Fortuna reports solid production of 116,570 gold equivalent ounces for the second quarter of 2024
NEWS RELEASE
Fortuna reports solid production of 116,570 gold equivalent ounces
for the second quarter of 2024
Vancouver, July 9, 2024: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports production
results for the second quarter of 2024 from its five operating mines in West Africa and Latin America.
Q2 2024 Production highlights
• Gold equivalent production of 116,570 ounces1; a 25 percent increase compared to Q2 2023
(93,454 oz Au Eq)2 and a 4 percent increase compared to Q1 2024 (112,543 oz Au Eq)3
• Gold production of 92,716 ounces; a 44 percent increase over Q2 2023 (64,348 oz Au) 2 and
a 3 percent increase compared to Q1 2024 (89,678 oz Au)3
• Silver production of 990,574 ounces; a 22 percent decrease over Q2 2023 (1,262,561 oz Ag)2
• Zinc and lead production of 13.0 million and 10.5 million pounds; 7 percent decrease and
3 percent increase over Q2 2023, respectively
Consolidated gold and silver production for the first six months of 2024 totaled 182,394 ounces and
2.1 million ounces, respectively, or 229,113 ounces of gold equivalent , including lead and zinc by -
products. Fortuna reiterates its 2024 annual production guidance range of 343 to 385 thousand ounces
of gold and 4.0 to 4.7 million ounces of silver or between 457 and 497 thousand ounces of gold
equivalent ounces4, including lead and zinc by-products (refer to Fortuna news release dated January
18, 2024).
Q2 2024 Consolidated Gold and Silver Production
Gold Production
(oz)
Silver Production
(oz)
Q2 2024 Q2 2023 Q2 2024 Q2 2023
Lindero Mine 22,874 25,456 - -
Yaramoko Mine 31,447 29,002 - -
Séguéla Mine 32,983 4,023 - -
San Jose Mine 5,269 5,778 684,176 957,265
Caylloma Mine 143 89 306,398 305,296
Total 92,716 64,348 990,574 1,262,561
Notes:
1. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $ 2,334/oz Au, $29.1/oz Ag, $2,157/t Pb and
$2,835/t Zn or Au:Ag = 1:80.19, Au:Pb = 1:1.08, Au:Zn = 1:0.82
2. Refer to Fortuna news release: July 12, 2023, “Fortuna reports production of 93,454 gold equivalent ounces for the second quarter of 2023 ”
3. Refer to Fortuna news release: April 8, 2024, ”Fortuna reports strong gold equivalent production of 112,543 ounces in the first 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
-2-
West Africa Region
Séguéla Mine, Côte d’Ivoire: Continued strong production
Q2 2024 Q1 2024
Tonnes milled 318,457 394,837
Average tpd milled 3,461 4,339
Gold grade (g/t) 3.47 2.79
Gold recovery (%) 93.8 94.4
Gold production (oz)1 32,983 34,556
Note:
1. Au Production includes doré only
Mining
Mine production totaled 420,222 tonnes of ore, averaging 3.03 g/t Au, and containing an estimated
40,912 ounces of gold from the Antenna, Ancien, and Koula pits. Movement of waste during the quarter
totaled 2,495,838 tonnes, for a strip ratio of 6:1.
Production was mainly focused on the Antenna pit which produced 364,491 tonnes of ore to provide
higher grade feed to the processing plant during the power supply issues detailed below. Mining at the
Ancien and Koula pits provided the balance of ore production with 1,645,716 tonnes of the waste
stripping occurring there.
Processing
In the second quarter of 2024, Séguéla produced 32,983 ounces of gold at an average head grade of
3.47 g/t Au, a 5 percent decrease and 24 percent increase, respectively, compared to the first quarter
in 2024. Plant throughput for the quarter averaged 208 tonnes per hour, versus name plate design
capacity of 154. Processed tonnes were constrained throughout the quarter due to power shedding
from the national grid supplier due to failures at two power plants in Côte d’Ivoire. These outages are
expected to be rectified , and normal power is expected to resume by the end of July. In the interim,
the Company is sourcing backup diesel power generation capabilities. This will provide power should
the current outages extend beyond the expected resumption of normal energy supply, or in the event
of future outages. Séguéla’s 2024 production guidance of 126 ,000 to 138, 000 oz Au remains
unaffected.
Gold production for the first six months of 2024 totaled 67,539 ounces.
-3-
Yaramoko Mine, Burkina Faso: 16 percent higher production over Q1 2024
Q2 2024 Q1 2024
Tonnes milled 121,391 107,719
Average tpd milled 1,319 1,456
Gold grade (g/t) 8.40 8.79
Gold recovery (%) 98.25 98.2
Gold production1 (oz) 31,447 27,177
Note:
1. Production includes doré only
In the second quarter of 2024, 121,391 tonnes of ore were treated at an average head grade of
8.40 g/t Au, producing 31,447 ounces of gold. This represents a 4 percent decrease in grade, and a
16 percent increase in production, compared to the first quarter in 2024. Processing operations at
Yaramoko were also affected by grid power supply issues , however, our backup diesel generation
supply mitigated the bulk of these constraints.
During the quarter, 89,991 tonnes of ore were mined averaging 7.81 g/t Au from 55 Zone, and 21,361
tonnes of ore averaging 8.89 g/t Au from QV Prime, totaling 111,352 tonnes averaging 8.02 g/t Au. In
May, a rock burst occurred in the 55 Zone mine, which interrupted production for a period of 10 days.
During this period, mine production in QV Prime continued, while the plant processed ore from existing
surface stockpiles and QV Prime.
Drilling and development operations continued to extend the mining boundaries to the east and west
of 55 Zone and demonstrate wider mineable widths than expected. In the third quarter, drilling will also
focus on testing the potential for further strike extensions of 55 Zone , as well as testing the strike
extensions that we currently see in QV Prime.
