Ladies and gentlemen, thank you again. May I introduce Mr. Jorge Ganoza. Excuse my Spanish pronunciation. He's the President, CEO, and Director of Fortuna Mining Corp. Thank you.
Thank you, and sorry for running on Peruvian time rather than Swiss time. Why invest in Fortuna? We are strategically positioned to deliver over the next 24 months high-value growth opportunities, and I'm going to be telling you about that. We have two key projects that are going to drive significant growth for us. We're currently producing gold at an annual rate of about 300,000 ounces annually. We plan to drive that and reclaim 500,000 ounces of annual production, which is what we were producing back in 2024. We're returning capital to our shareholders. We have a high-margin business today. We have about $130 million allocated for shareholder returns. We repurchased about $12 million back in the fourth quarter of 2025 and $20 million this first quarter of 2026.
We have one of the strongest balance sheets in our peer group of mid-size producers, with over $700 million of liquidity and a net cash position of in excess of $380 million. One of the legs that supports our growth ambition over the next 24 months is the Diamba Sud project, where we just published an expansion of resources of 73%, and I'm going to be telling you more about that. We're a proven team in the jurisdictions where we operate, which are West Africa and Latin America. Collectively, we have built in those regions, as Fortuna, five mines and operate them successfully. This growth ambition again of going up to 500,000 ounces of gold production is supported by about 7 million ounces of gold and growing in our total mineral inventory between reserves and resources, which is significant.
We don't need to discover or go acquire ounces in order to drive to this target of 500,000 ounces of annual production. Our jurisdictions or regions of choice for business are LATAM and West Africa, two premier mining regions. These are regions that have a higher perceived geopolitical risk. In exchange for that geopolitical risk associated to operating in developing nations, young democracies, is we ask for higher returns in the projects we acquire and we develop. We're about to enter into a construction of our Séguéla or Diamba Sud mine in Senegal, and that's a project that currently exhibits an internal rate of return of 73% using $2,750 per ounce of gold on price. We do not have a concentration of NAV in any one project, so we have a good distribution in different countries.
Our NAV is not concentrated in one country or in one single asset. That's how we manage geopolitical risk. We have three operating mines today and a developing project. I draw your attention to the last line where we talk about life of mines. We're driving operations or business with mines that each one supports a decade plus in reserves, in life of mine. Based solely on reserves, we show at the Séguéla Mine nine years. If you include resources, we are looking beyond a decade. The same thing at Lindero. Caylloma is a bit of the odd duck here. Caylloma has been operating for 500 years with three years of life of reserves. It's one of those underground mines in the high Andes. It is our first mine, it's our smallest mine, but a steady free cash flow contributor.
And, as I tell everybody, that mine is not going to close in my watch. It's been operating for 500 years, right? And our newest project, Diamba Sud, I'm going to be telling you more about that. So, I started the conversation, the presentation, saying we have this ambition to get to 500,000 ounces. How are we going to do that? Developing these two projects, the expansion of our Séguéla Mine in Côte d'Ivoire, that's today, I would say, our flagship asset. It's been operating since mid-2023. This year is going to deliver about 170,000 ounces of gold. And expanding the Séguéla Mine and building Diamba Sud, where we expect to make a construction decision this year. For us, the construction is imminent. We have allocated in our 2026 budget $100 million towards Diamba Sud.
And $60 million of those $100 million allocated to Diamba are for early works. So we started camp construction, road access. We are advancing engineering, front-end engineering design. We're placing purchase orders for equipment packages that are on the critical path. We expect we could be in a position to deliver gold, first gold in mid-2028.Right? So, and the same thing with Seguela. We are expecting to deliver the expansion study for the mine in this coming month of May. Our plan is to expand the processing capacity of this mine by 30%, taking it from, let's say, 5,000 tons per day to 6,000, 6,500 tons per day. That's going from 1.75 million tons per year of annual throughput to 2.3 million tons per year of annual throughput. We have the resources, the reserves to support that expansion.
