Fortuna Mining (FVI) Investor Presentation summary

Strategic focus and operational model

• Emphasis on West Africa and Latin America, leveraging experienced leadership and jurisdictional expertise.

• Capital allocation prioritizes balance sheet strength, high-value exploration, and opportunistic M&A.

• Gold portfolio growth is balanced with maintaining a legacy in silver.

• Robust exploration pipeline supports ongoing growth opportunities.

Production and financial performance

• 2024 annual production guidance: 457–497 koz gold equivalent, a 1–10% increase over 2023.

• Q2 2024 gold equivalent production: 116,570 oz; H1 2024: 229,113 oz, on track to meet guidance.

• Q2 2024 sales reached $260.0M, up 64% year-over-year; H1 2024 sales at $484.9M, up 45%.

• Q2 2024 adjusted EBITDA: $112.7M; H1 2024: $207.8M; free cash flow from operations up 188% in H1.

• AISC for 2024 guided at $1,485–$1,640/oz Au Eq; Q2 AISC improved 8% year-over-year.

Asset portfolio and exploration

• 2024 exploration budget: $30.8M for Brownfields, $7.5M for Greenfields.

• Séguéla Mine (Côte d'Ivoire): H1 2024 gold production 67,539 oz, AISC $1,021/oz; strong exploration pipeline with new discoveries like Kingfisher.

• Yaramoko Mine (Burkina Faso): H1 2024 gold production 58,624 oz, AISC $1,382/oz; ongoing resource extensions.

• Lindero Mine (Argentina): H1 2024 gold production 46,136 oz, AISC $1,832/oz; leach pad expansion 58% complete.

• San Jose Mine (Mexico): H1 2024 silver production 1.44 Moz, gold 9,802 oz; reserves expected to be exhausted by year-end 2024.

• Caylloma Mine (Peru): H1 2024 silver production 621,858 oz, lead 20.1 Mlbs, zinc 25.2 Mlbs; exceeded 2023 guidance.

• Diamba Sud Gold Project (Senegal): 872 km² of tenements, $9.9M exploration budget, recent high-grade drill results.