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Fortuna Mining's Gold Equivalent Production Rises 1% Y/Y in 2024
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Fortuna Mining Corp. (FSM - Free Report) produced 116,358 gold equivalent ounces in the fourth quarter of 2024, a 14.5% decrease from the year-ago quarter. This includes a gold production of 95,993 ounces and a silver production of 843,611 ounces. However, Fortuna Mining’s 2024 gold equivalent ounces production increased 0.8% year over year to record 455,958 ounces.
The gold output in the fourth quarter of 2024 marked a 10.6% year-over-year fall, whereas the silver production was down 38%.
The company produced a record gold of 369,637 ounces in 2024, up 13.2% year over year. The silver production came in at 3.7 million ounces compared with 5.9 million ounces in 2023. The gold equivalent ounces and the gold ounces produced came in line with FSM’s annual guidance for 2024, while the silver production fell below the guidance.
FSM’s Mine Performances
Fortuna Mining currently has five operating mines in its portfolio. The Séguéla mine, located in Côte d´Ivoire, contributed 35,244 ounces of gold in the fourth quarter of 2024. The production slightly increased from 34,998 ounces in the third quarter of 2024. The mine produced 137,781 ounces of gold in 2024, in line with the company’s expectations.
The Yaramoko Mine in Burkina Faso produced 29,576 ounces of gold, up 5.6% sequentially. The mine’s production for 2024 came in line with FSM’s guidance at 116,206 ounces.
The fourth-quarter gold production at the Lindero mine in Argentina was 26,806 ounces, up 10.1% quarter over quarter. The 2024 production for the mine came in at 97,287 ounces, in line with the guidance.
The San Jose mine in Mexico produced 594,373 ounces of silver and 4,239 ounces of gold. The silver production rose 16.4% from the third quarter, whereas the gold production grew 12.4%. The annual silver production was around 2.5 million ounces and the gold production was 17,811 ounces at the mine, both below Fortuna Mining’s expectations.
The Caylloma mine in Peru produced 249,238 ounces of silver, down 18.4% from the third quarter of 2024. The mine’s 2024 silver production came above the company’s guidance at 1.17 million ounces.
The Zinc production was 39.5 million pounds and the lead production was 59.1 million pounds in 2024.
Fortuna Mining’s 2025 Guidance
FSM expects lower production in 2025 from the prior year due to the expected sale of the San Jose Mine in the first quarter of 2025.
The gold production guidance for 2025 is pegged at 334,000-373,000 ounces. The silver production guidance is at 0.9-1 million ounces for 2025.
FSM Stock’s Price Performance
Shares of Fortuna Mining have gained 39.6% in the past year against the industry’s 7.8% decline.
Image Source: Zacks Investment Research
Performance of Another Mining Stock
Endeavour Silver Corporation (EXK - Free Report) produced 1.6 million silver-equivalent ounces in the fourth quarter of 2024, a 29% decline from the year-ago quarter due to reduced operating capacity at the Guanaceví mine.
Consolidated silver production fell 41% year over year to 824,529 ounces. This resulted from a decreased operating capacity at Guanaceví following the trunnion breakdown in August. Endeavour Silver witnessed a 6% year-over-year fall in gold production to 9,075 ounces. The downside was led by decreased throughput, partially offset by higher gold grades mined at Guanaceví and Bolañitos.
In 2024, the company produced 7.6 million silver-equivalent ounces, down 13% from 2023. For the full year, EXK’s silver production was 4,471,824 ounces and gold production was 39,047 ounces. Silver production declined 21% year over year, while gold moved up 3%.
Fortuna Mining’s Zacks Rank & Other Stocks to Consider
Carpenter Technology has an average trailing four-quarter earnings surprise of 14.1%. The Zacks Consensus Estimate for CRS’s fiscal 2025 earnings is pegged at $6.61 per share. Its shares skyrocketed 207.1% last year.
MAG Silver has an average trailing four-quarter earnings surprise of 17.1%. The Zacks Consensus Estimate for the company’s 2024 earnings is pegged at 75 cents per share. MAG shares surged 66.8% last year.
