Latest news with #FortunaMining
Yahoo
a day ago
- Business
- Yahoo
3 Reasons Growth Investors Will Love Fortuna (FSM)
Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all. In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end. However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects. Fortuna Mining (FSM) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank. Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better. Here are three of the most important factors that make the stock of this silver and gold miner a great growth pick right now. Earnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration. While the historical EPS growth rate for Fortuna is 19.6%, investors should actually focus on the projected growth. The company's EPS is expected to grow 52.2% this year, crushing the industry average, which calls for EPS growth of 37.6%. Cash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds. Right now, year-over-year cash flow growth for Fortuna is 31.4%, which is higher than many of its peers. In fact, the rate compares to the industry average of -2.4%. While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 38% over the past 3-5 years versus the industry average of 5.7%. Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements. The current-year earnings estimates for Fortuna have been revising upward. The Zacks Consensus Estimate for the current year has surged 6.1% over the past month. While the overall earnings estimate revisions have made Fortuna a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. This combination positions Fortuna well for outperformance, so growth investors may want to bet on it. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fortuna Mining Corp. (FSM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
5 days ago
- Business
- The Market Online
Fortuna Mining de-risks junior gold stock with new investment
Fortuna Mining (TSX:FVI), a gold and silver company across multiple emerging markets, invested C$8.25 million at C$0.55 per share into Awalé Resources (TSXV:ARIC), a copper-gold explorer in Côte d'Ivoire, representing a 15-per-cent stake in the company on an undiluted basis Fortuna joins existing high-profile investors Orecap Invest and Newmont Corporation Awalé Resources stock is down by 27.54 per cent year-over-year and 37.50 per cent since 2020 Fortuna Mining (TSX:FVI), a gold and silver company across multiple emerging markets, invested C$8.25 million at C$0.55 per share into Awalé Resources (TSXV:ARIC), a copper-gold explorer in Côte d'Ivoire, representing a 15-per-cent stake in the company on an undiluted basis. Awalé will allocate the proceeds to continued exploration on its 2,346-square-kilometre Odienné project, which management believes to hold the potential for the discovery of West Africa's first major iron-oxide-copper-gold deposit. Fortuna will form a joint technical advisory committee with Awalé, bringing its proven operational expertise in Côte d'Ivoire to the table, and be granted the right to maintain its pro-rata ownership, both privileges contingent on its investment remaining at a minimum of 10 per cent of issued and outstanding shares. According to Thursday's news release, the transaction is expected to close by June 20, 2025, with shares subject to a customary four-month sale restriction. Awalé will issue a news release should existing shareholders Orecap Invest (TSXV:OCI) and Newmont Corporation (TSX:NGT) elect to top up their stakes on the same terms. The latter's 797-square-kilometre Awalé-Newmont Joint Venture within the Odienné project has yielded four gold, gold-copper and gold-copper-silver-molybdenum mineralized systems to date. Leadership insights 'We are extremely pleased to welcome Fortuna Mining as a strategic investor,' Andrew Chubb, Awalé Resources' chief executive officer, said in a statement. 'As an established and successful operator with a strong presence in West Africa and particularly in Côte d'Ivoire, Fortuna's investment is a strong endorsement of our technical team, our exploration approach and our clear vision for the Odienné district. This investment positions the company strategically as we launch intensive exploration on our 100-per-cent-owned ground.' About Awalé Resources Awalé is a mineral exploration company dedicated to discovering large high-grade gold and copper-gold deposits in mining friendly Côte d'Ivoire. Awalé Resources stock (TSXV:ARIC) is up by 16.28 per cent on the news trading at C$0.50 as of 10:17 am ET. The stock is down by 27.54 per cent year-over-year and 37.50 per cent since 2020. Join the discussion: Find out what everybody's saying about this African gold and copper stock on the Awalé Resources Ltd. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
27-05-2025
- Business
- Yahoo
Fortuna drills 8.6 g/t gold over 13.6 meters at Southern Arc prospect, Diamba Sud Project, Senegal
VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to provide an update on its exploration programs at the Diamba Sud Gold Project in Senegal. Diamba Sud Gold Project exploration highlights Paul Weedon, Senior Vice President of Exploration, commented, 'Our exploration work at Diamba Sud continues to yield strong results, particularly from areas with limited historical drilling. Notably, recent drilling at the Southern Arc prospect has delivered some of our most compelling intercepts to date - highlighted by 8.6 g/t gold over an estimated true width of 13.6 meters in hole DSR906, and 9.3 g/t gold over 11.8 meters in hole DSDD404. These results further reinforce the project's potential for near-term resource growth.' Mr. Weedon concluded, 'Infill drilling at Area A, Area D, and Karakara has also returned highly encouraging results, including a standout intercept of 113.7 g/t gold over 6.4 meters estimated true width in hole DSDD385 at Area D. Meanwhile, regional target