,015 1,059  840   987 874  13%All-in sustaining cash cost ($/oz Au Eq)1,2  1,772 1,668  1,416   1,640 1,480  11%Capital expenditures2            Sustaining  48.1 38.4  46.8   142.2 136.1  4%Non-sustaining3  12.0 12.3  1.8   50.8 5.2  877%Séguéla construction  – –  –   – 50.0  (100%)Brownfields  1.3 (0.5) 4.8   10.4 16.1  (35%)As at       December
31, 2024 December
31, 2023  % ChangeCash and cash equivalents  231.3 128.1  81%Net liquidity position (excluding letters of credit)        381.3 213.1  79%Shareholder’s equity attributable to Fortuna shareholders        1,403.9 1,238.4  13%1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis 3 Non-sustaining expenditures include greenfields exploration 4 The composition of AISC was revised in Q4 2024 and the comparative periods were adjusted to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” for a description of the calculation and the reason for the changeFigures may not add due to rounding   

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Fourth Quarter 2024 Results

Q4 2024 vs Q3 2024

Attributable Net Income and Adjusted Net Income
Attributable net income for the period was $11.3 million compared to an attributable net income of $50.5 million in Q3 2024. The fourth quarter of 2024 was impacted by non-cash charges of $26.3 million as follows.

A write-down of $14.5 million related to the Boussoura mineral property in Burkina Faso. The majority of the write-down corresponds to the purchase price assigned to Boussoura as part of the Roxgold acquisition and reflects the Company’s view as to Boussoura’s exploration prospects.A $7.2 million mine closure provision associated with the scheduled closure of the San Jose Mine. Subsequent to the end of the quarter, the Company entered into a binding letter of intent to divest of the San Jose mine. The associated closure provision is expected to unwind upon completion of the sale.A write-down of low-grade ore stockpiles of $4.6 million at the Lindero Mine.

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Cash flow
Net cash generated by operations before working capital adjustments was $141.6 million or $0.46 per share. After adjusting for working capital changes, net cash generated by operations for the quarter was $150.3 million compared to $92.9 million in Q3 2024. The increase of $57.4 million reflects higher sales and positive change in working capital in Q4 2024 of $8.6 million compared to negative $26.4 million in Q3 2024, and lower-income tax paid of $7.1 million.

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Free cash flow from ongoing operations in Q4 2024 increased $39 million over Q3 2024 to $95.6 million. The increase was due to higher cash generated by operations partially offset by higher capital expenditures of $15.9 million. Free cash flow in Q4 2024, after growth capex of $12.0 million, was $83.6 million.

Q4 2024 vs Q4 2023

Cash cost per ounce and AISC
Consolidated cash cost per equivalent gold ounce was $1,015, compared to the $840 reported in Q4 2023. The increase in cash cost was driven mainly by higher cash cost at Séguéla, and the San Jose Mine operating in its last year of Mineral Reserves. The increase in cash cost at Séguéla is explained mainly by lower head grades in 2024, as per the mine plan, and lower stripping and mining costs during Séguéla’s first semester of operations in 2023. Cash cost also increased at Lindero due to lower production and the impact of the appreciation of the Argentine peso.

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Attributable Net Income and Adjusted Net Income
Attributable net income for the period was $11.3 million compared to an attributable net loss of $92.3 million in Q4 2023. The fourth quarter of 2024 was impacted by non-cash charges of $26.3 million compared to $118.4 million in the fourth quarter of 2023.

After adjusting for write-downs and other non-recurring items, adjusted attributable net income was $37.0 million or $0.12 per share compared to $20.6 million or $0.07 per share in Q4 2023. The increase was primarily due to higher gold prices. The realized gold price was $2,662 per ounce in Q4 2024 compared to $1,990 per ounce in Q4 2023. This was partially offset by lower gold sales volume and higher cost per ounce. Lower gold sales volume was mainly due to lower production at Séguéla, San Jose, and Lindero.  The decrease in production at Séguéla and Lindero was due to lower head grades, in accordance with the mine plan, partially offset by higher processed ore. The higher cost per ounce was explained mainly by the lower head grades at Séguéla and Lindero, lower stripping and mining costs during Séguéla´s second quarter of operations in Q4 2023, and the impact of the appreciation of the Argentine peso at Lindero.

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Cash Flow
Net cash generated by operations for the quarter was $150.3 million compared to $105.1 million in Q4 2023. The increase of $45.2 million reflects higher sales and positive change in working capital in Q4 2024 of $8.7 million compared to nil in Q4 2023, and lower interest paid of $3.2 million.

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Free cash flow from ongoing operations for the quarter was $95.6 million compared to $66.2 million in Q4 2023. The increase reflects higher net cash generated by operations.

Full Year 2024 Results

Cash cost per ounce and AISC 
Cash cost per equivalent gold ounce was $987, compared to $874 reported in 2023. The increase in cash cost is explained mainly by lower head grades at Séguéla in 2024, and lower stripping and mining costs during Séguéla’s first semester of operations in the second half of 2023, as well as higher cost at San Jose as explained earlier. Cash cost for the full year also increased at Lindero due to lower production and the impact of the appreciation of the Argentine peso.

All-in sustaining costs per gold equivalent ounce was $1,640 in 2024 compared to the $1,4804 recorded in the prior year due mainly to higher cash cost per ounce as described above and higher capex mostly at Lindero. AISC for 2024 includes the $9.7 million annual investment gain (FY 2023: $12.4 million) from cross border, Argentine peso denominated bond trades. (See discussion above).

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Attributable Net Income and Adjusted Net Income
Attributable net income for the year was $128.7 million, compared to an attributable net loss of $50.8 million in 2023.  The loss in 2023 was explained by impairment charges of $90.6 million at the San Jose Mine.

After adjusting for write-downs and other non-recurring items, attributable adjusted net income for 2024 was $144.0 million or $0.47 per share, compared to $64.9 million or $0.22 per share in 2023. The increase was primarily due to higher gold prices and higher gold sales volume. The realized gold price was $2,401 per ounce in 2024 compared to $1,948 per ounce in 2023. Higher gold sales volume was mainly due to the full year contribution of Séguéla upon successful commissioning and ramp-up in Q2 2023, partially offset by lower production at Lindero, aligned with the grade profile in the mine plan, and lower head grades and processed ore at San Jose, in its last year of mineral reserves. 

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Free cash flow from ongoing operations for 2024 was $202.9 million compared to $153.5 million in 2023. The increase of $49.4 million reflects higher net cash generated by operations, partially offset by higher sustaining capital expenditures of $14.6 million. Free cash flow in 2024, after growth capex of $44.3 million and the Séguéla NSR repurchase of $6.5 million, was $150.5 million.

