Fortuna Mining Corp. · TSX:FVI
Fortuna Mining — Q2 2025 Earnings Presentation
22 slides from Fortuna Mining's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025 Financial and Operational Results Webcast
August 7, 2025 Q2 2025 Financial and Operational Results Webcast NYSE: FSM | TSX: FVI
Slide 2: Q2 2025 Highlights
Q2 2025 Highlights Fortress balance sheet supports next phase of organic growth, targeting 500,000 oz annually BALANCE SHEET CASH FLOW AND DELIVERING STRENGTH MARGINS GROWTH $537 M in liquidity FCF from Operations1,3 Increased Gold Resources at $57.4 M Diamba Sud5 $215 M net cash position Q1 2025: $
Slide 3: Operations
Operations Q2 production from continuing operations of 71,229 GEO2; on-track to meet annual guidance Séguéla Mine Lindero Mine Caylloma Mine CÔTE D’IVOIRE ARGENTINA PERU Gold Production (oz) Gold Production (oz) Silver Production (oz) 38,186 23,550 240,621 Q1 2025: 38,500 Q1 2025: 20,320 Q1 2025: 24
Slide 4: Financial Overview
Financial Overview Caylloma Mine, Peru Fortuna Mining Corp. | Q2 2025 Financial and Operational Results Webcast 4
Slide 5: Q2 2025 Sales
Q2 2025 Sales 47% YoY increase for continuing operations Realized Precious Metals Prices1 3,400 $3,307 Precious metals contribution2 2,900 92% 2,400 88% 1,900 Q2 sales Gold ($/oz) 1,400 $230.4 M Gold Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 4% Silver 5% $33.77 Zinc 3% 32.00 Lead 27.00 2
Slide 6: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Record adjusted EBITDA margin of 55%1 % ($ M, except in earnings per share Q2 2025 Q1 2025 Q2 2024 Change figure) / YoY • Record EBITDA margin of 55%1 compared to 50% Sales 230.4 195.1 156.3 47% margin QoQ 83.7 55.9 30.8 172% • Attributable net income from Operating inco
Slide 7: Q2 2025 Capex
Q2 2025 Capex 2025 mine site capital + projects & greenfield exploration budget of $180 M 51.5 4.3 47.0 40.7 42.0 3.5 38.0 9.1 5.8 6.2 27.0 4.5 47.2 38.5 37.9 US$ M 35.0 31.7 22.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Mine Site Capital Projects and Greenfield Exploration See appendix for n
Slide 8: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Growing liquidity from free cash flow generation Cash Undrawn credit facility 537 431 459 356 381 150 150 250 150 250 387 231 309 106 181 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total Liquidity 356 431 381 4593 5373 • Q2 cash position increased by $78 M to $387 M • Incre
Slide 9: Appendix
Appendix Caylloma Mine, Peru Fortuna Mining Corp. | Q2 2025 Financial and Operational Results Webcast 9
Slide 10: Notes
APPENDIX Notes Where applicable, the Company has presented operating and financial results based on its continuing operations. Contributions from the San Jose and Yaramoko mines have been removed from quarterly, year to date and comparative figures as they were disposed of during the second quarter
Slide 11: 2025 Annual Guidance
2025 Annual Guidance 309 to 339 GEO; at an estimated AISC of between $1,670 and $1,765/GEO1,3 Consolidated Production Gold3 Silver Lead Zinc 265 - 290 koz 0.9 - 1.0 Moz 29 - 32 Mlbs 45 - 49 Mlbs AISC1,2 Séguéla Mine Lindero Mine Caylloma Mine CÔTE D’IVOIRE ARGENTINA PERU $1,500 - 1,600 $1,600 - 1,72
Slide 12: Sustainability Performance
APPENDIX Sustainability Performance Prioritized corporate sustainability KPIs Q2 2025 2025 Targets Total Recordable Injury Frequency Rate (TRIFR) 1 0.87 1.47 Significant disputes with local communities 0 0 Significant strikes and lockouts 0 0 Significant incidents associated with waste and hazardous
Slide 13: Consolidated Sales Metrics
APPENDIX Consolidated Sales Metrics Q2 2025 Q2 2024 % Change Metal Sold Ag (oz) 251,798 269,032 (6%) Au (oz) 61,631 54,673 13% Pb ('000 lb) 9,183 9,422 (3%) Zn ('000 lb) 12,283 12,710 (3%) Realized Price Ag ($/oz) 33.77 28.53 18% Au ($/oz) 3,307 2,333 42% Pb ($/lb) 0.88 0.98 (10%) Zn ($/lb) 1.20 1.2
Slide 14: 2025 Consolidated Cash Cost and AISC Guidance
APPENDIX 2025 Consolidated Cash Cost and AISC Guidance Cash Cost Guidance ($/GEO) AISC Guidance ($/GEO) 2025 Guidance 2025 Guidance Lindero 1,060 - 1,235 Lindero 1,600 - 1,720 Caylloma 1,250 - 1,385 Caylloma 1,810 - 2,060 Yaramoko 1,060 Yaramoko - 1,410 - Séguéla 680 - 750 Séguéla 1,500 - 1,600 Cons
Slide 15: Diamba Sud Mineral Resources
APPENDIX Diamba Sud Mineral Resources 1. Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves 2. Mineral Resources are estimated and reported as of July 7, 2025 3. Eric Chapman is the Qualified Person responsible for Mineral Resources, and
Slide 16: 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 consultant. He was formerly the COO of both Equinox Gold and True Gold Mining. He was also Co-founder of Fo
Slide 17: 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 Operations – Co-founder of Fortuna. Peruvian geological engineer with over 25 years of West Afr
Slide 18: Cautionary Statement On Forward Looking Statements
APPENDIX Cautionary Statement On Forward Looking Statements This corporate presentation contains forward looking statements which constitute “forward-looking information” within the meaning active; labor relations issues; governmental and regulatory requirements and actions by governmental authoriti
Slide 19: Non-IFRS Financial Measures
APPENDIX Non-IFRS Financial Measures Fortuna’s condensed interim consolidated financial statements of the Company for the three and six months ended June 30, 2025 and These non-IFRS financial measures are widely reported in the mining industry as benchmarks for performance and are used by 2024 (the
Slide 20: Non-IFRS Financial Measures
APPENDIX Non-IFRS Financial Measures All-in Sustaining Cash Cost and All-in Cash Cost per Ounce of Gold Equivalent Sold Free Cash Flow and Free Cash Flow from Ongoing Operations The following table presents a reconciliation of free cash flow and free cash flow from ongoing operations to net cash The
Slide 21: Non-IFRS Financial Measures
APPENDIX Non-IFRS Financial Measures Adjusted Attributable Net Income The following table presents a reconciliation of Adjusted Attributable Net Income from attributable net income, the most directly comparable IFRS measure, for the three months ended March 31, 2025: Consolidated (in millions of US
Slide 22: Carlos Baca, Vice President, Investor Relations
CONTACT CARLOS BACA | Vice President, Investor Relations info@fmcmail.com | fortunamining.com NYSE: FSM | TSX: FVI @fortunamining fortunamining @fortunamining Fortuna Mining Corp. | Q2 2025 Financial and Operational Results Webcast 22