Fortuna reports financial results for the second quarter of 2024

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]