Fortuna reports record production of 455,958 Au Eq ounces for 2024 and provides 2025 outlook.

Core Viewpoint - Fortuna Mining Corp. reported record production results for 2024, achieving 369,637 ounces of gold and 3,724,945 ounces of silver, totaling 455,958 gold equivalent ounces, driven by strong performance across its five operating mines in Latin America and West Africa [1]. Full Year 2024 Highlights - Total gold production reached 369,637 ounces, a 13% increase from 326,638 ounces in 2023, achieving the midpoint of guidance [6]. - Silver production was 3.7 million ounces, down from 5.9 million ounces in 2023, falling below guidance [6]. - By-product production included 39.6 million pounds of lead and 51.9 million pounds of zinc [6]. - The Total Recordable Injury Frequency Rate (TRIFR) was 1.36, compared to 1.22 in 2023, indicating a slight increase in safety incidents [6]. Fourth Quarter 2024 Highlights - Gold production for Q4 2024 was 95,993 ounces, a 5% increase from 91,251 ounces in Q3 2024 [6]. - Silver production in Q4 was 843,611 ounces, up from 816,187 ounces in Q3 2024 [6]. - The Séguéla Mine achieved gold production of 35,244 ounces, while the Yaramoko Mine produced 29,576 ounces, both meeting the top end of their respective guidance [7][10]. 2025 Consolidated Production and Cost Guidance - Projected gold equivalent production for 2025 is between 380,000 and 422,000 ounces, representing a decrease of 17% to 7% compared to 2024 [6]. - Cash costs are expected to range from $895 to$1,015 per ounce of gold equivalent, with AISC projected between $1,550 and$1,680 per ounce [6]. - The company anticipates a decrease in capital expenditures at Lindero and Yaramoko mines by approximately 67% and 60%, respectively [30]. Mine-Specific Performance Séguéla Mine, Côte d'Ivoire - Achieved gold production of 137,781 ounces for FY 2024, exceeding guidance [7]. - The mine's average gold grade was 2.95 g/t, with a recovery rate of 91.7% [7]. Yaramoko Mine, Burkina Faso - Produced 116,206 ounces of gold in FY 2024, achieving the top end of guidance [10]. - The average gold grade for Q4 was 9.18 g/t, a 37% increase compared to Q3 2024 [12]. Lindero Mine, Argentina - Gold production for FY 2024 was 97,287 ounces, in line with guidance [15]. - The leach pad expansion project was completed on time and on budget, contributing to a 10% increase in production compared to the previous quarter [17]. San Jose Mine, Mexico - Produced 4,239 ounces of gold and 594,373 ounces of silver in Q4 2024, with production impacted by the mine operating at the tail end of reserves [22][23]. - The company announced the sale of the non-core San Jose Mine, expected to be completed in Q1 2025 [22]. Caylloma Mine, Peru - Exceeded annual production guidance for all metals, producing 1,176,543 ounces of silver and 39.6 million pounds of lead [26][27]. - AISC for 2024 is expected to be towards the high end of the guidance range due to higher silver prices [28]. Exploration and Development Outlook - The total mineral exploration budget for 2025 is set at $41 million, with a focus on both Brownfields and Greenfields initiatives [54]. - Significant investments are planned for the Séguéla Mine, including$13.5 million for exploration drilling [55].