Fortuna Mining Corp (FSM) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Fortuna Mining Corps second quarter 2025 financial and operational results call. (Operator Instructions)

大家好，歡迎參加 Fortuna Mining Corps 2025 年第二季財務與營運業績電話會議。（操作員指示）

It is not my pleasure to turn the floor over to your host Carlos Baca, Vice President, Investor Relations. Sir, the floor is yours.

我很不高興將發言權交給主持人、投資者關係副總裁 Carlos Baca。先生，請您發言。

Thank you, Matthew. Good morning, ladies and gentlemen, and welcome to Fortuna Mining's conference call to discuss our financial and operational results for the second quarter of 2025. Hosting today's call on behalf of Fortuna are Alberto Ganoza, President, Chief Executive Officer, and Co-Founder; Luis Ganoza and also Chief Financial Officer; Cesar Velasco, Chief Operating Officer Latin America; and David Wittle, Chief Operating Officer West Africa. Today's earnings call presentation is available on our website at fortunamining.com.

謝謝你，馬修。女士們、先生們，早安，歡迎參加 Fortuna Mining 的電話會議，討論我們 2025 年第二季的財務和營運業績。代表 Fortuna 主持今天電話會議的有總裁、執行長兼聯合創始人 Alberto Ganoza、財務長 Luis Ganoza、拉丁美洲首席營運長 Cesar Velasco 和西非首席營運長 David Wittle。今天的收益電話會議簡報可在我們的網站 fortunamining.com 上查閱。

Before we begin, please note that during the quarter, Fortuna completed the sale of the San Jose and Yaramoko mines. Accordingly, results from these mines have been excluded from continuing operations for the quarter in the year-to-date, along with comparative figures.

在我們開始之前，請注意，在本季度，Fortuna 完成了聖何塞和亞拉莫科礦的出售。因此，這些礦場的業績以及比較數據均被排除在本季迄今的持續經營業務之外。

Statements Made during this call are subject to the reader advisories included in yesterday's news release, the webcast presentation, our management discussion and analysis, and risk factors outlined in our annual information form. All financial figures discussed today are in US dollars unless otherwise indicated.

本次電話會議中的聲明受昨天新聞稿中的讀者建議、網路廣播演示、我們的管理層討論和分析以及我們年度資訊表中概述的風險因素的約束。除非另有說明，今天討論的所有財務數據均以美元為單位。

Technical information presented has been reviewed and approved by Eric Chapman, Fortuna's Senior Vice President of Technical Services, and a qualified person as defined by National Instrument 43-101.

所提供的技術資訊已經由 Fortuna 技術服務高級副總裁 Eric Chapman 和國家儀器 43-101 定義的合格人員審核和批准。

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

現在，我將把電話轉給 Fortuna Mining 總裁、執行長兼聯合創始人 Jorge Alberto Ganoza。

Thank you, Carlos, and good morning everyone and thank you for joining us. The second quarter reflects the strategic streamlining of our portfolio of assets. Early in the quarter, we completed the sale of two mines with a short life of mineral reserves, each with less than a year in mining left.

謝謝你，卡洛斯，大家早安，謝謝你加入我們。第二季反映了我們資產組合的策略精簡。本季度初，我們完成了兩座礦產儲量較短的礦山的出售，每座礦山的開採期限均不到一年。

Naturally, this reduces our near term production in 2024. We delivered a record 460,000 ounces of gold equivalent. With the sale of these mines or annualized production, it's now roughly 330,000 ounces. But the key message today is this rebuilding production to 50 million ounces per year, which is strategically where we want to be position, is fully under our control. And those houses will be higher margin, longer life, and lower risk than before.

自然，這會減少我們 2024 年的近期產量。我們交付了創紀錄的460,000盎司黃金當量。隨著這些礦山的出售或年產量的增加，現在約為 330,000 盎司。但今天的關鍵訊息是，將產量恢復到每年 5000 萬盎司，這在戰略上是我們想要達到的位置，完全在我們的控制之下。而且這些房屋的利潤將比以前更高、壽命更長、風險更低。

And here is why we're confident. Seguela, our flagship asset, is on a clear growth path. 140,000 ounces of gold have been guided for 2025. And 170,000 to 180,000 ounces of gold have been guided for 2026 as our expansion plan comes online.

這就是我們充滿信心的原因。我們的旗艦資產 Seguela 正處於明確的成長軌道上。預計 2025 年黃金產量將達到 14 萬盎司。隨著我們的擴張計劃上線，我們預計 2026 年黃金產量將達到 170,000 至 180,000 盎司。

The (inaudible) in Seguela is emerging as our next growth engine. In just six months, they indicated research, as recently published, grew by 53% and inferred resources by 93% for a combined 1 million ounces.

塞格拉的（聽不清楚）正成為我們的下一個成長引擎。他們指出，在短短六個月內，最近發表的研究報告顯示，黃金產量增加了 53%，推斷的黃金資源量增加了 93%，總計達到 100 萬盎司。

We continue to drill to expand and upgrade the resource and advance permitting and engineering towards a 2026 construction decision. All the exploration work that we've been doing over the past 18 months have really enhanced our understanding of the deposit, and our drilling and exploration is really yielding fruit here.

我們將繼續鑽探以擴大和升級資源，並推進許可和工程，以實現 2026 年的建設決策。過去 18 個月我們所做的所有勘探工作確實增強了我們對礦床的了解，我們的鑽探和勘探也確實取得了成果。

And importantly our robust balance sheet with $537 million in liquidity and $215 million in net cash. The risk any growth decision we choose to make. So with that growth vision in mind, let's move to our Q2 result highlights.

重要的是，我們的資產負債表強勁，擁有 5.37 億美元的流動資金和 2.15 億美元的淨現金。我們做出的任何成長決策都存在風險。因此，考慮到這個成長願景，讓我們來看看第二季的業績亮點。

On health and safety first. Safety of our personnel remains our top priority, and I am proud to report that we continue to improve. We recorded 7.2 million work hours without any lost time injury. That's a record for the company, up from 6.7 million work hours in the prior record.

健康與安全第一。人員安全仍然是我們的首要任務，我很自豪地報告，我們正在不斷改進。我們記錄了 720 萬個工作小時，沒有發生任何誤工傷害。這是該公司創下的新紀錄，高於先前 670 萬個工作小時的紀錄。

And our total recordable injury frequency rate was [0.87] for the second quarter, improving from [0.98] in the first quarter. The highlights from our financial performance, the second quarter was another quarter of strengthening even further the balance sheet of the company and delivering solid margins.

我們第二季的總可記錄傷害頻率為 [0.87]，高於第一季的 [0.98]。我們的財務業績亮點是，第二季度是公司資產負債表進一步加強、利潤率穩健的另一個季度。

Liquidity again at $537 million up $76 million from the previous quarter, driven by $84 million in proceeds from the mine sales. Net cash was $215 million at the end of the period, up from $137 million at the end of Q1 2025.

流動性再次達到 5.37 億美元，較上一季增加 7,600 萬美元，這得益於礦場銷售收益 8,400 萬美元。期末淨現金為 2.15 億美元，高於 2025 年第一季末的 1.37 億美元。

Free cash flow from operations was a strong $57.5 million compared to 66 million in Q1, primarily due to the timing of tax payments. Our margins expanded with higher gold prices. Average life gold price was $3,306 per ounce, which is up 14% with respect to what we averaged in the first quarter.

