Fortuna reports record production of 455,958 Au Eq ounces for 2024 and provides 2025 outlook.
NEWS RELEASE
Fortuna reports record production of 455,958 Au Eq ounces for
2024 and provides 2025 outlook.
Vancouver, January 21, 2025 – Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) reports production
results for the fourth quarter and full year 2024 from its five operating mines in Latin America and West
Africa. For the full year 202 4, Fortuna produced a record 369,637 ounces of gold and
3,724,945 ounces of silver for a record 455,958 gold equivalent ounces 1, including lead and zinc by -
products. All references to dollar amounts in this news release are expressed in US dollars.
Fourth quarter 2024 highlights
• Gold equivalent production of 116,358 oz; compared to 110,820 oz Au Eq in Q3 2024 3 and
136,154 oz Au Eq in Q4 20232
• Gold production of 95,993 oz; compared to 91,251 oz Au in Q3 20243 and 107,376 oz Au in
Q4 20232
• Silver production of 843,611 oz; compared to 816,187 oz in Q3 20243 and 1,354,003 oz in
Q4 20232
• Repurchased 6,402,640 common shares at an average price of $4.77 per share for a total of
$30,529,066; representing 41.88 percent of the 15,287,201 shares under the Company’s
normal course issuer bid6
Full year 2024 highlights
• Record gold equivalent production of 455,958 oz1, in line with low end of guidance; compared
to 452,389 oz Au Eq in 20232
• Record gold production of 369,637 oz, achieving midpoint of guidance ; compared to
326,638 oz Au in 20232
• Silver production of 3.7 Moz, below guidance; compared to 5.9 Moz in 20232
• By-product lead and zinc production of 39.6 and 51.9 Mlbs, respectively
• 2024 Total Recordable Injury Frequency Rate (TRIFR) of 1.36 compared to 1.22 in 2023;
Lost Time Injury Frequency Rate (LTIFR) of 0.48 compared to 0.36 in 2023
2025 consolidated production and cost guidance highlights
• Gold equivalent production of between 380,000 and 422,000 oz; a projected decrease of
between 17 and 7 percent, respectively, compared to 2024 production4
• Gold production of between 334,000 and 373,000 oz; a projected decrease of
10 percent and an increase of 1 percent, compared to 20242
• Silver production of between 0.9 and 1.0 million oz; a projected decrease of between
76 and 73 percent, respectively, compared to 20242
• Cash cost of between $895 and $1,015/oz Au Eq 5
• AISC of between $1,550 and $1,680/oz Au Eq 5
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Notes:
1. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $ 2,401/oz Au, $28.04/oz Ag, $2,072/t Pb and
$2,786/t Zn or Au:Ag = 1:85.6, Au:Pb = 1:1.16, Au:Zn = 1:0.86
2. Refer to Fortuna news release dated January 18, 2024, “Fortuna reports record 2023 production of 452 koz Au Eq and 2024 annual
guidance of 457 to 497 koz Au Eq.”
3. Refer to Fortuna news release dated October 10, 2024, “Fortuna reports solid production of 110,820 gold equivalent ounces for the third
quarter of 2024.”
4. Au Eq includes gold, silver, lead, and zinc and is calculated using the following metal prices: $ 2,500/oz Au, $30.0/oz Ag, $2,100/t Pb and
$2,700/t Zn or Au:Ag = 1:83.30, Au:Pb = 1:1.19, Au:Zn = 1:0.93
5. Refer to Appendix
6. Refer to Fortuna news release dated December 3, 2024, “Fortuna reports progress on its share buyback program”
2024 consolidated operating results
Gold production
(oz)
Silver production
(oz)
Mines Q4 2024 FY 2024 2024 Guidance Q4 2024 FY 2024 2024 Guidance
Séguéla, Côte d’Ivoire 35,244 137,781 126,000 - 138,000 - - -
Yaramoko, Burkina Faso 29,576 116,206 105,000 - 119,000 - - -
Lindero, Argentina 26,806 97,287 93,000 - 105,000 - - -
San Jose, Mexico 4,239 17,811 19,000 - 23,000 594,373 2,548,402 3,100,000 - 3,600,000
Caylloma, Peru 128 552 - 249,238 1,176,543 900,000 - 1,100,000
Total 95,993 369,637 343,000 - 385,000 843,611 3,724,945 4,000,000 - 4,700,000
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Séguéla Mine, Côte d’Ivoire
Achieves top end of guidance for gold production
Q4 2024 FY 2024 2024 Guidance
Tonnes milled 430,117 1,561,800 -
Average tpd milled 4,727 4,279 -
Gold grade (g/t) 2.95 2.95 -
Gold recovery (%) 91.7 93.0 -
Gold production (oz)1 35,244 137,781 126,000 - 138,000
Note:
1. Production includes doré only
Highlight
• Achieved 1.56 million tonnes of annual production as an outcome of optimization work ;
25 percent above original design capacity
In the fourth quarter, m ine 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 totaled 3,670,138 tonnes, for a strip ratio of 5.1:1. The Antenna pit was the primary source of
production, yielding 530,651 tonnes of ore, with the Koula and Ancien pits contributing the remainder.