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Fortuna Mining's Gold Equivalent Production Rises 1% Y/Y in 2024
Fortuna Mining Corp. (FSM - Free Report) produced 116,358 gold equivalent ounces in the fourth quarter of 2024, a 14.5% decrease from the year-ago quarter. This includes a gold production of 95,993 ounces and a silver production of 843,611 ounces. However, Fortuna Mining’s 2024 gold equivalent ounces production increased 0.8% year over year to record 455,958 ounces.
The gold output in the fourth quarter of 2024 marked a 10.6% year-over-year fall, whereas the silver production was down 38%.
The company produced a record gold of 369,637 ounces in 2024, up 13.2% year over year. The silver production came in at 3.7 million ounces compared with 5.9 million ounces in 2023. The gold equivalent ounces and the gold ounces produced came in line with FSM’s annual guidance for 2024, while the silver production fell below the guidance.
FSM’s Mine Performances
Fortuna Mining currently has five operating mines in its portfolio. The Séguéla mine, located in Côte d´Ivoire, contributed 35,244 ounces of gold in the fourth quarter of 2024. The production slightly increased from 34,998 ounces in the third quarter of 2024. The mine produced 137,781 ounces of gold in 2024, in line with the company’s expectations.
The Yaramoko Mine in Burkina Faso produced 29,576 ounces of gold, up 5.6% sequentially. The mine’s production for 2024 came in line with FSM’s guidance at 116,206 ounces.
The fourth-quarter gold production at the Lindero mine in Argentina was 26,806 ounces, up 10.1% quarter over quarter. The 2024 production for the mine came in at 97,287 ounces, in line with the guidance.
The San Jose mine in Mexico produced 594,373 ounces of silver and 4,239 ounces of gold. The silver production rose 16.4% from the third quarter, whereas the gold production grew 12.4%. The annual silver production was around 2.5 million ounces and the gold production was 17,811 ounces at the mine, both below Fortuna Mining’s expectations.
The Caylloma mine in Peru produced 249,238 ounces of silver, down 18.4% from the third quarter of 2024. The mine’s 2024 silver production came above the company’s guidance at 1.17 million ounces.
The Zinc production was 39.5 million pounds and the lead production was 59.1 million pounds in 2024.
Fortuna Mining’s 2025 Guidance
FSM expects lower production in 2025 from the prior year due to the expected sale of the San Jose Mine in the first quarter of 2025.
The gold production guidance for 2025 is pegged at 334,000-373,000 ounces. The silver production guidance is at 0.9-1 million ounces for 2025.
FSM Stock’s Price Performance
Shares of Fortuna Mining have gained 39.6% in the past year against the industry’s 7.8% decline.
Performance of Another Mining Stock
Endeavour Silver Corporation (EXK - Free Report) produced 1.6 million silver-equivalent ounces in the fourth quarter of 2024, a 29% decline from the year-ago quarter due to reduced operating capacity at the Guanaceví mine.
Consolidated silver production fell 41% year over year to 824,529 ounces. This resulted from a decreased operating capacity at Guanaceví following the trunnion breakdown in August. Endeavour Silver witnessed a 6% year-over-year fall in gold production to 9,075 ounces. The downside was led by decreased throughput, partially offset by higher gold grades mined at Guanaceví and Bolañitos.
In 2024, the company produced 7.6 million silver-equivalent ounces, down 13% from 2023. For the full year, EXK’s silver production was 4,471,824 ounces and gold production was 39,047 ounces. Silver production declined 21% year over year, while gold moved up 3%.
Fortuna Mining’s Zacks Rank & Other Stocks to Consider
FSM currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) and MAG Silver Corp. (MAG - Free Report) . Both these stocks have a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 14.1%. The Zacks Consensus Estimate for CRS’s fiscal 2025 earnings is pegged at $6.61 per share. Its shares skyrocketed 207.1% last year.
MAG Silver has an average trailing four-quarter earnings surprise of 17.1%. The Zacks Consensus Estimate for the company’s 2024 earnings is pegged at 75 cents per share. MAG shares surged 66.8% last year.