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Fortuna Mining Corp (TSE:FVI)
TSX:FVI
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Fortuna Mining Corp (FVI) AI Stock Analysis

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TSE:FVI

Fortuna Mining Corp

(TSX:FVI)

Rating:77Outperform
Price Target:
C$11.00
▲(4.36% Upside)
Fortuna Mining Corp's strong financial performance and positive earnings call sentiment are the most significant factors driving the score. The technical analysis supports a bullish outlook, while the valuation suggests the stock is fairly priced. Despite some operational challenges, the company's strategic initiatives and growth prospects contribute to a favorable overall assessment.
Positive Factors
Cash Flow Generation
FVI shares could benefit from a growing track record of cash flow generation driven by the Séguéla gold mine.
Financial Performance
Strong throughput at Séguéla resulted in production ahead of expectations, with recovery rates improving to 93.1%.
Share Buybacks
FVI continued to repurchase shares with $4.16M in buybacks during the quarter.
Negative Factors
Quarterly Performance
Higher than forecasted throughput at Séguéla and Yaramoko offset a slightly weaker quarter at Lindero.

Fortuna Mining Corp (FVI) vs. iShares MSCI Canada ETF (EWC)

Fortuna Mining Corp Business Overview & Revenue Model

Company DescriptionFortuna Silver Mines Inc. engages in the acquisition, exploration, and mining of precious and base metal deposits in Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire. It holds interest in the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver and gold mine situated in southern Mexico; the Lindero gold project located in Argentina; Yaramoko gold mine situated in south western Burkina Faso; and Séguéla gold mine located in south western Côte d'Ivoire. The company was formerly known as Fortuna Ventures Inc. and changed its name to Fortuna Silver Mines Inc. in June 2005. Fortuna Silver Mines Inc. was incorporated in 1990 and is based in Vancouver, Canada.
How the Company Makes MoneyFortuna Mining Corp generates revenue primarily through the extraction and sale of gold and silver. The company operates multiple mining projects, with its key revenue streams coming from the sale of metals produced at these sites. Additionally, Fortuna may engage in hedging strategies to stabilize revenue from fluctuating metal prices. The company often collaborates with other mining firms and service providers to enhance operational efficiency and reduce costs, which can further contribute to its profitability. Factors such as global commodity prices, production levels, and operational efficiencies play a significant role in determining the company's earnings.

