Fortuna Mining Corp. (FSM) has assured investors that its Yaramoko Mine in Burkina Faso is operating per all material laws and operations in the country. This was to quell concerns triggered by President Traoré hinting at the withdrawal of certain mining permits of companies violating local laws. Even though no company names have been mentioned, this has caused investor anxiety, leading to an 8.8% dip in FSM shares on Monday. Fortuna Mining's Yaramoko Likely not at Risk During a radio interview on Oct. 5, 2 ...

Core Insights - Fortuna Mining Corp. provided an operational update regarding the Yaramoko Mine in Burkina Faso, confirming compliance with local laws and ongoing operations despite recent political comments about mining permits [2][3] Group 1: Company Operations - The Yaramoko Mine has been operational since 2016 and achieved a significant milestone of one million ounces of gold poured on May 19, 2024 [3] - Yaramoko is projected to contribute approximately 25% of Fortuna's gold equivalent ounces in 2024, aligning with the company's production guidance of 457 to 497 thousand ounces of gold equivalent [3] Group 2: Regulatory Environment - Following comments from Burkina Faso's President Ibrahim Traoré regarding potential withdrawal of mining permits, Fortuna sought clarification and confirmed that the government has no plans to revoke permits that comply with local laws [2]

The most recent trading session ended with Fortuna Mining (FSM) standing at $4.88, reflecting a +1.04% shift from the previouse trading day's closing. This change outpaced the S&P 500's 0.9% gain on the day. On the other hand, the Dow registered a gain of 0.81%, and the technology-centric Nasdaq increased by 1.22%. Shares of the silver and gold miner witnessed a gain of 12.33% over the previous month, beating the performance of the Basic Materials sector with its gain of 7.23% and the S&P 500's gain of 3.15 ...

Company Overview - Fortuna Mining (FSM) closed at $4.85, with a daily increase of +1.04%, underperforming the S&P 500's gain of 1.7% [1] - Over the past month, Fortuna Mining's shares have decreased by 2.64%, while the Basic Materials sector gained 1.1% and the S&P 500 gained 1.27% [1] Financial Performance - Fortuna Mining is expected to report an EPS of $0.16, reflecting a 60% increase compared to the same quarter last year [2] - The Zacks Consensus EPS estimate has remained unchanged over the past month, indicating stability in earnings expectations [5] Analyst Insights - Recent revisions to analyst forecasts for Fortuna Mining are important as they reflect near-term business trends, with positive revisions indicating optimism about the company's outlook [3] - The Zacks Rank system, which assesses estimate changes, currently ranks Fortuna Mining at 3 (Hold), suggesting a neutral outlook [5] Valuation Metrics - Fortuna Mining has a Forward P/E ratio of 9.23, which is lower than the industry's Forward P/E of 14.84, indicating a potential valuation discount [6] - The Mining - Miscellaneous industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 164, placing it in the bottom 36% of over 250 industries [6] Industry Context - The Zacks Industry Rank measures the strength of industry groups, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]

VANCOUVER, British Columbia, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to provide an update on its exploration programs at the Diamba Sud Gold Project in Senegal. Diamba Sud Gold Project exploration highlights Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, "The exploration focus at Diamba Sud has turned to testing and expanding some of the previously lightly drilled anomalies, with Western Splay rapidly emerging as the next potential ...

Core Viewpoint - Fortuna Mining Corp. reported significant year-over-year improvements in earnings and production metrics for Q2 2024, despite missing the earnings consensus estimate. Financial Performance - Earnings per share for Q2 2024 were 13 cents, below the Zacks Consensus Estimate of 16 cents, but improved from 1 cent in the same quarter last year [1] - Adjusted attributable net income rose to $30.4 million from $2.5 million year-over-year [1] - Revenues surged 64% year-over-year to $260 million, driven by a 61% increase in gold sales volumes [2] - Adjusted EBITDA increased 154% year-over-year to $113 million, with an adjusted EBITDA margin of 43.3% compared to 28% in the prior year [6] Production Metrics - Gold equivalent production increased 25% year-over-year to 116,570 ounces, with gold production at 92,716 ounces, up 44% from the previous year [3] - Silver production decreased by 22% to 990,574 ounces [3] - The Séguéla mine contributed significantly to gold production, yielding 32,983 ounces in Q2 2024 compared to 4,023 ounces in the same quarter last year [4] Cost Structure - All-In Sustaining Cost per gold equivalent ounce was $1,656, down 8% from $1,799 in the year-ago quarter [5] - Consolidated cash costs per ounce of gold equivalent sold were $988, a 2% increase from the second quarter of 2023 [5] Cash Position - Fortuna Mining ended Q2 2024 with approximately $106 million in cash and cash equivalents, down from $128 million at the end of the previous year [7] - Net cash flow from operating activities was $38.6 million, compared to $9.5 million in Q2 2023 [7] Market Performance - Shares of Fortuna Mining have gained 46.8% over the past year, contrasting with a 0.4% decline in the industry [8]

