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
NEWS RELEASE
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: $2,882/oz Au, $31.8/oz Ag, $1,971/t Pb, and $2,841/t Zn for Q1
2025.; $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q4 2024; $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for Q1 2024
Fortuna Reports Results for the First Quarter of 2025
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)
Vancouver, May 7, 2025: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”)
today reported its financial and operating results for the first quarter of 2025.
(Results from the Company’s San Jose Mine have been excluded from its Q1 2025 continuing results, along with the comparative figures due to
the classification of the asset as held for sale as at March 31, 2025.)
First Quarter 2025 Highlights
Cash and Cashflow
• Record free cash flow 1 from ongoing operations of $111.3 million in Q1, a quarter over quarter
(“QoQ”) increase of 30%. QoQ free cash flow margin over sales improved to 38% from 31%
• Net cash from operations before working capital of $138.1 million or $0.45 per share. Adjusting
for cash outflows related to discontinued operations of $8.6 million, net cash from operations
before working capital was $146.7 million, a QoQ increase of 4%
• Quarter-end cash and short-term investments of $309.4 million, a QoQ increase of $78.1 million
from strong growth in free cash flow
• Liquidity was $459.4 million, and the Company increased its positive net cash1 position to $136.9
million (including short-term investments), from $58.8 million in Q4 2024
Profitability
• Attributable net income from continuing operations of $61.7 million or $0.20 per share, a QoQ
increase of $0.13 per share
• Attributable adjusted net income 1 of $62.1 million or $0.20 per share, a QoQ increase of $0.08
per share
Return to Shareholders
• Returned $4.2 million to shareholders in Q1 through the repurchase of 0.9 million shares
Operational
• Gold equivalent production (“GEO”) of 103,459 ounces3 in Q1
• Consolidated cash cost per GEO1 from continuing operations of $929 in Q1, down from $1,015 in
Q4 2024 (excluding San Jose from the comparative period cash cost is up from $888 in Q4 2024)
• Consolidated AISC per GEO1 from continuing operations of $1,640 for Q1 down from $1,772 in Q4
2024 (excluding San Jose from the comparative period AISC is down from $1,690 in Q4 2024)
Fortuna | 2
• Safety performance indicator for TRIFR down to 0.98 compared to 1.33 in Q4 2024. The Company
had zero lost time injuries. Despite sustained improvement in safety indicators, the Company
reported the fatal accident of a sub -contractor employee at the Séguéla Mine in February.
Fortuna remains fully committed to a zero-harm work environment
Growth and Business Development
• At the Kingfisher prospect at the Séguéla Mine the Company intersected 7.2 g/t gold over 31.5
meters. For full details refer to our News Release titled “Fortuna intersects 7.2g/t Au over 31.5
meter at Kingfisher , Séguéla Mine, Côte d’Ivoire” dated March 13, 2025”
• In April the Company closed the sale of the San Jose Mine in Mexico and announced entering into
a share purchase agreement to sell its interest in Roxgold Sanu SA, owner of the Yaramoko mine
in Burkina Faso. The sale of the Yaramoko Mine provides for cash consideration of $70 million
and is subject to the payment of a cash dividend by Roxgold Sanu to Fortuna in the amount of
$57.5 million prior to closing. Taken together, these two sales allow us to reallocate
approximately $50 million in capital and management focus away from mine closures and toward
higher-value opportunities that align more closely with our long-term strategy
Jorge A. Ganoza, President and CEO, commented, “Following a strong end to 2024, the Company delivered
a new record quarter of free cash -flow from operations at $111.3 million. Quarter over quarter, we
realized 8% higher gold prices with lower all -in-sustaining-costs, leading to an expanded free cash flow
margin from ongoing operations of 38% compared to 31%.” Mr. Ganoza continued, “Furthermore, we are
streamlining our portfolio by divesting high cost, short -life assets allowing us to direct capital and
management’s focus towards higher -value opportunities, such as growing production at our most
profitable mines.”
