Fortuna Reports Results for the Fourth Quarter and Full Year 2024

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, March 05, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the fourth quarter and full year of 2024. Fourth Quarter and Full Year 2024 highlights Cash and Cashflow Record free cash flow1 of $95.6 million in Q4, a quarter over quarter (“QoQ”) improvement of 69%; $202.9 million in 2024Net cash from operations of $141.6 million before working capital or $0.46 per share in Q4, a QoQ increase of 21%; $438.2 million or $1.42 per share in 2024Quarter-end cash of $231.3 million, a QoQ increase of $50.7 million from strong growth in free cash flow. Liquidity was $381.3 million and the Company achieved a positive net cash1 position of $58.8 million Profitability Attributable net income of $11.3 million or $0.04 per share in Q4 after non-cash charges of $26.3 million; attributable net income of $128.7 million or $0.42 per share in 2024Attributable adjusted net income1 of $37.0 million or $0.12 per share in Q4 including unrealized foreign exchange loss and higher effective tax rate from Euro devaluation of $0.05 per share; $144.0 million, or $0.47 per share in 2024 Return to Shareholders Returned $30.6 million to shareholders in Q4 through the repurchase of 6.4 million shares and an additional $1.8 million for 0.4 million shares in January 2025 Operational Gold equivalent production of 116,358 ounces3 in Q4; record gold equivalent production of 455,958 ounces 3 in 2024, meeting the low end of annual guidanceConsolidated cash cost per gold equivalent ounce (“GEO1“)of $1,015 in Q4; $987 in 2024, within annual guidanceConsolidated AISC per GEO1 of $1,772 for Q4; $1,640 in 2024, within annual guidanceStrong safety performance in 2024 with a TRIFR of 1.36, and a LTIFR of 0.48 achieving the same level of top industry standard as in 2023 Growth and Development $49.0 million invested in mineral exploration and project development in 2024 and a budget of $51.0 million for 2025. Some of the high-value targets include Kingfisher and Sunbird deep deposits at the Séguéla mine, the Tongon North prospect in northern Cote d´Ivoire, and the Diamba Sud project in Senegal.The flagship Séguéla mine delivered 137,781 ounces at an AISC of $1,153 per ounce in 2024, in its first full year of gold production. Two-year gold production guidance for 2025 and 2026 has been provided for Séguéla, with incremental production planned to reach 160,000 to 180,000 ounces in 2026 at an AISC in the range of $1,260 to $1,390 per ounce. Jorge A. Ganoza, President and CEO, commented, “Q4 was a record quarter of free cash-flow at $95.6 million. Quarter over quarter, we realized 7% higher gold prices and 10% higher revenue, while keeping cash cost per ounce flat, leading to expanded operating cash flow margin from 33% to 50%. With the growth in cash flow over the year and a sound balance sheet we returned $30.6 million to shareholders via share buybacks in Q4.” Mr. Ganoza continued “Cost and capital optimization initiatives across the portfolio remains top of mind for management with various opportunities successfully implemented in 2024 and continuing into 2025. The sale of the non-core asset San Jose mine will remove our highest cost ounces and refocuses capital and management´s attention to high-value opportunities in the portfolio. Additionally, the successful optimization of the Séguéla mine is enabling us to plan for increased rates of annual gold production of 160,000 to 180,000 ounces at industry leading costs by 2026, unlocking significant value.” Fourth Quarter and Full Year 2024 Consolidated Results Three months ended, Years ended December 31,(Expressed in millions) December 31, 2024 September 30, 2024 December 31, 2023 2024 2023 % ChangeSales 302.2 274.9 265.3 1,062.0 842.4 26%Mine operating income 106.8 86.9 51.9 343.6 190.0 81%Operating income (loss) 52.8 72.7 (77.4) 228.0 (0.4) 57,100%Attributable net income (loss) 11.3 50.5 (92.3) 128.7 (50.8) 353%Attributable income (loss) per share - basic 0.04 0.16 (0.30) 0.42 (0.17) 347%Adjusted attributable net income1 37.0 49.9 20.6 144.0 64.9 122%Adjusted EBITDA1 137.9 131.3 120.3 476.9 335.1 42%Net cash provided by operating activities 150.3 92.9 105.1 365.7 296.9 23%Free cash flow from ongoing operations1 95.6 56.6 66.2 202.9 153.5 32%Cash cost ($/oz Au Eq)1 1,015 1,059 840 987 874 13%All-in sustaining cash cost ($/oz Au Eq)1,2 1,772 1,668 1,416 1,640 1,480 11%Capital expenditures2 Sustaining 48.1 38.4 46.8 142.2 136.1 4%Non-sustaining3 12.0 12.3 1.8 50.8 5.2 877%Séguéla construction - - - - 50.0 (100%)Brownfields 1.3 (0.5) 4.8 10.4 16.1 (35%)As at December 31, 2024 December 31, 2023 % ChangeCash and cash equivalents 231.3 128.1 81%Net liquidity position (excluding letters of credit) 381.3 213.1 79%Shareholder's equity attributable to Fortuna shareholders 1,403.9 1,238.4 13%1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis 3 Non-sustaining expenditures include greenfields exploration 4 The composition of AISC was revised in Q4 2024 and the comparative periods were adjusted to reflect the change. Refer to "Non-IFRS Financial Measures - All-in Sustaining Cost Per Gold Equivalent Ounce Sold" for a description of the calculation and the reason for the changeFigures may not add due to rounding Fourth Quarter 2024 Results Q4 2024 vs Q3 2024 Cash cost per ounce and AISCCash cost per ounce of gold equivalent (“GEO”) sold was $1,015 in Q4 2024, an improvement of 4% compared to $1,059 over the prior quarter. All-in sustaining costs per GEO was $1,772 in Q4 compared to $1,668 in Q3 2024 due mainly to higher capex in mine development and infrastructure in the quarter related to the expansion of life of mine at Yaramoko and the planned expansion of annual gold production at Séguéla to 160,000 – 180,000 oz by 2026, and timing of capital expenditures. Attributable Net Income and Adjusted Net Income Attributable net income for the period was $11.3 million compared to an attributable net income of $50.5 million in Q3 2024. The fourth quarter of 2024 was impacted by non-cash charges of $26.3 million as follows. A write-down of $14.5 million related to the Boussoura mineral property in Burkina Faso. The majority of the write-down corresponds to the purchase price assigned to Boussoura as part of the Roxgold acquisition and reflects the Company's view as to Boussoura's exploration prospects.A $7.2 million mine closure provision associated with the scheduled closure of the San Jose Mine. Subsequent to the end of the quarter, the Company entered into a binding letter of intent to divest of the San Jose mine. The associated closure provision is expected to unwind upon completion of the sale.A write-down of low-grade ore stockpiles of $4.6 million at the Lindero Mine. After adjusting for impairment charges and other non-recurring items, adjusted attributable net income was $37.0 million or $0.12 per share compared to $49.9 million or $0.16 per share in Q3 2024. The decrease was explained by a foreign exchange (“FX”) loss of $10.4 million in Q4 2024 compared to a gain of $3.4 million in Q3 2024, and by a higher effective tax rate (“ETR”) representing approximately $16 million of additional income tax provision over the prior quarter. The main cause of the FX loss and the higher ETR in Q4 was the 8% devaluation of the Euro versus the USD which had an estimated combined impact on earnings per share of 5 cents. This was partially offset by higher sales of $27.3 million, related to a higher realized gold price quarter over quarter and 4% higher gold sold. Realized gold price in Q4 2024 was $2,662 per ounce compared to $2,490 in Q3 2024. Other items impacting the quarter compared to Q3 2024 were higher Corporate G&A expenditures of $4.4 million related to timing of expenses. Cash flowNet cash generated by operations before working capital adjustments was $141.6 