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Fortuna reports solid production of 110,820 gold equivalent ounces for the third quarter of 2024

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Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports solid production results for Q3 2024 from its five operating mines in West Africa and Latin America. Highlights include:

  • Gold equivalent production of 110,820 ounces
  • Gold production of 91,251 ounces
  • Silver production of 816,187 ounces
  • Zinc and lead production of 12.8 million and 10.0 million pounds

The Lindero leach pad expansion, the company's largest capital project in 2024, is 76% complete and on budget. Fortuna reiterates its 2024 annual production guidance of 457-497 thousand gold equivalent ounces. Notable mine performances include Séguéla's strong output and Yaramoko's continued solid performance, while San Jose faces challenges as it nears the end of its reserves.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) riporta risultati solidi di produzione per il Q3 2024 dalle sue cinque miniere operative in Africa occidentale e America Latina. I punti salienti includono:

  • Produzione equivalente d'oro di 110.820 once
  • Produzione d'oro di 91.251 once
  • Produzione d'argento di 816.187 once
  • Produzione di zinco e piombo di 12,8 milioni e 10,0 milioni di libbre

L'espansione del bacino di lisciviazione di Lindero, il progetto di capitale più grande dell'azienda nel 2024, è completato al 76% e nei limiti del budget. Fortuna ribadisce il suo obiettivo di produzione annuale per il 2024 di 457-497 mila once equivalenti d'oro. Le performance delle miniere degne di nota includono l'elevata produzione di Séguéla e il continuo buon rendimento di Yaramoko, mentre San Jose affronta sfide man mano che si avvicina alla fine delle sue riserve.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) informa sobre resultados sólidos de producción para el Q3 2024 de sus cinco minas operativas en África Occidental y América Latina. Los aspectos destacados incluyen:

  • Producción equivalente de oro de 110,820 onzas
  • Producción de oro de 91,251 onzas
  • Producción de plata de 816,187 onzas
  • Producción de zinc y plomo de 12.8 millones y 10.0 millones de libras

La expansión de la plataforma de lixiviación de Lindero, el proyecto de capital más grande de la empresa en 2024, está completada en un 76% y dentro del presupuesto. Fortuna reitera su guía de producción anual para 2024 de 457-497 mil onzas equivalentes de oro. Las actuaciones notables de las minas incluyen la fuerte producción de Séguéla y el rendimiento sólido continuo de Yaramoko, mientras que San José enfrenta desafíos a medida que se acerca al final de sus reservas.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI)는 2024년 3분기 강력한 생산 결과를 서부 아프리카와 라틴 아메리카의 5개 운영 광산에서 보고했습니다. 주요 내용은 다음과 같습니다:

  • 골드 동등 생산량 110,820 온스
  • 금 생산량 91,251 온스
  • 은 생산량 816,187 온스
  • 아연 및 납 생산량 12.8백만 및 10.0백만 파운드

회사의 2024년 최대 자본 프로젝트인 린데로 침출 패드 확장은 76% 완료되었으며 예산 내에 있습니다. Fortuna는 2024년 연간 생산 가이드를 457-497천 골드 동등 온스로 반복하고 있습니다. 주목할 만한 광산 성과로는 세귀라의 강력한 생산과 야라모코의 지속적인 안정적인 성과가 있으며, 산호세는 자원이 끝나가면서 도전에 직면해 있습니다.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) annonce des résultats de production solides pour le T3 2024 provenant de ses cinq mines opérationnelles en Afrique de l'Ouest et en Amérique Latine. Les points forts comprennent :

  • Production d'équivalent or de 110 820 onces
  • Production d'or de 91 251 onces
  • Production d'argent de 816 187 onces
  • Production de zinc et de plomb de 12,8 millions et 10,0 millions de livres

