Fortuna Mining (FVI) Q4 2024 earnings summary

Executive summary

• Achieved record annual production of 455,958 GEOs and record sales of $1.1 billion for FY 2024, with strong Q4 performance and solid earnings.

• Record free cash flow from operations of $95.6 million in Q4, up 69% from Q3, and $202.9 million for the year.

• Ended 2024 with $231 million in cash and $381 million in liquidity, supported by robust free cash flow and a positive net cash position.

• Returned $30.6 million to shareholders via share buybacks in Q4, with further repurchases in January and 8.5 million shares remaining under NCIB.

• Reduced debt by $118 million since mid-2023, ending 2024 with a positive net cash position of $59 million.

Financial highlights

• Q4 sales reached $302.2 million, up 14% year-over-year; FY 2024 sales were $1,062.0 million, up 26% YoY.

• Adjusted attributable net income for Q4 was $37.0 million ($0.12/share), up 80% YoY; adjusted EBITDA was $137.9 million in Q4 and $476.9 million for 2024.

• Net cash from operations before working capital was $142 million or $0.46 per share, beating consensus.

• Free cash flow for Q4 was $95.6 million and $203 million for the year.

• Q4 attributable net income was $11.3 million ($0.04/share), including $26 million in non-cash charges.

Outlook and guidance

• 2025 production guidance: 380,000–422,000 GEOs at AISC of $1,550–$1,680/GEO; cash cost guidance: $895–$1,015/GEO.

• Séguéla Mine expected to produce 160,000–180,000 oz gold in 2026 at AISC of $1,260–$1,390/oz.

• Lindero 2025 AISC guidance: $1,600–$1,770/oz; peak stripping ratio in 2025, reverting lower in 2026.

• $51 million budgeted for exploration and project development in 2025, targeting high-value assets.

• Lindero leach pad expansion 89%–94% complete, on track for H1 2025 completion.