generation is progressing steadily, with systematic auger drilling identifying several promising gold-in-soil anomalies across the broader property.' Southern Arc Prospect Drilling highlights include: DSDD366: 4.8 g/t Au13.0 g/t Au24.0 g/t Au over an estimated true width of 21.6 meters from 11 meters, includingover an estimated true width of 1.6 meters from 17 meters, and over an estimated true width of 1.6 meters from 26 meters DSDD367: 4.0 g/t Au23.9 g/t Au over an estimated true width of 16.4 meters from 30 meters, includingover an estimated true width of 0.8 meters from 37 meters DSDD368: 3.2 g/t Au55.3 g/t Au over an estimated true width of 20.8 meters from 89 meters, includingover an estimated true width of 0.8 meters from 91 meters DSDD400: 2.2 g/t Au over an estimated true width of 18.4 meters from 24 meters DSDD402: 8.6 g/t Au81.9 g/t Au over an estimated true width of 8.8 meters from 9 meters, including over an estimated true width of 0.8 meters from 9 meters DSDD404: 1.0 g/t Au1.7 g/t Au9.3 g/t Au16.5 g/t Au33.4 g/t Au over an estimated true width of 4.5 meters from 41.3 meters, andover an estimated true width of 9.6 meters from 52 meters, and over an estimated true width of 11.8 meters from 72 meters, includingover an estimated true width of 0.8 meters from 72 meters, andover an estimated true width of 2.4 meters from 76 meters DSR906: 8.6 g/t Au15.6 g/t Au17.3 g/t Au32.6 g/t Au over an estimated true width of 13.6 meters from 135 meters, includingover an estimated true width of 1.6 meters from 136 meters, and over an estimated true width of 1.6 meters from 140 meters, and over an estimated true width of 0.8 meters from 143 meters Exploration drilling at the Southern Arc prospect (Figure 1) successfully intersected multiple zones of mineralization. The program, comprising 38 reverse circulation (RC) and diamond core drill holes for a total of 4,210 meters, was designed to test and refine the geological model - focusing on lithological and structural interactions and their controls on mineralization. Mineralization at Southern Arc is hosted within an extensive hematite-altered tectonic breccia and occurs as stockworks or discrete veins - consistent with other prospects across the Diamba Sud Project. Figure 2 illustrates the relationship between the tectonic breccia, mineralization, and the overlying limestone units. Importantly, mineralization remains open at depth and along strike, with further drilling ongoing. Results from this program will be incorporated into the next Diamba Sud resource update. In addition, several nearby coincident geochemistry and geophysical anomalies further underscore the exploration potential of Southern Arc, including possible linkages to the adjacent Kassasoko deposit, located approximately one kilometre to the west. Figure 1: Diamba Sud Project location plan. Current deposits are highlighted in blue. Figure 2: Cross Section through Southern Arc prospect showing recent results. Oblique section line, view is looking north-east. Area A, Area D, and Karakara deposit infill drilling highlights include: Area A DSDD395: 1.7 g/t Au12.2 g/t Au25.5 g/t Au over an estimated true width of 18.4 meters from 23 meters, andover an estimated true width of 8.0 meters from 65 meters, including over an estimated true width of 2.4 meters from 68 meters Area A DSDD399: 1.8 g/t Au3.0 g/t Au14.6 g/t Au17.4 g/t Au10.5 g/t Au over an estimated true width of 5.6 meters from 135 meters, andover an estimated true width of 28.8 meters from 153 meters, includingover an estimated true width of 0.8 meters from 158 meters, andover an estimated true width of 0.8 meters from 165 meters, andover an estimated true width of 0.8 meters from 167 meters Area D DSDD3851: 113.7 g/t Au254.3 g/t Au2.6 g/t Au29.7 g/t Au over an estimated true width of 6.4 meters from 26 meters, includingover an estimated true width of 2.8 meters from 27 metersover an estimated true width of 40.0 meters from 39 meters, includingover an estimated true width of 1.2 meters from 47.5 meters Area D DSDD389: 3.4 g/t Au26.6 g/t Au2.0 g/t Au over an estimated true width of 20.8 meters from 20 meters, includingover an estimated true width of 1.6 meters from 41 meters, andover an estimated true width of 13.6 meters from 61 meters KarakaraDSDD393: 1.5 g/t Au3.4 g/t Au17.6 g/t Au45.2 g/t Au over an estimated true width of 16.8 meters from 67 meters, and over an estimated true width of 19.2 meters from 119 meters, including over an estimated true width of 0.8 meters from 119 metersover an estimated true width of 0.8 meters from 122 meters Karakara DSR869: 4.8 g/t Au17.5 g/t Au12.9 g/t Au over an estimated true width of 10.4 meters from 82 meters, includingover an estimated true width of 1.6 meters from 86 meters, and over an estimated true width of 0.8 meters from 93 meters DSDD385 includes intervals of lost core due to poor drilling conditions. These intervals have been assigned nil assay value for interval calculation. An additional 33 drill holes for a total of 4,550 meters were completed at Area A, Area D, and Karakara (Figure 1), concluding a final round of infill drilling. This program was designed to achieve several key objectives: increasing resource confidence in targeted zones and confirming the geological controls on high-grade mineralization at depth. Notably, several drill holes intersected mineralization adjacent to - but outside - the currently proposed open pit boundaries, indicating potential for further resource growth. For example, hole DSDD399 at Area A returned 3.0 g/t gold over an estimated true width of 28.8 meters from a depth of 153 meters (Figure 3), while hole DSDD385 at Area D intersected 2.6 g/t gold over 40 meters estimated true width (Figure 4). These encouraging results will be incorporated into the forthcoming resource update for the Diamba Sud Project and underscore the