經營活動產生的自由現金流強勁成長，達到 5,750 萬美元，而第一季為 6,600 萬美元，這主要歸因於納稅時間。隨著金價上漲，我們的利潤率也隨之擴大。平均壽命黃金價格為每盎司 3,306 美元，較第一季平均價格上漲 14%。

For the margin grew to a record 55%, up from 50% in Q1, and our operating margin stood at 36%, up from 28% in Q1. Net earnings from continued operations were $41 million or $0.14 per share compared to $33 million or $0.11 per share in Q1.

利潤率從第一季的 50% 成長至創紀錄的 55%，營業利潤率從第一季的 28% 成長至 36%。持續經營淨收益為 4,100 萬美元或每股 0.14 美元，而第一季為 3,300 萬美元或每股 0.11 美元。

For adjusted EPS of $0.14 includes a $17 million withholding tax accrual related to the inaugural full year dividend declared in Côte d’Ivoire for or Seguela equivalent to $0.06 per share. In Q1, we achieved full payback on Seguela's construction in 21 months while also canceling all inter-company loans and therefore the dividend.

調整後的每股收益 0.14 美元包括與科特迪瓦或 Seguela 宣布的首年度全年股息相關的 1700 萬美元預扣稅，相當於每股 0.06 美元。在第一季度，我們在 21 個月內全部償還了 Seguela 的建設費用，同時取消了所有公司間貸款，從而取消了股息。

Cash flow from operations before working capital changes was $97 million or $0.32 per share. On operational performance or consolidated gold equivalent production for the period was 75,950 ounces. When we look at it from continuing operations, gold production was 71,229 ounce, slightly above the previous quarter, and aligned with our full year guidance.

營運資本變動前的營運現金流為 9,700 萬美元，即每股 0.32 美元。本期間的營運表現或綜合黃金當量產量為 75,950 盎司。從持續經營的角度來看，黃金產量為 71,229 盎司，略高於上一季度，與我們的全年預期一致。

Cash cost was $929 per ounce up. Marginally 7% from Q1, mainly due to the gold to base metal ratio at Caylloma Mine, which carries a significant base metal [leadsing] component in its production.

現金成本上漲至每盎司 929 美元。較第一季略有成長 7%，主要原因是 Caylloma 礦的黃金與賤金屬比率較高，該礦生產中含有大量賤金屬 [主導] 成分。

For consolidated ASIC was $1,932 per ounce, up from $1,750 in Q1. Here I want to reinforce that all our minds continue to track well to meet annual guidance. However, the elevated consolidated ASIC I just mentioned is a temporary and timing effect related to CapEx and waste stripping (inaudible) Lindero and Seguela. These mines AIs will gravitate towards a range of $1,500 per ounce throughout the second half of the year and into 2026.

合併後的 ASIC 價格為每盎司 1,932 美元，高於第一季的 1,750 美元。這裡我想強調的是，我們大家要繼續保持良好的心態，以滿足年度指導。然而，我剛才提到的提升合併 ASIC 是與資本支出和廢物剝離（聽不清楚）相關的暫時和時間效應 Lindero 和 Seguela。這些礦場的 AI 價格將在今年下半年至 2026 年趨向於每盎司 1,500 美元的區間。

Lindero ASIC is trending downwards towards below $1,500 per ounce by Q4 following the completion of the leech pad expansion. And Seguela's ASIC is expected to rise temporarily towards $1,800 per ounce in Q4, consistent with planned peak.

隨著吸血墊擴建工程的完成，Lindero ASIC 價格呈下降趨勢，到第四季將跌至每盎司 1,500 美元以下。預計 Seguela 的 ASIC 價格將在第四季度暫時上漲至每盎司 1,800 美元，與計劃中的峰值一致。

In waste stripping in the second half of the year and timing of its capital investments, but staying in the average for the year within annual guidance. Seguela operated in the quarter with a very competitive cash cost per ounce of $670.

在下半年廢棄物剝離和資本投資時機方面，但仍保持在年度指導範圍內的全年平均值。Seguela 本季的營運現金成本為每盎司 670 美元，極具競爭力。

And our 2025 capital budget of $78 million at Seguela enabled the expansion of production guidance for 2026. We have a series of operational excellence and productivity initiatives. That aim to drive marginal improvements and cost discipline across the business or portfolio of optimization and productivity initiatives is expected to generate between $50 million, $70 million in savings over the next three years.

我們在 Seguela 的 2025 年資本預算為 7,800 萬美元，這擴大了 2026 年的生產指引。我們有一系列卓越營運和生產力措施。這項旨在推動整個業務或優化和生產力計劃組合的邊際改進和成本控制的目標預計將在未來三年內產生 5000 萬至 7000 萬美元的節省。

These programs spam process optimization, equipment utilizations, supply chain efficiencies, and energy management at our mines. They will enhance cash flow, supporting or cost competitive half a million ounce strategic objective of annual production.

這些程序對我們的礦山的流程最佳化、設備利用率、供應鏈效率和能源管理起到了促進作用。它們將增強現金流，支持或具有成本競爭力的年產量50萬盎司的策略目標。

And on closing of my comments I want to revisit the strategic developments and looking ahead. The sale of the San Jose and Yaramoko mines in the quarter was timely. It not only generated $84 million in gross proceeds, but it also freed approximately $50 million in capital and management bandwidth away from mine closure projects towards high value growth opportunities which are better aligned with our strategy.

在結束我的評論時，我想重新回顧一下策略發展並展望未來。本季聖荷西和亞拉莫科礦的出售非常及時。它不僅產生了 8,400 萬美元的總收益，而且還將約 5,000 萬美元的資本和管理頻寬從礦場關閉專案中釋放出來，用於更符合我們策略的高價值成長機會。

And looking forward The expansion positioned us for strong growth in 2026. The (inaudible) suit continues to grow in scale and quality with a 2026 construction decision on the horizon. With this the future, the near future growth of the company is within our control.

展望未來，此次擴張將為我們在 2026 年實現強勁成長奠定基礎。隨著 2026 年建設決策的臨近，（聽不清楚）訴訟的規模和品質不斷擴大。有了這個未來，公司近期的成長就在我們的掌控之中。

With a robust balance sheet, expanding margins, and clear growth pipeline, Fortuna is well positioned to rebuild and surpass half a million ounces per year target with higher margins, higher quality ounces, and lower portfolio risk than ever before. In 21, in 20 years, I have never seen Fortuna as strong as it is today.

憑藉強勁的資產負債表、不斷擴大的利潤率和清晰的成長管道，Fortuna 完全有能力重建並超越每年 50 萬盎司的目標，同時實現比以往更高的利潤率、更高品質的盎司和更低的投資組合風險。21、20 年來，我從未見過福爾圖娜像今天這樣強大。

With that, I will ask David Whittle, or Chief Operating Officer for West Africa, to discuss the results of his region. David.

因此，我將請西非首席營運長 David Whittle 討論他所在地區的表現。大衛。

Thanks, Jorge. Seguela and Yaramoko delivered a strong second quarter, achieving solid results in both production and safety. Our commitment to safety and environmental performance remains unwavering, and we are steadily progressing towards our goal of zero harm across all our operations.

