Fortuna Experiences Outcomes for the Fourth Quarter and Full 12 months 2024

This part is

Revealed Mar 05, 2025 • 58 minute learn

(All quantities are expressed in US {dollars}, tabular quantities in thousands and thousands, until in any other case acknowledged)

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VANCOUVER, British Columbia, March 05, 2025 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI)
(“Fortuna” or the “Firm”) as we speak reported its monetary and working outcomes for the fourth quarter and full yr of 2024.

Fourth Quarter and Full 12 months 2024 highlights

Money and Cashflow

Report free money circulate¹ of $95.6 million in This fall, 1 / 4 over quarter (“QoQ”) enchancment of 69%; $202.9 million in 2024
Internet money from operations of $141.6 million earlier than working capital or $0.46 per share in This fall, a QoQ improve of 21%; $438.2 million or $1.42 per share in 2024
Quarter-end money of $231.3 million, a QoQ improve of $50.7 million from sturdy progress in free money circulate. Liquidity was $381.3 million and the Firm achieved a optimistic web money¹ place of $58.8 million

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Profitability

Attributable web revenue of $11.3 million or $0.04 per share in This fall after non-cash expenses of $26.3 million; attributable web revenue of $128.7 million or $0.42 per share in 2024
Attributable adjusted web revenue¹ of $37.0 million or $0.12 per share in This fall together with unrealized overseas change loss and better efficient tax fee from Euro devaluation of $0.05 per share; $144.0 million, or $0.47 per share in 2024

Return to Shareholders

Returned $30.6 million to shareholders in This fall by the repurchase of 6.4 million shares and an extra $1.8 million for 0.4 million shares in January 2025

Operational

Gold equal manufacturing of 116,358 ounces³ in This fall; report gold equal manufacturing of 455,958 ounces³ in 2024, assembly the low finish of annual steering
Consolidated money value per gold equal ounce (“GEO¹“)of $1,015 in This fall; $987 in 2024, inside annual steering
Consolidated AISC per GEO¹ of $1,772 for This fall; $1,640 in 2024, inside annual steering
Robust security efficiency in 2024 with a TRIFR of 1.36, and a LTIFR of 0.48 attaining the identical degree of high trade customary as in 2023

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Development and Growth

$49.0 million invested in mineral exploration and venture growth in 2024 and a price range of $51.0 million for 2025. A few of the high-value targets embrace Kingfisher and Sunbird deep deposits on the Séguéla mine, the Tongon North prospect in northern Cote d´Ivoire, and the Diamba Sud venture in Senegal.
The flagship Séguéla mine delivered 137,781 ounces at an AISC of $1,153 per ounce in 2024, in its first full yr of gold manufacturing. Two-year gold manufacturing steering for 2025 and 2026 has been offered for Séguéla, with incremental manufacturing deliberate to achieve 160,000 to 180,000 ounces in 2026 at an AISC within the vary of $1,260 to $1,390 per ounce.

Jorge A. Ganoza, President and CEO, commented, “This fall was a report quarter of free cash-flow at $95.6 million. Quarter over quarter, we realized 7% greater gold costs and 10% greater income, whereas retaining money value per ounce flat, resulting in expanded working money circulate margin from 33% to 50%. With the expansion in money circulate over the yr and a sound stability sheet we returned $30.6 million to shareholders by way of share buybacks in This fall.” Mr. Ganoza continued “Price and capital optimization initiatives throughout the portfolio stays high of thoughts for administration with varied alternatives efficiently applied in 2024 and persevering with into 2025. The sale of the non-core asset San Jose mine will take away our highest value ounces and refocuses capital and administration´s consideration to high-value alternatives within the portfolio. Moreover, the profitable optimization of the Séguéla mine is enabling us to plan for elevated charges of annual gold manufacturing of 160,000 to 180,000 ounces at trade main prices by 2026, unlocking vital worth.”

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Fourth Quarter and Full 12 months 2024 Consolidated Outcomes


	Three months ended,					Years ended December 31,
(Expressed in thousands and thousands)	December 31, 2024	September 30, 2024		December 31, 2023		2024	2023		% Change
Gross sales	302.2	274.9		265.3		1,062.0	842.4		26	%
Mine working revenue	106.8	86.9		51.9		343.6	190.0		81	%
Working revenue (loss)	52.8	72.7		(77.4	)	228.0	(0.4	)	57,100	%
Attributable web revenue (loss)	11.3	50.5		(92.3	)	128.7	(50.8	)	353	%
Attributable revenue (loss) per share – primary	0.04	0.16		(0.30	)	0.42	(0.17	)	347	%
Adjusted attributable web revenue¹	37.0	49.9		20.6		144.0	64.9		122	%
Adjusted EBITDA¹	137.9	131.3		120.3		476.9	335.1		42	%
Internet money offered by working actions	150.3	92.9		105.1		365.7	296.9		23	%
Free money circulate from ongoing operations¹	95.6	56.6		66.2		202.9	153.5		32	%
Money value ($/oz Au Eq)¹	1,015	1,059		840		987	874		13	%
All-in sustaining money value ($/oz Au Eq)^1,2	1,772	1,668		1,416		1,640	1,480		11	%
Capital expenditures²
Sustaining	48.1	38.4		46.8		142.2	136.1		4	%
Non-sustaining³	12.0	12.3		1.8		50.8	5.2		877	%
Séguéla development	–	–		–		–	50.0		(100	%)
Brownfields	1.3	(0.5	)	4.8		10.4	16.1		(35	%)
As at						December 31, 2024	December 31, 2023		% Change
Money and money equivalents						231.3	128.1		81	%
Internet liquidity place (excluding letters of credit score)						381.3	213.1		79	%
Shareholder’s fairness attributable to Fortuna shareholders						1,403.9	1,238.4		13	%
¹Seek advice from Non-IFRS Monetary Measures part on the finish of this information launch and to the MD&A accompanying the Firm’s monetary statements filed on SEDAR+ at www.sedarplus.ca for an outline of the calculation of those measures.
²Capital expenditures are offered on a money foundation
³ Non-sustaining expenditures embrace greenfields exploration
⁴The composition of AISC was revised in This fall 2024 and the comparative intervals had been adjusted to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” for an outline of the calculation and the explanation for the change
Figures could not add as a consequence of rounding

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Fourth Quarter 2024 Outcomes

This fall 2024 vs Q3 2024

Money value per ounce and AISC
Money value per ounce of gold equal (“GEO”) bought was $1,015 in This fall 2024, an enchancment of 4% in comparison with $1,059 over the prior quarter. All-in sustaining prices per GEO was $1,772 in This fall in comparison with $1,668 in Q3 2024 due primarily to greater capex in mine growth and infrastructure within the quarter associated to the growth of lifetime of mine at Yaramoko and the deliberate growth of annual gold manufacturing at Séguéla to 160,000 – 180,000 oz by 2026, and timing of capital expenditures.

Attributable Internet Revenue and Adjusted Internet Revenue
Attributable web revenue for the interval was $11.3 million in comparison with an attributable web revenue of $50.5 million in Q3 2024. The fourth quarter of 2024 was impacted by non-cash expenses of $26.3 million as follows.

A write-down of $14.5 million associated to the Boussoura mineral property in Burkina Faso. Nearly all of the write-down corresponds to the acquisition value assigned to Boussoura as a part of the Roxgold acquisition and displays the Firm’s view as to Boussoura’s exploration prospects.
A $7.2 million mine closure provision related to the scheduled closure of the San Jose Mine. Subsequent to the tip of the quarter, the Firm entered right into a binding letter of intent to divest of the San Jose mine. The related closure provision is anticipated to unwind upon completion of the sale.
A write-down of low-grade ore stockpiles of $4.6 million on the Lindero Mine.

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After adjusting for impairment expenses and different non-recurring gadgets, adjusted attributable web revenue was $37.0 million or $0.12 per share in comparison with $49.9 million or $0.16 per share in Q3 2024. The lower was defined by a overseas change (“FX”) lack of $10.4 million in This fall 2024 in comparison with a achieve of $3.4 million in Q3 2024, and by a better efficient tax fee (“ETR”) representing roughly $16 million of extra revenue tax provision over the prior quarter. The primary explanation for the FX loss and the upper ETR in This fall was the 8% devaluation of the Euro versus the USD which had an estimated mixed affect on earnings per share of 5 cents. This was partially offset by greater gross sales of $27.3 million, associated to a better realized gold value quarter over quarter and 4% greater gold bought. Realized gold value in This fall 2024 was $2,662 per ounce in comparison with $2,490 in Q3 2024.

Different gadgets impacting the quarter in comparison with Q3 2024 had been greater Company G&A expenditures of $4.4 million associated to timing of bills.

Money circulate
Internet money generated by operations earlier than working capital changes was $141.6 million or $0.46 per share. After adjusting for working capital modifications, web money generated by operations for the quarter was $150.3 million in comparison with $92.9 million in Q3 2024. The rise of $57.4 million displays greater gross sales and optimistic change in working capital in This fall 2024 of $8.6 million in comparison with detrimental $26.4 million in Q3 2024, and lower-income tax paid of $7.1 million.

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Free money circulate from ongoing operations in This fall 2024 elevated $39 million over Q3 2024 to $95.6 million. The rise was as a consequence of greater money generated by operations partially offset by greater capital expenditures of $15.9 million. Free money circulate in This fall 2024, after progress capex of $12.0 million, was $83.6 million.

This fall 2024 vs This fall 2023

Money value per ounce and AISC
Consolidated money value per equal gold ounce was $1,015, in comparison with the $840 reported in This fall 2023. The rise in money value was pushed primarily by greater money value at Séguéla, and the San Jose Mine working in its final yr of Mineral Reserves. The rise in money value at Séguéla is defined primarily by decrease head grades in 2024, as per the mine plan, and decrease stripping and mining prices throughout Séguéla’s first semester of operations in 2023. Money value additionally elevated at Lindero as a consequence of decrease manufacturing and the affect of the appreciation of the Argentine peso.

