Fortuna Mining Corp. · TSX:FVI
Fortuna Mining — Investor Presentation (March 2025)
47 slides from Fortuna Mining's investor presentation, Mar 6, 2025
Slide 1: Investor Presentation
MARCH 6, 2025 Investor Presentation NYSE: FSM | TSX: FVI
Slide 2: Cautionary Statement on Forward Looking Statements
Cautionary Statement on Forward Looking Statements This corporate presentation contains forward looking statements which constitute “forward-looking information” within the meaning of uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (C
Slide 3: Financial Information
Financial Information Dollar amounts expressed in US dollars, unless otherwise indicated. Totals may not add throughout presentation due to rounding. NON-IFRS FINANCIAL MEASURES Fortuna’s consolidated financial statements of the Company for the years ended December 31, 2024 and 2023 (the “2024 Finan
Slide 4: Fortuna’s Strengths
Fortuna’s Strengths Leading strategy focused on two premier mining regions, and providing returns throughout the precious metals price cycle Fortuna’s strategy allows us to perform in any precious metals price cycle. We have a proven capital allocation and asset selection approach and efficient and
Slide 5: Fortuna’s Continued Growth Since 2005
Fortuna’s Continued Growth Since 2005 Expanding from Latin America to West Africa Yaramoko Mine, Burkina Faso, and Séguéla Project, Côte d’Ivoire, added to portfolio Construction of the 2025 Guidance 500,000 Lindero Mine begins 380 - 422 koz Au Eq1 Construction of the Annual Production (Au Eq oz) Ac
Slide 6: Growing in Premier Mining Jurisdictions
Growing in Premier Mining Jurisdictions Regional focus provides a strong competitive advantage 2025E PRODUCTION Gold Equivalent 380 to 422 koz1,2 or Gold 334 to 373 koz + Silver 0.9 to 1.0 Moz 2025E AISC $1,550 – 1,6803 1. Refer to Fortuna news release dated January 21, 2025, “Fortuna reports record
Slide 7: Fortuna’s Value Upside Relative to Peers
Fortuna’s Value Upside Relative to Peers1 Séguéla hitting its stride after first full year of production; benefits emerging since Q3 2023 EV/EBITDA2 P/CF2 6.6x FORTUNA 6.3x PEERS 5.3x 5.4x 4.0x 3.2x 3.1x 2.6x 2025E 2026E 2025E 2026E 1. Peers: Aris Mining Corporation, Centerra Gold Inc. (2024/25E EV/
Slide 8: Q4 2024 Consolidated Production
Q4 2024 Consolidated Production Solid gold equivalent production of 116,358 oz Au Eq1,2 Q4 GOLD1 SILVER1 LEAD1 ZINC1 2024 (koz) (Moz) (Mlbs) (Mlbs) 107.4 10.8 1.4 13.9 13.9 96.0 9.5 Gold Production 95,993 oz1 0.8 Silver Production 0.8 Moz1 Q4 202 4 Q4 202 3 Q4 202 4 Q4 202 3 Q4 202 4 Q4 202 3 Q4 202
Slide 9: Q4 Consolidated Financial Highlights
Q4 Consolidated Financial Highlights Q4 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE 2024 ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 302.2 137.9 95.6 131.3 49.9 274.9 Record 37.0 sales $302.2 M1 56.6 10% higher than Q3 2024 Q4 202 4 Q3 202 4 Q4 202 4 Q3 202 4 Q4 202 4
Slide 10: 2024 Consolidated Production
2024 Consolidated Production Record gold equivalent production of 455,958 oz Au Eq1,2 2024 GOLD1 SILVER1 LEAD1 ZINC1 (koz) (Moz) (Mlbs) (Mlbs) 369.6 40.9 5.9 39.6 55.1 51.9 Record Gold Production 326.6 3.7 369,637 oz1 Silver Production 3.7 Moz1 20 24 20 23 20 24 20 23 20 24 20 23 20 24 20 23 1. Refe
Slide 11: 2024 Consolidated Financial Highlights
2024 Consolidated Financial Highlights 2024 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 1,062.0 202.9 476.9 144.0 842.4 Record 153.5 sales 335.1 $1.1 B1 64.9 26% higher than 20231 20 24 20 23 20 24 20 23 20 24 20 23 20 24 20
Slide 12: Asset Portfolio
Asset Portfolio 2025 exploration budget: $41.0 M | $21.6 M for Brownfields and $19.3 M for Greenfields EXPLORATION PRODUCTION Diamba Sud Senegal 2025 Exploration Budget: $8.3 M Kingfisher Séguéla Mine, Côte d’Ivoire Sunbird Séguéla Mine, Côte d’Ivoire Séguéla Mine Yaramoko Mine Lindero Mine Caylloma
