Slide 1: Investor Presentation
OCTOBER 25, 2024 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 Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of mana
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 three months ended June 30, 2024, and 2023 (the “Q2 202
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 Production Growth Since 2005
Fortuna’s Continued Production Growth Since 2005 2024 Guidance Yaramoko Mine, Burkina Faso, 457 - 497 koz Au Eq1 and Séguéla Project, Côte d’Ivoire, added to portfolio Construction of the 500,000 Lindero Mine begins Construction of the Acquired the Caylloma Séguéla Mine begins Annual Production (Au
Slide 6: Growing in Premier Mining Jurisdictions
Growing in Premier Mining Jurisdictions Regional focus provides a strong competitive advantage 2024E PRODUCTION Gold Equivalent 457 to 497 koz1,2 or Gold 343 to 385 koz + Silver 4.0 to 4.7 Moz 2024E AISC $1,485 – 1,6403 1. Refer to Fortuna news release dated January 18, 2024, “Fortuna reports record
Slide 7: Fortuna's Value Upside Relative to Peers
Fortuna’s Value Upside Relative to Peers1 Share price under performance related to announcement of West Africa expansion in April 2021. After completing 2-year construction at Séguéla, benefits are now emerging2 EV/EBITDA2 PC/F2 FORTUNA 7.3x 8.8x PEERS 5.1x 5.9x 3.7x 3.9x 4.2x 4.3x 2024E 2025E 2024E
Slide 8: Q3 2024 Consolidated Production
Q3 2024 Consolidated Production Solid gold equivalent production of 110,820 oz Au Eq1,3; on track to meet annual guidance Q3 GOLD1 SILVER1 LEAD1,2 ZINC1,2 2024 (koz) (Moz) (Mlbs) (Mlbs) 94.8 1.7 91.2 10.0 10.3 14.0 12.8 Gold Production 91,251 oz1 0.8 Silver Production 0.8 Moz1 Q3 2024 Q3 2023 Q3 202
Slide 9: Q2 2024 Consolidated Financial Highlights
Q2 2024 Consolidated Financial Highlights Q2 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE 2024 ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 112.7 260.0 38.6 30.4 Q2 2024 sales of $260.0 M1 158.4 64% higher 44.4 than Q2 20231 9.5 2.5 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 20
Slide 10: Asset Portfolio
Asset Portfolio 2024 exploration budget: $42.3 million for Brownfields and $4.6 million for Greenfields EXPLORATION PRODUCTION Diamba Sud Senegal 2024 Exploration Budget: $11.1 M Séguéla Mine Yaramoko Mine Lindero Mine Côte d’Ivoire Burkino Faso Argentina Kingfisher 2024E PRODUCTION1 2024E PRODUCTIO
Slide 11: Séguéla Mine, Côte d'Ivoire
Séguéla Mine, Côte d’Ivoire 62,000-hectare property package with multiple targets still to be drill tested • Q3 2024 gold production: 34,998 ounces1 • 9-month 2024 gold production: 102,537 ounces1 • Processing plant throughout averaged 208 t/hr, operating at 35% above nameplate capacity as of the en
Slide 12: Séguéla Mine: Regional exploration
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 13: Séguéla Mine: Kingfisher emerging deposit
Séguéla Mine, Côte d’Ivoire Kingfisher is newest emerging mineral deposit on the property1 Kingfisher prospect long-section (looking west) • 1-kilometer east of Sunbird, identified through soil sampling • Drill tested 1.9-kilometer strike length to date, remains open at depth and along strike to the
Slide 14: Séguéla Mine: Mineralization open at depth
Séguéla Mine, Côte d’Ivoire Mineralization remains open at depth in main deposits KOULA • High grade, coarse gold quartz-vein hosted mineralization is characteristic • Clear structural controls across all deposits 300m • All deposits remain open at depth 300m ANCIEN SUNBIRD Probable Reserve1: 1.4 Mt
Slide 15: Séguéla Mine: Sunbird Deposit drilling
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 800 meters beyond final pit design • Clear structural control on high grade core, three dominant, paral
Slide 16: Yaramoko Mine, Burkina Faso
Yaramoko Mine, Burkina Faso Further extensions of mineralization identified in western and eastern boundaries of Zone 55 • Q3 2024 gold production: 28,006 ounces1 • 9-month 2024 gold production: 86,630 ounces1 • Brownfields exploration budget of $7.1 million: - 41,450 meters of exploration drilling