謝謝，豪爾赫。Seguela 和 Yaramoko 在第二季度表現強勁，在生產和安全方面都取得了穩健的成績。我們對安全和環境績效的承諾始終堅定不移，我們正在穩步朝著所有營運零傷害的目標邁進。

I'm delighted to report that no injuries occurred at any of our West African operations during the quarter. During this period, we successfully completed the divestiture of our Yaramoko mine to Saleh Resources, a privately owned Mauritius domicile resources company, thereby concluding our operations in Burkina Faso.

我很高興地報告，本季我們在西非的任何業務都沒有發生任何人員受傷事件。在此期間，我們成功將亞拉莫科礦出售給毛里求斯一家私人資源公司 Saleh Resources，從而結束了我們在布吉納法索的業務。

Fortune operated the Yaramoko up until April 14, reducing 4,721 ounces during this time. The decision to divest followed a compelling economic offer and aligned with our strategic priorities.

Fortune 號一直經營 Yaramoko 號直至 4 月 14 日，在此期間減少了 4,721 盎司。撤資決定是根據一項令人信服的經濟提案做出的，並且符合我們的戰略重點。

At Seguela, we produced 38,186 ounces of gold, consistent with the prior quarter and exceeding the mine plan, reinforcing our expectations to achieve annual production at the higher end of guidance. Mining during the quarter totaled 340,000 tons of ore at an average grade of 3.33 grams per ton gold, along with 5.19 million tons of waste, resulting in a strip ratio of 15.3 to 1 of waste.

在 Seguela，我們生產了 38,186 盎司黃金，與上一季度持平，並超過了礦山計劃，這強化了我們實現指導上限年產量的預期。本季採礦總量為 34 萬噸礦石，平均品位為每噸 3.33 克黃金，同時產生廢料 519 萬噸，導致廢料剝離率為 15.3:1。

The processing plant treated 429,000 tons at an average grade of three grams per ton of gold, with all primarily sourced from the antenna, an and cooler pits. The plant operates at an average throughput rate of 200 tons per 10 tons per hour.

該加工廠處理了 429,000 噸黃金，平均品位為每噸 3 克，主要來自天線、和冷卻坑。該廠的平均生產率為每小時 10 噸，產量為 200 噸。

Throughput in June was temporarily reduced due to a major (inaudible) and other scheduled maintenance, which are now complete is ensuring smooth operations through to the end of the year.

由於重大（聽不清楚）和其他預定的維護，6 月的吞吐量暫時減少，這些維護現已完成，確保到年底的順利運作。

The third left of the tailing storage facility, an $8.5 million project, remains on track for completion in the third quarter. This will enhance our storage capacity through to 2029, supporting increased throughput and positioning together to achieve the higher end of its 160 to 180,000 ounces of annual production from 2026 onwards.

尾礦儲存設施的第三個部分是一個耗資 850 萬美元的項目，預計將於第三季完工。這將增強我們的儲存能力直至 2029 年，支援提高吞吐量並共同定位，從 2026 年起實現 160 至 180,000 盎司的年產量上限。

All of the capital projects are progressing and within and with and now within budget. Seguela performance resulted in a cash cost of $670 per ounce, and an all in sustaining cost of $1,634 per ounce, both aligning with our budget.

所有資本項目均在預算之內並且正在進展。Seguela 的表現導致現金成本為每盎司 670 美元，總維持成本為每盎司 1,634 美元，均符合我們的預算。

The ASIC reflecting higher royalty expenses driven by the increasing gold prices. Exploration drilling at the [Sunbird] and Kingfisher deposits yielded encouraging results. Our technical teams are actively working to incorporate these deposits into reserves and mine plans, with both remaining open.

ASIC 反映出因金價上漲而導致的特許權使用費增加。[Sunbird] 和 Kingfisher 礦床的勘探鑽探取得了令人鼓舞的結果。我們的技術團隊正在積極努力將這些礦床納入儲備和採礦計劃，並且兩者都保持開放。

Indicating potential for further resource expansion and bolstering our confidence in Seguela's long term potential. At the (inaudible) project in Seguela, exploration, environmental permitting, and feasibility activities made significant progress during the quarter.

表明進一步擴大資源的潛力並增強我們對 Seguela 長期潛力的信心。在塞格拉（聽不清楚）專案中，勘探、環境許可和可行性活動在本季取得了重大進展。

In addition to our $19 million 2025 budget, we approved an additional $17 million for early works, including ancillary facilities and infrastructure. Infill and extension drilling continued at the main deposits with success, prompting an expansion of the exploration program further to the south and southeast of the Southern Arch prospect where newly discovered mineralization remains open.

除了 1900 萬美元的 2025 年預算外，我們還批准了額外的 1700 萬美元用於早期工程，包括輔助設施和基礎設施。在主要礦床的加密和延伸鑽探繼續取得成功，促使勘探計劃進一步擴展到 Southern Arch 勘探區的南部和東南部，那裡新發現的礦化帶仍然開放。

These results enhance our confidence in the (inaudible) potential, and we look forward to resuming drilling after the wet season in the second half of the year.

這些結果增強了我們對（聽不清楚）潛力的信心，我們期待在今年下半年雨季後恢復鑽探。

Thank to you, Jorge.

謝謝你，豪爾赫。

Thank you, David. Now, Cesar Whittle, Chief Operating Officer for Latin America. Will provide us with the highlights of his region.

謝謝你，大衛。現在，Cesar Whittle 擔任拉丁美洲首席營運長。將向我們介紹他所在地區的亮點。

Thank you, Jorge, and good morning everyone. I am pleased to report a robust quarter for our Latin American operations with both of our Lindero and Caylloma mines demonstrating the strong safety, production, and financial performance.

謝謝你，豪爾赫，大家早安。我很高興地報告，我們的拉丁美洲業務本季表現強勁，我們的 Lindero 和 Caylloma 礦場均表現出強勁的安全性、生產性和財務業績。

These bolsters our confidence in the strength and resilience of our regional portfolio. At our Lindero mine in Argentina, we achieved remarkable progress on all fronts. Lindero's operational performance has been a significant success with costs decreasing and stable production, leading to higher margins and strong free cash flow.

這些增強了我們對區域投資組合實力和彈性的信心。在我們位於阿根廷的林德羅礦，我們在各方面都取得了顯著的進展。Lindero 的營運表現取得了巨大成功，成本降低，生產穩定，從而帶來更高的利潤率和強勁的自由現金流。

Lindero produced 23,550 ounces of gold. Marking a 16% increase over Q1. This aligns with our mining plan and keep us on track to meet our annual guidance. Our efficiency initiatives are yielding positive results. Our all in sustaining cost was $1,783 per ounce, a notable reduction of 6.7% from the previous quarter.

林德羅礦產出了 23,550 盎司黃金。較第一季成長 16%。這符合我們的採礦計劃，並使我們有望實現年度目標。我們的效率舉措正在產生積極成果。我們的總維持成本為每盎司 1,783 美元，比上一季大幅下降 6.7%。

This improvement resulted from lower sustaining capital expenditures. The leech fire expansion was under construction in the previous quarter. As Jorge mentioned, Lindero's is steadily progressing towards our target of $1,400 per ounce by year end.

