Core Viewpoint - Fortuna Mining Corp. reports positive exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project in Senegal, indicating strong potential for resource growth and robust project economics with an estimated after-tax NPV5% of US$563 million and an IRR of 72% at a gold price of US$2,750 per ounce [1][2]. Exploration Results - The company has completed an additional 63 reverse-circulation and diamond drill holes totaling 9,619 meters at Southern Arc, with ongoing drilling using five rigs [3][6]. - Significant drill results include: - DSDD555: 6.8 g/t gold over an estimated true width of 35.5 meters [2][3]. - DSDD574: 1.7 g/t gold over an estimated true width of 29.6 meters and 2.0 g/t over an estimated true width of 20.0 meters [5][6]. - DSDD558: 8.8 g/t gold over an estimated true width of 14.4 meters [4][5]. - DSDD563: 5.8 g/t gold over an estimated true width of 20.8 meters [4][5]. Project Development - The Diamba Sud project is currently at the PEA stage and is advancing towards a feasibility study, with a construction decision targeted for the second quarter of 2026 [1][2]. - An updated resource estimate is expected in the first quarter of 2026, incorporating the latest drilling results [2][3]. Geological Context - Mineralization at Southern Arc is characterized by fine stockwork vein arrays and pyrite-silica flooding, with strong correlation to tectonic breccia and carbonate units [7][8]. - The mineralization remains open to the south, east, and at depth, with drilling only testing to approximately 150 meters below the surface [8].

Core Insights - Celanese Corporation's subsidiary, Celanese US Holdings LLC, has announced a $1.4 billion registered notes offering, increased from an initial $1 billion, consisting of $600 million of 7% Senior Notes due 2031 and $800 million of 7.375% Senior Notes due 2034 [1][8] - The offering is expected to close around December 17, 2025, and the net proceeds will be used to repay outstanding borrowings under a five-year term loan due 2027 and to fund cash tender offers for certain Senior Notes due 2027 and 2028 [2][8] - The transaction aims to manage the company's debt maturity profile and strengthen liquidity, aligning debt maturities with a conservative outlook for free cash flow generation [3][8] Financial Performance - Celanese's shares have declined by 39.6% over the past year, while the industry has seen a smaller decline of 8.7% [4] - The company currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook compared to better-ranked stocks in the Basic Materials sector [5] Market Context - The move to issue new notes is part of Celanese's broader strategy to proactively manage leverage and maintain flexibility amid evolving market conditions [3][8]

Core Viewpoint - Fortuna Mining Corp. has initiated a Processing Plant Expansion Options Study for the Séguéla mine in Côte d'Ivoire, aiming to enhance production capacity and capitalize on exploration successes [1][3][4]. Group 1: Expansion Study Details - Lycopodium Minerals Canada Ltd. has been selected to conduct the expansion study, reflecting Fortuna's confidence in their expertise and understanding of the Séguéla project [1][3][5]. - The study will assess options to increase the processing plant's throughput from the current capacity of 1.75 million tonnes per annum (Mtpa) to between 2.0 and 2.5 Mtpa, targeting over 200,000 ounces of gold production annually [4][5]. - The study is set to commence immediately, with completion expected in the second quarter of 2026 [6]. Group 2: Strategic Objectives - The expansion initiative aligns with Fortuna's strategic goal to maximize value from the Séguéla Mine and accommodate resource growth, including potential underground mineralization from the Sunbird deposit [4][9]. - The company aims to achieve approximately 500,000 ounces of annual gold equivalent production within the next three years, supported by ongoing projects like the Diamba Sud Gold Project in Senegal [3][4]. Group 3: Company Background - Fortuna Mining Corp. is a Canadian precious metals mining company with operations in Argentina, Côte d'Ivoire, Mexico, and Peru, focusing on sustainable practices and stakeholder relationships [8]. - The company recently reported an extension of the reserve life of the Séguéla mine to 7.5 years and is working on converting significant mineral resources into reserves [9].