potential for future resource expansion, particularly in Area A. Figure 3: Cross section through Area A deposit with results from DSDD399 - view looking east. Figure 4: Cross section through Area D deposit with results from DSDD385 - view looking eastMoungoundi and Moungoundi North prospects MoungoundiDSDD347: 1.7 g/t Au2.1 g/t Au over an estimated true width of 5.6 meters from 52 meters, andover an estimated true width of 8.0 meters from 75.1 meters MoungoundiDSDD348: 4.0 g/t Au2.0 g/t Au over an estimated true width of 3.2 meters from 74 meters, and over an estimated true width of 14.6 meters from 89 meters MoungoundiDSR843: 2.1 g/t Auover an estimated true width of 8.8 meters from 20 meters Moungoundi NorthDSR819: 11.3 g/t Au28.1 g/t Au23.5 g/t Au46.5 g/t Au over an estimated true width of 15.4 meters from 38 meters, includingover an estimated true width of 1.4 meters from 44 meters, andover an estimated true width of 1.4 meters from 49 meters, andover an estimated true width of 1.4 meters from 52 meters Moungoundi NorthDSR825: 5.1 g/t Au32.9 g/t Au over an estimated true width of 4.9 meters from 33 meters, including over an estimated true width of 0.7 meters from 37 meters Exploration drilling at the pre-resource stage Moungoundi prospect and its northern extension, Moungoundi North - located approximately 300 meters to the northeast - was successfully completed, with a total of 85 RC and diamond core drill holes drilled for 9,472 meters. The program significantly improved the understanding of this geologically and structurally complex area, characterized by intercalated tectonic breccias, carbonate metasediments, and granitic and dioritic intrusive units. Mineralization is typically associated with various vein arrays, preferentially hosted within the tectonic breccias. Results from this program will be incorporated into the next resource update for the Diamba Sud Project, contributing valuable insight into the broader mineral system. Western Splay deposit DSDD362: 3.2 g/t Au over an estimated true width of 8.1 meters from 39 meters DSDD390: 1.5 g/t Au over an estimated true width of 26.1 meters from 5 meters DSR785: 5.1 g/t Au15.2 g/t Au over an estimated true width of 13.5 meters from 49 meters, includingover an estimated true width of 2.7 meters from 59 meters DSR884: 7.2 g/t Au34.7g/t Au over an estimated true width of 4.8 meters from 12 meters, includingover an estimated true width of 0.8 meters from 12 meters A total of 24 RC and diamond core drill holes, totalling 2,531 meters, were completed at the Western Splay deposit. The drill program was designed to test strike and dip extensions, perform select infill following the previous drilling campaign (refer to Fortuna news release dated: September 12, 2024), and the completion of the maiden resource estimate (refer to Fortuna news release dated: March 12, 2025). Geologically, Western Splay shares similarities with the adjacent Moungoundi prospect and comprises a series of tectonic breccias (previously classified as conglomerates), granitic and dioritic intrusive units, and metasediments. Mineralization is primarily associated with vein arrays preferentially hosted within the tectonic breccia units. This recent drilling campaign has strengthened confidence in the local geological interpretation and contributes to refining the broader geological and structural model at the project scale. Refer to Appendix 1 for full details of the drill holes and assay results for this drill program. Quality Assurance & Quality Control (QA - QC) All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel. All reverse circulation (RC) drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard. All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment. All RC and DD samples were transported to ALS's preparation laboratory in Kedougou, Senegal, before also being transported via commercial courier to ALS's facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples. Qualified Person Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process. About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d'Ivoire, Mexico and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTube Forward-looking Statements This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'Forward-looking Statements'). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the potential of the Diamba Sud Gold Project based on the exploration results at the Southern Arc, Moungoundi and Moungoundi North prospects, and from the Area A, Area D, Karakara and Western Splay deposits; statements relating to the potential to progress prospects at the Diamba Sud Gold Project; expectations that results from the drill programs will be able to be expand the current mineral resource at the Diamba Sud Gold Project and will be incorporated into a mineral resource update; statements regarding the exploration potential at the Southern Arc prospect including possible linkages to the Kassasoko deposit;mineral reserve and mineral resource estimates; expectations regarding additional drilling and exploration programs planned; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'containing', 'remaining', 'to be', or statements that events, 'could' or 'should' occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for gold, silver, and other metals; the timing and success of the Company's proposed exploration programs; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the financial year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the results from the exploration programs conducted at the Company's mineral properties including the Séguéla Mine; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's information derived from its exploration programs at the Company's mineral properties; current mineral resource and reserve estimates; the presence and continuity of mineralization at the