Fortuna Reports Results for the Fourth Quarter and Full Year 2024

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]