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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