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Séguéla Mine, Côte d’Ivoire

                Three months ended December 31,  Years ended December 31,      2024  2023  2024  2023Mine Production            Tonnes milled   430,117  387,624   1,561,800  807,617Average tonnes crushed per day   4,727  4,123   4,279  3,282             Gold            Grade (g/t)   2.95  3.62   2.95  3.42Recovery (%)   92  95   93  94Production (oz)   35,244  43,096   137,781  78,617Metal sold (oz)   36,384  43,018   137,753  78,521Realized price ($/oz)   2,658  1,994   2,399  1,963             Unit Costs            Cash cost ($/oz Au)1   653  323   584  357All-in sustaining cash cost ($/oz Au)1   1,376  737   1,153  760             Capital Expenditures ($000’s)2            Sustaining  13,626   7,765  28,488   10,912Sustaining leases  3,347   2,285  10,381   5,329Non-sustaining  5,021   –  19,458    –Brownfields  423   –  6,696   –1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.2 Capital expenditures are presented on a cash basis 

Quarterly and Annual Operating and Financial Highlights

During the fourth quarter of 2024, mine production totaled 715,008 tonnes of ore, averaging 2.34 g/t Au, and containing an estimated 53,796 ounces of gold from the Antenna, Ancien, and Koula pits. Movement of waste during the quarter totaled 3,670,138 tonnes, for a strip ratio of 5.1:1. Production was mainly focused from the Antenna pit, which produced 530,651 tonnes of ore, with the balance of production sourced from the Koula and Ancien pits.

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In the fourth quarter of 2024, Séguéla processed 430,117 tonnes of ore, producing 35,244 ounces of gold, at an average head grade of 2.95 g/t Au, an 18% decrease and a 19% decrease, respectively, compared to the fourth quarter of 2023. The decrease in gold production was due to lower head grades and lower recovery and partially offset by higher milled tonnes. Plant throughput for the quarter was 208 tonnes per hour (TPH) surpassing the name plate design capacity of 154 TPH by 35%.

Gold production in 2024 totaled 137,781 ounces, achieving the higher end of the annual guidance range. A 75% increase in ounces of gold produced during the year ended December 31, 2024 was mainly due to a full year of production in 2024 compared to only six months in 2023.

Cash cost per gold ounce sold was $653 for the fourth quarter of 2024 and $584 for the full year, compared to $323 for the fourth quarter of 2023 and $357 for the full year of 2023. The increase in cash costs is explained mainly by lower head grades in 2024, as per the mine plan, and lower stripping and mining costs during Séguéla’s first six months of operation in the second half of 2023.

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All-in sustaining cash cost per gold ounce sold was $1,376 for the fourth quarter of 2024 compared to $737 in the same period of the previous year. For the full year, the all-in sustaining cash cost was $1,153, compared to $760 in 2023. The increase for the quarter was primarily the result of higher cash costs, higher sustaining capital from higher stripping and the purchase of capital spares as well as lower volume of metal sold. The increase for the year was due to higher cash costs, increased royalties due to higher realized metal prices and higher sustaining capital expenditures.

Brownfields capital expenditures were $6.7 million for the full year in 2024, compared to $nil in 2023, as a result of drilling activities to define the geometry of mineral deposits.

Yaramoko Mine, Burkina Faso

                Three months ended December 31,  Years ended December 31,      2024  2023  2024  2023Mine Production            Tonnes milled   102,105  110,445   454,969  531,578             Gold            Grade (g/t)   9.18  7.16   8.21  6.81Recovery (%)   98  98   98  98Production (oz)   29,576  28,235   116,206  117,711Metal sold (oz)   29,509  28,229   116,130  117,676Realized price ($/oz)   2,669  1,984   2,397  1,945             Unit Costs            Cash cost ($/oz Au)1   812  949   860  809All-in sustaining cash cost ($/oz Au)1   1,302  1,720   1,359  1,499             Capital Expenditures ($000’s)2            Sustaining  8,035   12,620  28,147   49,938Sustaining leases  1,002   1,077  4,071   4,758Non-sustaining  1,649   –  5,654   –Brownfields  393   1,261  1,936   4,9171 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis. 

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Quarterly and Annual Operating and Financial Highlights

In the fourth quarter of 2024, the Yaramoko Mine treated 102,105 tonnes of ore and produced 29,576 ounces of gold with an average gold head grade of 9.18g/t, 5% and 28% increases when compared to the same period in 2023. Lower tonnage milled was due to 16 days of lost milling time as a consequence of an equipment failure. Higher production in the fourth quarter of 2024 was due to higher grades; partially offset by lower tonnes processed.

Gold production in 2024 totaled 116,206 ounces, achieving the higher end of the annual guidance range.

The cash cost per ounce of gold sold for the quarter ended December 31, 2024, was $812 compared to $949 in the same period in 2023. The decrease for the quarter is mainly attributed to lower mining costs and higher grades. For the year ending December 31, 2024, the cash cost per ounce of gold sold was $860, an increase from $809 in 2023. The full year increase is mainly due to higher mining costs during prior quarters.

The all-in sustaining cash cost per gold ounce sold was $1,302 for the quarter ended December 31, 2024, compared to $1,720 in the same period of 2023. The decrease is mainly due to lower sustaining capital costs, lower cash costs, and an administrative penalty paid in the fourth quarter of 2023. For the full year, the all-in sustaining cash cost was $1,359 in 2024, compared to $1,499 in 2023. The decrease in AISC was mainly the result of lower sustaining capital costs.

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Lindero Mine, Argentina

                Three months ended December 31,  Years ended December 31,      2024  2023  2024  2023Mine Production            Tonnes placed on the leach pad   1,757,290  1,556,000   6,367,505  6,005,049             Gold            Grade (g/t)   0.60  0.63   0.62  0.64Production (oz)   26,806  29,591   97,287  101,238Metal sold (oz)   26,840  29,308   96,726  103,503Realized price ($/oz)   2,659  1,993   2,411  1,942             Unit Costs            Cash cost ($/oz Au)1   1,063  934   1,051  920All-in sustaining cash cost ($/oz Au)1,3   1,873  1,127   1,793  1,444             Capital Expenditures ($000’s)2            Sustaining  19,240   10,607  65,876   39,358Sustaining leases  629   598  2,400   2,393Non-sustaining  1,448   1,302  2,016   1,9781 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis.3 The composition of AISC was revised in Q4 2024 and the comparative periods were updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” for a description of the calculation and the reason for the change. 

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Quarterly and Annual Operating and Financial Highlights

In the fourth quarter of 2024, a total of 1,757,290 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.60 g/t, containing an estimated 34,151 ounces of gold. Gold production for the fourth quarter of 2024 totaled 26,806 ounces. This represents a 9% decrease in total ounces compared to fourth quarter of 2023 as a result of lower grades and lower ounces contained in fine carbon. The mine started placing the first lift of ore on the new leach pad expansion area in the second half of October 2024.

