Past year: ▲ 25%(11.59 – 18.64 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2024security holder rights change▲ Good
Bought back 6,402,640 shares in the fourth quarter at an average US$4.77, spending US$30.5 million and using 41.88% of the year's authorisation, funded by record third-quarter earnings and free cash flow at high gold prices. The shares are cancelled.
12 Sept 2024drilling result▲ GoodMajor
Western Splay emerged as the next prospect at Diamba Sud, with 6.9 grams of gold a tonne over 33.3 metres true width and 8.9 grams over 27.7 metres - wide intersections at good grade in ground that had barely been drilled.
10 Sept 2024drilling result▲ GoodMajor
Kingfisher now has a drill-defined strike of more than 2 kilometres and is still open at depth, with 14.2 grams of gold a tonne over 16.8 metres true width. Depth extension drilling at Sunbird, 8.8 grams over 6.3 metres at 301 metres, continued to support underground mining beneath the Séguéla pits.
25 June 2024drilling result▲ GoodMajor
Drilling at Diamba Sud in Senegal returned 31.3 grams of gold a tonne over 12.0 metres true width at Karakara. Early satellite holes gave 8.9 grams over 27.7 metres at Western Splay and 2.9 grams over 15.3 metres at Kassasoko.
20 June 2024drilling result▲ GoodMajor
Kingfisher delivered 23.7 grams of gold a tonne over 17.9 metres true width from 113 metres, with the Badior prospect returning a string of intersections between 15 and 38 grams over 3.5 to 11.9 metres and the Ancien deposit 27.4 and 12.3 grams at depth. Three separate prospects around one mine were all returning ore-grade widths.
30 Apr 2024security holder rights change▲ Good
Renewed the buyback for a third year from May 2024, up to 15,287,201 shares, 5% of the 305,744,039 then outstanding - a higher count than a year earlier because of the shares issued for Chesser.
16 Apr 2024drilling result▲ GoodMajor
Eight months of drilling turned the Yessi discovery at San Jose into a defined system, with 1,327 grams a tonne silver-equivalent over 3.0 metres true width and 1,036 grams over 8.1 metres marking high-grade shoots, and 179 grams over 17.5 metres showing the vein can also be wide.
11 Mar 2024drilling progress report▲ GoodMajor
Found a fourth new prospect at Séguéla, Kingfisher, after Barana, Badior and Kestrel in 2022 and 2023 - an unusual run of discoveries around a mine only a year into production. Drilling below the Koula pit returned 68.0 grams of gold a tonne over 2.1 metres inside a 22.5 gram intersection over 9.8 metres, opening the possibility of underground mining, and confirmatory drilling at Diamba Sud in Senegal was wrapping up.
8 Mar 2024resource reserve update● Neutral
Technical report on the San Jose silver-gold mine in Oaxaca, Mexico, effective 31 December 2023, filed three weeks after the Caylloma report.
16 Feb 2024resource reserve update● Neutral
Technical report on the Caylloma silver-lead-zinc mine in Peru, effective 31 December 2023.
12 Dec 2023drilling result▲ GoodMajor
More high grade around Séguéla: 17.3 grams of gold a tonne over 6.3 metres true width at the newly found Badior prospect, and 27.1 grams over 7.7 metres at 239 metres depth in the Ancien deposit, which points to mineralisation below the pits. The update also covered first work on the newly acquired Diamba Sud ground in Senegal and San Jose in Mexico.
30 Oct 2023regulatory community update▲ GoodMajor
The Mexican court ruled for Fortuna and reinstated the 12-year San Jose environmental permit, dismissing SEMARNAT's arguments in its annulment. This resolves the dispute that began with the January 2023 annulment, though SEMARNAT can still appeal; the permanent injunction Fortuna already holds stays in force if it does. The company now describes five operating mines, including Côte d'Ivoire.
21 Sept 2023business combination● NeutralMajor
Completed the Chesser Resources purchase, issuing 15,545,368 shares - about 5.1% of the company - so Chesser holders' equity carried into Fortuna rather than being cashed out, and Chesser was delisted from the ASX. Fortuna now holds the Diamba Sud gold project in Senegal.
5 Sept 2023drilling result▲ GoodMajor
Mine geologists at San Jose in Mexico announced the Yessi vein, a new blind structure with no surface expression. Drilling returned 1,299 g/t silver-equivalent over 9.9 metres true width and 621 g/t over 5.0 metres, about 200 metres east of the Victoria zone.
8 Aug 2023drilling result▲ GoodMajor
Infill drilling at Sunbird finished and moved into reserve estimation and mine design intended to extend Séguéla's life. Attention shifted to new ground, with 90.9 grams of gold a tonne over 1.8 metres true width near surface at the Barana prospect, while at Yaramoko in Burkina Faso high grade was found at least 130 metres west of the Zone 55 resource - 32.8 grams over 3.1 metres - and confirmed by underground development.
