Fortuna Mining Corp. (FSM) Q3 2026 Earnings Report, Transcript and Summary

Good day, everyone. And welcome to the Fortuna Mining Corp. third quarter 2026 financial and operational results call. At this time, all participants are placed on a listen-only mode. And we will open the floor for your questions and comments after the presentation. It is now my pleasure to hand the floor over to your host, Carlos Baca, vice president, investor relations at Fortuna Mining. Sir, the floor is yours.

Thank you, Matthew. Good morning, everyone, and welcome to Fortuna Mining's Third Quarter 26 Financial and Operational Results Conference Call. Joining today's call on behalf of Fortuna are Jorge A. Ganoza Durant, Chief Executive Officer, Director and Co Founder Kevin O'Reilly, chief financial officer Cesar E. Velasco, chief Officer, Latin America and David Edward Whittle, Chief Operating Officer, West Africa. Today's webcast presentation and Q3 26 results materials are available on our website at fortunamining.com. Before we begin, please note that the statements made during today's call are subject to the readers' advisory included in yesterday's news release, the webcast presentation our management discussion and analysis, the risk factors outlined in our annual information form. All financial figures discussed today are in U. S. Dollars unless otherwise stated. Technical information discussed on this call has been reviewed and approved by Eric N. Chapman, Fortuna's senior vice president of technical services and a qualified person as defined under National Instrument 43-101. Today's remarks will provide a concise overview of our third quarter results and the priority guiding the business through the balance of the year. With that, I will turn the call over to Jorge A. Ganoza Durant.

Thank you, Carlos. And good morning to all, and thank you for joining us. During the third quarter, we made significant progress on the growth projects that underpin Fortuna's next phase of growth. Led by the Seguela plant expansion and the Diamba Sud construction. We are positioned to deliver approximately 60% growth in annual gold production to the level of roughly 500 thousand ounces per year starting from mid 28. This growth comes from projects that we control, ounces already in our mineral inventory, supported by technically straightforward development plans, proven teams, and the financial capacity to execute. Operationally, the quarter was marked by production shortfall at our Seguela mine in July and August. These operating issues were contained within the quarter and corrective measures and taken by management have already delivered improved execution. Our priority is to sustain consistent operating performance while delivering this growth for shareholders. First, word on safety. We recorded, 1 lost time injury at our Seguela mine in July involving a light vehicle accident. Or year to date total recordable injury frequency rate as of September 30 was 1 point 23. Below our corporate target of 37. Want to commend our teams at Caylloma and Lindero for achieving 1.95 thousand days and 1.08 thousand days, respectively, without lost time injuries. that is basically close to 5 and 3 years lost time injury free. Their performance demonstrates that sustained commitment to safety we think across all of our operations, Our responsibility remains unchanged ensuring that everyone goes home safely. We produced 69.6 thousand gold equivalent ounces in the third quarter. And remain on track to meet our annual production guidance in the range of 281 thousand ounces. Financially, adjusted EBITDA of $165 million and adjusted attributable net income of 51 million or $0.17 per share. Both were lower than in the previous quarter, reflecting lower sales and lower volumes. Realized metal prices higher costs, and higher share based compensation. The later was noncash expense driven by a 24% rise in our share price during the quarter Despite these pressures, the Seguela shortfall production shortfall, we generated $90.8 million in free cash flow from ongoing operations. Through the first 9 months, Fortuna generated $904 million in sales. $585 million in adjusted EBITDA, and $350 million in free cash flow from ongoing operations. Adjusted attributable net income was approximately $238 million or $0.79 per share. This cash generation is a financial foundation for the growth program I will now discuss. We are focusing on. Focused on delivering on our next phase of growth. So at Seguela and Diamba Sud, we are moving that strong growth strategy forward through concrete execution milestones. Engineering and procurement are advancing for the approved Seguela expansion while at Diamba Sud, we are progressing the remaining approvals and preparing for construction. At Seguela, we made the final investment decision in July for the $109 million plant expansion. Which will increase processing capacity by 30%. Completion and commissioning are scheduled for the third quarter of 28 targeting an annual production capacity of over 200 thousand ounces of gold at this mine. At the Ambassador, the government has issued on November 2 the important notice confirming that the government has reviewed our application for the exploitation permit and all documentation met the legal requirements for the approval process. Legal and technical requirements for the approval process. We expect to obtain the exploitation permit in the fourth quarter Mining convention negotiations are also in the final stages with the convention adopting the 2016 Mining Code alongside provisions that will be stabilized for 10 years. We are advancing preparations to secure the project schedule targeting first gold in mid 28. To support the schedule the board of directors has authorized management to proceed with contract awards totaling $250 million with execution spread across the construction timeline. We are also working with the office of the president of Senegal and the office of the minister of mines to arrange an on-site ceremony marking the former's formal start of construction in late November. The large and prospective Bambadji concession adds further exploration upside towards Senegal platform. The acquisition closed during the quarter from 200. For $206 million This is a property we acquired from Barrick, and I we have already mobilized 6 drill rigs, which are conducting infill program programs across the Kabi West, Wadi, and Latifa prospects. Our immediate focus is to produce the first resource estimate for Kabi West by year end. This prospect is located just 2 kilometers from the plant, the Diamba Sud plant site. We entered this investment phase for, you know, our growth projects with a strong balance sheet. At the end of September, we held $443 million in cash close to $600 million in total liquidity and a net cash position of $260 million down approximately $160 million from the previous quarter cash decline in net cash coming primarily from the Bambadji acquisition. Over the next 2 years, we expect to invest approximately $750 million in growth and mineral exploration. For available liquidity and free cash flow from the business position as well to fund these programs without issuing additional shares or overleveraging our balance sheet. This is growth designed to benefit and add significant value to our shareholders backed by a clear funding plan. We did not repurchase shares during the third quarter Year to date, we have returned $106 million to shareholders through the repurchase of 10.8 million shares As we launched the growth capital project, and, advance on their execution We will pause share buybacks Growth is our first capital allocation priority followed by shareholder returns through opportunistic buybacks while preserving balance sheet strength. We will assess opportunities to resume repurchases against project funding needs and available liquidity. As we move through the fourth quarter our growth projects and exploration programs are gaining significant momentum We look forward to reporting further milestones achieved as we advance the projects while maintaining the operational and financial discipline that underpins our production and business. With that, I will turn the call over to Kevin, our CFO, to take us through the highlights of the quarter.