Gold production was comprised of 24,679 ounces in doré bars, 2,086 ounces of gold contained in rich fine carbon, and 41 ounces contained in copper precipitate. Ore mined was 2.1 million tonnes, with a stripping ratio of 1.54:1. For the full year 2024 gold production totaled 97,287 ounces, achieving midpoint of annual production guidance.

The cash cost per ounce of gold for the quarter ending December 31, 2024, was $1,063 compared to $934 in the same period of 2023. For the year ending December 31, 2024, the cash cost per ounce was $1,051, an increase from $920 in 2023. The increase in cash cost per ounce of gold for both the quarter and the full year was primarily due to the impact of appreciation of the Argentine peso, lower gold production and lower by-product credits from copper sales. The increase in cash costs was partially offset by operational efficiency initiatives including a change in the hauling and loading fleet, reduction in cyanide consumption and crushing throughput.

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AISC per gold ounce sold during Q4 2024 was $1,873, compared to $1,127 in Q4 2023. AISC in the quarter includes $1.4 million investment gain (Q4 2023: $12.4 million) from cross border, Argentine pesos denominated bond trades. This is a benefit granted to exporters by the Argentine Government whereby 20% of export proceeds are allowed to be converted into pesos at a preferential exchange rate. This benefit is intended to alleviate the impact of the overvaluation of the official exchange rate on input costs. The increase in AISC is explained by higher cash cost and capex in Q4 2024, partially offset by the elimination of the 8% export duty in 2024, and lower investment gains recorded in Q4 2024. The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change.

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As of December 31, 2024, the leach pad expansion project was approximately 89% complete. The leach pad expansion remains on schedule for completion during the first half of 2025.

San Jose Mine, Mexico

                Three months ended December 31,  Years ended December 31,      2024     2023     2024     2023Mine Production            Tonnes milled   190,063  241,035   735,591  930,200Average tonnes milled per day   2,437  2,678   2,138  2,643             Silver            Grade (g/t)   118  145   125  171Recovery (%)   83  91   86  91Production (oz)   594,373  1,023,525   2,548,402  4,656,631Metal sold (oz)   622,108  1,040,888   2,568,745  4,659,611Realized price ($/oz)   31.25  23.35   28.12  23.36             Gold            Grade (g/t)   0.85  0.91   0.89  1.06Recovery (%)   82  90   85  90Production (oz)   4,239  6,345   17,811  28,559Metal sold (oz)   4,440  6,406   17,851  28,524Realized price ($/oz)   2,661  1,983   2,386  1,942             Unit Costs            Cash cost ($/oz Ag Eq)1,2   26.01  20.45   25.25  14.28All-in sustaining cash cost ($/oz Ag Eq)1,2   29.94  21.98   28.22  19.40             Capital Expenditures ($000’s)3            Sustaining     –    3,190     –    14,018Sustaining leases  171   246  846   878Non-sustaining  602   505  8,927   1,682Brownfields     –    1,257     –    4,2151 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.3 Capital expenditures are presented on a cash basis 

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Quarterly and Annual Operating and Financial Highlights

In the fourth quarter of 2024, San Jose produced 594,373 ounces of silver and 4,239 ounces of gold, 42% and 33% decreases respectively, at average head grades for silver and gold of 118 g/t and 0.85 g/t, 19% and 7% decreases respectively, when compared to the same period in 2023. The decrease in silver and gold production for the quarter is explained by the lower extracted mineral and head grades, mainly due to the decreasing grade profile of Mineral Reserves in the mine plan. Annual production in 2024 totaled 2,548,402 ounces of silver and 17,811 ounces of gold, which were 18% and 6% below the lower end of annual guidance range, respectively. Approximately 5% of the lower production for both metals was due to the effect of the iron oxide in the metallurgical recovery. Head grades for the year were aligned with the geological model, albeit slightly lower than expected.

The cash cost per silver equivalent ounce in the fourth quarter of 2024, was $26.01, an increase from $20.45 in the same period of 2023. For the year ended December 31, 2024, the cash cost per silver equivalent ounce sold was $25.25 compared to $14.28 in the same period of 2023. The higher cost per ounce was primarily the result of lower production and silver equivalent ounces sold and previously capitalized costs being expensed.

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The all-in sustaining cash cost of payable silver equivalent ounce in the fourth quarter of 2024 increased by 36% to $29.94, and full year 2024 increased 45% to $28.22, compared to $21.98 and $19.40 for the same periods in 2023. These increases were mainly driven by higher cash costs and lower volume of metal sold. 

Caylloma Mine, Peru

                Three months ended December 31,  Years ended December 31,      2024  2023  2024  2023Mine Production            Tonnes milled   139,761  140,800   551,430  543,876Average tonnes milled per day   1,553  1,564   1,549  1,528             Silver            Grade (g/t)   67  88   80  85Recovery (%)   83  83   83  83Production (oz)   249,238  330,478   1,176,543  1,227,060Metal sold (oz)   247,441  353,935   1,179,260  1,229,298Realized price ($/oz)   31.27  23.06   27.88  23.37             Gold            Grade (g/t)   0.11  0.11   0.13  0.14Recovery (%)   25  21   22  22Production (oz)   128  109   552  513Metal sold (oz)   –  –   169  40Realized price ($/oz)   –  –   2,233  1,902             Lead            Grade (%)   3.36  3.84   3.57  3.74Recovery (%)   92  91   91  91Production (000’s lbs)   9,500  10,798   39,555  40,852Metal sold (000’s lbs)   9,198  11,641   39,378  41,074Realized price ($/lb)   0.91  0.97   0.94  0.98             Zinc            Grade (%)   4.94  5.00   4.71  5.11Recovery (%)   91  90   91  90Production (000’s lbs)   13,874  13,933   51,906  55,060Metal sold (000’s lbs)   13,932  14,407   52,518  56,166Realized price ($/lb)   1.38  1.13   1.26  1.23             Unit Costs            Cash cost ($/oz Ag Eq)1,2   16.53  13.42   14.12  13.91All-in sustaining cash cost ($/oz Ag Eq)1,2   28.10  22.34   21.72  19.90             Capital Expenditures ($000’s)3            Sustaining  7,193   8,635  19,673   17,903Sustaining leases  623   912  2,494   3,538Brownfields  522   966  1,730   2,3021 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.3 Capital expenditures are presented on a cash basis. 

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Quarterly and Annual Operating and Financial Highlights

In the fourth quarter of 2024, the Caylloma Mine produced 249,238 ounces of silver at an average head grade of 67 g/t, a 25% and 24% decrease, respectively, when compared to the same period in 2023. Silver production for 2024 totaled 1,176,543 ounces, surpassing the upper end of annual guidance range by 7%.

