1Refer to Non -IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statemen ts 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 statemen ts filed on
SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures
2 Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $3,306/oz Au, $33.8/oz Ag, $1,945/t Pb, and $2,640/t Zn for Q2
2025.; $2,333/oz Au, $28.5/oz Ag, $2,157/t Pb, and $2,835/t Zn for Q2 2024; $2,882/oz Au, $31.8/oz Ag, $1,971/t Pb, and $2,841/t Zn for Q1 2025
Fortuna Reports Results for the Second Quarter of 2025
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)
Vancouver, August 6, 2025: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”)
today reported its financial and operating results for the second quarter of 2025.
(Results from the Company’s San Jose and Yaramoko assets have been excluded from its Q2 2025 continuing results, along with the comparative
figures, due to the classification of the assets as discontinued as at June 30, 2025.)
Jorge A. Ganoza, President and CEO of Fortuna, commented, “Fortuna completed the second quarter with
liquidity of more than half a billion dollars. Our strong balance sheet positions the Company to pursue
growth opportunities under our control including th e guided production expansion at the Séguéla Mine
in 2026 and advancing to a construction decision at the Diamba Sud project in Senegal by the first half of
2026 following the completion of a PEA later this year.”
Mr. Ganoza continued, “We delivered a total of 75,950 gold equivalent ounces1, keeping us firmly on track
to meet annual production guidance. Higher realized gold prices in the quarter contributed to a record
EBITDA1 margin of 55%. The higher consolidated AISC 1 of $1,932 per ounce of gold in the quarter was
primarily driven by the timing of capital expenditures and peak mine waste stripping at Séguéla during
the second quarter and into the third. These investments are critical to achieving our annual target of 160
to 180 thousand gold ounces in 2026.”
Mr. Ganoza concluded, “Looking into the second half of the year, we expect our mines to remain within
annual AISC1 guidance. At Séguéla, AISC1, is projected to trend higher through the year due to planned
mine waste stripping to access higher-grade material, but the full-year average is expected to remain well
within guidance. In contrast, Lindero’s AISC1, is expected to trend lower in the second half of the year as
the leach pad expansion is now complete and peak stripping is behind us.”
Second Quarter 2025 Highlights
Cash and Cashflow
• Free cash flow1 from ongoing operations of $57.4 million in Q2, and net cash from operating
activities before working capital changes of $96.9 million or $0.32 per share
• Liquidity was $537.3 million, and the Company increased its positive net cash1 position to $214.8
million (including short-term investments), from $136.9 million in Q1 2025
• Quarter-end cash and short-term investments of $387.3 million, a quarter over quarter (“QoQ“)
increase of $78.0 million
• Subsequent to June 30, 2025 the Company took advantage of the relaxing of capital controls and
a favourable spread on exchange rates to repatriate $50.0 million from Argentina
Fortuna | 2
Profitability
• Attributable net income from continuing operations of $42.6 million or $0.14 per share, a QoQ
increase of $0.0 3. Net Income was impacted by the recognition of $17.5 million in withholding
taxes due to the timing of an annual dividend approval in Côte d'Ivoire
• Higher realized gold prices contributed to expanding Adjusted EBITDA 1 margins to a record 55%
compared to 50% in Q1 2025
• Attributable adjusted net income 1 of $44.7 million or $0.15 per share, a QoQ increase of $0.0 4
per share
Operational
• Gold equivalent production (“GEO”) of 71,229 from continuing operations ounces2 in Q2. GEO
production was 75,950 including discontinued operations.
• Consolidated cash cost per GEO1 from continuing operations of $929 in Q2, compared to $866 in
Q1 2025
• Consolidated AISC per GEO1 from continuing operations of $1,932 for Q2 compared to $1,752 in
Q1 2025.
• Safety performance indicator for TRIFR down to 0.87 compared to 0.98 in Q1 2025. The Company
had zero lost time injuries in the quarter.