All-in sustaining prices per gold equal ounce was $1,772 in This fall 2024 in comparison with $1,416 in This fall 2023. AISC within the quarter contains the $1.4 million annual funding achieve (This fall 2023: $12.4 million) from cross border, Argentine pesos denominated bond trades. It is a profit granted to exporters by the Argentine Authorities whereby 20% of export proceeds is allowed to be transformed into pesos at a preferential change fee. This profit is meant to alleviate exporters for the affect of the overvaluation of the official change fee on enter prices. The rise in AISC was primarily the results of greater money value per ounce as described above and better sustaining capital at Lindero associated to the growth of the leach-pad. The composition of AISC was revised in This fall 2024 and the comparative intervals had been up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” on web page 27 within the 2024 MD&A for an outline of the calculation and the explanation for the change.

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Attributable Internet Revenue and Adjusted Internet Revenue
Attributable web revenue for the interval was $11.3 million in comparison with an attributable web lack of $92.3 million in This fall 2023. The fourth quarter of 2024 was impacted by non-cash expenses of $26.3 million in comparison with $118.4 million within the fourth quarter of 2023.

After adjusting for write-downs and different non-recurring gadgets, adjusted attributable web revenue was $37.0 million or $0.12 per share in comparison with $20.6 million or $0.07 per share in This fall 2023. The rise was primarily as a consequence of greater gold costs. The realized gold value was $2,662 per ounce in This fall 2024 in comparison with $1,990 per ounce in This fall 2023. This was partially offset by decrease gold gross sales quantity and better value per ounce. Decrease gold gross sales quantity was primarily as a consequence of decrease manufacturing at Séguéla, San Jose, and Lindero. The lower in manufacturing at Séguéla and Lindero was as a consequence of decrease head grades, in accordance with the mine plan, partially offset by greater processed ore. The upper value per ounce was defined primarily by the decrease head grades at Séguéla and Lindero, decrease stripping and mining prices throughout Séguéla´s second quarter of operations in This fall 2023, and the affect of the appreciation of the Argentine peso at Lindero.

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Different gadgets impacting the adjusted web revenue for the quarter in comparison with This fall 2023 had been a better unrealized overseas change lack of $8.5 million principally defined by an 8% devaluation of the Euro versus the USD within the interval, and decrease funding revenue of $11.0 million associated to cross-border, Argentine peso denominated bond trades.

Depreciation and Depletion
Depreciation and depletion decreased $9.0 million to $62.6 million within the fourth quarter of 2024 in comparison with $71.6 million within the comparable interval of 2023. The lower was primarily as a consequence of decrease accounting balances at San Jose after a $90.6 million impairment at yr finish 2023. Depreciation and depletion within the interval embrace $18.2 million associated to the acquisition value allocation from the Roxgold acquisition at Séguéla.

Money Stream
Internet money generated by operations for the quarter was $150.3 million in comparison with $105.1 million in This fall 2023. The rise of $45.2 million displays greater gross sales and optimistic change in working capital in This fall 2024 of $8.7 million in comparison with nil in This fall 2023, and decrease curiosity paid of $3.2 million.

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Free money circulate from ongoing operations for the quarter was $95.6 million in comparison with $66.2 million in This fall 2023. The rise displays greater web money generated by operations.

Full 12 months 2024 Outcomes

Money value per ounce and AISC
Money value per equal gold ounce was $987, in comparison with $874 reported in 2023. The rise in money value is defined primarily by decrease head grades at Séguéla in 2024, and decrease stripping and mining prices throughout Séguéla’s first semester of operations within the second half of 2023, in addition to greater value at San Jose as defined earlier. Money value for the complete yr additionally elevated at Lindero as a consequence of decrease manufacturing and the affect of the appreciation of the Argentine peso.

All-in sustaining prices per gold equal ounce was $1,640 in 2024 in comparison with the $1,480⁴ recorded within the prior yr due primarily to greater money value per ounce as described above and better capex principally at Lindero. AISC for 2024 contains the $9.7 million annual funding achieve (FY 2023: $12.4 million) from cross border, Argentine peso denominated bond trades. (See dialogue above).

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Attributable Internet Revenue and Adjusted Internet Revenue
Attributable web revenue for the yr was $128.7 million, in comparison with an attributable web lack of $50.8 million in 2023. The loss in 2023 was defined by impairment expenses of $90.6 million on the San Jose Mine.

After adjusting for write-downs and different non-recurring gadgets, attributable adjusted web revenue for 2024 was $144.0 million or $0.47 per share, in comparison with $64.9 million or $0.22 per share in 2023. The rise was primarily as a consequence of greater gold costs and better gold gross sales quantity. The realized gold value was $2,401 per ounce in 2024 in comparison with $1,948 per ounce in 2023. Greater gold gross sales quantity was primarily because of the full yr contribution of Séguéla upon profitable commissioning and ramp-up in Q2 2023, partially offset by decrease manufacturing at Lindero, aligned with the grade profile within the mine plan, and decrease head grades and processed ore at San Jose, in its final yr of mineral reserves.

Depreciation and Depletion
Depreciation and depletion for 2024 elevated $10.3 million to $230.0 million in comparison with $219.6 million in 2023. The rise was primarily as a consequence of a rise in ounces bought at Séguéla and partially offset by decrease depletion bills at San Jose. Depreciation and depletion within the interval embrace $71.6 million associated to the acquisition value allocation from the Roxgold acquisition at Séguéla.

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Money Stream
Internet money generated by operations earlier than working capital modifications was $438.2 million or $1.42 per share. After adjusting for working capital modifications, web money generated by operations for 2024 was $365.7 million in comparison with $296.9 million in 2023. The rise of $68.8 million is defined by greater gross sales partially offset by detrimental modifications in working capital of $72.5 million in 2024 from a rise in receivables of $46.4 million as a consequence of timing and delays in repayments of VAT in Burkina Faso and a rise in inventories of $24.5 million associated to a rise in ore stockpiles at Lindero and Séguéla. This compares to a detrimental working capital adjustment of $9.7 million in 2023. Greater taxes paid of $17.7 million was as a consequence of Séguéla paying revenue taxes for the primary time in 2024 after initiating business manufacturing within the second half of 2023.

Free money circulate from ongoing operations for 2024 was $202.9 million in comparison with $153.5 million in 2023. The rise of $49.4 million displays greater web money generated by operations, partially offset by greater sustaining capital expenditures of $14.6 million. Free money circulate in 2024, after progress capex of $44.3 million and the Séguéla NSR repurchase of $6.5 million, was $150.5 million.

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Séguéla Mine, Côte d’Ivoire

Three months ended December 31,

Years ended December 31,

2024

2023

2024

2023

Mine Manufacturing

Tonnes milled

430,117

387,624

1,561,800

807,617

Common tonnes crushed per day

4,727

4,123

4,279

3,282

Gold

Grade (g/t)

2.95

3.62

2.95

3.42

Restoration (%)

Manufacturing (oz)

35,244

43,096

137,781

78,617

Metallic bought (oz)

36,384

43,018

137,753

78,521

Realized value ($/oz)

2,658

1,994

2,399

1,963

Unit Prices

Money value ($/oz Au)¹

653

323

584

357

All-in sustaining money value ($/oz Au)¹

1,376

737

1,153

760

Capital Expenditures ($000’s)²

Sustaining

13,626

7,765

28,488

10,912

Sustaining leases

3,347

2,285

10,381

5,329

Non-sustaining

5,021

–

19,458

–

Brownfields

423

–

6,696

–

¹Money value and All-in sustaining money value are non-IFRS monetary measures. Seek advice from Non-IFRS Monetary Measures.

² Capital expenditures are offered on a money foundation

Quarterly and Annual Working and Monetary Highlights

Throughout the fourth quarter of 2024, mine manufacturing totaled 715,008 tonnes of ore, averaging 2.34 g/t Au, and containing an estimated 53,796 ounces of gold from the Antenna, Ancien, and Koula pits. Motion of waste through the quarter totaled 3,670,138 tonnes, for a strip ratio of 5.1:1. Manufacturing was primarily centered from the Antenna pit, which produced 530,651 tonnes of ore, with the stability of manufacturing sourced from the Koula and Ancien pits.

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Within the fourth quarter of 2024, Séguéla processed 430,117 tonnes of ore, producing 35,244 ounces of gold, at a mean head grade of two.95 g/t Au, an 18% lower and a 19% lower, respectively, in comparison with the fourth quarter of 2023. The lower in gold manufacturing was as a consequence of decrease head grades and decrease restoration and partially offset by greater milled tonnes. Plant throughput for the quarter was 208 tonnes per hour (TPH) surpassing the title plate design capability of 154 TPH by 35%.

Gold manufacturing in 2024 totaled 137,781 ounces, attaining the upper finish of the annual steering vary. A 75% improve in ounces of gold produced through the yr ended December 31, 2024 was primarily as a consequence of a full yr of manufacturing in 2024 in comparison with solely six months in 2023.

Money value per gold ounce bought was $653 for the fourth quarter of 2024 and $584 for the complete yr, in comparison with $323 for the fourth quarter of 2023 and $357 for the complete yr of 2023. The rise in money prices is defined primarily by decrease head grades in 2024, as per the mine plan, and decrease stripping and mining prices throughout Séguéla’s first six months of operation within the second half of 2023.

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All-in sustaining money value per gold ounce bought was $1,376 for the fourth quarter of 2024 in comparison with $737 in the identical interval of the earlier yr. For the complete yr, the all-in sustaining money value was $1,153, in comparison with $760 in 2023. The rise for the quarter was primarily the results of greater money prices, greater sustaining capital from greater stripping and the acquisition of capital spares in addition to decrease quantity of steel bought. The rise for the yr was as a consequence of greater money prices, elevated royalties as a consequence of greater realized steel costs and better sustaining capital expenditures.