Fortuna Mining Corp Earnings Call Summary

Earnings Call Date:Aug 06, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
Fortuna Mining's earnings call highlighted strong financial and operational performance, with significant growth in resources and improvements in safety and efficiency. However, there were challenges such as increased AISC and withholding taxes impacting earnings. Despite these, the overall outlook is positive with clear growth opportunities.
Q2-2025 Updates
Positive Updates
Strong Liquidity and Financial Position
Fortuna Mining reported $537 million in liquidity and $215 million in net cash, indicating a strong balance sheet and financial health.
Significant Growth in Resources at Diamba Sud
The indicated resource at Diamba Sud grew by 53%, and inferred resources by 93%, for a total of 1 million ounces, showcasing strong growth potential.
Record Safety Performance
The company recorded 7.2 million work hours without any lost time injury, improving from 6.7 million work hours previously, highlighting improvements in safety.
Strong Financial Performance
Net earnings from continued operations were $41 million, up from $33 million in the previous quarter. EBITDA margin grew to a record 55%, up from 50% in Q1.
Positive Operational Developments at Seguela
Seguela produced 38,186 ounces of gold, consistent with the prior quarter, and plans to achieve the higher end of its 160,000 to 180,000 ounces of annual production from 2026.
Progress in Renewable Energy Initiatives
Commissioned a photovoltaic plant at Lindero, generating 1 million watts per hour and saving nearly $270,000 in diesel costs.
Improved Operational Efficiency
Lindero achieved record crushing and stacking rates, with production costs decreasing and margins improving.
Negative Updates
Temporary Increase in All-In Sustaining Costs (AISC)
Consolidated AISC rose to $1,932 per ounce, up from $1,750 in Q1, due to CapEx and waste stripping at Lindero and Seguela.
Impact of Withholding Taxes on Earnings
A $17 million charge for withholding taxes related to the inaugural dividend in Cote d'Ivoire impacted net earnings by $0.06 per share.
Higher Cash Costs
Cash cost per ounce increased to $929, about $88 higher than Q2 2024, mainly due to planned waste stripping at mines.
VAT Collection Delays
Delays in collecting VAT at the Ivoire Coast operations with $37 million in receivables outstanding.
Company Guidance
During the Fortuna Mining Corp.'s Second Quarter 2025 Financial and Operational Results Call, several key metrics and strategic updates were highlighted. The company reported a record 7.2 million work hours without any lost time injury, an improvement from 6.7 million hours in the previous period. Financially, liquidity was strong at $537 million, up $76 million from the prior quarter, with net cash rising to $215 million. The average realized gold price was $3,306 per ounce, a 14% increase from Q1, contributing to a record EBITDA margin of 55%. Net earnings from continued operations were $41 million or $0.14 per share, with adjusted EPS also at $0.14. Operationally, consolidated gold equivalent production was 75,950 ounces, with a cash cost of $929 per ounce and a consolidated AISC of $1,932 per ounce. Looking forward, the company aims to rebuild production to 0.5 million ounces annually, with significant contributions expected from its flagship Seguela mine and the emerging Diamba Sud project in Senegal, supported by a robust balance sheet and strategic initiatives focused on operational excellence and productivity.

Fortuna Mining Corp Financial Statement Overview

Summary
Fortuna Mining Corp demonstrates strong profitability and operational efficiency, with a solid balance sheet characterized by low leverage. However, the decline in revenue growth and free cash flow growth presents potential challenges. The company is well-positioned in terms of profitability and financial stability, but should focus on reversing the negative growth trends to sustain its financial health.
Income Statement
75
Positive
Fortuna Mining Corp has shown a strong performance in terms of profitability with a high gross profit margin of 37.78% and a net profit margin of 14.36% in the TTM. However, the revenue growth rate has declined by 2.62%, indicating a potential challenge in maintaining growth. The EBIT and EBITDA margins are robust at 29.25% and 51.53% respectively, showcasing operational efficiency.
Balance Sheet
70
Positive
The company maintains a healthy balance sheet with a low debt-to-equity ratio of 0.14, indicating low leverage and financial stability. The return on equity is solid at 10.91%, reflecting effective use of shareholders' equity to generate profits. However, the equity ratio is not explicitly calculated, which could provide further insights into asset financing.
Cash Flow
65
Positive
Cash flow analysis reveals a decline in free cash flow growth by 1.18%, which could be a concern for future investments and operations. The operating cash flow to net income ratio is strong at 2.01, indicating good cash generation relative to net income. The free cash flow to net income ratio is moderate at 0.55, suggesting a balanced cash flow position.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.10B1.06B842.43M681.49M599.85M278.97M
Gross Profit414.67M343.61M190.03M146.80M205.48M110.22M
EBITDA546.76M471.21M233.78M59.05M242.05M106.62M
Net Income157.67M128.74M-50.84M-135.91M57.88M21.55M
Balance Sheet
Total Assets2.14B2.12B1.97B1.88B2.02B1.06B
Cash, Cash Equivalents and Short-Term Investments394.02M231.33M128.15M80.57M107.51M132.96M
Total Debt216.04M194.01M264.25M240.52M186.89M178.11M
Total Liabilities595.87M649.46M679.74M587.53M592.35M329.57M
Stockholders Equity1.49B1.40B1.24B1.24B1.38B725.77M
Cash Flow
Free Cash Flow238.27M161.90M79.59M-56.99M-5.15M-20.94M
Operating Cash Flow436.88M365.68M296.91M194.25M147.14M93.39M
Investing Cash Flow-129.33M-194.44M-216.88M-255.33M-118.50M-113.65M
Financing Cash Flow-36.47M-66.14M-32.72M38.47M-51.42M68.91M

