➡ Fortuna Mining recently shared their fourth quarter production numbers, revealing they produced 317,001 ounces of gold last year, which was within their predicted range. They also reported record production at Seguela, exceeding their annual guidance. The company is progressing with two key growth projects, including the D’Ambassud project, which has a budget of $100 million and is expected to yield a high return. Additionally, they are working on expanding a processing plant at Seguela and have allocated $55 million for exploration across their portfolio.

Well, hello there, my friends. Chris Marcus here with you for Arcadia Economics and we have an update from Fortuna Mining as they did release their fourth quarter production numbers yesterday and just wanted to walk you through the highlights. I’ll mention that we did do a live call with Jorge Canoza, the CEO of Fortuna, where he talked in more detail about all of this and I’ll link to that at the end but just want to give you a brief version to walk through the highlights of what they came back with where they delivered annual production of 317,001 gold ounces which was in their annual production guidance and as you can see here the gold equivalent production in the fourth quarter came in at 65,130 ounces total of 317,000 ounces was in between the range of 309 to 339,000 ounces and the overall gold from ongoing operations in 2025 came in at 279.2,000 ounces versus 292.2,000 ounces in 2024 with the decrease explained largely by the rising gold prices affecting the gold to base metal ratios for Kayoma’s gold equivalent calculations.

They did get record production at Seguela of 152,400 ounces which was four percent above that annual guidance range and they also remain on track for their production target of 500,000 ounces which comes down to two key growth projects that we’ve talked quite a bit about. First is the D’Ambassud construction decision that is due by mid-year. The construction decision for the D’Ambassud project which you know we are quite sure that we will be making a positive decision and full investment decision by mid-year. We are well advanced with our permits and we are so encouraged by the strong economics of the study the PEA preliminary economic assessment we delivered last year that we have this year allocated a 100 million dollar budget to advance the D’Ambassud.

The D’Ambassud is a project that at $2,750 that’s a price we used in the study yields an internal rate of return of 72 percent. The payback on the project is a few months so it’s a project of robust economics at $2,750. I don’t even want to plug $4,600 into that financial model because you know what number are we going to get. And they’re also working on a processing plant expansion feasibility study at Seguela and again Jorge talks in depth in that call that’ll become in your way in just a moment but again in terms of the plan to get them to that 500,000 ounce per year mark they have an exploration budget focused on materializing brownfield projects they’ve already allocated 100 million dollars to the advancement of the D’Ambassud gold project and a 14 million dollar budget for the development of underground infrastructure at the sunbird deposit at the Seguela mine and they’re also allocating another 55 million dollars towards exploration across the portfolio.

As of December 31st they had liquidity of 704 million dollars and a net cash position of 382 million dollars which again as we talked about in that interview part of that is being dedicated to those two projects also does leave them with a lot of options and liquidity in case the prices do come down which is one of the things that has stood out to me about the management of Fortuna where certainly there is excited about rising gold and silver prices as most of the rest of us although also planning in that the company can still be profitable and functional even if the price does go down.

And in terms of what they’re looking at for 2026 annual guidance range of 281,000 to 305,000 ounces with an expected all and sustaining cost between 1830 and 1975. As for that D’Ambassud construction decision still on track for the second quarter of 2026 and we’re already halfway through January so that’ll be coming up quickly enough and again to hear a lot more detail on all these topics directly from the man running Fortuna Mining well that call is coming your way now. [tr:trw].

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