Fortuna | 3
First Quarter 2025 Consolidated Results
Three months ended
(Expressed in millions) December 31,
2024
March 31,
2025
March 31,
2024 % Change
Sales 274.0 290.1 200.9 44%
Mine operating income 107.2 115.9 69.6 67%
Operating income 62.1 91.9 48.3 90%
Attributable net income 11.3 58.5 26.3 122%
Net income from continuing operations 24.8 68.0 29.6 130%
Attributable net income from continuing operations 21.1 61.7 26.7 131%
Attributable earnings per share from continuing operations - basic 0.07 0.20 0.09 122%
Attributable earnings per share - basic 0.04 0.19 0.09 111%
Adjusted attributable net income1 37.9 62.1 27.5 126%
Adjusted EBITDA1 136.0 150.1 96.3 56%
Net cash provided by operating activities 150.3 126.4 48.9 158%
Free cash flow from ongoing operations1 85.5 111.3 17.3 545%
Cash cost ($/oz Au Eq)1 888 929 744 25%
All-in sustaining cash cost ($/oz Au Eq)1,2 1,690 1,640 1,385 18%
Capital expenditures2
Sustaining 49.5 24.1 32.4 (26%)
Sustaining leases 5.7 5.8 4.8 21%
Growth capital 12.1 15.4 5.4 185%
March 31,
2025
December 31,
2024 % Change
Cash and cash equivalents and short term investments 309.4 231.3 34%
Net liquidity position (excluding letters of credit) 459.4 381.3 20%
Shareholder's equity attributable to Fortuna shareholders 1,460.2 1,403.9 4%
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
Figures may not add due to rounding
Discontinued operations have been removed where applicable
First Quarter 2025 Results
Q1 2025 vs Q4 2024
Cash cost per ounce and AISC
Cash cost per GEO sold from continuing operations was $929 in Q1 2025, an increase compared to $888
in Q4 2024. The increase is related to higher cost per ounce at Yaramoko due to lower head grades and
higher cost per ounce at Lindero associated with lower production.
All-in sustaining costs per GEO from continuing operations was $1,640 in Q1 2025 compared to $1,690 in
Q4 2024. AISC decreased $50 per GEO quarter over quarter mainly due to lower capital expenditures,
partially offset by higher royalties from higher gold prices and higher share -based compensation driven
by the increase in our share price in Q1 2025.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $61.7 million compared to $21.1
million in Q4 2024. The fourth quarter of 2024 was impacted by non-cash charges of $26.3 million related
to a write -down of the Boussoura mineral property in Burkina Faso and a write -down of low -grade
stockpiles at the Lindero Mine.
Fortuna | 4
After adjusting for impairment charges and other non-recurring items, adjusted attributable net income
was $62.1 million or $0.20 per share compared to $37.9 million or $0.12 per share in Q4 2024. The
increase was explained mainly by higher metal prices and a lower effective tax rate (“ETR”). The realized
gold price in Q1 2025 was $2,883 per ounce compared to $2,662 in Q4 2024. The ETR for the quarter was
25% compared to 46% in Q4 2024 due to a 4% appreciation of the Euro vs the US Dollar in Q1 2025
compared to an 8% devalu ation in Q4 2024. Other items impacting the quarter compared to Q4 2024
were higher general and administration expenses of $5.8 million, explained by an increase in share-based
payments related to a 42% rise in our share price in Q1 2025. This was offset by a foreign exchange gain
of $2.1 million compared to a loss of $10.4 million in Q4 2024.
Cash flow
Net cash generated by operations before working capital adjustments was $138.1 million or $0.45 per
share. After adjusting for changes in working capital, net cash generated by operations for the quarter
was $126.4 million compared to $150.3 million in Q4 2024. The decrease is mainly explained by negative
changes in working capital in Q1 2025 of $11.6 million compared to positive $8.6 million in Q4 2024, total
cash outflows associated with discontinued operations at San Jose in Q1 2025 of $9.9 million and h igher
taxes paid in Q1 2025.
Free cash flow from ongoing operations in Q1 2025 was $111.3 million, an increase of $25.8 million over
the $85.5 million reported in Q4 2024. The increase was mainly due to lower sustaining capital
expenditures of $20 million. Free cash flow, which includes growth capital and other one-time items was,
$80.8 million.