Growth and Business Development
• On August 5th the Company published an updated in -pit mineral resource estimation for the
Diamba Sud project in Senegal, reporting an Indicated Mineral Resource of 724,000 gold ounces,
and an Inferred Mineral Resource of 285,000 gold ounces (Indicated Mineral Resource of 14.2 Mt
averaging 1.59 g/t Au containing 724,000 gold ounces, and Inferred Mineral Resource of 6.2 Mt
averaging 1.44 g/t Au containing 285,000 gold ounces) , reflecting 53 and 93 percent increase in
resources for the project respectively since year -end 2024. This estimate incorporates initial
resources from the newly discovered mineralization at the Southern Arc prospect. The Company
is advancing the Diamba Sud project with parallel activities on environmental permits,
engineering studies, and continued mineral exploration working towards a preliminary economic
assessment in the fourth quarter of 2025. Refer to our news release “Fortuna Advances Diamba
Sud Gold Project in Senegal with Updated Mineral Resources; PEA Completion Targeted for Q4
2025” dated August 5, 2025.
• The Company acquired 15% of Awale Resources who owns the Odienne project and other permits
in a geologic corridor that is of interest to Fortuna in Côte d'Ivoire. Refer to our news release
“Fortuna Completes Strategic Investment in Awalé Resources Limited and Files Early Warning
Report” dated June 11, 2025.
Yaramoko and San Jose Divestment
The Company received $83.8 million in gross proceeds during the quarter related to the divestment of our
two short-life mines as part of an initiative to streamline the asset portfolio. Taken together, these two
sales allow the Company to reallocate approximately $50.0 million in capital and management focus away
from mine closures and toward higher -value opportunities that align more closely with our long -term
strategy.
Fortuna | 3
Second Quarter 2025 Consolidated Results
Three months ended Six months ended
June 30,
($ Expressed in millions)
June 30,
2025 June 30,
2024 March 31,
2025 2025 2024 % Change
Total Production Including Discontinued Operations (GEO) 75,950 116,570 103,459 179,409 229,113 (22%)
Production from Continuing Operations (GEO) 71,229 71,368 70,386 141,615 143,679 (1%)
Financial Highlights from Continuing Operations
Sales 230.4 156.3 195.2 425.5 300.3 42%
Mine operating income 105.0 52.6 80.3 185.4 100.2 85%
Operating income 83.7 30.8 55.9 139.7 59.6 134%
Net income from continuing operations 47.7 22.2 36.6 86.6 36.6 137%
Attributable net income from continuing operations 42.6 21.3 35.4 78.1 34.3 128%
Attributable earnings per share from continuing operations - basic 0.14 0.07 0.11 0.25 0.11 127%
Adjusted attributable net income from continuing operations1 44.7 9.3 35.7 80.4 23.1 248%
Adjusted attributable net income from continuing operations earnings per share 0.15 0.03 0.11 0.26 0.08 225%
Adjusted EBITDA1 127.7 72.5 98.2 225.9 139.7 62%
Net cash provided by operating activities - continuing operations 92.7 37.4 89.0 181.7 69.2 163%
Free cash flow from ongoing operations1 57.4 10.2 66.7 124.1 17.5 609%
Cash cost ($/oz GEO)1 929 842 866 899 791 14%
All-in sustaining cash cost continuing ops($/oz GEO)1,2 1,932 1,641 1,752 1,846 1,513 22%
AISC including discontinued ops($/oz GEO)1,2,3 1,899 1,633 1,640 1,752 1,553 13%
Capital expenditures2
Sustaining 31.4 26.2 22.6 54.0 47.7 13%
Sustaining leases 6.0 4.0 4.9 10.9 7.8 40%
Growth capital 15.6 14.4 15.4 31.0 19.9 56%
June 30,
2025
December
31,
2024 % Change
Cash and cash equivalents and short-term investments 387.3 231.3 67%
Net liquidity position (excluding letters of credit) 537.3 381.3 41%
Shareholder's equity attributable to Fortuna shareholders 1,494.6 1,403.9 6%
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 For Q2 2025 and year to date 2025 AISC reflects production and costs for Yaramoko from April 1 to April 14, 2025, being the date that the Company
agreed to the assumed handover of operations to the purchaser. AISC per ounce of gold equivalent sold for the aforementioned period has been estimated
at $1,410 which is comparable to the AISC per ounce of gold equivalent sold at Yaramoko for Q1 2025 of $1,411
Figures may not add due to rounding
Discontinued operations have been removed where applicable
Second Quarter 2025 Results
Q2 2025 vs Q1 2025
Cash cost per ounce and AISC
Cash cost per GEO sold from continuing operations was $929 in Q 2 2025, an increase compared to $866
in Q1 2025. The increase in cash costs was mostly related to lower gold equivalent ounces at Caylloma
due to an increase in the gold price and the impact on the GEO calculation.
