Fortuna Mining Corp (FSM) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Fortuna Mining Corp., Q3 2025 financial and operational results call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加 Fortuna Mining Corp. 2025 年第三季財務與營運業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Carlos Baca, VP of Investor Relations at Fortuna Mining Corp. You may begin.

現在我將會議交給主持人，福圖納礦業公司投資者關係副總裁卡洛斯·巴卡。您可以開始了。

Thank you, Paul. Good morning, ladies and gentlemen, and welcome to Fortuna Mining's conference call to discuss our financial and operational results for the third quarter of 2025.

謝謝你，保羅。各位女士、先生，早安，歡迎參加 Fortuna Mining 的電話會議，我們將討論 2025 年第三季的財務和營運表現。

Hosting today's call on behalf of Fortuna are Jorge Alberto Ganoza, President, Chief Executive Officer and Co-Founder; Luis Dario Ganoza, Chief Financial Officer; Cesar Velasco, Chief Operating Officer, Latin America; and David Whittle, Chief Operating Officer, West Africa.

今天代表 Fortuna 主持電話會議的是總裁、執行長兼聯合創始人 Jorge Alberto Ganoza；財務長 Luis Dario Ganoza；拉丁美洲首席營運長 Cesar Velasco；以及西非首席營運長 David Whittle。

Today's earnings call presentation is available on our website at fortunamining.com. Statements made during this call are subject to the reader advisories included in yesterday's news release, the webcast presentation or management discussion and analysis, and the risk factors outlined in our annual information form. All financial figures discussed today are in US dollars unless otherwise stated.

今天的財報電話會議簡報可在我們的網站 fortunamining.com 上查看。本次電話會議中的聲明受昨日新聞稿、網路直播簡報或管理層討論與分析中包含的讀者須知以及我們年度資訊揭露文件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計價。

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.

本文所呈現的技術資訊已由 Fortuna 技術服務資深副總裁 Eric Chapman 審核批准，Eric Chapman 是符合國家標準 43-101 定義的合格人員。

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

現在我將把電話交給 Fortuna Mining 的總裁、執行長兼聯合創始人 Jorge Alberto Ganoza。

Good morning and thank you for joining us today. The third quarter was a strong one for Fortuna, not only in terms of operational delivery, financial results and continued buildup of Fortuna's balance sheet, but also in the meaningful progress we have made in positioning the company for the next stage of growth.

早安，感謝各位今天收看我們的節目。第三季度對 Fortuna 來說是一個強勁的季度，不僅在營運交付、財務業績和 Fortuna 資產負債表的持續成長方面如此，而且在為公司下一階段的成長做好準備方面也取得了實質進展。

But let's start with safety. By the end of October, we achieved 318 days or 9.7 million work hours without a lost time injury, our longest streak yet. Our total recordable injury frequency rate improved to 0.86, down from 1.6 a year ago. These results demonstrate our collective commitment to ensuring everyone returns home safe and sound.

但我們先從安全說起。截至 10 月底，我們實現了 318 天（970 萬工時）無工傷事故，這是我們迄今為止最長的連續無工傷記錄。我們的總可記錄傷害發生率改善至 0.86，低於一年前的 1.6。這些結果體現了我們共同致力於確保每個人都能安全回家的承諾。

Turning to the numbers. We realized an average gold price of $3,467 per ounce, up 5% from the second quarter and up 20% from the first quarter of the year. Attributable net income reached $123.6 million or $0.40 per share, driven by a $69 million impairment reversal at our Lindero mine.

讓我們來看數據。我們實現了平均每盎司黃金價格 3,467 美元，比第二季上漲 5%，比今年第一季上漲 20%。歸屬於股東的淨利潤達到 1.236 億美元，即每股 0.40 美元，主要得益於 Lindero 礦場 6,900 萬美元的減值撥回。

Adjusted net income was $0.17 per share, impacted by higher share-based compensation due to a rising share price and a $7.4 million foreign exchange loss in Argentina, which both together account to approximately $0.04 per share. Our strong free cash flow from operations was $73 million with net cash from operating activities before working capital changes at $114 million or $0.37 per share, surpassing analyst consensus of $0.36.

調整後的淨收入為每股 0.17 美元，受到股價上漲導致的股權激勵增加以及阿根廷 740 萬美元外匯損失的影響，這兩項加起來約佔每股 0.04 美元。我們強勁的經營活動自由現金流為 7,300 萬美元，不計營運資本變動的經營活動淨現金流為 1.14 億美元，即每股 0.37 美元，超過了分析師普遍預期的 0.36 美元。

During the quarter, we recorded $13.5 million in withholding taxes related to the repatriation of $118 million from Argentina and Côte d'Ivoire. We expect regular repatriations moving forward.