Company's properties; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. Appendix 1 HoleID Easting (WGS84_29N) Northing (WGS84_29N) Elev. (m) EOH1,2 Depth (m) UTM Azimuth Dip DepthFrom2,3 (m) Depth To2 (m) Drilled Width2 (m) ETW4 (m) Au (ppm) Hole Type5 Area DSDD395 233176 1429583 185 210 90 -60 23 46 23 18.4 1.7 DD Area A 65 75 10 8.0 12.2 DD Area A Incl. 66 67 1 0.8 21.0 DD Area A and 68 71 3 2.4 25.5 DD Area A 126 140 14 11.2 0.6 DD Area A 144 147 3 2.4 2.2 DD Area A DSDD397 233116 1429411 180 210 90 -58 129 133 4 3.2 1.4 DD Area A 160 169 9 7.2 1.9 DD Area A DSDD399 233139 1429384 179 190 90 -60 135 142 7 5.6 1.8 DD Area A 153 189 36 28.8 3.0 DD Area A Incl 158 159 1 0.8 14.6 DD Area A and 165 166 1 0.8 17.4 DD Area A and 167 168 1 0.8 10.5 DD Area A DSDD406 233235 1429580 185 150 90 -60 6 10 4 3.2 1.8 DD Area A 114.4 117 2.6 2.1 3.0 DD Area A 124 130 6 4.8 4.5 DD Area A Incl 125 126 1 0.8 20.7 DD Area A 143 145 2 1.6 2.6 DD Area A DSDD385 232586 1429503 180 115 90 -60 26 34 8 6.4 113.7 DD Area D Incl 27 30.5 3.5 2.8 254.3 DD Area D and 30.5 31 0.5 0.4 Core Loss DD Area D and 31 32 1 0.8 13.8 DD Area D 39 89 50 40.0 2.6 DD Area D Incl 40 42 2 1.6 Core Loss DD Area D 43 45 2 1.6 Core Loss DD Area D 46 47.5 1.5 1.2 Core Loss DD Area D Incl 47.5 49 2 1.2 29.7 DD Area D 49 51 2 1.6 Core Loss DD Area D 53 55 2 1.6 Core Loss DD Area D 61 63.5 2.5 2.0 Core Loss DD Area D DSDD387 232550 1429484 180 122 90 -60 31 39 8 6.4 1.9 DD Area D 71 79 8 6.4 2.5 DD Area D Incl 72.5 73.3 0.8 0.6 15.7 DD Area D 73.3 75 1.7 1.4 Core Loss DD Area D DSDD389 232711 1429374 178 100 90 -60 20 46 26 20.8 3.4 DD Area D Incl 41 43 2 1.6 26.6 DD Area D 61 78 17 13.6 2.0 DD Area D Incl 77 78 1 0.8 10.5 DD Area D DSDD391 232482 1429404 178 80 90 -60 11 17 6 4.8 1.1 DD Area D 26 29 3 2.4 13.8 DD Area D Incl 28 29 1 0.8 33.5 DD Area D 52 64 12 9.6 0.7 DD Area D DSDD392 232851 1429428 181 50 90 -60 NSI DD Area D DSDD394 232457 1429428 178 110 90 -60 74 81 7 5.6 2.9 DD Area D Incl 79 80 1 0.8 12.6 DD Area D DSDD343 231911 1428448 155 182 270 -60 NSI DD KaraKara DSDD344 231877 1428300 153 149 270 -60 96 99 3 2.4 6.7 DD KaraKara Incl 96 97 1 0.8 13.9 DD KaraKara 126 127 1 0.8 31.3 DD KaraKara DSDD345 231947 1428170 151 143 270 -50 NSI DD KaraKara DSDD346 231870 1428447 155 122 270 -60 NSI DD KaraKara DSDD353 231958 1428153 149 149 270 -60 NSI DD KaraKara DSDD354 231915 1428123 150 92 270 -60 NSI DD KaraKara DSDD355 231939 1428345 153 191 270 -60 NSI DD KaraKara DSDD393 231816 1428275 152 180 270 -60 51 56 5 4.0 1.9 DD KaraKara 67 88 21 16.8 1.5 DD KaraKara Incl 80 81 1 0.8 11.2 DD KaraKara 103 115 12 9.6 1.2 DD KaraKara 119 143 24 19.2 3.4 DD KaraKara Incl 119 120 1 0.8 17.6 DD KaraKara and 122 123 1 0.8 45.2 DD KaraKara DSDD396 231884 1428401 155 130 270 -60 NSI DD KaraKara DSDD398 231724 1428178 151 150 270 -50 25 32 7 5.6 5.1 DD KaraKara Incl 25 26 1 0.8 13.2 DD KaraKara and 29 30 1 0.8 10.9 DD KaraKara 38 43 5 4.0 2.0 DD KaraKara 75 80 5 4.0 1.5 DD KaraKara 85 87 2 1.6 9.5 DD KaraKara Incl 85 86 1 0.8 16.5 DD KaraKara 134 144 10 8.0 1.8 DD KaraKara DSR769 231836 1428439 155 102 265 -60 NSI RC KaraKara DSR770 231844 1428425 154 120 265 -60 NSI RC KaraKara DSR771 231887 1428324 153 180 265 -60 NSI RC KaraKara DSR772 231903 1428297 152 132 270 -60 NSI RC KaraKara DSR773 231878 1428218 153 162 265 -60 NSI RC KaraKara DSR774 231928 1428147 151 114 270 -60 65 72 7 5.6 7.0 RC KaraKara Incl 66 67 1 0.8 27.1 RC KaraKara 94 105 11 8.8 1.3 RC KaraKara DSR775 231588 1428093 151 120 340 -50 NSI RC KaraKara DSR776 231651 1428082 151 174 340 -50 124 129 5 4.0 1.4 RC KaraKara 133 136 3 2.4 3.5 RC KaraKara 143 148 5 4.0 2.1 RC KaraKara DSR868 231862 1428354 154 130 270 -60 62 72 10 8.0 0.8 RC KaraKara DSR869 231702 1428225 152 105 270 -55 36 41 5 4.0 2.3 RC KaraKara 54 59 5 4.0 2.0 RC KaraKara 82 95 13 10.4 4.8 RC KaraKara Incl 86 88 2 1.6 17.5 RC KaraKara Incl 93 94 1 0.8 12.9 RC KaraKara DSR870 231678 1428225 152 126 90 -60 54 69 15 12.0 2.3 RC KaraKara 73 78 5 4.0 2.5 RC KaraKara 113 117 4 3.2 2.1 RC KaraKara DSR871 231699 1428152 151 120 270 -55 17 21 4 3.2 1.9 RC KaraKara DSR872 231762 1428279 152 140 270 -60 78 84 6 4.8 7.2 RC KaraKara Incl 80 82 2 1.6 14.8 RC KaraKara 108 122 14 11.2 2.8 RC KaraKara Incl 114 115 1 0.8 16.2 RC KaraKara DSDD347 230892 1426832 153 115 90 -50 52 59 7 5.6 1.7 DD Moungoundi 75.1 85.1 10 8.0 2.1 DD Moungoundi DSDD348 230782 1426925 154 126 90 -50 74 78 4 3.2 4.0 DD Moungoundi Incl 77 78 1 0.8 10.5 DD Moungoundi 89 107.2 18 14.6 2.0 DD Moungoundi Incl 102 103 1 0.8 11.0 DD Moungoundi DSDD349 230903 1426963 156 80 90 -50 NSI DD Moungoundi DSDD352 230727 1426932 154 170 90 -50 NSI DD Moungoundi DSDD356 230696 1426870 153 102 90 -60 NSI DD Moungoundi DSDD357 230752 1426865 153 126 90 -60 NSI DD Moungoundi DSDD358 230700 1426849 152 120 90 -55 29 32 3 2.4 2.1 DD Moungoundi 75 79 4 3.2 1.4 DD Moungoundi 91 102 11 8.8 1.3 DD Moungoundi 109 111 2 1.6 2.6 DD Moungoundi DSDD359 230670 1426821 152 121 90 -55 12 15 3 2.4 2.2 DD Moungoundi 27 31 4 3.2 1.4 DD Moungoundi 61 67 6 4.8 1.4 DD Moungoundi DSDD360 230647 1426796 151 110 90 -55 NSI DD Moungoundi DSDD361 230625 1426764 150 89 90 -55 NSI DD Moungoundi DSDD372 230835 1426936 155 89 90 -50 49 63 14 11.2 0.7 DD Moungoundi DSDD373 230668 1426846 152 131 90 60 81 89 8 6.4 3.0 DD Moungoundi 81 82 1 0.8 10.6 DD Moungoundi 113 115 2 1.6 5.4 DD Moungoundi DSDD374 230635 1426819 151 110 90 -55 72 78 6 4.8 2.2 DD Moungoundi DSDD375 230616 1426796 151 122 90 -55 NSI DD Moungoundi DSDD382 230455 1426800 148 119 90 -50 NSI DD Moungoundi DSDD383 231070 1426749 154 134 270 -55 NSI DD Moungoundi DSDD384 231089 1426697 153 135 270 -55 84 94.4 10 8.3 1.8 DD Moungoundi DSR777 230896 1426879 154 138 85 -50 54 57 3 2.4 1.7 RC Moungoundi DSR778 230897 1426988 156 96 90 -60 NSI RC Moungoundi DSR779 230652 1426759 150 84 90 -60 NSI RC Moungoundi DSR780 230676 1426727 150 