Core Insights - Fortuna Mining Corp. has selected Lycopodium Minerals Canada Ltd. to conduct a Processing Plant Expansion Options Study for the Séguéla mine, marking a significant step in the company's growth strategy in Côte d'Ivoire [1][3][4] Group 1: Expansion Study Details - The Study aims to evaluate cost-effective solutions to increase the processing plant's throughput from its current capacity of 1.75 million tonnes per annum (Mtpa) to between 2.0 and 2.5 Mtpa, targeting over 200,000 ounces of gold production annually [4][5] - The completion of the Study is scheduled for the second quarter of 2026, with immediate commencement [6] Group 2: Strategic Objectives - The expansion initiative aligns with Fortuna's strategic goal to maximize value from the Séguéla Mine and accommodate resource growth, including potential underground mineralization from the Sunbird deposit [4][9] - The company aims to achieve approximately 500,000 ounces of annual gold equivalent production within the next three years [3][9] Group 3: Company Background - Fortuna Mining Corp. operates three mines and has a portfolio of exploration projects across multiple countries, including Argentina, Côte d'Ivoire, Mexico, and Peru, with a focus on sustainability and long-term value creation [8]

Analyst Ratings Changes - Fortuna Mining has received mixed ratings from analysts, with Scotiabank and National Bankshares upgrading the stock to "outperform" while Wall Street Zen and Zacks Research downgraded it to "hold" [1] - The current consensus rating for Fortuna Mining is "Hold" with an average target price of $9.50 [1] Stock Performance - Fortuna Mining's stock price increased by 3.5% recently, reaching a market capitalization of $3.10 billion [2] - The stock has a price-to-earnings ratio of 20.20 and a beta of 0.85, indicating lower volatility compared to the market [2] Financial Metrics - The company reported earnings per share (EPS) of $0.15 for the last quarter, missing the consensus estimate of $0.23 by $0.08 [4] - Fortuna Mining's revenue for the quarter was $246.75 million, exceeding analyst estimates of $242.19 million [4] - The company has a net margin of 14.36% and a return on equity of 12.74% [4] Institutional Trading - Institutional investors and hedge funds have been active, with Geneos Wealth Management increasing its holdings by 100% in the second quarter [5] - Institutional ownership of Fortuna Mining stands at 33.80% [5] Company Overview - Fortuna Mining operates in precious and base metal mining across several countries including Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire [6] - The flagship project is the Séguéla gold mine located in Côte d'Ivoire, covering approximately 62,000 hectares [6] Stock Price Movement - The share price of Fortuna Mining reached a new 52-week high of $10.01 during trading, closing at $9.9390 [7]

Group 1 - Walmart (WMT) stock reached a record high on Black Friday, marking the start of the holiday shopping season [1] - Analog Devices (ADI) and Fortuna Mining (FSM) also achieved price peaks during the holiday-shortened trading session [1] - Amazon stock increased as shoppers prepared for what analysts predict will be a record-setting Black Friday [2] Group 2 - Analog Devices received a relative strength rating upgrade, joining an elite list of stocks with a composite rating of 95 or higher [4] - The stock market showed resilience with the Dow Jones performing well, despite challenges from Nvidia and Bitcoin [4] - Retail sales data is anticipated during the Thanksgiving week, which could impact market sentiment [4]

Core Viewpoint - Fortuna Silver Mines Inc. is highlighted as a strong investment opportunity in the silver mining sector, with a reaffirmed price target of $10.50 by Scotiabank analyst Eric Winmill [1][2]. Group 1: Company Performance - On November 18, Fortuna reported a significant increase in gold reserves, with proven and probable mineral reserves totaling 1.2 million ounces, marking an 11% increase from the previous estimate [2]. - The company also announced a 100% increase in indicated mineral resources to 794,000 ounces and a 15% increase in inferred mineral resources to 712,000 ounces, attributed to successful exploration efforts [2][3]. - Fortuna's President and CEO, Jorge A. Ganoza, emphasized the strategic importance of these results, indicating a pathway to extend the mine's life and evaluate potential plant expansion and increased annual gold production [3]. Group 2: Operational Strategy - The mine now holds its largest mineral resource inventory on record, prompting the company to initiate aggressive infill drilling programs and advanced underground mining studies to maximize value [4]. - Fortuna Silver Mines operates primarily in the precious metals sector, focusing on the acquisition, exploration, development, and operation of silver and gold mines, with key assets including the San Jose underground silver-gold mine in Mexico and the Caylloma silver mine in Peru [4].

Core Viewpoint - Fortuna Mining Corp. has filed a technical report for the Diamba Sud Gold Project in Senegal, supporting the results of a Preliminary Economic Assessment announced earlier [1]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, in addition to the Diamba Sud Gold Project in Senegal [3]. - The company emphasizes sustainability in its operations and stakeholder relationships, focusing on efficient production, environmental stewardship, and social responsibility [3]. Technical Report Details - The technical report titled "Diamba Sud Gold Project, Kédougou Region, Senegal" has an effective date of October 15, 2025 [1]. - The report is available on the company's website, SEDAR+, and EDGAR under the company's profile [2].