本季度，我們確認了與從阿根廷和科特迪瓦匯回 1.18 億美元相關的 1,350 萬美元預扣稅款。我們預計未來將定期進行人員遣返。

Overall, our business benefits from higher realized gold prices, improving margins and strong cash generation. As a result, our liquidity position at the end of the quarter stands at a solid $588 million with a growing net cash position of $266 million. This enables us to accelerate our pursuit of multiple high-value opportunities in the asset portfolio across different stages of the project life cycle.

總體而言，我們的業務受益於更高的黃金實際價格、不斷提高的利潤率和強勁的現金流。因此，截至本季末，我們的流動資金狀況穩健，達到 5.88 億美元，淨現金部位持續成長至 2.66 億美元。這使我們能夠加快在專案生命週期的不同階段，在資產組合中尋求多個高價值機會的速度。

In Côte d'Ivoire, at Séguéla, our flagship mine, we are expanding the life of mine and boosting annual gold output through exploration success at the Sunbird and Kingfisher deposits. In Senegal, our predevelopment stage Diamba Sud project boasts strong economics, advancing towards a construction decision in the first half of next year.

在科特迪瓦，我們的旗艦礦山塞蓋拉礦，透過在太陽鳥和翠鳥礦床的勘探成功，我們正在延長礦山壽命並提高年度黃金產量。在塞內加爾，我們的 Diamba Sud 專案處於前期開發階段，經濟效益強勁，預計明年上半年做出建設決定。

In Salta, Argentina, we're excited to drill for gold at one of the largest untested high-level epithermal anomalies in the north of the country. The Cerro Lindo project, held privately for years, now offers us an exciting exploration opportunity.

在阿根廷薩爾塔，我們很高興能在該國北部最大的未經測試的高位淺成熱液異常區之一進行金礦鑽探。多年來一直為私人持有的 Cerro Lindo 項目現在為我們提供了一個令人興奮的勘探機會。

Our strategic investments announced this year in Awale Resources and JV with DeSoto Resources position us with exciting gold prospects on both the Ivorian and Guinean sites of the prolific Siguiri Basin, which straddles these two countries. And we continue advancing a pipeline of early-stage projects in Mexico, Peru, and Côte d'Ivoire.

我們今年宣布對 Awale Resources 進行戰略投資，並與 DeSoto Resources 成立合資企業，這使我們在橫跨科特迪瓦和幾內亞兩國的富饒的錫吉里盆地的科特迪瓦和幾內亞礦區都擁有令人興奮的黃金前景。我們繼續推動在墨西哥、秘魯和科特迪瓦的一系列早期計畫。

Our consolidated cash costs remained below $1,000 per ounce. And all-in sustaining cost at our mines is tracking within guidance. Lindero's all-in sustaining cost has been trending lower every quarter to the current $1,500 per ounce range, where we expect it will stabilize.

我們的綜合現金成本保持在每盎司 1000 美元以下。我們礦山的綜合維持成本符合預期。Lindero 的綜合維持成本每季都在下降，目前已降至每盎司 1500 美元左右，我們預計它將在此範圍內穩定下來。

At Seguela, the story is inverse. We expect to complete the year on the upper end of guidance but we're coming from a low all-in sustaining cost of $1,290 in first quarter of the year to the current $1,738 in the third quarter. This is driven mainly by timing of capital investments and the impact of higher gold price on royalty payments.

在塞格拉，情況則恰恰相反。我們預計今年的業績將達到預期上限，但我們目前的綜合維持成本從第一季的1290美元上升到第三季的1738美元。這主要受資本投資時機和金價上漲對特許權使用費的影響所驅動。

As key investments at Seguela are completed in Q3 and into Q4 to support our 2026 expanded production of 160,000 to 180,000 ounces of gold, we expect to see all-in sustaining cost in the range of $1,600 to $1,700 per ounce range. Caylloma will finish just outside its guidance range due to relative metal prices used in gold equivalents. As you know, Caylloma has a significant base metal lead/zinc component to its production.

隨著 Seguela 礦區的關鍵投資在第三季和第四季完成，以支持我們 2026 年擴大黃金產量至 16 萬至 18 萬盎司的目標，我們預計所有維持成本將在每盎司 1600 至 1700 美元之間。由於黃金等價物中使用的金屬相對價格波動，Caylloma 的最終成交價將略低於其預期範圍。如您所知，Caylloma 的生產過程中含有大量的賤金屬鉛/鋅成分。

Now turning to growth. For Diamba Sud project in Senegal continues to advance at pace on a fast-track approach. In mid-October, we released the Preliminary Economic Assessment for an open pit and conventional carbon-in-leach plant, confirming strong economics that support our goal of reaching a Definitive Feasibility Study and a construction decision in the first half of 2026.