84 90 -60 NSI RC Moungoundi DSR781 230920 1426883 154 114 90 -50 NSI RC Moungoundi DSR782 230853 1426788 153 96 90 -50 49 52 3 2.4 2.9 RC Moungoundi DSR783 230907 1426801 153 103 90 -50 90 98 8 6.4 2.4 RC Moungoundi DSR784 230727 1426865 152 102 100 -60 4 15 11 8.8 0.8 RC Moungoundi DSR801 230957 1426800 154 102 80 -50 NSI RC Moungoundi DSR802 230903 1426750 153 102 80 -50 NSI RC Moungoundi DSR803 230852 1426760 153 78 90 -50 NSI RC Moungoundi DSR804 231340 1426801 153 132 90 -50 60 62 2 1.6 4.4 RC Moungoundi DSR806 230869 1426995 156 102 90 -60 NSI RC Moungoundi DSR807 230675 1426876 152 102 90 -60 45 51 6 4.8 1.3 RC Moungoundi DSR808 230704 1426931 153 171 90 -50 131 143 12 9.6 0.6 RC Moungoundi DSR809 231001 1427004 157 120 90 -50 NSI RC Moungoundi DSR810 230825 1426947 155 126 80 -50 77 81 4 3.2 2.4 RC Moungoundi DSR811 230776 1426947 155 132 90 -50 NSI RC Moungoundi DSR812 230804 1426865 153 114 90 -60 NSI RC Moungoundi DSR813 230901 1427011 157 120 90 -50 NSI RC Moungoundi DSR828 231008 1426821 155 126 265 -55 47 50 3 2.4 2.5 RC Moungoundi DSR829 230930 1426862 154 120 150 -50 54 65 11 8.8 1.4 RC Moungoundi DSR830 230971 1426853 155 108 270 -55 50 54 4 3.2 1.6 RC Moungoundi DSR831 230996 1426802 155 84 270 -55 13 18 5 4.0 2.5 RC Moungoundi 26 28 2 1.6 9.1 RC Moungoundi Incl 27 28 1 0.8 16.5 RC Moungoundi DSR843 231023 1426751 154 96 270 -55 20 31 11 8.8 2.1 RC Moungoundi Incl 24 25 1 0.8 11.2 RC Moungoundi DSR844 231039 1426699 153 114 270 -55 77 84 7 5.6 1.2 RC Moungoundi DSR845 230996 1426879 156 96 270 -55 NSI RC Moungoundi DSR846 231013 1426927 157 120 270 -55 NSI RC Moungoundi DSR847 231030 1426944 157 114 150 -50 NSI RC Moungoundi DSR848 230805 1427012 156 120 90 -50 NSI RC Moungoundi DSR849 230749 1427014 155 132 90 -50 NSI RC Moungoundi DSR862 230423 1426802 148 132 90 -55 NSI RC Moungoundi DSR863 230455 1426843 149 102 90 -55 NSI RC Moungoundi DSR887 230962 1426759 153 100 90 -50 3 5 2 1.6 7.1 RC Moungoundi Incl 3 4 1 0.8 12.6 RC Moungoundi DSR888 230638 1426851 152 150 90 -50 NSI RC Moungoundi DSR889 230869 1426878 154 110 90 -50 NSI RC Moungoundi DSR890 230777 1426871 153 130 90 -60 NSI RC Moungoundi DSDD376 231200 1427800 155 82 270 -50 NSI DD Moungoundi North DSDD377 231192 1427854 156 92 270 -50 NSI DD Moungoundi North DSDD378 231219 1427893 155 128 270 -50 NSI DD Moungoundi North DSDD379 231189 1427752 156 110 270 -50 12 21 9 7.2 0.6 DD Moungoundi North DSDD380 231188 1427697 156 113 270 -50 NSI DD Moungoundi North DSDD381 231156 1427545 157 101 270 -50 NSI DD Moungoundi North DSR805 230954 1427801 158 90 90 -55 55 57 2 1.4 3.5 RC Moungoundi North DSR814 231017 1427596 157 102 90 -50 NSI RC Moungoundi North DSR815 230968 1427598 158 102 90 -50 NSI RC Moungoundi North DSR816 230918 1427600 158 114 90 -50 NSI RC Moungoundi North DSR817 230917 1427800 158 108 90 -55 NSI RC Moungoundi North DSR818 231131 1427805 156 108 90 -55 12 26 14 9.8 2.4 RC Moungoundi North 44 54 10 7.0 0.5 RC Moungoundi North DSR819 231100 1427847 156 96 90 -50 38 60 22 15.4 11.3 RC Moungoundi North Incl 40 41 1 0.7 11.2 RC Moungoundi North and 44 46 2 1.4 28.1 RC Moungoundi North and 49 51 2 1.4 23.5 RC Moungoundi North and 52 54 2 1.4 46.5 RC Moungoundi North DSR820 231053 1427852 156 102 90 -50 NSI RC Moungoundi North DSR821 231000 1427850 157 96 90 -50 NSI RC Moungoundi North DSR822 230948 1427850 157 96 90 -50 NSI RC Moungoundi North DSR823 230904 1427848 157 90 90 -50 NSI RC Moungoundi North DSR824 230795 1427747 158 108 90 -50 NSI RC Moungoundi North DSR825 230853 1427747 158 108 90 -50 33 40 7 4.9 5.1 RC Moungoundi North Incl 37 38 1 0.7 32.9 RC Moungoundi North DSR826 230902 1427755 158 102 90 -50 NSI RC Moungoundi North DSR827 230951 1427752 157 114 90 -50 NSI RC Moungoundi North DSR850 230991 1427200 157 108 90 -50 NSI RC Moungoundi North DSR851 230943 1427201 157 126 90 -50 NSI RC Moungoundi North DSR852 231176 1427602 156 102 270 -50 NSI RC Moungoundi North DSR853 231210 1427647 156 102 270 -50 NSI RC Moungoundi North DSR854 231240 1427695 156 108 270 -50 NSI RC Moungoundi North DSR855 231268 1427893 154 138 270 -50 59 60 1 0.8 11.2 RC Moungoundi North DSR856 231298 1427950 153 120 270 -50 NSI RC Moungoundi North DSR857 231138 1427502 157 108 270 -50 NSI RC Moungoundi North DSR858 231121 1427451 157 90 270 -50 NSI RC Moungoundi North DSR859 231196 1427400 157 138 270 -50 NSI RC Moungoundi North DSDD350 231158 1426273 146 173 90 -50 15 18 3 2.7 7.4 DD Western Splay Incl 15 16 1 0.9 18.3 DD Western Splay 111 114.6 4 3.2 2.1 DD Western Splay 123 128 5 4.5 4.8 DD Western Splay Incl 126 127 1 0.9 10.6 DD Western Splay 133 144 11 9.9 1.6 DD Western Splay DSDD351 231203 1426256 146 149 90 -50 NSI DD Western Splay DSDD362 231223 1426378 155 89 90 -50 39 48 9 8.1 3.2 DD Western Splay DSDD363 231153 1426347 147 221 90 -66 156 162 6 5.4 1.3 DD Western Splay DSDD364 230936 1426255 145 137 90 -50 NSI DD Western Splay DSDD371 231256 1426380 147 77 90 -50 22 28 6 5.4 1.2 DD Western Splay DSDD386 231103 1426281 145 70 90 -50 12 22 10 8.0 1.0 DD Western Splay DSDD388 231095 1426195 145 80 90 -60 NSI DD Western Splay DSDD390 231235 1426326 147 155 90 -55 5 34 29 26.1 1.5 DD Western Splay 63 70 7 6.3 0.8 DD Western Splay DSR785 231197 1426378 149 72 90 -50 49 64 15 13.5 5.1 RC Western Splay Incl 59 62 3 2.7 15.2 RC Western Splay DSR786 231213 1426273 146 144 90 -50 NSI RC Western Splay DSR787 231282 1426301 146 84 100 -50 NSI RC Western Splay DSR791 231498 1426220 148 126 150 -50 99 100 1 0.9 5.7 RC Western Splay DSR864 230975 1426399 147 60 90 -60 NSI RC Western Splay DSR865 231072 1426393 147 80 90 -60 NSI RC Western Splay DSR866 231109 1426298 146 60 90 -50 47 49 2 1.6 8.5 RC Western Splay Incl 47 48 1 0.8 15.8 RC Western Splay DSR867 231041 1426328 146 120 90 -50 NSI RC Western Splay DSR874 231111 1426241 145 90 90 -55 26 28 2 1.6 5.2 RC Western Splay DSR880 231267 1426246 146 102 90 -50 