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, 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]