Lead and zinc production for the quarter was 9.5 million pounds and 13.9 million pounds, respectively. Lead production decreased by 12% and zinc production remained comparable to the same period in 2023. Head grades averaged 3.36% and 4.94%, a 13% and 1% decrease, respectively, when compared to the same quarter in 2023. Lead and zinc production for 2024 totaled 39.6 and 51.9 million pounds, respectively. Lead and zinc production were above the higher end of annual guidance by 33% and 16%, respectively. Increased production is the result of positive grade reconciliation to the reserve model in the lower levels of the underground mine. Gold production in the fourth quarter totaled 128 ounces with an average head grade of 0.11 g/t.

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The cash cost per silver equivalent ounce sold in the fourth quarter of 2024, was $16.53 compared to $13.42 in the same period in 2023. For the year ended December 31, 2024, the cash cost per ounce of silver equivalent sold was $14.12, compared to $13.91 in 2023. The higher cost per ounce for the quarter and the year was primarily the result of lower silver production and the impact of higher realized silver prices on the calculation of silver equivalent ounce sold partially offset by lower treatment charges.

The all-in sustaining cash cost per ounce of payable silver equivalent in the fourth quarter of 2024, increased 26% to $28.10, compared to $22.34 for the same period in 2023. The all-in sustaining cash cost per ounce of payable silver equivalent for the full year 2024 was $21.72 compared to $19.90 in 2023. The increase for the quarter and year was the result of higher cash costs per ounce, higher worker’s participation and the impact of higher realized silver prices on the calculation of silver equivalent ounces. If AISC was calculated using the guidance metal prices AISC would have been $23.60 and $19.27 per ounce for the quarter and year respectively.

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Qualified Person

Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

Fourth Quarter Unaudited and Annual Audited Income Statement and Cash Flow

Income Statement

                 Three months ended December 31,  Years ended December 31, Note 2024
$
  2023
$   2024
$
   2023
$ Sales19   302,196   265,314    1,062,037   842,428 Cost of sales20   195,361   213,462    718,430   652,403 Mine operating income    106,835   51,852    343,607   190,025               General and administration21   19,398   19,909    76,085   64,073 Foreign exchange loss    10,331   2,430    12,412   10,885 Impairment of mineral properties, plant and equipment31(b)   –   90,615    –   90,615 Write-off of mineral properties8   14,485   5,263    14,485   5,985 Other expenses22   9,775   11,009    12,579   18,874      53,989   129,226    115,561   190,432               Operating income (loss)    52,846   (77,374)   228,046   (407)              Investment gains5   1,405   12,395    9,716   12,395 Interest and finance costs, net23   (6,173)  (7,535)   (25,553)  (21,790)Loss on derivatives19   –   (301)   –   (1,249)     (4,768)  4,559    (15,837)  (10,644)              Income (loss) before income taxes    48,078   (72,815)   212,209   (11,051)              Income taxes             Current income tax expense24   34,605   27,057    96,468   42,636 Deferred income tax recovery24   (1,608)  (10,033)   (26,165)  (10,057)     32,997   17,024    70,303   32,579 Net income (loss)    15,081   (89,839)   141,906   (43,630)              Net income (loss) attributable to:             Fortuna shareholders    11,344   (92,316)   128,735   (50,836)Non-controlling interests29   3,737   2,477    13,171   7,206      15,081   (89,839)   141,906   (43,630)              Earnings (loss) per share18            Basic    0.04   (0.30)   0.42   (0.17)Diluted    0.04   (0.30)   0.41   (0.17)              Weighted average number of common shares outstanding (000’s)         Basic   310,380    306,511   308,885    295,067 Diluted   312,435    306,511   310,747    295,067  

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Statement of Cash Flow

                  Three months ended December 31,  Years ended December 31, Note  2024
$
   2023
$   2024
$
   2023
$               Operating activities:             Net income (loss)    15,081   (89,839)   141,906   (43,630)Items not involving cash:             Depletion and depreciation    62,580   71,602    229,958   219,688 Accretion expense23   2,495   1,597    9,055   6,773 Income taxes    32,997   17,023    70,303   32,579 Interest expense, net23   3,674   5,933    16,498   15,017 Share-based payments, net of cash settlements    1,501   2,602    8,146   2,017 Impairment of mineral properties, plant and equipment31(b)   –   90,615    –   90,615 Inventory net realizable value adjustments6   3,206   5,260    6,058   6,188 Inventory obsolescence adjustments    1,521   10,097    1,006   10,097 Write-off of mineral properties8   14,485   5,210    14,485   5,985 Unrealized foreign exchange loss    8,119   4,441    388   5,706 Investment gains5   (1,405)  (12,395)   (9,716)  (12,395)Other22   8,067   4,543    9,526   4,972 Closure, reclamation and related severance payments15   (3,235)  (599)   (5,595)  (1,203)Changes in working capital28   8,692   887    (72,482)  (9,737)Cash provided by operating activities    157,778   116,976    419,536   332,672 Income taxes paid    (5,021)  (6,271)   (43,554)  (25,872)Interest paid    (4,009)  (6,916)   (14,844)  (13,545)Interest received    1,551   1,287    4,539   3,654 Net cash provided by operating activities    150,299   105,076    365,677   296,909               Investing activities:             Additions to mineral properties and property, plant and equipment8   (61,919)  (51,852)   (203,778)  (217,314)Purchases of investments5   (10,284)  (9,359)   (35,857)  (9,359)Proceeds from sale of investments5   11,690   21,754    45,573   21,754 Deposits on long-term assets    379   (1,283)   (1,769)  – Costs related to Chesser acquisition, net of cash acquired    –   (10,260)   –   (13,321)Other investing activities    657   100    1,391   1,356 Cash used in investing activities    (60,293)  (51,000)   (194,440)  (216,884)              Financing activities:      —       Transaction costs on credit facility13   (1,963)  –    (1,963)  – Repayment of convertible debentures13   (9,649)  –    (9,649)  – Proceeds from credit facility13   –   10,000    68,000   75,500 Repayment of credit facility13   –   (50,500)   (233,000)  (90,500)Convertible notes issued13   9,649   –    172,500   – Cost of financing – 2024 Convertible Notes13   (10)  –    (6,488)  – Repurchase of common shares17   (30,593)  –    (34,128)  – Issuance of common shares from option exercise    –   301    –   301 Payments of lease obligations28   (5,891)  (4,976)   (20,690)  (16,625)Dividend payment to non-controlling interests    –   (87)   (717)  (1,392)Cash used in financing activities    (38,457)  (45,262)   (66,135)  (32,716)Effect of exchange rate changes on cash and cash equivalents    (800)  1,551    (1,922)  346 Increase in cash and cash equivalents during the year    50,749   10,364    103,180   47,655 Cash and cash equivalents, beginning of the year    180,554   117,780    128,148   80,493 Cash and cash equivalents, end of the year    231,303   128,144    231,328   128,148               Cash and cash equivalents consist of:             Cash    184,840   106,135    184,840   106,135 Cash equivalents    46,488   22,013    46,488   22,013 Cash and cash equivalents, end of the year    231,328   128,148    231,328   128,148 Supplemental cash flow information (Note 28)                           

Non-IFRS Financial Measures

The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company’s financial statements, including but not limited to: cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA and working capital.

