Thomas Bislonovitz's questions to Fortuna Mining Corp (FSM) leadership • Q2 2025
Question
Thomas Bislonovitz commented on the stock's recent decline, noting his personal investment, and subsequently asked about the company's appetite for M&A or mergers.
Answer
President and CEO Jorge Ganoza addressed the stock performance by stating the company has "never been stronger," attributing the headline EPS miss to the timing of a $17 million withholding tax and explaining that elevated AISC is due to strategic growth investments. Regarding M&A, Mr. Ganoza emphasized that the company's primary focus is on value-accretive organic growth from its existing portfolio, which is the cheapest and most direct path to creating shareholder value. He stated Fortuna is "chasing value, not ounces" but has the balance sheet to pursue opportunities if they are compelling.