L'extension de la plateforme de lixiviation de Lindero, le plus grand projet d'investissement de l'entreprise en 2024, est à 76 % de son achèvement et respecte le budget. Fortuna réitère son orientation de production annuelle pour 2024 de 457-497 mille onces d'équivalent or. Les performances notables des mines incluent la forte production de Séguéla et la performance solide continue de Yaramoko, tandis que San José fait face à des défis alors qu'il s'approche de la fin de ses réserves.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) berichtet über starke Produktionsresultate für das 3. Quartal 2024 aus seinen fünf betriebenen Minen in Westafrika und Lateinamerika. Zu den Höhepunkten gehören:

  • Goldäquivalentproduktion von 110.820 Unzen
  • Goldproduktion von 91.251 Unzen
  • Silberproduktion von 816.187 Unzen
  • Zink- und Blei-Produktion von 12,8 Millionen bzw. 10,0 Millionen Pfund

Die Expansion der Laugungsfläche bei Lindero, das größte Investitionsprojekt des Unternehmens im Jahr 2024, ist zu 76% abgeschlossen und im Budgetrahmen. Fortuna bekräftigt seine jährliche Produktionsprognose für 2024 von 457-497 Tausend Goldäquivalentunzen. Nennenswerte Minenergebnisse umfassen die starke Leistung von Séguéla und die weiterhin stabile Leistung von Yaramoko, während San José mit Herausforderungen konfrontiert ist, da das Ende seiner Reserven näher rückt.

Positive
  • Gold equivalent production of 110,820 ounces in Q3 2024
  • Lindero leach pad expansion 76% complete and on budget
  • Séguéla Mine on track to meet upper end of annual guidance
  • Yaramoko Mine shows continued strong performance
  • Caylloma Mine achieved full year production guidance for all metals in Q3
Negative
  • Q3 2024 production lower compared to Q3 2023 (110,820 oz Au Eq vs 128,671 oz Au Eq)
  • San Jose Mine facing challenges with lower grades and tonnage than expected
  • San Jose Mine nearing end of reserves, management evaluating future options

Insights

Fortuna Mining Corp.'s Q3 2024 production results show a mixed performance across its operations. The company produced 110,820 gold equivalent ounces, which is 13.9% lower than Q3 2023 but 5.1% lower than Q2 2024. This suggests a slight quarter-over-quarter improvement but a year-over-year decline.

Key points:

  • Gold production of 91,251 ounces is relatively stable compared to previous quarters
  • Silver production of 816,187 ounces shows a significant decline from Q3 2023
  • The Lindero leach pad expansion, a $41.7 million project, is 76% complete and on budget
  • The company reiterates its 2024 annual production guidance of 457-497k gold equivalent ounces

The stable gold production and ongoing capital projects indicate that Fortuna is maintaining operational focus. However, the decline in silver production and overall gold equivalent ounces may pressure revenue. Investors should monitor how this production mix affects the company's financial performance in the upcoming earnings report.

Fortuna's Q3 2024 results reveal operational challenges and successes across its portfolio. The Séguéla mine in Côte d'Ivoire is a standout performer, with production of 34,998 ounces of gold and throughput 35% above nameplate capacity. This suggests efficient ramp-up and potential for future optimization.

However, other mines show signs of strain:

  • Yaramoko's grade decreased by 20%, impacting production
  • San Jose is operating at the "tail end of reserves," with 46% of production coming from areas of high geological uncertainty
  • Lindero's expansion project is important for maintaining production levels

The company's ability to maintain overall gold production despite these challenges demonstrates operational resilience. However, the potential closure or care and maintenance of San Jose could significantly impact future production profiles. Investors should closely monitor Fortuna's reserve replacement and exploration success, particularly at San Jose and Yaramoko, to assess long-term production sustainability.

VANCOUVER, British Columbia, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports production results for the third quarter of 2024 from its five operating mines in West Africa and Latin America.