Slide 17: Yaramoko Mine: Expansion of mineralization
Yaramoko Mine, Burkina Faso Successful expansion of mineralization beyond 2022 resource boundary DD-550 NSI DD-548 NSI GCDD-202 4244"Fge"OTOT 2.5 m @ 12.9 g/t Au Tgegpv"kpvgtegr v • Drilling to the west has intersected new DD-547 GCDD-184 GCDD-200 - 2"i tco u"z"o gvtgu"Cw 3.8 m @ 3.4 g/t 5.5 m @ 9.6
Slide 18: Lindero Mine, Argentina
Lindero Mine, Argentina Steady gold production, on track to meet annual guidance • Q3 2024 gold production: 24,345 ounces1 • 9-month 2024 gold production: 70,481 ounces1 • As of September 30, 2024, the $51.8 million leach pad expansion project is approximately 76% complete1 • Sustaining capital inte
Slide 19: Lindero Mine: Arizaro potential
Lindero Mine, Argentina Arizaro has the potential to contribute to Lindero’s future production1 LINDERO ARD46 200m* @ 0.61 g/t Au , "Ftknn"Kpvgtxcn"? "Fqy pj qng"kpvgtxcn Ghhgevkxg"Fcvg<"Fgego dgt"4243 ARD46 ARD45 ARD45 147m* ARIZARO @ 0.47 g/t Au ARD47 ARD43 ARIZARO GOLD PROJECT ARIZARO ARD42 ARD44
Slide 20: Caylloma Mine, Peru
Caylloma Mine, Peru 2024 annual production guidance achieved in Q3 • Q3 2024 production: 305,446 oz Ag, 10.0 Mlbs Pb, 12.8 Mlbs Zn1 • 9-month 2024 production: 927,304 oz Ag, 30.1 Mlbs Pb, 38.0 Mlbs Zn1 • Brownfields exploration budget of $2.0 million: - Under-explored large land package - 35,622 hec
Slide 21: Caylloma Mine: Continued exploration success
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 22: 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 23: San Jose Mine, Mexico
San Jose Mine, Mexico 2024 operating on last year of reserves • Q3 2024 production: 510,741 oz Ag and 3,771 oz Au1 • 9-month 2024 production: 1,954,028 oz Ag and 13,573 oz Au • Mine closure planning for 2025 Reserves: 0.7 Mt @ 156 g/t Ag & 0.98 g/t Au containing 3.7 Moz Ag & 23 koz Au3 20232 2024E2
Slide 24: 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 25: Diamba Sud Gold Project: Brownfields exploration program
Diamba Sud Gold Project, Senegal Brownfields exploration program of $9.9 million: 42,700 meters1 • 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 tenement = 5,340 h
Slide 26: Diamba Sud: Drilling focused on growing 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 27: 2024 ESG Ratings
2024 ESG RATINGS Delivering industry top tier risk management performance Fortuna Mining - Investor Presentation 27
Slide 28: ESG Corporate KPIs Performance
ESG Corporate KPIs Performance Prioritized corporate KPIs Q2 2024 2024 Targets Fatalities 0 0 LTIFR 0.56 0.71 Significant spills 0 0 Energy efficiency 1 0.23 0.24 Freshwater use intensity2 0.25 0.25 3 GHG emissions intensity 17.03 20.67 Significant disputes with communities 0 0 Employee-related KPIs
Slide 29: 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 30: Capital Structure and Ownership
Capital Structure and Ownership Outstanding shares (OS)1 313.3 M NYSE: FSM1 TSX: FVI1 52-week range (Hi - Lo) $6.36 - 2.58 52-week range (Hi - Lo) C$8.68 - 3.56 3-month average volume per day 5.4 M shares 3-month average volume per day 0.7 M shares Share Ownership2 Institutional Ownership2 (%) (%) I
Slide 31: 2024 Annual Guidance
2024 Annual Guidance 457 to 497 koz Au Eq1; at an estimated AISC of between $1,485 and $1,640/oz Au Eq4; a projected production increase of 1% to 10% over 2023 production of 452,389 oz Au Eq2 Consolidated Production1 Gold Silver Lead Zinc 343 - 385 koz 4.0 - 4.7 Moz 29 - 34 Mlbs 36 - 39 Mlbs AISC1,3
Slide 32: Contact
CONTACT CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com NYSE: FSM | TSX: FVI @fortunamining @fortunamining @fortunamining 32
Slide 33: Appendices
Appendices 33
Slide 34: 9-month 2024 Consolidated Production
