VANCOUVER, British Columbia, March 13, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE:FSM, TSX:FVI) is pleased to provide an update on its exploration programs at the Séguéla Mine in Côte d'Ivoire. Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, "Exploration drilling at Kingfisher has moved to infilling and improving the resource confidence along the 1-kilometer strike length of the current resource pit, with several notable intersections including 7.2 g/t Au over an estimated ...

Financial Data and Key Metrics Changes - The company achieved record free cash flow from operations of $19.6 million in Q4 2024, a 69% increase compared to Q3 2024 [7] - Net cash from operations before changes in working capital reached a record $142 million or $0.46 per share, exceeding analysts' consensus of $0.40 [7] - For the full year 2024, sales surpassed $1 billion for the first time [7] - The average gold price realized in Q4 was $2,660, a 7% increase quarter-over-quarter, contributing to a 10% increase in revenue to $302 million [8] - Cash costs per ounce decreased by 4%, leading to an expansion of operating cash flow margin from 33% to 50% [8] Business Line Data and Key Metrics Changes - Seguela mine produced 35,244 ounces of gold in Q4 2024, a 1% improvement from the previous quarter, and delivered 137,781 ounces in its first full year [17] - Yaramoko mine produced 29,576 ounces of gold in Q4 2024, a 6% improvement from the previous quarter, totaling 116,206 ounces for the year [17] - Lindero mine produced 26,806 ounces of gold in Q4 2024, a 10% improvement over the previous quarter [27] - Caylloma mine produced 249,238 ounces of silver in Q4 2024, with zinc and lead production totaling 13.9 million pounds and 9.5 million pounds respectively [32] Market Data and Key Metrics Changes - The company reported a cash cost of $653 per ounce for Seguela in Q4, outperforming guidance at $584 per ounce for the year [20] - Yaramoko's cash cost was $812 per ounce for Q4 and $860 per ounce for the year, also outperforming guidance [23] - Lindero's cash cost was $1,063 per ounce with an AISC of $1,873 per ounce in Q4, reflecting a 5% decrease in AISC compared to the previous quarter [30] Company Strategy and Development Direction - The company plans to divest its non-core San Jose mine in Mexico to refocus capital on high-value opportunities [13] - The Seguela mine is expected to reach gold production of 160,000 to 180,000 ounces by 2026 at an AISC of $1,260 to $1,390 per ounce [13] - The company is investing $51 million in 2025 for exploration and development projects across various regions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in expanding margins and generating strong cash flow due to stable costs and rising gold prices [6] - The company anticipates stable to lower cash costs in 2025, with a range of $895 to $1,015 per ounce [8] - Management acknowledged a tragic accident at the Seguela mine but reaffirmed commitment to a zero-harm work environment [15] Other Important Information - The company returned $30.5 million to shareholders via share buybacks in Q4 2024 [11] - Total liquidity at the end of the quarter was $381 million, down from $430 million in the prior quarter [49] - The company recorded a foreign exchange loss of $12.6 million for the full year, primarily due to the devaluation of the euro against the U.S. dollar [43] Q&A Session Summary Question: What is the outlook for the San Jose mine? - The San Jose mine has been placed in care and maintenance as the company engages in the sale process [26] Question: How is the company managing costs in light of currency fluctuations? - The company noted that cash costs and AISC are aligned with annual guidance, despite the appreciation of the Argentine peso [42] Question: What are the expectations for production in 2025? - The company is optimistic about production growth, particularly in West Africa, and expects to enhance production further [24]

Fortuna Mining Corp. (FSM) reported fourth-quarter 2024 adjusted earnings per share of 11 cents, which missed the Zacks Consensus Estimate of 16 cents. The bottom line marked a solid 57% year-over-year improvement. Results were aided by higher gold prices, partially offset by lower gold sales volume.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Including the impacts of impairment charges and other non-recurring items, Fortuna Mining reported earnings of 4 cents per share in the fo ...

Core Insights - Fortuna Mining Corp reported strong financial and operational results for Q4 and full year 2024, highlighting record free cash flow and significant returns to shareholders through share buybacks. Cash and Cashflow - The company achieved record free cash flow of $95.6 million in Q4 2024, a 69% quarter-over-quarter improvement, and $202.9 million for the full year 2024 [8] - Quarter-end cash increased to $231.3 million, up $50.7 million from the previous quarter, reflecting strong growth in free cash flow [8] - Net cash from operations before working capital adjustments was $141.6 million in Q4, a 21% increase quarter-over-quarter [14] Profitability - Attributable net income for Q4 was $11.3 million, a significant recovery from a net loss of $92.3 million in Q4 2023, driven by reduced non-cash charges [18] - Adjusted attributable net income was $37.0 million or $0.12 per share in Q4, compared to $20.6 million or $0.07 per share in Q4 2023 [19] - The realized gold price increased to $2,662 per ounce in Q4 2024, compared to $1,990 per ounce in Q4 2023 [20] Operational Performance - Gold equivalent production reached 116,358 ounces in Q4 and a record 455,958 ounces for the full year 2024, meeting the low end of annual guidance [8] - Consolidated cash cost per gold equivalent ounce was $1,015 in Q4, up from $840 in Q4 2023, primarily due to lower head grades [16] - The Séguéla mine produced 137,781 ounces in 2024, with plans to increase annual production to 160,000 to 180,000 ounces by 2026 [6][35] Growth and Development - The company invested $49.0 million in mineral exploration and project development in 2024, with a budget of $51.0 million for 2025 [8] - The sale of the non-core San Jose mine is expected to refocus capital and management's attention on higher-value opportunities [6] - Capital expenditures for sustaining and non-sustaining projects were reported, with a notable increase in non-sustaining expenditures due to exploration activities [10][38] Safety and Environmental Performance - The company maintained strong safety performance in 2024, achieving a Total Recordable Injury Frequency Rate (TRIFR) of 1.36 and a Lost Time Injury Frequency Rate (LTIFR) of 0.48, consistent with top industry standards [8]