Thank you, Jorge. Starting with the income statement, adjusted attributable net income for the quarter was $51.2 million or $0.17 per share in line with the $51 million in the third quarter of 25 and down 47% from the $75.5 million in the second quarter of 26. Quarter over quarter, the key change I want to highlight for net income is the impact of non cash costs specifically depreciation, depletion and share based compensation. Depreciation depletion increased to $866 per ounce compared to $6.00 $9 per ounce in the prior quarter. This drove the increased cost of $15 million Higher depletion was primarily due to planned mining sequencing at Seguela and Lindero as we saw greater amortization of previously capitalized stripping costs. This trend is expected to continue in the fourth quarter as the Seguela continues to source ore from the Ancien and Kula pits. The other major noncash charge was share based compensation expenses of $10.9 million in the third quarter compared to recovery of $300 thousand in the second quarter due to a 24% rise in the share price and the associated mark to market adjustments. The impact of noncash cost in the quarter helps to explain a adjusted earnings per share of $0.17 compared to relatively robust operating cash flow per share of $0.43 Looking at the other parts of the income statement, sales are lower quarter over quarter due to lower production, and a lower realized gold price of $4.28 thousand per ounce, versus $4.45 thousand per ounce in the second quarter. Past costs were higher as well over quarter over quarter due to higher processing costs in Lindero from higher consumption of cyanide to improve leach kinetics and rental costs and higher weight movement at Seguela, but partially offset by lower royalties. A foreign exchange loss of $2.5 million in the quarter was primarily driven by purchases of U. S. Dollars to repatriate funds from Argentina and the effective tax rate of 47% was broadly in line with the previous quarters with the fact that affecting our effective tax rate being those discussed in our second quarter update namely deferred tax accruals in Argentina, and withholding taxes. Cash costs increased to $1.24 thousand per gold equivalent ounce from $1.03 thousand in the second quarter. Consolidated ASIC was $2.29 thousand for GEO, up $129 from $2.16 thousand in the previous quarter. Quarter over quarter, the increase primarily reflected lower production at Seguela, which would normally contribute lower cost ounces and higher share based pump of $10.9 million compared to recovery we mentioned in the second quarter. Share based compensation on its own contributed $160 per GEO to the increase in A6. When we look at ASIC in the quarter compared to our guidance, I want to emphasize the continued impact of external factors. Relative to the assumptions underlying our annual guidance external factors added $220 per GEO of the third quarter ASIC. This primarily reflected $116 from share based compensation $42 from higher consumable prices, mainly diesel, and $45 from macroeconomic factors impacting peso denominated costs at Lindero. The temporary stoppage at the gala also contributed $45 per GEO to ASIC. Looking at consumable, similar to our peers, we have been seeing inflationary pressures the cost of consumables and materials. However, the impact to our cost structure has not been experienced equally across all of our sites. Inflationary pressures have been the most acute at Lindero. Diesel makes up around 10% of cost for mobile equipment and power generation. Relative to the assumption in our guidance, they have seen diesel cost increase in the range of 60% and explosives have been another factor at around 30% increases relative to guidance. Inflation has been more muted at Seguela where government prices government price controls over diesel have limited the increase in fuel prices, but we have seen some pressures in mining costs where rising fall with our mine contractors increased through the year. In the quarter, looking at inflationary pressures, about $42 an ounce, Lindero accounted for roughly 85% of that and Seguela, the other 15%. We expect ASIC to trend down in the fourth quarter, quarter as Seguela moves past its third quarter issues and Lintero maintains its performance. However, due to the external factors we have discussed, we still see an ASIC attractive above the top end of our guidance by approximately 5%. Stepping back and looking at the full year, the impact of persistent diesel price pressures, higher royalty costs and macroeconomic impact in Argentina are expected to push at 8% to 10% above the top end of guidance. If we stripped out the impact of external factors, ASIC would finish the year at or just above the top end of our guidance of $1.98 thousand an ounce. Moving to cash flow. Despite the challenges we faced in the quarter, the business continued to demonstrate the ability to generate cash flow $90.8 million in free cash flow from operations, and $127 million or $42.00 $43 per share in net cash from operating activities before working capital changes. Free cash from operations increased from the $85.7 million in the second quarter primarily due to the timing of tax payments at Seguela and lower sustaining capital expenditures. In the fourth quarter, we do expect sustaining capital expenditures to trend back up to around 30 million to $34 million and we also expect higher growth CapEx as work continue to advance at the Diamba Sud and Segale expansion. To finish off and look at our balance sheet, echoing Jorge's earlier comments, we see ample capacity to fund our $750 million growth program over the next 2 years based on a strong liquidity position of just under $600 million underpinned by a robust business that has generated 350 million in free cash flow year to date. This provides a platform to allow us to organically fund our growth, and support a target of a 60% increase in annual production by mid 28. Back to you, Thank you, sir.