Fortuna Mining Corp Technical Analysis

Technical Analysis Sentiment
Positive
Last Price10.54
Price Trends
50DMA
9.47
Positive
100DMA
9.05
Positive
200DMA
8.06
Positive
Market Momentum
MACD
0.36
Negative
RSI
60.06
Neutral
STOCH
62.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FVI, the sentiment is Positive. The current price of 10.54 is above the 20-day moving average (MA) of 10.04, above the 50-day MA of 9.47, and above the 200-day MA of 8.06, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 60.06 is Neutral, neither overbought nor oversold. The STOCH value of 62.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FVI.

Fortuna Mining Corp Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
$3.29B14.2111.63%13.55%5720.77%
61
Neutral
$10.27B6.370.76%2.91%3.10%-36.03%
$4.66B0.76%0.22%
$2.57B24.7417.75%1.62%
$1.10B19.818.70%0.49%
51
Neutral
C$2.12B152.08-3.11%130.83%-208.57%
$2.50B-3.52%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:FVI
Fortuna Mining Corp
10.54
4.89
86.55%
AG
First Majestic Silver
9.07
4.45
96.32%
MAG
MAG Silver
24.47
13.06
114.46%
SVM
Silvercorp Metals
4.94
1.57
46.59%
TSE:AYA
Aya Gold & Silver
14.61
1.49
11.36%
DSVSF
Discovery Silver
3.11
2.69
640.48%

Fortuna Mining Corp Corporate Events

Business Operations and Strategy
Fortuna Mining Reports High-Grade Gold Intercepts at Diamba Sud Project
Positive
Aug 13, 2025

Fortuna Mining Corp has announced significant exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project in Senegal. The drilling, which has revealed high-grade gold intercepts, highlights the potential for resource growth, with the deposit remaining open to the south, east, and at depth. Drilling is set to resume in September, with further results expected by the end of the year, potentially enhancing Fortuna’s industry positioning and offering promising implications for stakeholders.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Fortuna Mining Corp Reports Robust Q2 2025 Results and Growth Prospects
Positive
Aug 7, 2025

Fortuna Mining Corp reported strong financial results for Q2 2025, with liquidity exceeding half a billion dollars, positioning the company for growth opportunities such as the expansion of the Séguéla Mine and the Diamba Sud project. The company achieved a record EBITDA margin of 55% due to higher gold prices, and despite higher AISC driven by capital expenditures, it remains on track to meet its annual production guidance. Fortuna’s operational highlights include a gold equivalent production of 75,950 ounces and a significant increase in mineral resources at the Diamba Sud project, reflecting a strong growth trajectory.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Product-Related AnnouncementsBusiness Operations and Strategy
Fortuna Mining Corp. Boosts Gold Resources at Diamba Sud Project
Positive
Aug 5, 2025

Fortuna Mining Corp. has announced an updated Mineral Resource estimate for its Diamba Sud Gold Project in Senegal, showing a substantial increase in both indicated and inferred gold resources. The company plans to complete a Preliminary Economic Analysis by the fourth quarter of 2025, which could enhance its operational capabilities and strengthen its position in the gold mining sector.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Financial Disclosures
Fortuna Mining Corp. to Announce Q2 2025 Financial Results
Neutral
Jul 24, 2025

Fortuna Mining Corp. has announced the release of its second quarter 2025 financial results on August 6, 2025, with a subsequent conference call scheduled for August 7, 2025. The release and discussion of these results are crucial for stakeholders as they provide insights into the company’s financial health and operational performance, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

