Well hello there my friends, Chris Marcus here with you for Arcadia Economics and today we have a quick update on Fortuna Mining as they did have some news out before the open today. As they updated their mineral reserve and mineral resource estimates and just wanted to walk you through the highlights here so you can see what they came back with. To begin, they had consolidated inferred mineral resources, came back at 2.2 million gold equivalent ounces, an increase of 29%. Consolidated measured and indicated resources, exclusive of mineral reserves, came back at 1.5 million gold equivalent ounces, that was also up 36%.

And the drivers for that were the result of infill drilling and the discovery of the new inferred resource which represented 741,000 gold equivalent ounces. And in terms of proven improbable mineral resources, those were down 11% as that was related to depletion from what they mined and offset somewhat by the upgrading of the resources to reserves. And here you can see the tables of all the individual mines and what they came back with. So by all means, you can pause this and take a closer look. I’m not going to go through all of these right now, but also the link to this in the description field below.

So again, you can examine the details by clicking there. But to continue the highlights and we’ll take a look at the individual mines here at Seguela. They were able to successfully replenish what they mined with mineral reserve gold ounces remaining relatively unchanged while the golden braid increased by 11% to 3.38 grams per ton. And inferred resources increased by 121% over that same year over year period. Seguela had proven and probable mineral reserves of 9.8 million tons containing 1.1 million ounces of gold. And that was in addition to the indicated resources of 3.4 million tons and 396,000 ounces of gold and inferred resources of 6.8 million tons with 618,000 ounces of gold.

And as you may remember, Fortuna had an updated estimate on Seguela back in October of last year. Although since that update, the mineral reserves have increased by 0.4 million tons and 45,000 ounces of gold, largely due to the upgrading of the batty or inferred resource deposit to probable reserves. And they also have a note here that their Brownfields exploration budget for 2025 is $13.5 million for Seguela, which will include 73,000 meters of drilling. Targeting a resource upgrade at the Sunbird Underground project and infill and expansion drilling at Kingfisher. Over at Yaramoko, they were able to continue replenishing reserves depleted through mining with the addition of 200,000 tons containing 64,000 ounces of gold at the drilling operations at zone 55 and Bagasy South.

Proven improbable reserves at Yaramoko came in at 600,000 tons containing 151,000 gold ounces. Measured and indicated exclusive of mineral reserves was 300,000 tons containing 42,000 ounces of gold and inferred came in at 100,000 tons containing 26,000 ounces. That was down 27% on the year while gold grades decreased down to slight decrease of 5% down to 7.49 grams per ton. And that decrease was from the mining related depletion of 120,000 gold ounces. Although the measured and indicated resource gold ounces exclusive of those reserves decreased by 2000 ounces and inferred resources actually increased by 10,000 ounces. As a result of the discovery of extension and mineralization at 55 zone and Bagasy South.

Over at Landero, they were pretty flat on the year in terms of mineral reserve. Proven improbable reserves came in at 69.2 million tons containing 1.2 million ounces. And measured and indicated came in at 30.7 million tons containing 421,000 ounces and inferred 30.4 million tons, 449,000 gold ounces. And then at Kyoma, the mineral reserve tonnage increased by 7% while zinc lead and zinc grades remain relatively unchanged. So that gave proven probable mineral reserves of 2.4 million tons containing 6.5 million ounces of silver, 12,000 ounces gold, 67,000 tons lead, 101,000 tons of zinc, which it comes out to 307,000 gold equivalent ounces.

And that’s in addition to the inferred 3.8 million tons containing 12.9 million ounces of silver, 67,000 ounces of gold, 81,000 tons of lead and 118,000 tons of zinc for a total of 408,000 gold equivalent ounces. And that increase in mineral reserve tonnage is due to the conversion of 557,000 tons or 79,000 gold equivalent ounces and offset by the depletion of 489,000 tons or 68,000 gold equivalent ounces. And then finally at San Jose, they did have a note here. Obviously the San Jose mine was placed on care and maintenance back in December 24th. And on March 6th, well, actually a step back on January 15th, they had announced that they had agreed to a deal for that.

Although on March 6th, they terminated the acquisition agreement with Menes de Belsus and now they are continuing the sell process. So an update there. And then the final one here is at Diambasud, which obviously came over as part of the Cheshire Resources deal. Had an indicated resource of 7.8 million tons, an average grade of 1.9 grams per ton, which contained 473,000 ounces of gold. For inferred 3.1 million tons, 1.47 grams per ton, 148,000 ounces of gold. And this is Fortuna’s first time disclosure of mineral resources at Diambasud. So congratulations to them on that, where they also are planning expansion drilling of these deposits with 35,000 meters of drilling plans.

So again, I will leave the link to this in the description field below so you can take a closer look. And you can see a quick look at the stock doing well on the day, up almost 4% and pretty stunning when you think about last week only. So I guess that would have been last Tuesday down at 4.14, now coming up 5.28. So quite a rally for Fortuna. Obviously they had their earnings last week too. And certainly nice to see when you have gold and silver both doing well on the day. And anyway, congratulations to Fortuna.

I have a link to that call that we did with Fortuna’s CEO Jorge Canosa. So certainly if you’re a Fortuna shareholder or looking at Fortuna as a potential investment, I think that would be great for you to see because you can hear from the man running the company and get a lot of your questions answered. And anyway, I’ll wrap up here, but that one is coming your way now. [tr:trw].

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