Q3 2024 Production highlights

  • Gold equivalent production of 110,820 ounces1; compared to 128,671 oz Au Eq in Q3 20232 and 116,570 oz Au Eq in Q2 20243
  • Gold production of 91,251 ounces; compared to 94,821 oz Au in Q3 20232 and 92,716 oz Au in Q2 20243
  • Silver production of 816,187 ounces; compared to 1,680,751 oz Ag in Q3 20232 and
    990,574 oz Ag in Q2 20243
  • Zinc and lead production of 12.8 million and 10.0 million pounds; compared to 14.0 million and 10.3 million pounds in Q3 20232, respectively
  • Lindero leach pad expansion is the largest capital project of the Company in 2024. As of the end of September, the $41.7 million capital investment was approximately 76 percent complete and on budget. First ore to the new leach pad is planned for later this month

Consolidated gold and silver production for the nine months of 2024 totaled 273,645 ounces and 2.9 million ounces, respectively, or 339,933 ounces of gold equivalent1, including lead and zinc by-products. Fortuna reiterates its 2024 annual production guidance range of between 457 and 497 thousand ounces of gold equivalent ounces4, including lead and zinc by-products (refer to Fortuna news release dated January 18, 2024).

Q3 2024 Consolidated Gold and Silver Production

 Gold Production (oz)Silver Production (oz)
Q3
2024
Q3
2023
9 months
2024
Guidance
2024 (koz)
Q3
2024
Q3
2023
9 months
2024
Guidance
2024 (Moz)
Lindero, Argentina24,34520,93370,48193 - 105----
Yaramoko, Burkina Faso28,00634,03686,630105 - 119----
Séguéla, Côte d’Ivoire34,99831,498102,537126 - 138----
San Jose, Mexico3,7718,20513,57319 - 23510,7411,372,5301,954,0283.1 - 3.6
Caylloma, Peru131149424-305,446308,221927,3040.9 - 1.1
Total91,25194,821273,645343 - 385816,1871,680,7512,881,3324.0 – 4.7

Notes:

  1. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb and $2,782/t Zn or Au:Ag = 1:84.78, Au:Pb = 1:1.22, Au:Zn = 1:0.90
  2. Refer to Fortuna news release: October 5, 2023, “Séguéla drives Fortuna to record gold equivalent production of 128,671 ounces in the third quarter 2023
  3. Refer to Fortuna news release: July 9, 2024, “Fortuna reports solid production of 116,570 gold equivalent ounces for the second quarter of 2024
  4. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,800/oz Au, $22/oz Ag, $2,000/t Pb and $2,500/t Zn or Au:Ag = 1:81.82, Au:Pb = 1:0.90, Au:Zn = 1:0.72


West Africa Region

Séguéla Mine, Côte d’Ivoire: On-track to meet upper end of annual guidance

 Q3 2024Q2 2024
Tonnes milled418,390318,457
Average tpd milled4,5483,461
Gold grade (g/t)2.693.47
Gold recovery (%)92.293.8
Gold production (oz)134,99832,983

Note:

  1. Au Production includes doré only


Mining

Mine production totaled 484,050 tonnes of ore, averaging 2.48 g/t Au, and containing an estimated 38,661 ounces of gold from the Antenna, Ancien, and Koula pits. Movement of waste during the quarter totaled 2,935,335 tonnes, for a strip ratio of 6:1.

Production was mainly focused from the Antenna pit which produced 412,063 tonnes of ore, with the balance of production sourced from the Koula and Ancien pits.

Processing

In the third quarter of 2024, Séguéla produced 34,998 ounces of gold at an average head grade of 2.69 g/t Au, a 6 percent increase and 22 percent decrease, respectively, compared to the second quarter in 2024. The decrease in gold grade is in line with the planned mining sequence. Plant throughput for the quarter averaged 208 tonnes per hour (tph), 35 percent higher than name plate design capacity of 154 tph. The power outages that were experienced in the second quarter did not affect processing plant operations in the third quarter and enabled an increase in the tonnes processed. However, a failure of the drive shaft of the main apron feeder in early July required a repair which reduced throughput rates while the repairs were completed. Throughput rates were subsequently increased, averaging 216 tph in September.