Brownfields capital expenditures had been $6.7 million for the complete yr in 2024, in comparison with $nil in 2023, on account of drilling actions to outline the geometry of mineral deposits.

Yaramoko Mine, Burkina Faso

Three months ended December 31,

Years ended December 31,

2024

2023

2024

2023

Mine Manufacturing

Tonnes milled

102,105

110,445

454,969

531,578

Gold

Grade (g/t)

9.18

7.16

8.21

6.81

Restoration (%)

Manufacturing (oz)

29,576

28,235

116,206

117,711

Metallic bought (oz)

29,509

28,229

116,130

117,676

Realized value ($/oz)

2,669

1,984

2,397

1,945

Unit Prices

Money value ($/oz Au)¹

812

949

860

809

All-in sustaining money value ($/oz Au)¹

1,302

1,720

1,359

1,499

Capital Expenditures ($000’s)²

Sustaining

8,035

12,620

28,147

49,938

Sustaining leases

1,002

1,077

4,071

4,758

Non-sustaining

1,649

–

5,654

–

Brownfields

393

1,261

1,936

4,917

¹ Money value and All-in sustaining money value are non-IFRS monetary measures; confer with non-IFRS monetary measures part on the finish of this information launch and to the MD&A accompanying the Firm’s monetary statements filed on SEDAR+ at www.sedarplus.ca for an outline of the calculation of those measures.

²Capital expenditures are offered on a money foundation.

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Quarterly and Annual Working and Monetary Highlights

Within the fourth quarter of 2024, the Yaramoko Mine handled 102,105 tonnes of ore and produced 29,576 ounces of gold with a mean gold head grade of 9.18g/t, 5% and 28% will increase when in comparison with the identical interval in 2023. Decrease tonnage milled was as a consequence of 16 days of misplaced milling time as a consequence of an tools failure. Greater manufacturing within the fourth quarter of 2024 was as a consequence of greater grades; partially offset by decrease tonnes processed.

Gold manufacturing in 2024 totaled 116,206 ounces, attaining the upper finish of the annual steering vary.

The money value per ounce of gold bought for the quarter ended December 31, 2024, was $812 in comparison with $949 in the identical interval in 2023. The lower for the quarter is principally attributed to decrease mining prices and better grades. For the yr ending December 31, 2024, the money value per ounce of gold bought was $860, a rise from $809 in 2023. The complete yr improve is principally as a consequence of greater mining prices throughout prior quarters.

The all-in sustaining money value per gold ounce bought was $1,302 for the quarter ended December 31, 2024, in comparison with $1,720 in the identical interval of 2023. The lower is principally as a consequence of decrease sustaining capital prices, decrease money prices, and an administrative penalty paid within the fourth quarter of 2023. For the complete yr, the all-in sustaining money value was $1,359 in 2024, in comparison with $1,499 in 2023. The lower in AISC was primarily the results of decrease sustaining capital prices.

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Lindero Mine, Argentina

Three months ended December 31,

Years ended December 31,

2024

2023

2024

2023

Mine Manufacturing

Tonnes positioned on the leach pad

1,757,290

1,556,000

6,367,505

6,005,049

Gold

Grade (g/t)

0.60

0.63

0.62

0.64

Manufacturing (oz)

26,806

29,591

97,287

101,238

Metallic bought (oz)

26,840

29,308

96,726

103,503

Realized value ($/oz)

2,659

1,993

2,411

1,942

Unit Prices

Money value ($/oz Au)¹

1,063

934

1,051

920

All-in sustaining money value ($/oz Au)^1,3

1,873

1,127

1,793

1,444

Capital Expenditures ($000’s)²

Sustaining

19,240

10,607

65,876

39,358

Sustaining leases

629

598

2,400

2,393

Non-sustaining

1,448

1,302

2,016

1,978

¹Money value and All-in sustaining money value are non-IFRS monetary measures; confer with non-IFRS monetary measures part on the finish of this information launch and to the MD&A accompanying the Firm’s monetary statements filed on SEDAR+ at www.sedarplus.ca for an outline of the calculation of those measures.

² Capital expenditures are offered on a money foundation.

³ The composition of AISC was revised in This fall 2024 and the comparative intervals had been up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” for an outline of the calculation and the explanation for the change.

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Quarterly and Annual Working and Monetary Highlights

Within the fourth quarter of 2024, a complete of 1,757,290 tonnes of ore had been positioned on the heap leach pad, with a mean gold grade of 0.60 g/t, containing an estimated 34,151 ounces of gold. Gold manufacturing for the fourth quarter of 2024 totaled 26,806 ounces. This represents a 9% lower in complete ounces in comparison with fourth quarter of 2023 on account of decrease grades and decrease ounces contained in wonderful carbon. The mine began putting the primary raise of ore on the brand new leach pad growth space within the second half of October 2024.

Gold manufacturing was comprised of 24,679 ounces in doré bars, 2,086 ounces of gold contained in wealthy wonderful carbon, and 41 ounces contained in copper precipitate. Ore mined was 2.1 million tonnes, with a stripping ratio of 1.54:1. For the complete yr 2024 gold manufacturing totaled 97,287 ounces, attaining midpoint of annual manufacturing steering.

The money value per ounce of gold for the quarter ending December 31, 2024, was $1,063 in comparison with $934 in the identical interval of 2023. For the yr ending December 31, 2024, the money value per ounce was $1,051, a rise from $920 in 2023. The rise in money value per ounce of gold for each the quarter and the complete yr was primarily because of the affect of appreciation of the Argentine peso, decrease gold manufacturing and decrease by-product credit from copper gross sales. The rise in money prices was partially offset by operational effectivity initiatives together with a change within the hauling and loading fleet, discount in cyanide consumption and crushing throughput.

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AISC per gold ounce bought throughout This fall 2024 was $1,873, in comparison with $1,127 in This fall 2023. AISC within the quarter contains $1.4 million funding achieve (This fall 2023: $12.4 million) from cross border, Argentine pesos denominated bond trades. It is a profit granted to exporters by the Argentine Authorities whereby 20% of export proceeds are allowed to be transformed into pesos at a preferential change fee. This profit is meant to alleviate the affect of the overvaluation of the official change fee on enter prices. The rise in AISC is defined by greater money value and capex in This fall 2024, partially offset by the elimination of the 8% export responsibility in 2024, and decrease funding features recorded in This fall 2024. The composition of AISC was revised in This fall 2024 and the comparative interval was up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” within the 2024 MD&A for an outline of the calculation and the explanation for the change.

AISC per gold ounce bought in 2024 was $1,793, in comparison with $1,444 in 2023. AISC for 2024 contains the $9.7 million annual funding achieve (FY 2023: $12.4 million) from cross border, Argentine pesos denominated bond trades. AISC per ounce for 2024 was greater due primarily to greater value per ounce and sustaining capital expenditures associated to the leach pad growth, partially offset by the elimination of export duties in 2024 as described above. The composition of AISC was revised in This fall 2024 and the comparative intervals had been up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” within the 2024 MD&A for an outline of the calculation and the explanation for the change.

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As of December 31, 2024, the leach pad growth venture was roughly 89% full. The leach pad growth stays on schedule for completion through the first half of 2025.

San Jose Mine, Mexico


	Three months ended December 31,		Years ended December 31,
	2024	2023	2024	2023
Mine Manufacturing
Tonnes milled	190,063	241,035	735,591	930,200
Common tonnes milled per day	2,437	2,678	2,138	2,643

Silver
Grade (g/t)	118	145	125	171
Restoration (%)	83	91	86	91
Manufacturing (oz)	594,373	1,023,525	2,548,402	4,656,631
Metallic bought (oz)	622,108	1,040,888	2,568,745	4,659,611
Realized value ($/oz)	31.25	23.35	28.12	23.36

Gold
Grade (g/t)	0.85	0.91	0.89	1.06
Restoration (%)	82	90	85	90
Manufacturing (oz)	4,239	6,345	17,811	28,559
Metallic bought (oz)	4,440	6,406	17,851	28,524
Realized value ($/oz)	2,661	1,983	2,386	1,942

Unit Prices
Money value ($/oz Ag Eq)^1,2	26.01	20.45	25.25	14.28
All-in sustaining money value ($/oz Ag Eq)^1,2	29.94	21.98	28.22	19.40

Capital Expenditures ($000’s)³
Sustaining	–	3,190	–	14,018
Sustaining leases	171	246	846	878
Non-sustaining	602	505	8,927	1,682
Brownfields	–	1,257	–	4,215
¹Money value per ounce of silver equal and All-in sustaining money value per ounce of silver equal are calculated utilizing realized steel costs for every interval respectively.
² Money value per ounce of silver equal, and all-in sustaining money value per ounce of silver equal are non-IFRS monetary measures, confer with non-IFRS monetary measures part on the finish of this information launch and to the MD&A accompanying the Firm’s monetary statements filed on SEDAR+ at www.sedarplus.ca for an outline of the calculation of those measures.
³Capital expenditures are offered on a money foundation

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Article content material

Quarterly and Annual Working and Monetary Highlights

Within the fourth quarter of 2024, San Jose produced 594,373 ounces of silver and 4,239 ounces of gold, 42% and 33% decreases respectively, at common head grades for silver and gold of 118 g/t and 0.85 g/t, 19% and seven% decreases respectively, when in comparison with the identical interval in 2023. The lower in silver and gold manufacturing for the quarter is defined by the decrease extracted mineral and head grades, primarily because of the lowering grade profile of Mineral Reserves within the mine plan. Annual manufacturing in 2024 totaled 2,548,402 ounces of silver and 17,811 ounces of gold, which had been 18% and 6% under the decrease finish of annual steering vary, respectively. Roughly 5% of the decrease manufacturing for each metals was because of the impact of the iron oxide within the metallurgical restoration. Head grades for the yr had been aligned with the geological mannequin, albeit barely decrease than anticipated.