NSI RC Western Splay DSR881 231335 1426244 147 70 90 -50 NSI RC Western Splay DSR882 231338 1426300 148 80 90 -50 NSI RC Western Splay DSR883 231342 1426349 149 70 90 -50 NSI RC Western Splay DSR884 231311 1426374 149 102 90 -50 12 18 6 4.8 7.2 RC Western Splay Incl 12 13 1 0.8 34.7 RC Western Splay DSR885 231280 1426373 149 120 90 -50 NSI RC Western Splay DSR860 230899 1425856 149 78 90 50 NSI RC Western Splay Sth DSR873 230648 1426071 151 108 90 -50 NSI RC Western Splay Sth DSR861 230852 1425846 151 108 90 50 NSI RC Western Splay Sth DSR788 231908 1425981 144 78 150 -55 NSI RC Kassassoko DSR789 231917 1425965 144 90 150 -55 NSI RC Kassassoko DSR790 231914 1425936 144 78 150 -50 NSI RC Kassassoko DSR875 231621 1425876 144 147 150 -53 3 4 1 0.8 18.7 RC Kassassoko 64 77 13 10.4 1.1 RC Kassassoko 89 92 3 2.4 2.6 RC Kassassoko 120 121 1 0.8 5.9 RC Kassassoko DSR876 231608 1425897 145 120 150 -53 31 37 6 4.8 0.8 RC Kassassoko 66 88 22 17.6 2.4 RC Kassassoko Incl 77 78 1 0.8 28.7 RC Kassassoko DSR886 231443 1426091 143 114 95 -50 NSI RC Kassassoko DSDD365 232238 1426244 144 68 150 -50 39.45 43.9 4 3.6 3.2 DD Southern Arc DSDD366 232376 1426325 146 62 150 -50 11 38 27 21.6 4.8 DD Southern Arc Incl 17 19 2 1.6 13.0 DD Southern Arc and 26 28 2 1.6 24.0 DD Southern Arc DSDD367 232398 1426409 147 125 150 -50 30 50.45 20 16.4 4.0 DD Southern Arc 37 38 1 0.8 23.9 DD Southern Arc 43 44 1 0.8 11.0 DD Southern Arc DSDD368 232571 1426250 146 140 150 -50 43 47 4 3.2 1.5 DD Southern Arc 89 115 26 20.8 3.2 DD Southern Arc Incl 91 92 1 0.8 55.3 DD Southern Arc DSDD369 232795 1426235 144 113 150 -50 NSI DD Southern Arc DSDD370 232620 1426268 146 146 150 -50 NSI DD Southern Arc DSDD400 232380 1426344 147 120 150 -50 24 47 23 18.4 2.2 DD Southern Arc DSDD401 232339 1426325 146 93 150 -50 NSI DD Southern Arc DSDD402 232365 1426411 148 137 150 -50 9 20 11 8.8 8.6 DD Southern Arc Incl 9 10 1 0.8 81.9 DD Southern Arc 51 53.4 2.4 1.9 5.9 DD Southern Arc 57.25 58 0.75 0.6 12.8 DD Southern Arc 75 78 3 2.4 6.3 DD Southern Arc DSDD403 232374 1426455 148 140 150 -50 NSI DD Southern Arc DSDD404 232322 1426399 147 123 150 -50 41.35 47 5.65 4.5 1.0 DD Southern Arc 52 64 12 9.6 1.7 DD Southern Arc 72 86.75 14.75 11.8 9.3 DD Southern Arc Incl 72 73 1 0.8 16.5 DD Southern Arc and 76 79 3 2.4 33.4 DD Southern Arc DSDD405 232466 1426430 147 140 150 -50 NSI DD Southern Arc DSDD407 232545 1426184 144 122 150 -50 NSI DD Southern Arc DSR792 232302 1426245 144 108 150 -50 NSI RC Southern Arc DSR793 232220 1426193 145 138 160 -50 86 90 4 3.2 3.7 RC Southern Arc DSR794 232203 1426135 145 102 160 -50 NSI RC Southern Arc DSR795 232186 1426167 145 90 150 -50 NSI RC Southern Arc DSR796 232253 1426219 144 102 155 -50 17 29 12 9.6 2.8 RC Southern Arc DSR797 232387 1426291 145 84 150 -50 4 13 9 7.2 0.8 RC Southern Arc 20 24 4 3.2 3.3 RC Southern Arc DSR798 232431 1426317 146 114 150 -50 NSI RC Southern Arc DSR799 232344 1426274 145 72 150 -50 NSI RC Southern Arc DSR800 232169 1426285 146 138 150 -50 NSI RC Southern Arc DSR832 232397 1426328 146 66 150 -50 22 36 14 11.2 2.3 RC Southern Arc Incl 25 26 1 0.8 11.6 RC Southern Arc DSR833 232404 1426355 147 90 150 -50 NSI RC Southern Arc DSR834 232262 1426262 149 72 150 -50 NSI RC Southern Arc DSR835 232154 1426214 146 102 150 50 NSI RC Southern Arc DSR836 232107 1426191 146 81 150 50 NSI RC Southern Arc DSR837 232424 1426450 147 114 150 -50 NSI RC Southern Arc DSR838 232618 1426419 146 120 150 -50 NSI RC Southern Arc DSR839 232521 1426225 145 102 150 -50 NSI RC Southern Arc DSR840 232514 1426346 146 132 150 -50 35 37 2 1.6 3.3 RC Southern Arc DSR841 232664 1426287 153 96 150 -50 31 35 4 3.2 1.7 RC Southern Arc DSR842 232463 1426307 146 138 150 -50 117 124 7 5.6 0.8 RC Southern Arc DSR891 232432 1426385 147 100 150 -50 53 55 2 1.6 6.0 RC Southern Arc DSR892 232490 1426384 147 114 150 -50 NSI RC Southern Arc DSR893 232560 1426372 146 100 150 -50 NSI RC Southern Arc DSR906 232305 1426435 148 198 150 -50 135 152 17 13.6 8.6 RC Southern Arc Incl 136 138 2 1.6 15.6 RC Southern Arc and 140 142 2 1.6 17.3 RC Southern Arc and 143 144 1 0.8 32.6 RC Southern Arc DSR907 232350 1426362 147 108 150 -50 32 39 7 5.6 1.0 RC Southern Arc Notes: 1. EOH: End of hole2. Depths and widths reported to nearest significant decimal place 3. NSI: No significant intercepts4. ETW: Estimated true width5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail Photos accompanying this announcement are available at PDF available: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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13-05-2025
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Fortuna Completes Divestiture of Yaramoko Mine and Provides Updated 2025 Production and Cost Guidance
VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) ('Fortuna' or the 'Company') is pleased to announce the successful completion of the sale of its interest in Roxgold Sanu SA ('Roxgold Sanu'), together with the Company's three other wholly-owned Burkina Faso subsidiaries (together with Roxgold Sanu, the 'Acquired Companies') to Soleil Resources International Ltd. ('SRI'), a private Mauritius company (the 'Transaction'). Roxgold Sanu owns and operates the Yaramoko Mine in the Balé Province, Burkina Faso. The Transaction closed pursuant to the terms of a definitive share purchase agreement (the 'Share Purchase Agreement'). All references to dollar amounts in this news release are expressed in US dollars. Jorge A. Ganoza, President and CEO, commented, 'We're taking the opportunities a strong gold market provides to streamline our asset portfolio. The recent closings of the high-cost San Jose Mine sale in April and the Yaramoko Mine sale in May represent the divestment of two operations with limited reserve life.' Mr. Ganoza continued, 'In the case of Yaramoko, we received a compelling offer that provided a prudent exit from a