Fortuna Mining (TSE:FVI) Full Year 2024 Results

Key Financial Results

• Revenue: US$1.06b (up 26% from FY 2023).
• Net income: US$128.7m (up from US$50.8m loss in FY 2023).
• Profit margin: 12% (up from net loss in FY 2023). The move to profitability was driven by higher revenue.
• EPS: US$0.42 (up from US$0.17 loss in FY 2023).

FVI Production and Reserves

• Production: 369.64 troy koz (326.64 troy koz in FY 2023)
• Number of mines: 5 (5 in FY 2023)

• Production: 23,544 t (24,975 t in FY 2023)
• Number of mines: 1 (1 in FY 2023)

• Production: 3,724.9 troy koz (5,883.7 troy koz in FY 2023)
• Number of mines: 2 (2 in FY 2023)

All figures shown in the chart above are for the trailing 12 month (TTM) period

Fortuna Mining Earnings Insights

The primary driver behind last 12 months revenue was the Sango segment contributing a total revenue of US$330.4m (31% of total revenue). Notably, cost of sales worth US$718.4m amounted to 68% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling US$107.5m were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how FVI's revenue and expenses shape its earnings.

Looking ahead, revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Canada are expected to grow by 15%.

Performance of the Canadian Metals and Mining industry.

The company's shares are up 13% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. See our latest analysis on Fortuna Mining's balance sheet health.

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