The money value per silver equal ounce within the fourth quarter of 2024, was $26.01, a rise from $20.45 in the identical interval of 2023. For the yr ended December 31, 2024, the money value per silver equal ounce bought was $25.25 in comparison with $14.28 in the identical interval of 2023. The upper value per ounce was primarily the results of decrease manufacturing and silver equal ounces bought and beforehand capitalized prices being expensed.

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The all-in sustaining money value of payable silver equal ounce within the fourth quarter of 2024 elevated by 36% to $29.94, and full yr 2024 elevated 45% to $28.22, in comparison with $21.98 and $19.40 for a similar intervals in 2023. These will increase had been primarily pushed by greater money prices and decrease quantity of steel bought.

Caylloma Mine, Peru


	Three months ended December 31,		Years ended December 31,
	2024	2023	2024	2023
Mine Manufacturing
Tonnes milled	139,761	140,800	551,430	543,876
Common tonnes milled per day	1,553	1,564	1,549	1,528

Silver
Grade (g/t)	67	88	80	85
Restoration (%)	83	83	83	83
Manufacturing (oz)	249,238	330,478	1,176,543	1,227,060
Metallic bought (oz)	247,441	353,935	1,179,260	1,229,298
Realized value ($/oz)	31.27	23.06	27.88	23.37

Gold
Grade (g/t)	0.11	0.11	0.13	0.14
Restoration (%)	25	21	22	22
Manufacturing (oz)	128	109	552	513
Metallic bought (oz)	–	–	169	40
Realized value ($/oz)	–	–	2,233	1,902

Lead
Grade (%)	3.36	3.84	3.57	3.74
Restoration (%)	92	91	91	91
Manufacturing (000’s lbs)	9,500	10,798	39,555	40,852
Metallic bought (000’s lbs)	9,198	11,641	39,378	41,074
Realized value ($/lb)	0.91	0.97	0.94	0.98

Zinc
Grade (%)	4.94	5.00	4.71	5.11
Restoration (%)	91	90	91	90
Manufacturing (000’s lbs)	13,874	13,933	51,906	55,060
Metallic bought (000’s lbs)	13,932	14,407	52,518	56,166
Realized value ($/lb)	1.38	1.13	1.26	1.23

Unit Prices
Money value ($/oz Ag Eq)^1,2	16.53	13.42	14.12	13.91
All-in sustaining money value ($/oz Ag Eq)^1,2	28.10	22.34	21.72	19.90

Capital Expenditures ($000’s)³
Sustaining	7,193	8,635	19,673	17,903
Sustaining leases	623	912	2,494	3,538
Brownfields	522	966	1,730	2,302
¹Money value per ounce of silver equal and All-in sustaining money value per ounce of silver equal are calculated utilizing realized steel costs for every interval respectively.
² Money value per ounce of silver equal, and all-in sustaining money value per ounce of silver equal are non-IFRS monetary measures, confer with non-IFRS monetary measures part on the finish of this information launch and to the MD&A accompanying the Firm’s monetary statements filed on SEDAR+ at www.sedarplus.ca for an outline of the calculation of those measures.
³Capital expenditures are offered on a money foundation.

Commercial 23

Article content material

Quarterly and Annual Working and Monetary Highlights

Within the fourth quarter of 2024, the Caylloma Mine produced 249,238 ounces of silver at a mean head grade of 67 g/t, a 25% and 24% lower, respectively, when in comparison with the identical interval in 2023. Silver manufacturing for 2024 totaled 1,176,543 ounces, surpassing the higher finish of annual steering vary by 7%.

Lead and zinc manufacturing for the quarter was 9.5 million kilos and 13.9 million kilos, respectively. Lead manufacturing decreased by 12% and zinc manufacturing remained similar to the identical interval in 2023. Head grades averaged 3.36% and 4.94%, a 13% and 1% lower, respectively, when in comparison with the identical quarter in 2023. Lead and zinc manufacturing for 2024 totaled 39.6 and 51.9 million kilos, respectively. Lead and zinc manufacturing had been above the upper finish of annual steering by 33% and 16%, respectively. Elevated manufacturing is the results of optimistic grade reconciliation to the reserve mannequin within the decrease ranges of the underground mine. Gold manufacturing within the fourth quarter totaled 128 ounces with a mean head grade of 0.11 g/t.

Commercial 24

Article content material

The money value per silver equal ounce bought within the fourth quarter of 2024, was $16.53 in comparison with $13.42 in the identical interval in 2023. For the yr ended December 31, 2024, the money value per ounce of silver equal bought was $14.12, in comparison with $13.91 in 2023. The upper value per ounce for the quarter and the yr was primarily the results of decrease silver manufacturing and the affect of upper realized silver costs on the calculation of silver equal ounce bought partially offset by decrease remedy expenses.

The all-in sustaining money value per ounce of payable silver equal within the fourth quarter of 2024, elevated 26% to $28.10, in comparison with $22.34 for a similar interval in 2023. The all-in sustaining money value per ounce of payable silver equal for the complete yr 2024 was $21.72 in comparison with $19.90 in 2023. The rise for the quarter and yr was the results of greater money prices per ounce, greater employee’s participation and the affect of upper realized silver costs on the calculation of silver equal ounces. If AISC was calculated utilizing the steering steel costs AISC would have been $23.60 and $19.27 per ounce for the quarter and yr respectively.

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Article content material

Certified Particular person

Eric Chapman, Senior Vice President of Technical Companies, is a Skilled Geoscientist of the Affiliation of Skilled Engineers and Geoscientists of the Province of British Columbia (Registration Quantity 36328), and is the Firm’s Certified Particular person (as outlined by Nationwide Instrument 43-101). Mr. Chapman has reviewed and permitted the scientific and technical info contained on this information launch and has verified the underlying knowledge.

Fourth Quarter Unaudited and Annual Audited Revenue Assertion and Money Stream

Revenue Assertion

Three months ended December 31, Years ended December 31,

Be aware 2024
$
2023
$ 2024
$
2023
$

Gross sales 19 302,196 265,314 1,062,037 842,428

Price of gross sales 20 195,361 213,462 718,430 652,403

Mine working revenue 106,835 51,852 343,607 190,025

Basic and administration 21 19,398 19,909 76,085 64,073

International change loss 10,331 2,430 12,412 10,885

Impairment of mineral properties, plant and tools 31(b) – 90,615 – 90,615

Write-off of mineral properties 8 14,485 5,263 14,485 5,985

Different bills 22 9,775 11,009 12,579 18,874

53,989 129,226 115,561 190,432

Working revenue (loss) 52,846 (77,374 ) 228,046 (407 )

Funding features 5 1,405 12,395 9,716 12,395

Curiosity and finance prices, web 23 (6,173 ) (7,535 ) (25,553 ) (21,790 )

Loss on derivatives 19 – (301 ) – (1,249 )

(4,768 ) 4,559 (15,837 ) (10,644 )

Revenue (loss) earlier than revenue taxes 48,078 (72,815 ) 212,209 (11,051 )

Revenue taxes

Present revenue tax expense 24 34,605 27,057 96,468 42,636

Deferred revenue tax restoration 24 (1,608 ) (10,033 ) (26,165 ) (10,057 )

32,997 17,024 70,303 32,579

Internet revenue (loss) 15,081 (89,839 ) 141,906 (43,630 )

Internet revenue (loss) attributable to:

Fortuna shareholders 11,344 (92,316 ) 128,735 (50,836 )

Non-controlling pursuits 29 3,737 2,477 13,171 7,206

15,081 (89,839 ) 141,906 (43,630 )

Earnings (loss) per share 18

Primary 0.04 (0.30 ) 0.42 (0.17 )

Diluted 0.04 (0.30 ) 0.41 (0.17 )

Weighted common variety of frequent shares excellent (000’s)

Primary 310,380 306,511 308,885 295,067

Diluted 312,435 306,511 310,747 295,067

Commercial 26

Article content material

Assertion of Money Stream

Three months ended December 31, Years ended December 31,

Be aware 2024
$
2023
$ 2024
$
2023
$

Working actions:

Internet revenue (loss) 15,081 (89,839 ) 141,906 (43,630 )

Objects not involving money:

Depletion and depreciation 62,580 71,602 229,958 219,688

Accretion expense 23 2,495 1,597 9,055 6,773

Revenue taxes 32,997 17,023 70,303 32,579

Curiosity expense, web 23 3,674 5,933 16,498 15,017

Share-based funds, web of money settlements 1,501 2,602 8,146 2,017

Impairment of mineral properties, plant and tools 31(b) – 90,615 – 90,615

Stock web realizable worth changes 6 3,206 5,260 6,058 6,188

Stock obsolescence changes 1,521 10,097 1,006 10,097

Write-off of mineral properties 8 14,485 5,210 14,485 5,985

Unrealized overseas change loss 8,119 4,441 388 5,706

Funding features 5 (1,405 ) (12,395 ) (9,716 ) (12,395 )

Different 22 8,067 4,543 9,526 4,972

Closure, reclamation and associated severance funds 15 (3,235 ) (599 ) (5,595 ) (1,203 )

Modifications in working capital 28 8,692 887 (72,482 ) (9,737 )

Money offered by working actions 157,778 116,976 419,536 332,672

Revenue taxes paid (5,021 ) (6,271 ) (43,554 ) (25,872 )

Curiosity paid (4,009 ) (6,916 ) (14,844 ) (13,545 )

Curiosity acquired 1,551 1,287 4,539 3,654

Internet money offered by working actions 150,299 105,076 365,677 296,909

Investing actions:

Additions to mineral properties and property, plant and tools 8 (61,919 ) (51,852 ) (203,778 ) (217,314 )

Purchases of investments 5 (10,284 ) (9,359 ) (35,857 ) (9,359 )