These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company’s operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS.

To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” on page 27 in the Company’s management’s discussion and analysis for the year ended December 31, 2024 (“2024 MDA”), and on page 26 of the Company’s management’s discussion and analysis for the nine months ended September 30, 2024 (“Q3 2024 MDA”), which section is incorporated by reference in this news release, for information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor; and the additional purposes, if any, for which management of the Company uses such measures and ratio, including a description of the change in the composition of AISC which was revised in Q4 2024 and for comparative periods, and the reason for the change. The 2024 MD&A and Q3 2024 MDA may be accessed on SEDAR+ at www.sedarplus.ca under the Company’s profile.

Except as otherwise described above, and in the 2024 MD&A, the Company has calculated these measures consistently for all periods presented.

Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio for December 31, 2024

  (Expressed in millions except Total net debt to Adjusted EBITDA ratio)As at December 31, 2024 2024 Convertible Notes         172.5 Less:  Cash and Cash Equivalents         (231.3)Total net debt1         (58.8)Adjusted EBITDA (last four quarters)         476.9 Total net debt to adjusted EBITDA ratio         -0.1:1 1 Excluding letters of credit   

Reconciliation of net income to adjusted attributable net income for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

  Three months ended, Years ended,Consolidated (in millions of US dollars) December 31,
2024  September 30,
2024  December 31,
2023  December 31,
2024  December 31,
2023 Net income attributable to shareholders 11.3   50.5  (92.3) 128.7   (50.8)Adjustments, net of tax:          Community support provision and accruals1 (0.1) –    (0.4) (0.4) (0.5)Foreign exchange loss, Séguéla Mine2 –     –    0.1  –     –   Write off of mineral properties 12.9   –    4.0  12.9   4.5 Unrealized loss (gain) on derivatives –     –    0.1  –     (0.3)Income tax, convertible debentures –     –    –    (12.0) –   Impairment of mineral properties, plant and equipment –     –    90.6  –     90.6 San Jose ARO adjustment 7.2   –    –    7.2   –   Inventory adjustment 5.0   (0.1) 13.2  6.7   13.9 Accretion on right of use assets 1.0   0.9  0.5  3.7   3.1 Other non-cash/non-recurring items (0.3) (1.4) 4.8  (2.8) 4.4 Attributable Adjusted Net Income  37.0   49.9   20.6   144.0   64.9 1 Amounts are recorded in Cost of sales          2 Amounts are recorded in General and Administration          Figures may not add due to rounding                     

Reconciliation of net income to adjusted EBITDA for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

  Three months ended, Years ended,Consolidated (in millions of US dollars) December 31,
2024  September 30,
2024  December 31,
2023  December 31,
2024  December 31,
2023 Net income  15.1  54.4  (89.8)  141.9  (43.6)Adjustments:          Community support provision and accruals  (0.1) –  (0.5)  (0.6) (0.7)Inventory adjustment  4.6  (0.1) 15.4   7.1  16.3 Foreign exchange loss, Séguéla Mine  –  –  –   –  0.8 Net finance items  6.2  6.3  7.5   25.6  21.8 Depreciation, depletion, and amortization  62.6  59.9  71.6   230.0  219.6 Income taxes  33.0  15.1  17.0   70.3  32.6 Write off of mineral properties  14.5  –  5.3   14.5  6.0 Impairment of mineral properties, plant and equipment  –  –  90.6   –  90.6 San Jose ARO adjustment  7.2  –  –   7.2  – Other non-cash/non-recurring items  (5.2) (4.3) 3.2   (19.1) (8.3)Adjusted EBITDA  137.9  131.3  120.3   476.9  335.1 Figures may not add due to rounding 

Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

  Three months ended, Years ended,Consolidated (in millions of US dollars) December 31,
2024  September 30,
2024  December 31,
2023  December 31,
2024  December 31,
2023            Net cash provided by operating activities  150.3  92.9  105.1   365.7  296.9 Adjustments          Closure and rehabilitation provisions  3.3  2.2  –   5.6  – Séguéla, working capital  –  –  –   –  4.4 Additions to mineral properties, plant and equipment  (51.0) (37.8) (46.3)  (154.1) (143.6)Gain on blue chip swap investments  1.4  3.2  12.4   9.7  12.4 Right of use payments  (5.9) (4.2) (5.0)  (20.7) (16.6)Other adjustments  (2.5) 0.3  –   (3.3) – Free cash flow from ongoing operations  95.6  56.6  66.2   202.9  153.5 Figures may not add due to rounding 

Reconciliation of cost of sales to cash cost per ounce of gold equivalent sold for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

