Fortuna Mining Corp (TSE:FVI)
TSX:FVI
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Fortuna Mining Corp
(TSX:FVI)
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Rating:73Outperform
Price Target:
C$14.50
▲(9.93% Upside)
Action:ReiteratedDate:02/20/26
The score is driven primarily by improved financial performance (material margin and cash flow strength with conservative leverage) and a constructive, growth-focused earnings call backed by strong liquidity. Valuation is supportive with a low P/E, while technical signals are only moderately positive and remain largely neutral on momentum.
Positive Factors
Strong free cash flow
Sustained, high-quality cash generation across 2024–25 provides durable internal funding for growth capex, debt reduction and working capital. Strong FCF conversion improves resilience to commodity swings, enabling project funding without heavy external financing for the next 2–3 years.
Negative Factors
Top-line weakness
Falling revenue despite margin gains suggests earnings were driven more by higher prices than volume growth. If production volumes or realized grades fail to recover, sustaining elevated profitability will be harder, exposing cash flow and growth funding to commodity and operational variability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Sustained, high-quality cash generation across 2024–25 provides durable internal funding for growth capex, debt reduction and working capital. Strong FCF conversion improves resilience to commodity swings, enabling project funding without heavy external financing for the next 2–3 years.
Read all positive factors
Fortuna Mining Corp (FVI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.03B
Dividend YieldN/A
Average Volume (3M)1.27M
Price to Earnings (P/E)9.9
Beta (1Y)2.51
Revenue Growth7.61%
EPS Growth915.74%
CountryCA
Employees4,961
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.31
Shares Outstanding305,259,980
10 Day Avg. Volume1,665,619
30 Day Avg. Volume1,270,356
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$17.49Price Target Upside32.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.6
Revenue Forecast (FY)C$1.41B
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:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed a clearly positive operational and financial trajectory: multiple record metrics (adjusted EPS, free cash flow), strong liquidity and a net cash position, visible growth plans to reach >0.5 million oz driven by a 73% resource increase at Diamba Sud and ongoing expansion studies at Seguela. Cost discipline and high realized gold prices materially boosted profitability. Key challenges were concentrated: Lindero's Q4 mechanical downtime that lowered full-year production, higher corporate G&A driven by stock-based compensation, FX losses in certain jurisdictions, and schedule/risk exposure related to equipment lead times and project permitting. Overall, the favorable cash generation, balance sheet strength and controllable project execution steps outweigh the operational setbacks highlighted.Positive Updates
Record Adjusted Net Income and EPS
Adjusted net income of $71.3 million or $0.23 per share for Q4 2025 (record), up from $0.06 per share in Q4 2024 and $0.17 in Q3 2025, reflecting substantially higher realized gold prices.
Negative Updates
Lindero Mechanical Downtime and Missed Production
Lindero full year production of 87,489 ounces was approximately 6% below the lower end of guidance, driven by two independent mechanical interruptions in Q4 (HPGR/crushing downtime). Q4 production was 19,201 oz. Planned 35-day primary crusher foundation replacement scheduled for late March 2026 at an estimated cost of $2.2 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Adjusted Net Income and EPS
Adjusted net income of $71.3 million or $0.23 per share for Q4 2025 (record), up from $0.06 per share in Q4 2024 and $0.17 in Q3 2025, reflecting substantially higher realized gold prices.
Read all positive updates
Company Guidance
Management guided to grow Fortuna to more than 0.5 million ounces of annual gold production over the next 24 months (≈65% growth from current levels), supported by a strong balance sheet with ~$704 million liquidity and ~ $380 million net cash; they reported record adjusted net income of $0.23/share, net cash from operations before WC of $0.48/share, and record free cash flow of $132 million in Q4 and $330 million for FY2025 (EBITDA conversion 84% Q4, 60% FY). Key project guidance: Diamba Sud is advancing to a mid‑year construction decision with a 2026 budget of $100 million (including $67 million for early works), an updated indicated resource up 73% to 1.25 million oz, a resource price deck of $3,300/oz (company uses $2,600/oz for 2026 resources