現在轉向成長。塞內加爾的 Diamba Sud 計畫正以快速通道的方式持續推進。10 月中旬，我們發布了露天礦和傳統碳浸出廠的初步經濟評估報告，證實了強勁的經濟效益，支持我們實現 2026 年上半年完成最終可行性研究並做出建設決定的目標。

Using a gold price of $2,750, the after-tax internal rate of return of the project is 72%, and the net present value at a 5% discount is [$563 million]. The mineralization at Diamba Sud remains wide open, and we are drilling nonstop with five rigs, expecting to add resources by the time the DFS is published.

假設金價為每盎司 2,750 美元，該項目的稅後內部收益率為 72%，以 5% 的折現率計算的淨現值為 5.63 億美元。Diamba Sud 的礦化範圍仍然很大，我們正在用五台鑽機不停地鑽探，預計在最終可行性研究報告發佈時將增加資源量。

On October 7, we filed the Environmental and Social Impact Assessment, expecting the certificate of acceptance in the first half of next year. Site camp early works are progressing with an approved $17 million Phase 1 budget, and the government is being very supportive, and we have received consent to move ahead with a Phase 2 early works, including the water dam excavations and excavations for other key infrastructure.

10月7日，我們提交了環境和社會影響評估報告，預計明年上半年將獲得驗收證明。工地營地早期工程正在按批准的 1700 萬美元第一階段預算進行，政府給予了大力支持，我們已獲準推進第二階段早期工程，包括水壩挖掘和其他關鍵基礎設施的挖掘。

We plan to fast track front-end engineering design activities during the feasibility work to shorten and derisk the development timeline by securing long-lead equipment early. Diamba is a project that can bring additional 150,000 ounces of gold of annual production on average for the first three years of operations.

我們計劃在可行性研究階段加快前端工程設計活動，透過儘早獲得長週期設備來縮短開發週期並降低風險。Diamba 專案在營運的前三年，平均每年可額外生產 15 萬盎司黃金。

Regarding the business environment in key jurisdictions for us, both Côte d'Ivoire and Argentina held national elections in late October. In Argentina, the government's electoral victory in Congress and Senate strengthened its mandate for advancing structural economic reforms. Argentina's business climate has improved significantly and we remain optimistic about the country's trajectory.

就我們重點關注的司法管轄區的商業環境而言，科特迪瓦和阿根廷都在 10 月下旬舉行了全國選舉。在阿根廷，政府在國會和參議院的選舉勝利鞏固了其推動結構性經濟改革的授權。阿根廷的營商環境已顯著改善，我們對該國的發展前景依然保持樂觀。

In Côte d'Ivoire, President Alassane Ouattara was re-elected for a fourth term with a decisive majority. We anticipate the continuation of pro-business and pro-investment policies that have made Côte d'Ivoire one of the fastest-growing and most resilient economies in West Africa.

在科特迪瓦，阿拉薩內·瓦塔拉總統以絕對多數票再次當選，連任第四屆總統。我們預計，科特迪瓦將繼續推行親商和親投資政策，這些政策使科特迪瓦成為西非成長最快、最具韌性的經濟體之一。

In summary, Q3 was a strong quarter for Fortuna. Our safety record continues to set new benchmarks. Our operations remain resilient and our growth projects are advancing according to plan. We entered the final quarter of the year with a solid balance sheet, strong cash generation, and a clear path of near- to mid-term organic growth driven by Diamba Sud and Seguela expanded gold output.

總而言之，第三季對福圖納來說是一個強勁的季度。我們的安全記錄不斷刷新紀錄。我們的營運依然穩健，成長項目也按計劃推進。進入今年最後一個季度時，我們擁有穩健的資產負債表、強勁的現金流，以及清晰的近期至中期有機成長路徑，這得益於 Diamba Sud 和 Seguela 擴大的黃金產量。

I'll now hand the call over to David Whittle, our Chief Operating Officer for West Africa; and Cesar Velasco, Chief Operating Officer for LatAm, who will review their respective operational results. We can start with you, David.

現在我將把電話交給我們的西非首席營運長大衛·惠特爾和拉丁美洲首席營運長塞薩爾·貝拉斯科，他們將回顧各自的營運表現。我們可以先從你開始，大衛。

Thank you, Jorge. Seguela achieved another impressive quarter, delivering excellent results in both production and safety. This positions Seguela well to exceed upper production guidance for 2025 with gold output now projected to surpass 150,000 ounces.

謝謝你，豪爾赫。Seguela 又取得了令人矚目的季度成績，在生產和安全方面都取得了優異的成果。這使得 Seguela 預計將超過 2025 年的最高產量預期，目前預計黃金產量將超過 15 萬盎司。

Our dedication to safety and environmental excellence remains steadfast, and we are making steady progress toward our goal of zero harm across all our operations. I'm pleased to report that no injuries occurred at any of our West African locations during the quarter.

