Fortuna Reports Results for the Third Quarter of 2025

Core Insights - Fortuna Mining Corp. reported strong financial and operational results for Q3 2025, with free cash flow from operations reaching $73.4 million, an increase of $16.0 million from Q2 2025, driven by higher gold prices and consistent mine performance [2][7][17] - The company maintained cash costs below $1,000 per ounce, with an all-in sustaining cost (AISC) of $1,987 per gold equivalent ounce, reflecting a slight increase from the previous quarter [2][12][20] - The balance sheet strengthened with nearly $600 million in liquidity and $265.8 million in net cash, positioning the company for high-impact growth initiatives [2][7][11] Financial Performance - Attributable net income from continuing operations was $123.6 million or $0.40 per share, a significant increase from $42.6 million or $0.14 per share in Q2 2025 [10][14] - Adjusted attributable net income was $51.0 million or $0.17 per share, up from $44.7 million or $0.15 per share in Q2 2025, primarily due to higher gold prices and sales volume [14][21] - Sales for the quarter totaled $251.4 million, a 40% increase compared to $181.7 million in Q3 2024 [10][11] Operational Highlights - Gold equivalent production from continuing operations was 72,462 ounces, a slight decrease of 1% from Q2 2025 [10][19] - The company achieved a consolidated cash cost of $942 per gold equivalent ounce, up from $929 in Q2 2025, while AISC increased from $1,932 to $1,987 [12][13] - The year-to-date Total Recordable Injury Frequency Rate (TRIFR) was 0.86, indicating strong safety performance with zero lost time injuries in the quarter [7] Growth and Business Development - A Preliminary Economic Assessment (PEA) for the Diamba Sud Gold Project confirmed robust project economics, with an after-tax internal rate of return (IRR) of 72% and a net present value (NPV) of $563 million [7][10] - The company is advancing the Diamba Sud project towards a Definitive Feasibility Study and construction decision in the first half of 2026 [7][10] - Capital expenditures for growth initiatives totaled $17.4 million, with significant investments in mine site exploration and the Diamba Sud project [17][18]