We believe the CapEx for the Séguéla expansion will be in the range of $75 million, and the CapEx for Diamba Sud will be in the range of $300 million. Those projects are low risk technically, are supported by a sound base of reserves and resources that we currently have in our inventories, socially are very viable, and financially are de-risked by the strength of our balance sheet. For us, it's focusing on execution, and at a time where everybody wants to build a gold mine, just make sure that we put our money to work, get first in the queue with the best engineers, with the best service providers, with the best contractors, the equipment manufacturers or SAG mills and all of those equipment packages that can be a long lead.
Get first in the queue, put the money to work, and get ready to get those deliveries in a reasonable timeframe, right? We were close to delivering 500,000 ounces back in 2024, and we decided to divest of two mines we had in the portfolio, the Yaramoko Mine in Burkina Faso and the San José M ine in Mexico. Those were mines that were contributing to our production, but those mines were running short on reserves. They didn't really meet our strategic objective of production from mines with a decade in reserves, a decade in the life of mines. We decided back in early 2025 to go and divest of those assets. Because this year, 2026, we would be entering into mine closures. I want my team to be playing offense, not defense, going into mine closure projects, distracting capital and management attention.
So we took, we made the decision to take the hit on reduced production, but focus on these two projects that I'm telling you about that will drive growth back to 500,000 ounces of gold annual prod. We're focused on that. Just to give you a sense of our financial performance and our business, 2025, we delivered a revenue of close to $1 billion. Our net cash from operations was a strong $455 million in 2025. Free cash flow from ongoing operations for the year, $330 million. Our adjusted attributable net income, $200 million for the year. Of course, the fourth quarter of the year was very strong. When we look at production in Q1, we just reported production a few weeks ago, a few days ago for the first quarter of this year. Our gold equivalent production was close to 73,000 ounces of gold.
That is an improvement on the previous quarter, where we did about 70,000 ounces, and an improvement with respect to a year ago, when we delivered about 65,000 ounces. The business is running strong. We're delivering the ounces, capturing the benefit of prices. All of this is transferring to our balance sheet. We came out of a capital-intensive phase after the construction of the Séguéla Mine back in 2023. We had debt, we had a net debt position. We said, first, let's look at our balance sheet, and let's make sure we can put together a fortress balance sheet. We've been working on that, and we have achieved that. I hear a lot of companies working towards that right now. Well, we have been working on that for some time, and we currently talk from a position of strength.
We have a net cash position that today travels north of $400 million. Liquidity today, north of $800 million. These are figures as of year-end, right? Not everything is the gold price running up and taking all our problems away. We operate with a lot of operational discipline. What we aim to show in this graph is that, yes, gold prices are going higher, driving net cash from operations. If you see our cash cost is staying relatively flat. No? We remain very focused on operational discipline. Our exploration budget for 2026 is $55 million. For 2025, it was $45 million. We continue investing heavily on mineral exploration and harvesting a lot of success there. We currently have active exploration programs in Senegal, Argentina, the Ivory Coast, and Mexico. I'm going to touch on some of those.
One minute, please.
Sorry?
One minute.
One minute. I don't know. I'll use it for questions.
Sorry to cut you off. I can be ruthless at times. Interesting portfolio you have, and I love your cash balance of $380 million. Ladies and gentlemen, any questions from the floor, please?
Don't be shy.
Otherwise, as adjudicator here, I will ask the question. Your CapEx is fairly low for Diamba Sud and so on. As is mentioned, you have $380 million in cash. You're being very conservative, or you think you will actually need to use all of that cash? In other words, are you thinking about returning some of that to the shareholders?
As I said, our capital allocation priorities, one, we have to fund our growth. Now, it's low-risk growth, and we control our growth. We can easily fund that. We can continue funding aggressively our exploration programs, and at the same time, we can sustain the returns to our shareholders via the buyback. No? Yeah, we are planning to continue funding our growth organically, internally through cash flows.
Mm-hmm.
We expect to generate free cash flow this year if prices stay where they are. Free cash flow from operations are around $400 million. Our EBITDA should be traveling at around $800 million this year. Right? We're more than adequately funded to meet all our capital needs and shareholder returns.
Thank you. Ladies and gentlemen, please join me in thanking the presenter. Thank you.
Thank you.