David, please, you give us a update on the West African business?

Thanks, Jorge. Before turning to our operating results, wanna reaffirm that the safety and well-being of your employees and contractors remains our foremost responsibility. Our focus is on managing critical risk reinforcing safe work practices, and ensuring that effective controls are consistently applied across all our operations with projects. At Seguela, third quarter operations were affected by a temporary site wide stoppage caused by a blockade by artisanal miners in their July. And by reducing equipment availability of 1 of our mining contract These structures reduce mining volumes, and limited access to higher grade areas within the pits. We implemented several initiatives to address these issues, and mining volumes were back to planned levels in September. Mining was primarily carried out of the Antenna, Koula, Koula, and sunbird pits. With 6.5 million tons of waste and 340 thousand tonnes of ore mined. Mario of 19.1. A further 623 thousand tonnes of waste were also mined over Sunbird South to provide access to the underground portal area. Seguela produced 33.7 thousand ounces of gold during the quarter. Processing 402 thousand tonnes at an average grade of 2.67. Lower metallurgical recoveries associated with the 2 oral feed have been addressed with the recoveries returning to previous levels in October. So, Seguela reported cash cost of $947 and an all in sustaining cost of $1.92 thousand per ounce of gold for the quarter. Year to date cash cost and ASIC stand at $7.54 and $1.81 thousand per ounce of gold, respectively. The mining volumes access to higher grade ore, and recoveries restored, We expect a strong finish to the year and a return to first half production levels in the fourth quarter. Seguela remains on track to achieve the lower end of its 2026 production guidance. During the quarter, we also made process progress on all 3 of our major growth projects in the region. At Sagala, we received the environment permit. For the underground project and submitted all requested documentation to support the mining permit. Application. This application is now being referred from the ministerial approval. And permitting remains on track for completion this year. The project team has been recruited Orders for mining equipment are being placed. And development remains on schedule to begin in the second quarter 27. The significant expansion of the Seguela processing plant was approved and is progressing on schedule. Detailed engineer is on the way with light podium who designed and constructed the existing plant and the owner's project team is 75% onboarded. Vendors have been selected for key equipment and infrastructure packages work on supporting infrastructure as we go. In Senegal, early works continued at Diamba Sud. Diamba Sud's construction team is fully onboarded. With its core largely from the team that built Seguela on time nonvergy The site access road is complete. And the construction of the 329 person accommodation camp is progressing with completion scheduled for the first quarter of 27. Tenet has been selected as the project's EPCM contact and we see the limited order proceed with early works. Orders have been placed for long lead mechanical equipment, including the SAG mill and primary pressure protecting the overall project schedule. Manufacturing of the HFO power station generators continued while the LFO generators have passed factory acceptance testing and a ring shift. Processed plant and power station EPCM contracts. And be awarded for fourth at totaled $250 million or about 60% of total project CapEx and are ready for execution upon the final investment. Susan? This positions us to move swiftly from early works into full construction subject to a receipt of the exploitation permit and final board approval. With regard to exploration, then Jorge has already touched on the Bambaji acquisition. Exploration also continued at the Ambassador with drilling at Southern Arc continuing to deliver positive results outside the current pit designs. These results will inform our year end mineral resource and mineral reserve. At Seguela. After a highly successful drilling success at Sunbird Underground and Kingfisher. The drill rigs have been reallocated to the underground potential at Ancien. Solely extensions of antenna, and additional generative targets. Supported by a solid mineral reserve and mineral resource base, the Diamba Sud and Seguela form the production foundation for West Africa platform Together, these assets underpin Fortuna's target with approximately 60% growth in annual production to an annualized rate of 500 thousand ounces of gold equivalent. For mid 21. With that, I will hand back to you, Jorge.