Fortuna | 4
All-in sustaining costs per GEO from continuing operations was $1,932 in Q2 2025 compared to $1,752 in
Q1 2025. The higher AISC is explained by the increase in cash cost as described above, higher capitalized
stripping at Séguéla and timing of capital expenditure payments.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $ 42.6 million compared to $35.4
million in Q1 2025. After adjusting for impairment charges and other non -recurring items, adjusted
attributable net income was $44.7 million or $0.15 per share compared to $35.7 million or $0.11 per share
in Q1 2025. The increase was explained mainly by higher gold prices and higher gold sales volume. The
realized gold price in Q2 2025 was $3,307 per ounce compared to $2,880 in Q1 2025. The increase in gold
sales volume was due to higher gold production at Lindero. This was partially offset by the recognition of
$17.5 million in withholding taxes related to the timing of local Board approvals for the repatriation of
funds out of Côte d'Ivoire
Cash flow
Net cash generated by operations before working capital adjustments was $96.9 million or $0.32 per
share. After adjusting for changes in working capital, net cash generated by operations for the quarter
was $92.7 million compared to $89.0 million in Q1 202 5, as higher sales in Q2 2025 as described above
were partially offset by income tax payments of $36.4 million compared to $9.4 million in Q1 2025.
Free cash flow from ongoing operations in Q2 2025 was $57.4 million, a decrease of $9.3 million over the
$66.7 million reported in Q1 2025. The decrease was due to higher tax payments described above and
higher sustaining capital expenditures of $7.6 million.
Q2 2025 vs Q2 2024
Cash cost per ounce and AISC
Consolidated cash cost per GEO increased to $929, compared to $842 in Q2 2024. This increase was mainly
driven by higher cash costs at Séguéla and lower gold equivalent ounces at Caylloma due to an increase
in the gold price and the impact on gold equivalent ounces. The increase in cash cost at Séguéla was
primarily due to lower head grade and higher stripping costs, consistent with the mine plan.
All-in sustaining costs per gold equivalent ounce from continuing operations increased to $1,932 in Q2
2025 from $1,641 in Q2 2024. This increase primarily resulted from the higher cash cost per ounce
discussed above, increased royalties due to the higher gold price and higher sustaining capital
expenditures.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $42.6 million or $0.14 per share,
compared to $21.3 million or $0.07 per share in Q2 2024. After adjusting for impairment charges and
other non -recurring items, adjusted attributable net income was $44.7 million or $0.15 per share
compared to $9.3 million or $0.03 per share in Q2 2024. The increase was primarily due to higher realized
gold prices, which averaged $3,307 per ounce in Q2 2025 compared to $2,334 per ounce in Q2 2024, and
higher sales volumes at Séguéla (up 15%) and Lindero (up 9%), driven by increased processed ore at both
mines.