我們對安全和環境卓越性的承諾始終堅定不移，我們正在穩步朝著所有營運環節零傷害的目標邁進。我很高興地報告，本季我們在西非的所有地點均未發生任何人員傷亡。

At Seguela, we produced 38,799 ounces of gold, maintaining consistency with prior quarters and surpassing the mine plan. Mining during the quarter totaled 272,000 tonnes of ore at an average grade of 3.66 grams per tonne gold, along with 4.43 million tonnes of waste, resulting in a strip ratio of 16.3:1.

在塞格拉礦，我們生產了 38,799 盎司黃金，與前幾季保持一致，並超越了礦山計劃。本季採礦總量為 272,000 噸礦石，平均品位為每噸 3.66 克黃金，同時產生 443 萬噸廢石，剝採比為 16.3:1。

The processing plant treated 435,000 tonnes at an average grade of 3.01 grams per tonne gold, with throughput averaging 208 tonnes per hour for the quarter. Ore was primarily sourced from the Antenna, Ancien, and Koula pits.

該加工廠本季處理了 435,000 噸礦石，平均品位為每噸 3.01 克黃金，平均處理量為每小時 208 噸。礦石主要來自 Antenna、Ancien 和 Koula 礦坑。

During the quarter, we received permitting approvals for five satellite pits, including the Sunbird, Kingfisher, and Badior open pits. Several major projects also advanced successfully over the third quarter. The 8.5 million TSF lift was completed, providing tailings storage at current throughputs until late 2029. The replacement of the transmission tower at the Sunbird pit, a $9 million project, progressed well, and we are now prepared to commence pre-mining operations for the Sunbird pit in Q4.

本季度，我們獲得了五個衛星礦坑的許可批准，其中包括 Sunbird、Kingfisher 和 Badior 露天礦坑。第三季度，多個重大專案也取得了順利進展。850萬噸/立方英尺的提昇工程已完成，可提供尾礦儲存，以目前的吞吐量持續到2029年底。耗資 900 萬美元的 Sunbird 礦坑輸電塔更換工程進展順利，我們已準備好在第四季開始 Sunbird 礦坑的採礦前作業。

The rock breaker and the primary crusher was commissioned and is operating effectively, further debottlenecking the processing circuit and the 6-megawatt solar plant project is expected to be complete in the first quarter of 2026, which will help to reduce power costs.

破碎機和一級破碎機已投入使用並有效運行，進一步消除了加工迴路的瓶頸，6兆瓦太陽能發電廠計畫預計將於2026年第一季完工，這將有助於降低電力成本。

Seguela's performance resulted in a cash cost of $698 per ounce and an all-in sustaining cost of $1,738 per ounce, both aligning with our budget. Site costs continue to be managed efficiently with the increased all-in sustaining costs primarily attributed to royalties on the higher gold price.

Seguela 的表現使得每盎司黃金的現金成本為 698 美元，總維持成本為每盎司 1738 美元，均符合我們的預算。網站營運成本持續有效控制，增加的綜合維持成本主要歸因於金價上漲帶來的特許權使用費。

Exploration drilling at the Sunbird underground project continued in the third quarter with encouraging results. The ongoing success of this drilling, combined with the results from the Kingfisher Deposit, provides us with a resource base that offers further opportunities to optimize production from Seguela.

Sunbird 地下專案的勘探鑽探工作在第三季繼續進行，並取得了令人鼓舞的結果。這項鑽探工作的持續成功，加上翠鳥礦床的勘探成果，為我們提供了資源基礎，從而為進一步優化塞格拉礦的生產提供了機會。

Whilst current process plant throughputs are focused on maximizing available capacity with minimal investment, we're now investigating options to further enhance process plant throughput. Drilling is continuing with five drill rigs at the Sunbird underground deposit in Q4, aiming to further expand the underground resource. Engineering studies and permitting activities will continue in Q4 and 2026, with the expectation of commencing underground mining operations in 2027.

雖然目前的製程裝置產能專注於以最小的投資最大限度地利用現有產能，但我們現在正在研究進一步提高製程裝置產能的方案。第四季度，Sunbird 地下礦床繼續進行鑽探作業，使用了五台鑽機，目標是進一步擴大地下資源。工程研究和許可活動將在第四季度和 2026 年繼續進行，預計將於 2027 年開始地下採礦作業。

The Kingfisher Deposit remains open in all directions and further drilling will be undertaken in 2026 to convert inferred resources to indicated status and further expand the resource. At our Diamba Sud project in Senegal, exploration, environmental permitting, and feasibility activities made significant progress during the quarter. Government approvals were received for early works programs. ESIA was submitted for approval, and the PEA was published.