Proceeds from sale of investments 5 11,690 21,754 45,573 21,754

Deposits on long-term property 379 (1,283 ) (1,769 ) –

Prices associated to Chesser acquisition, web of money acquired – (10,260 ) – (13,321 )

Different investing actions 657 100 1,391 1,356

Money utilized in investing actions (60,293 ) (51,000 ) (194,440 ) (216,884 )

Financing actions: —

Transaction prices on credit score facility 13 (1,963 ) – (1,963 ) –

Reimbursement of convertible debentures 13 (9,649 ) – (9,649 ) –

Proceeds from credit score facility 13 – 10,000 68,000 75,500

Reimbursement of credit score facility 13 – (50,500 ) (233,000 ) (90,500 )

Convertible notes issued 13 9,649 – 172,500 –

Price of financing – 2024 Convertible Notes 13 (10 ) – (6,488 ) –

Repurchase of frequent shares 17 (30,593 ) – (34,128 ) –

Issuance of frequent shares from choice train – 301 – 301

Funds of lease obligations 28 (5,891 ) (4,976 ) (20,690 ) (16,625 )

Dividend cost to non-controlling pursuits – (87 ) (717 ) (1,392 )

Money utilized in financing actions (38,457 ) (45,262 ) (66,135 ) (32,716 )

Impact of change fee modifications on money and money equivalents (800 ) 1,551 (1,922 ) 346

Improve in money and money equivalents through the yr 50,749 10,364 103,180 47,655

Money and money equivalents, starting of the yr 180,554 117,780 128,148 80,493

Money and money equivalents, finish of the yr 231,303 128,144 231,328 128,148

Money and money equivalents include:

Money 184,840 106,135 184,840 106,135

Money equivalents 46,488 22,013 46,488 22,013

Money and money equivalents, finish of the yr 231,328 128,148 231,328 128,148

Supplemental money circulate info (Be aware 28)

Non-IFRS Monetary Measures

The Firm has disclosed sure monetary measures and ratios on this information launch which aren’t outlined beneath the Worldwide Monetary Reporting Requirements (“IFRS”), as issued by the Worldwide Accounting Requirements Board, and will not be disclosed within the Firm’s monetary statements, together with however not restricted to: money value per ounce of gold bought; all-in sustaining money value per ounce of gold bought; all-in sustaining money value per ounce of gold equal bought; all-in money value per ounce of gold bought; manufacturing money value per ounce of gold equal; money value per payable ounce of silver equal bought; all-in sustaining money value per payable ounce of silver equal bought; all-in money value per payable ounce of silver equal bought; free money circulate from ongoing operations; adjusted web revenue; adjusted attributable web revenue; adjusted EBITDA and dealing capital.

These non-IFRS monetary measures and non-IFRS ratios are broadly reported within the mining trade as benchmarks for efficiency and are utilized by administration to watch and consider the Firm’s working efficiency and talent to generate money. The Firm believes that, along with monetary measures and ratios ready in accordance with IFRS, sure traders use these non-IFRS monetary measures and ratios to judge the Firm’s efficiency. Nevertheless, the measures would not have a standardized which means beneath IFRS and is probably not similar to related monetary measures disclosed by different corporations. Accordingly, non-IFRS monetary measures and non-IFRS ratios shouldn’t be thought of in isolation or as an alternative choice to measures and ratios of the Firm’s efficiency ready in accordance with IFRS.

To facilitate a greater understanding of those measures and ratios as calculated by the Firm, descriptions are offered under. As well as see “Non-IFRS Monetary Measures” on web page 27 within the Firm’s administration’s dialogue and evaluation for the yr ended December 31, 2024 (“2024 MDA”), and on web page 26 of the Firm’s administration’s dialogue and evaluation for the 9 months ended September 30, 2024 (“Q3 2024 MDA”), which part is included by reference on this information launch, for info concerning every non-IFRS monetary measure and non-IFRS ratio disclosed on this information launch, together with an evidence of their composition; an evidence of how such measures and ratios present helpful info to an investor; and the extra functions, if any, for which administration of the Firm makes use of such measures and ratio, together with an outline of the change within the composition of AISC which was revised in This fall 2024 and for comparative intervals, and the explanation for the change. The 2024 MD&A and Q3 2024 MDA could also be accessed on SEDAR+ at www.sedarplus.ca beneath the Firm’s profile.

Besides as in any other case described above, and within the 2024 MD&A, the Firm has calculated these measures persistently for all intervals offered.

Reconciliation of Debt to complete web debt and web debt to adjusted EBITDA ratio for December 31, 2024

(Expressed in thousands and thousands besides Complete web debt to Adjusted EBITDA ratio) As at December 31, 2024

2024 Convertible Notes          172.5

Much less: Money and Money Equivalents          (231.3 )

Complete web debt¹          (58.8 )

Adjusted EBITDA (final 4 quarters)          476.9

Complete web debt to adjusted EBITDA ratio          -0.1:1

¹Excluding letters of credit score

Reconciliation of web revenue to adjusted attributable web revenue for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

Three months ended, Years ended,

Consolidated (in thousands and thousands of US {dollars}) December 31,
2024 September 30,
2024 December 31,
2023 December 31,
2024 December 31,
2023

Internet revenue attributable to shareholders 11.3 50.5 (92.3 ) 128.7 (50.8 )

Changes, web of tax:

Group assist provision and accruals¹ (0.1 ) –   (0.4 ) (0.4 ) (0.5 )

International change loss, Séguéla Mine² –   –   0.1 –   –

Write off of mineral properties 12.9 –   4.0 12.9 4.5

Unrealized loss (achieve) on derivatives –   –   0.1 –   (0.3 )

Revenue tax, convertible debentures –   –   –   (12.0 ) –

Impairment of mineral properties, plant and tools –   –   90.6 –   90.6

San Jose ARO adjustment 7.2 –   –   7.2 –

Stock adjustment 5.0 (0.1 ) 13.2 6.7 13.9

Accretion on proper of use property 1.0 0.9 0.5 3.7 3.1

Different non-cash/non-recurring gadgets (0.3 ) (1.4 ) 4.8 (2.8 ) 4.4

Attributable Adjusted Internet Revenue 37.0 49.9 20.6 144.0 64.9

¹Quantities are recorded in Price of gross sales

²Quantities are recorded in Basic and Administration

Figures could not add as a consequence of rounding

Reconciliation of web revenue to adjusted EBITDA for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

Three months ended, Years ended,

Consolidated (in thousands and thousands of US {dollars}) December 31,
2024 September 30,
2024 December 31,
2023 December 31,
2024 December 31,
2023

Internet revenue 15.1 54.4 (89.8 ) 141.9 (43.6 )

Changes:

Group assist provision and accruals (0.1 ) – (0.5 ) (0.6 ) (0.7 )

Stock adjustment 4.6 (0.1 ) 15.4 7.1 16.3

International change loss, Séguéla Mine – – – – 0.8

Internet finance gadgets 6.2 6.3 7.5 25.6 21.8

Depreciation, depletion, and amortization 62.6 59.9 71.6 230.0 219.6

Revenue taxes 33.0 15.1 17.0 70.3 32.6

Write off of mineral properties 14.5 – 5.3 14.5 6.0

Impairment of mineral properties, plant and tools – – 90.6 – 90.6

San Jose ARO adjustment 7.2 – – 7.2 –

Different non-cash/non-recurring gadgets (5.2 ) (4.3 ) 3.2 (19.1 ) (8.3 )

Adjusted EBITDA 137.9 131.3 120.3 476.9 335.1

Figures could not add as a consequence of rounding

Reconciliation of web money from working actions to free money circulate from ongoing operations for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

Three months ended, Years ended,

Consolidated (in thousands and thousands of US {dollars}) December 31,
2024 September 30,
2024 December 31,
2023 December 31,
2024 December 31,
2023

Internet money offered by working actions 150.3 92.9 105.1 365.7 296.9

Changes

Closure and rehabilitation provisions 3.3 2.2 – 5.6 –

Séguéla, working capital – – – – 4.4

Additions to mineral properties, plant and tools (51.0 ) (37.8 ) (46.3 ) (154.1 ) (143.6 )

Achieve on blue chip swap investments 1.4 3.2 12.4 9.7 12.4

Proper of use funds (5.9 ) (4.2 ) (5.0 ) (20.7 ) (16.6 )

Different changes (2.5 ) 0.3 – (3.3 ) –

Free money circulate from ongoing operations 95.6 56.6 66.2 202.9 153.5

Figures could not add as a consequence of rounding

Reconciliation of value of gross sales to money value per ounce of gold equal bought for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

Money Price Per Gold Equal Ounce Offered – Q3 2024      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      GEO Money Prices

Price of gross sales 42,350 45,656 55,466 24,697 19,820 187,991

Stock adjustment 2 — — 135 — 137

Depletion, depreciation, and amortization (13,639 ) (12,923 ) (27,165 ) (1,150 ) (4,465 ) (59,342 )

Royalties and taxes (89 ) (5,480 ) (6,143 ) (639 ) (366 ) (12,717 )

By-product credit (1,132 ) — — — — (1,132 )

Different — — — 6 (279 ) (273 )

Remedy and refining expenses — — — 826 2,249 3,075

Money value relevant per gold equal ounce bought 27,492 27,253 22,158 23,875 16,959 117,737

Ounces of gold equal bought 26,393 27,995 33,816 9,597 13,401 111,203

Money value per ounce of gold equal bought ($/oz) 1,042 974 655 2,488 1,265 1,059

Gold equal was calculated utilizing the realized costs for gold of $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024.