Fortuna | 5
Other factors influencing adjusted net income compared to Q2 2024 included the recognition of $17.5
million in withholding taxes related to the timing of local board approvals for the repatriation of funds
from Côte d'Ivoire.
Depreciation and Depletion
Depreciation and depletion increased by $ 5.4 million to $ 48.3 million compared to $ 42.9 million in the
comparable period of 2024. The increase was primarily due to higher ounces sold at Séguéla. Depreciation
and depletion in the period included $18. 1 million related to the purchase price allocation from the
Roxgold acquisition.
Cash Flow
Net cash generated by operations for the quarter was $92.7 million compared to $37.4 million in Q2 2024.
The increase is mainly explained by higher gold prices and higher gold volume sold at Séguéla and Lindero,
and a lower negative change in working capital in Q2 2025 compared to Q2 2024.
Free cash flow from ongoing operations in Q2 2025 was $57.4 million, compared to $10.2 million reported
in Q2 2024. The increase was mainly due to higher prices and metal sold as discussed above.
Fortuna | 6
Séguéla Mine, Côte d’Ivoire
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Mine Production
Tonnes milled 429,184 318,457 873,188 713,294
Average tonnes crushed per day 4,665 3,461 4,798 3,898
Gold
Grade (g/t) 3.00 3.47 2.88 3.09
Recovery (%) 93 94 93 94
Production (oz) 38,186 32,983 76,686 67,539
Metal sold (oz) 38,144 33,102 76,583 67,552
Realized price ($/oz) 3,315 2,332 3,101 2,211
Unit Costs
Cash cost ($/oz Au)1 670 564 660 511
All-in sustaining cash cost ($/oz Au)1 1,634 1,097 1,461 1,021
Capital Expenditures ($000's)2
Sustaining 18,065 6,968 26,678 14,891
Sustaining leases 4,484 2,437 8,123 4,702
Growth capital 5,538 8,605 14,745 9,640
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 second quarter of 2025, mine production totaled 340,426 tonnes of ore, averaging 3.33 g/t Au,
and containing an estimated 36,482 ounces of gold from the Antenna, Ancien, and Koula pits. Movement
of waste during the quarter totaled 5,194,192 tonn es, for a strip ratio of 15.3:1. Mining continued to be
focused on the Antenna, Koula, and Ancien pits.
In the second quarter of 2025, Séguéla processed 429,184 tonnes of ore, producing 38,186 ounces of gold,
at an average head grade of 3.00 g/t Au, a 16% increase and a 13.5% decrease, respectively, compared to
the second quarter of 2024. Higher gold production was the result of higher tonnes processed due to, in
part, intermittent power outages from April to early -July 2024, which resulted in the loss of 19 days of
operating time for the mill. Mill throughput during the second quarter of 2025 averaged 210 t/ hr, 36%
above name plate capacity.
Cash cost per gold ounce sold was $670 for the second quarter of 2025 compared to $564 for the second
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 $1,634 for the second quarter of 2025 compared to
$1,097 in the same period of the previous year. The increase for the quarter was primarily the result of
higher cash costs and higher sustaining capital from higher capitalized stripping, higher sustaining leases
from an increase in the mine fleet under contract, and advancement of the stage 3 tailings lift to support
higher production at Séguéla, as well as higher royalties due to higher gold prices and a 2% increase in the
royalty rate effective January 10, 2025.
Fortuna | 7
Lindero Mine, Argentina
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Mine Production
Tonnes placed on the leach pad 1,828,520 1,408,791 3,581,536 2,956,114
Gold
Grade (g/t) 0.57 0.61 0.56 0.60
Production (oz) 23,550 22,874 43,870 46,136
Metal sold (oz) 23,487 21,511 42,142 43,230
Realized price ($/oz) 3,293 2,335 3,108 2,201
Unit Costs
Cash cost ($/oz Au)1 1,148 1,092 1,147 1,050
All-in sustaining cash cost ($/oz Au)1,3 1,783 1,916 1,839 1,712
Capital Expenditures ($000's)2
Sustaining 11,356 16,151 23,718 25,958
Sustaining leases 791 587 1,373 1,185
Growth Capital 1,827 195 2,134 349
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 second quarter of 2025, a total of 1,828,520 tonnes of ore were placed on the heap leach pad, with
an average gold grade of 0.57 g/t, containing an estimated 33,219 ounces of gold. Ore mined was 1.32
million tonnes, with a stripping ratio of 2.3:1.