million or $0.46 per share. After adjusting for working capital changes, net cash generated by operations for the quarter was $150.3 million compared to $92.9 million in Q3 2024. The increase of $57.4 million reflects higher sales and positive change in working capital in Q4 2024 of $8.6 million compared to negative $26.4 million in Q3 2024, and lower-income tax paid of $7.1 million. Free cash flow from ongoing operations in Q4 2024 increased $39 million over Q3 2024 to $95.6 million. The increase was due to higher cash generated by operations partially offset by higher capital expenditures of $15.9 million. Free cash flow in Q4 2024, after growth capex of $12.0 million, was $83.6 million. Q4 2024 vs Q4 2023 Cash cost per ounce and AISC Consolidated cash cost per equivalent gold ounce was $1,015, compared to the $840 reported in Q4 2023. The increase in cash cost was driven mainly by higher cash cost at Séguéla, and the San Jose Mine operating in its last year of Mineral Reserves. The increase in cash cost at Séguéla is explained mainly by lower head grades in 2024, as per the mine plan, and lower stripping and mining costs during Séguéla’s first semester of operations in 2023. Cash cost also increased at Lindero due to lower production and the impact of the appreciation of the Argentine peso. All-in sustaining costs per gold equivalent ounce was $1,772 in Q4 2024 compared to $1,416 in Q4 2023. AISC in the quarter includes the $1.4 million annual investment gain (Q4 2023: $12.4 million) from cross border, Argentine pesos denominated bond trades. This is a benefit granted to exporters by the Argentine Government whereby 20% of export proceeds is allowed to be converted into pesos at a preferential exchange rate. This benefit is intended to alleviate exporters for the impact of the overvaluation of the official exchange rate on input costs. The increase in AISC was primarily the result of higher cash cost per ounce as described above and higher sustaining capital at Lindero related to the expansion of the leach-pad. The composition of AISC was revised in Q4 2024 and the comparative periods were updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” on page 27 in the 2024 MD&A for a description of the calculation and the reason for the change. Attributable Net Income and Adjusted Net Income Attributable net income for the period was $11.3 million compared to an attributable net loss of $92.3 million in Q4 2023. The fourth quarter of 2024 was impacted by non-cash charges of $26.3 million compared to $118.4 million in the fourth quarter of 2023. After adjusting for write-downs and other non-recurring items, adjusted attributable net income was $37.0 million or $0.12 per share compared to $20.6 million or $0.07 per share in Q4 2023. The increase was primarily due to higher gold prices. The realized gold price was $2,662 per ounce in Q4 2024 compared to $1,990 per ounce in Q4 2023. This was partially offset by lower gold sales volume and higher cost per ounce. Lower gold sales volume was mainly due to lower production at Séguéla, San Jose, and Lindero. The decrease in production at Séguéla and Lindero was due to lower head grades, in accordance with the mine plan, partially offset by higher processed ore. The higher cost per ounce was explained mainly by the lower head grades at Séguéla and Lindero, lower stripping and mining costs during Séguéla´s second quarter of operations in Q4 2023, and the impact of the appreciation of the Argentine peso at Lindero. Other items impacting the adjusted net income for the quarter compared to Q4 2023 were a higher unrealized foreign exchange loss of $8.5 million mostly explained by an 8% devaluation of the Euro versus the USD in the period, and lower investment income of $11.0 million related to cross-border, Argentine peso denominated bond trades. Depreciation and DepletionDepreciation and depletion decreased $9.0 million to $62.6 million in the fourth quarter of 2024 compared to $71.6 million in the comparable period of 2023. The decrease was primarily due to lower accounting balances at San Jose after a $90.6 million impairment at year end 2023. Depreciation and depletion in the period include $18.2 million related to the purchase price allocation from the Roxgold acquisition at Séguéla. Cash Flow Net cash generated by operations for the quarter was $150.3 million compared to $105.1 million in Q4 2023. The increase of $45.2 million reflects higher sales and positive change in working capital in Q4 2024 of $8.7 million compared to nil in Q4 2023, and lower interest paid of $3.2 million. Free cash flow from ongoing operations for the quarter was $95.6 million compared to $66.2 million in Q4 2023. The increase reflects higher net cash generated by operations. Full Year 2024 Results Cash cost per ounce and AISC Cash cost per equivalent gold ounce was $987, compared to $874 reported in 2023. The increase in cash cost is explained mainly by lower head grades at Séguéla in 2024, and lower stripping and mining costs during Séguéla’s first semester of operations in the second half of 2023, as well as higher cost at San Jose as explained earlier. Cash cost for the full year also increased at Lindero due to lower production and the impact of the appreciation of the Argentine peso. All-in sustaining costs per gold equivalent ounce was $1,640 in 2024 compared to the $1,4804 recorded in the prior year due mainly to higher cash cost per ounce as described above and higher capex mostly at Lindero. AISC for 2024 includes the $9.7 million annual investment gain (FY 2023: $12.4 million) from cross border, Argentine peso denominated bond trades. (See discussion above). Attributable Net Income and Adjusted Net IncomeAttributable net income for the year was $128.7 million, compared to an attributable net loss of $50.8 million in 2023. The loss in 2023 was explained by impairment charges of $90.6 million at the San Jose Mine. After adjusting for write-downs and other non-recurring items, attributable adjusted net income for 2024 was $144.0 million or $0.47 per share, compared to $64.9 million or $0.22 per share in 2023. The increase was primarily due to higher gold prices and higher gold sales volume. The realized gold price was $2,401 per ounce in 2024 compared to $1,948 per ounce in 2023. Higher gold sales volume was mainly due to the full year contribution of Séguéla upon successful commissioning and ramp-up in Q2 2023, partially offset by lower production at Lindero, aligned with the grade profile in the mine plan, and lower head grades and processed ore at San Jose, in its last year of mineral reserves. Depreciation and DepletionDepreciation and depletion for 2024 increased $10.3 million to $230.0 million compared to $219.6 million in 2023. The increase was primarily due to an increase in ounces sold at Séguéla and partially offset by lower depletion expenses at San Jose. Depreciation and depletion in the period include $71.6 million related to the purchase price allocation from the Roxgold acquisition at Séguéla. Cash FlowNet cash generated by operations before working capital changes was $438.2 million or $1.42 per share. After adjusting for working capital changes, net cash generated by operations for 2024 was $365.7 million compared to $296.9 million in 2023. The increase of $68.8 million is explained by higher sales partially offset by negative changes in working capital of $72.5 million in 2024 from an increase in receivables of $46.4 million due to timing and delays in repayments of VAT in Burkina Faso and an increase in inventories of $24.5 million related to an increase in ore stockpiles at Lindero and Séguéla. This compares to a negative working capital adjustment of $9.7 million in 2023. Higher taxes paid of $17.7 million was due to Séguéla paying income taxes for the first time in 2024 after initiating commercial production in the second half