Séguéla produced 35,244 ounces of gold at an average head grade of 2.95 g/t Au, a 0.7 and
9.7 percent increase, respectively, compared to the third quarter in 2024. Despite higher grades in the
fourth quarter, production remained essentially unchanged quarter over quarter due to inventory
movements in the plant circuit. The higher gold grade is in line with the planned mining sequence and
is representative of the life of mine grade . Plant throughput for the quarter averaged 208 tonnes per
hour (tph), which is 35 percent higher than name plate design capacity of 154 tph.
AISC for the full year is expected to be within the 2024 guidance range of between $1,110 and
$1,230 per ounce sold, with AISC in the fourth quarter above the average for the year, reflecting higher
capex execution in the last quarter of 2024.
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Yaramoko Mine, Burkina Faso
Achieves top end of guidance for gold production
Q4 2024 FY 2024 2024 Guidance
Tonnes milled 102,105 454,969 -
Average tpd milled 1,122 1,243 -
Gold grade (g/t) 9.18 8.21 -
Gold recovery (%) 98.16 98.12 -
Gold production1 (oz) 29,576 116,206 105,000 - 119,000
Note:
1. Production includes doré only
Highlights
• One-million-ounce gold pour milestone in May 20241
• Fourth consecutive year free of lost time injuries
In the fourth quarter, 102,105 tonnes of ore were treated at an average head grade of
9.18 g/t Au, producing 29,576 ounces of gold. This represents a 37 percent increase in grade, and a
6 percent increase in ounces, compared to the third quarter in 2024. The reduced tonnage milled was
primarily due to the failure of the mill variable speed drive circuit breaker which resulted in
approximately 16 days of lost milling time. The increased head grade is attributable to ore being mainly
sourced from stoping operations in the 55 Zone and QVP as development operations decrease. In 55
Zone, ore development was completed during the quarter , and waste development oper ations are
scheduled to be completed in the first quarter of 2025. At the 109 Zone , open pit mobilization
operations commenced, with mining due to start later in the first quarter of 2025.
During the quarter, 117,817 tonnes of ore were mined averaging 8.5 g/t Au from the 55 Zone and QVP.
AISC for the full year is expected to be slightly above the 2024 guidance range of between $1,220 and
$1,320 per ounce sold. This was driven by successful exploration results and the required additional
mine development, consistent with the extension of the life of mine into 2025.
Note:
1. Refer to Fortuna news release dated May 22, 2024: “Fortuna’s Yaramoko Mine reaches one-million-ounce gold pour milestone”
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Lindero Mine, Argentina
Achieves guidance for gold production
Q4 2024 FY 2024 2024 Guidance
Ore placed on pad (t) 1,757,290 6,367,505 -
Gold grade (g/t) 0.60 0.62 -
Gold production (oz)1 26,806 97,287 93,000 - 105,000
Note:
1. Gold production includes doré, gold in carbon, and gold in copper concentrate
Highlight
• Leach pad expansion entered operation in the fourth quarter of 2024; delivered into operation on
time and on budget.
In the fourth quarter, 2.05 million tonnes of ore were mined, with a stripping ratio of 1.54:1.
A total of 1.76 million tonnes of ore were placed on the leach pad averaging 0.60 g/t Au, containing an
estimated 34,151 ounces of gold.
Gold production for the quarter was 26,806 ounces of gold, comprised of 24,679 ounces in doré bars,
2,086 ounces contained in rich fine carbon, and 41 ounces contained in copper precipitate. The
10 percent increase in production, when compared to the previous quarter, is due to a higher rate of
pregnant solution percolation related to the first lift of ore placed on the new leach pad expansion area.
The mine began placing ore on the expanded leach pad in the second half of October 2024. By year
end, the $51.8 million leach pad expansion project was approximately 88 percent complete, with
$6 million remaining to be spent in the first quarter of 2025 . This will be used to finalize minor
construction activities, demobilize construction contractors, and close out the project. The leach pad
expansion is expected to be completed on budget.
Lindero’s energy supplier commenced work on a 14.5 MWh solar power plant project in September of
2024. Currently, the project is 41 percent complete, and a 1 MWh battery energy storage system has
already been installed and linked to the existing power plant. The project is expected to be complete
by the third quarter of 2025.
AISC for the full year is expected to be towards the higher end of the 2024 guidance range between
$1,730 and $1,950 per ounce sold, principally due to the appreciation of the Argentine peso throughout
the year. However, AISC is expected to improve in 2025 as disclosed in the Lindero outlook section.
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Operational efficiency initiatives related to mine, plant capacity, and gold recovery
• Optimized the drill bit diameter for production drilling, resulting in a 38 percent improvement in
productivity per meter drilled.