and $2,300/oz for reserves), and a feasibility planned for May/June; Seguela is studying a plant expansion targeting 2.0–2.5 Mtpa (management target ~2.2–2.3 Mtpa) to reach ~200,000 oz/yr with preliminary capex roughly $50–100 million and an expected 12–18 month execution horizon post‑decision. Site-level operating and cost guidance highlights include Seguela Q4 production 36,942 oz (152,420 oz FY, +4% vs guidance), Seguela cash cost $710/oz Q4 ($679/oz FY) and AISC $1,576/oz Q4 ($1,560/oz FY), Lindero FY production 87,489 oz (Q4 19,201 oz) with Q4 cash cost $1,117/oz and FY cash cost $1,132/oz (Q4 AISC $1,639/oz; FY AISC $1,716/oz), a 35‑day primary crusher foundation replacement at Lindero planned for late March 2026 (~$2.2M), continued drilling programs (e.g., ~6,500 m at Lindero to upgrade ~40,000 oz inferred, Sunbird reserve ~400,000 oz), FY capex $178.1M ($109M sustaining, $69M growth incl. $48M exploration and $14M Diamba Sud), quarterly G&A (ex‑SBC) expected $14–16M, and an anticipated effective tax rate of ~30–33% in 2026; production cadence is expected generally steady through 2026 with Lindero modestly softer in H1 and AISC higher early in the year before normalizing in H2.Fortuna Mining Corp Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 960.06M | 1.06B | 842.43M | 681.49M | 599.85M |
| Gross Profit | 467.98M | 343.61M | 190.03M | 146.80M | 205.48M |
| EBITDA | 566.40M | 471.21M | 230.79M | 59.05M | 242.05M |
| Net Income | 302.13M | 128.74M | -50.84M | -135.91M | 57.88M |
Balance Sheet | |||||
| Total Assets | 2.41B | 2.12B | 1.97B | 1.88B | 2.02B |
| Cash, Cash Equivalents and Short-Term Investments | 559.72M | 231.33M | 128.15M | 80.57M | 107.51M |
| Total Debt | 266.50M | 194.01M | 264.25M | 240.52M | 186.89M |
| Total Liabilities | 682.72M | 649.46M | 679.74M | 587.53M | 592.35M |
| Stockholders Equity | 1.67B | 1.40B | 1.24B | 1.24B | 1.38B |
Cash Flow | |||||
| Free Cash Flow | 294.41M | 161.90M | 79.59M | -56.99M | -5.15M |
| Operating Cash Flow | 475.53M | 365.68M | 296.91M | 194.25M | 147.14M |
| Investing Cash Flow | -91.71M | -194.44M | -216.88M | -255.33M | -118.50M |
| Financing Cash Flow | -61.67M | -66.14M | -32.72M | 38.47M | -51.42M |
Fortuna Mining Corp Technical Analysis
Neutral
13.19
Price Trends
15.08
Negative
14.06
Negative
12.24
Positive
Market Momentum
-0.84
Positive
41.73
Neutral
47.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FVI, the sentiment is Neutral. The current price of 13.19 is below the 20-day moving average (MA) of 14.50, below the 50-day MA of 15.08, and above the 200-day MA of 12.24, indicating a neutral trend. The MACD of -0.84 indicates Positive momentum. The RSI at 41.73 is Neutral, neither overbought nor oversold. The STOCH value of 47.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$952.69M | 5.08 | 26.07% | ― | 33.21% | 47.22% | |
73 Outperform | C$4.03B | 9.95 | 18.47% | ― | 7.61% | 915.74% | |
73 Outperform | C$981.90M | 10.91 | 49.53% | ― | 21.03% | -48.39% | |
71 Outperform | C$3.13B | -29.08 | -2.37% | 0.29% | 37.50% | -60.92% | |
62 Neutral | C$2.61B | 32.28 | 0.76% | ― | 241.04% | -80.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
43 Neutral | C$342.24M | -15.97 | -27.31% | ― | ― | -5.25% |
* Basic Materials Sector Average
TSE:FVI
Fortuna Mining Corp
13.19
4.44
50.74%
TSE:SVM
Silvercorp Metals
14.22
8.70
157.42%
TSE:DV
Dolly Varden Silver
3.72
-0.44
-10.58%
TSE:AYA
Aya Gold & Silver
18.25
7.13
64.12%
TSE:SCZ
Santacruz Silver Mining
10.67
8.51
393.98%
TSE:APM
Andean Precious Metals
6.36
4.75
295.03%
Fortuna Mining Corp Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Fortuna Lifts Séguéla Gold Reserves by 31% and Extends Mine Life Beyond Nine Years
Positive
Jan 20, 2026
Fortuna Mining Corp has significantly expanded the mineral reserves at its Séguéla Mine in Côte d’Ivoire to 1.54 million ounces of gold, a 31% increase from late 2025, driven largely by the first-time inclusion of 401,000 ounc...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Fortuna Hits 2025 Output Target and Lays Out Growth-Focused 2026 Plan
Positive
Jan 15, 2026
Fortuna Mining Corp. met its 2025 production guidance with 317,001 gold equivalent ounces, driven by record output of 152,426 ounces from its Séguéla mine, even as consolidated GEO from ongoing operations declined slightly due to pricing...
Business Operations and StrategyStock Buyback
Fortuna Advances Share Buybacks and West African Growth Projects
Positive
Jan 8, 2026
Fortuna Mining Corp. has repurchased 1.7 million of its common shares on the NYSE between December 23, 2025, and January 7, 2026, at a weighted-average price of $10.01 per share for a total of about $17 million, canceling the shares and bringing t...
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.