of 2023. Free cash flow from ongoing operations for 2024 was $202.9 million compared to $153.5 million in 2023. The increase of $49.4 million reflects higher net cash generated by operations, partially offset by higher sustaining capital expenditures of $14.6 million. Free cash flow in 2024, after growth capex of $44.3 million and the Séguéla NSR repurchase of $6.5 million, was $150.5 million. Séguéla Mine, Côte d’Ivoire Three months ended December 31, Years ended December 31, 2024 2023 2024 2023Mine Production Tonnes milled 430,117 387,624 1,561,800 807,617Average tonnes crushed per day 4,727 4,123 4,279 3,282 Gold Grade (g/t) 2.95 3.62 2.95 3.42Recovery (%) 92 95 93 94Production (oz) 35,244 43,096 137,781 78,617Metal sold (oz) 36,384 43,018 137,753 78,521Realized price ($/oz) 2,658 1,994 2,399 1,963 Unit Costs Cash cost ($/oz Au)1 653 323 584 357All-in sustaining cash cost ($/oz Au)1 1,376 737 1,153 760 Capital Expenditures ($000's)2 Sustaining 13,626 7,765 28,488 10,912Sustaining leases 3,347 2,285 10,381 5,329Non-sustaining 5,021 - 19,458 -Brownfields 423 - 6,696 -1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.2 Capital expenditures are presented on a cash basis Quarterly and Annual Operating and Financial Highlights During the fourth quarter of 2024, mine production totaled 715,008 tonnes of ore, averaging 2.34 g/t Au, and containing an estimated 53,796 ounces of gold from the Antenna, Ancien, and Koula pits. Movement of waste during the quarter totaled 3,670,138 tonnes, for a strip ratio of 5.1:1. Production was mainly focused from the Antenna pit, which produced 530,651 tonnes of ore, with the balance of production sourced from the Koula and Ancien pits. In the fourth quarter of 2024, Séguéla processed 430,117 tonnes of ore, producing 35,244 ounces of gold, at an average head grade of 2.95 g/t Au, an 18% decrease and a 19% decrease, respectively, compared to the fourth quarter of 2023. The decrease in gold production was due to lower head grades and lower recovery and partially offset by higher milled tonnes. Plant throughput for the quarter was 208 tonnes per hour (TPH) surpassing the name plate design capacity of 154 TPH by 35%. Gold production in 2024 totaled 137,781 ounces, achieving the higher end of the annual guidance range. A 75% increase in ounces of gold produced during the year ended December 31, 2024 was mainly due to a full year of production in 2024 compared to only six months in 2023. Cash cost per gold ounce sold was $653 for the fourth quarter of 2024 and $584 for the full year, compared to $323 for the fourth quarter of 2023 and $357 for the full year of 2023. The increase in cash costs is explained mainly by lower head grades in 2024, as per the mine plan, and lower stripping and mining costs during Séguéla’s first six months of operation in the second half of 2023. All-in sustaining cash cost per gold ounce sold was $1,376 for the fourth quarter of 2024 compared to $737 in the same period of the previous year. For the full year, the all-in sustaining cash cost was $1,153, compared to $760 in 2023. The increase for the quarter was primarily the result of higher cash costs, higher sustaining capital from higher stripping and the purchase of capital spares as well as lower volume of metal sold. The increase for the year was due to higher cash costs, increased royalties due to higher realized metal prices and higher sustaining capital expenditures. Brownfields capital expenditures were $6.7 million for the full year in 2024, compared to $nil in 2023, as a result of drilling activities to define the geometry of mineral deposits. Yaramoko Mine, Burkina Faso Three months ended December 31, Years ended December 31, 2024 2023 2024 2023Mine Production Tonnes milled 102,105 110,445 454,969 531,578 Gold Grade (g/t) 9.18 7.16 8.21 6.81Recovery (%) 98 98 98 98Production (oz) 29,576 28,235 116,206 117,711Metal sold (oz) 29,509 28,229 116,130 117,676Realized price ($/oz) 2,669 1,984 2,397 1,945 Unit Costs Cash cost ($/oz Au)1 812 949 860 809All-in sustaining cash cost ($/oz Au)1 1,302 1,720 1,359 1,499 Capital Expenditures ($000's)2 Sustaining 8,035 12,620 28,147 49,938Sustaining leases 1,002 1,077 4,071 4,758Non-sustaining 1,649 – 5,654 –Brownfields 393 1,261 1,936 4,9171 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis. Quarterly and Annual Operating and Financial Highlights In the fourth quarter of 2024, the Yaramoko Mine treated 102,105 tonnes of ore and produced 29,576 ounces of gold with an average gold head grade of 9.18g/t, 5% and 28% increases when compared to the same period in 2023. Lower tonnage milled was due to 16 days of lost milling time as a consequence of an equipment failure. Higher production in the fourth quarter of 2024 was due to higher grades; partially offset by lower tonnes processed. Gold production in 2024 totaled 116,206 ounces, achieving the higher end of the annual guidance range. The cash cost per ounce of gold sold for the quarter ended December 31, 2024, was $812 compared to $949 in the same period in 2023. The decrease for the quarter is mainly attributed to lower mining costs and higher grades. For the year ending December 31, 2024, the cash cost per ounce of gold sold was $860, an increase from $809 in 2023. The full year increase is mainly due to higher mining costs during prior quarters. The all-in sustaining cash cost per gold ounce sold was $1,302 for the quarter ended December 31, 2024, compared to $1,720 in the same period of 2023. The decrease is mainly due to lower sustaining capital costs, lower cash costs, and an administrative penalty paid in the fourth quarter of 2023. For the full year, the all-in sustaining cash cost was $1,359 in 2024, compared to $1,499 in 2023. The decrease in AISC was mainly the result of lower sustaining capital costs. Lindero Mine, Argentina Three months ended December 31, Years ended December 31, 2024 2023 2024 2023Mine Production Tonnes placed on the leach pad 1,757,290 1,556,000 6,367,505 6,005,049 Gold Grade (g/t) 0.60 0.63 0.62 0.64Production (oz) 26,806 29,591 97,287 101,238Metal sold (oz) 26,840 29,308 96,726 103,503Realized price ($/oz) 2,659 1,993 2,411 1,942 Unit Costs Cash cost ($/oz Au)1 1,063 934 1,051 920All-in sustaining cash cost ($/oz Au)1,3 1,873 1,127 1,793 1,444 Capital Expenditures ($000's)2 Sustaining 19,240 10,607 65,876 39,358Sustaining leases 629 598 2,400 2,393Non-sustaining 1,448 1,302 2,016 1,9781 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis.3 The composition of AISC was revised in Q4 2024 and the comparative periods were updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” for a description of the calculation and the reason for the change. Quarterly and Annual Operating and Financial Highlights In the fourth quarter of 2024, a total of 1,757,290 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.60 g/t, containing an estimated 34,151 ounces of gold. Gold production for the fourth quarter of 2024 totaled 26,806 ounces. This represents a 9% decrease in total ounces compared to fourth quarter of 2023 as a result of lower grades and lower ounces contained in fine carbon. The mine started placing the first lift of ore on the new leach pad expansion area in the second half of October 2024. Gold production was comprised of 24,679 ounces in doré bars, 2,086 ounces of gold contained in rich fine carbon, and 41 ounces contained in copper precipitate. Ore mined was 2.1 million tonnes, with a stripping ratio of 1.54:1. For the full year 2024 gold production totaled 97,287 ounces, achieving midpoint of annual production guidance. The cash cost per ounce of gold for the quarter ending December 31, 2024, was $1,063 compared to $934 in the same period of 2023. For the year ending December 31, 2024, the cash cost per ounce was $1,051, an increase from $920 in 2023. The increase in cash cost per ounce of gold for both the quarter and the full