FORTUNA MINING (FSM) Company Report

Analyst Coverage

Research analysts who have asked questions during FORTUNA MINING earnings calls.

Adrian Day

Adrian Day Asset Management

6 questions for FSM

Also covers: AU, OR, PAAS

Mohamed Sidibe

Desjardins Securities

4 questions for FSM

Also covers: AAUCF, CCJ, IAG +2 more

David Kranzler

Mining Stock Journal

3 questions for FSM

Don DeMarco

National Bank Financial

2 questions for FSM

Also covers: AAUCF, AGI, ARMN +7 more

Eric Winmill

Bank of Nova Scotia

2 questions for FSM

Also covers: GROY, MTAL, NGD

Tony Christ

Odyssey Investments

2 questions for FSM

John Pereira

Private Investor

1 question for FSM

Latest news

Recent press releases and 8-K filings for FSM.

Fortuna Mining Corp. announces significant increase in gold reserves and extended mine life at Séguéla Mine

FSM

New Projects/Investments

Guidance Update

Fortuna Mining Corp. reported updated Mineral Reserves for its Séguéla Mine as of December 31, 2025.
Total Mineral Reserves at Séguéla increased by 31% to 1.54 million ounces of gold compared to October 31, 2025, extending the mine life to over 9 years.
This increase includes 401,000 ounces of gold from the first-time estimation of underground Mineral Reserves at the Sunbird deposit.
A processing plant expansion study is underway, with the potential to increase annual gold production to more than 200,000 ounces.

Jan 20, 2026, 3:25 PM

6-K

Fortuna Mining Corp. Reports 2025 Production Results and 2026 Outlook

FSM

Guidance Update

New Projects/Investments

Earnings

Fortuna Mining Corp. achieved its 2025 annual production guidance, delivering 317,001 gold equivalent ounces (GEO), with Ségéla achieving record gold production of 152,426 ounces.
GEO production from ongoing operations for 2025 was 279,207 ounces, a decrease from 292,169 GEO in 2024, mainly due to rising gold prices impacting the GEO calculation for Caylloma.
The company's 2026 outlook projects GEO production from ongoing operations between 281,000 and 305,000 ounces, with a cash cost between $895 and $1,000 per GEO and an all-in sustaining cost (AISC) between $1,830 and $1,975 per GEO.
As of December 31, 2025, Fortuna estimated liquidity of $704 million and a net cash position of $382 million, and is advancing key growth projects including a construction decision at Diamba Sud by mid-year.

Jan 15, 2026, 5:15 PM

6-K

Fortuna Mining Reports 2025 Production and Provides 2026 Outlook

FSM

Guidance Update

New Projects/Investments

Fortuna Mining Corp. achieved its annual production guidance in 2025, delivering 317,001 gold equivalent ounces (GEO).
For 2026, the company projects GEO production from ongoing operations to be between 281,000 and 305,000 ounces, with consolidated cash costs between $895 and $1,000 per GEO and all-in sustaining costs (AISC) between $1,830 and $1,975 per GEO.
Fortuna is advancing key growth projects in 2026, including a construction decision at Diamba Sud by mid-year and a processing plant expansion study at Séguéla, allocating approximately $100 million to Diamba Sud and $55 million to exploration.
As of December 31, 2025, the company had an estimated liquidity of $704 million and a net cash position of $382 million.

Jan 15, 2026, 10:00 AM

Press Release

Fortuna Mining Corp. Reports Strong Drilling Results and Project Advancement at Diamba Sud Gold Project

FSM

New Projects/Investments

Fortuna Mining Corp. announced additional exploration drilling results from the Southern Arc deposit at its Diamba Sud Gold Project, Senegal, including a drill intercept of 1.7 g/t Au over an estimated true width of 29.6 meters and a further 2.0 g/t Au over an estimated true width of 20.0 meters from drillhole DSDD574.
The Diamba Sud Gold Project is a PEA-stage project with robust economics, highlighted by an estimated after-tax NPV5% of US$563 million and an IRR of 72% at a gold price of US$2,750 per ounce.
The project is advancing toward a feasibility study and a construction decision targeted for the second quarter of 2026, with an updated resource estimate expected in the first quarter of 2026.
A further 63 reverse-circulation and diamond drill holes, totaling 9,619 meters, have been completed at Southern Arc, and drilling is continuing with five drill rigs.

Dec 8, 2025, 6:32 PM

6-K

Fortuna Mining Corp. Awards Ségéla Mine Plant Expansion Study

FSM

New Projects/Investments

Guidance Update

Fortuna Mining Corp. has awarded Lycopodium Minerals Canada Ltd. the Ségéla Processing Plant Expansion Options Study in Côte d’Ivoire.
The study aims to increase the Ségéla processing plant throughput by 15% to 40%, from its current 1.75 Mtpa to between 2.0 and 2.5 Mtpa, with a target of more than 200,000 ounces of gold per year.
The completion of the plant expansion feasibility study is planned for the second quarter of 2026.
This initiative supports Fortuna's strategic objective to achieve approximately 500,000 ounces of annual gold equivalent production within the next three years.