Gold production for the first six months of 2024 totaled 58,624 ounces.
-4-
Latin America Region
Lindero Mine, Argentina: In line to meet annual guidance; leach pad expansion on track
Q2 2024 Q1 2024
Ore placed on pad (t) 1,408,791 1,547,323
Gold grade (g/t) 0.61 0.60
Gold production1 (oz) 22,874 23,262
Note:
1. Lindero production includes doré, gold-in-carbon and gold in copper concentrate
During the second quarter of 2024, ore mined was 1.8 million tonnes, with a stripping ratio of 0.7:1.
A total of 1.4 million tonnes of ore were placed on the leach pad at an average gold grade of 0.61 g/t,
containing an estimated 27,663 ounces.
Lindero’s gold production for the quarter was 22,874 ounces, comprised of 19,786 ounces in doré
bars, 979 ounces of gold contained in rich fine carbon, 27 ounces contained in copper precipitate, and
2,082 ounces contained in cement precipitate. The 2 percent decrease in production, when compared
to the previous quarter, is mainly explained by a planned eight-day maintenance shutdown of the
high-pressure grinding rolls ( HPGR) and the agglomeration plant, coupled with a period of lower
mechanical availability of the front-end loaders. In line with the planned mining sequence, higher head
grades and ore tonnage will be placed on the leach pad in the third quarter.
As of the end of June, the $51.8 million leach pad expansion project ($41.7 million capital investment
in 2024) is approximately 58 percent complete. The construction package of the project commenced
in January 2024, with contractors on site undertaking earthworks, construction of the impulsion line ,
and liner deployment. Procurement is 96 percent complete, with critical path items onsite. Pump
manufacturing for the new impulsion line is on schedule and expected to arrive on site in July. Liner
installation has commenced and contracts for the major mechanical works have been executed. The
Company expects to start placing ore on the leach pad expansion in the fourth quarter of 2024.
Gold production for the first six months of 2024 totaled 46,136 ounces.
-5-
San Jose Mine, Mexico: Production in line to meet annual guidance
Q2 2024 Q1 2024
Tonnes milled 176,214 181,103
Average tpd milled 1,980 2,182
Silver grade (g/t) 140 147
Silver recovery (%) 86.56 88.73
Silver production (oz) 684,176 759,111
Gold grade (g/t) 1.09 0.90
Gold recovery (%) 85.46 86.76
Gold production (oz) 5,269 4,533
In the second quarter of 2024, the San Jose Mine produced 684,176 ounces of silver , and
5,269 ounces of gold at average head grades of 140 g/t Ag and 1.09 g/t Au, respectively; reflecting a
10 percent decrease , and a 16 percent increase when compared to the first quarter of 2024 . The
processing plant milled 176,214 tonnes averaging 1,980 tonnes per day, and the grade profile for the
period was consistent with the geological model.
During the first half of 2024, in alignment with the mining sequence and production plan, the operation
conducted an intensive preparation campaign to position the mine for higher silver and gold production
in the second half of the year. Management is currently evaluating its options of maintaining operations
at the mine or putting the mine on care and maintenance , as Mineral Reserves are scheduled to be
exhausted by year end.
Exploration d rilling continues at the Yessi vein to provide better understanding of the economic
potential of the mineralized zone.
Silver and gold production for the first six months of 2024 totaled 1,443,287 ounces and 9,802 ounces,
respectively, on track to meet annual guidance.
-6-
Caylloma Mine, Peru: Steady-state operation
Q2 2024 Q1 2024
Tonnes milled 136,543 137,096
Average tpd milled 1,552 1,540
Silver grade (g/t) 83 87
Silver recovery1 (%) 83.75 82.08
Silver production (oz) 306,398 315,460
Lead grade (%) 3.83 3.48
Lead recovery (%) 91.28 90.55
Lead production (lbs) 10,524,868 9,530,584
Zinc grade (%) 4.80 4.46
Zinc recovery (%) 90.16 90.32
Zinc production (lbs) 13,040,343 12,182,745
Note:
1. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
The Caylloma Mine produced 306,398 ounces of silver at an average head grade of 83 g/t Ag in the
second quarter of 2024, 3 percent and 5 percent lower, respectively, when compared to the previous
quarter. Silver production for the first six months of 2024 totaled 621,858 ounces, in line to meet annual
guidance.
Zinc and lead production was 13.0 and 10.5 million pounds, at average head grades of 4.80 % and
3.83 %, respectively, a 7 and 10 percent increase when compared to the first quarter . Increased
production is the result of higher head grades sourced from lower levels at the Animas vein. Zinc and
lead production for the first six months of 2024 totaled 25.2 million pounds and 20.1 million pounds,
respectively, well on track to meet the upper end of guidance for the year.
-7-
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 contain ed
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 advanced exploration pre -
development stage Diamba Sud Gold Project located in Senegal. S ustainability 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 | [email protected] | fortunamining.com | X | LinkedIn | YouTube
-8-
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 Lindero and Séguéla Mines, silver and gold production at the San Jose Mine and silver
production at the Caylloma Mine are on -track to meet annual guidance; the expected timing for completion of the leach
pad expansion project at the Lindero Mine, including the delivery of components to site, and the timing for the
commencement of placing ore on the leach pad expansion; the Company’s expectations fo r the higher gold and silver
production at the San Jose Mine in the second half of 2024; 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; expectations rega rding the
resumption of normal power to the Séguéla Mine by the end of July, and the Company’s attempts to mitigate any continued
or future power outages; 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 ca n be identified by the use of words such as “estimated”,
“potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”,
“will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or sta tements 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;