FORTUNA MINING CORP.
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Mar 28, 2024
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Contents
EX-99.1 · 2021 Developments
2021 Developments
The Company reported full year production results for 2021 from its four operating mines: the San Jose Mine in Mexico, the Lindero Mine in Argentina, the Yaramoko Mine in Burkina Faso, and the Caylloma Mine in Peru. In 2021, the Company produced 207,192 ounces of gold (274% increase over 2020), 7,498,701 ounces of silver (5% increase over 2020), 32,989,973 pounds of lead (11% increase over 2020) and 47,549,301 pounds of zinc (4% increase 2020). Production results for each mine in 2021 compared to 2020 are as follows:
Yaramoko Mine: as a result of the Roxgold Acquisition completed in July 2021, the Company acquired the Yaramoko Mine. From July 2, 2021, the Company produced 57,538 ounces of gold with an average gold head grade of 7.13 g/t. Cash cost per ounce of gold sold 1 for the second semester of 2021 was $739.
Lindero Mine: in 2021, the Company produced 104,161 ounces of gold, comprised of 99,313 ounces in doré, 730 ounces of gold contained in precipitate/sludge and 4,118 ounces of gold-in-carbon (GIC) inventory, an increase of 675% over the 13,435 ounces produced in 2020. Cash cost per ounce of gold sold 2 for the first full year of production in 2021 was $617.
San Jose Mine: in 2021, the Company produced 6,425,029 ounces of silver, an increase over 2020 of 4%, and 39,406 ounces of gold, an increase over 2020 of 4%. Average head grades for silver and gold for the year were 209 g/t and 1.29 g/t, respectively, both a decrease of 7% over the respective head grades in 2020. Cash cost per tonne of processed ore 3 for 2021 increased to $75.80 compared to $68.79 for 2020 due to higher mine preparation and support and higher indirect costs.
Caylloma Mine: in 2021, the Company produced 1,073,62 ounces of silver, an increase over 2020 of 11%. Annual average head grade for silver was 76 g/t. Base metal production at the Caylloma Mine in 2021 totaled 33.0 million pounds of lead, an increase of 11% over 2020, and 47.5 million pounds of zinc, an increase of 4% over 2020. Average head grades for lead and zinc were 3.16% and 4.56%, respectively, for the year. Gold production for 2021 totaled 6,086 ounces, an increase of 48% over 2020, with an average head grade of 0.49 g/t. Cash cost
| 1 | Cash cost per ounce of gold sold is a non-IFRS measure. Refer to “Notice Regarding Non-IFRS Measures” section above. |
| 2 | Refer to footnote 1, above. |
| 3 | Cash cost per tonne of processed ore is a non-IFRS measure. Refer to “Notice Regarding Non-IFRS Measures” section above. |
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