Fortuna Mining Corp (TSE:FVI)
TSX:FVI
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Fortuna Mining Corp
(TSX:FVI)
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Rating:78Outperform
Price Target:
C$17.00
▲(14.09% Upside)
Action:ReiteratedDate:05/09/26
The score is driven primarily by strong financial performance (improved TTM profitability, robust free cash flow, and conservative leverage) and a positive earnings call with reiterated guidance and a funded growth plan. Valuation is supportive due to a low P/E. Technicals are the main constraint, with negative MACD indicating momentum is not yet firmly bullish despite price trading above key moving averages.
Positive Factors
Strong cash generation and liquidity
Sustained quarterly free cash flow and a large cash/net-cash position provide durable internal funding for growth capex, exploration and buybacks without reliance on external markets. This enhances capital allocation optionality and cushions the company through commodity cycles and permitting timelines.
Negative Factors
Revenue and profitability cyclicality
As a precious-metals miner, earnings and margins remain highly sensitive to metal prices, ore grades and annual production swings. Prior multi-year volatility and a 2025 revenue decline illustrate that cash flow and returns can reverse quickly, challenging sustained margin and capital plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and liquidity
Sustained quarterly free cash flow and a large cash/net-cash position provide durable internal funding for growth capex, exploration and buybacks without reliance on external markets. This enhances capital allocation optionality and cushions the company through commodity cycles and permitting timelines.
Read all positive factors
Fortuna Mining Corp (FVI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.49B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)6.8
Beta (1Y)2.52
Revenue Growth-4.16%
EPS Growth116.44%
CountryCA
Employees4,961
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)1.11
Shares Outstanding304,557,370
10 Day Avg. Volume718,584
30 Day Avg. Volume1,079,934
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.80
Price to Sales (P/S)3.13
P/FCF Ratio10.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$19.14Price Target Upside28.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.66
Revenue Forecast (FY)C$1.48B
Fortuna Mining Corp Business Overview & Revenue Model
Company Description
Fortuna 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...
How the Company Makes Money
Fortuna primarily makes money by producing and selling precious metals—mainly gold and silver—from its operating mines. Revenue is generated when mined ore is processed (typically into doré bars or other saleable forms) and sold to third-party buy...
Fortuna Mining Corp Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: record revenue, record adjusted net income and EBITDA, exceptional free cash flow, robust liquidity, meaningful reserve and resource expansion, and a funded growth pipeline with near-term technical and permitting milestones. Lowlights were largely manageable or temporary: higher reported AISC partly driven by one-off items and royalties linked to higher metal prices, temporary cost pressures at Lindero tied to maintenance and macro conditions, a near-term increase in tax expense and tax-driven cash outflows that will reduce free cash flow in Q2–Q3, and a noted gap in cyber due diligence for potential acquisitions. Overall, the positive operational execution, strong balance sheet, and visible project pipeline substantially outweigh the manageable near-term cost, tax, and governance concerns.Positive Updates
Record Revenue and Profitability
Sales of $342 million (quarterly record); adjusted net income of $111 million ($0.36 per share), a quarterly record (up 64% versus prior quarter and up 200% versus prior year); adjusted EBITDA of $219 million (record).
Negative Updates
Elevated Consolidated AISC and One-off Impacts
Reported all-in sustaining cost (AISC) of $2,107 per gold equivalent ounce in Q1; approximately $122/oz of AISC was attributed to external/one-time factors (higher royalties driven by gold price and increased share-based compensation), indicating some non-operational cost pressure on AISC.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue and Profitability
Sales of $342 million (quarterly record); adjusted net income of $111 million ($0.36 per share), a quarterly record (up 64% versus prior quarter and up 200% versus prior year); adjusted EBITDA of $219 million (record).