Thank you. Say, sir? You want to share your performance on LATAM, please?

Yes. Indeed. Thank you, Jorge, good afternoon, everyone. In Latin America, as Jorge has indicated before, both Lindero and Caylloma continue to deliver solid safety performance during the third quarter. Moving to the operational results. In Argentina, Lindero produced 26 thousand ounces of gold. A 25% increase over the second quarter. This is consistent with our expectation that production will be weighted towards the second half of the year. Production for the first 9 months totaled 68.4 thousand ounces. The operation remains on track to achieve annual production guidance of 92 thousand to 102 thousand ounces. The quarter's performance reflected the operating improvements anticipated following the primary crusher reliability work completed earlier in the year. Lindero placed approximately 1.9 million tons of ore on the leach pad about 19% more than in the second quarter. At an average call grade of 0.63 grams per ton. This represented approximately 37.8 thousand contained gold ounces placed on the tap an 18% increase quarter over quarter. The improvement was driven by higher mechanical availability across the processing circuit and stronger crushing and packing rates. During the first 9 months, Lindero placed approximately 99% of the gold ounces planned for the period of the leach pad. This performance together with the normal timing of leach pad recovery, supports our expectation of stronger production for the remainder of the year. Cash cost was $1.45 thousand per ounce of gold. Slightly lower than in the second quarter while ASIC decreased 18.5% quarter over quarter. The diminution in ASIC primarily reflected higher production lower sustaining capital expenditures, and the absence of the concentrated crusher related expenditures recorded in the second quarter. External cost pressures and macroeconomic factors and the as indicated by Kevin, including appreciation of the Argentine peso and higher diesel and explosive costs continue to partly offset the benefits of improved plant reliability, higher stacking rates, and increased gold production. Exploration and resource development at Lindero also delivered encouraging results. The 2026 infill drilling program was expanded from an initial 6 thousand meters to 8.5 thousand meters across 31 diamond drill holes after several early holes encountered higher than expected mineralization. Results included 0.96 grams per ton of gold over 350 meters in whole l LDH 72 and confirmed that mineralization extends below the current reserve pit design. And updated block model and pit design are targeted for completion by year end. Supporting a revised life of mine plan and updated mineral resource and mineral reserve estimates planned for the first quarter of 27. Moving to Peru at Caylloma, throughput remained consistent while higher silver grades and recovery drove strong production. Silver output rose 7% quarter over quarter, to 247 thousand ounces Lead production reached 8.4 million pounds. And zinc production totaled 11.4 million pounds. Gold equivalent production increased to 9.9 thousand ounces, bringing year to date output to 28.9 thousand gold equivalent ounces. Caylloma as you can see, is well positioned to exceed its annual guidance of 29 thousand to 33 thousand gold equivalent ounces. Costs remained contained, Cash cost declined to 26.12 per silver equivalent ounce. A 6% decrease quarter-over-quarter, while 80 decreased to $43.19 from 44.90 despite higher treatment charges and capital spending. The tailings number 3 expansion was 71% complete as of October 31, and remains on schedule for completion by year end. Back to you, Jorge.