Q1 2025 vs Q1 2024
Cash cost per ounce and AISC
Consolidated cash cost per GEO increased to $929, compared to $744 in Q1 2024. This increase was mainly
driven by higher cash costs at Séguéla and Yaramoko. The increase in cash cost at Séguéla was primarily
due to higher stripping costs, consistent with the mine plan. At Yaramoko, the increase was mainly
attributable to lower head grades. Additionally, cash costs rose at Lindero due to lower production
volumes and the impact of the Argentine peso's appreciation over 2024.
All-in sustaining costs per gold equivalent ounce from continuing operations increased to $1,640 in Q1
2025 from $1,385 in Q1 2024. This increase primarily resulted from the higher cash cost per ounce
discussed above, increased royalties due to the higher gold price, and higher share-based compensation
driven by the rise in our share price in Q1 2025. These increases were partially offset by lower sustaining
capital.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $61.7 million or $0.20 per share,
compared to $26.7 million or $0.09 per share in Q1 2024.
The increase was primarily due to higher realized gold prices, which averaged $2,883 per ounce in Q1
2025 compared to $2,08 9 per ounce in Q1 2024, and higher sales volumes at Séguéla (up 12%) and
Yaramoko (up 22%), driven by increased processed ore at both mines. This positive impact was partially
offset by higher cash cost per ounce, mainly at Séguéla and Yaramoko.
Fortuna | 5
Other factors influencing the net income compared to Q1 2024 included higher depletion per ounce at
Séguéla and Yaramoko, and higher general and administration expenses of $8.5 million, which were driven
by an increase in share-based payments related to a 42% rise in our share price during Q1 2025.
Depreciation and Depletion
Depreciation and depletion increased by $11.8 million to $61.3 million compared to $49.5 million in the
comparable period of 2024. The increase was primarily due to higher ounces sold at Séguéla and
Yaramoko. Depreciation and depletion in the period included $18.5 million related to the purchase price
allocation from the Roxgold acquisition.
Cash Flow
Net cash generated by operations for the quarter was $126.4 million compared to $48.9 million in Q1
2024. The increase is mainly explained by higher gold prices and higher volume sold at Séguéla and
Yaramoko, and a lower negative change in working capital in Q1 2025 compared to Q1 2024.
Free cash flow from ongoing operations in Q1 2025 was $111.3 million, compared to $17.3 million
reported in Q1 2024. The increase was mainly due to higher net cash from operations as discussed above
and lower sustaining capital expenditures of $7.6 millio n which reflect lower sustaining capital
requirements in 2025.
Fortuna | 6
Séguéla Mine, Côte d’Ivoire
Three months ended March 31,
2025 2024
Mine Production
Tonnes milled 444,004 394,837
Average tonnes crushed per day 4,933 4,339
Gold
Grade (g/t) 2.76 2.79
Recovery (%) 93 94
Production (oz) 38,500 34,556
Metal sold (oz) 38,439 34,450
Realized price ($/oz) 2,888 2,095
Unit Costs
Cash cost ($/oz Au)1 650 459
All-in sustaining cash cost ($/oz Au)1 1,290 948
Capital Expenditures ($000's)2
Sustaining 8,613 7,923
Sustaining leases 3,639 2,265
Growth capital 9,207 1,035
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 Operating and Financial Highlights
During the first quarter of 2025, mine production totaled 477,333 tonnes of ore, averaging 2.53 g/t Au,
and containing an estimated 38,869 ounces of gold from the Antenna, Ancien, and Koula pits. Movement
of waste during the quarter totaled 5,467,358 tonne s, for a strip ratio of 11.5:1. Mining continued to be
focused on the Antenna, Koula, and Ancien Pits.
In the first quarter of 2025, Séguéla processed 444,004 tonnes of ore, producing 38,500 ounces of gold,
at an average head grade of 2.76 g/t Au, a 12% increase and a 1% decrease, respectively, compared to the
first quarter of 2024. Higher gold production was the result of higher tonnes processed due to throughput
achievements in previous quarters. Mill throughput averaged 216 t/hr, 40% above name plate capacity.
Cash cost per gold ounce sold was $650 for the first quarter of 2025 compared to $459 for the first quarter
of 2024. The increase in cash costs was a result of higher mining costs due to higher stripping requirements
in line with the mine plan, and higher processing costs incurred.
