Fortuna reports solid production of 110,820 gold equivalent ounces for the third quarter of 2024
NEWS RELEASE
Fortuna reports solid production of 110,820 gold equivalent ounces
for the third quarter of 2024
Vancouver, October 10, 20 24: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports
production results for the third quarter of 2024 from its five operating mines in West Africa and Latin
America.
Q3 2024 Production highlights
• Gold equivalent production of 110,820 ounces1; compared to 128,671 oz Au Eq in Q3 20232
and 116,570 oz Au Eq in Q2 20243
• Gold production of 91,251 ounces; compared to 94,821 oz Au in Q3 20232 and 92,716 oz Au
in Q2 20243
• Silver production of 816,187 ounces; compared to 1,680,751 oz Ag in Q3 20232 and
990,574 oz Ag in Q2 20243
• Zinc and lead production of 12.8 million and 10.0 million pounds; compared to 14.0 million and
10.3 million pounds in Q3 20232, respectively
• Lindero leach pad expansion is the largest capital project of the Company in 2024 . As of the
end of September, the $41.7 million capital investment was approximately 76 percent
complete and on budget . First ore to the new leach pad is planned for later this month
Consolidated gold and silver production for the nine months of 2024 totaled 273,645 ounces and
2.9 million ounces, respectively, or 339,933 ounces of gold equivalent 1, including lead and zinc by -
products. Fortuna reiterates its 2024 annual production guidance range of between 457 and 497
thousand ounces of gold equivalent ounces 4, including lead and zinc by -products ( refer to Fortuna
news release dated January 18, 2024).
Q3 2024 Consolidated Gold and Silver Production
Gold Production (oz) Silver Production (oz)
Q3
2024
Q3
2023
9 months
2024
Guidance
2024 (koz)
Q3
2024
Q3
2023
9 months
2024
Guidance
2024 (Moz)
Lindero, Argentina 24,345 20,933 70,481 93 - 105 - - - -
Yaramoko, Burkina Faso 28,006 34,036 86,630 105 - 119 - - - -
Séguéla, Côte d’Ivoire 34,998 31,498 102,537 126 - 138 - - - -
San Jose, Mexico 3,771 8,205 13,573 19 - 23 510,741 1,372,530 1,954,028 3.1 - 3.6
Caylloma, Peru 131 149 424 - 305,446 308,221 927,304 0.9 - 1.1
Total 91,251 94,821 273,645 343 - 385 816,187 1,680,751 2,881,332 4.0 – 4.7
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Notes:
1. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $ 2,490/oz Au, $29.4/oz Ag, $2,040/t Pb and
$2,782/t Zn or Au:Ag = 1:84.78, Au:Pb = 1:1.22, Au:Zn = 1:0.90
2. Refer to Fortuna news release: October 5, 2023, “Séguéla drives Fortuna to record gold equivalent production of 128,671 ounces in the
third quarter 2023”
3. Refer to Fortuna news release: July 9, 2024, “Fortuna reports solid production of 116,570 gold equivalent ounces for the second quarter of
2024”
4. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,800/oz Au, $22/oz Ag, $2,00 0/t Pb and
$2,500/t Zn or Au:Ag = 1:81.82, Au:Pb = 1:0.90, Au:Zn = 1:0.72
West Africa Region
Séguéla Mine, Côte d’Ivoire: On-track to meet upper end of annual guidance
Q3 2024 Q2 2024
Tonnes milled 418,390 318,457
Average tpd milled 4,548 3,461
Gold grade (g/t) 2.69 3.47
Gold recovery (%) 92.2 93.8
Gold production (oz)1 34,998 32,983
Note:
1. Au Production includes doré only
Mining
Mine production totaled 484,050 tonnes of ore, averaging 2.48 g/t Au, and containing an estimated
38,661 ounces of gold from the Antenna, Ancien, and Koula pits. Movement of waste during the quarter
totaled 2,935,335 tonnes, for a strip ratio of 6:1.
Production was mainly focused from the Antenna pit which produced 412,063 tonnes of ore, with the
balance of production sourced from the Koula and Ancien pits.
Processing
In the third quarter of 2024, Séguéla produced 34,998 ounces of gold at an average head grade of
2.69 g/t Au, a 6 percent increase and 22 percent decrease, respectively, compared to the second
quarter in 2024. The decrease in gold grade is in line with the planned mining sequence. Plant
throughput for the quarter averaged 208 tonnes per hour (tph), 35 percent higher than name plate
design capacity of 154 tph. The power outages that were experienced in the second quarter did not
affect processing plant operations in the third quarter and enabled an increase in the tonnes
processed. However, a failure of the drive shaft of the main apron feeder in early July required a repair
which reduced throughput rate s while the repairs were completed . Throughput rates were
subsequently increased, averaging 216 tph in September.