這一改善是由於持續資本支出減少所致。上一季度，水蛭防火擴建工程正在施工中。正如 Jorge 所提到的，Lindero 正在穩步朝著我們年底每盎司 1,400 美元的目標邁進。

Our operational efficiencies are also leading to strong outcomes, with crushing reaching a new record in June, averaging 1,100 tons per hour, and stacking achieving a monthly record of 642,000 tons.

我們的營運效率也帶來了強勁的成果，6 月破碎量創下新高，平均每小時 1,100 噸，堆料量創下月度最高紀錄，達到 642,000 噸。

As such, Lindero's cash cost for the second quarter was $1,148 per ounce. Financially, Lindero's net sales were $75.7 million a 42% increase from Tier 1 supported by a strong gold price of $3,293 per ounce. Operating income for the quarter was $29.1 million nearly 66% higher than the previous quarter.

因此，Lindero 第二季的現金成本為每盎司 1,148 美元。從財務角度來看，受每盎司 3,293 美元的強勁金價支撐，Lindero 的淨銷售額為 7,570 萬美元，比一級市場增長 42%。本季營業收入為 2,910 萬美元，比上一季高出近 66%。

And an adjusted EBITDA of $37.9 million, up 34% versus the previous quarter. We generated free cash flow of $35.7 million reflecting strong operational execution and discipline capital management. On the sustainability front, we commissioned our photovoltaic plant in Q2, which generated 1 million watts per hour in June.

調整後的 EBITDA 為 3,790 萬美元，較上一季成長 34%。我們產生了 3570 萬美元的自由現金流，體現了強大的營運執行力和嚴格的資本管理。在永續發展方面，我們在第二季啟用了光電站，該電廠 6 月的發電量為每小時 100 萬瓦。

This supplied approximately 26% of Lindero's power needs, saved nearly $230,000 in diesel costs, and avoided an estimated 720 tons of CO2 emissions. This marks a significant advance advancement in our sustainability strategy.

這滿足了林德羅約 26% 的電力需求，節省了近 23 萬美元的柴油成本，並避免了約 720 噸的二氧化碳排放。這標誌著我們的永續發展策略取得了重大進展。

Moving to our Caylloma mine in Peru, it continued to perform reliably and efficiently. Caylloma exemplifies an operational excellence, discipline capital expenditure, and effective project execution. We successfully completed the new hydraulic based pack fuel plant in April with a total investment of $5.4 million.

轉移到我們位於秘魯的 Caylloma 礦坑後，它繼續可靠且有效率地運作。Caylloma 體現了卓越的營運、嚴格的資本支出和有效的專案執行。我們在四月成功完成了新的液壓燃料廠建設，總投資額為 540 萬美元。

The new plant enables a more efficient and automatic process at a lower cost per ton. It also reduces CO2 emissions by eliminating the need to transport the (inaudible) material outside of the underground mine, thus eliminating related diesel consumption.

新工廠實現了更有效率、更自動化的流程，並且降低了每噸成本。它還透過消除將（聽不清楚）材料運送到地下礦井外的需要來減少二氧化碳排放，從而消除了相關的柴油消耗。

Caylloma's financial results reflect this operational consistency. Net sales were $28.4 million with operating income of $8.7 million and adjusted EBITDA of $11.3 million. Free cash flow was a notable $9 million driven by cost discipline and operational consistency.

Caylloma 的財務表現反映了這種營運的一致性。淨銷售額為 2,840 萬美元，營業收入為 870 萬美元，調整後 EBITDA 為 1,130 萬美元。在成本控制和營運一致性的推動下，自由現金流達到了顯著的 900 萬美元。

The cash crop per silver equivalent ounce was $15.16 and AI of $21.73 per ounce, both within the lower range of annual guidance.

每盎司白銀當量的經濟作物價格為 15.16 美元，AI 價格為每盎司 21.73 美元，均在年度指導價的下限範圍內。

Overall, our Latin American operations continue to deliver strong and consistent results. We're firmly on track to meet our full year guidance and continue generating long-term value for our stakeholders. Back to you, Jorge.

總體而言，我們的拉丁美洲業務持續取得強勁且持續的業績。我們正穩步實現全年目標，並持續為利害關係人創造長期價值。回到你身邊，豪爾赫。

Thank you, Cesar. And have you ever (inaudible) full. Well, there are the highlights of the quarter on the financial side of things.

謝謝你，塞薩爾。您是否曾經（聽不清楚）吃飽過。嗯，這是本季財務方面的亮點。

Thank you, Jorge. I'll be discussing our financial results and all corresponding figures will be from our continuing operations only unless explicitly stated. We're pleased to report a net income material to Fortuna of $42.6 billion or $0.14 per share.

謝謝你，豪爾赫。我將討論我們的財務結果，除非明確說明，所有相應數據均來自我們的持續經營業務。我們很高興地報告 Fortuna 的淨收入為 426 億美元或每股 0.14 美元。

After adjusting for non-cash, non-recurring items, this figure rises to $44.7 million or $0.15 per share. Our adjusted results represent a remarkable 380% increase over Q2 2024 driven primarily by higher metal prices and an increase in gold sold.

在調整非現金、非經常性項目後，這一數字上升至 4,470 萬美元或每股 0.15 美元。我們的調整後業績較 2024 年第二季顯著成長 380%，主要得益於金屬價格上漲和黃金銷量增加。

Specifically, we realized gold prices that were nearly $1000 per ounce higher than the prior year and sold 13% more gold. Our cash cost per ounce for the quarter was $929 about $88 higher than Q2 2024. This is consistent with our mine plans, which contemplate higher stripping ratio at both Lindero and Seguela.

具體來說，我們實現的黃金價格比前一年高出近 1000 美元/盎司，黃金銷量增加了 13%。本季我們的每盎司現金成本為 929 美元，比 2024 年第二季高出約 88 美元。這與我們的礦山計劃一致，該計劃考慮提高 Lindero 和 Seguela 的剝離率。

Comparing our results to the first quarter of 2025, our adjusted net income grew by 25%. This was driven by gold prices that were $420 per ounce higher and an 8% increase in gold sold. On a quarter-over-quarter basis, our cash cost per ounce increased by $63 which is mainly attributable to the planned progression of waste stripping at our mines.

與 2025 年第一季相比，我們的調整後淨收入成長了 25%。這是由於金價上漲 420 美元/盎司以及黃金銷量增加 8% 所致。與上一季相比，我們的每盎司現金成本增加了 63 美元，這主要歸因於我們礦山計劃進行的廢料剝離。

One item to note that impacted their Q2 results as Jorge mentioned, was the recognition of the $17 million dollar charge for withholding taxes. This relates to the first dividend declared at our CDI subsidiary.

正如 Jorge 所提到的，有一件事影響了他們的第二季業績，那就是確認了 1,700 萬美元的預扣稅費用。這與我們 CDI 子公司宣布的首次股利有關。

These taxes will be paid over the next few months and as we repatriate funds, and again, as Jorge emphasized, this represents $0.06 per share impact or quarterly results.