Core Points - A fatal accident occurred at Fortuna Mining Corp.'s Séguéla Mine involving an employee of Mapa Protection Incendie during a planned fire extinguisher refilling [1] - The incident resulted in the death of the employee, with no other injuries reported [1] - An investigation is underway to determine the cause of the accident, and senior corporate leadership is mobilizing to the site [1] Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company operating five mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru, along with a gold project in Senegal [2] - The company emphasizes sustainability in its operations, focusing on efficient production, environmental protection, and social responsibility [2]

VANCOUVER, British Columbia, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) regrets to report that a fatal accident occurred yesterday at the Séguéla Mine. The tragic incident took place while an employee of Mapa Protection Incendie (MPI), a specialized service provider to the mine contractor Mota Engil, was conducting a planned refilling of fire extinguishers. The accident took place at the contractor’s light vehicle maintenance workshop where an explosion took place while ha ...

Group 1 - Fortuna Mining's stock closed at $4.46, reflecting a +0.9% change, outperforming the S&P 500's 0.5% loss on the same day [1] - Over the past month, Fortuna Mining's shares have decreased by 1.12%, while the Basic Materials sector gained 0.72% [1] - The upcoming earnings report is scheduled for March 5, 2025, with projected EPS of $0.16, indicating a 128.57% increase year-over-year [2] Group 2 - Recent changes in analyst estimates for Fortuna Mining are crucial as they indicate the company's business trends and profit potential [3] - The Zacks Rank system, which evaluates stocks from 1 (Strong Buy) to 5 (Strong Sell), currently ranks Fortuna Mining at 2 (Buy) [5] - The Zacks Consensus EPS estimate for Fortuna Mining has increased by 1.59% in the past month [5] Group 3 - Fortuna Mining has a Forward P/E ratio of 6.91, which is lower than the industry average of 12.03, indicating a valuation discount [6] - The Mining - Miscellaneous industry, to which Fortuna Mining belongs, ranks in the bottom 28% of over 250 industries according to the Zacks Industry Rank [6][7]

Group 1 - Fortuna Mining (FSM) closed at $5.38, with a daily increase of +0.37%, underperforming the S&P 500's gain of 1.04% [1] - The stock has increased by 19.91% over the past month, outperforming the Basic Materials sector's gain of 7.68% and the S&P 500's gain of 3.92% [1] Group 2 - The upcoming EPS for Fortuna Mining is projected at $0.16, indicating a significant increase of 128.57% compared to the same quarter last year [2] Group 3 - Recent changes to analyst estimates for Fortuna Mining reflect positive sentiment regarding the company's business and profitability [3] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), indicates Fortuna Mining is currently rated 2 (Buy) [5] Group 4 - Fortuna Mining has a Forward P/E ratio of 8.38, which is lower than the industry average Forward P/E of 12.72, suggesting a valuation discount [6] - The Mining - Miscellaneous industry ranks in the bottom 32% of all industries, with a current Zacks Industry Rank of 172 [6]

Company Performance - Fortuna Mining (FSM) closed at $5.32, showing a +0.57% change from the previous session, outperforming the S&P 500 which gained 0.36% [1] - The stock has increased by 17.3% over the past month, surpassing the Basic Materials sector's gain of 7.62% and the S&P 500's gain of 2.11% [1] Earnings Forecast - The upcoming earnings per share (EPS) for Fortuna Mining is projected to be $0.16, indicating a significant increase of 128.57% from the same quarter last year [2] Analyst Revisions - Recent revisions to analyst forecasts for Fortuna Mining are crucial as they reflect the latest near-term business trends, with positive revisions indicating analysts' confidence in the company's performance [3] Zacks Rank and Valuation - Fortuna Mining currently holds a Zacks Rank of 2 (Buy), with the Zacks Consensus EPS estimate having increased by 12.5% in the past month [5] - The company is trading at a Forward P/E ratio of 8.4, which is a discount compared to the industry's average Forward P/E of 12.54 [5] Industry Context - Fortuna Mining operates within the Mining - Miscellaneous industry, which is part of the Basic Materials sector, currently ranked 148 in the Zacks Industry Rank, placing it in the bottom 42% of over 250 industries [6]

Company Performance - Fortuna Mining (FSM) closed at $5.07, marking a +0.4% move from the prior day, outperforming the S&P 500 which registered a daily loss of 0.51% [1] - Over the past month, shares of Fortuna Mining have appreciated by 10.26%, outperforming the Basic Materials sector's gain of 4.34% and the S&P 500's gain of 2.87% [1] Earnings Projection - Fortuna Mining is projected to report earnings of $0.16 per share, representing year-over-year growth of 128.57% [2] Analyst Estimates - Recent changes to analyst estimates for Fortuna Mining reflect evolving short-term business trends, with positive alterations indicating analyst optimism regarding the company's business and profitability [3] Zacks Rank and Valuation - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), indicates Fortuna Mining is currently a Zacks Rank 2 (Buy) [5] - The Zacks Consensus EPS estimate has moved 12.5% higher over the last 30 days [5] - Fortuna Mining has a Forward P/E ratio of 8.02, which is a discount compared to the average Forward P/E of 11.26 for its industry [6] Industry Context - The Mining - Miscellaneous industry, part of the Basic Materials sector, currently has a Zacks Industry Rank of 140, ranking in the bottom 45% of over 250 industries [6][7]