jurisdiction where we are no longer pursuing exploration activities and where the operating and security landscape remains challenging.'Mr. Ganoza concluded, 'Collectively, these transactions enable us to shift our focus away from mine closures - reallocating approximately $50 million in capital and freeing up management capacity - to pursue higher-value opportunities aligned with our strategic objectives.' The proceeds from the sale increase the Company's first quarter cash and short term investments to over $380 million and liquidity to over $530 million. Details of the Transaction Under the terms of the Share Purchase Agreement, SRI acquired all of the issued and outstanding shares of the Acquired Companies held by Fortuna's subsidiaries in consideration for the payment of $70 million in cash. Prior to the closing of the Transaction, Roxgold Sanu paid to the Company a cash dividend in the amount of $53.8 million plus $3.7 million in withholding tax. The agreement also provides that the Company has the right to receive up to approximately $53 million of value added tax receivables upon the completion of certain conditions. The Company has now ceased all operations in Burkina Faso. Updated 2025 Production and Cost Guidance Reflects Streamlining of the Portfolio Following the divestiture of the Yaramoko Mine, Fortuna has updated its consolidated production and cost guidance for 2025. Gold equivalent production guidance has been updated to 309,000 to 339,000 ounces, down from the original range of 380,000 to 422,000 ounces; an 18 percent reduction at the cash cost guidance remains unchanged in the original range of $895 to $1,015 per gold equivalent ounce ('GEO'). All-in Sustaining Cost (AISC) guidance has been updated to a range of $1,670 to $1,765 per GEO, up from the previous estimate of $1,550 to $1,680 per GEO. This adjustment indicates a 6% increase over the midpoint of original guidance and primarily reflects the net impact of the exclusion of the Yaramoko Mine's contribution, and a reduction in the AISC estimate for the Lindero updated AISC guidance continues to account for expenditures totaling approximately $45 per GEO, including: $5.3 M for the upgrade of the Company's enterprise resource planning ('ERP') system to SAP S/4HANA $2 M in land compensation payments at Séguéla $7 M in incremental government royalty payments at the Séguéla Mine 2025 Updated Annual GEO Production and AISC Guidance by Mine Mines 2025Original(000 oz) 2025Updated(000 oz) AISCOriginal1,2,5(US$/oz) AISCUpdated1,2,5(US$/oz) Silver Caylloma, Peru3 3,670 – 4,080 3,670 – 4,080 21.7 - 24.7 21.7 - 24.7 Gold Séguéla, Côte d'Ivoire 134 - 147 134 - 147 1,500 - 1,600 1,500 - 1,600 Lindero, Argentina4 93 – 105 93 - 105 1,600 - 1,770 1,600 - 1,720 Yaramoko, Burkina Faso6 107 - 121 38 1,165 - 1,320 1,410 Consolidated GEO Total 380 - 422 309 - 339 $1,550 - 1,6807 $1,670 - 1,7657 Notes: 1. Cash Cost and all-in sustaining cost (AISC) are non-IFRS financial measures which are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures disclosed by other issuers. Refer to the note under 'Non-IFRS Financial Measures' below.2. AISC includes sustaining capital expenditures, worker's participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary G&A and Brownfields exploration and is estimated at metal prices of $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb, and $2,700/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.3. Silver equivalent is calculated at metal prices of $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb and $2,700/t Zn. The guidance assumes an exchange rate of 0.89 USD/EUR. For Argentina, it assumes an annual inflation rate of 29 percent and an annual devaluation of 18 percent.4. The cost guidance for the Lindero Mine does not take into account potential changes by the new Argentine Government to national macroeconomic policies, the taxation system and import and export duties which, if implemented, may have a material impact on costs5. Historical non-IFRS measure cost comparatives: The following table provides the historical cash costs and historical AISC for the Company's four mines which were operating during the year ended December 31, 2024, as follows: Mine Cash Costa,b,c AISCa,b,c Silver ($/oz Ag Eq) ($/oz Ag Eq) Caylloma, Peru 14.12 21.72 Gold ($/oz Au) ($/oz Au) Lindero, Argentina 1,051 1,793 Yaramoko, Burkina Faso 860 1,359 Séguéla, Côte d'Ivoire 584 1,153 a. Cash cost and AISC are non-IFRS financial measures; refer to the note under 'Non-IFRS Financial Measures' below.b. Silver equivalent was calculated at metal prices of $2,401/oz Au, $28.00/oz Ag, $2,072/t Pb and $2,786/t Zn for the year ended December 31, 2024.c. Further details on the cash costs and AISC for the year ended December 31, 2024 are disclosed on pages 31, 33 and 35 (with respect to cash costs) and page 37 (with respect to AISC) of the Company's management discussion and analysis ('MD&A') for the year ended December 31, 2024 dated as of March 5, 2025 ('2024 MD&A') which is available under Fortuna's SEDAR+ profile at and is incorporated by reference into this news release, and the note under 'Non-IFRS Financial Measures' below. 6. Yaramoko production reported as of April 14, 2025; AISC reported as of March 31, 20257. Refer to Appendix Qualified Person Eric Chapman, Senior Vice President of Technical Services for Fortuna Mining Corp., is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ON BEHALF OF THE BOARD Jorge A. GanozaPresident, CEO, and Director Fortuna Mining Corp. Investor Relations:Carlos Baca | info@ | | X | LinkedIn | YouTube Forward-looking Statements This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'Forward-looking Statements'). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, Fortuna's right to receive certain additional payments upon the completion of certain conditions post-closing; estimated production forecasts for 2025; estimated cash costs and all-in sustaining cash costs for 2025; and the Company's business strategy, plans and outlook. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'containing', 'remaining', 'to be', or statements that events, 'could' or 'should' occur or be achieved and similar expressions, including negative variations. The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance, anticipated future financial performance and anticipated production, costs and other metrics. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, 'FOFI'), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company's business and operations. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations, including the possibility that actual capital and operating costs and economic returns will differ significantly from those estimated for such projects prior to production; risks relating to the Company's ability to replace its Mineral Reserves; capital and currency controls in foreign jurisdictions; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business, including relating to the newly elected government in Argentina; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impact they may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; assessment of the carrying value of the Company's assets, including the ongoing potential for material impairment and/or write downs of such assets; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the fiscal year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; exchange rate and annual inflation rate assumptions in respect of cash cost and AISC guidance; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. Non-IFRS Financial Measures This news release also refers to non-IFRS financial measures, including cash costs and all-in sustaining costs. These measures are not standardized financial measures under International Financial Reporting Standards (IFRS), the financial reporting framework used to prepare the financial statements of the Company and therefore may not be comparable to similar financial measures disclosed by other mining companies. These Non-IFRS Measures include cash costs and all-in sustaining cash costs. Readers should refer to the 'Non-IFRS Financial Measures' section in the Company's 2024 MD&A, which section is incorporated herein by reference, for an explanation of these measures and reconciliations to the Company's reported financial results in accordance with IFRS. The MD&A 2024 is available on SEDAR+ at AppendixAISC Guidance ($/GEO) 2025 Guidance Lindero 1,600 - 1,720 Caylloma 1,810 - 2,060 Yaramoko 1,410 Séguéla 1,500 - 1,600 Corporate G&A 116 Consolidated AISC 1,670 - 1,765 Note: 1. AISC includes sustaining capital expenditures, worker's participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary G&A and Brownfields exploration and is estimated at metal prices of $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb, and $2,700/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12. PDF available:
Yahoo
11-05-2025
- Business
- Yahoo
Fortuna Mining Corp. Just Missed EPS By 17%: Here's What Analysts Think Will Happen Next
Shareholders might have noticed that Fortuna Mining Corp. (TSE:FVI) filed its first-quarter result this time last week. The early response was not positive, with shares down 3.1% to CA$7.93 in the past week. It was not a great result overall. While revenues of US$290m were in line with analyst predictions, earnings were less than expected, missing statutory estimates by 17% to hit US$0.20 per share. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. After the latest results, the consensus from Fortuna Mining's three analysts is for revenues of US$935.2m in 2025, which would reflect a considerable 19% decline in revenue compared to the last year of performance. Statutory earnings per share are expected to sink 16% to US$0.45 in the same period. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$1.03b and earnings per share (EPS) of US$0.78 in 2025. From this we can that sentiment has definitely become more bearish after the latest results, leading to lower revenue forecasts and a large cut to earnings per share estimates. View our latest analysis for Fortuna Mining The analysts made no major changes to their price target of CA$9.16, suggesting the downgrades are not expected to have a long-term impact on Fortuna Mining's valuation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic Fortuna Mining analyst has a price target of CA$10.08 per share, while the most pessimistic values it at CA$7.02. This shows there is still a bit of diversity in estimates, but analysts don't appear to be totally split on the stock as though it might be a success or failure situation. Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 24% by the end of 2025. This indicates a significant reduction from annual growth of 27% over the last five years. Compare this with our data, which suggests that other companies in the same industry are, in aggregate, expected to see their revenue grow 13% per year. So although its revenues are forecast to shrink, this cloud does not come with a silver lining - Fortuna Mining is expected to lag the wider industry. The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Unfortunately, they also downgraded their revenue estimates, and our data indicates underperformance compared to the wider industry. Even so, earnings per share are more important to the intrinsic value of the business. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates. Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have forecasts for Fortuna Mining going out to 2027, and you can see them free on our platform here. Plus, you should also learn about the 1 warning sign we've spotted with Fortuna Mining . Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