Gold production for the first nine months of 2024 totaled 102,537 ounces.
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Yaramoko Mine, Burkina Faso: Continued strong performance
Q3 2024 Q2 2024
Tonnes milled 123,754 121,391
Average tpd milled 1,345 1,319
Gold grade (g/t) 6.71 8.40
Gold recovery (%) 97.85 98.25
Gold production1 (oz) 28,006 31,447
Note:
1. Production includes doré only
In the third quarter of 2024, 123,754 tonnes of ore were treated at an average head grade of
6.71 g/t Au, producing 28,006 ounces of gold. This represents a 20 percent decrease in grade, and an
11 percent decrease in production, compared to the second quarter in 2024. The gold grade was lower
than predicted in the mine plan due to continuing development operations providing lower grade ore
and the milling of supplementary low-grade stockpiles.
During the quarter, 80,740 tonnes of ore were mined averaging 7.41 g/t Au from 55 Zone, and 21,905
tonnes of ore averaging 9.02 g/t Au from QV Prime, totaling 102,645 tonnes averaging 7.75 g/t Au.
Gold production for the first nine months of 2024 totaled 86,630 ounces.
Latin America Region
Lindero Mine, Argentina: In-line to meet annual guidance
Q3 2024 Q2 2024
Ore placed on pad (t) 1,654,101 1,408,791
Gold grade (g/t) 0.66 0.61
Gold production1 (oz) 24,345 22,874
Note:
1. Lindero production includes doré, gold-in-carbon and gold in copper concentrate
During the third quarter of 2024, 2.1 million tonnes of ore were mined, with a stripping ratio of 1:1.
A total of 1.6 million tonnes of ore were placed on the leach pad averaging 0.66 g/t Au, containing an
estimated 34,925 ounces of gold. The 17 percent increase in tonnes placed on the leach pad , when
compared to the previous quarter, is mainly due to more days of operation and slightly higher
throughput for the period.
Lindero’s total gold production for the quarter was 24,345 ounces of gold, comprised of 22,569 ounces
in doré bars, 1,754 ounces contained in rich fine carbon, and 21 ounces contained in copper
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precipitate. The 6 percent increase in production, when compared to the previous quarter, is mainly
explained by the higher ore grade placed on pad, as per the planned mining sequence for the period.
Higher head grades and ore tonnes placed on pad during the quarter mean production is on track to
meet annual guidance.
As of the end of September, the $51.8 million leach pad expansion project ($41.7 million capital
investment in 2024) was approximately 76 percent complete and tracking on budget. Procurement is
complete, with all items onsite. Liner installation is approximately 44 percent complete. The Company
expects to start placing ore on the leach pad expansion in the latter part of October 2024 with practical
completion expected by year -end. Minor construction activities and contractor demobilization are
planned for early 2025.
Gold production for the first nine months of 2024 totaled 70,481 ounces.
San Jose Mine, Mexico: Producing from the tail end of reserves
Q3 2024 Q2 2024
Tonnes milled 188,212 176,214
Average tpd milled 2,163 1,980
Silver grade (g/t) 99 140
Silver recovery (%) 85.67 86.56
Silver production (oz) 510,741 684,176
Gold grade (g/t) 0.74 1.09
Gold recovery (%) 84.72 85.46
Gold production (oz) 3,771 5,269
In the third quarter of 2024, the San Jose Mine produced 510,741 ounces of silver, and 3,771 ounces
of gold at average head grades of 99 g/t Ag and 0.74 g/t Au; reflecting a 25 percent and 28 percent
decrease, respectively, when compared to the second quarter of 2024. The processing plant milled
188,212 tonnes averaging 2,163 tonnes per day . Metallurgical recoveries were impacted by higher
iron oxide material from upper levels mined during the period.
The mine plan in the second half of 2024 includes areas with increased geologic uncertainty, as the
mine is operating at the tail end of its reserves. In the third quarter , production carried out near old
workings at the upper levels of the mine , which accounted for 46 percent of quarterly planned
production, returned 36 percent lower head grades and 28 percent lower tonnage than expected. The
mine plan for the fourth quarter continues to encompass areas of high geologic uncertainty.
The exploration program at the Yessi vein was completed during the quarter, and the Company is now
assessing its economic potential along with the resources at the Victoria vein. As the operation is
expected to exhaust its Mineral Reserves by year end, m anagement is evaluating the options of
continued operations, placing the operation on care and maintenance, or triggering a progressive
closure plan.
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Silver and gold production for the nine months of 2024 totaled 1,954,028 ounces and 13,573 ounces,
respectively.