• Commenced project to change the loading and haulage fleet from 100 -tonne trucks and shovels
to 40-tonne trucks and excavators. This project is expected to reduce capital expenditures, diesel
consumption, improve supply options for spare parts, and reduce inventory levels over the life of
mine.
• Optimization of the primary and secondary crushers achieved a 13 percent increase in hourly
throughput compared to the previous year.
• HPGR attained a 12 percent reduction in average particle size, aiming to improve gold recovery.
• The SART plant achieved a 20 percent reduction in consumption of key reagents when compared
to design KPIs.
• Cyanide consumption was reduced by 10 percent compared to the previous year, bringing the
current consumption down to 0.28 kg/t.
• Optimization of the adsorption columns and pressure vessels increased flow by 10 percent,
leading to improved gold extraction.
• Once completed, the solar power plant is expected to generate annual savings of approximately
$1.8 million by replacing an estimated 40 percent of diesel consumption with solar power
generation, whilst reducing the carbon footprint by approximately 10,630 t/year of CO2 emissions.
These initiatives are aligned with Fortuna’s continuous improvement strategy, and the operation
continues to identify opportunities to improve its competitiveness.
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San Jose Mine, Mexico
Production from the tail end of reserves
Q4 2024 FY 2024 2024 Guidance
Tonnes milled 190,063 735,591 -
Average tpd milled 2,437 2,138 -
Silver grade (g/t) 118 125 -
Silver recovery (%) 82.70 86.07 -
Silver production (oz) 594,373 2,548,402 3,100,000 - 3,600,000
Gold grade (g/t) 0.85 0.89 -
Gold recovery (%) 81.96 84,76 -
Gold production (oz) 4,239 17,811 19,000 - 23,000
Highlight
• Subsequent to the end of the quarter, the Company announced the sale of the non -core
San Jose Mine1,2
In the fourth quarter, the San Jose Mine produced 594,373 ounces of silver and 4,239 ounces of gold
at average head grades of 118 g/t Ag and 0.85 g/t Au, an increase of 16 and 12 percent, respectively,
when compared to the third quarter of 2024 . The positive results were due to higher grades being
mined, with the processing plant milling 190,063 tonnes at an average rate of 2,437 tonnes per day.
Metallurgical recoveries continued to be impacted by higher iron oxide material from the upper levels.
Annual production of silver and gold were 18 and 6 percent below the lower end of annual guidance,
respectively. Approximately 5 percent 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.
As the mine was operating at the tail end of reserves, lower tonnes than expected were mined in areas
which included old adits and stopes with high geologic uncertainty. As a result, the largest impact on
annual silver production was due to lower tonnage extracted than anticipated.
Notes:
1. Refer to Fortuna news release dated January 15, 2025: “Fortuna announces sale of non-core San Jose Mine, Mexico”
2. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $2,661/oz Au, $31.26/oz Ag, $2 ,009/t Pb and
$3,046/t Zn or Au:Ag = 1:85.1, Au:Pb = 1:1.32, Au:Zn = 1:0.87
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Caylloma Mine, Peru
Strong performance, exceeding top end of annual production guidance for all metals
Q4 2024 FY 2024 2024 Guidance
Tonnes milled 139,761 551,430 -
Average tpd milled 1,553 1,549 -
Silver grade (g/t) 67 80 -
Silver recovery (%) 83.32 83.29 -
Silver production (oz)1 249,238 1,176,543 900,000 - 1,100,000
Lead grade (%) 3.36 3.57 -
Lead recovery (%) 91.73 91.07 -
Lead production (lbs) 9,499,719 39,555,339 29,000,000 - 34,000,000
Zinc grade (%) 4.94 4.71 -
Zinc recovery (%) 91.14 90.61 -
Zinc production (lbs) 13,873,690 51,905,635 36,000,000 - 39,000,000
Note:
1. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
In the fourth quarter, the Caylloma Mine produced 249,238 ounces of silver at an average head grade
of 67 g/t Ag. While silver production was 18 percent lower than the previous quarter, it was in line with
the production sequence for the period. Total silver production for the year was 7 percent higher than
the upper end of annual guidance.
Zinc and lead production was 13.87 Mlbs and 9.50 Mlbs, respectively for the fourth quarter, with
average head grades of 4.94 % Zn and 3.36 % Pb, an increase of 6 percent for zinc and a decrease
of 7 percent for lead, when compared to the third quarter of 2024. Zinc and lead production was above
the higher end of annual guidance by 33 percent and 16 percent respectively. Increased production is
the result of positive grade reconciliation to the reserve model in the lower levels of the underground
mine.
AISC for 2024 is expected to be towards the high end of annual guidance range between $18 and
$21 per ounce sold , due to the impact of a higher silver price relative to zinc and lead in the silver
equivalency calculation, resulting in lower equivalent ounces.