翠鳥礦床在各個方向仍然開放，2026 年將進行進一步鑽探，將推斷資源量轉化為指示資源量，並進一步擴大資源量。在塞內加爾的迪安巴蘇德計畫中，勘探、環境許可和可行性研究活動在本季度取得了顯著進展。政府已批准早期工程方案。環境和社會影響評估報告已提交審批，初步經濟評估報告也已發布。

Following the rainy season, drill rigs have been remobilized for further drilling at the Southern Arc deposit at Diamba with the aim of enhancing the resource base and building on the strong PEA results.

雨季過後，鑽孔機已重新投入使用，在迪安巴南部弧形礦床進行進一步鑽探，旨在增強資源基礎，並鞏固初步經濟評估的良好成果。

Thank you, and back to you, Jorge.

謝謝，豪爾赫，把機會交給你了。

Thank you, David. Cesar?

謝謝你，大衛。凱撒？

Thank you, Jorge, and good afternoon, everyone. I am pleased to report that both Lindero and Caylloma ongoing multiple safety initiatives are driving continuous improvement and reinforcing a culture of accountability and care across all of our operations, delivering excellent safety performance.

謝謝你，豪爾赫，大家下午好。我很高興地報告，Lindero 和 Caylloma 正在進行的多項安全措施正在推動持續改進，並在我們所有的營運中加強問責和關懷的文化，從而實現了卓越的安全績效。

At Lindero in Argentina, we had a strong quarter, achieving our highest gold production this year. Gold output reached 24,417 ounces, a 4% rise from 23,550 ounces in the second quarter, driven by a 5% increase in gold grade and effective inventory recovery from the leach pad.

我們在阿根廷的林德羅礦區度過了一個強勁的季度，實現了今年最高的黃金產量。黃金產量達到 24,417 盎司，比第二季度的 23,550 盎司增加了 4%，這主要得益於黃金品位提高了 5% 以及浸出池有效回收了庫存。

We placed 1.7 million tonnes of ore on the leach pad at an average head grade of 0.60 grams per tonne containing about 32,775 ounces of gold. With 1.5 million tonnes of ore mined and a favorable strip ratio of 1.9:1, we are well aligned with our mining plan. Processing performance was robust with continued optimization of the crushing circuit achieving an average throughput of 1,061 tonnes per hour, about 8% above the 2024 average, demonstrating progress in our operational efficiency initiatives.

我們在浸出墊上放置了 170 萬噸礦石，平均入選品位為每噸 0.60 克，含金量約為 32775 盎司。已開採礦石150萬噸，剝離比為1.9:1，與我們的採礦計畫非常吻合。透過不斷優化破碎迴路，加工性能表現強勁，平均每小時吞吐量達到 1,061 噸，比 2024 年的平均水平高出約 8%，這表明我們在提高營運效率方面取得了進展。

However, on September 27, we experienced an unexpected shutdown of the primary crusher due to mechanical issues involving high amperage and overheating of the pitman shaft, specifically traced to the premature wear of the primary wear parts such as the bushings and bearings.

然而，9 月 27 日，由於機械問題，主破碎機意外停機，原因是衝擊軸電流過高和過熱，原因是襯套和軸承等主要磨損部件過早磨損。

Replacement parts have been secured and corrective actions are underway to resolve the structural misalignment. We anticipate the crusher will be fully operational by mid-November. Meanwhile, we have implemented effective mitigation strategies such as using a portable jaw crusher and direct Run-of-Mine ore screening to ensure uninterrupted operations. Consequently, we do not foresee any impact on our annual production target.

替換零件已到位，目前正在採取糾正措施以解決結構錯位問題。我們預計破碎機將於 11 月中旬全面投入運作。同時，我們實施了有效的緩解策略，例如使用便攜式顎式破碎機和直接原礦篩分，以確保作業不間斷。因此，我們預計不會對年度生產目標產生任何影響。

Regarding costs, the cash cost in Q3 was $1,117 per ounce of gold compared to $1,148 per ounce in Q2, marking a 3% improvement due to higher ounces sold and stable operating conditions. The all-in sustaining cost decreased significantly to $1,570 per ounce from $1,783 per ounce in the second quarter, a notable 12% reduction, supported by lower costs, reduced sustaining capital, higher by-product credit, and a 7.7% increase in ounces sold. Overall, Lindero delivered strong performance this quarter, supported by disciplined cost management, resilient production and solid margins of approximately $2,500 per ounce to our ASIC based on current gold prices.