year was primarily due to the impact of appreciation of the Argentine peso, lower gold production and lower by-product credits from copper sales. The increase in cash costs was partially offset by operational efficiency initiatives including a change in the hauling and loading fleet, reduction in cyanide consumption and crushing throughput. AISC per gold ounce sold during Q4 2024 was $1,873, compared to $1,127 in Q4 2023. AISC in the quarter includes $1.4 million investment gain (Q4 2023: $12.4 million) from cross border, Argentine pesos denominated bond trades. This is a benefit granted to exporters by the Argentine Government whereby 20% of export proceeds are allowed to be converted into pesos at a preferential exchange rate. This benefit is intended to alleviate the impact of the overvaluation of the official exchange rate on input costs. The increase in AISC is explained by higher cash cost and capex in Q4 2024, partially offset by the elimination of the 8% export duty in 2024, and lower investment gains recorded in Q4 2024. The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change. AISC per gold ounce sold in 2024 was $1,793, compared to $1,444 in 2023. AISC for 2024 includes the $9.7 million annual investment gain (FY 2023: $12.4 million) from cross border, Argentine pesos denominated bond trades. AISC per ounce for 2024 was higher due mainly to higher cost per ounce and sustaining capital expenditures related to the leach pad expansion, partially offset by the elimination of export duties in 2024 as described above. The composition of AISC was revised in Q4 2024 and the comparative periods were updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change. As of December 31, 2024, the leach pad expansion project was approximately 89% complete. The leach pad expansion remains on schedule for completion during the first half of 2025. San Jose Mine, Mexico Three months ended December 31, Years ended December 31, 2024 2023 2024 2023Mine Production Tonnes milled 190,063 241,035 735,591 930,200Average tonnes milled per day 2,437 2,678 2,138 2,643 Silver Grade (g/t) 118 145 125 171Recovery (%) 83 91 86 91Production (oz) 594,373 1,023,525 2,548,402 4,656,631Metal sold (oz) 622,108 1,040,888 2,568,745 4,659,611Realized price ($/oz) 31.25 23.35 28.12 23.36 Gold Grade (g/t) 0.85 0.91 0.89 1.06Recovery (%) 82 90 85 90Production (oz) 4,239 6,345 17,811 28,559Metal sold (oz) 4,440 6,406 17,851 28,524Realized price ($/oz) 2,661 1,983 2,386 1,942 Unit Costs Cash cost ($/oz Ag Eq)1,2 26.01 20.45 25.25 14.28All-in sustaining cash cost ($/oz Ag Eq)1,2 29.94 21.98 28.22 19.40 Capital Expenditures ($000's)3 Sustaining – 3,190 – 14,018Sustaining leases 171 246 846 878Non-sustaining 602 505 8,927 1,682Brownfields – 1,257 – 4,2151 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.3 Capital expenditures are presented on a cash basis Quarterly and Annual Operating and Financial Highlights In the fourth quarter of 2024, San Jose produced 594,373 ounces of silver and 4,239 ounces of gold, 42% and 33% decreases respectively, at average head grades for silver and gold of 118 g/t and 0.85 g/t, 19% and 7% decreases respectively, when compared to the same period in 2023. The decrease in silver and gold production for the quarter is explained by the lower extracted mineral and head grades, mainly due to the decreasing grade profile of Mineral Reserves in the mine plan. Annual production in 2024 totaled 2,548,402 ounces of silver and 17,811 ounces of gold, which were 18% and 6% below the lower end of annual guidance range, respectively. Approximately 5% of the lower production for both metals was due to the effect of the iron oxide in the metallurgical recovery. Head grades for the year were aligned with the geological model, albeit slightly lower than expected. The cash cost per silver equivalent ounce in the fourth quarter of 2024, was $26.01, an increase from $20.45 in the same period of 2023. For the year ended December 31, 2024, the cash cost per silver equivalent ounce sold was $25.25 compared to $14.28 in the same period of 2023. The higher cost per ounce was primarily the result of lower production and silver equivalent ounces sold and previously capitalized costs being expensed. The all-in sustaining cash cost of payable silver equivalent ounce in the fourth quarter of 2024 increased by 36% to $29.94, and full year 2024 increased 45% to $28.22, compared to $21.98 and $19.40 for the same periods in 2023. These increases were mainly driven by higher cash costs and lower volume of metal sold. Caylloma Mine, Peru Three months ended December 31, Years ended December 31, 2024 2023 2024 2023Mine Production Tonnes milled 139,761 140,800 551,430 543,876Average tonnes milled per day 1,553 1,564 1,549 1,528 Silver Grade (g/t) 67 88 80 85Recovery (%) 83 83 83 83Production (oz) 249,238 330,478 1,176,543 1,227,060Metal sold (oz) 247,441 353,935 1,179,260 1,229,298Realized price ($/oz) 31.27 23.06 27.88 23.37 Gold Grade (g/t) 0.11 0.11 0.13 0.14Recovery (%) 25 21 22 22Production (oz) 128 109 552 513Metal sold (oz) - - 169 40Realized price ($/oz) - - 2,233 1,902 Lead Grade (%) 3.36 3.84 3.57 3.74Recovery (%) 92 91 91 91Production (000's lbs) 9,500 10,798 39,555 40,852Metal sold (000's lbs) 9,198 11,641 39,378 41,074Realized price ($/lb) 0.91 0.97 0.94 0.98 Zinc Grade (%) 4.94 5.00 4.71 5.11Recovery (%) 91 90 91 90Production (000's lbs) 13,874 13,933 51,906 55,060Metal sold (000's lbs) 13,932 14,407 52,518 56,166Realized price ($/lb) 1.38 1.13 1.26 1.23 Unit Costs Cash cost ($/oz Ag Eq)1,2 16.53 13.42 14.12 13.91All-in sustaining cash cost ($/oz Ag Eq)1,2 28.10 22.34 21.72 19.90 Capital Expenditures ($000's)3 Sustaining 7,193 8,635 19,673 17,903Sustaining leases 623 912 2,494 3,538Brownfields 522 966 1,730 2,3021 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.3 Capital expenditures are presented on a cash basis. Quarterly and Annual Operating and Financial Highlights In the fourth quarter of 2024, the Caylloma Mine produced 249,238 ounces of silver at an average head grade of 67 g/t, a 25% and 24% decrease, respectively, when compared to the same period in 2023. Silver production for 2024 totaled 1,176,543 ounces, surpassing the upper end of annual guidance range by 7%. Lead and zinc production for the quarter was 9.5 million pounds and 13.9 million pounds, respectively. Lead production decreased by 12% and zinc production remained comparable to the same period in 2023. Head grades averaged 3.36% and 4.94%, a 13% and 1% decrease, respectively, when compared to the same quarter in 2023. Lead and zinc production for 2024 totaled 39.6 and 51.9 million pounds, respectively. Lead and zinc production were above the higher end of annual guidance by 33% and 16%, respectively. Increased production is the result of positive grade reconciliation to the reserve model in the lower levels of the underground mine. Gold production in the fourth quarter totaled 128 ounces with an average head grade of 0.11 g/t. The cash cost per silver equivalent ounce sold in the fourth quarter of 2024, was $16.53 compared to $13.42 in the same period in 2023. For the year ended December 31, 2024, the cash cost per ounce of silver equivalent sold was $14.12, compared to $13.91 in 2023. The higher cost per ounce for the quarter and the year was primarily the result of lower silver production and the impact of higher realized silver prices on the calculation of silver equivalent ounce sold partially offset by lower treatment charges. The all-in sustaining cash cost per ounce of payable silver equivalent in the fourth quarter of 2024, increased 26% to $28.10, compared to $22.34 for the same period in 2023. The all-in sustaining cash cost per ounce of payable silver equivalent for the full year 2024 was $21.72 compared to $19.90 in 2023. The increase for the quarter and year was the result of higher cash costs per