Read all positive updates
Company Guidance
Management reiterated it is on track to meet full‑year 2026 guidance and expects approximately 60% growth in annual gold production over the next 24 months to ~0.5 million ounces, driven by the Seguela expansion and Diamba Sud; near‑term milestones include Diamba Sud and Seguela feasibility/expansion studies due in May, Diamba Sud ESIA approval imminent and exploitation permit expected mid‑year, and Diamba Sud early‑works budgeted at $100 million for 2026. Company‑level financial and capital guidance: 2026 total exploration/sustaining/non‑sustaining capital of ~$330 million (56% to growth/exploration) to be funded from internal cash flow; Q1 free cash flow from ongoing operations was $174 million, record sales were $342 million, adjusted net income $111 million ($0.36/sh), adjusted EBITDA $219 million, liquidity ~$816 million (cash $665.9 million, net cash $493 million, $150 million undrawn revolver), and expected 2026 tax payments of ~$140 million (~50% in Q2, 35% in Q3) with a full‑year effective tax rate moving to the high‑30% range. Project and cost guidance/details include proven & probable reserves up 50% to 3.0 Moz, indicated resources up 56% to 2.1 Moz, inferred resources up 4% to 2.2 Moz; Seguela Sunbird will be owner‑operated with an incremental ~$25 million CapEx and initial development targeted for 2027, a 6 MW Seguela solar plant to be commissioned this quarter (≈35% per‑unit power cost saving), and Lindero’s AISC expected to trend toward ~$1,300/oz by Q4.Fortuna Mining Corp Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.10B | 960.06M | 1.06B | 842.43M | 681.49M | 599.85M |
| Gross Profit | 598.05M | 467.98M | 343.61M | 190.03M | 146.80M | 205.48M |
| EBITDA | 745.05M | 566.40M | 471.21M | 230.79M | 59.05M | 242.05M |
| Net Income | 341.02M | 302.13M | 128.74M | -50.84M | -135.91M | 57.88M |
Balance Sheet | ||||||
| Total Assets | 2.49B | 2.41B | 2.12B | 1.97B | 1.88B | 2.02B |
| Cash, Cash Equivalents and Short-Term Investments | 675.82M | 559.72M | 231.33M | 128.15M | 80.57M | 107.51M |
| Total Debt | 209.40M | 266.50M | 194.01M | 264.25M | 240.52M | 186.89M |
| Total Liabilities | 652.34M | 682.72M | 649.46M | 679.74M | 587.53M | 592.35M |
| Stockholders Equity | 1.77B | 1.67B | 1.40B | 1.24B | 1.24B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | 366.34M | 294.41M | 161.90M | 79.59M | -56.99M | -5.15M |
| Operating Cash Flow | 551.88M | 475.53M | 365.68M | 296.91M | 194.25M | 147.14M |
| Investing Cash Flow | -113.77M | -91.71M | -194.44M | -216.88M | -255.33M | -118.50M |
| Financing Cash Flow | -81.69M | -61.67M | -66.14M | -32.72M | 38.47M | -51.42M |
Fortuna Mining Corp Technical Analysis
Positive
14.90
Price Trends
14.91
Negative
14.45
Positive
12.60
Positive
Market Momentum
0.02
Negative
55.60
Neutral
46.36
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 14.9 is above the 20-day moving average (MA) of 13.83, below the 50-day MA of 14.91, and above the 200-day MA of 12.60, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 55.60 is Neutral, neither overbought nor oversold. The STOCH value of 46.36 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$4.49B | 6.84 | 18.47% | ― | -4.16% | 116.44% | |
78 Outperform | C$981.44M | 5.08 | 20.32% | ― | 44.00% | 526.81% | |
71 Outperform | C$4.08B | -29.08 | -2.37% | 0.29% | 39.63% | -121.64% | |
65 Neutral | C$3.78B | 28.20 | 12.50% | ― | 425.34% | ― | |
65 Neutral | C$1.14B | 20.50 | 25.34% | ― | 17.40% | -74.00% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:FVI
Fortuna Mining Corp
14.90
7.18
93.01%
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Fortuna Mining Corp Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Fortuna lifts Q1 output, advances Séguéla and Diamba Sud growth plans
Positive
Apr 9, 2026
Fortuna Mining Corp. reported first-quarter 2026 production of 72,872 gold equivalent ounces, up from both the previous quarter and the prior-year period, driven mainly by higher output at its Séguéla mine in Côte d’Ivoire. Th...
Business Operations and Strategy
Fortuna hits high-grade gold as Southern Arc becomes largest Diamba Sud deposit
Positive
Feb 25, 2026
Fortuna Mining Corp. has reported new exploration drilling results from the Southern Arc deposit at its Diamba Sud Gold Project in Senegal, including a standout intercept of 6.0 grams per tonne of gold over 24.1 meters. The latest 44 reverse circu...
Business Operations and Strategy
Fortuna boosts Diamba Sud gold resources by 73% to 1.25 million ounces
Positive
Feb 19, 2026
Fortuna Mining Corp reported a 73% increase in Indicated Mineral Resources at its Diamba Sud Gold Project in Senegal, bringing the total to 1.25 million ounces of gold at an average grade of 1.50 g/t. The update significantly boosts resource confi...
Business Operations and StrategyStock BuybackFinancial Disclosures
Fortuna Mining Delivers Record 2025 Cash Flow and Bolsters Growth Pipeline
Positive
Feb 19, 2026
Fortuna Mining Corp. reported record free cash flow of $132.3 million for the fourth quarter and $330.0 million for 2025, alongside record adjusted net income from continuing operations, as it met annual gold-equivalent production guidance despite...
Business Operations and Strategy
Fortuna Extends High Grade Gold at Sunbird Deposit at Séguéla Mine
Positive
Feb 12, 2026
Fortuna Mining Corp. reported new exploration drilling results from the Sunbird deposit at its Séguéla Mine in Côte d’Ivoire, where recent holes have extended high grade gold mineralization at depth and expanded a second high ...
Business Operations and StrategyFinancial Disclosures
Fortuna Mining to Report 2025 Results and Host Earnings Call in February
Neutral
Feb 11, 2026
Fortuna Mining Corp., a Canadian precious metals producer with three operating mines and exploration assets in Latin America and West Africa, focuses on gold and silver production under a strategy centered on sustainability and long-term value cre...
Business Operations and StrategyRegulatory Filings and Compliance
Fortuna Advances Diamba Sud Gold Project With Exploitation Permit Application
Positive
Feb 10, 2026
Fortuna Mining Corp. has applied for an exploitation permit for its Diamba Sud Gold Project in Senegal, marking a key regulatory step as it advances the asset toward potential development. The move underscores the company’s strategy to expan...
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.