Slide 13: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Optimizing Séguéla’s potential through 2026 and beyond Gold Production and AISC4 Q4 2024 2024 Gold Production (oz) 35,244 137,781 AISC ($/oz Au) 1,376 1,153 • Achieved 1.56 million tonnes of annual mine production as an outcome of optimization work; 25 percent above origi
Slide 14: Séguéla Mine: Regional exploration: Continuing success
Séguéla Mine, Côte d’Ivoire Regional exploration: Continuing success1 • Highly prospective with a relatively immature exploration profile and a history of new discoveries – Kingfisher the most recent • Strong exploration pipeline with >30 highly prospective targets untested with continuous target ge
Slide 15: Kingfisher is newest emerging mineral deposit
Séguéla Mine, Côte d’Ivoire Kingfisher is newest emerging mineral deposit on the property • 1-kilometer east of Sunbird, identified through soil sampling • Hosted along the contact of moderately sheared basalts and dolerites, and in the same package as the Boulder and Agouti deposits 1 and 3 kilomet
Slide 16: Sunbird Deposit: Drilling continues to expand underground potential
Séguéla Mine, Côte d’Ivoire Sunbird Deposit: Drilling continues to expand underground mining potential1 Sunbird long section - looking west • High grade (>20 grams x meter) core extending at least 1 kilometer beyond final pit design • Clear structural control on high grade core, three dominant, para
Slide 17: Yaramoko Mine, Burkina Faso
Yaramoko Mine, Burkina Faso Continued strong gold production Gold Production and AISC4 Q4 2024 2024 Gold Production (oz) 29,576 116,206 AISC ($/oz Au) 1,302 1,359 • Fourth consecutive year free of lost time injuries • Brownfields exploration budget of $0.2 million: - Company will continue to pursue
Slide 18: Successful expansion of mineralization beyond 2022 resource boundary
Yaramoko Mine, Burkina Faso Successful expansion of mineralization beyond 2022 resource boundary • Drilling to the west has intersected new high-grade mineralization beyond the boundary of the 2022 Mineral Resource1 • Step-out drilling to the east and at depth has also continued to identify the Zone
Slide 19: Lindero Mine, Argentina
Lindero Mine, Argentina Capitalizing on optimization initiatives Gold Production and AISC4 Q4 2024 2024 Gold Production (oz) 28,806 97,287 AISC ($/oz Au) 1,873 1,793 • Leach pad expansion entered operation in the fourth quarter of 2024; delivered into operation on time and on budget • Brownfields ex
Slide 20: Arizaro has the potential to contribute to Lindero’s future production
Lindero Mine, Argentina Arizaro has the potential to contribute to Lindero’s future production1 LINDERO 3. 5 km ARIZARO Explore possible western extension of known Au-Cu porphyry mineralization (red) identified in previous diamond drill holes 1. For full details of drill holes ARD-42 to ARD-47 refer
Slide 21: Caylloma Mine, Peru
Caylloma Mine, Peru Track record of solid performance Metals Production and AISC4 Q4 2024 2024 Silver Production (oz) 249,238 1,176,543 Lead Production (Mlbs) 9.5 39.6 Zinc Production (Mlbs) 13.9 51.9 AISC ($/oz Ag Eq) 28.10 21.72 • Brownfields exploration budget of $4.8 million: - $2.2 million for
Slide 22: Caylloma: Continued exploration success; open at depth
Caylloma Mine, Peru Continued exploration success; open at depth Previous drill highlights include1: ANIM086321: 60 g/t Ag, 5.51% Pb and 6.22% Zn over an estimated true width of 7.2 meters ANIM084321: 51 g/t Ag, 2.94% Pb and 5.23% Zn over an estimated true width of 5.8 meters ANIM084721: 106 g/t Ag,
Slide 23: Caylloma Mine: Long history, bright future
Caylloma Mine, Peru Long history, bright future Animas vein NE and oreshoots 1, 3, and 4 1 Expansion of existing resources and current mining 6 2 San Cristóbal vein Extension of historic, Ag-dominant resources in epithermal veins 7 3 Pisacca Project Maiden drilling of high-level, high sulfidation Au
