Q4 2024 Fortuna Mining Corp Earnings Call Transcript
Key Points
- Fortuna Mining Corp (FSM) achieved record free cash flow from operations of $19.6 million in Q4 2024, a 69% increase from Q3 2024.
- The company surpassed $1 billion in sales for the first time in 2024, with a 10% increase in revenue to $302 million in Q4.
- FSM reduced its debt by $118 million since mid-2023, moving to a positive net cash position of $59 million by year-end.
- The Seguela Mine's strong performance resulted in a cash cost of $653 per ounce in Q4, outperforming guidance.
- The Caylloma Mine in Peru surpassed its full-year production guidance for all metals, with zinc and lead production exceeding expectations by 33% and 16%, respectively.
- The San Jose mine in Mexico, FSM's highest-cost mine, was placed in care and maintenance due to being at the tail end of its reserves.
- A fatal accident occurred at the Seguela Mine in February 2025, impacting the company's safety record.
- The company recorded a $14.5 million write-off related to the Bourra mineral property in Burkina Faso.
- A $7.2 million mine closure provision was associated with the scheduled closure of the San Jose mine.
- The Lindero mine faced higher costs due to the appreciation of the Argentine peso, leading to a write-down of low-grade ore stockpiles.
Greetings. Welcome to the Fortuna Mining Company Q4 and full-year 2024 financial and operational results call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host Carlos Baca, Vice President of Investor relations. You may begin.
Thank you, Holly. Good morning, ladies and gentlemen. I would like to welcome you to Fortuna Mining's fourth quarter and full year 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 D. Ganoza, Chief Financial Officer; Cesar Velasco, Chief Operating Officer, Latin America; and David Whittle, Chief Operating Officer, West Africa.
Today's earnings call presentation is available on our website. As a reminder, statements made during the call are subject to the reader's advisories included in yesterday's news release. The earnings call webcast presentation, MD
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