Gold production for the first nine months of 2024 totaled 102,537 ounces.

Yaramoko Mine, Burkina Faso: Continued strong performance

 Q3 2024Q2 2024
Tonnes milled123,754121,391
Average tpd milled1,3451,319
Gold grade (g/t)6.718.40
Gold recovery (%)97.8598.25
Gold production1 (oz)28,00631,447

Note:

  1. Production includes doré only

In the third quarter of 2024, 123,754 tonnes of ore were treated at an average head grade of 6.71 g/t Au, producing 28,006 ounces of gold. This represents a 20 percent decrease in grade, and an 11 percent decrease in production, compared to the second quarter in 2024. The gold grade was lower than predicted in the mine plan due to continuing development operations providing lower grade ore and the milling of supplementary low-grade stockpiles.

During the quarter, 80,740 tonnes of ore were mined averaging 7.41 g/t Au from 55 Zone, and 21,905 tonnes of ore averaging 9.02 g/t Au from QV Prime, totaling 102,645 tonnes averaging 7.75 g/t Au.

Gold production for the first nine months of 2024 totaled 86,630 ounces.

Latin America Region

Lindero Mine, Argentina: In-line to meet annual guidance

 Q3 2024Q2 2024
Ore placed on pad (t)1,654,1011,408,791
Gold grade (g/t)0.660.61
Gold production1 (oz)24,34522,874

Note:

  1. Lindero production includes doré, gold-in-carbon and gold in copper concentrate

During the third quarter of 2024, 2.1 million tonnes of ore were mined, with a stripping ratio of 1:1. A total of 1.6 million tonnes of ore were placed on the leach pad averaging 0.66 g/t Au, containing an estimated 34,925 ounces of gold. The 17 percent increase in tonnes placed on the leach pad, when compared to the previous quarter, is mainly due to more days of operation and slightly higher throughput for the period.

Lindero’s total gold production for the quarter was 24,345 ounces of gold, comprised of 22,569 ounces in doré bars, 1,754 ounces contained in rich fine carbon, and 21 ounces contained in copper precipitate. The 6 percent increase in production, when compared to the previous quarter, is mainly explained by the higher ore grade placed on pad, as per the planned mining sequence for the period. Higher head grades and ore tonnes placed on pad during the quarter mean production is on track to meet annual guidance.

As of the end of September, the $51.8 million leach pad expansion project ($41.7 million capital investment in 2024) was approximately 76 percent complete and tracking on budget. Procurement is complete, with all items onsite. Liner installation is approximately 44 percent complete. The Company expects to start placing ore on the leach pad expansion in the latter part of October 2024 with practical completion expected by year-end. Minor construction activities and contractor demobilization are planned for early 2025.

Gold production for the first nine months of 2024 totaled 70,481 ounces.

San Jose Mine, Mexico: Producing from the tail end of reserves

 Q3 2024Q2 2024
Tonnes milled188,212176,214
Average tpd milled2,1631,980
Silver grade (g/t)99140
Silver recovery (%)85.6786.56
Silver production (oz)510,741684,176
Gold grade (g/t)0.741.09
Gold recovery (%)84.7285.46
Gold production (oz)3,7715,269


In the third quarter of 2024, the San Jose Mine produced 510,741 ounces of silver, and 3,771 ounces of gold at average head grades of 99 g/t Ag and 0.74 g/t Au; reflecting a 25 percent and 28 percent decrease, respectively, when compared to the second quarter of 2024. The processing plant milled 188,212 tonnes averaging 2,163 tonnes per day. Metallurgical recoveries were impacted by higher iron oxide material from upper levels mined during the period.

The mine plan in the second half of 2024 includes areas with increased geologic uncertainty, as the mine is operating at the tail end of its reserves. In the third quarter, production carried out near old workings at the upper levels of the mine, which accounted for 46 percent of quarterly planned production, returned 36 percent lower head grades and 28 percent lower tonnage than expected. The mine plan for the fourth quarter continues to encompass areas of high geologic uncertainty.

