Fortuna Silver Mines, Q3 2026 Earnings Call Transcript

Fortuna Mining reported a third-quarter production shortfall at Seguela after a temporary blockade and reduced contractor equipment availability, but said corrective measures restored mining volumes and recoveries. The company remains on track to meet 2026 production guidance, with Seguela expected to return to first-half output levels in Q4. Higher costs—including diesel, Argentine peso-related expenses and share-based compensation—are expected to leave full-year all-in sustaining costs 8–10% above guidance, while management expects quarterly costs to ease. Growth investment is the priority: the Seguela plant expansion and Diamba Sud construction are advancing, supporting a target of roughly 60% higher annual gold production, or about 500,000 ounces, from mid-2028. Fortuna expects to invest about $750 million over two years and plans to fund this from liquidity and operating cash flow; share buybacks will remain cautious during the investment phase. Lindero and Caylloma are on track to meet or exceed their production guidance.