Financial Performance - Attributable net income for Q2 2024 was $40.6 million or $0.13 per share, up from $26.3 million or $0.09 per share in Q1 2024 [2][7] - Adjusted attributable net income was $30.4 million or $0.10 per share, compared to $26.7 million or $0.09 per share in Q1 2024 [2] - Cash flow from operations before working capital changes was $93.0 million, with free cash flow from ongoing operations at $38.6 million, compared to $84.3 million and $12.1 million in Q1 2024 respectively [2][12] Operational Highlights - Gold equivalent production reached 116,570 ounces, an increase from 112,543 ounces in Q1 2024 [3] - Gold production was 92,716 ounces, up from 89,678 ounces in Q1 2024, while silver production decreased to 990,574 ounces from 1,074,571 ounces [3] - Consolidated cash costs per ounce of gold equivalent sold were $988, compared to $879 in Q1 2024; all-in sustaining cash costs were $1,656, up from $1,495 [3][15] Growth and Development - Significant gold intersections were reported at the Kingfisher prospect with 23.7 g/t over 17.8 meters and at the Karakara prospect with 31.3 g/t over 12.0 meters [4] - The company anticipates increased free cash flow in the second half of the year as it completes a heavy sustaining capital expenditure phase [4] - The company has strengthened its balance sheet with the issuance of $172.5 million in convertible notes, enhancing liquidity to pursue strategic initiatives [4][17] Mine Specific Performance - Séguéla Mine produced 32,983 ounces of gold at a cash cost of $564 per ounce and an all-in sustaining cost of $1,097 per ounce [21][23] - Yaramoko Mine produced 31,447 ounces of gold with a cash cost of $896 per ounce and an all-in sustaining cost of $1,389 per ounce [25][29] - San Jose Mine produced 684,176 ounces of silver and 5,269 ounces of gold, with cash costs of $24.91 and $2,344 per ounce respectively [37][38] Capital Expenditures - Total capital expenditures for Q2 2024 were $50.4 million, with $32.8 million in sustaining capital and $17.6 million in non-sustaining capital [12][13] - The leach pad expansion project at Lindero is approximately 58% complete, with a total investment of $51.8 million planned [36]

Financial Performance - Attributable net income for Q2 2024 was $40.6 million or $0.13 per share, up from $26.3 million or $0.09 per share in Q1 2024, representing a significant increase of 1,210% year-over-year [2][7] - Adjusted attributable net income was $30.4 million or $0.10 per share, compared to $26.7 million or $0.09 per share in Q1 2024, marking an increase of 1,116% year-over-year [2][7] - Cash flow from operations before working capital changes was $93.0 million, with free cash flow from ongoing operations at $38.6 million, compared to $84.3 million and $12.1 million in Q1 2024 respectively [2][12] Operational Highlights - Gold equivalent production reached 116,570 ounces, an increase from 112,543 ounces in Q1 2024, while gold production was 92,716 ounces, up from 89,678 ounces [3] - Silver production decreased to 990,574 ounces from 1,074,571 ounces in Q1 2024 [3] - Consolidated cash costs per ounce of gold equivalent sold were $988, up from $879 in Q1 2024, while all-in sustaining cash costs were $1,656, compared to $1,495 in Q1 2024 [3][14][15] Growth and Development - The Kingfisher prospect at the Séguéla Mine reported a significant intersection of 23.7 g/t gold over 17.8 meters, indicating strong exploration potential [4] - Exploration at the Diamba Sud project yielded an intersection of 31.3 g/t gold over 12.0 meters, further enhancing the company's growth prospects [4] - The company anticipates increased free cash flow in the second half of the year as it completes a heavy sustaining capital expenditure phase [4] Liquidity and Capital Structure - Total liquidity as of June 30, 2024, was $355.6 million, significantly up from $212.7 million at the end of Q1 2024 [2][17] - The company issued Convertible Notes for gross proceeds of $172.5 million, which were partially used to pay off $125.0 million under its revolving credit facility, resulting in a total net debt of $66.5 million [2][4] Mine-Specific Performance - At the Séguéla Mine, gold production was 32,983 ounces with a cash cost of $564 per ounce, while all-in sustaining cash cost was $1,097 [21][23] - The Yaramoko Mine produced 31,447 ounces of gold at a cash cost of $896 per ounce, with an all-in sustaining cash cost of $1,389 [25][29] - The San Jose Mine produced 684,176 ounces of silver and 5,269 ounces of gold, with cash costs of $24.91 and $2,344 per ounce respectively [37][39]

Group 1 - Fortuna Mining Corp. will release its unaudited financial statements and MD&A for the second quarter on August 7, 2024, after market close [1] - A conference call to discuss the financial and operational results will be held on August 8, 2024, at 9:00 a.m. Pacific time [5] - The company operates five mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru, and is involved in the advanced exploration of the Diamba Sud Gold Project in Senegal [7] Group 2 - The conference call will be hosted by key executives including Jorge A. Ganoza, President and CEO, and Luis D. Ganoza, Chief Financial Officer [5] - Playback of the earnings call will be available until August 22, 2024, and a transcript will be archived on the company's website [6] - Fortuna Mining Corp. emphasizes sustainability in its operations and aims to generate long-term shared value for stakeholders [7]

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Fortuna Silver Mines (FSM) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-todate performance to find out. Fortuna Silver Mines is a member of the Basic Materials sector. This group includes 238 individual stocks and currently holds a Zacks Sector Rank ...