就成本而言，第三季的現金成本為每盎司黃金 1,117 美元，而第二季為每盎司 1,148 美元，由於黃金銷量增加和營運狀況穩定，成本降低了 3%。綜合維持成本從第二季的每盎司1,783美元大幅下降至每盎司1,570美元，降幅達12%，主要得益於成本降低、維持資本支出減少、副產品收益增加以及黃金銷售增加7.7%。總體而言，Lindero本季業績表現強勁，這得益於嚴格的成本控制、穩定的生產以及基於當前金價計算的每盎司約2,500美元的穩健利潤率（按ASIC計算）。

At Caylloma in Peru, we delivered another steady and reliable quarter of production, meeting operational expectations. The Caylloma mine continues to exceed all of its physical and cost targets for the year, reflecting strong operational execution. However, our reported metal equivalents are being impacted by the silver and base metal conversion factor, which affect the calculation of both the gold and silver equivalent production.

在秘魯的卡約馬，我們又實現了穩定可靠的一個季度生產，達到了營運預期。Caylloma 礦場持續超額完成年度所有實體和成本目標，反映出其強大的營運執行力。然而，我們報告的金屬當量受到白銀和賤金屬轉換係數的影響，這會影響黃金和白銀當量產量的計算。

In terms of costs, the cash cost per silver equivalent ounce was $17.92 compared to $15.16 in Q2, mainly due to slightly lower silver production and higher realized silver prices. The all-in sustaining cost increased modestly to $25.17 for silver equivalent tonnes from $21.73 in Q2, primarily due to the same factors and fewer silver equivalent ounces sold.

就成本而言，每盎司白銀當量現金成本為 17.92 美元，而第二季為 15.16 美元，這主要是由於白銀產量略有下降和白銀實際價格上漲。綜合維持成本從第二季的每噸 21.73 美元小幅上漲至每噸 25.17 美元，主要原因是與第二季相同的因素以及白銀當量盎司銷量減少。

Despite these cost movements, Caylloma maintained healthy margins, supported by strong base metal prices and disciplined operational control. With the current strength in silver prices, we're looking to access some of the highest-grade silver zones that Caylloma is known for. These areas, which are better suited to conventional mining methods, are becoming economically attractive and once again, under the present price environment.

儘管成本有所波動，但由於強勁的基本金屬價格和嚴格的營運控制，Caylloma 仍保持了健康的利潤率。鑑於目前白銀價格走強，我們正尋求進入卡約馬以高品位白銀礦帶而聞名的一些礦區。這些地區更適合傳統的採礦方法，因此在經濟上越來越有吸引力，尤其是在當前的價格環境下。

In summary, the third quarter highlighted strong production growth at Lindero, steady performance at Caylloma, and lower unit cost across the region. Our teams in Argentina and Peru continue to execute with discipline and focus, maintaining momentum in operational reliability, cost efficiency, and safety as we move into the year's final quarter.

總而言之，第三季林德羅的產量強勁成長，凱洛馬的業績穩定，整個地區的單位成本降低。隨著我們進入今年最後一個季度，我們在阿根廷和秘魯的團隊繼續保持嚴謹專注的執行力，在營運可靠性、成本效益和安全性方面保持良好勢頭。

Back to you, Jorge.

把機會交給你了，豪爾赫。

Thank you. I'll now hand the call over to Luis, our CFO, who will review financial results.

謝謝。現在我將把電話交給我們的財務長路易斯，他將審查財務表現。

Thank you. So we have reported net income attributable to Fortuna of $123.6 million or $0.40 per share. This result includes a $70 million non-cash impairment reversal at the Lindero mine, which includes $17 million of low-grade stockpiles. After adjusting for non-cash non-recurring items, attributable net income was $51 million or $0.17 per share. This represents a strong 56% increase year over year and a 14% sequential increase over Q2. The growth was driven mainly by higher metal prices. The cash cost per ounce for the quarter was $942, broadly aligned with the prior quarter and slightly above Q3 of 2024 as a result of higher mine stripping ratios at Lindero and Seguela after our mine plans.

謝謝。因此，我們公佈歸屬於 Fortuna 的淨利潤為 1.236 億美元，即每股 0.40 美元。這項結果包括 Lindero 礦場 7,000 萬美元的非現金減損撥回，其中包括 1,700 萬美元的低品位礦堆。扣除非現金非經常性項目後，歸屬於股東的淨利潤為 5,100 萬美元，即每股 0.17 美元。這比上年同期增長了 56%，比第二季度環比增長了 14%。成長主要受金屬價格上漲的推動。本季每盎司現金成本為942美元，與上一季基本持平，略高於2024年第三季的水平，這是由於根據我們的礦山計劃，Lindero和Seguela礦的剝採比有所提高。

We have reported two non-operational items impacting our results this quarter. The effect of our stock-based compensation of the increase in our share price during the period, representing a one-time increase to share-based expense of $6.3 million and a foreign exchange loss of $7.4 million. The foreign exchange loss was mostly attributable to our Lindero operations in Argentina as the peso experienced a sharp 14% devaluation in Q3.

