The following is a summary of the Fortuna Mining Corp. (FSM) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Fortuna Mining Corp reported a record third quarter with sales reaching $275 million.

• Earnings per share stood at $0.16, surpassing analysts' expectations.

• EBITDA reached $131 million, representing a 48% margin over sales.

• Free cash flow from ongoing operations amounted to $56 million.

Business Progress:

• The Yaramoko and Seguela mines in West Africa drove strong performance with low costs.

• Continued investment in exploration increased the 2024 budget from $37 million to $44 million to expand the drill program at the Seguela Mine's Kingfisher discovery.

• Initiated the progressive closure of the San Jose mine with a planned closure and monitoring period over eight years while continuing mining at a reduced rate.

Opportunities:

• Record sales and strong financial performance create opportunities for strategic investments in high-value opportunities across the portfolio, particularly at the Seguela mine and the Diamba Sud Project in Senegal.

Risks:

• Economic instability and FX restrictions in Argentina pose risks to capital repatriation and may affect financial operations locally.

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