Fortuna posts record precious metals output in 2024

Fortuna Mining (NYSE: FSM; TSX: FVI) reported record production results for the fourth quarter and full year 2024 from its five operating mines abroad. For the whole of 2024, Fortuna produced a record 369,637 oz. of gold and 3.7 million oz. of silver for a record 455,958 gold-equivalent oz., including lead and zinc by-products. 

Its gold-equivalent output touched the low end of its guidance for last year, while in 2023 it came to 452,389 ounces. Gold output was around the mid-point of guidance for last year, compared to 326,638 oz. in 2023. Silver production was below guidance, compared to 5.9 million oz. in 2023. 

The company’s total guidance for this year ranges from 380,000 to 422,000 gold-equivalent ounces. 

2025 exploration 

Fortuna also released its ambitious exploration plans in 2025. The mining company has a total exploration budget of US$41 million for 2025, compared to an estimated US$44 million invested in 2024. Brownfields activity represents 53%, and greenfield activities, including US$8.3 million for Diamba Sud, represent 47% of this year’s budget.

Fortuna’s consolidated brownfields exploration budget for 2025 totals US$21.6 million, which includes 84,000 metres of reverse circulation, diamond core, and air core exploration drilling. The gold and silver producer has reserved the larger portion of this drilling for high value opportunities at the Séguéla mine in Côte d’Ivoire.

The company’s brownfields exploration program budget for 2025 at Séguéla is US$13.5 million, which includes 73,000 metres of exploration drilling, supporting resource upgrade drilling primarily at the Sunbird underground project, and infill and expansion of the Kingfisher deposit, along with continued target generation.

The brownfields exploration budget for Lindero in Argentina is US$3.4 million, which includes 5,000 metres of exploration drilling at Arizaro, following up on recent reinterpretations driven by additional geochemical sampling, and alteration mapping completed in 2024.

Fortuna’s brownfields exploration program budget for 2025 at Caylloma in Peru is US$4.8 million which includes US$2.2 million for 9,000 metres of resource extension drilling, in addition to US$2.6 million for 1,600 metres of drill testing regional targets.

The precious metals developer has allocated US$200,000 for its brownfields exploration program budget for 2025 at Yaramoko in Burkina Faso. This number reflects reduced exploration activities. However, Fortuna will continue to pursue opportunities for extensions of mineralization through underground development in the deeper levels of the 55 zone and the QVP deposits.

Greenfields exploration will continue in Mexico, Côte d’Ivoire and Senegal advancing generative programs across several projects supported by a budget of US$19.3 million, including continued active corporate development.

Exploration activities in Mexico will focus on project generation and target testing across several emerging projects, with a total of US$4.9 million budgeted, which includes 8,000 metres of planned drilling.

The exploration budget for Côte d’Ivoire is US$3.6 million, the majority of which will be spent on advancing exploration activities at Tongon North with 12,000 metres of drilling planned, as well as US$1.2 million for early-stage target generation at the Guiglo project.

The greenfields exploration budget for Senegal is US$10.5 million, including US$8.3 million at the Diamba Sud Gold project, which includes 35,000 metres of drilling for continuing target generation and testing as well as further resource infill and extension drilling. A budget of US$2.1 million will be used to support exploration at the Bondala and Morichou projects.