25 May 2023production update▲ GoodMajor
Poured first gold at Séguéla on 24 May 2023, on time and on budget and within two years of buying the project with Roxgold, making it Fortuna's fifth operating mine. Nominal production rates were targeted for the third quarter, with 60,000 to 75,000 ounces expected in 2023 at all-in sustaining costs of US$880 to US$1,080 an ounce.
9 May 2023business combination● NeutralMajor
Agreed to buy ASX-listed Chesser Resources for 0.0248 Fortuna shares each, about A$0.142 a share and A$89.0 million (C$80.6 million), issuing up to 15,545,682 shares or roughly 5.1% of the company. It adds the Diamba Sud gold project in Senegal, at preliminary economic assessment stage, extending Fortuna's West African ground to a third country.
28 Apr 2023security holder rights change▲ Good
Renewed the buyback for another year from May 2023, again up to 5% of shares - 14,534,581 of 290,691,634 outstanding. The share count had fallen by about 1.5 million over the year of the first program.
28 Mar 2023resource reserve update● Neutral
Technical report covering both the Lindero mine and the adjacent Arizaro project in Salta, Argentina, effective 31 December 2022 - the first to treat Arizaro alongside the operating mine.
27 Mar 2023resource reserve update● Neutral
Updated technical report on the Yaramoko gold mine, effective 31 December 2022, a year after the first one filed under Fortuna ownership.
13 Mar 2023drilling result▲ GoodMajor
Infill drilling at Sunbird found high grade in ground the model had called low grade inside the planned pit - 10.6 grams of gold a tonne over 21.7 metres true width, 14.9 grams over 14 metres - and extension holes north of the pit shell returned 12.0 grams over 5.6 metres. The aim is to convert Sunbird into reserves and lengthen Séguéla's 1.1 million ounce, nine-year mine plan.
27 Jan 2023drilling progress report● Neutral
An update on reserve and resource work at Yaramoko in Burkina Faso after a year of grade-control and step-out drilling and a rebuild of the estimation method, following the 2022 technical report that first described the 55 Zone open pit.
25 Jan 2023regulatory community update▲ GoodMajor
The Mexican Federal Administrative Court admitted Fortuna's challenge to the annulment and granted a provisional injunction, allowing San Jose to keep operating under the 12-year permit. A decision on a permanent injunction was expected within weeks. This is a first step in the dispute raised on 5 January, not a final outcome.
5 Jan 2023regulatory community update▼ BadMajor
The San Jose permit dispute reopened: on 2 January 2023 SEMARNAT annulled the 12-year environmental permit extension granted in December 2021 and ordered itself to re-assess it. This came after the November 2022 Federal Administrative Court judgment that reconfirmed 12 years, which resolved the earlier 'typo' (two-year) claim. Fortuna calls the resolution unfounded, says the mine continues to operate under the permit, and will go to court to contest the annulment.
15 Dec 2022debt financing● NeutralMajor
Raised the committed size of its senior secured revolver by US$50 million to US$250 million with BNP Paribas, Scotiabank, Société Générale and others, maturity unchanged at November 2025, and lifted the November 2024 step-down from US$150 million to US$175 million. A further US$50 million accordion to US$300 million is uncommitted. Pricing moved off LIBOR to SOFR and got slightly dearer - 25 basis points on the margin and 9 to 12 on the commitment fee.
7 June 2022drilling result▲ GoodMajor
Expansion drilling kept growing Sunbird beyond the March resource envelope, with 18.3 grams of gold a tonne over 11.9 metres true width, 28.2 grams over 3.5 metres and 12.6 grams over 7.7 metres, and visible gold in a hole 100 metres further down-plunge. The deposit is still open.
2 May 2022regulatory community update● Neutral
Published its fourth annual sustainability report covering 2021, prepared to GRI and SASB standards and aligned with TCFD climate recommendations, with commitments for 2022 through 2025. Headline figures include zero work-related fatalities, zero significant spills or environmental fines, and 15 percent women in the workforce. The same filing also announced the first-quarter 2022 results date (11 May, call 12 May). No financial or asset change.
28 Apr 2022security holder rights change▲ Good
Started a buyback of up to 14,608,820 shares, 5% of the 292,176,418 then outstanding, running from May 2022 for a year, with repurchased shares cancelled. The board's stated reason is that the shares trade below what it thinks they are worth - the first return of capital in this record, a year after a US$69 million equity raise at US$3.00.
30 Mar 2022resource reserve update● Neutral
First technical report on the Yaramoko gold mine in Burkina Faso under Fortuna ownership, effective 31 December 2021, replacing Roxgold's 2017 report and describing the planned open pit at the 55 Zone.
18 Mar 2022resource reserve update● Neutral
Filed Roxgold's Séguéla feasibility study technical report, effective 19 April 2021 - the study underlying the mine Fortuna decided to build in September 2021, now filed under its own name after the takeover.
