Fortuna Mining Corp (LTS:0QYM)

Q2 2026 Fortuna Mining Corp Earnings Call Transcript

Aug 6, 2026 / 04:00 PM GMT

Transcript

Key Points

Positve

Fortuna Mining Corp (FSM) delivered strong financial results in Q2 2026, with adjusted attributable net income of $75 million and a robust adjusted EBITDA margin of 63%.
The company generated significant free cash flow of $85.7 million in Q2, bringing the first-half total to $260 million, and maintained a strong balance sheet with a net cash position of approximately $435 million.
Fortuna Mining Corp (FSM) is executing on its growth strategy, with the Diamba Sud feasibility study confirming a robust project and the board approving a 30% plant expansion at Séguéla, supporting a path to exceed 500,000 ounces of annual gold production by mid-2028.
The company returned $82 million to shareholders through share buybacks in Q2, demonstrating a disciplined capital allocation strategy that balances growth funding with shareholder returns.
Operational performance remained on track, with year-to-date production of 145,089 gold equivalent ounces keeping the company aligned with its annual production guidance, and the Séguéla mine delivered a solid quarter with production in line with the mine plan.

Negative

Fortuna Mining Corp (FSM) experienced a fatal accident at the Séguéla mine involving a contractor truck operator, highlighting ongoing safety risks and the need for renewed focus on heavy equipment controls and contractor management.
Consolidated all-in sustaining costs (AISC) increased to $2,157 per ounce in Q2, up from Q1, driven by one-time expenses including primary crusher refurbishment at Lindero and contractor mobilization costs at Séguéla.
The company faces external cost pressures, including royalties linked to metal prices, Argentina's macroeconomic conditions (including peso appreciation), and diesel and consumable inflation, which could impact full-year AISC guidance.
Lindero's Q2 AISC rose to $2,265 per ounce due to temporary crusher-related costs, equipment rentals, and inflationary pressures in Argentina, although the company expects costs to trend lower in the second half.
The effective tax rate increased to 46% in Q2, primarily due to higher deferred tax expenses at Lindero, and the company expects these deferred tax charges to continue for the remainder of 2026.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FVI.TO - Fortuna Mining Corp
Q2 2026 Fortuna Mining Corp Earnings Call
Aug 06, 2026 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings.

Welcome to the Fortuna Mining Q2 2026 financial and operational results 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 0 on your telephone keypad.

Please note this conference is being recorded.

I would now like to turn the conference over to your host, Carlos Baca, Vice President of Investment relations, you may begin.

Thank you, Holly.

Good morning everyone, and welcome to Fortuna Mining second quarter 2026 financial and operational results conference call.

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