Slide 24: San Jose Mine, Mexico
San Jose Mine, Mexico 2024 production from the tail end of reserves Metals Production and AISC5 Q4 2024 2024 Silver Production (oz) 594,373 2,548,402 Gold Production (oz) 4,239 17,811 AISC ($/oz Ag Eq) 29.94 28.22 • Sale of San Jose Mine announced on January 15, 20252 Reserves: 0.7 Mt @ 156 g/t Ag &
Slide 25: Diamba Sud Gold Project: Prospective geology
Diamba Sud Gold Project, Senegal Prospective geology • 69,100 hectares of tenements over the highly prospective Kedougou-Kinieba Inlier (KKI), a world class mining district • Diamba Sud associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) (Diamba Sud tenement = 5,340 hectares) • Str
Slide 26: Diamba Sud: Brownfields exploration program of $8.3 million
Diamba Sud Gold Project, Senegal Brownfields exploration program of $8.3 million: 35,000 meters of drilling1 • 69,100 hectares of tenements over the highly prospective Kedougou-Kinieba Inlier (KKI) • Diamba Sud: associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) (Diamba Sud teneme
Slide 27: Diamba Sud: Drilling focused on growing historic resource base
Diamba Sud Gold Project, Senegal Drilling focused on growing historic resource base Build and maintain exploration pipeline via phased approach1: Phase 1: Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D and Karakara, plus drill to test for extensions to the ex
Slide 28: 2024 ESG Ratings
2024 ESG RATINGS Continuously achieving top tier performance Fortuna Mining - Investor Presentation 28
Slide 29: ESG Corporate KPIs Performance
ESG Corporate KPIs Performance Prioritized corporate KPIs 2024 Performance 2024 Targets Fatalities 0 0 LTIFR 0.48 0.71 Significant spills 0 0 Energy efficiency 1 0.23 0.24 Freshwater use intensity2 0.23 0.25 3 GHG emissions intensity 17.07 20.67 Significant disputes with communities 0 0 Employee-rel
Slide 30: Pay-For-Performance
Pay-For-Performance CEO’s pay-for-performance1 compensation structure aligned with the long-term interests of shareholders Short-term cash incentives (STI) are aligned to the 78% of CEO’s compensation is at-risk pay achievement of annual, pre-defined corporate financial, operational, growth and ESG
Slide 31: Capital Structure and Ownership
Capital Structure and Ownership Outstanding shares (OS)1 306.5M NYSE: FSM1 TSX: FVI1 52-week range (Hi - Lo) $6.36 - 2.93 52-week range (Hi - Lo) C$8.68 - 3.95 3-month average volume per day 12.7 M shares 3-month average volume per day 0.7 M shares Share Ownership2 Institutional Ownership2 (%) (%) I
Slide 32: 2025 Annual Guidance Consolidated Production
2025 Annual Guidance 380 to 422 koz Au Eq; at an estimated AISC of between $1,550 and $1,680/oz Au Eq1 Consolidated Production1 Gold Silver Lead Zinc 334 - 373 koz 0.9 - 1.0 Moz 29 - 32 Mlbs 45 - 49 Mlbs AISC1,2 Séguéla Mine Yaramoko Mine Lindero Mine Caylloma Mine CÔTE D’IVOIRE BURKINA FASO ARGENTI
Slide 33: Contact
CONTACT CARLOS BACA Vice President, Investor Relations [email protected] | fortunamining.com NYSE: FSM | TSX: FVI | FSE: F4S0 @fortunamining @fortunamining @fortunamining 33
Slide 34: Appendices
Appendices 34
Slide 35: Financial Performance
APPENDIX Financial Performance $ M unless otherwise stated Q4 20241 Q3 20241 Change 20241 20231 Change OPERATIONS Gold production (oz) 95,993 91,251 5% 369,637 326,638 13% Silver production (Moz) 0.8 0.8 - 3.7 5.9 (37%) Gold equivalent production (oz) 116,3583 110,8203 5% 455,9583 452,3893 1% Net sa
Slide 36: 2025 Consolidated Cash Cost and AISC Guidance
APPENDIX 2025 Consolidated Cash Cost and AISC Guidance Cash Cost Guidance ($/oz Au Eq) AISC Guidance ($/Au Eq) 2025 Guidance 2025 Guidance Lindero $1,060 - $1,235 Lindero $1,600 - $1,770 Caylloma 1,250 - 1,385 Caylloma 1,810 - 2,060 Yaramoko 880 - 1,000 Yaramoko 1,165 - 1,320 Séguéla 680 - 750 Ségué