APPENDIX 9-month 2024 Consolidated Production Solid gold equivalent production of 339,033 oz Au Eq1,2; on track to meet annual guidance 9-month GOLD1,3 SILVER1,3 LEAD1,3 ZINC1,3 2024 (koz) (Moz) (Mlbs) (Mlbs) 273.6 30.1 30.1 4.5 41.1 38.0 219.3 Gold Production 273,645 oz1 2.9 Silver Production 2.9 M
Slide 35: H1 2024 Consolidated Financial Highlights
APPENDIX H1 2024 Consolidated Financial Highlights H1 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE 2024 ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 57.1 484.9 207.8 50.7 H1 2024 sales of $484.9 M1 334.1 109.5 45% higher than H1 20231 17.6 14.7 H1 2024 H1 2023 H1 2024 H
Slide 36: Financial Performance
Financial Performance $ M unless otherwise stated Q2 20241 Q2 20231 Change H1 20241 H1 20231 Change OPERATIONS Gold production (oz) 92,716 64,348 44% 182,394 124,440 47% Silver production (Moz) 1.0 1.3 (22%) 2.1 2.8 (30%) Net sales 260.0 158.4 64% 484.9 334.1 45% AISC ($/oz Au Eq)5 1,656 1,799 (8%)
Slide 37: 2024 Consolidated Cash Cost and AISC Guidance
APPENDIX 2024 Consolidated Cash Cost and AISC Guidance Cash Cost Guidance ($/oz Au Eq) AISC Guidance ($/Au Eq) 2024 Guidance 2024 Guidance Lindero $850 - $950 Lindero $1,730 - $1,950 San Jose 1,775 - 1,965 San Jose 1,915 - 2,020 Caylloma 1,045 - 1,150 Caylloma 1,475 - 1,720 Yaramoko 865 - 965 Yaramo
Slide 38: The West Africa Opportunity
APPENDIX The West Africa Mauritania Opportunity Senegal Loulo-Gounkoto | Mali FY23 production: 547 koz Au1 A mining-friendly, favorable Gambia Mali Niger jurisdiction to do business Diamba Sud Yaramoko Mine FY23 production: Guinea-Bissau Gold Project3 118 koz Au1 Significant geological potential Bur
Slide 39: The West Africa Opportunity
APPENDIX The West Africa Opportunity West Africa is among the quickest timelines from discovery to production Mauritania • Global average is approximately 15.7 years1 Senegal Mali • Côte d’Ivoire returned the lowest average lead time of mines from discovery to production 2002-20231 Gambia Niger Burk
Slide 40: Investing in West Africa
APPENDIX Investing in West Africa Significant exploration budgets drive potential for future discoveries 2023 Gold Exploration Budgets1 2022 Fraser Investment Attractiveness Index2 ($ M) Canada Côte d'Ivoire 65.6 Australia Burkina Faso 64.6 Santa Cruz, ARG USA Ranked higher Ghana $499.1M than Mexico
Slide 41: 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 Director Co-founder of Fortuna. Financier, businessman and Director of mining consultant. He was formerly the COO of both E
Slide 42: 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 43: 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 11,763 3.05 1,154 Measured & Indicated Resources 4,659 2.54 381 Inferred Resources 3,059 2.50 245 Mineral Reserve and Mineral Resource
Slide 44: 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 45: 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 30,464 0.42 0.10 412 Resources Inferred Resources 25,325 0.47 0.11 386 A
Slide 46: San Jose Mine: Mineral Reserves and Mineral Resources
APPENDIX San Jose Mine, Mexico Mineral Reserves and Mineral Resources Contained Metal Tonnes Ag Au Ag Au Classification (000) (g/t) (g/t) (Moz) (koz) Proven & Probable Reserves 733 156 0.98 3.7 23 Measured & Indicated Resources 1,046 147 1.11 5.0 37 Inferred Resources 1,029 147 1.04 4.9 35 Mineral R
Slide 47: 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 48: Diamba Sud Gold Project: Historical Resources
APPENDIX Diamba Sud Gold Project, Senegal Historical Resources1 Tonnes Au Contained Metal Au Oblique view 0.5 g/t Au cut off Area (Mt) (g/t) (koz) Area A Mineral Resources – Indicated (JORC) Area D 4.3 2.1 286 Area A 4.9 1.7 271 Karakara 0.8 2.6 68 Area D Bougouda - - - Total 10.0 1.9 625 Mineral Re
Slide 49: Historical Estimates
APPENDIX Historical Estimates Disclosure of the historical estimate in this presentation is derived from the Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Diamba Sud Scoping Study completed in March 2022 by Chesser and updated Minerals Council of Australia and does no