Figures could not add as a consequence of rounding

Money Price Per Gold Equal Ounce Offered – This fall 2024      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      GEO Money Prices

Price of gross sales 47,380 40,610 58,956 28,547 19,866 195,361

Stock adjustment (4,704 ) 1,487 — (1,366 ) — (4,583 )

Depletion, depreciation, and amortization (13,314 ) (12,783 ) (28,828 ) (2,623 ) (4,295 ) (61,843 )

Royalties and taxes (79 ) (5,346 ) (6,377 ) (801 ) (222 ) (12,825 )

By-product credit (973 ) — — — — (973 )

Different — — — (1 ) (1,624 ) (1,625 )

Remedy and refining expenses — — — 720 2,965 3,685

Money value relevant per gold equal ounce bought 28,310 23,968 23,751 24,476 16,690 117,195

Ounces of gold equal bought 26,629 29,509 36,384 11,051 11,863 115,436

Money value per ounce of gold equal bought ($/oz) 1,063 812 653 2,215 1,407 1,015

Gold equal was calculated utilizing the realized costs for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for This fall 2024.

Figures could not add as a consequence of rounding

Money Price Per Gold Equal Ounce Offered – This fall 2023      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      GEO Money Prices

Price of gross sales 57,913 49,598 46,239 41,108 18,599 213,457

Stock adjustment (7,884 ) (3,033 ) — (4,554 ) — (15,471 )

Depletion, depreciation, and amortization (15,061 ) (15,345 ) (25,972 ) (11,351 ) (3,466 ) (71,195 )

Royalties and taxes (3,916 ) (4,437 ) (6,364 ) (815 ) (227 ) (15,759 )

By-product credit (4,183 ) — — — — (4,183 )

Different — — — 344 (397 ) (53 )

Remedy and refining expenses — — — 1,505 4,241 5,746

Money value relevant per gold equal ounce bought 26,869 26,783 13,903 26,237 18,750 112,542

Ounces of gold equal bought 28,779 28,229 43,018 17,650 16,236 133,912

Money value per ounce of gold equal bought ($/oz) 934 949 323 1,487 1,155 840

Gold equal was calculated utilizing the realized costs for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for This fall 2023.

Figures could not add as a consequence of rounding

Money Price Per Gold Equal Ounce Offered – 12 months 2024      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      GEO Money Prices

Price of gross sales 159,789 172,056 211,062 102,492 73,030 718,431

Stock adjustment (4,930 ) (1,365 ) — (770 ) — (7,065 )

Depletion, depreciation, and amortization (50,114 ) (49,705 ) (107,039 ) (4,737 ) (15,942 ) (227,537 )

Royalties and taxes (537 ) (21,128 ) (23,622 ) (3,011 ) (1,172 ) (49,470 )

By-product credit (3,232 ) — — — — (3,232 )

Different — — — — (2,583 ) (2,583 )

Remedy and refining expenses — — — 3,261 8,732 11,993

Money value relevant per gold equal ounce bought 100,976 99,858 80,401 97,235 62,065 440,535

Ounces of gold equal bought 96,059 116,130 137,753 45,136 51,140 446,217

Money value per ounce of gold equal bought ($/oz) 1,051 860 584 2,154 1,214 987

Gold equal was calculated utilizing the realized costs for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for 12 months 2024.

Figures could not add as a consequence of rounding

Money Price Per Gold Equal Ounce Offered – 12 months 2023      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      GEO Money Prices

Price of gross sales 176,696 186,757 79,472 140,068 69,408 652,401

Stock adjustment (7,870 ) (3,859 ) — (4,554 ) — (16,283 )

Depletion, depreciation, and amortization (51,258 ) (73,064 ) (40,529 ) (40,028 ) (13,314 ) (218,193 )

Royalties and taxes (14,958 ) (14,678 ) (10,932 ) (4,390 ) (1,078 ) (46,036 )

By-product credit (7,921 ) — — — — (7,921 )

Different — — — 253 (1,692 ) (1,439 )

Remedy and refining expenses — — — 4,352 19,974 24,326

Money value relevant per gold equal ounce bought 94,689 95,156 28,011 95,701 73,298 386,855

Ounces of gold equal bought 102,896 117,676 78,521 80,458 63,229 442,780

Money value per ounce of gold equal bought ($/oz) 920 809 357 1,189 1,159 874

Gold equal was calculated utilizing the realized costs for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for yr 2023.

Figures could not add as a consequence of rounding

Reconciliation of value of gross sales to all-in sustaining money value per ounce of gold equal bought for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023

AISC Per Gold Equal Ounce Offered – Q3 2024      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      Company      GEO AISC

Money value relevant per gold equal ounce bought 27,492 27,253 22,158 23,875 16,959 — 117,737

Stock web realizable worth adjustment — — — — — — —

Royalties and taxes 89 5,480 6,143 639 366 — 12,717

Employee’s participation — — — — 472 — 472

Basic and administration 2,935 550 2,945 1,802 1,246 6,275 15,753

Stand-by — — — — — — —

Complete money prices 30,516 33,283 31,246 26,316 19,043 6,275 146,679

Sustaining capital¹ 21,264 5,166 8,511 198 6,817 — 41,956

Blue chips features (investing actions)¹ (3,162 ) — — — — — (3,162 )

All-in sustaining prices 48,618 38,449 39,757 26,514 25,860 6,275 185,473

Gold equal ounces bought 26,393 27,995 33,816 9,597 13,401 — 111,203

All-in sustaining prices per ounce 1,842 1,373 1,176 2,763 1,930 — 1,668

Gold equal was calculated utilizing the realized costs for gold of $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024.

Figures could not add as a consequence of rounding

¹ Offered on a money foundation

²The composition of AISC was revised in This fall 2024 and the comparative interval was up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” within the 2024 MD&A for an outline of the calculation and the explanation for the change

AISC Per Gold Equal Ounce Offered – This fall 2024      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      Company      GEO AISC

Money value relevant per gold equal ounce bought 28,310 23,968 23,751 24,476 16,690 — 117,195

Stock web realizable worth adjustment — (829 ) — 1,366 — — 537

Royalties and taxes 79 5,346 6,377 801 222 — 12,825

Employee’s participation — — — — 1,733 — 1,733

Basic and administration 3,026 503 2,549 1,364 1,391 9,666 18,499

Stand-by — — — — — — —

Complete money prices 31,415 28,988 32,677 28,007 20,036 9,666 150,789

Sustaining capital¹ 19,869 9,430 17,396 171 8,338 — 55,204

Blue chips features (investing actions)¹ (1,406 ) — — — — — (1,406 )

All-in sustaining prices 49,878 38,418 50,073 28,178 28,374 9,666 204,587

Gold equal ounces bought 26,629 29,509 36,384 11,051 11,863 — 115,436

All-in sustaining prices per ounce 1,873 1,302 1,376 2,550 2,392 — 1,772

Gold equal was calculated utilizing the realized costs for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for This fall 2024.

Figures could not add as a consequence of rounding

¹ Offered on a money foundation

AISC Per Gold Equal Ounce Offered – This fall 2023      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      Company      GEO AISC

Money value relevant per gold equal ounce bought 26,869 26,783 13,903 26,237 18,750 — 112,542

Stock web realizable worth adjustment — — — — — — —

Royalties and taxes 3,916 4,437 6,364 815 227 — 15,759

Employee’s participation — — — (430 ) 399 — (31 )

Basic and administration 2,833 (336 ) 1,398 1,789 1,344 12,603 19,631

Stand-by — 2,700 — — — — 2,700

Complete money prices 33,618 33,584 21,665 28,411 20,720 12,603 150,601

Sustaining capital¹ 11,205 14,958 10,050 4,693 10,513 — 51,419

Blue chips features (investing actions)¹ (12,395 ) — — — — — (12,395 )

All-in sustaining prices 32,428 48,542 31,715 33,104 31,233 12,603 189,625

Gold equal ounces bought 28,779 28,229 43,018 17,650 16,236 — 133,912

All-in sustaining prices per ounce² 1,127 1,720 737 1,876 1,924 — 1,416

Gold equal was calculated utilizing the realized costs for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for This fall 2023.

Figures could not add as a consequence of rounding

¹ Offered on a money foundation

² The composition of AISC was revised in This fall 2024 and the comparative interval was up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” within the 2024 MD&A for an outline of the calculation and the explanation for the change

AISC Per Gold Equal Ounce Offered – 12 months 2024      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      Company      GEO AISC

Money value relevant per gold equal ounce bought 100,976 99,858 80,401 97,235 62,065 — 440,535

Stock web realizable worth adjustment — 948 — 1,366 — — 2,314

Royalties and taxes 537 21,128 23,622 3,011 1,172 — 49,470

Employee’s participation — — — — 3,094 — 3,094

Basic and administration 12,121 1,785 9,266 6,213 5,263 38,928 73,576

Stand-by — — — — — — —

Complete money prices 113,634 123,719 113,289 107,825 71,594 38,928 568,989

Sustaining capital¹ 68,276 34,154 45,565 846 23,897 — 172,738

Blue chips features (investing actions)¹ (9,716 ) — — — — — (9,716 )

All-in sustaining prices 172,194 157,873 158,854 108,671 95,491 38,928 732,011

Gold equal ounces bought 96,059 116,130 137,753 45,136 51,140 — 446,217

All-in sustaining prices per ounce 1,793 1,359 1,153 2,408 1,867 — 1,640

Gold equal was calculated utilizing the realized costs for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for 12 months 2024.

Figures could not add as a consequence of rounding

¹ Offered on a money foundation

AISC Per Gold Equal Ounce Offered – 12 months 2023      Lindero      Yaramoko      Séguéla      San Jose      Caylloma      Company      GEO AISC

Money value relevant per gold equal ounce bought 94,689 95,156 28,011 95,701 73,298 — 386,855

Stock web realizable worth adjustment — 334 — — — — 334

Royalties and taxes 14,958 14,678 10,932 4,390 1,078 — 46,036

Employee’s participation — — — (316 ) 1,927 — 1,611

Basic and administration 9,624 919 4,510 7,040 4,810 35,903 62,806

Stand-by — 5,699 — 4,084 — — 9,783

Complete money prices 119,271 116,786 43,453 110,899 81,113 35,903 507,425

Sustaining capital¹ 41,751 59,613 16,241 19,111 23,743 — 160,459

Blue chips features (investing actions)¹ (12,395 ) — — — — — (12,395 )

All-in sustaining prices 148,627 176,399 59,694 130,010 104,856 35,903 655,489

Gold equal ounces bought 102,896 117,676 78,521 80,458 63,229 — 442,780

All-in sustaining prices per ounce² 1,444 1,499 760 1,616 1,658 — 1,480

Gold equal was calculated utilizing the realized costs for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for yr 2023.

