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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
▲(10.66% Upside)
Fortuna Silver Mines' overall stock score of 77 reflects its strong financial performance and strategic focus on growth and optimization. The company's robust profitability, efficient operations, and solid financial position are significant strengths. Technical indicators support a moderately positive outlook, while valuation metrics suggest reasonable pricing. The earnings call highlights both achievements and challenges, with a balanced sentiment. These factors collectively contribute to a favorable investment outlook.
Positive Factors
Financial Performance
FVI shares could benefit from a growing track record of cash flow generation driven by the Séguéla gold mine.
Operational Capacity
The Lindero leach pad expansion is now complete, providing the operation with an additional 10 years of capacity.
Production Performance
Higher than forecasted throughput at Séguéla and Yaramoko offset a slightly weaker quarter at Lindero.
Negative Factors
Quarterly Performance
A slightly weaker quarter at Lindero impacts overall performance, despite higher throughput elsewhere.

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: 2.26%|
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a strong financial and operational performance, with notable achievements in safety, liquidity, and exploration success in West Africa. However, there are challenges with reduced production due to mine sales and increased AISC. The sentiment remains balanced between these highlights and lowlights.
Q2-2025 Updates
Positive Updates
Strong Safety Record
Achieved 7.2 million work hours without any lost time injury, improving from 6.7 million work hours in the prior record. Total recordable injury frequency rate improved to 0.87 from 0.98 in Q1.
Financial Performance and Liquidity
Liquidity at $537 million, up $76 million from the previous quarter, with net cash of $215 million, up from $137 million in Q1. Free cash flow from operations was $57.5 million.
Gold Price and EBITDA Margin
Average realized gold price was $3,306 per ounce, up 14% from Q1. EBITDA margin grew to a record 55%, up from 50% in Q1.
Operational Performance in West Africa
Seguela produced 38,186 ounces of gold, consistent with the prior quarter. Cash cost of $670 per ounce and all-in sustaining cost (AISC) of $1,634 per ounce.
Exploration Success at Diamba Sud
Indicated resource grew by 53% and inferred resources by 93% for a combined 1 million ounces, with ongoing drilling to expand and upgrade the resource.
Negative Updates
Reduced Annualized Production
With the sale of two mines, annualized production is now roughly 330,000 ounces, down from a record 460,000 ounces in 2024.
Increased AISC
Consolidated AISC was $1,932 per ounce, up from $1,750 in Q1, primarily due to CapEx and waste stripping at Lindero and Seguela.
VAT Receivables Delays
Delays in collecting VAT at Ivoire Coast operations with $37 million in VAT receivables, representing approximately 17 months outstanding.
Company Guidance
In the second quarter of 2025, Fortuna Mining Corp. provided comprehensive guidance on its strategic efforts and financial performance. The company reported a significant reduction in near-term production following the sale of the San Jose and Yaramoko mines, reducing their annualized production from a record 460,000 ounces of gold equivalent in 2024 to approximately 330,000 ounces. However, Fortuna is focused on rebuilding production to 0.5 million ounces per year, with an emphasis on higher-margin, longer-life, and lower-risk assets. The Seguela mine, a flagship asset, is projected to produce 140,000 ounces of gold in 2025 and between 170,000 to 180,000 ounces in 2026. The Diamba Sud project in Senegal has shown a 53% increase in indicated resources and a 93% increase in inferred resources, totaling 1 million ounces, with continued exploration and a construction decision anticipated in 2026. Financially, the company reported $537 million in liquidity and $215 million in net cash, with Q2 free cash flow from operations at $57.5 million. The average realized gold price was $3,306 per ounce, contributing to an EBITDA margin of 55% and an operating margin of 36%. Net earnings from continuing operations were $41 million, or $0.14 per share, with an adjusted EPS of $0.14. Operationally, the consolidated gold equivalent production was 75,950 ounces, with a cash cost of $929 per ounce and an AISC of $1,932 per ounce, which is expected to decrease to around $1,500 per ounce in the latter half of the year. This comprehensive guidance underscores Fortuna's strategic focus on optimizing its portfolio and enhancing financial and operational performance.