ounce, higher worker’s participation and the impact of higher realized silver prices on the calculation of silver equivalent ounces. If AISC was calculated using the guidance metal prices AISC would have been $23.60 and $19.27 per ounce for the quarter and year respectively. Qualified Person Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data. Fourth Quarter Unaudited and Annual Audited Income Statement and Cash Flow Income Statement Three months ended December 31, Years ended December 31, Note 2024$ 2023$ 2024$ 2023$ Sales19 302,196 265,314 1,062,037 842,428 Cost of sales20 195,361 213,462 718,430 652,403 Mine operating income 106,835 51,852 343,607 190,025 General and administration21 19,398 19,909 76,085 64,073 Foreign exchange loss 10,331 2,430 12,412 10,885 Impairment of mineral properties, plant and equipment31(b) - 90,615 - 90,615 Write-off of mineral properties8 14,485 5,263 14,485 5,985 Other expenses22 9,775 11,009 12,579 18,874 53,989 129,226 115,561 190,432 Operating income (loss) 52,846 (77,374) 228,046 (407) Investment gains5 1,405 12,395 9,716 12,395 Interest and finance costs, net23 (6,173) (7,535) (25,553) (21,790)Loss on derivatives19 - (301) - (1,249) (4,768) 4,559 (15,837) (10,644) Income (loss) before income taxes 48,078 (72,815) 212,209 (11,051) Income taxes Current income tax expense24 34,605 27,057 96,468 42,636 Deferred income tax recovery24 (1,608) (10,033) (26,165) (10,057) 32,997 17,024 70,303 32,579 Net income (loss) 15,081 (89,839) 141,906 (43,630) Net income (loss) attributable to: Fortuna shareholders 11,344 (92,316) 128,735 (50,836)Non-controlling interests29 3,737 2,477 13,171 7,206 15,081 (89,839) 141,906 (43,630) Earnings (loss) per share18 Basic 0.04 (0.30) 0.42 (0.17)Diluted 0.04 (0.30) 0.41 (0.17) Weighted average number of common shares outstanding (000's) Basic 310,380 306,511 308,885 295,067 Diluted 312,435 306,511 310,747 295,067 Statement of Cash Flow Three months ended December 31, Years ended December 31, Note 2024$ 2023$ 2024$ 2023$ Operating activities: Net income (loss) 15,081 (89,839) 141,906 (43,630)Items not involving cash: Depletion and depreciation 62,580 71,602 229,958 219,688 Accretion expense23 2,495 1,597 9,055 6,773 Income taxes 32,997 17,023 70,303 32,579 Interest expense, net23 3,674 5,933 16,498 15,017 Share-based payments, net of cash settlements 1,501 2,602 8,146 2,017 Impairment of mineral properties, plant and equipment31(b) - 90,615 - 90,615 Inventory net realizable value adjustments6 3,206 5,260 6,058 6,188 Inventory obsolescence adjustments 1,521 10,097 1,006 10,097 Write-off of mineral properties8 14,485 5,210 14,485 5,985 Unrealized foreign exchange loss 8,119 4,441 388 5,706 Investment gains5 (1,405) (12,395) (9,716) (12,395)Other22 8,067 4,543 9,526 4,972 Closure, reclamation and related severance payments15 (3,235) (599) (5,595) (1,203)Changes in working capital28 8,692 887 (72,482) (9,737)Cash provided by operating activities 157,778 116,976 419,536 332,672 Income taxes paid (5,021) (6,271) (43,554) (25,872)Interest paid (4,009) (6,916) (14,844) (13,545)Interest received 1,551 1,287 4,539 3,654 Net cash provided by operating activities 150,299 105,076 365,677 296,909 Investing activities: Additions to mineral properties and property, plant and equipment8 (61,919) (51,852) (203,778) (217,314)Purchases of investments5 (10,284) (9,359) (35,857) (9,359)Proceeds from sale of investments5 11,690 21,754 45,573 21,754 Deposits on long-term assets 379 (1,283) (1,769) - Costs related to Chesser acquisition, net of cash acquired - (10,260) - (13,321)Other investing activities 657 100 1,391 1,356 Cash used in investing activities (60,293) (51,000) (194,440) (216,884) Financing activities: — Transaction costs on credit facility13 (1,963) - (1,963) - Repayment of convertible debentures13 (9,649) - (9,649) - Proceeds from credit facility13 - 10,000 68,000 75,500 Repayment of credit facility13 - (50,500) (233,000) (90,500)Convertible notes issued13 9,649 - 172,500 - Cost of financing - 2024 Convertible Notes13 (10) - (6,488) - Repurchase of common shares17 (30,593) - (34,128) - Issuance of common shares from option exercise - 301 - 301 Payments of lease obligations28 (5,891) (4,976) (20,690) (16,625)Dividend payment to non-controlling interests - (87) (717) (1,392)Cash used in financing activities (38,457) (45,262) (66,135) (32,716)Effect of exchange rate changes on cash and cash equivalents (800) 1,551 (1,922) 346 Increase in cash and cash equivalents during the year 50,749 10,364 103,180 47,655 Cash and cash equivalents, beginning of the year 180,554 117,780 128,148 80,493 Cash and cash equivalents, end of the year 231,303 128,144 231,328 128,148 Cash and cash equivalents consist of: Cash 184,840 106,135 184,840 106,135 Cash equivalents 46,488 22,013 46,488 22,013 Cash and cash equivalents, end of the year 231,328 128,148 231,328 128,148 Supplemental cash flow information (Note 28) Non-IFRS Financial Measures The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA and working capital. These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” on page 27 in the Company’s management’s discussion and analysis for the year ended December 31, 2024 (“2024 MDA”), and on page 26 of the Company’s management’s discussion and analysis for the nine months ended September 30, 2024 (“Q3 2024 MDA”), which section is incorporated by reference in this news release, for information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor; and the additional purposes, if any, for which management of the Company uses such measures and ratio, including a description of the change in the composition of AISC which was revised in Q4 2024 and for comparative periods, and the reason for the change. The 2024 MD&A and Q3 2024 MDA may be accessed on SEDAR+ at www.sedarplus.ca under the Company’s profile. Except as otherwise described above, and in the 2024 MD&A, the Company has calculated these measures consistently for all periods presented. Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio for December 31, 2024 (Expressed in millions except Total net debt to Adjusted EBITDA ratio)As at December 31, 2024 2024 Convertible Notes 172.5 Less: Cash and Cash Equivalents (231.3)Total net debt1 (58.8)Adjusted EBITDA (last four quarters) 476.9 Total net debt to adjusted EBITDA ratio -0.1:1 1 Excluding letters of credit Reconciliation of net income to adjusted attributable net income for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023 Three months ended, Years ended,Consolidated (in millions of US dollars) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income attributable to shareholders 11.3 50.5 (92.3) 128.7 (50.8)Adjustments, net of tax: Community support provision and accruals1 (0.1) – (0.4) (0.4) (0.5)Foreign exchange loss, Séguéla Mine2 – – 0.1 – – Write off of mineral properties 12.9 – 4.0 12.9 4.5 Unrealized loss (gain) on derivatives – – 0.1 – (0.3)Income tax, convertible debentures – – – (12.0) – Impairment of mineral properties, plant and equipment – – 90.6 – 90.6 San Jose ARO adjustment 7.2 – – 7.2 – Inventory adjustment 5.0 (0.1) 13.2 6.7 13.9 Accretion on right of use assets 1.0 0.9 0.5 3.7 3.1 Other non-cash/non-recurring items (0.3) (1.4) 4.8 (2.8) 4.4 Attributable Adjusted Net Income 37.0 49.9 20.6 144.0 64.9 1 Amounts are recorded in Cost of sales 2 Amounts are recorded in General and Administration Figures may not add due to rounding Reconciliation of net income to adjusted EBITDA for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023 Three months ended, Years ended,Consolidated (in millions of US dollars) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income 15.1 54.4 (89.8) 141.9 (43.6)Adjustments: Community support provision and accruals (0.1) - (0.5) (0.6) (0.7)Inventory adjustment 4.6 (0.1) 15.4 7.1 16.3 Foreign exchange loss, Séguéla Mine - - - - 0.8 Net finance items 6.2 6.3 7.5 25.6 21.8 