Figures could not add as a consequence of rounding

¹ Offered on a money foundation

² The composition of AISC was revised in This fall 2024 and the comparative interval was up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” within the 2024 MD&A for an outline of the calculation and the explanation for the change

Reconciliation of value of gross sales to money value per payable ounce of silver equal bought for the three and twelve months ended December 31, 2024 and 2023

Money Price Per Silver Equal Ounce Offered – This fall 2024      San Jose      Caylloma      search engine optimization Money Prices

Price of gross sales 28,547 19,866 48,413

Stock adjustment (1,366 ) — (1,366 )

Depletion, depreciation, and amortization (2,623 ) (4,295 ) (6,918 )

Royalties and taxes (801 ) (222 ) (1,023 )

Different (1 ) (1,624 ) (1,625 )

Remedy and refining expenses 720 2,965 3,685

Money value relevant per silver equal bought 24,476 16,690 41,166

Ounces of silver equal bought¹ 941,072 1,009,804 1,950,876

Money value per ounce of silver equal bought ($/oz) 26.01 16.53 21.10

¹ Silver equal bought for This fall 2024 for San Jose is calculated utilizing a silver to gold ratio of 85.2:1. Silver equal bought for This fall 2024 for Caylloma is calculated utilizing a silver to gold ratio of 0.0:1, silver to steer ratio of 1:34.3 kilos, and silver to zinc ratio of 1:22.6 kilos.

² Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

Figures could not add as a consequence of rounding

Money Price Per Silver Equal Ounce Offered – This fall 2023      San Jose      Caylloma      search engine optimization Money Prices

Price of gross sales 41,108 18,599 59,707

Stock adjustment (4,554 ) — (4,554 )

Depletion, depreciation, and amortization (11,351 ) (3,466 ) (14,817 )

Royalties and taxes (815 ) (227 ) (1,042 )

Different 344 (397 ) (53 )

Remedy and refining expenses 1,505 4,241 5,746

Money value relevant per silver equal bought 30,791 18,750 49,541

Ounces of silver equal bought¹ 1,505,763 1,398,062 2,903,825

Money value per ounce of silver equal bought ($/oz) 20.45 13.42 17.06

¹ Silver equal bought for This fall 2023 for San Jose is calculated utilizing a silver to gold ratio of 84.9:1. Silver equal bought for This fall 2023 for Caylloma is calculated utilizing a silver to gold ratio of 0.0:1, silver to steer ratio of 1:23.8 kilos, and silver to zinc ratio of 1:20.3 kilos.

² Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

Figures have been restated to take away Proper of Use

Figures could not add as a consequence of rounding

Money Price Per Silver Equal Ounce Offered – 12 months 2024      San Jose      Caylloma      search engine optimization Money Prices

Price of gross sales 102,492 73,030 175,522

Stock adjustment (770 ) — (770 )

Depletion, depreciation, and amortization (4,737 ) (15,942 ) (20,679 )

Royalties and taxes (3,011 ) (1,172 ) (4,183 )

Different — (2,583 ) (2,583 )

Remedy and refining expenses 3,261 8,732 11,993

Money value relevant per silver equal bought 97,235 62,065 159,300

Ounces of silver equal bought¹ 3,851,400 4,396,445 8,247,845

Money value per ounce of silver equal bought ($/oz) 25.25 14.12 19.31

¹ Silver equal bought for 12 months 2024 for San Jose is calculated utilizing a silver to gold ratio of 84.9:1. Silver equal bought for 12 months 2024 for Caylloma is calculated utilizing a silver to gold ratio of 80.1:1, silver to steer ratio of 1:29.7 kilos, and silver to zinc ratio of 1:22.1 kilos.

² Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

Figures could not add as a consequence of rounding

Money Price Per Silver Equal Ounce Offered – 12 months 2023      San Jose      Caylloma      search engine optimization Money Prices

Price of gross sales 140,068 69,408 209,476

Stock adjustment (4,554 ) — (4,554 )

Depletion, depreciation, and amortization (40,028 ) (13,314 ) (53,342 )

Royalties and taxes (4,390 ) (1,078 ) (5,468 )

Different 253 (1,692 ) (1,439 )

Remedy and refining expenses 4,352 19,974 24,326

Money value relevant per silver equal bought 95,701 73,298 168,999

Ounces of silver equal bought¹ 6,700,419 5,269,540 11,969,959

Money value per ounce of silver equal bought ($/oz) 14.28 13.91 14.12

1 Silver equal bought for yr 2023 for San Jose is calculated utilizing a silver to gold ratio of 83.1:1. Silver equal bought for yr 2023 for Caylloma is calculated utilizing a silver to gold ratio of 81.4:1, silver to steer ratio of 1:23.9 kilos, and silver to zinc ratio of 1:19.0 kilos.

² Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

Figures have been restated to take away Proper of Use

Figures could not add as a consequence of rounding

Reconciliation of all-in sustaining money value and all-in money value per payable ounce of silver equal bought for the three and twelve months ended December 31, 2024 and 2023

AISC Per Silver Equal Ounce Offered – This fall 2024      San Jose      Caylloma      search engine optimization AISC

Money value relevant per silver equal ounce bought 24,476 16,690 41,166

Stock web realizable worth adjustment 1,366 — 1,366

Royalties and taxes 801 222 1,023

Employee’s participation — 1,733 1,733

Basic and administration 1,364 1,391 2,755

Stand-by — — —

Complete money prices 28,007 20,036 48,043

Sustaining capital³ 171 8,338 8,509

All-in sustaining prices 28,178 28,374 56,552

Silver equal ounces bought¹ 941,072 1,009,804 1,950,876

All-in sustaining prices per ounce² 29.94 28.10 28.99

1 Silver equal bought for This fall 2024 for San Jose is calculated utilizing a silver to gold ratio of 85.2:1. Silver equal bought for This fall 2024 for Caylloma is calculated utilizing a silver to gold ratio of 0.0:1, silver to steer ratio of 1:34.3 kilos, and silver to zinc ratio of 1:22.6 kilos.

2 Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

3 Offered on a money foundation

AISC Per Silver Equal Ounce Offered – This fall 2023      San Jose      Caylloma      search engine optimization AISC

Money value relevant per silver equal ounce bought 26,237 18,750 44,987

Stock web realizable worth adjustment — — —

Royalties and taxes 815 227 1,042

Employee’s participation (430 ) 399 (31 )

Basic and administration 1,789 1,344 3,133

Stand-by — — —

Complete money prices 28,411 20,720 49,131

Sustaining capital³ 4,693 10,513 15,206

All-in sustaining prices 33,104 31,233 64,337

Silver equal ounces bought¹ 1,505,763 1,398,062 2,903,825

All-in sustaining prices per ounce² 21.98 22.34 22.16

1 Silver equal bought for This fall 2023 for San Jose is calculated utilizing a silver to gold ratio of 84.9:1. Silver equal bought for This fall 2023 for Caylloma is calculated utilizing a silver to gold ratio of 0.0:1, silver to steer ratio of 1:23.8 kilos, and silver to zinc ratio of 1:20.3 kilos.

2 Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

3 Offered on a money foundation

AISC Per Silver Equal Ounce Offered – 12 months 2024      San Jose      Caylloma      search engine optimization AISC

Money value relevant per silver equal ounce bought 97,235 62,065 159,300

Stock web realizable worth adjustment 1,366 — 1,366

Royalties and taxes 3,011 1,172 4,183

Employee’s participation — 3,094 3,094

Basic and administration 6,213 5,263 11,476

Stand-by — — —

Complete money prices 107,825 71,594 179,419

Sustaining capital³ 846 23,897 24,743

All-in sustaining prices 108,671 95,491 204,162

Silver equal ounces bought¹ 3,851,400 4,396,445 8,247,845

All-in sustaining prices per ounce² 28.22 21.72 24.75

1 Silver equal bought for 12 months 2024 for San Jose is calculated utilizing a silver to gold ratio of 84.9:1. Silver equal bought for 12 months 2024 for Caylloma is calculated utilizing a silver to gold ratio of 80.1:1, silver to steer ratio of 1:29.7 kilos, and silver to zinc ratio of 1:22.1 kilos.

2 Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

3 Offered on a money foundation

AISC Per Silver Equal Ounce Offered – 12 months 2023      San Jose      Caylloma      search engine optimization AISC

Money value relevant per silver equal ounce bought 95,701 73,298 168,999

Stock web realizable worth adjustment — — —

Royalties and taxes 4,390 1,078 5,468

Employee’s participation (316 ) 1,927 1,611

Basic and administration 7,040 4,810 11,850

Stand-by 4,084 — 4,084

Complete money prices 110,899 81,113 192,012

Sustaining capital³ 19,111 23,743 42,854

All-in sustaining prices 130,010 104,856 234,866

Silver equal ounces bought¹ 6,700,419 5,269,540 11,969,959

All-in sustaining prices per ounce² 19.40 19.90 19.62

1 Silver equal bought for yr 2023 for San Jose is calculated utilizing a silver to gold ratio of 83.1:1. Silver equal bought for yr 2023 for Caylloma is calculated utilizing a silver to gold ratio of 81.4:1, silver to steer ratio of 1:23.9 kilos, and silver to zinc ratio of 1:19.0 kilos.