這些稅款將在未來幾個月內以及我們匯回資金時支付，正如 Jorge 所強調的，這對每股或季度業績的影響為 0.06 美元。

Moving to our cash flow statement, we generated $92.7 million in net cash from operating activities. It is important to highlight that a large portion of our annual tax payments are concentrated in the second quarter. We paid $36 million which represents over 40% of what we anticipate paying for all of 2025.

轉到我們的現金流量表，我們從營運活動中產生了 9,270 萬美元的淨現金。值得強調的是，我們每年繳納的稅金很大一部分集中在第二季。我們支付了 3,600 萬美元，占我們預計 2025 年全年支付金額的 40% 以上。

Our capital expenditures for the quarter totaled $47 million. Of this, we classify $15 million as growth CapEx, which primarily consists of investments in the Diamba Sud project and our exploration activities. Our anticipated capital expenditures for a full year are $180 million consisting of $120 million for sustaining and $60 million for growth capitals. This includes close to $30 million allocated to the Diamba Sud.

本季我們的資本支出總計 4700 萬美元。其中，我們將 1500 萬美元歸類為成長資本支出，主要用於對 Diamba Sud 項目和我們的勘探活動的投資。我們預計全年資本支出為 1.8 億美元，其中 1.2 億美元用於維持資本，6,000 萬美元用於成長資本。其中包括分配給 Diamba Sud 的近 3000 萬美元。

In terms of free cash flow, we generated $57.4 million from ongoing operations. This is a slight decrease from Q1 2025 due to the timing of tax payments and higher sustaining caps on a quarter-over-quarter basis.

就自由現金流而言，我們從持續經營中產生了 5,740 萬美元。由於納稅時間以及季度環比維持上限較高，與 2025 年第一季相比略有下降。

With respect to our discontinued operations, the cash flow statement discloses a net cash contribution of $70.6 million for the full year across the operating, investing, and financing sections. This figure includes gross proceeds of $83.8 million from asset sales.

對於我們已終止的業務，現金流量表顯示，全年營運、投資和融資部分的淨現金貢獻為 7,060 萬美元。這一數字包括資產出售所得的 8,380 萬美元總收益。

Turning to the balance sheet, we've been experiencing delays in collecting our VAT at our [Ivory Coast] operations. At this stage, we believe this is an issue related to the electoral cycle and expect collections to start normalizing toward the end of the year. At the end of the quarter, we held $37 million in VAT receivables, which represent approximately 17 months outstanding.

從資產負債表來看，我們在（科特迪瓦）營運的增值稅徵收過程中遇到了延遲。現階段，我們認為這是一個與選舉週期有關的問題，預計收款將在年底開始正常化。截至本季末，我們持有 3,700 萬美元的增值稅應收款，相當於約 17 個月的未付款項。

On a very positive note regarding repatriation related matters in Argentina, a favorable change in local prevailing conditions has allowed us to restart repatriation with over $40 million in the month of July, subsequent to the end of the quarter without any significant friction on foreign exchange costs.

關於阿根廷的匯回相關事宜，一個非常積極的消息是，當地現行條件的有利變化使我們能夠在本季度結束後的 7 月份重新啟動超過 4000 萬美元的匯回，而外匯成本沒有出現任何重大摩擦。

Finally, I want to reinforce Jorge's message regarding our all in sustaining costs. With the exception of factors tied to metal prices such as royalties and fair value adjustments to share based payments, we are maintaining a revised guidance range for the year.

最後，我想強調豪爾赫關於我們全力維持成本的資訊。除與金屬價格相關的因素（例如特許權使用費和基於股份的支付的公允價值調整）外，我們仍維持今年的修訂指導範圍。

For the second half of the year, we expect Q3 ASIC to remain at similar levels to Q2 before coming down in the fourth quarter. Looking beyond 2025 and considering our expanded production guidance for Seguela, we are targeting consolidated (inaudible) levels in the range of 1,750 per ounce in the current metal price environment. Back to you, Jorge.

對於下半年，我們預計第三季 ASIC 將保持與第二季相似的水平，然後在第四季度下降。展望 2025 年以後，考慮到我們對 Seguela 擴大的生產指導，我們的目標是在當前金屬價格環境下將綜合（聽不清）水平控制在每盎司 1,750 美元左右。回到你身邊，豪爾赫。

Thank you. With that, we can open the floor for questions, Carlos.

謝謝。卡洛斯，這樣我們就可以開始提問了。

Thank you, Jorge, Matthew, go ahead and prompt for questions..

謝謝，豪爾赫、馬修，請繼續提問。

(Operator Instructions)

（操作員指示）

Thomas Beslanowitch.

托馬斯·貝斯拉諾維奇。

Yeah, today I see the stock really has gotten hammered pretty good, but I stepped up to the plate and I bought quite a bit. I bought roughly $50,000 worth. I would assume that everything is running exactly the way you want, and I hope you would do the same thing and support the stock price.

是的，今天我看到股票確實遭受了相當大的打擊，但我還是採取了行動並買了不少。我買了價值約 5 萬美元的東西。我認為一切都按照你想要的方式進行，我希望你也能做同樣的事情並支持股價。

Thank you very much for your time.

非常感謝您抽出時間。

Thank you for your comments there, sir. And as stated, through the call and, as you can see in our financial results, the company has never been stronger. The fact that we have a headline EPS miss against analyst consensus is related to the timing of our withholding taxes. If we adjust for those $0.06. And we're above analyst consensus for earnings per share.

先生，謝謝您的評論。正如我們在電話會議中所述，正如您在我們的財務結果中所看到的，公司從未像現在這樣強大。我們的每股盈餘低於分析師的預期，這與我們預扣稅的時間有關。如果我們根據這 0.06 美元進行調整，我們的每股盈餘將高於分析師的預期。

And with respect to our elevated ASIC for example, which has been an issue of topic of discussion.

以我們提升的 ASIC 為例，這一直是個討論話題。

It has to do with the fact that we are investing in the business or Seguela mine or flagship asset carries today about $78 million worth of capital that enables the mine to expand production into next year. So all of those are positive. There is no free lunch. You need to invest the money to capture the opportunities, and that's what we're doing.

這是因為我們投資的 Seguela 礦或旗艦資產目前擁有價值約 7,800 萬美元的資本，這使得礦場能夠在明年擴大生產。所以所有這些都是積極的。天下沒有白吃的午餐。你需要投入資金來抓住機遇，這就是我們正在做的事情。

All of this with a very strong balance sheet that backs the company, right? We have been very careful in putting together a for fortress balance sheet, and we are very comfortable that we can move our business forward, capture the growth opportunities that we have in our portfolio. Yeah, so, as I said in the call, I never seen Fortuna as strong and better position as I see it today, sir.

所有這一切都有非常強勁的資產負債表作為公司後盾，對嗎？我們在編制堡壘資產負債表時非常謹慎，我們非常有信心推動我們的業務向前發展，並抓住我們投資組合中的成長機會。是的，正如我在電話中所說的那樣，我從未見過 Fortuna 像今天這樣強大和處於更好的地位，先生。

Eric Windmill, Scotiabank.

加拿大豐業銀行的 Eric Windmill。

Oh, hi, good morning, Jorge and team. Thanks for taking my question. Just wondering if there's anything additional you can share on some of the investments that you've made, on a Wale and some of the others, and maybe just sort of strategically you see yourself making some more of these investments and ultimately maybe as a way of, gaining additional projects for the pipeline. Thanks.