Cash Cost Per Gold Equivalent Ounce Sold – Q3 2024    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     GEO Cash Costs Cost of sales  42,350   45,656   55,466   24,697   19,820   187,991 Inventory adjustment  2   —   —   135   —   137 Depletion, depreciation, and amortization  (13,639)  (12,923)  (27,165)  (1,150)  (4,465)  (59,342)Royalties and taxes  (89)  (5,480)  (6,143)  (639)  (366)  (12,717)By-product credits  (1,132)  —   —   —   —   (1,132)Other  —   —   —   6   (279)  (273)Treatment and refining charges  —   —   —   826   2,249   3,075 Cash cost applicable per gold equivalent ounce sold  27,492   27,253   22,158   23,875   16,959   117,737 Ounces of gold equivalent sold  26,393   27,995   33,816   9,597   13,401   111,203 Cash cost per ounce of gold equivalent sold ($/oz)  1,042   974   655   2,488   1,265   1,059 Gold equivalent was calculated using the realized prices for gold of $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024.Figures may not add due to rounding 
Cash Cost Per Gold Equivalent Ounce Sold – Q4 2024    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     GEO Cash Costs Cost of sales 47,380  40,610  58,956  28,547  19,866  195,361 Inventory adjustment (4,704) 1,487  —  (1,366) —  (4,583)Depletion, depreciation, and amortization (13,314) (12,783) (28,828) (2,623) (4,295) (61,843)Royalties and taxes (79) (5,346) (6,377) (801) (222) (12,825)By-product credits (973) —  —  —  —  (973)Other —  —  —  (1) (1,624) (1,625)Treatment and refining charges —  —  —  720  2,965  3,685 Cash cost applicable per gold equivalent ounce sold 28,310  23,968  23,751  24,476  16,690  117,195 Ounces of gold equivalent sold 26,629  29,509  36,384  11,051  11,863  115,436 Cash cost per ounce of gold equivalent sold ($/oz) 1,063  812  653  2,215  1,407  1,015 Gold equivalent was calculated using the realized prices for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for Q4 2024.Figures may not add due to rounding 
Cash Cost Per Gold Equivalent Ounce Sold – Q4 2023    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     GEO Cash Costs Cost of sales 57,913  49,598  46,239  41,108  18,599  213,457 Inventory adjustment (7,884) (3,033) —  (4,554) —  (15,471)Depletion, depreciation, and amortization (15,061) (15,345) (25,972) (11,351) (3,466) (71,195)Royalties and taxes (3,916) (4,437) (6,364) (815) (227) (15,759)By-product credits (4,183) —  —  —  —  (4,183)Other —  —  —  344  (397) (53)Treatment and refining charges —  —  —  1,505  4,241  5,746 Cash cost applicable per gold equivalent ounce sold 26,869  26,783  13,903  26,237  18,750  112,542 Ounces of gold equivalent sold 28,779  28,229  43,018  17,650  16,236  133,912 Cash cost per ounce of gold equivalent sold ($/oz) 934  949  323  1,487  1,155  840 Gold equivalent was calculated using the realized prices for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for Q4 2023.Figures may not add due to rounding 
Cash Cost Per Gold Equivalent Ounce Sold – Year 2024    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     GEO Cash Costs Cost of sales 159,789  172,056  211,062  102,492  73,030  718,431 Inventory adjustment (4,930) (1,365) —  (770) —  (7,065)Depletion, depreciation, and amortization (50,114) (49,705) (107,039) (4,737) (15,942) (227,537)Royalties and taxes (537) (21,128) (23,622) (3,011) (1,172) (49,470)By-product credits (3,232) —  —  —  —  (3,232)Other —  —  —  —  (2,583) (2,583)Treatment and refining charges —  —  —  3,261  8,732  11,993 Cash cost applicable per gold equivalent ounce sold 100,976  99,858  80,401  97,235  62,065  440,535 Ounces of gold equivalent sold 96,059  116,130  137,753  45,136  51,140  446,217 Cash cost per ounce of gold equivalent sold ($/oz) 1,051  860  584  2,154  1,214  987 Gold equivalent was calculated using the realized prices for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for Year 2024.Figures may not add due to rounding 
Cash Cost Per Gold Equivalent Ounce Sold – Year 2023    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     GEO Cash Costs Cost of sales 176,696  186,757  79,472  140,068  69,408  652,401 Inventory adjustment (7,870) (3,859) —  (4,554) —  (16,283)Depletion, depreciation, and amortization (51,258) (73,064) (40,529) (40,028) (13,314) (218,193)Royalties and taxes (14,958) (14,678) (10,932) (4,390) (1,078) (46,036)By-product credits (7,921) —  —  —  —  (7,921)Other —  —  —  253  (1,692) (1,439)Treatment and refining charges —  —  —  4,352  19,974  24,326 Cash cost applicable per gold equivalent ounce sold 94,689  95,156  28,011  95,701  73,298  386,855 Ounces of gold equivalent sold 102,896  117,676  78,521  80,458  63,229  442,780 Cash cost per ounce of gold equivalent sold ($/oz) 920  809  357  1,189  1,159  874 Gold equivalent was calculated using the realized prices for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for year 2023.Figures may not add due to rounding 

Reconciliation of cost of sales to all-in sustaining cash cost per ounce of gold equivalent sold for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

