Q2 2024 Fortuna Mining Corp Earnings Call Transcript
Key Points
- Fortuna Mining Corp (FSM) reported significant operational and financial results in Q2 2024, with a production of 116,000 gold equivalent ounces.
- The company achieved a robust adjusted EBITDA of $113 million, reflecting a strong margin of 43%.
- Fortuna successfully placed $172 million in convertible notes, which were three times oversubscribed, increasing liquidity to $350 million and lowering the cost of capital.
- The Seguela mine's processing plant exceeded expectations, operating at 36% above its design capacity, which helped mitigate power outages.
- The emerging Kingfisher discovery at the Seguela mine shows promising potential, with continuous mineralization identified over a two-kilometer strike length.
- The Lindero mine experienced a slight 2% decrease in gold production due to longer-than-expected maintenance pauses.
- San Jose mine faces potential closure or transition to care and maintenance due to the exhaustion of mineral reserves by year-end.
- Power supply limitations affected operations at Seguela and Yaramoko mines, although mitigated by optimization efforts.
- The company faces increasing costs due to the appreciation of the Mexican peso, impacting operations at the San Jose mine.
- Yaramoko mine experienced a seismic event causing a temporary halt in mining operations, which may affect production in the third quarter.
Greetings. Welcome to the Fortuna Mining Corp., Q2 2024 financial and operational results call. (Operator Instructions)
Please note this conference is being recorded. I will now hand the conference over to your host, Carlos Baca, Vice President of Investor Relations. Sir, the floor is yours.
Thank you, Jenny. Good morning to all. I would like to welcome you to Fortuna Mining second-quarter 2024 financial and operational results conference call. Hosting the call today on behalf of the company will be Jorge Alberto Ganoza, President and Chief Executive Officer; Luis Dario Ganoza our Chief Financial Officer; Cesar Velasco, Chief Operating Officer, Latin America; David Whittle, Chief Operating Officer, West Africa.
Today's earnings call presentation is available on our website as a reminder, statements made during this call are subject to the reader advisories included in yesterday's news release, the earnings call, webcast presentation and MD&A and our risk factors
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