哦，嗨，早安，豪爾赫和團隊。感謝您回答我的問題。我只是想知道您是否可以分享一些關於您所做的一些投資，關於 Wale 和其他一些投資，也許從戰略上講，您會進行更多此類投資，最終也許以此為管道獲得更多項目。謝謝。

Yeah, thank you, Eric. Here, what I would like to say first is that, the investments that we have been making over the past, 24 months are rendering fruit, right? We have been able to advance the Diamba Sud. You've seen the recent publication of our resources.

是的，謝謝你，艾瑞克。在這裡，我首先想說的是，我們在過去 24 個月中所做的投資正在取得成果，對嗎？我們已經能夠推進 Diamba Sud。您已經看到了我們最近發布的資源。

And the near future of the company with respect to expanding answers is under our control, and that's a key message. We have clear opportunities at Seguela and we're delivering clear opportunities at the Diamba Sud for growth.

公司在擴大答案方面的近期前景完全在我們的掌控之中，這是一個關鍵訊息。我們在 Seguela 擁有明顯的發展機會，我們也為 Diamba Sud 提供了明顯的發展機會。

On top of that, we are very active across the regions where we work, the [Awale] Investment. Awale is sits on a regional, structural trend, based in margin in the [Bohemian]. That is very intriguing to us. We like the team at the Huawei, they are frugal and they are technically capable. They are steadily advancing with their work and we like their approach.

最重要的是，我們在開展工作的地區（Awale）投資領域非常活躍。Awale 位於區域結構趨勢之上，以利潤為基礎[波希米亞風]這對我們來說非常有趣。我們喜歡華為的團隊，他們勤儉節約，技術能力強。他們的工作正在穩步推進，我們喜歡他們的方法。

And so, and their position in an area that's again intriguing to us. So, we've been we have invested in the company and look forward to see how their progress. We have other initiatives in Argentina as well for early stage projects. So we're populating the pipeline of earlier stage opportunities. We see a lot of value there.

因此，他們在該領域的地位再次引起了我們的好奇。因此，我們一直在對該公司進行投資，並期待看到他們的進展。我們在阿根廷也針對早期計畫採取了其他措施。因此，我們正在充實早期階段的機會管道。我們看到那裡有很多價值。

Some of these opportunities might bear, higher geologic risk in exchange for lower financial risk to the company because some of them, a lot of them are early stage.

其中一些機會可能會承擔更高的地質風險，以換取公司更低的財務風險，因為其中一些機會（很多）還處於早期階段。

But again, that's where we are finding a lot of value and we're actively putting it together either investments like a wall or auction agreements that might lead to joint ventures.

但同樣，我們發現那裡有很多價值，我們正在積極地將其整合在一起，無論是像建牆這樣的投資，還是可能導致合資企業的拍賣協議。

And we're active there in (inaudible) in Mexico and in Argentina as well there.

我們在墨西哥和阿根廷也很活躍。

Okay, great, thank you for that. I really appreciate it. Maybe just one more if you don't mind shifting gears, but, in Seguela, what's your experience of date and permitting and, as that project moves forward, I assume you feel pretty confident being able to get for development.

好的，太好了，謝謝你。我真的很感激。如果您不介意換個話題的話，也許再問一個，但是在塞格拉，您對日期和許可的經驗是什麼？隨著該專案的推進，我認為您對能夠獲得開發感到非常有信心。

Yes. I have met personally with the Minister of Mines and his team on several occasions by now and what I see is a government. That's quite supportive of new developments. And We recently hosted a government officials from the Ministry of Mines and local authorities from Seguela and around the Diamba Sud at our Seguela mine in Cote D'Ivoire. It was a very good visit.

是的。到目前為止，我已經多次親自會見礦業部長和他的團隊，我看到的是一個政府。這對新的發展有很大的支持。我們最近在科特迪瓦的塞格拉礦場接待了來自礦業部的政府官員以及塞格拉和 Diamba Sud 週邊地方當局。這是一次非常好的訪問。

I think the project is, has been, is being, continues to be well socialized with the authorities and key stakeholders, and we're finding a lot of support or finding a lot of support. And, yeah, so far we are well advanced with our environmental impact.

我認為該計畫已經、正在、並將繼續與當局和主要利益相關者進行良好的社會化溝通，並且我們正在獲得大量支持。是的，到目前為止，我們在環境影響方面已經取得了很大進展。

Statement approval Ready to submit in the month of September and we expect to have an environmental approval early next year.

聲明批准準備在九月提交，我們預計在明年年初獲得環境批准。

All right, fantastic thank you really appreciate that. I'll hop back in the future.

好的，非常好，非常感謝您。我以後會再回來的。

[Mohammed Siddiq], National Bank Financial.

[Mohammed Siddiq]，國家銀行金融。

Hi Jorge, and (inaudible) thanks for taking my question. Maybe it just to follow up on Seguela and the experience in permitting there for the Diamba Sud suit specifically with the expectation of the environmental approval early next year.

你好，Jorge，（聽不清楚）謝謝你回答我的問題。也許只是為了跟進 Seguela 的情況以及在那裡批准 Diamba Sud 訴訟的經驗，具體來說，預計明年年初將獲得環境批准。

Could you maybe walk us through the key milestone for the Diamba Sud in terms of PA by the end of the year? Then you get the environmental approval and then what are the next steps do we go towards the (inaudible) or do you start assessing the potential to take this into construction if you have the right permits in place. Thank you.

您能否向我們介紹一下 Diamba Sud 今年年底在 PA 方面的關鍵里程碑？然後您獲得了環境批准，接下來我們要採取什麼步驟？ （聽不清楚）或如果您擁有適當的許可證，您是否開始評估將其投入建設的可能性。謝謝。

Yes. Let me start by saying that this recent publication of a million ounce resource between indicated and in and inferred. It's a game changer for a view of the project. Right, just as a big, a small recap when we acquired [Chesser].

是的。首先我要說的是，最近發布的這份報告顯示，黃金資源量介於指示金、推論金和確認金之間。這對於專案的觀點來說是一個重大的改變。好的，就像我們收購時的一個大回顧一樣[棋子]。

And they had a historic resource of about 800,000 ounces. We saw some risks there and we decided to go in drill, and rebuild the geologic model. As an outcome of that, the resource shrunk to 600,000 ounces. So we went back and we've been breathing, enhancing our knowledge of the deposit. Our original expectation is that we would be where we're standing today by year in 2025.

他們的歷史資源量約為 80 萬盎司。我們看到那裡存在一些風險，因此決定進行鑽探並重建地質模型。結果，資源量縮減至 600,000 盎司。所以我們回去後一直在呼吸，增強對礦床的了解。我們最初的預期是到 2025 年我們就能達到現在的水準。

So this result, these million ounces that we've been able to produce with clear opportunities to continue expanding it, is a significant change in our approach to the project. So to go straight to your question, We are aiming to submit -- we along with exploration we've been carrying a lot of parallel activities and permitting engineering, so we're ready to present our environmental permits for review and approval in the coming month, and we expect to have a an approval of that environmental document early in 2026.