Core Insights - Fortuna Mining Corp. has reported updated Mineral Reserves and Mineral Resources for the Séguéla Mine, with 1.2 million ounces of gold in Mineral Reserves and significant increases in both Indicated and Inferred Resources [1][7][14]. Mineral Reserves and Resources Summary - The Séguéla Mine has Proven and Probable Mineral Reserves of 13.0 million tonnes containing 1.2 million ounces of gold, reflecting an 11% increase from December 31, 2024 [14]. - Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, increased by 100% to 794,000 ounces of gold, while Inferred Mineral Resources rose by 15% to 712,000 ounces [7][18]. - The Kingfisher and Sunbird deposits host the largest Mineral Reserves and Resources, with mineralization remaining open at both sites [7][18]. Exploration and Development Activities - Ongoing exploration efforts include aggressive infill drilling programs and evaluations for potential plant expansion, aiming to extend the mine's life to 7.5 years [2][19]. - The completion of an underground mining study is expected to convert up to 502,000 gold ounces of Sunbird Indicated Resources into Mineral Reserves by December 2025 [7][22]. - Current drilling activities are focused on upgrading Inferred to Indicated Resources at the Sunbird Underground Project and evaluating mineralization potential across the property [19]. Processing Plant Expansion - The processing plant at Séguéla, commissioned in mid-2023, is expected to increase its throughput capacity to between 2.0 and 2.5 million tonnes per year by 2026 [20][21]. - Engineering studies for further expansion of processing plant capacity have been initiated, supported by improved visibility on mine life and resource growth [21][22]. Financial and Operational Metrics - The gold grade in Mineral Reserves decreased by 17% to 2.81 g/t Au, attributed to the inclusion of the Kingfisher deposit and depletion of higher-grade materials [14][15]. - The estimated gold price used for Mineral Reserve calculations is US$2,300/oz, with metallurgical recovery rates averaging 93.5% [12][15].

Financial Data and Key Metrics Changes - The average gold price realized was $3,467 per ounce, up 5% from Q2 and 20% from Q1 [4] - Attributable net income reached $123.6 million, or $0.40 per share, driven by a $69 million impairment reversal at the Lindero mine [5][24] - Adjusted net income was $0.17 per share, impacted by higher share-based compensation and a $7.4 million foreign exchange loss in Argentina [5][25] - Free cash flow from operations was $73 million, surpassing analyst consensus of $0.36 per share [5][27] - Liquidity position at the end of the quarter was $588 million, with a net cash position of $266 million [6][27] Business Line Data and Key Metrics Changes - Séguéla produced 38,799 ounces of gold, maintaining consistency with prior quarters and surpassing the mine plan [13] - Lindero achieved gold output of 24,417 ounces, a 4% rise from Q2, driven by a 5% increase in gold grade [18] - Caylloma maintained steady production, with cash costs per silver equivalent ounce at $17.92, up from $15.16 in Q2 [21] Market Data and Key Metrics Changes - The cash cost per ounce for the quarter was $942, broadly aligned with the prior quarter [24] - The all-in sustaining cost decreased significantly to $1,570 per ounce from $1,783 in Q2 [20] Company Strategy and Development Direction - The company is focused on capital allocation towards near-term growth projects, including the Ambasud project and expanding Séguéla's processing infrastructure [31] - Strategic investments in Awale Resources and a joint venture with Soto Resources position the company for growth in the Siguiri Basin [7] Management Comments on Operating Environment and Future Outlook - The business climate in Argentina has improved significantly, and the company remains optimistic about the country's trajectory [11] - In Côte d'Ivoire, the re-election of President Alassane Ouattara is expected to continue pro-business policies [11] - The company anticipates strong production growth driven by the Ambasud and Séguéla projects [12] Other Important Information - The company recorded $13.5 million in withholding taxes related to the repatriation of $118 million from Argentina and Côte d'Ivoire [5] - Capital expenditures for the quarter totaled $48.5 million, with an upward adjustment of anticipated capital expenditures for the full year to approximately $190 million [26][27] Q&A Session Summary Question: How is the company thinking about capital allocation priorities? - The company prioritizes near-term growth projects, including the Ambasud project and potential expansion of Séguéla's processing infrastructure [31] Question: How should the company think about costs into Q4 following the unexpected shutdown at Lindero? - The company does not expect significant cost impacts in Q4 due to effective mitigation strategies [34]