Fortuna Mining Corp (TSE:FVI)
NYSE:FVI
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Fortuna Mining Corp
(NYSE:FVI)
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Rating:78Outperform
Price Target:
C$15.00
▲(0.67% Upside)
Action:Reiterated
Date: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 liquidity and conservative leverage
Very strong cash position and net cash status provide durable financial flexibility. With ~ $816M total liquidity management can fund growth, absorb commodity cycles, and pursue opportunistic capital allocation without relying on external financing, supporting long-term strategic optionality.
Negative Factors
Revenue and earnings cyclicality
Commodity-driven revenue and earnings volatility is intrinsic to the business and limits predictability of margins and free cash flow. This undermines consistent reinvestment and dividend/buyback pacing, making long-term returns sensitive to commodity cycles and operational uptime.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and conservative leverage
Very strong cash position and net cash status provide durable financial flexibility. With ~ $816M total liquidity management can fund growth, absorb commodity cycles, and pursue opportunistic capital allocation without relying on external financing, supporting long-term strategic optionality.
Read all positive factors
Fortuna Mining Corp (FVI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.98B
Dividend YieldN/A
Average Volume (3M)991.44K
Price to Earnings (P/E)7.8
Beta (1Y)2.57
Revenue Growth-4.16%
EPS Growth116.44%
CountryCA
Employees4,961
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.11
Shares Outstanding302,957,400
10 Day Avg. Volume714,345
30 Day Avg. Volume991,440
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$19.47Price Target Upside30.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.61
Revenue Forecast (FY)C$1.47B
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 refined or doré gold and silver (and any associated by-product metals) into global commodities markets. Revenue is generated when mined ore is processed into saleable metal, which is then sold...
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
Negative
14.90
Price Trends
13.75
Negative
14.45
Negative
13.31
Negative
Market Momentum
-0.14
Positive
44.94
Neutral
41.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FVI, the sentiment is Negative. The current price of 14.9 is above the 20-day moving average (MA) of 13.65, above the 50-day MA of 13.75, and above the 200-day MA of 13.31, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 44.94 is Neutral, neither overbought nor oversold. The STOCH value of 41.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$3.98B | 7.78 | 20.79% | ― | -4.16% | 116.44% | |
78 Outperform | C$966.45M | 4.07 | 20.32% | ― | 67.83% | 342.70% | |
74 Outperform | C$3.88B | 28.45 | 20.80% | ― | 313.42% | ― | |
70 Outperform | C$962.83M | 9.55 | 33.35% | ― | 17.40% | -74.00% | |
69 Neutral | C$3.78B | -233.84 | -1.29% | 0.29% | 45.46% | -115.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:FVI
Fortuna Mining Corp
12.09
2.32
23.75%
TSE:SVM
Silvercorp Metals
14.80
9.10
159.47%
TSE:AYA
Aya Gold & Silver
23.87
9.90
70.87%
TSE:SCZ
Santacruz Silver Mining
8.85
4.85
121.25%
TSE:APM
Andean Precious Metals
5.55
2.90
109.43%
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...
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.