因此，這一結果，即我們能夠生產數百萬盎司的產量，並且有明顯的機會繼續擴大產量，這是我們對該專案方法的重大改變。所以直接回答你的問題，我們的目標是提交——我們在勘探的同時，還進行了許多並行活動和許可工程，因此我們準備在下個月提交環境許可證以供審查和批准，我們預計該環境文件將在 2026 年初獲得批准。

We expect, we're planning to publish a [EPA], in the month of October, probably late October, early November. Have EPA out. But all of the process design ancillary facilities of that EPA really carry by now feasibility level.

我們預計，我們計劃在十月份，可能是十月下旬或十一月初發布一份[EPA]。讓 EPA 出來。但該環保署的所有製程設計和輔助設施目前確實已達到可行性水準。

No, are at a feasibility level. So our view is that we will transition quickly into a feasibility study, early in 2026. So that's where we are setting our sights into a feasibility study in early 2026 and consistent with that, a construction decision and we are advancing capital for early works right now.

不，處於可行性層面。因此，我們的觀點是，我們將在 2026 年初迅速過渡到可行性研究。因此，我們將目光投向了 2026 年初的可行性研究，並據此做出建設決策，目前我們正在為早期工程籌集資金。

We have approved, $17 million dollar budget already for some early works. Because you know as the project advances and we are breaching this million ounce threshold, with clear opportunities to continue expanding the resource, we're getting as well more courageous on our view of a viable project, right?

我們已經批准了 1700 萬美元的預算用於一些早期工作。因為你知道，隨著專案的推進，我們正在突破這個百萬盎司的門檻，有明顯的機會繼續擴大資源，我們對可行專案的看法也變得更加勇敢，對嗎？

So, that is the timeline for us now. I would say, environmental approval early next year, submission this year, early next year approval. EPA by late October a feasibility study in H1, no middle of H1 2026. Those are roughly the time as we're seeing for the (inaudible)

這就是我們現在的時間表。我想說，明年年初環保審批，今年提交，明年年初批准。EPA 將於 10 月底前完成上半年可行性研究，而非 2026 年上半年中期。這些大致上就是我們所看到的（聽不清楚）

Thanks a lot for that color. That's very helpful. And then my second question relates to, I guess the cadence for CapEx and maybe more for (inaudible) into the second half of the year. Could you maybe help us know if there's the CapEx and between Q3 and Q4 will likely be equal or if it's more way we to Q3 or Q4?

非常感謝那個顏色。這非常有幫助。然後我的第二個問題與資本支出的節奏有關，我猜想下半年的節奏可能會更多。您能否幫助我們了解是否存在資本支出，並且第三季度和第四季度之間的支出是否可能相等，或者我們是否會更專注於第三季度或第四季度？

There should be a slightly more weighing into the second half of the year, particularly we expect in Q3. And again coming slightly down in Q4, which is part of the driver for the projected lower ASIC in the latter part of the year.

我們預計下半年的壓力會稍微加大一些，尤其是第三季。第四季再次略有下降，這是預計今年下半年 ASIC 下降的部分原因。

But the key message here is that you know. We have one of our mines, Lindero, trending down on ASIC from a high ASIC at the beginning of the year towards a low ASIC at the end of the year. And Seguela trending in the opposite or ASIC at the beginning of the year. At Seguela was a low, under $1,200. Sorry, under $1,300 per ounce.

但這裡的關鍵訊息是你知道。我們的一個礦場 Lindero 的 ASIC 呈下降趨勢，從年初的高 ASIC 下降到年底的低 ASIC。而 Seguela 在年初的趨勢與 ASIC 相反。塞格拉 (Seguela) 的價格最低，不到 1,200 美元。抱歉，每盎司低於 1,300 美元。

And it as investments are picking up and stripping is picking up according to plan, well, that AI is going to gravitate higher, right? So and again, Seguela is the man that, the mind that is expanding into next year expanding production into next year. So, therefore, the capital buildup throughout the year, right?

隨著投資和剝離按計畫增加，那麼，人工智慧將會越來越受到青睞，對嗎？所以，再說一次，塞格拉 (Seguela) 是那種將思維拓展到明年、將生產拓展到明年的人。那麼，全年的資本都在增加，對嗎？

Yeah, no, that's great. And just to clarify that Q4 that we talked about, was that the 1,750 ounce level? Was that just more of a comment on the overall year?

是的，不，那太好了。為了澄清我們討論的第四季度，那是 1,750 盎司的水平嗎？這僅僅是對全年的一個評論嗎？

So the comment on the 750 was related to 2026 and it would represent a decrease in ASIC with respect to our guidance for 2025. So the key message is ASIC is going to be somewhat higher in Q2 and Q3 of this year, coming down towards Q4 and we anticipate even a lower ASIC in 2026.

因此，對 750 的評論與 2026 年有關，它將代表 ASIC 相對於我們對 2025 年的指導有所減少。因此，關鍵訊息是 ASIC 在今年第二季和第三季將會略高，到第四季將會下降，我們預計 2026 年 ASIC 將會更低。

At these levels. Okay, that's great. Thank you so much.

在這些層面上。好的，太好了。太感謝了。

[Adrian Day], Adrian Day Asset Management.

[Adrian Day]，Adrian Day Asset Management。

Oh, thank you. Yeah, good afternoon. Yeah, you discussed your pipeline quite a bit. That was interesting, but I wonder if you could quantify a little more specifically the Greenfields, the number of projects, the geographies, how much you're spending, this year, next year, and how that spend, compares on a historic basis to your Greenfields exploration.

噢，謝謝。是的，下午好。是的，您討論了很多您的管道。這很有趣，但我想知道您是否可以更具體地量化 Greenfields、專案數量、地理位置、今年和明年的支出，以及這些支出與 Greenfields 探索專案的歷史相比如何。

Hello, Adrian. Hello and First, the geography, we currently have on the Greenfield site, three opportunities being pursued. One, of course, is a wing to our investment. I'm not sure if you follow (inaudible) but they have a commanding land position in a most intriguing geologic setting. They already have made a significant discovery. They have a joint venture on that discovery with [Newman].

你好，艾德里安。您好，首先，就地理位置而言，我們目前在 Greenfield 網站上有三個正在尋求的機會。當然，其中之一就是對我們的投資起到推動作用。我不確定您是否明白（聽不清楚），但他們在最有趣的地質環境中擁有居高臨下的地理位置。他們已經有了重大發現。他們與[紐曼]。

But, outside of that, joint venture, there is a significant land package that continues to offer, we believe, very good potential and that's what's intriguing to us. In the north of Barracks Toonine, we have a joint venture also an option agreement for a joint venture in northern Cote D'Ivoire. That's the Tongon North project.

但是，除了合資企業之外，還有一大批土地繼續提供巨大的潛力，我們相信，這對我們來說很有吸引力。在 Barracks Toonine 北部，我們有一家合資企業，同時也簽署了在科特迪瓦北部建立合資企業的選擇權協議。這就是 Tongon North 項目。

It's a project where we're currently, we've been drilling this first half of the year, drilling has stopped due to rains. And we look to resume in the second half of the year, but we're testing major structures in the (inaudible)

這是我們目前正在進行的一個項目，我們在今年上半年一直在鑽探，但由於降雨，鑽探已經停止。我們預計將在下半年恢復，但我們正在測試（聽不清楚）

With identified gold in auger. And a big structures, long trends, we're drilling, and we look forward to report when we find something that merits reporting, right? We're finding gold in the structures. We need to see where those structures blow up, right, and offer opportunities for size and tonnage and grade.