Slide 37: The West Africa Opportunity
APPENDIX Mauritania The West Africa Loulo-Gounkoto | Mali Opportunity Senegal FY24 production: 578 koz Au1 A mining-friendly, favorable Mali Niger Gambia jurisdiction to do business Diamba Sud Yaramoko Mine Significant geological potential Guinea- Gold Project FY24 production: 116 koz Au2 Host to nu
Slide 38: The West Africa Opportunity
APPENDIX Mauritania The West Africa Opportunity Senegal West Africa is among the quickest Mali Gambia Niger timelines from discovery to production Burkina • Global average is approximately 15.7 years1 Faso • Côte d’Ivoire returned the lowest average lead Guinea- Bissau time of mines from discovery t
Slide 39: Investing in West Africa
APPENDIX Investing in West Africa Significant exploration budgets drive potential for future discoveries 2023 Gold Exploration Budgets1 2022 Fraser Investment Attractiveness Index2 ($ M) Canada Côte d'Ivoire 65.6 Australia Burkina Faso 64.6 Santa Cruz, ARG USA Ranked higher Ghana West Africa $499.1M
Slide 40: Board of Directors
APPENDIX Board of Directors DAVID LAING MARIO SZOTLENDER Board Chair | Independent Director Mining engineer with 40 years of experience in the industry. David is an independent mining Director Co-founder of Fortuna. Financier, businessman and Director of Atico consultant. He was formerly the COO of
Slide 41: Executive Leadership Team
APPENDIX Executive Leadership Team DAVID WHITTLE JORGE A. GANOZA Chief Operating Officer – West Africa President, CEO and Director David joined Fortuna in July 2021 and held the position of Vice President Co-founder of Fortuna. Peruvian geological engineer with over 25 years of experience in mineral
Slide 42: Séguéla Mine Mineral Reserves and Mineral Resources
APPENDIX Séguéla Mine, Côte d’Ivoire Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Proven & Probable Reserves 9,366 3.38 1,016 Measured & Indicated Resources 3,433 3.59 396 Inferred Resources 7,260 2.90 677 Mineral Reserve and Mineral Resource e
Slide 43: Yaramoko Mine Mineral Reserves and Mineral Resources
APPENDIX Yaramoko Mine, Burkina Faso Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Proven & Probable Reserves 863 7.90 219 Measured & Indicated Resources 469 2.87 43 Inferred Resources 159 3.52 18 Mineral Reserve and Mineral Resource estimates p
Slide 44: Lindero Mine Mineral Reserves and Mineral Resources
APPENDIX Lindero Mine, Argentina Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Cu Au Deposit Classification (000) (g/t) (%) (koz) Lindero Proven & Probable Reserves 71,505 0.56 0.10 1,284 Measured & Indicated Resources 30,464 0.42 0.10 412 Inferred Resources 25,325 0.47 0.11 386 A
Slide 45: Caylloma Mine Mineral Reserves and Mineral Resources
APPENDIX Caylloma Mine, Peru Mineral Reserves and Mineral Resources Contained Metal Tonnes Ag Au Pb Zn Ag Au Classification (000) (g/t) (g/t) (%) (%) (Moz) (koz) Proven & Probable Reserves 2,288 83 0.13 2.78 4.04 6.1 10 Measured & Indicated Resources 1,786 87 0.24 1.65 2.72 5.0 14 Inferred Resources
Slide 46: Diamba Sud Gold Project: Historical Resources
APPENDIX Diamba Sud Gold Project, Senegal Historical Resources1 Oblique view 0.5 g/t Au cut off Tonnes Au Contained Metal Au Area A Area (Mt) (g/t) (koz) Mineral Resources – Indicated (JORC) Area D 4.3 2.1 286 Area A 4.9 1.7 271 Area D Karakara 0.8 2.6 68 Bougouda - - - Total 10.0 1.9 625 Mineral Re
Slide 47: Historical Estimates
APPENDIX Historical Estimates Disclosure of the historical estimate in this presentation is derived from the Committee of The Australasian Institute of Mining and Metallurgy, Diamba Sud Scoping Study completed in March 2022 by Chesser and Australian Institute of Geoscientists and Minerals Council of