Core Insights - Fortuna Mining Corp. reported record free cash flow of $132.3 million for Q4 2025 and $330.0 million for the full year, achieving its operational plan and production guidance [1][8] - The company streamlined its portfolio by divesting non-core assets and is positioned for growth at Diamba Sud and the Séguéla plant expansion, supported by a strong balance sheet with $704 million in liquidity and $381 million in net cash [2][8] Financial Performance - The company achieved sales of $270.2 million in Q4 2025, a 40% increase from $195.2 million in Q4 2024, and $947.1 million for the full year, up from $677.2 million [11][60] - Attributable net income from continuing operations was $68.1 million or $0.22 per share for Q4 2025, compared to $14.7 million or $0.05 per share in Q4 2024, reflecting a 219% increase [11][26] - Adjusted attributable net income for Q4 2025 was $71.3 million or $0.23 per share, up from $19.4 million or $0.06 per share in Q4 2024, driven by higher realized gold prices [11][27] Operational Highlights - Gold equivalent production was 65,130 ounces in Q4 2025, with total production for the year reaching 317,001 GEOs, meeting annual guidance [9][11] - Consolidated cash cost per GEO was $971 for Q4 2025, a 9% increase from $918 in Q4 2024, while all-in sustaining costs (AISC) rose to $2,054 per GEO, an 18% increase from $1,842 in Q4 2024 [11][24][25] - The total recordable injury frequency rate for the year was 0.74, indicating strong safety performance with zero lost time injuries in Q4 [9] Growth and Development - The company expanded mineral reserves at the Séguéla mine by 31%, extending the mine life to over 9 years, and commissioned a feasibility study to increase plant throughput by 15 to 40% [12] - Approximately $67 million has been allocated to advance early works at the Diamba Sud Gold Project, with a construction decision targeted for mid-2026 [12] Cash Flow and Capital Expenditures - Net cash provided by operating activities for Q4 2025 was $162.3 million, up from $99.2 million in Q4 2024, driven by higher sales and favorable changes in working capital [22][30] - Free cash flow from ongoing operations in Q4 2025 was $132.3 million, a significant increase from $51.1 million in Q4 2024, reflecting higher cash from operating activities and reduced sustaining capital expenditures [23][30]

Core Insights - Discovery Silver Corp. reported strong financial and operational results for Q3 2025, driven by increased gold production and sales following the acquisition of the Porcupine Complex [2][5][10] - The company generated net cash from operating activities of $153.5 million and free cash flow of $86.8 million, reflecting a significant increase in gold sales and a higher average realized gold price [2][8][12] - Discovery's cash position grew by 35% to $341.5 million, supported by a new revolving credit facility of $250 million, enhancing its capital for future investments [2][32] Q3 2025 Performance Summary - Net earnings reached $42.4 million ($0.05 per share), a turnaround from a net loss of $3.9 million in Q3 2024 [5][16] - Gold production totaled 63,154 ounces, up from 50,552 ounces in Q2 2025, with gold sales increasing to 66,200 ounces [5][12] - Operating cash costs averaged $1,339 per ounce sold, with all-in sustaining costs (AISC) averaging $1,734 per ounce sold, compared to $2,074 in the previous quarter [5][24] Year-to-Date 2025 Performance Summary - For the first nine months of 2025, the company produced 113,706 ounces of gold, with total revenue of $379.0 million [15][23] - Adjusted net earnings for YTD 2025 were $86.5 million ($0.13 per share), compared to an adjusted net loss of $6.4 million in YTD 2024 [15][16] - Total capital expenditures for YTD 2025 amounted to $112.5 million, with $75.5 million allocated to growth capital expenditures [15][25] Exploration and Growth Initiatives - The company is advancing exploration programs at the Porcupine Complex, with promising drill results reported from various sites, including Hoyle Pond and Owl Creek [3][31] - A 140,000-meter drill program is underway, aimed at resource conversion and expansion, with results expected to support an updated technical report in 2026 [31][32] - Discovery plans to optimize production at existing operations while exploring new opportunities at the Dome Mine and TVZ Zone [31][36] Cordero Project Overview - The Cordero Project is recognized as one of the world's largest undeveloped silver deposits, with significant investment and exploration activities ongoing since its acquisition in 2019 [27][28] - The feasibility study indicates a potential for large-scale production with low unit costs, contributing to substantial free cash flow [28][29] - The company is focused on advancing the Cordero project while ensuring compliance with environmental and community standards [32][33]