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Fortuna Mining reports financial results for the second quarter of 2024
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, Aug. 07, 2024 (GLOBE NEWSWIRE) -- F
About this update from Fortuna Mining Corp.
[{"type":"text","content":" (All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the second quarter of 2024. Second Quarter 2024 highlights Financial Attributable net income of $40.6 million or $0.13 per share, compared to a $26.3 million or $0.09 per share in Q1 2024 Adjusted attributable net income1 of $30.4 million or $0.10 per share, compared to $26.7 million or $0.09 per share in Q1 2024 Generated $93.0 million (or $0.30 per share) of cash flow from operations before working capital changes, and free cash flow from ongoing operations1 of $38.6 million, compared to $84.3 million (or $0.28 per share) and $12.1 million, respectively, in Q1 2024 The Company issued Convertible Notes (the “2024 Notes”) for gross proceeds of $172.5 million which were partially used to pay in full the outstanding $125.0 million under its revolving credit facility. As at the end of the quarter total net debt1 was $66.5 million and the total net debt to adjusted EBITDA ratio1 was 0.2:1 Liquidity as of June 30, 2024 was $355.6 million, compared to $212.7 million at the end of Q1 2024 Operational Gold equivalent3 production of 116,570 ounces, compared to 112,543 ounces in Q1 2024 Gold production of 92,716 ounces, compared to 89,678 ounces in Q1 2024 Silver production of 990,574 ounces, compared to 1,074,571 ounces in Q1 2024 Consolidated cash costs1 per ounce of gold equivalent sold of $988, compared to $879 in Q1 2024; adjusting for San Jose, which is mining its last year of Mineral Reserves, consolidated cash costs was $858 Consolidated all-in sustaining cash costs (AISC)1 per ounce of gold equivalent sold of $1,656, compared to $1,495 in Q1 2024; adjusting for San Jose, consolidated AISC was $1,584 The Company recorded zero lost time injuries and zero total recordable injuries in the quarter Growth and Development At the newly discovered Kingfisher prospect at the Séguéla Mine the Company intersected 23.7 g/t gold over 17.8 meters. For full details refer to the News Release “Fortuna intersects 23.7 g/t gold over 17.8 meters from the Kingfisher Prospect at the Séguéla Mine” dated June 20, 2024 Exploration continued at the Diamba Sud exploration pr...