Depreciation, depletion, and amortization 62.6 59.9 71.6 230.0 219.6 Income taxes 33.0 15.1 17.0 70.3 32.6 Write off of mineral properties 14.5 - 5.3 14.5 6.0 Impairment of mineral properties, plant and equipment - - 90.6 - 90.6 San Jose ARO adjustment 7.2 - - 7.2 - Other non-cash/non-recurring items (5.2) (4.3) 3.2 (19.1) (8.3)Adjusted EBITDA 137.9 131.3 120.3 476.9 335.1 Figures may not add due to rounding Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023 Three months ended, Years ended,Consolidated (in millions of US dollars) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net cash provided by operating activities 150.3 92.9 105.1 365.7 296.9 Adjustments Closure and rehabilitation provisions 3.3 2.2 - 5.6 - Séguéla, working capital - - - - 4.4 Additions to mineral properties, plant and equipment (51.0) (37.8) (46.3) (154.1) (143.6)Gain on blue chip swap investments 1.4 3.2 12.4 9.7 12.4 Right of use payments (5.9) (4.2) (5.0) (20.7) (16.6)Other adjustments (2.5) 0.3 - (3.3) - Free cash flow from ongoing operations 95.6 56.6 66.2 202.9 153.5 Figures may not add due to rounding Reconciliation of cost of sales to cash cost per ounce of gold equivalent sold for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023 Cash Cost Per Gold Equivalent Ounce Sold - Q3 2024 Lindero Yaramoko Séguéla San Jose Caylloma GEO Cash Costs Cost of sales 42,350 45,656 55,466 24,697 19,820 187,991 Inventory adjustment 2 — — 135 — 137 Depletion, depreciation, and amortization (13,639) (12,923) (27,165) (1,150) (4,465) (59,342)Royalties and taxes (89) (5,480) (6,143) (639) (366) (12,717)By-product credits (1,132) — — — — (1,132)Other — — — 6 (279) (273)Treatment and refining charges — — — 826 2,249 3,075 Cash cost applicable per gold equivalent ounce sold 27,492 27,253 22,158 23,875 16,959 117,737 Ounces of gold equivalent sold 26,393 27,995 33,816 9,597 13,401 111,203 Cash cost per ounce of gold equivalent sold ($/oz) 1,042 974 655 2,488 1,265 1,059 Gold equivalent was calculated using the realized prices for gold of $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024.Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Q4 2024 Lindero Yaramoko Séguéla San Jose Caylloma GEO Cash Costs Cost of sales 47,380 40,610 58,956 28,547 19,866 195,361 Inventory adjustment (4,704) 1,487 — (1,366) — (4,583)Depletion, depreciation, and amortization (13,314) (12,783) (28,828) (2,623) (4,295) (61,843)Royalties and taxes (79) (5,346) (6,377) (801) (222) (12,825)By-product credits (973) — — — — (973)Other — — — (1) (1,624) (1,625)Treatment and refining charges — — — 720 2,965 3,685 Cash cost applicable per gold equivalent ounce sold 28,310 23,968 23,751 24,476 16,690 117,195 Ounces of gold equivalent sold 26,629 29,509 36,384 11,051 11,863 115,436 Cash cost per ounce of gold equivalent sold ($/oz) 1,063 812 653 2,215 1,407 1,015 Gold equivalent was calculated using the realized prices for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for Q4 2024.Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Q4 2023 Lindero Yaramoko Séguéla San Jose Caylloma GEO Cash Costs Cost of sales 57,913 49,598 46,239 41,108 18,599 213,457 Inventory adjustment (7,884) (3,033) — (4,554) — (15,471)Depletion, depreciation, and amortization (15,061) (15,345) (25,972) (11,351) (3,466) (71,195)Royalties and taxes (3,916) (4,437) (6,364) (815) (227) (15,759)By-product credits (4,183) — — — — (4,183)Other — — — 344 (397) (53)Treatment and refining charges — — — 1,505 4,241 5,746 Cash cost applicable per gold equivalent ounce sold 26,869 26,783 13,903 26,237 18,750 112,542 Ounces of gold equivalent sold 28,779 28,229 43,018 17,650 16,236 133,912 Cash cost per ounce of gold equivalent sold ($/oz) 934 949 323 1,487 1,155 840 Gold equivalent was calculated using the realized prices for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for Q4 2023.Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Year 2024 Lindero Yaramoko Séguéla San Jose Caylloma GEO Cash Costs Cost of sales 159,789 172,056 211,062 102,492 73,030 718,431 Inventory adjustment (4,930) (1,365) — (770) — (7,065)Depletion, depreciation, and amortization (50,114) (49,705) (107,039) (4,737) (15,942) (227,537)Royalties and taxes (537) (21,128) (23,622) (3,011) (1,172) (49,470)By-product credits (3,232) — — — — (3,232)Other — — — — (2,583) (2,583)Treatment and refining charges — — — 3,261 8,732 11,993 Cash cost applicable per gold equivalent ounce sold 100,976 99,858 80,401 97,235 62,065 440,535 Ounces of gold equivalent sold 96,059 116,130 137,753 45,136 51,140 446,217 Cash cost per ounce of gold equivalent sold ($/oz) 1,051 860 584 2,154 1,214 987 Gold equivalent was calculated using the realized prices for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for Year 2024.Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Year 2023 Lindero Yaramoko Séguéla San Jose Caylloma GEO Cash Costs Cost of sales 176,696 186,757 79,472 140,068 69,408 652,401 Inventory adjustment (7,870) (3,859) — (4,554) — (16,283)Depletion, depreciation, and amortization (51,258) (73,064) (40,529) (40,028) (13,314) (218,193)Royalties and taxes (14,958) (14,678) (10,932) (4,390) (1,078) (46,036)By-product credits (7,921) — — — — (7,921)Other — — — 253 (1,692) (1,439)Treatment and refining charges — — — 4,352 19,974 24,326 Cash cost applicable per gold equivalent ounce sold 94,689 95,156 28,011 95,701 73,298 386,855 Ounces of gold equivalent sold 102,896 117,676 78,521 80,458 63,229 442,780 Cash cost per ounce of gold equivalent sold ($/oz) 920 809 357 1,189 1,159 874 Gold equivalent was calculated using the realized prices for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for year 2023.Figures may not add due to rounding Reconciliation of cost of sales to all-in sustaining cash cost per ounce of gold equivalent sold for the three months ended September 30, 2024 and the three and twelve months ended December 31, 2024 and 2023 AISC Per Gold Equivalent Ounce Sold - Q3 2024 Lindero Yaramoko Séguéla San Jose Caylloma Corporate GEO AISC Cash cost applicable per gold equivalent ounce sold 27,492 27,253 22,158 23,875 16,959 — 117,737 Inventory net realizable value adjustment — — — — — — — Royalties and taxes 89 5,480 6,143 639 366 — 12,717 Worker's participation — — — — 472 — 472 General and administration 2,935 550 2,945 1,802 1,246 6,275 15,753 Stand-by — — — — — — — Total cash costs 30,516 33,283 31,246 26,316 19,043 6,275 146,679 Sustaining capital1 21,264 5,166 8,511 198 6,817 — 41,956 Blue chips gains (investing activities)1 (3,162) — — — — — (3,162)All-in sustaining costs 48,618 38,449 39,757 26,514 25,860 6,275 185,473 Gold equivalent ounces sold 26,393 27,995 33,816 9,597 13,401 — 111,203 All-in sustaining costs per ounce 1,842 1,373 1,176 2,763 1,930 — 1,668 Gold equivalent was calculated using the realized prices for gold of $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024.Figures may not add due to rounding1 Presented on a cash basis2 The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change AISC Per Gold Equivalent Ounce Sold - Q4 2024 Lindero Yaramoko Séguéla San Jose Caylloma Corporate GEO AISC Cash cost applicable per gold equivalent ounce sold 28,310 23,968 23,751 24,476 16,690 — 117,195 Inventory net realizable value adjustment — (829) — 1,366 — — 537 Royalties and taxes 79 5,346 6,377 801 222 — 12,825 Worker's participation — — — — 1,733 — 1,733 General and administration 3,026 503 2,549 1,364 1,391 9,666 18,499 Stand-by — — — — — — — Total cash costs 31,415 28,988 32,677 28,007 20,036 9,666 150,789 Sustaining capital1 19,869 9,430 17,396 171 8,338 — 55,204 Blue chips gains (investing activities)1 (1,406) — — — — — (1,406)All-in sustaining costs 49,878 38,418 50,073 28,178 28,374 9,666 204,587 Gold equivalent ounces sold 26,629 29,509 36,384 11,051 11,863 — 115,436 All-in sustaining costs per ounce 1,873 1,302 1,376 2,550 2,392 — 1,772 Gold equivalent