Dec 3, 2025, 4:59 PM

6-K

Fortuna Mining Corp. Files Technical Report for Diamba Sud Gold Project PEA

FSM

New Projects/Investments

Guidance Update

Fortuna Mining Corp. has filed a technical report for its Diamba Sud Gold Project in Senegal, supporting a Preliminary Economic Assessment (PEA) with an effective date of October 15, 2025.
The PEA outlines a life of mine of 8.1 years, projecting total gold production of 840 thousand ounces at an average annual rate of 106 thousand ounces.
Based on a $2,750/oz gold price, the project's after-tax NPV 5% is estimated at $563 million with an after-tax IRR of 72%, requiring an initial capital expenditure of $283 million.
The estimated average All-in Sustaining Costs (AISC) over the life of mine are $1,238 per ounce.
Mineral Resources, effective July 7, 2025, include 724 thousand ounces of gold (Indicated) and 285 thousand ounces (Inferred), reported using a $2,600/oz gold price.

Nov 27, 2025, 1:53 AM

6-K

Fortuna Mining Corp. Announces Expanded Mineral Reserves and Resources for Ségula Mine

FSM

New Projects/Investments

Guidance Update

Fortuna Mining Corp. reported a significant increase in Mineral Reserves and Resources at its Ségula Mine as of October 31, 2025, with 1.2 million ounces of gold in Mineral Reserves (an 11% increase compared to December 31, 2024) and 794,000 ounces of gold in Indicated Resources (a 100% increase compared to December 31, 2024).
This expansion has extended the Ségula Mine's life to 7.5 years.
The company has initiated technical studies to evaluate a 25% plant expansion to between 2.0 and 2.5 million tonnes per year, with completion expected in the second quarter of 2026.
An underground mining study for the Sunbird project, which could convert up to 502,000 gold ounces of Indicated Resources into Mineral Reserves, is expected to be completed in December 2025.

Nov 19, 2025, 1:21 AM

6-K

Fortuna Mining Corp Reports Strong Q3 2025 Financial and Operational Results

FSM

Earnings

Guidance Update

New Projects/Investments

Fortuna Mining Corp reported attributable net income of $123.6 million, or $0.40 per share, for Q3 2025, which included a $69 million impairment reversal at its Lindero mine. The adjusted net income was $0.17 per share.
The company generated $73 million in free cash flow from operations and ended the quarter with a liquidity position of $588 million and a net cash position of $266 million.
Operationally, Ségéla produced 38,799 ounces of gold with an all-in sustaining cost (AISC) of $1,738 per ounce, while Lindero produced 24,417 ounces of gold with an AISC of $1,570 per ounce. Despite an unexpected primary crusher shutdown at Lindero, the company anticipates no impact on its annual production target.
Growth initiatives are advancing, with the Ambasud project in Senegal confirming strong economics (after-tax internal rate of return of 72%, net present value of $553 million) and targeting a construction decision in the first half of 2026. Fortuna is also scoping an expansion of Ségéla's process plant throughput to 2.2-2.3 million tons per annum and increased its full-year capital expenditures guidance to approximately $190 million due to exploration success.

Nov 6, 2025, 5:00 PM

Transcript

Fortuna Mining Corp. Reports Q3 2025 Financial Results

FSM

Earnings

M&A

Revenue Acceleration/Inflection

Fortuna Mining Corp. reported net income attributable to shareholders of $123.6 million (or $0.40 per share) for the three months ended September 30, 2025, a significant increase from $50.5 million (or $0.16 per share) in the prior year period. Sales for Q3 2025 also grew to $251.4 million, up from $181.7 million in Q3 2024.
The company's free cash flow from ongoing operations more than doubled to $73.4 million in Q3 2025 compared to $34.0 million in Q3 2024. This contributed to a substantial increase in cash and cash equivalents and short-term investments, which reached $438.3 million as of September 30, 2025, an 89% increase from December 31, 2024.
Fortuna Mining Corp. completed the sale of its Cuzcatlan (San Jose Mine) on April 11, 2025, and the Sanu Entities on May 12, 2025, with their results now excluded from continuing operations.

Nov 6, 2025, 11:43 AM

6-K

Fortuna Mining Corp. Reports Significant Gold Intersections and Defines Second Underground Shoot at Sunbird Deposit

FSM

New Projects/Investments

Fortuna Mining Corp. reported significant exploration drilling results at its Sunbird Deposit, Ségéla Mine, Côte d’Ivoire, including an intersection of 7.3 g/t Au over 16.1 meters.
The drilling successfully extended high-grade mineralization at depth and confirmed the development of a second underground shoot, supporting potential resource growth and mine life extension.
The main shoot mineralization now extends more than 1.3 kilometers down plunge, approximately 700 meters below surface, and the second high-grade shoot extends at least 900 meters down plunge from the pit base.
Mineralization remains open at depth and along strike, with drilling continuing through the end of 2025, and an underground study has been initiated to infill and upgrade resource confidence.