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    Adrian Day • Analyst

    Adrian Day's questions to Fortuna Mining Corp (FSM) leadership

    Adrian Day's questions to Fortuna Mining Corp (FSM) leadership • Q2 2025

    Question

    Adrian Day of Adrian Day Asset Management requested a more detailed quantification of Fortuna's greenfields exploration pipeline, including project count, geographies, and current versus historical spending levels.

    Answer

    President and CEO Jorge Ganoza detailed the greenfields portfolio, which includes projects and investments in Cote D'Ivoire (Awale investment, Tongon North JV), Senegal (generative work around Diamba Sud), Mexico (two to three active JVs), and Argentina (a new option agreement in Salta). He specified that the total exploration budget increased from $41 million in 2024 to $51 million in 2025, with approximately $11 million of that allocated specifically to greenfields exploration.

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    Adrian Day's questions to Fortuna Mining Corp (FSM) leadership • Q1 2025

    Question

    Adrian Day of Adrian Day Asset Management inquired about how greenfields exploration, including both solo projects and partnerships, fits into Fortuna's overall growth strategy.

    Answer

    Jorge Durant, President & CEO, confirmed that greenfields exploration is a key strategic component, supported by an increased 2025 budget of $51 million. He detailed several active initiatives, including a drill program at the Tongon project in Côte d'Ivoire, potential joint venture agreements in Mexico, and exploration of new disseminated gold and silver targets at the Antacollo and Santa Rosa projects within the Caylloma land package in Peru.

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    Adrian Day's questions to Fortuna Mining Corp (FSM) leadership • Q1 2025

    Question

    Adrian Day of Adrian Day Asset Management asked how greenfield exploration, including both solo projects and partnerships, fits into Fortuna's overall growth strategy.

    Answer

    President and CEO Jorge Durant confirmed that greenfield exploration is an active part of their strategy, supported by an increased exploration budget of $51 million for 2025. He detailed several initiatives, including a 10,000-meter drill program at the Tongon project in Côte d'Ivoire, three potential joint venture opportunities in Mexico, new disseminated gold and silver targets at the Caylloma property in Peru, and expanding exploration around the Diamba Sud project in Senegal.

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    Adrian Day's questions to Fortuna Mining Corp (FSM) leadership • Q2 2024

    Question

    Adrian Day asked about the revenue contribution from base metals at the Caylloma mine and its outlook, and also inquired about the company's strategic options for the San Jose mine for the upcoming year.

    Answer

    President and CEO Jorge Alberto Ganoza explained that base metals currently constitute about two-thirds of revenue at Caylloma, a mix he expects to remain stable through 2025. Regarding San Jose, he outlined three potential paths: a progressive closure, placing the mine on care and maintenance, or continuing operations based on the success of ongoing exploration and resource optimization, with a decision expected in Q3 2024.

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    Adrian Day's questions to Fortuna Mining Corp (FSM) leadership • Q2 2024

    Question

    Adrian Day inquired about the revenue contribution from base metals at the Caylloma mine and its outlook, and also asked for an update on the company's strategic options for the San Jose mine for the upcoming year.

    Answer

    President and CEO Jorge Durant estimated that base metals currently account for approximately two-thirds of the revenue at the Caylloma mine and expects this proportion to remain stable in the near term. Regarding the San Jose mine, he explained that the company is evaluating three options: a progressive closure, placing it on care and maintenance, or continuing operations. A final decision is expected during the third quarter.

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    Adrian Day's questions to Osisko Gold Royalties Ltd (OR) leadership

    Adrian Day's questions to Osisko Gold Royalties Ltd (OR) leadership • Q4 2024

    Question

    Adrian Day of Adrian Day Asset Management asked if Osisko would consider exchanging its copper assets for a high-quality gold asset to align with its precious metals focus.

    Answer

    President & CEO Jason Attew affirmed that while Osisko has a constructive view on copper for high-quality assets, the company's primary focus is on precious metals. He stated they would be open to swapping copper assets for precious metals if the transaction were accretive to shareholders, though he noted it would require a specific set of circumstances and would not be a simple transaction to facilitate.

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    Adrian Day's questions to Osisko Gold Royalties Ltd (OR) leadership • Q4 2024

    Question

    Adrian Day of Adrian Day Asset Management asked if Osisko would consider exchanging its copper assets for a high-quality gold asset to align with its precious metals focus.

    Answer

    Jason Attew (executive) affirmed that while Osisko has a constructive view on copper, the company's primary focus is precious metals. He stated they would be open to swapping copper assets for precious metals if the transaction were accretive to shareholders, though he noted such a deal would require a specific set of circumstances and would not be simple to facilitate. The core investment thesis remains centered on being a precious metals vehicle.

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    Adrian Day's questions to Pan American Silver Corp (PAAS) leadership

    Adrian Day's questions to Pan American Silver Corp (PAAS) leadership • Q4 2024

    Question

    Adrian Day of Adrian Day Asset Management followed up on the Escobal mine, asking about the projected timeline from restart approval to initial and full production, and whether the company is prepared to commence operations immediately.

    Answer

    CEO Michael Steinmann estimated that upon approval, initial production from the first stope could begin within one to two quarters, yielding 5-6 million ounces of silver annually. A full ramp-up to the 20-22 million ounce per year rate would take the better part of a year thereafter. He confirmed the company is ready to start immediately, making it a #1 focus, and highlighted the ongoing care and maintenance spending that keeps the asset in a state of readiness.

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    Adrian Day's questions to Anglogold Ashanti PLC (AU) leadership

    Adrian Day's questions to Anglogold Ashanti PLC (AU) leadership • H1 2024

    Question

    Adrian Day of Adrian Day Asset Management asked for clarification on drilling activity shown on the map to the west of the Merlin deposit in Nevada, noting it was mentioned on the previous conference call.

    Answer

    An executive clarified that the company's current focus is on infill drilling within the defined Merlin pit outline to support the Pre-Feasibility Study (PFS). The other drill holes visible to the west on the map were explained as being from earlier programs or for geotechnical purposes, such as high wall stability, rather than for resource expansion.

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    Adrian Day's questions to Anglogold Ashanti PLC (AU) leadership • Q2 2024

    Question

    Adrian Day of Adrian Day Asset Management asked for clarification on drilling activities at the Nevada project, noting what appeared to be significant drilling to the west of the Merlin deposit shown on a presentation map.

    Answer

    An unnamed executive clarified that the primary focus of the current drilling program is infill drilling within the high-grade Merlin pit outline to support the Pre-Feasibility Study (PFS). He explained that other drill holes visible on the map could be from earlier exploration or geotechnical drilling for high wall stability, not part of the current resource infill campaign.

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