was calculated using the realized prices for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for Q4 2024.Figures may not add due to rounding1 Presented on a cash basis AISC Per Gold Equivalent Ounce Sold - Q4 2023 Lindero Yaramoko Séguéla San Jose Caylloma Corporate GEO AISC Cash cost applicable per gold equivalent ounce sold 26,869 26,783 13,903 26,237 18,750 — 112,542 Inventory net realizable value adjustment — — — — — — — Royalties and taxes 3,916 4,437 6,364 815 227 — 15,759 Worker's participation — — — (430) 399 — (31)General and administration 2,833 (336) 1,398 1,789 1,344 12,603 19,631 Stand-by — 2,700 — — — — 2,700 Total cash costs 33,618 33,584 21,665 28,411 20,720 12,603 150,601 Sustaining capital1 11,205 14,958 10,050 4,693 10,513 — 51,419 Blue chips gains (investing activities)1 (12,395) — — — — — (12,395)All-in sustaining costs 32,428 48,542 31,715 33,104 31,233 12,603 189,625 Gold equivalent ounces sold 28,779 28,229 43,018 17,650 16,236 — 133,912 All-in sustaining costs per ounce2 1,127 1,720 737 1,876 1,924 — 1,416 Gold equivalent was calculated using the realized prices for gold of $1,990/oz Au, $23.3/oz Ag, $2,137/t Pb, and $2,499/t Zn for Q4 2023.Figures may not add due to rounding1 Presented on a cash basis2 The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change AISC Per Gold Equivalent Ounce Sold - Year 2024 Lindero Yaramoko Séguéla San Jose Caylloma Corporate GEO AISC Cash cost applicable per gold equivalent ounce sold 100,976 99,858 80,401 97,235 62,065 — 440,535 Inventory net realizable value adjustment — 948 — 1,366 — — 2,314 Royalties and taxes 537 21,128 23,622 3,011 1,172 — 49,470 Worker's participation — — — — 3,094 — 3,094 General and administration 12,121 1,785 9,266 6,213 5,263 38,928 73,576 Stand-by — — — — — — — Total cash costs 113,634 123,719 113,289 107,825 71,594 38,928 568,989 Sustaining capital1 68,276 34,154 45,565 846 23,897 — 172,738 Blue chips gains (investing activities)1 (9,716) — — — — — (9,716)All-in sustaining costs 172,194 157,873 158,854 108,671 95,491 38,928 732,011 Gold equivalent ounces sold 96,059 116,130 137,753 45,136 51,140 — 446,217 All-in sustaining costs per ounce 1,793 1,359 1,153 2,408 1,867 — 1,640 Gold equivalent was calculated using the realized prices for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for Year 2024.Figures may not add due to rounding1 Presented on a cash basis AISC Per Gold Equivalent Ounce Sold - Year 2023 Lindero Yaramoko Séguéla San Jose Caylloma Corporate GEO AISC Cash cost applicable per gold equivalent ounce sold 94,689 95,156 28,011 95,701 73,298 — 386,855 Inventory net realizable value adjustment — 334 — — — — 334 Royalties and taxes 14,958 14,678 10,932 4,390 1,078 — 46,036 Worker's participation — — — (316) 1,927 — 1,611 General and administration 9,624 919 4,510 7,040 4,810 35,903 62,806 Stand-by — 5,699 — 4,084 — — 9,783 Total cash costs 119,271 116,786 43,453 110,899 81,113 35,903 507,425 Sustaining capital1 41,751 59,613 16,241 19,111 23,743 — 160,459 Blue chips gains (investing activities)1 (12,395) — — — — — (12,395)All-in sustaining costs 148,627 176,399 59,694 130,010 104,856 35,903 655,489 Gold equivalent ounces sold 102,896 117,676 78,521 80,458 63,229 — 442,780 All-in sustaining costs per ounce2 1,444 1,499 760 1,616 1,658 — 1,480 Gold equivalent was calculated using the realized prices for gold of $1,948/oz Au, $23.4/oz Ag, $2,155/t Pb, and $2,706/t Zn for year 2023.Figures may not add due to rounding1 Presented on a cash basis2 The composition of AISC was revised in Q4 2024 and the comparative period was updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” in the 2024 MD&A for a description of the calculation and the reason for the change Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three and twelve months ended December 31, 2024 and 2023 Cash Cost Per Silver Equivalent Ounce Sold - Q4 2024 San Jose Caylloma SEO Cash Costs Cost of sales 28,547 19,866 48,413 Inventory adjustment (1,366) — (1,366)Depletion, depreciation, and amortization (2,623) (4,295) (6,918)Royalties and taxes (801) (222) (1,023)Other (1) (1,624) (1,625)Treatment and refining charges 720 2,965 3,685 Cash cost applicable per silver equivalent sold 24,476 16,690 41,166 Ounces of silver equivalent sold1 941,072 1,009,804 1,950,876 Cash cost per ounce of silver equivalent sold ($/oz) 26.01 16.53 21.10 1 Silver equivalent sold for Q4 2024 for San Jose is calculated using a silver to gold ratio of 85.2:1. Silver equivalent sold for Q4 2024 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures may not add due to rounding Cash Cost Per Silver Equivalent Ounce Sold - Q4 2023 San Jose Caylloma SEO Cash Costs Cost of sales 41,108 18,599 59,707 Inventory adjustment (4,554) — (4,554)Depletion, depreciation, and amortization (11,351) (3,466) (14,817)Royalties and taxes (815) (227) (1,042)Other 344 (397) (53)Treatment and refining charges 1,505 4,241 5,746 Cash cost applicable per silver equivalent sold 30,791 18,750 49,541 Ounces of silver equivalent sold1 1,505,763 1,398,062 2,903,825 Cash cost per ounce of silver equivalent sold ($/oz) 20.45 13.42 17.06 1 Silver equivalent sold for Q4 2023 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Q4 2023 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:23.8 pounds, and silver to zinc ratio of 1:20.3 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures have been restated to remove Right of UseFigures may not add due to rounding Cash Cost Per Silver Equivalent Ounce Sold - Year 2024 San Jose Caylloma SEO Cash Costs Cost of sales 102,492 73,030 175,522 Inventory adjustment (770) — (770)Depletion, depreciation, and amortization (4,737) (15,942) (20,679)Royalties and taxes (3,011) (1,172) (4,183)Other — (2,583) (2,583)Treatment and refining charges 3,261 8,732 11,993 Cash cost applicable per silver equivalent sold 97,235 62,065 159,300 Ounces of silver equivalent sold1 3,851,400 4,396,445 8,247,845 Cash cost per ounce of silver equivalent sold ($/oz) 25.25 14.12 19.31 1 Silver equivalent sold for Year 2024 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Year 2024 for Caylloma is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures may not add due to rounding Cash Cost Per Silver Equivalent Ounce Sold - Year 2023 San Jose Caylloma SEO Cash Costs Cost of sales 140,068 69,408 209,476 Inventory adjustment (4,554) — (4,554)Depletion, depreciation, and amortization (40,028) (13,314) (53,342)Royalties and taxes (4,390) (1,078) (5,468)Other 253 (1,692) (1,439)Treatment and refining charges 4,352 19,974 24,326 Cash cost applicable per silver equivalent sold 95,701 73,298 168,999 Ounces of silver equivalent sold1 6,700,419 5,269,540 11,969,959 Cash cost per ounce of silver equivalent sold ($/oz) 14.28 13.91 14.12 1 Silver equivalent sold for year 2023 for San Jose is calculated using a silver to gold ratio of 83.1:1. Silver equivalent sold for year 2023 for Caylloma is calculated using a silver to gold ratio of 81.4:1, silver to lead ratio of 1:23.9 pounds, and silver to zinc ratio of 1:19.0 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures have been restated to remove Right of UseFigures may not add due to rounding Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three and twelve months ended December 31, 2024 and 2023 AISC Per Silver Equivalent Ounce Sold - Q4 2024 San Jose Caylloma SEO AISC Cash cost applicable per silver equivalent ounce sold 24,476 16,690 41,166 Inventory net realizable value adjustment 1,366 — 1,366 Royalties and taxes 801 222 1,023 Worker's participation — 1,733 1,733 General and administration 1,364 1,391 2,755 Stand-by — — — Total cash costs 28,007 20,036 48,043 Sustaining capital3 171 8,338 8,509 All-in sustaining costs 28,178 28,374 56,552 Silver equivalent ounces sold1 941,072 1,009,804 1,950,876 All-in sustaining costs per ounce2 29.94 28.10 28.99 1 Silver equivalent sold for Q4 2024 for