Thank you. And we can move on to Q&A.

Certainly. Everyone at time will be conducting a question and answer session. If you have any questions or comments, please press 1 on your phone at this time. We do ask that while posing a question, please pick up your handset if you are listening on speakerphone to provide optimum sound quality. And once again, if you have any questions or comments, please press 1 on your phone. Please hold while we poll for questions. Thank you. Your first question is coming from Eric Winmill from Scotiabank. Your line is live.

Oh, hi there, Jorge and team. Thanks for taking my question. Just wanted to ask about Bambadji. Obviously, it is great to see the resource coming out on Kabi West by year end of this year. Any thoughts in terms of some of the other targets and the timing we might expect there on the drilling? And then I guess maybe a secondary question, what about exploration ongoing here at Diamba Sud as well? Thank you.

Eric, Yeah. We. As noted through the call, we have been quite prompt to mobilize drill rigs We are basically done with their drilling at Kabi West and our rigs. We have 5 core drill rigs and 1 RC working on the property. So they. The rigs have moved from Kabi West to Wadi and Latifa, which are the next targets on our priority list These are targets that have received prior drilling by Barrick. Over the years, and we are basically, in some cases, infilling and pursuing open ends of mineralization outlined by that previous barric drilling. Right? So lots of work ahead but the focus is for us to be able to show ounces soon. This was a significant acquisition. And as you know, there was no mineral inventory reported. It is through our assessment of the drilling done that there is a lot of low hanging fruit, to produce ounces quickly. And that is what is mobilizing us. Right? So Kabi West first, Wadi, Latifa second, and the team continues moving and generating drill targets We are at least 8 priority areas identified for first tab. So Kabi West, Wadi, and Latifa are the first 3, and then we will move, continue to prioritize And so lots of work and that is for Bambadji. The drill program. We approved an initial $8 million for this fourth quarter. And we will certainly be looking forward to a very substantial exploration budget for 2027 here. With respect to I understand, Seguela Drilling. I think, David, mentioned we are done, drilling Sandberg Sunbird has been very. Drilling at Sandberg has been very rewarding for the company. We have built Sunbird over the last 2 years into our largest resource reserve at Seguela over a million ounces of gold between the open pit and underground. Mineralization remains wide open at depth, but it is deep. So we are making a pause now. It mineralization remains open at depths in excess of 900 meters to a kilometer. From surface with very good grades, very high grades, but it is inefficient to continue drilling from surface. We will wait for the underground infrastructure to be developed in 2027. To go back and start drilling from underground. So drills are moving out of Sunbird into other targets that we have there as you know, we have multiple targets as well. We have a large property package. We control 35 kilometers of the belt. Where we have multiple targets to test. So the focus at Seguela advancing some of those early stage targets that we have but also pursuing open mineralization on some of the existing pits, but pursuing opportunities for underground mining. We will now have an underground upper anchor for operation. For underground operations at the Sunbird deposit. And that will allow us to be able to tackle perhaps smaller resources that we can mine underground at some of the other nearby deposits, like Ancien, even Antenna, even Koula. So right now, we have some rigs testing new targets and some others exploring for deep extents of mineralization below our peak bottoms with the idea of producing resources that we can mine from the underground. So those. that is the focus for Seguela.

Okay. Fantastic. Thank you. Really appreciate the detail there. And maybe just 1 more if you do not mind. But just on the buybacks, do you have sort of internal thresholds or thinking about what you would wanna see in place on the balance sheet before you get more aggressive in resuming the buybacks?