All-in sustaining cash cost per gold ounce sold was $1,290 for the first quarter of 2025 compared to $948
in the same period of the previous year. The increase for the quarter was primarily the result of higher
cash costs and higher sustaining capital from stripping and advancement of the stage 3 tailings lift to
support higher production at Séguéla, as well as higher royalties due to higher gold prices and a 2%
increase in the royalty rate effective January 10, 2025.
Higher growth capital expenditures for the first quarter of 2025 compared to 2024 was primarily the result
of relocation of a government communications antenna on the property at the mine site.
Fortuna | 7
Yaramoko Mine, Burkina Faso
Three months ended March 31,
2025 2024
Mine Production
Tonnes milled 134,692 107,719
Gold
Grade (g/t) 7.81 8.79
Recovery (%) 97 98
Production (oz) 33,073 27,177
Metal sold (oz) 33,013 27,171
Realized price ($/oz) 2,881 2,095
Unit Costs
Cash cost ($/oz Au)1 1,059 752
All-in sustaining cash cost ($/oz Au)1 1,411 1,373
Capital Expenditures ($000's)2
Sustaining 1,517 10,983
Sustaining leases 982 1,050
1 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.
Quarterly Operating and Financial Highlights
In the first quarter of 2025, the Yaramoko Mine treated 134,692 tonnes of ore and produced 33,073
ounces of gold with an average gold head grade of 7.81 g/t, a 22% increase and 11% decrease,
respectively, when compared to the same period in 2024. Lower grades were the result of stope
sequencing which was offset by higher tonnes from increased underground production and the start of
mining at the 109 Zone open pit.
The cash cost per ounce of gold sold for the quarter ended March 31, 2025, was $1,059 compared to $752
in the same period in 2024. Higher cash costs were the result of stripping and underground development
costs being expensed as the mine is in its last year of production.
The all-in sustaining cash cost per gold ounce sold was $1,411 for the quarter ended March 31, 2025,
compared to $1,373 in the same period of 2024, the increase is mainly due to higher cash costs and an
increase in royalties from higher gold prices.
Subsequent to quarter end, the Company entered into a share purchase agreement to sell the Yaramoko
Mine. The sale is expected to be completed in the second quarter of 2025.
Fortuna | 8
Lindero Mine, Argentina
Three months ended March 31,
2025 2024
Mine Production
Tonnes placed on the leach pad 1,753,016 1,547,323
Gold
Grade (g/t) 0.55 0.60
Production (oz) 20,320 23,262
Metal sold (oz) 18,655 21,719
Realized price ($/oz) 2,877 2,072
Unit Costs
Cash cost ($/oz Au)1 1,147 1,008
All-in sustaining cash cost ($/oz Au)1,3 1,911 1,511
Capital Expenditures ($000's)2
Sustaining 12,362 9,807
Sustaining leases 582 598
Growth Capital 307 154
1 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.
Quarterly Operating and Financial Highlights
In the first quarter of 2025, a total of 1,753,016 tonnes of ore were placed on the heap leach pad, with an
average gold grade of 0.55 g/t, containing an estimated 30,943 ounces of gold. Ore mined was 1.46 million
tonnes, with a stripping ratio of 1.8:1.
Lindero’s gold production for the quarter was 20,320 ounces, comprised of 18,983 ounces in doré bars,
615 ounces contained in rich fine carbon, 39 ounces contained in copper precipitate, and 683 ounces
contained in precipitated sludge. The 13% decrease in production compared to Q1 2024 was a result of
lower grades and timing of leach kinetics.
The cash cost per ounce of gold for the quarter was $1,147 compared to $1,008 in the same period of
2024. The increase in cash cost per ounce of gold for the quarter was primarily due to the impact on
operating costs of the appreciation of the Argentine peso over 2024 and lower ounces sold.
AISC per gold ounce sold during Q1 2025 was $1,911, compared to $1,511 in Q1 2024. Higher AISC was
the result of higher cash costs as described above and higher sustaining capital as the site completed work
on the leach pad expansion. AISC includes a $1.3 million investment gain (Q1 2024: $2.6 million) from
cross border Argentine pesos denominated bond trades.
As of March 31, 2025, the leach pad expansion project was completed, with minor close-out activities and
demobilization now taking place.