The exploration program at the Yessi vein was completed during the quarter, and the Company is now assessing its economic potential along with the resources at the Victoria vein. As the operation is expected to exhaust its Mineral Reserves by year end, management is evaluating the options of continued operations, placing the operation on care and maintenance, or triggering a progressive closure plan.

Silver and gold production for the nine months of 2024 totaled 1,954,028 ounces and 13,573 ounces, respectively.

Caylloma Mine, Peru: Full year production guidance achieved for all metals in the third quarter

 Q3 2024Q2 2024
Tonnes milled138,030136,543
Average tpd milled1,5511,552
Silver grade (g/t)8283
Silver recovery1 (%)84.0983.75
Silver production (oz)305,446306,398
Lead grade (%)3.623.83
Lead recovery (%)90.7391.28
Lead production (lbs)9,997,96410,524,868
Zinc grade (%)4.644.80
Zinc recovery (%)90.7990.16
Zinc production (lbs)12,808,85713,040,343

Note:

  1. Metallurgical recovery for silver is calculated based on silver content in lead concentrate


The Caylloma Mine produced 305,446 ounces of silver at an average head grade of 82 g/t Ag in the third quarter of 2024, reflecting similar production as the previous quarter. Silver production for the first nine months of 2024 totaled 927,304 ounces.

Zinc and lead production was 12,808,857 and 9,997,964 pounds, respectively, with average head grades of 4.64 % Zn and 3.62 % Pb, representing a 2 and 5 percent decrease in production when compared to the preceding quarter. The lower production is the result of lower head grades delivered to the plant, in accordance with the planned mining sequence for the period. Zinc and lead production for the first nine months of 2024 accounted for 38,031,945 pounds and 30,053,416 pounds, respectively.

Qualified Person

Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru, as well as the preliminary economic assessment stage Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.

Investor Relations:

Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, statements about the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations; statements reiterating the Company’s 2024 annual production guidance and the likelihood of the Company meeting such annual production guidance, including that gold production at the Séguéla Mine is on track to meet the upper end of annual guidance, that gold production at the Lindero Mine is in-line to meet annual guidance; the expected timing for completion of the leach pad expansion project at the Lindero Mine and the timing for the commencement of placing ore on the leach pad expansion; statements regarding the Company’s plans for the San Jose Mine; statements regarding the ongoing exploration at the Yessi vein at the San Jose Mine; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; the future financial or operating performance of the Company; the Company’s ability to comply with contractual and permitting or other regulatory requirements; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations such as the Séguéla Mine; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; the possibility that the appeal in respect of the ruling in favour of Compañia Minera Cuzcatlan S.A. de C.V. reinstating the environmental impact authorization (the “EIA”) at the San Jose Mine will be successful; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that the appeal filed in the Mexican Collegiate Court challenging the reinstatement of the EIA will be unsuccessful; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves.

Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

All dollar amounts in this news release are expressed in United States dollars.


FAQ

What was Fortuna's gold equivalent production in Q3 2024?

Fortuna Mining Corp. (NYSE: FSM) reported gold equivalent production of 110,820 ounces in Q3 2024.

How much gold did Fortuna produce in Q3 2024?

Fortuna Mining Corp. (NYSE: FSM) produced 91,251 ounces of gold in Q3 2024.

What is the status of Fortuna's Lindero leach pad expansion project?

As of September 2024, Fortuna's (NYSE: FSM) Lindero leach pad expansion project was approximately 76% complete and on budget, with first ore planned for October 2024.

Is Fortuna (NYSE: FSM) on track to meet its 2024 production guidance?

Yes, Fortuna Mining Corp. (NYSE: FSM) reiterates its 2024 annual production guidance range of 457-497 thousand gold equivalent ounces.

What challenges is Fortuna's San Jose Mine facing in Q3 2024?

Fortuna's (NYSE: FSM) San Jose Mine is facing challenges with lower grades and tonnage than expected, as it is operating at the tail end of its reserves.

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