Fortuna Mining Corp. announced record financial and operating results for the third quarter of 2024, with attributable earnings reaching $50.5 million, a significant increase from $27.5 million in Q3 2023. The company also achieved record operating cash flow before working capital changes of $119.3 million, up from $106.2 million in the prior-year period. This strong performance was driven by rising metal prices and a focus on cost discipline across operations.
The company reported gold equivalent production of 110,820 ounces for the quarter, with a consolidated cash cost per ounce of $1,059 and an All-in Sustaining Cost (AISC) of $1,696 per gold equivalent ounce. Fortuna also achieved a positive net cash position by the end of the quarter, underscoring its improved financial health. The Séguéla Mine in Côte d’Ivoire processed 418,390 tonnes, producing 34,998 ounces of gold, and plans to operate at 35% higher throughput in 2025.
In a strategic financial move, Fortuna renegotiated its credit facility on October 31, 2024, reducing the facility to $150 million from $250 million while increasing the uncommitted accordion option to $75 million. This amendment provides improved pricing and covenant flexibility, enhancing the company's financial position. The Lindero Mine's $51.8 million leach pad expansion project was 76% complete and began placing ore in October 2024, with practical completion expected by year-end.
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