本季我們報告了兩項影響績效的非經營性事項。在此期間，股價上漲對我們的股票選擇權激勵措施產生了影響，導致股票選擇權費用一次性增加 630 萬美元，外匯損失 740 萬美元。外匯損失主要歸因於我們在阿根廷的 Lindero 業務，因為比索在第三季大幅貶值了 14%。

For the first nine months of the year, our FX loss related to the Argentinian operations amounts to $10 million, of which over half is related to the accumulation of local currency cash balances. However, I want to emphasize that we implemented structures to preserve the value of these funds and the FX loss on local cash balances for the full year is fully offset in our income statement through the interest income, investment gains, and derivative line items.

今年前九個月，我們在阿根廷的業務外匯損失達 1,000 萬美元，其中超過一半與當地貨幣現金餘額的累積有關。但是，我想強調的是，我們實施了相關機制來保值，並且全年本地現金餘額的外匯損失已通過利息收入、投資收益和衍生品項目在我們的損益表中完全抵消。

We were able to restart repatriation in the month of July from Argentina. And under current conditions, we expect to maintain local cash balances at a minimum. In Q3, a total of $62 million were repatriated, net of withholding taxes.

我們已於7月恢復了從阿根廷的人員遣返工作。在目前情況下，我們預計將本地現金餘額維持在最低水準。第三季度，扣除預扣稅款後，共匯回6,200萬美元。

Our general and administration expenses for the quarter were $26.3 million. This represents an increase over the prior year of $12.6 million. This was due mainly to higher stock-based compensation as explained, plus an increase in corporate G&A of $4 million related mostly to timing of expenses. Our annual corporate G&A remains relatively stable at around $28 million to $30 million, and the breakdown is provided in page 11 of our MD&A.

本季一般及行政費用為 2,630 萬美元。這比前一年增加了1260萬美元。這主要是由於股票選擇權激勵增加，以及公司一般及行政費用增加 400 萬美元（主要與費用發生時間有關）。我們的年度公司一般及行政費用保持相對穩定，約 2800 萬美元至 3000 萬美元，具體明細請參見管理層討論與分析第 11 頁。

Moving to our cash flow statement. Our capital expenditures for the quarter totaled $48.5 million. Of this, we classified $17 million of growth CapEx, which primarily consists of investments in the Diamba Sud project of $6.8 million and exploration activities of around $10 million.

接下來來看現金流量表。本季我們的資本支出總額為 4850 萬美元。其中，我們把 1,700 萬美元歸類為成長資本支出，主要包括對 Diamba Sud 專案的 680 萬美元投資和約 1,000 萬美元的勘探活動。

Our anticipated capital expenditures for the full year have adjusted upwards slightly from the $180 million previously disclosed to approximately $190 million. This increase primarily reflects added exploration allocations due to continued exploration success at Seguela and Diamba.

我們預計全年資本支出已從先前披露的 1.8 億美元略微上調至約 1.9 億美元。這一增長主要反映了由於 Seguela 和 Diamba 勘探工作持續成功而增加的勘探配額。

In terms of free cash flow, we generated $73.4 million from ongoing operations, up from $57.4 million in the prior quarter, reflecting the effect, again, of a higher gold price. And our net cash position increased by $51 million after growth CapEx and other items.

就自由現金流而言，我們從持續經營中產生了 7,340 萬美元，高於上一季的 5,740 萬美元，這再次反映了金價上漲的影響。扣除成長資本支出和其他項目後，我們的淨現金部位增加了 5,100 萬美元。

All of this brings our total liquidity to $588 million, and our net cash position to $266 million. This represents an increase of over $200 million year to date. In the current price environment, we expect this trend to accelerate.

所有這些加起來使我們的總流動資金達到 5.88 億美元，淨現金部位達到 2.66 億美元。今年迄今為止，這比去年同期增加了超過2億美元。在當前的價格環境下，我們預計這一趨勢將會加速。

That's it for me. Back to you, Jorge.

就這些了。把機會交給你了，豪爾赫。

We would now like to open the call to questions. Paul, please go ahead.

現在我們開始接受提問。保羅，請繼續。

(Operator Instructions) Mohamed Sidibe, National Bank.

（操作員指示）穆罕默德·西迪貝，國家銀行。

Maybe just starting with your strong balance sheet, strong free cash flow that you're printing and the elevated gold and silver prices. How are you thinking about your capital allocation priorities? I know you have Diamba coming up. But specifically, as it relates to capital return to shareholders as you're looking into next year. Thank you.