AISC Per Gold Equivalent Ounce Sold – Q3 2024    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     Corporate     GEO AISC Cash cost applicable per gold equivalent ounce sold 27,492  27,253  22,158  23,875  16,959  —  117,737 Inventory net realizable value adjustment —  —  —  —  —  —  — Royalties and taxes 89  5,480  6,143  639  366  —  12,717 Worker’s participation —  —  —  —  472  —  472 General and administration 2,935  550  2,945  1,802  1,246  6,275  15,753 Stand-by —  —  —  —  —  —  — Total cash costs 30,516  33,283  31,246  26,316  19,043  6,275  146,679 Sustaining capital1 21,264  5,166  8,511  198  6,817  —  41,956 Blue chips gains (investing activities)1 (3,162) —  —  —  —  —  (3,162)All-in sustaining costs 48,618  38,449  39,757  26,514  25,860  6,275  185,473 Gold equivalent ounces sold 26,393  27,995  33,816  9,597  13,401  —  111,203 All-in sustaining costs per ounce 1,842  1,373  1,176  2,763  1,930  —  1,668 Gold equivalent was calculated using the realized prices for gold of $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024.Figures may not add due to rounding1 Presented on a cash basis2 The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change                    
AISC Per Gold Equivalent Ounce Sold – Q4 2024    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     Corporate     GEO AISC Cash cost applicable per gold equivalent ounce sold 28,310  23,968  23,751  24,476  16,690  —  117,195 Inventory net realizable value adjustment —  (829) —  1,366  —  —  537 Royalties and taxes 79  5,346  6,377  801  222  —  12,825 Worker’s participation —  —  —  —  1,733  —  1,733 General and administration 3,026  503  2,549  1,364  1,391  9,666  18,499 Stand-by —  —  —  —  —  —  — Total cash costs 31,415  28,988  32,677  28,007  20,036  9,666  150,789 Sustaining capital1 19,869  9,430  17,396  171  8,338  —  55,204 Blue chips gains (investing activities)1 (1,406) —  —  —  —  —  (1,406)All-in sustaining costs 49,878  38,418  50,073  28,178  28,374  9,666  204,587 Gold equivalent ounces sold 26,629  29,509  36,384  11,051  11,863  —  115,436 All-in sustaining costs per ounce 1,873  1,302  1,376  2,550  2,392  —  1,772 Gold equivalent was calculated using the realized prices for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for Q4 2024.Figures may not add due to rounding1 Presented on a cash basis 
AISC Per Gold Equivalent Ounce Sold – Q4 2023    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     Corporate     GEO AISC Cash cost applicable per gold equivalent ounce sold 26,869  26,783  13,903  26,237  18,750  —  112,542 Inventory net realizable value adjustment —  —  —  —  —  —  — Royalties and taxes 3,916  4,437  6,364  815  227  —  15,759 Worker’s participation —  —  —  (430) 399  —  (31)General and administration 2,833  (336) 1,398  1,789  1,344  12,603  19,631 Stand-by —  2,700  —  —  —  —  2,700 Total cash costs 33,618  33,584  21,665  28,411  20,720  12,603  150,601 Sustaining capital1 11,205  14,958  10,050  4,693  10,513  —  51,419 Blue chips gains (investing activities)1 (12,395) —  —  —  —  —  (12,395)All-in sustaining costs 32,428  48,542  31,715  33,104  31,233  12,603  189,625 Gold equivalent ounces sold 28,779  28,229  43,018  17,650  16,236  —  133,912 All-in sustaining costs per ounce2 1,127  1,720  737  1,876  1,924  —  1,416 Gold equivalent was calculated using the realized prices for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for Q4 2023.Figures may not add due to rounding1 Presented on a cash basis2 The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change                  
AISC Per Gold Equivalent Ounce Sold – Year 2024    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     Corporate     GEO AISC Cash cost applicable per gold equivalent ounce sold 100,976  99,858  80,401  97,235  62,065  —  440,535 Inventory net realizable value adjustment —  948  —  1,366  —  —  2,314 Royalties and taxes 537  21,128  23,622  3,011  1,172  —  49,470 Worker’s participation —  —  —  —  3,094  —  3,094 General and administration 12,121  1,785  9,266  6,213  5,263  38,928  73,576 Stand-by —  —  —  —  —  —  — Total cash costs 113,634  123,719  113,289  107,825  71,594  38,928  568,989 Sustaining capital1 68,276  34,154  45,565  846  23,897  —  172,738 Blue chips gains (investing activities)1 (9,716) —  —  —  —  —  (9,716)All-in sustaining costs 172,194  157,873  158,854  108,671  95,491  38,928  732,011 Gold equivalent ounces sold 96,059  116,130  137,753  45,136  51,140  —  446,217 All-in sustaining costs per ounce 1,793  1,359  1,153  2,408  1,867  —  1,640 Gold equivalent was calculated using the realized prices for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for Year 2024.Figures may not add due to rounding1 Presented on a cash basis 
                   AISC Per Gold Equivalent Ounce Sold – Year 2023    Lindero     Yaramoko     Séguéla      San Jose     Caylloma     Corporate     GEO AISC Cash cost applicable per gold equivalent ounce sold 94,689  95,156  28,011  95,701  73,298  —  386,855 Inventory net realizable value adjustment —  334  —  —  —  —  334 Royalties and taxes 14,958  14,678  10,932  4,390  1,078  —  46,036 Worker’s participation —  —  —  (316) 1,927  —  1,611 General and administration 9,624  919  4,510  7,040  4,810  35,903  62,806 Stand-by —  5,699  —  4,084  —  —  9,783 Total cash costs 119,271  116,786  43,453  110,899  81,113  35,903  507,425 Sustaining capital1 41,751  59,613  16,241  19,111  23,743  —  160,459 Blue chips gains (investing activities)1 (12,395) —  —  —  —  —  (12,395)All-in sustaining costs 148,627  176,399  59,694  130,010  104,856  35,903  655,489 Gold equivalent ounces sold 102,896  117,676  78,521  80,458  63,229  —  442,780 All-in sustaining costs per ounce2 1,444  1,499  760  1,616  1,658  —  1,480 Gold equivalent was calculated using the realized prices for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for year 2023.Figures may not add due to rounding1 Presented on a cash basis2 The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change                   

Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three and twelve months ended December 31, 2024 and 2023

Cash Cost Per Silver Equivalent Ounce Sold – Q4 2024    San Jose     Caylloma     SEO Cash Costs Cost of sales 28,547  19,866  48,413 Inventory adjustment (1,366) —  (1,366)Depletion, depreciation, and amortization (2,623) (4,295) (6,918)Royalties and taxes (801) (222) (1,023)Other (1) (1,624) (1,625)Treatment and refining charges 720  2,965  3,685 Cash cost applicable per silver equivalent sold 24,476  16,690  41,166 Ounces of silver equivalent sold1 941,072  1,009,804  1,950,876 Cash cost per ounce of silver equivalent sold ($/oz) 26.01  16.53  21.10 1  Silver equivalent sold for Q4 2024 for San Jose is calculated using a silver to gold ratio of 85.2:1. Silver equivalent sold for Q4 2024 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized PricesFigures may not add due to rounding 
Cash Cost Per Silver Equivalent Ounce Sold – Q4 2023    San Jose     Caylloma     SEO Cash Costs Cost of sales 41,108  18,599  59,707 Inventory adjustment (4,554) —  (4,554)Depletion, depreciation, and amortization (11,351) (3,466) (14,817)Royalties and taxes (815) (227) (1,042)Other 344  (397) (53)Treatment and refining charges 1,505  4,241  5,746 Cash cost applicable per silver equivalent sold 30,791  18,750  49,541 Ounces of silver equivalent sold1 1,505,763  1,398,062  2,903,825 Cash cost per ounce of silver equivalent sold ($/oz) 20.45  13.42  17.06 1  Silver equivalent sold for Q4 2023 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Q4 2023 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:23.8 pounds, and silver to zinc ratio of 1:20.3 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized PricesFigures have been restated to remove Right of UseFigures may not add due to rounding       
Cash Cost Per Silver Equivalent Ounce Sold – Year 2024    San Jose     Caylloma     SEO Cash Costs Cost of sales 102,492  73,030  175,522 Inventory adjustment (770) —  (770)Depletion, depreciation, and amortization (4,737) (15,942) (20,679)Royalties and taxes (3,011) (1,172) (4,183)Other —  (2,583) (2,583)Treatment and refining charges 3,261  8,732  11,993 Cash cost applicable per silver equivalent sold 97,235  62,065  159,300 Ounces of silver equivalent sold1 3,851,400  4,396,445  8,247,845 Cash cost per ounce of silver equivalent sold ($/oz) 25.25  14.12  19.31 1  Silver equivalent sold for Year 2024 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Year 2024 for Caylloma is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized PricesFigures may not add due to rounding 
Cash Cost Per Silver Equivalent Ounce Sold – Year 2023    San Jose     Caylloma     SEO Cash Costs Cost of sales 140,068  69,408  209,476 Inventory adjustment (4,554) —  (4,554)Depletion, depreciation, and amortization (40,028) (13,314) (53,342)Royalties and taxes (4,390) (1,078) (5,468)Other 253  (1,692) (1,439)Treatment and refining charges 4,352  19,974  24,326 Cash cost applicable per silver equivalent sold 95,701  73,298  168,999 Ounces of silver equivalent sold1 6,700,419  5,269,540  11,969,959 Cash cost per ounce of silver equivalent sold ($/oz) 14.28  13.91  14.12 1  Silver equivalent sold for year 2023 for San Jose is calculated using a silver to gold ratio of 83.1:1. Silver equivalent sold for year 2023 for Caylloma is calculated using a silver to gold ratio of 81.4:1, silver to lead ratio of 1:23.9 pounds, and silver to zinc ratio of 1:19.0 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized PricesFigures have been restated to remove Right of UseFigures may not add due to rounding       

Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three and twelve months ended December 31, 2024 and 2023

AISC Per Silver Equivalent Ounce Sold – Q4 2024    San Jose     Caylloma     SEO AISC Cash cost applicable per silver equivalent ounce sold 24,476  16,690  41,166 Inventory net realizable value adjustment 1,366  —  1,366 Royalties and taxes 801  222  1,023 Worker’s participation —  1,733  1,733 General and administration 1,364  1,391  2,755 Stand-by —  —  — Total cash costs 28,007  20,036  48,043 Sustaining capital3 171  8,338  8,509 All-in sustaining costs 28,178  28,374  56,552 Silver equivalent ounces sold1 941,072  1,009,804  1,950,876 All-in sustaining costs per ounce2 29.94  28.10  28.99 1  Silver equivalent sold for Q4 2024 for San Jose is calculated using a silver to gold ratio of 85.2:1. Silver equivalent sold for Q4 2024 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized Prices3 Presented on a cash basis          
        AISC Per Silver Equivalent Ounce Sold – Q4 2023    San Jose     Caylloma     SEO AISC Cash cost applicable per silver equivalent ounce sold 26,237  18,750  44,987 Inventory net realizable value adjustment —  —  — Royalties and taxes 815  227  1,042 Worker’s participation (430) 399  (31)General and administration 1,789  1,344  3,133 Stand-by —  —  — Total cash costs 28,411  20,720  49,131 Sustaining capital3 4,693  10,513  15,206 All-in sustaining costs 33,104  31,233  64,337 Silver equivalent ounces sold1 1,505,763  1,398,062  2,903,825 All-in sustaining costs per ounce2 21.98  22.34  22.16 1  Silver equivalent sold for Q4 2023 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Q4 2023 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:23.8 pounds, and silver to zinc ratio of 1:20.3 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized Prices3 Presented on a cash basis        
AISC Per Silver Equivalent Ounce Sold – Year 2024    San Jose     Caylloma     SEO AISC Cash cost applicable per silver equivalent ounce sold 97,235  62,065  159,300 Inventory net realizable value adjustment 1,366  —  1,366 Royalties and taxes 3,011  1,172  4,183 Worker’s participation —  3,094  3,094 General and administration 6,213  5,263  11,476 Stand-by —  —  — Total cash costs 107,825  71,594  179,419 Sustaining capital3 846  23,897  24,743 All-in sustaining costs 108,671  95,491  204,162 Silver equivalent ounces sold1 3,851,400  4,396,445  8,247,845 All-in sustaining costs per ounce2 28.22  21.72  24.75 1  Silver equivalent sold for Year 2024 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Year 2024 for Caylloma is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized Prices3 Presented on a cash basis          
AISC Per Silver Equivalent Ounce Sold – Year 2023    San Jose     Caylloma     SEO AISC Cash cost applicable per silver equivalent ounce sold 95,701  73,298  168,999 Inventory net realizable value adjustment —  —  — Royalties and taxes 4,390  1,078  5,468 Worker’s participation (316) 1,927  1,611 General and administration 7,040  4,810  11,850 Stand-by 4,084  —  4,084 Total cash costs 110,899  81,113  192,012 Sustaining capital3 19,111  23,743  42,854 All-in sustaining costs 130,010  104,856  234,866 Silver equivalent ounces sold1 6,700,419  5,269,540  11,969,959 All-in sustaining costs per ounce2 19.40  19.90  19.62 1  Silver equivalent sold for year 2023 for San Jose is calculated using a silver to gold ratio of 83.1:1. Silver equivalent sold for year 2023 for Caylloma is calculated using a silver to gold ratio of 81.4:1, silver to lead ratio of 1:23.9 pounds, and silver to zinc ratio of 1:19.0 pounds.2  Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc.  Refer to Financial Results – Sales and Realized Prices3 Presented on a cash basis         

Additional information regarding the Company’s financial results and activities underway are available in the Company’s audited consolidated financial statements for the years ended December 31, 2024 and 2023 and accompanying 2024 MD&A, which are available for download on the Company’s website, www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Conference Call and Webcast

A conference call to discuss the financial and operational results will be held on Thursday, March 6, 2025, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer – Latin America, and David Whittle, Chief Operating Officer – West Africa.

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: www.webcaster4.com/Webcast/Page/1696/52039 or over the phone by dialing in just prior to the starting time.

Conference call details:

Date: Thursday, March 6, 2025
Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time

Dial in number (Toll Free): +1.888.506.0062
Dial in number (International): +1.973.528.0011
Access code: 830901

Replay number (Toll Free): +1.877.481.4010
Replay number (International): +1.919.882.2331
Replay passcode: 52039

Playback of the earnings call will be available until Thursday, March 20, 2025. Playback of the webcast will be available until Friday, March 6, 2026. In addition, a transcript of the call will be archived on the Company’s website.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with four operating mines and exploration activities in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru, as well as the preliminary economic assessment stage Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.

Investor Relations:

Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company’s plans for its mines and mineral properties, including exploration and development plans at the Séguéla Mine, the Tongon North prospect and the Diamba Sud Project; the Company’s anticipated financial and operational performance in 2025; the ability of the Company to mitigate the inflationary pressures on supplies used in its operations; estimated capital expenditures and estimated exploration spending in 2025, including amounts for exploration and development activities at its properties; statements regarding the Company’s liquidity, access to capital; the impact of high inflation on the costs of production and the supply chain; the Company’s expectation regarding the timing of the completion of the leach pad expansion project at the Lindero Mine; the Company’s expectations regarding production at the Séguéla Mine in and expected all-in sustaining costs for 2026; statements regarding the completion of the sale of the San Jose Mine; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “expected”, “anticipated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. 

The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company’s business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; expectations regarding the Company completing the sale of the San Jose Mine on the basis consistent with the Company’s current expectations; that there will be no significant disruptions affecting the Company’s operations, the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. 

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources 

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. 

A PDF accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/e2e75da8-b68d-4dc4-8e7e-aefefb5142dd

1Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

2 Excluding letters of credit

3 Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, $3,046/t Zn for Q4 2024; $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024; $2,334/oz Au, $29.1/oz Ag, $2,157/t Pb and the following metal prices for full year 2024  $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn

4 The composition of AISC was revised in Q4 2024 and the comparative periods were updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” for a description of the calculation and the reason for the change.


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