Fortuna Expands in West Africa as Output Targets Rise | Luis Ganoza

Fortuna Mining (NYSE: FSM; TSX: FVI) CFO Luis D. Ganoza joins Kitco Mining’s Investment Trends with Paul Harris to discuss record 2025 free cash flow and the company’s strategy to return to 500,000 oz per year as it builds a two-region platform across Latin America and West Africa.

Fortuna generated $330 million in free cash flow in 2025, produced about 371,000 oz of gold equivalent, and ended the year with roughly $380 million in cash. Ganoza said full-year free cash flow represented “between 35 and 38%” of sales, with more than 60% EBITDA conversion into free cash flow. He also outlined a “clear path to get back to 500,000 ounces” annually through development at Diamba Sud and potential expansion at Séguéla toward 200,000 oz per year.

Beyond production growth, Ganoza explains how Fortuna approaches M&A in West Africa and Latin America, why the company continues to stress-test projects at lower gold prices, and how capital allocation decisions, including dividend timing, are being weighed as cash balances grow in a stronger price environment.

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00:27 – $330M Record Free Cash Flow and 2025 Results
02:05 – Fortuna’s LatAm and West Africa Strategy Explained
05:04 – HPGR Downtime and Path Back to 500,000 oz
07:53 – Half-Million-Ounce Production Plan
09:07 – Argentina Outlook and M&A Discipline
10:50 – West Africa Growth Pipeline and Exploration
14:22 – Growth Challenges and Asset Valuation Discipline
16:09 – IRR Hurdles and Cost Curve Strategy
18:19 – Capital Allocation, Cash Build and Dividend Timing
20:49 – 2026 Milestones: Diamba and Séguéla Expansion
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.