或許可以從你強勁的資產負債表、源源不絕的自由現金流以及高企的金銀價格開始。您是如何考慮資金配置優先事項的？我知道你們接下來要對上迪安巴。但具體來說，就您展望的明年股東資本回報而言，謝謝。

As you pointed out, we have a pipeline of near-term growth. So that is the first priority we have with respect to capital allocation. We expect we'll be making a construction decision on Diamba Sud next year in the first half of the year. We're advancing early works that are trying to derisk the timeline and shorten the timeline also for first gold at Diamba by advancing these early works.

正如您所指出的，我們近期有成長計劃。所以，這是我們在資本配置上的首要任務。我們預計明年上半年就 Diamba Sud 項目的建設做出決定。我們正在推動早期工作，試圖降低時間線風險，並透過推進這些早期工作來縮短時間線，從而爭取在迪安巴錦標賽上獲得首枚金牌。

We are also scoping right now the potential to expand our Seguela process infrastructure. As you recall, Seguela was originally designed at 1.25 million tonnes per annum. We're currently running the plant at 1.75 million tonnes per annum, and we're currently doing scoping -- starting scoping work to expand it to the range of 2.2 million, 2.3 million tonnes per annum.

我們目前也正在評估擴展 Seguela 製程基礎設施的可能性。您應該還記得，塞格拉核電廠最初的設計產能為每年125萬噸。我們目前以每年 175 萬噸的產能運營該工廠，目前正在進行範圍界定——開始進行範圍界定工作，以將其產能擴大到每年 220 萬噸至 230 萬噸。

Additional to that, as you have seen, we're expanding exploration work across the two regions, LatAm and West Africa. We just expanded into Guinea through a JV with DeSoto. We are expanding our exploration in Argentina. We're currently drilling in Mexico. We're currently drilling in Peru. So that is our first priority and where we believe we can add most value right now.

此外，正如您所看到的，我們正在擴大在拉丁美洲和西非這兩個地區的勘探工作。我們剛透過與德索托公司成立合資企業，將業務拓展到幾內亞。我們正在擴大在阿根廷的勘探活動。我們目前正在墨西哥進行鑽探作業。我們目前正在秘魯進行鑽探作業。所以這是我們的首要任務，也是我們認為目前能發揮最大價值的領域。

Second, we have our share buyback program in place. We were quite active with the share buyback program at the beginning of the year, end of last year. We repurchased approximately $30 million worth of stock. The share buyback program remains in place, and today is our preferred way to return to -- capital to shareholders. And we have made a pause in the last two quarters with the share buyback program, but we could be active in the market again anytime.

其次，我們已經制定了股票回購計畫。今年年初和去年年底，我們積極推行了股票回購計畫。我們回購了價值約 3000 萬美元的股票。股票回購計劃仍然有效，今天是我們向股東返還資本的首選方式。在過去的兩個季度裡，我們暫停了股票回購計劃，但我們隨時可能再次活躍於市場。

Great. And then maybe if I could shift to operations. So Lindero, the unexpected shutdown and mindful that this has no impact on your annual production target, given the mitigation measures. But how should we think about this for cost into Q4? How should we -- could we see any potential impacts on that front? And any color would be appreciated there. Thank you.

偉大的。然後也許我可以轉到營運部門。所以，Lindero，儘管發生了意外停產，但考慮到緩解措施，這不會影響你們的年度生產目標。但我們該如何考慮第四季的成本問題呢？我們該如何看待──我們能否預見這方面可能產生的任何影響？任何顏色都歡迎。謝謝。

Yes. I'll let Cesar address the question.

是的。這個問題就讓塞薩爾來回答吧。

Sure. Well, in particular to cost, we have been able to compensate some of those cost in specifically with regards to the portable rental jaw crusher. So we're offsetting that cost with other non-critical initiatives that we had in Lindero. So we don't expect our cost to be significantly impacted in Q4. That should address.

當然。尤其是在成本方面，我們已經能夠彌補一些成本，特別是關於便攜式租賃顎式破碎機的成本。因此，我們正在利用在 Lindero 開展的其他非關鍵性項目來抵消這部分成本。因此，我們預計第四季度的成本不會受到顯著影響。這樣應該可以解決問題。

(Operator Instructions) There were no other questions from the lines at this time. I will now hand the call back to Carlos Baca for closing remarks.

（操作員指示）此時線路上沒有其他問題。現在我將把電話交還給卡洛斯·巴卡，請他作總結發言。

Thank you, Paul. 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，保羅。如果沒有其他問題，我謹感謝各位今天蒞臨現場。我們感謝您一直以來對福爾圖納礦業的支持與關注。祝你有美好的一天。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。