Fortuna Mining Corp.'s Q4 2024 Earnings Call: Key Contradictions on San Jose Mine, Power Stability, and Milling Rates

These are the key contradictions discussed in Fortuna Mining Corp.'s latest 2024Q4 earnings call, specifically including: San Jose Mine's future, electricity supply stability in Côte d’Ivoire, San Jose Mine operational status, and Yaramoko's milling rate expectations:



Financial Performance and Cash Flow:
- Fortuna Mining reported record free cash flow from operations of $19.6 million in Q4, representing a 69% increase versus Q3.
- The growth was driven by stable costs and rising gold prices, leading to a higher operating cash flow margin from 33% to 50%.

Gold Production and Costs:
- Gold production from Séguéla and Yaramoko mines exceeded annual production guidance, with Séguéla delivering 137,781 ounces and Yaramoko 116,206 ounces in 2024.
- Séguéla's cash cost for the year outperformed guidance at $584 per ounce, while Yaramoko achieved a cash cost of $860 per ounce for the year.

Latin American Operations:
- Lindero Mine in Argentina produced 26,806 ounces of gold in Q4, a 10% improvement over the previous quarter.
- The increase was due to higher rate of pregnant solution percolation, and the beginning of ore placement on the new leach pad expansion area.

Exploration and Project Development:
- Fortuna Mining invested $49 million in mineral exploration and new project development in 2024, with plans to continue aggressive investments in 2025.
- Exploration targets include Kingfisher and Sunbird Deep at the Séguéla Mine Camp, and Diamba Sud project in Senegal, aiming for high value opportunities.