鑽具中裝有已鑑定的黃金。我們正在鑽探大型結構和長期趨勢，並期待發現值得報告的東西時進行報告，對嗎？我們在這些建築中發現了黃金。我們需要看看這些結構在哪裡爆炸，對吧，並提供尺寸、噸位和等級的機會。

And we have an early discovery, I would say in our [Giglio] property in Cote D'Ivoire as well in the south. Where we have identified a very large 5 kilometer golden soil anomaly in a concession that's owned 100% biased.

我想說，我們在科特迪瓦南部的 [Giglio] 礦區也有早期發現。我們在一塊 100% 有偏見的特許經營區內發現了面積達 5 公里的大型金色土壤異常區。

And that is one, no, Cote D'Ivoire, and you see we're very active not only in Brownfields but in Greenfields. We're looking at opportunities in Guinea, right as well. Moving on to at in Senegal, we're right now very much focused on the land package we control around the Diamba Sud, which is sizable.

這就是其中之一，不，是科特迪瓦，你看，我們不僅在棕地領域非常活躍，而且在綠地領域也非常活躍。我們也在尋找幾內亞的機會。說到塞內加爾，我們現在非常關注我們控制的 Diamba Sud 周圍的土地，這片土地面積相當大。

So we have a program where we're drilling the main core property of the Diamba Sud, but also within the larger property package, we're doing a lot of generative work. Across the Atlantic in Mexico we have currently two or three active joint ventures for early stage opportunities.

因此，我們有一個計劃，我們正在鑽探 Diamba Sud 的主要核心財產，但同時在更大的財產包內，我們正在做大量的生成工作。在大西洋彼岸的墨西哥，我們目前有兩到三家活躍的合資企業，致力於早期投資機會。

And in Argentina we just did an auction agreement with a local party who explore what I would categorize as one of the largest inhibited anomalies in the province of (inaudible) up there close to the Chilean border. And that's early stage. It's an option agreement and after the winter we look forward to initiate our first drilling campaigns.

在阿根廷，我們剛剛與當地一家公司達成了一項拍賣協議，他們正在勘探我認為是（聽不清楚）省最大的抑制異常之一的地區，該省靠近智利邊境。這還只是早期階段。這是一項選擇協議，我們期待冬季過後啟動首次鑽探活動。

So, our exploration budget for Greenfields, right now sits at about $11 million. And that does not include any of the work we're doing at Diamba, no, that's excluding the Diamba Sud. The budget is $11 million or global exploration budget, including now the Diamba Sud.

因此，我們目前用於 Greenfields 的勘探預算約為 1100 萬美元。這還不包括我們在 Diamba 所做的任何工作，不，這不包括 Diamba Sud。預算為 1100 萬美元或全球勘探預算，包括現在的 Diamba Sud。

It stands at about $51 million total exploration budget that's up from $41 million in 2024. So we have increased our budget, our global budget for Brownfields, Greenfields, all that is under the concept of exploration and new product development has gone up from $41 million in 2024 up to $51 million in 2025. But we feel we're well funded. And we have clear opportunities in front of us.

目前總勘探預算約 5,100 萬美元，高於 2024 年的 4,100 萬美元。因此，我們增加了預算，用於棕地、綠地等所有勘探和新產品開發概念的全球預算已從 2024 年的 4,100 萬美元增加到 2025 年的 5,100 萬美元。但我們覺得我們的資金充足。我們面前有明顯的機會。

That's excellent. Thank you.

太棒了。謝謝。

We do not talk a lot about this early or talk enough. Perhaps we don't talk enough about these early stage opportunities because again, what we expect is to produce something that we can meaningfully share with the market.

我們早期對此討論得還不夠多。也許我們對這些早期機會的討論還不夠，因為我們期望的是生產出一些可以與市場有意義地分享的東西。

You know how it is with early stage opportunities. We're testing ideas, testing anomalies, it's a bit of a hit and miss. But, we're going through the process, generating the ideas, just testing the targets, right?

您知道早期階段的機會是怎樣的。我們正在測試想法、測試異常，有點碰運氣。但是，我們正在經歷這個過程，產生想法，只是測試目標，對嗎？

Okay, super. Thank you.

好的，太棒了。謝謝。

(Operator Instructions)

（操作員指示）

Thomas Besselonovitz.

托馬斯·貝塞洛諾維茨。

Yes, I was wondering if you're actively looking to buy another company or possibly merge maybe you can't talk about that stuff now but I was just curious.

是的，我想知道您是否正在積極尋求收購另一家公司或可能合併，也許您現在不能談論這些事情，但我只是好奇。

Yeah, the answer to that, sir, is that when we think of acquisitions, they are answering the need for growth mainly, right? And we are very comfortable and calm that we have a very robust, clear opportunity for growth within our control in our portfolio.

是的，先生，答案是，當我們考慮收​​購時，它們主要是為了滿足成長的需求，對嗎？我們非常放心和平靜，因為我們的投資組合中有一個非常強勁、明確的成長機會，我們可以控制它。

So, and that would be growth that we can deliver at the lowest cost and dilution to our shareholders. The most equitive growth we can provide our shareholders is organic growth, and that's under our control. And as I spoke during the call already, the Diamba Sud and Segela right now offered clear opportunities for that.

因此，這就是我們能夠以最低的成本和對股東的稀釋來實現的成長。我們能為股東提供的最公平的成長是有機成長，而這在我們的控制範圍內。正如我在通話中所說的那樣，Diamba Sud 和 Segela 現在為此提供了明顯的機會。

And we're always paying attention for value opportunities, but I would characterize it as this. We have no need to chase ounces. We are chasing value. And if we see value out there, you'll see it very aggressively. We have the balance sheet to pursue, big opportunities, but, or search is for value, not ounces.

我們一直在關注價值機會，但我會將其描述為這樣。我們沒有必要追逐盎司。我們追求的是價值。如果我們看到其中的價值，你就會非常正面地看待它。我們有資產負債表來追求巨大的機遇，但是，我們尋找的是價值，而不是盎司。

No, we can produce the ounces organically. And that's the cheapest and most value we can deliver to our shareholders is advancing what's already in the portfolio, and that is our primary focus.

不，我們可以有機地生產。這是我們能夠為股東提供的最便宜、最大的價值，即推進現有投資組合，這是我們的首要關注點。

Thank you very much.

非常感謝。

Thank you. There are no further questions in the queue.

謝謝。隊列中沒有其他問題。

Thank you, Matthew. If there are no further questions, I'd like to thank everyone for joining us today. We appreciate your continued support and interest in Fortuna mining. Have a great day.

謝謝你，馬修。如果沒有其他問題，我要感謝大家今天的出席。我們感謝您對 Fortuna 礦業的持續支持和關注。祝你有美好的一天。

Thank you, everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝大家，今天的活動就到此結束。現在您可以斷開連接並享受美好的一天。感謝您的參與。