Fortuna Mining Corp. (NYSE:FSM) Q2 2024 Earnings Conference Call August 8, 2024 12:00 PM ET

Company Participants

Carlos Baca - VP, IR
Jorge Alberto Ganoza - President and CEO
Luis Dario Ganoza - CFO
Cesar Velasco - COO, Latin America
David Whittle - COO, West Africa

Conference Call Participants

Adrian Pay - Adrian Pay Asset Management
Tony Christ - Odyssey Investments
Don DeMarco - National Bank Financial

Operator

Greetings. Welcome to the Fortuna Mining Corp. Q2 2024 Financial and Operational Results Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now hand the conference over to your host, Carlos Baca, Vice President of Investor Relations. Sir, the floor is yours.

Carlos Baca

Thank you, Jenny. Good morning to all. I would like to welcome you to Fortuna Mining's second quarter 2024 financial and operational results conference call. Hosting the call today on behalf of the company will be Jorge Alberto Ganoza, President and Chief Executive Officer; Luis Durant Ganoza, Chief Financial Officer; Cesar Velasco, Chief Operating Officer, Latin America; David Whittle, Chief Operating Officer, West Africa.

Today's earnings call presentation is available on our website. As a reminder, statements made during this call are subject to the reader advisories included in yesterday's news release, the earnings call webcast presentation, MD&A, and the risk factors in our annual information form. Financial figures contained in the presentation and discussed in today's call are presented in U.S. dollars unless otherwise stated. Technical information in the presentation has been reviewed and approved by Eric Chapman, Fortuna's Senior Vice President of Technical Services and qualified person.

I would now like to turn the call over to Jorge Alberto Ganoza, President, Chief Executive Officer and Co-Founder of Fortuna.

Jorge Alberto Ganoza

Thank you, Carlos, and good day to all.

I'm pleased to report that Fortuna remains well-positioned to continue capitalizing on the rising prices of gold and silver while strategically maintaining a business capable of performing across varying market cycles.

Q2 was marked by significant operational and financial results. Specifically, we made strides in three relevant areas. advancement of key capital projects, capturing high-value exploration opportunities and consolidating a fortress balance sheet.

For mines, produced 116,000 gold equivalent ounces benefiting from the upward trend in precious metal prices. The average realized gold price increased to $2,334 per ounce from $2,087 per ounce in Q1. Hello. The average realized price increased to - I thought I lost the line for a second here - $2,334 per ounce from $2087 per ounce in Q1. This led to total sales of $260 million, with gold contributing 81%, silver 10% and by-products zinc and lead making up their remainder.