M&A TransactionsBusiness Operations and StrategyFinancial Disclosures
Fortuna Mining Corp. Reports Strong Q2 2025 Production and Strategic Asset Divestitures
Positive
Jul 9, 2025

Fortuna Mining Corp. reported a production of 71,229 gold equivalent ounces for the second quarter of 2025 from its ongoing operations. The company successfully completed the sale of its San Jose and Yaramoko mines, optimizing its asset portfolio and maintaining its annual production guidance between 309,000 to 339,000 gold equivalent ounces. The Séguéla Mine in Côte d’Ivoire is on track to achieve the upper end of its production guidance, while the divestiture of the Yaramoko Mine in Burkina Faso reflects Fortuna’s strategic focus on core assets.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Shareholder MeetingsBusiness Operations and Strategy
Fortuna Mining Corp. Announces Positive 2025 AGM Voting Results
Positive
Jun 27, 2025

Fortuna Mining Corp. announced the results of its 2025 annual general meeting, where shareholders voted in favor of all business matters, including the appointment of auditors and election of directors. The meeting saw participation of 61.54% of the issued shares, indicating strong shareholder engagement. This outcome supports Fortuna’s strategic direction and reinforces confidence in its leadership, potentially impacting its market position positively.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Fortuna Mining Corp. Strengthens Côte d’Ivoire Exploration with Strategic Investment in Awalé Resources
Positive
Jun 11, 2025

Fortuna Mining Corp. has strategically invested in Awalé Resources Limited by acquiring 15,037,593 common shares, representing a 15% stake in the company. This investment is part of Fortuna’s long-term growth strategy to enhance its exploration pipeline in Côte d’Ivoire, particularly at Awalé’s Odienné Project. The acquisition was made through a non-brokered private placement for US$6,000,000, and Fortuna has entered into an investor rights agreement to maintain its interest in Awalé through future equity financings. This move is expected to strengthen Fortuna’s market position and exploration capabilities in the region.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Business Operations and Strategy
Fortuna Mining Reports Promising Gold Intercepts at Diamba Sud Project
Positive
May 27, 2025

Fortuna Mining Corp. has announced significant exploration results from its Diamba Sud Gold Project in Senegal, highlighting promising gold intercepts at the Southern Arc prospect. The drilling results, including 8.6 g/t gold over 13.6 meters, suggest strong potential for near-term resource growth, enhancing the project’s value and reinforcing Fortuna’s strategic positioning in the gold mining sector.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Silver Mines stock, see the TSE:FVI Stock Forecast page.

Business Operations and Strategy
Fortuna Mining Corp. Releases 2024 Sustainability Report Highlighting ESG Achievements
Positive
May 21, 2025

Fortuna Mining Corp. has released its 2024 Sustainability Report, emphasizing its commitment to sustainability as a strategic imperative. The report details the company’s progress in governance, risk management, and ESG factors, highlighting achievements such as zero fatal incidents, industry-leading greenhouse gas emissions intensity, and significant community contributions. These efforts aim to strengthen relationships with stakeholders and create lasting social and environmental value.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Silver Mines stock, see the TSE:FVI Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Fortuna Silver Mines Streamlines Portfolio with Yaramoko Mine Sale
Neutral
May 13, 2025

Fortuna Silver Mines has completed the divestiture of its Yaramoko Mine in Burkina Faso, selling it to Soleil Resources International Ltd. for $70 million. This move is part of Fortuna’s strategy to streamline its asset portfolio, reallocating capital and management resources to pursue higher-value opportunities. The sale increases the company’s liquidity and allows it to exit a challenging operational and security environment. Following this divestiture, Fortuna has updated its 2025 production and cost guidance, reflecting an 18% reduction in gold equivalent production and a 6% increase in all-in sustaining costs, primarily due to the exclusion of Yaramoko’s contribution.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Fortuna Silver Mines stock, see the TSE:FVI Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 20, 2025