Lindero’s gold production for the quarter was 23,550 ounces, comprised of 21,153 ounces in doré bars,
1,214 ounces contained in rich fine carbon, 72 ounces contained in copper precipitate, and 1,111 ounces
contained in precipitated sludge. The increase in production during the second quarter of 2025 compared
to the same period in 2024 was due to increase in ore placed on the pad; partially offset by lower grades.
The cash cost per ounce of gold for the quarter was $1,148 compared to $1,092 in the same period of
2024. The increase in cash costs was primarily due to higher fuel and explosive costs and additional
rehandling to increase the tonnes placed on the pad.
AISC per gold ounce sold during Q2 2025 was $1,783 compared to $1,916 in Q2 2024. Lower AISC was
primarily due to lower sustaining capital expenditures as the leach pad expansion was under construction
in the previous quarter. The previous quarter also ben efited from $2.5 million of investment gains from
cross border Argentine pesos denominated bond trades compared to $nil in the current quarter.
As of June 30, 2025, the leach pad expansion project was completed, with minor close -out activities and
demobilization now taking place.
Fortuna | 8
Caylloma Mine, Peru
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Mine Production
Tonnes milled 138,471 136,543 275,130 273,639
Average tonnes milled per day 1,556 1,552 1,555 1,546
Silver
Grade (g/t) 64 83 65 85
Recovery (%) 84 84 83 83
Production (oz) 240,621 306,398 483,614 621,858
Metal sold (oz) 247,429 267,569 497,713 593,051
Realized price ($/oz) 33.76 28.55 32.76 25.69
Lead
Grade (%) 3.23 3.83 3.22 3.66
Recovery (%) 90 91 91 91
Production (000's lbs) 8,924 10,525 17,760 20,055
Metal sold (000's lbs) 9,183 9,422 18,382 19,247
Realized price ($/lb) 0.88 0.98 0.89 0.96
Zinc
Grade (%) 4.63 4.80 4.82 4.63
Recovery (%) 91 90 91 90
Production (000's lbs) 12,851 13,040 26,623 25,223
Metal sold (000's lbs) 12,283 12,710 26,109 25,175
Realized price ($/lb) 1.20 1.29 1.25 1.20
Unit Costs
Cash cost ($/oz Ag Eq)1,2 15.16 13.94 13.92 12.66
All-in sustaining cash cost ($/oz Ag Eq)1,2 21.73 19.87 20.17 18.38
Capital Expenditures ($000's)3
Sustaining 1,988 3,127 3,602 6,862
Sustaining leases 741 974 1,372 1,880
Growth Capital 305 – 554 -
1 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.
Quarterly Operating and Financial Highlights
In the second quarter of 2025, the Caylloma Mine produced 240,621 ounces of silver at an average head
grade of 64 g/t, a 21% decrease when compared to the same period in 2024.
Lead and zinc production for the quarter was 8.9 million pounds and 12.9 million pounds, respectively.
Head grades averaged 3.23% and 4.63%, a 16% decrease and a 3.5% decrease, respectively, when
compared to the same quarter in 2024. Production was lower d ue to lower head grades and was in line
with the mine plan.
The cash cost per silver equivalent ounce sold in the first quarter of 2025, was $15.16 compared to $13.94
in the same period in 2024. The higher cost per ounce for the quarter was primarily the result of lower
silver production and the impact of higher re alized silver prices on the calculation of silver equivalent
ounce sold.