Q2 2025 Fortuna Mining Corp Earnings Call Transcript
Key Points
- Fortuna Mining Corp (FSM) completed the sale of two mines, generating $84 million in proceeds and freeing up $50 million in capital for high-value growth opportunities.
- The Seguela mine is on a growth path, with production guidance of 140,000 ounces of gold for 2025 and 170,000 to 180,000 ounces for 2026.
- The company has a robust balance sheet with $537 million in liquidity and $215 million in net cash, supporting future growth decisions.
- Fortuna achieved a record 7.2 million work hours without any lost time injury, highlighting their commitment to safety.
- Operational efficiencies at the Lindero mine led to a 16% increase in gold production and a reduction in all-in sustaining costs by 6.7% from the previous quarter.
- The sale of the San Jose and Yaramoko mines reduced near-term production, impacting annualized production figures.
- The company's all-in sustaining costs (ASIC) increased to $1,932 per ounce, up from $1,750 in Q1, due to temporary and timing effects related to CapEx and waste stripping.
- There are delays in collecting VAT at the Ivory Coast operations, with $37 million in VAT receivables outstanding for approximately 17 months.
- The cash cost per ounce increased by $63 quarter-over-quarter, mainly due to planned waste stripping at the mines.
- The company experienced a headline EPS miss against analyst consensus due to the timing of withholding taxes, impacting investor sentiment.
Good day, everyone, and welcome to the Fortuna Mining Corps second quarter 2025 financial and operational results call. (Operator Instructions)
It is not my pleasure to turn the floor over to your host Carlos Baca, Vice President, Investor Relations. Sir, the floor is yours.
Thank you, Matthew. Good morning, ladies and gentlemen, and welcome to Fortuna Mining's conference call to discuss our financial and operational results for the second quarter of 2025. Hosting today's call on behalf of Fortuna are Alberto Ganoza, President, Chief Executive Officer, and Co-Founder; Luis Ganoza and also Chief Financial Officer; Cesar Velasco, Chief Operating Officer Latin America; and David Wittle, Chief Operating Officer West Africa. Today's earnings call presentation is available on our website at fortunamining.com.
Before we begin, please note that during the quarter, Fortuna completed the sale of the San Jose and Yaramoko mines. Accordingly, results from these mines have been excluded
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