Alastair Still, P.Geo., the Director of Technical Services of the Company, is a qualified person as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and subpart 1300 of Regulation S-K ("SK1300") and has reviewed and approved the scientific and technical information contained herein. Fourth Quarter 2024 Results March 20, 2025 goldroyalty.com / NYSE: GROY Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation includes ...

VANCOUVER, British Columbia, March 13, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE:FSM, TSX:FVI) is pleased to provide an update on its exploration programs at the Séguéla Mine in Côte d'Ivoire. Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, "Exploration drilling at Kingfisher has moved to infilling and improving the resource confidence along the 1-kilometer strike length of the current resource pit, with several notable intersections including 7.2 g/t Au over an estimated ...

Core Insights - Endeavour Silver Corp. reported strong financial results for 2024, driven by higher realized prices and robust revenue, with mine operating cash flow reaching $72.3 million [2][5][19]. Financial Performance - Revenue for 2024 was $217.6 million, an increase of 6% from $205.5 million in 2023, attributed to higher average realized prices of $27.39 per ounce for silver and $2,397 per ounce for gold [5][19]. - The company recognized a net loss of $31.5 million for 2024, compared to net earnings of $6.1 million in 2023, primarily due to a loss on derivative contracts and foreign exchange [5][22]. - Adjusted net earnings for 2024 were $8.0 million, or $0.03 per share, compared to $1.7 million, or $0.01 per share in 2023 [5][23]. Production Metrics - Silver production for Q4 2024 was 824,529 ounces, a decrease of 41% from 1,406,423 ounces in Q4 2023, while gold production decreased by 6% to 9,075 ounces [4][5]. - For the full year 2024, silver production totaled 4,471,824 ounces, down 21% from 5,672,703 ounces in 2023, while gold production increased by 3% to 39,047 ounces [4][5]. Cost Analysis - Cash costs per silver ounce for 2024 decreased by 4% to $12.99, driven by lower cash costs and higher by-product gold sales [17][18]. - All-in sustaining costs (AISC) per ounce increased by 4% to $23.88, primarily due to lower silver production [18][19]. Project Developments - The Terronera project is nearing completion, with 89.4% of the project budget spent as of December 31, 2024, and wet commissioning expected in early Q2 2025 [5][19]. - The Pitarrilla project is advancing with ongoing exploration and evaluation efforts, with technical studies expected to support an economic assessment by Q1 2026 [5][19].

Financial Data and Key Metrics Changes - Revenue increased by 7% for the six months ended December 31, 2024, primarily due to higher Rand gold prices and the inclusion of Relden operations [79] - Adjusted EBITDA for the six months was ZAR6.4 billion, maintaining stability for the third consecutive half-year [80] - Profit for the period was $1.3 billion compared to a loss of $45 million for the same period in 2023 [81] Business Line Data and Key Metrics Changes - South African gold operations contributed just under ZAR6 billion in EBITDA for the year, a substantial increase from the prior period [45] - South African PGM operations saw a 16% decline in the PGM basket price year on year, leading to a nearly 60% decrease in EBITDA to ZAR7.5 billion for 2024 [48] - The recycling business contributed ZAR594 million to adjusted EBITDA, with a total revenue of ZAR14 billion for 2024 [24][60] Market Data and Key Metrics Changes - The average PGM basket price declined by 21% to $988 per ounce, impacting U.S. operations significantly [54] - The South African gold operations experienced a 22% increase in prices, which positively influenced revenue [82] - The average zinc price for the year was USD 2,805 per tonne, significantly higher than the previous year's price [75] Company Strategy and Development Direction - The company is focused on strategic differentiation and sustainability, emphasizing operational excellence and capital optimization [6][7] - The diversification into battery metals and recycling is a key part of the company's strategy to mitigate risks associated with traditional mining [17][24] - The company aims to enhance its position in Western markets, particularly through strategic metals in North America and Europe [25][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the gold operations' performance due to restructuring benefits and a sustained increase in gold prices [45] - The company acknowledged the challenges posed by declining PGM prices but indicated a positive outlook for future operations [12][15] - Management emphasized the importance of maintaining a strong balance sheet and liquidity to navigate the low PGM price environment [86] Other Important Information - The company has secured significant tax credits in North America, estimated at approximately $2.2 billion for 2023 and $1.6 billion for 2024 [25][26] - A new chrome management agreement with Glencore is expected to optimize value from byproducts and enhance operational synergies [50] - The company is progressing well with the Caliber project, with construction on track and an increase in headcount [66] Q&A Session Summary Question: What are the expectations for gold operations moving forward? - Management expects continued positive output from gold operations into 2025, driven by restructuring benefits and higher gold prices [45] Question: How is the company addressing the challenges in PGM operations? - The company is implementing cost management strategies and restructuring to improve efficiency and reduce costs in PGM operations [48][54] Question: What is the outlook for the recycling business? - The recycling segment is anticipated to grow, with a focus on maintaining access to critical feedstock and leveraging synergies across operations [60]