Fortuna reports robust Q3 2024 gold equivalent production of 110,820 ounces

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.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has announced its production results for the third quarter of 2024, reporting a total of 110,820 gold equivalent ounces (Au Eq) from its five operational mines located in West Africa and Latin America.

Q3 2024 Production Highlights

• Gold Equivalent Production: 110,820 ounces
  • Down from 128,671 ounces in Q3 2023
  • Slightly lower than the 116,570 ounces recorded in Q2 2024
• Gold Production: 91,251 ounces
  • A modest decline from 94,821 ounces in Q3 2023 and 92,716 ounces in Q2 2024
• Silver Production: 816,187 ounces
  • A significant drop from 1,680,751 ounces in Q3 2023 and 990,574 ounces in Q2 2024
• Zinc and Lead Production:
  • 12.8 million pounds of zinc (vs. 14.0 million in Q3 2023)
  • 10.0 million pounds of lead (vs. 10.3 million in Q3 2023)

Lindero Leach Pad Expansion Progressing as Planned

Fortuna’s largest capital project for 2024 is the leach pad expansion at the Lindero Mine, with an estimated capital investment of $41.7 million. As of September 2024, the project is approximately 76% complete and remains on budget. The company plans to place the first ore on the new pad later in October 2024, with practical completion targeted for the end of the year.

Lindero Mine Q3 Performance

• Ore Mined: 2.1 million tonnes with a 1:1 stripping ratio
• Ore Placed on Leach Pad: 1.6 million tonnes at 0.66 g/t Au, containing an estimated 34,925 ounces of gold
• Gold Production at Lindero: 24,345 ounces
  • Includes 22,569 ounces in doré bars, 1,754 ounces in carbon, and 21 ounces in copper precipitate

The 6% increase in gold production from Lindero compared to the previous quarter is attributed to higher-grade ore processed according to the planned mining sequence. This increase ensures that the mine remains on track to meet the company’s annual production targets.

Consolidated Production and Annual Outlook

For the first nine months of 2024, Fortuna reported:

• Gold Production: 273,645 ounces
• Silver Production: 2.9 million ounces
• Gold Equivalent Production: 339,933 ounces, including zinc and lead by-products

The company reiterated its 2024 production guidance of 457,000 to 497,000 gold equivalent ounces, maintaining its focus on operational efficiency and consistent delivery across its portfolio of mines.

Fortuna Mining’s leach pad expansion at Lindero remains critical to its 2024 performance, with the company on course to complete construction and start ore processing on the new pad in the coming weeks. Minor construction and contractor demobilization are expected to wrap up by early 2025, ensuring uninterrupted operations into the new year.