Fortuna Mining Corp Financial Statement Overview

Summary
Fortuna Silver Mines demonstrates strong financial health with robust profitability and efficient operations. The income statement shows strong margins and revenue growth. The balance sheet is solid with low leverage, and cash flow analysis reveals significant free cash flow growth, underscoring effective cash management.
Income Statement
84
Very Positive
Fortuna Silver Mines shows strong performance in its income statement for the TTM period. The gross profit margin is robust at 34.56%, and the net profit margin is solid at 14.28%. The company has demonstrated significant revenue growth from 2024 to the TTM period, with a growth rate of 6.13%. EBIT and EBITDA margins are healthy at 24.20% and 46.60% respectively, indicating efficient operations and strong earnings before interest and taxes. These metrics highlight the company's profitability and positive growth trajectory.
Balance Sheet
78
Positive
The balance sheet indicates a stable financial position. The debt-to-equity ratio is low at 0.14, suggesting conservative leverage and a strong equity position. Return on equity is 11.03%, reflecting an effective use of equity to generate profits. The equity ratio stands at 66.78%, indicating a solid proportion of assets financed by stockholders' equity. Overall, Fortuna Silver Mines maintains a strong balance sheet with manageable debt levels and a good return on equity.
Cash Flow
81
Very Positive
Cash flow analysis reveals positive trends for Fortuna Silver Mines. The free cash flow growth rate is an impressive 48.92%, indicating improved cash generation. The operating cash flow to net income ratio is 2.75, suggesting strong operating cash flow relative to net income. Additionally, the free cash flow to net income ratio is 1.50, highlighting efficient conversion of income into free cash. These metrics underscore the company's ability to generate and manage cash effectively.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.06B842.43M681.49M599.85M278.97M
Gross Profit343.61M190.03M146.80M205.48M110.22M
EBITDA471.21M233.78M59.05M242.05M106.62M
Net Income128.74M-50.84M-135.91M57.88M21.55M
Balance Sheet
Total Assets2.12B1.97B1.88B2.02B1.06B
Cash, Cash Equivalents and Short-Term Investments231.33M128.15M80.57M107.51M132.96M
Total Debt194.01M264.25M240.52M186.89M178.11M
Total Liabilities649.46M679.74M587.53M592.35M329.57M
Stockholders Equity1.40B1.24B1.24B1.38B725.77M
Cash Flow
Free Cash Flow161.90M79.59M-56.99M-5.15M-20.94M
Operating Cash Flow365.68M296.91M194.25M147.14M93.39M
Investing Cash Flow-194.44M-216.88M-255.33M-118.50M-113.65M
Financing Cash Flow-66.14M-32.72M38.47M-51.42M68.91M

Fortuna Mining Corp Technical Analysis

Technical Analysis Sentiment
Positive
Last Price9.94
Price Trends
50DMA
9.21
Positive
100DMA
8.77
Positive
200DMA
7.79
Positive
Market Momentum
MACD
0.12
Negative
RSI
59.12
Neutral
STOCH
81.02
Negative
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 9.94 is above the 20-day moving average (MA) of 9.22, above the 50-day MA of 9.21, and above the 200-day MA of 7.79, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 59.12 is Neutral, neither overbought nor oversold. The STOCH value of 81.02 is Negative, 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 (44)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
$2.97B12.7711.63%13.55%5720.77%
44
Neutral
AU$1.54B-7.28-26.52%4.40%-3.13%-36.41%
$4.34B-4.57%0.22%
$2.40B23.2017.75%1.74%
$983.85M17.708.70%0.55%
55
Neutral
C$1.78B152.08-4.59%88.60%-684.16%
$2.27B-3.52%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:FVI
Fortuna Mining Corp
9.94
3.75
60.58%
AG
First Majestic Silver
8.94
3.46
63.14%
MAG
MAG Silver
22.98
10.34
81.80%
SVM
Silvercorp Metals
4.57
1.18
34.81%
TSE:AYA
Aya Gold & Silver
12.39
-2.42
-16.34%
DSVSF
Discovery Silver
2.88
2.26
364.52%

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 13, 2025