Yeah. You know, with the buybacks, really, as you know, we are starting a very capital intensive phase As noted through the call, we are going to start deploying over the next 2 years. We are going to deploy close to $750 million on our growth projects and exploration. So we want to be cautious We wanna be cautious. So in the fourth quarter, Q1 27, Q2 27. You will see us being cautious with the share buyback. Our priority is ensuring that we can fund the growth organically to. And at the same time, preserve the strength in our balance sheet. And as we advance with the deployment of that capital, and looking at gold prices and the performance of the business, over the next 2, 3 quarters we will certainly reengage in our share buyback program. But more than that, a set target today on an amount of shares, what is driving our decision is just to be cautious as we initiate the capital deployment or the more significant portion of the capital deployment and prioritizing that and managing, balancing that with retaining a strong balance sheet through the capital phase. Right? So we will always be opportunistic with the share buybacks, but I think we will be particularly cautious over the next 2 quarters, I would say, at the very least with the share buybacks.

Okay. Great. Thank you. I really appreciate that. And, yeah, sounds like lots of exciting developments to come. Look forward to seeing the news. I will hop back in the queue. Cheers.

Thank you. Thank you.

And once again, everyone, if you have any questions or comments, please press star then 1 on your phone. Your next question is coming from Mohamed Sidibe from National Bank. Your line is live.

Good morning, Jorge and team, and thanks for taking my question. Maybe if I could start at Seguela. I just wanted to get a little bit more color on the site wide stoppage you mentioned from the blockade by artisanal miners. Can you give us some color on, what triggered this and now that, you are back in production, what has changed with, I guess, the local community or maybe the authorities to kind of reduce this risk in the future. Thank you.

Well, on July 10, a police task call, that is a national task force. To combat illegal mining and carried out an operation in the village of Koula. Koula is located a couple of kilometers from our mine site and it is a village that hosts a large population of migrant artisanal minors. And as I said, the government of Cote d'Ivoire has a national task force, police task force to combat not necessarily artisanal mining, but illegal mining. No? And they had this operation carried out in the village of Koula, which unfortunately, resulted in a fatal shooting. So this triggered protests by the artisanal miners at Koula who mobilized to our site and vandalized the entrance of our plant site entered parts of our premises, and blockaded access for approximately 24 hours before the Gendarmes dispersed the blockade. Management, With Good Judgment, Then Delayed Personal Rotations And Partially Demobilized The Workforce While We assessed the situation and resumed dialogue. We Were Not Informed By The Police Or Authorities Of This in operations they were carrying in Koula. So all of this came as a surprise to us, to be honest. For priority you know, was the safe restart of operations, and maintaining a healthy long-term relationship with the artisanal mining community We do not have any quarrels with the artisanal miners. We. There are no large artisanal mining fields. In the vicinity of our mine. There is a lot of, scattered workings where you see, you know, anywhere between 5 and, groups of 5, to 20 artisanal minors with relatively. In relatively small digging. And our relationship all these years has been good. Very manageable. So this was a bit of a surprise. And, again, ignited by this operation carried by the national task force. To come by the illegal mining. So operations resumed and our total stoppage from the start of the blockade until when we resume full operations, we are able to remobilize the workforce and continue with our normal rotations that was about 6 days down and after the incident. So that is the color I can give you, Mohamed.

That is very helpful, Jorge. Thanks a lot for that. And then maybe my second question on Bambadji. Again, good exploration update, and we know we are we are getting an updated resource at. Or made in resource at Kabi West at year end. Can you remind us in terms of, integrating deposits from Bambadji into Diamba Sud? Like, what it takes at the permitting level and how you are envisioning maybe at a high level, how that could work out. And any color there is appreciated. I know that we remain at the early stages there. But thank you.

Yes. What I can tell you is that we have already brought this up with the minister of mines. Because you know, we see Bambadji as 1 with Diamba Sud. The deposit that we where we look to produce this first resource is located only 2 kilometers away from the Diamba Sud plant site. So it just makes the world of sense to integrate everything with respect to the permitting and more importantly, the mining convention. So we already brought this up with the minister of mines, and we are engaged in those discussions right now. So but they do acknowledge the minister of mines in conversations I have had personally with him. He does acknowledge that Bambadji ore will be processed at the Diamba Sud plant, They. We just need to make sure that we can get a proper alignment on something that makes sense for the long term and make the operation of the deposits in both properties feasible and sensible. Right? And it is been raised with the authorities, and we are working on it. Great.

Thanks a lot for that color, and thanks for taking my questions.

Thank you.

That concludes our Q and A session. I will now hand the conference back to management for closing remarks. Please go ahead.

If there are no further questions, we will conclude today's call. Thank you for joining us and for your continued interest in and support for Fortuna Mining. We appreciate your questions and engagement and look forward to updating you on our progress next quarter. Have a great day.

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.