2 Silver equal is calculated utilizing the realized costs for gold, silver, lead, and zinc. Seek advice from Monetary Outcomes – Gross sales and Realized Costs

3 Offered on a money foundation

Further info concerning the Firm’s monetary outcomes and actions underway can be found within the Firm’s audited consolidated monetary statements for the years ended December 31, 2024 and 2023 and accompanying 2024 MD&A, which can be found for obtain on the Firm’s web site, www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

Convention Name and Webcast

A convention name to debate the monetary and operational outcomes can be held on Thursday, March 6, 2025, at 9:00 a.m. Pacific time | 12:00 p.m. Japanese time. Internet hosting the decision can be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Monetary Officer, Cesar Velasco, Chief Working Officer – Latin America, and David Whittle, Chief Working Officer – West Africa.

Shareholders, analysts, media and traders are invited to hearken to the dwell convention name by logging onto the webcast at: www.webcaster4.com/Webcast/Web page/1696/52039 or over the telephone by dialing in simply previous to the beginning time.

Convention name particulars:

Date: Thursday, March 6, 2025
Time: 9:00 a.m. Pacific time | 12:00 p.m. Japanese time

Dial in quantity (Toll Free): +1.888.506.0062
Dial in quantity (Worldwide): +1.973.528.0011
Entry code: 830901

Replay quantity (Toll Free): +1.877.481.4010
Replay quantity (Worldwide): +1.919.882.2331
Replay passcode: 52039

Playback of the earnings name can be out there till Thursday, March 20, 2025. Playback of the webcast can be out there till Friday, March 6, 2026. As well as, a transcript of the decision can be archived on the Firm’s web site.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian valuable metals mining firm with 4 working mines and exploration actions in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru, in addition to the preliminary financial evaluation stage Diamba Sud Gold Mission positioned in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared worth over the long-term for our stakeholders by environment friendly manufacturing, environmental safety, and social duty. For extra info, please go to our web site.

ON BEHALF OF THE BOARD

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

Investor Relations:

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

Ahead-looking Statements

This information launch comprises forward-looking statements which represent “forward-looking info” inside the which means of relevant Canadian securities laws and “forward-looking statements” inside the which means of the “protected harbor” provisions of the Non-public Securities Litigation Reform Act of 1995 (collectively, “Ahead-looking Statements”). All statements included herein, apart from statements of historic truth, are Ahead-looking Statements and are topic to quite a lot of recognized and unknown dangers and uncertainties which might trigger precise occasions or outcomes to vary materially from these mirrored within the Ahead-looking Statements. The Ahead-looking Statements on this information launch embrace, with out limitation, statements in regards to the Firm’s plans for its mines and mineral properties, together with exploration and growth plans on the Séguéla Mine, the Tongon North prospect and the Diamba Sud Mission; the Firm’s anticipated monetary and operational efficiency in 2025; the power of the Firm to mitigate the inflationary pressures on provides utilized in its operations; estimated capital expenditures and estimated exploration spending in 2025, together with quantities for exploration and growth actions at its properties; statements concerning the Firm’s liquidity, entry to capital; the affect of excessive inflation on the prices of manufacturing and the availability chain; the Firm’s expectation concerning the timing of the completion of the leach pad growth venture on the Lindero Mine; the Firm’s expectations concerning manufacturing on the Séguéla Mine in and anticipated all-in sustaining prices for 2026; statements concerning the completion of the sale of the San Jose Mine; the Firm’s enterprise technique, plans and outlook; the benefit of the Firm’s mines and mineral properties; mineral useful resource and reserve estimates, steel restoration charges, focus grade and high quality; modifications in tax charges and tax legal guidelines, necessities for permits, anticipated approvals and different issues. Usually, however not all the time, these Ahead-looking Statements might be recognized by way of phrases similar to “estimated”, “anticipated”, “anticipated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “achieve”, “deliberate”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that occasions, “might” or “ought to” happen or be achieved and related expressions, together with detrimental variations.

The forward-looking statements on this information launch additionally embrace monetary outlooks and different forward-looking metrics regarding the Firm and its enterprise, together with references to monetary and enterprise prospects and future outcomes of operations, together with manufacturing, and price steering and anticipated future monetary efficiency. Such info, which can be thought of future oriented monetary info or monetary outlooks inside the which means of relevant Canadian securities laws (collectively, “FOFI”), has been permitted by administration of the Firm and is predicated on assumptions which administration believes had been cheap on the date such FOFI was ready, having regard to the trade, enterprise, monetary circumstances, plans and prospects of the Firm and its enterprise and properties. These projections are offered to explain the possible efficiency of the Firm’s enterprise. However, readers are cautioned that such info is very subjective and shouldn’t be relied on as essentially indicative of future outcomes and that precise outcomes could differ considerably from such projections. FOFI constitutes forward-looking statements and is topic to the identical assumptions, uncertainties, threat components and {qualifications} as set forth under.

Ahead-looking Statements contain recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any outcomes, efficiency or achievements expressed or implied by the Ahead-looking Statements. Such uncertainties and components embrace, amongst others, modifications generally financial circumstances and monetary markets; dangers related to warfare or different geo-political hostilities, such because the Ukrainian – Russian and the Israel – Hamas conflicts, any of which might proceed to trigger a disruption in world financial exercise; fluctuation in currencies and overseas change charges; will increase within the fee of inflation; the imposition or any extension of capital controls in nations through which the Firm operates; any modifications in tax legal guidelines in Argentina and the opposite nations through which we function; modifications within the costs of key provides; uncertainty regarding nature and local weather change circumstances; dangers related to local weather change laws; legal guidelines and laws concerning the safety of the atmosphere (together with greenhouse gasoline emission discount and different decarbonization necessities and the uncertainty surrounding the interpretation of omnibus Invoice C-59 and the associated amendments to the Competitors Act (Canada); our capability to handle bodily and transition dangers associated to local weather change and efficiently adapt our enterprise technique to a low carbon world financial system; technological and operational hazards in Fortuna’s mining and mine growth actions; dangers associated to water and energy availability; dangers inherent in mineral exploration; uncertainties inherent within the estimation of mineral reserves, mineral sources, and steel recoveries; modifications to present estimates of mineral reserves and sources; modifications to manufacturing and price estimates; modifications within the place of regulatory authorities with respect to the granting of approvals or permits; governmental and different approvals; modifications in authorities, political unrest or instability in nations the place Fortuna is lively; labor relations points; in addition to these components mentioned beneath “Danger Components” within the Firm’s Annual Data Kind for the monetary yr ended December 31, 2023 filed with the Canadian Securities Directors and out there at www.sedarplus.ca and filed with the U.S. Securities and Trade Fee as a part of the Firm’s Kind 40-F and out there at www.sec.gov/edgar.shtml. Though the Firm has tried to establish essential components that might trigger precise actions, occasions or outcomes to vary materially from these described in Ahead-looking Statements, there could also be different components that trigger actions, occasions or outcomes to not be as anticipated, estimated or meant.

Ahead-looking Statements contained herein are based mostly on the assumptions, beliefs, expectations and opinions of administration, together with, however not restricted to, the accuracy of the Firm’s present mineral useful resource and reserve estimates; that the Firm’s actions can be carried out in accordance with the Firm’s public statements and acknowledged objectives; that there can be no materials antagonistic change affecting the Firm, its properties or modifications to manufacturing estimates (which assume accuracy of projected ore grade, mining charges, restoration timing, and restoration fee estimates and could also be impacted by unscheduled upkeep, labor and contractor availability and different working or technical difficulties); geo-political uncertainties that will have an effect on the Firm’s manufacturing, workforce, enterprise, operations and monetary situation; the anticipated developments in mineral costs and foreign money change charges; that the Firm can be profitable in mitigating the affect of inflation on its enterprise and operations; that every one required approvals and permits can be obtained for the Firm’s enterprise and operations on acceptable phrases; expectations concerning the Firm finishing the sale of the San Jose Mine on the premise per the Firm’s present expectations; that there can be no vital disruptions affecting the Firm’s operations, the power to satisfy present and future obligations and such different assumptions as set out herein. Ahead-looking Statements are made as of the date hereof and the Firm disclaims any obligation to replace any Ahead-looking Statements, whether or not on account of new info, future occasions or outcomes or in any other case, besides as required by legislation. There might be no assurance that these Ahead-looking Statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, traders mustn’t place undue reliance on Ahead-looking Statements.

Cautionary Be aware to United States Buyers Regarding Estimates of Reserves and Sources

Reserve and useful resource estimates included on this information launch have been ready in accordance with Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Requirements on Mineral Sources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Directors that establishes requirements for public disclosure by a Canadian firm of scientific and technical info regarding mineral initiatives. Until in any other case indicated, all mineral reserve and mineral useful resource estimates contained within the technical disclosure have been ready in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Requirements on Mineral Sources and Reserves. Canadian requirements, together with NI 43-101, differ considerably from the necessities of the Securities and Trade Fee, and mineral reserve and useful resource info included on this information launch is probably not similar to related info disclosed by U.S. corporations.

A PDF accompanying this announcement is out there at: http://ml.globenewswire.com/Useful resource/Obtain/e2e75da8-b68d-4dc4-8e7e-aefefb5142dd

¹Seek advice from Non-IFRS Monetary Measures part on the finish of this information launch and to the MD&A accompanying the Firm’s monetary statements filed on SEDAR+ at www.sedarplus.ca for an outline of the calculation of those measures.

²Excluding letters of credit score

³ Au Eq contains gold, silver, lead and zinc and is calculated utilizing the next steel costs: $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, $3,046/t Zn for This fall 2024; $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024; $2,334/oz Au, $29.1/oz Ag, $2,157/t Pb and the next steel costs for full yr 2024 $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn

⁴ The composition of AISC was revised in This fall 2024 and the comparative intervals had been up to date to replicate the change. Seek advice from “Non-IFRS Monetary Measures – All-in Sustaining Price Per Gold Equal Ounce Offered” for an outline of the calculation and the explanation for the change.

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