Q3 2024 Fortuna Mining Corp Earnings Call Transcript

Nov 07, 2024 / 05:00PM GMT

Release Date Price: $4.79 (+2.35%)

Transcript

Key Points

Positve

Fortuna Mining Corp (FSM) reported record sales of $275 million for Q3 2024, with expectations to surpass $1 billion in sales for the year.
The company achieved a strong EBITDA of $131 million, representing a 48% margin over sales, an increase from previous quarters.
West African operations, particularly Yaramoko and Seguela, exceeded production targets and reported zero lost time injuries.
Fortuna Mining Corp (FSM) maintained a disciplined cost structure, achieving a cash cost of $1,059 per gold equivalent ounce for the quarter.
The company has a strong balance sheet with a net cash position and liquidity of about $350 million, maintaining a low debt-to-EBITDA ratio under 0.2.

Negative

The Lindero mine in Argentina is about 10% above cost guidance due to lagging currency devaluation against inflation.
Fortuna Mining Corp (FSM) is experiencing challenges in collecting VAT receivables in Burkina Faso, which may continue to impact cash flow.
The San Jose mine is set to initiate a progressive closure starting in Q1 2025, which may lead to increased closure costs.
The company faces potential financial implications from repatriating US dollars into Argentine pesos due to local FX restrictions.
Exploration costs have increased, with the 2024 global budget rising from $37 million to $44 million to expand drilling programs.

Operator

Greetings, welcome to Fortuna Mining's Q3 2024 financial and operation results conference call. At this time, all participants are in a listen-only mode, a question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Carlos Baca, Vice President of Investor relations. Carlos. You may begin.

Carlos Baca

Fortuna Silver Mines Inc - Vice-President of Investor Relations

Thank you, Paul. Good morning. Ladies and gentlemen, I would like to welcome you to Fortuna Minings third 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 Ganoza, Chief Financial Officer; David Whittle, Chief Operating Officer, West Africa.

Today's earning call presentation is available on our website as a reminder statements made during this

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