San Jose is calculated using a silver to gold ratio of 85.2:1. Silver equivalent sold for Q4 2024 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis AISC Per Silver Equivalent Ounce Sold - Q4 2023 San Jose Caylloma SEO AISC Cash cost applicable per silver equivalent ounce sold 26,237 18,750 44,987 Inventory net realizable value adjustment — — — Royalties and taxes 815 227 1,042 Worker's participation (430) 399 (31)General and administration 1,789 1,344 3,133 Stand-by — — — Total cash costs 28,411 20,720 49,131 Sustaining capital3 4,693 10,513 15,206 All-in sustaining costs 33,104 31,233 64,337 Silver equivalent ounces sold1 1,505,763 1,398,062 2,903,825 All-in sustaining costs per ounce2 21.98 22.34 22.16 1 Silver equivalent sold for Q4 2023 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Q4 2023 for Caylloma is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:23.8 pounds, and silver to zinc ratio of 1:20.3 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis AISC Per Silver Equivalent Ounce Sold - Year 2024 San Jose Caylloma SEO AISC Cash cost applicable per silver equivalent ounce sold 97,235 62,065 159,300 Inventory net realizable value adjustment 1,366 — 1,366 Royalties and taxes 3,011 1,172 4,183 Worker's participation — 3,094 3,094 General and administration 6,213 5,263 11,476 Stand-by — — — Total cash costs 107,825 71,594 179,419 Sustaining capital3 846 23,897 24,743 All-in sustaining costs 108,671 95,491 204,162 Silver equivalent ounces sold1 3,851,400 4,396,445 8,247,845 All-in sustaining costs per ounce2 28.22 21.72 24.75 1 Silver equivalent sold for Year 2024 for San Jose is calculated using a silver to gold ratio of 84.9:1. Silver equivalent sold for Year 2024 for Caylloma is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis AISC Per Silver Equivalent Ounce Sold - Year 2023 San Jose Caylloma SEO AISC Cash cost applicable per silver equivalent ounce sold 95,701 73,298 168,999 Inventory net realizable value adjustment — — — Royalties and taxes 4,390 1,078 5,468 Worker's participation (316) 1,927 1,611 General and administration 7,040 4,810 11,850 Stand-by 4,084 — 4,084 Total cash costs 110,899 81,113 192,012 Sustaining capital3 19,111 23,743 42,854 All-in sustaining costs 130,010 104,856 234,866 Silver equivalent ounces sold1 6,700,419 5,269,540 11,969,959 All-in sustaining costs per ounce2 19.40 19.90 19.62 1 Silver equivalent sold for year 2023 for San Jose is calculated using a silver to gold ratio of 83.1:1. Silver equivalent sold for year 2023 for Caylloma is calculated using a silver to gold ratio of 81.4:1, silver to lead ratio of 1:23.9 pounds, and silver to zinc ratio of 1:19.0 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis Additional information regarding the Company’s financial results and activities underway are available in the Company’s audited consolidated financial statements for the years ended December 31, 2024 and 2023 and accompanying 2024 MD&A, which are available for download on the Company’s website, www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. Conference Call and Webcast A conference call to discuss the financial and operational results will be held on Thursday, March 6, 2025, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer - Latin America, and David Whittle, Chief Operating Officer - West Africa. Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: www.webcaster4.com/Webcast/Page/1696/52039 or over the phone by dialing in just prior to the starting time. Conference call details: Date: Thursday, March 6, 2025Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time Dial in number (Toll Free): +1.888.506.0062Dial in number (International): +1.973.528.0011Access code: 830901 Replay number (Toll Free): +1.877.481.4010Replay number (International): +1.919.882.2331Replay passcode: 52039 Playback of the earnings call will be available until Thursday, March 20, 2025. Playback of the webcast will be available until Friday, March 6, 2026. In addition, a transcript of the call will be archived on the Company’s website. About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with four operating mines and exploration activities in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru, as well as the preliminary economic assessment stage Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website. ON BEHALF OF THE BOARD Jorge A. GanozaPresident, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube Forward-looking Statements This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company's plans for its mines and mineral properties, including exploration and development plans at the Séguéla Mine, the Tongon North prospect and the Diamba Sud Project; the Company’s anticipated financial and operational performance in 2025; the ability of the Company to mitigate the inflationary pressures on supplies used in its operations; estimated capital expenditures and estimated exploration spending in 2025, including amounts for exploration and development activities at its properties; statements regarding the Company's liquidity, access to capital; the impact of high inflation on the costs of production and the supply chain; the Company’s expectation regarding the timing of the completion of the leach pad expansion project at the Lindero Mine; the Company’s expectations regarding production at the Séguéla Mine in and expected all-in sustaining costs for 2026; statements regarding the completion of the sale of the San Jose Mine; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company's business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; risks associated with war or other geo-political hostilities, such as the Ukrainian – Russian and the Israel – Hamas conflicts, any of which could continue to cause a disruption in global economic activity; fluctuation in currencies and foreign exchange rates; increases in the rate of inflation; the imposition or any extension of capital controls in countries in which the Company operates; any changes in tax laws in Argentina and the other countries in which we operate; changes in the prices of key supplies; uncertainty relating to nature and climate change conditions; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; technological and operational hazards in Fortuna’s mining and mine development activities; risks related to water and power availability; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; changes in the position of regulatory authorities with respect to the granting of approvals or permits; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the financial year ended December 31, 2023 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar.shtml. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; expectations regarding the Company completing the sale of the San Jose Mine on the basis consistent with the Company’s current expectations; that there will be no significant disruptions affecting the Company's operations, the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. A PDF accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/e2e75da8-b68d-4dc4-8e7e-aefefb5142dd 1Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. 2 Excluding letters of credit 3 Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, $3,046/t Zn for Q4 2024; $2,490/oz Au, $29.4/oz Ag, $2,040/t Pb, and $2,782/t Zn for Q3 2024; $2,334/oz Au, $29.1/oz Ag, $2,157/t Pb and the following metal prices for full year 2024 $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn 4 The composition of AISC was revised in Q4 2024 and the comparative periods were updated to reflect the change. Refer to “Non-IFRS Financial Measures – All-in Sustaining Cost Per Gold Equivalent Ounce Sold” for a description of the calculation and the reason for the change.

Fortuna Reports Results for the Fourth Quarter and Full Year 2024

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