Fortuna Mining Corp. (NYSE:FSM) Q3 2024 Results Conference Call November 7, 2024 12:00 PM ET

Company Participants

Carlos Baca - Vice President, Investor Relations
Jorge Alberto Ganoza - President and Chief Executive Officer
Luis D. Ganoza - Chief Financial Officer
David Whittle - Chief Operating Officer, West Africa

Conference Call Participants

Don DeMarco - National Bank Financial
Adrian Pay - Adrian Pay Asset Management

Operator

Greetings. Welcome to Fortuna Mining's Q3 2024 Financial and Operation Results Conference 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 turn the conference over to your host, Carlos Baca, Vice President of Investor Relations. Carlos, you may begin.

Carlos Baca

Thank you, Paul.

Good morning, ladies and gentlemen. I would like to welcome you to Fortuna Mining's third 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 D. Ganoza, Chief Financial Officer; 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 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.

Q3 performance demonstrates the strength of our business. We remain focused on delivering value to our shareholders through our strategic investments, operational excellence, unlocking geologic potential of our properties and responsible mining practices.

Fortuna has -- had a record quarter on several key financial metrics starting with record sales of $275 million and we're tracking to generate sales of over $1 billion this year. We benefited from incrementally higher gold prices, selling at an average realized price of $2,490 per ounce compared to $2,330 in the second quarter and $2,080 in the first quarter. We recorded earnings of $50.5 million and earnings per share of $0.16 well ahead of analysts' consensus of $0.11.