Caylloma Mine, Peru: Full year production guidance achieved for all metals in the third quarter
Q3 2024 Q2 2024
Tonnes milled 138,030 136,543
Average tpd milled 1,551 1,552
Silver grade (g/t) 82 83
Silver recovery1 (%) 84.09 83.75
Silver production (oz) 305,446 306,398
Lead grade (%) 3.62 3.83
Lead recovery (%) 90.73 91.28
Lead production (lbs) 9,997,964 10,524,868
Zinc grade (%) 4.64 4.80
Zinc recovery (%) 90.79 90.16
Zinc production (lbs) 12,808,857 13,040,343
Note:
1. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
The Caylloma Mine produced 305,446 ounces of silver at an average head grade of 82 g/t Ag in the
third quarter of 2024, reflecting similar production as the previous quarter. Silver production for the first
nine months of 2024 totaled 927,304 ounces.
Zinc and lead production was 12,808,857 and 9,997,964 pounds, respectively, with average head
grades of 4.64 % Zn and 3.62 % Pb, representing a 2 and 5 percent decrease in production when
compared to the preceding quarter. The lower production is the result of lower head grades delivered
to the plant, in accordance with the planned mining sequence for the period. Zinc and lead production
for the first nine months of 2024 accounted for 38,031,945 pounds and 30,053,416 pounds,
respectively.
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Qualified Person
Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist
registered with Engineers and Geoscientists British Columbia (Registration Number 36328) and a
Qualified Person as defined by National Instrument 43 -101- Standards of Disclosure for Mineral
Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained
in this news release and has verified the underlying data.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with five operating mines 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 p rotection, 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 | [email protected] | fortunamining.com | X | LinkedIn | YouTube
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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 may include, without limitation, statements about the Company’s plans for its
mines and mineral properties; changes in general economic conditions and financial markets; the impact of
inflationary pressures on the Company’s business and operations; statements reiterating the Company’s 2024
annual production guidance an d the likelihood of the Company meeting such annual production guidance,
including that gold production at the Séguéla Mine is on track to meet the upper end of annual guidance, that gold
production at the Lindero Mine is in-line to meet annual guidance; the expected timing for completion of the leach
pad expansion project at the Lindero Mine and the timing for the commencement of placing ore on the leach pad
expansion; statements regarding the Company’s plans for the San Jose Mine; statements regarding the ongoing
exploration at the Yessi vein at the San Jose Mine; the Company’s business strategy, plans and outlook; the merit
of the Company’s mines and mineral properties; the future financial or operating performance of the Company;
the Company’s ability to comply with contractual and permitting or other regulatory requirements; approvals and
other matters. Often, but not always, these Forward -looking Statements can be identified by the use of words
such as “estimated”, “potential”, “open”, “future”, “assum ed”, “projected”, “used”, “detailed”, “has been”, “gain”,
“planned”, “reflecting”, “will”, “anticipated”, “estimated” , “containing”, “remaining”, “to be”, or statements that
events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially different from any results,
performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and
factors include, among others, operational risks associated with mining and mineral processing; uncertainty
relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs,
production schedules and economic returns; uncertainties related to new mining operations such as the Séguéla
Mine; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral
exploration and project development; uncertainty relating to the repatriation of funds as a result of currency
controls; environmental matters including obtaining or renewing environmental permits and potential liability
claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes
to the regulations governing the Company’s business operations; changes in national and local government
legislation, taxation, controls, regulations and political or economic d evelopments in countries in which the
Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the
Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts may have on global
economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances;
developing and maintaining relationships with local communities and stakeholders; risks associated with losing
control of public perception as a result of social media and other web -based applications; potential opposition to
the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain
adequate financing for planned exploration and development activities; property title matters; risks relating to the
integration of businesses and assets acquired by the Company; impairments; risks associated with climate change
legislation; reliance on key personnel; adequacy of insurance coverage; operationa l safety and security risks;
legal proceedings and potential legal proceedings; the possibility that the appeal in respect of the ruling in favour
of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization (the “EIA”) at the
San Jose Mine will be successful; uncertainties relating to general economic conditions; risks relating to a global
pandemic, which could impact the Company’s business, operations, financial condition and share price;
competition; fluctuations in metal prices; risks associated with entering into commodity forward and option
contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and
reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation
costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon
information technology systems, which are subject to disruption, damage, failure and risks with im plementation
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and integration; risks associated with climate change legislation; labor relations issues; as well as those factors
discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted
to identify important factors th at could cause actual actions, events or results to differ materially from those
described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ
from those anticipated, estimated or intended.
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 Mineral
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 its production estimates (which assume accuracy of projected head gra de, 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); the duration and effect of global and local inflation; geo -political
uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected
trends in mineral prices, inflation and currency exchange rates; that the appeal filed in the Mexican Collegiate
Court challenging the re instatement of the EIA will be unsuccessful; that all required approvals and permits will
be obtained for the Company’s business and operations on acceptable terms; that there will be no significant
disruptions affecting the Company's operations and such o ther 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 e stimates 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.
All dollar amounts in this news release are expressed in United States dollars.