Fortuna Mining Corp (FVI) AI Stock Analysis

• Market Cap: $4.94B
• Dividend Yield: N/A
• Average Volume (3M): 1.21M
• Price to Earnings (P/E): 14.2
• Beta (1Y): 1.91
• Revenue Growth: 7.61%
• EPS Growth: 915.74%
• Country: CA
• Employees: 4,961
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Silver
• EPS (TTM): 0.23
• Shares Outstanding: 306,960,000
• 10 Day Avg. Volume: 1,401,143
• 30 Day Avg. Volume: 1,209,379
• PEG Ratio: -0.03
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 1.25
• P/FCF Ratio: 8.18
• Enterprise Value/Market Cap: 0.56
• Enterprise Value/Revenue: 2.59
• Enterprise Value/Gross Profit: 6.03
• Enterprise Value/Ebitda: 4.47
• 1Y Price Target: $14.95
• Price Target Upside: 12.21% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: C$17.50 ▲(31.38% Upside)

Fortuna Mining Corp's strong financial performance and positive earnings call sentiment are the most significant factors driving the score. The company's robust operational metrics and strategic growth initiatives further enhance its outlook. Technical analysis supports a positive trend, while valuation remains attractive.

Positive Factors

Balance Sheet Strength

Conservative leverage and a high equity ratio provide long-term financial flexibility, reducing refinancing and solvency risk through commodity cycles. A strong capital structure supports funding for capex, exploration and acquisitions without stressing liquidity or forcing asset sales.

Cash Generation and Margins

Consistent free cash flow growth and strong operating cash conversion underpin sustainable internal funding for operations and projects. Coupled with solid gross and EBITDA margins, this supports durable profitability and reduces dependency on external capital over a multi-quarter horizon.

High-Quality Growth Pipeline

A high-IRR development project and active exploration across multiple jurisdictions create meaningful medium-term production upside and reserve replacement. Successful delivery would structurally raise output and free cash flow, improving long-term production profile and optionality.

Negative Factors

Revenue Trend Weakness

A recent decline in revenue signals potential headwinds in volume or realized prices that may persist absent new production or higher metal prices. Continued revenue contraction would pressure margins and free cash flow, limiting reinvestment capacity and slowing growth.

Operational Reliability Risk

Mechanical failures at a major mine highlight operational vulnerability that can reduce near- and medium-term output and raise maintenance capex. Recurrent reliability issues increase unit costs, disrupt guidance, and undermine the durability of production-led cash flow.

Rising Mine-Level Costs

Rising cash and sustaining costs at specific operations compress margins and reduce the buffer against lower commodity prices. If cost inflation persists across assets, it will erode free cash flow and impair the company’s ability to self-fund expansion and exploration over several quarters.

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 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 Money

Fortuna Mining Corp generates revenue primarily through the sale of extracted precious metals, including gold and silver. The company operates several mining projects, where it extracts these metals and sells them on the open market. Key revenue streams include direct sales from its mining operations, royalties from partnerships with other mining companies, and potential income from metal trading. Fortuna Mining also engages in strategic partnerships, which may include joint ventures or collaborations with other mining firms to optimize resource extraction and reduce operational costs, thereby enhancing its profitability.

Fortuna Mining Corp Financial Statement Overview

Summary

Fortuna Mining Corp demonstrates strong profitability and operational efficiency, with healthy margins and a stable balance sheet. Despite a recent decline in revenue growth, the company maintains solid cash flow metrics, supporting its financial health.

Income Statement

Fortuna Mining Corp's income statement shows a strong gross profit margin of 37.78% for TTM, indicating effective cost management. The net profit margin of 14.36% is healthy, reflecting solid profitability. However, the revenue growth rate is negative at -2.15%, suggesting a recent decline in sales. The EBIT and EBITDA margins are robust at 29.25% and 51.53%, respectively, highlighting operational efficiency.

Balance Sheet

The balance sheet is stable with a low debt-to-equity ratio of 0.14, indicating conservative leverage. The return on equity is 10.91%, showing decent profitability relative to shareholder equity. The equity ratio of 72.26% suggests a strong capital structure with significant equity backing.

Cash Flow

Cash flow analysis reveals a positive free cash flow growth rate of 8.16%, indicating improved cash generation. The operating cash flow to net income ratio is 2.01, suggesting strong cash flow relative to earnings. The free cash flow to net income ratio of 0.55 indicates a solid conversion of earnings into free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.07B	1.06B	842.43M	681.49M	599.85M	278.97M
Gross Profit	460.87M	343.61M	190.03M	146.80M	205.48M	110.22M
EBITDA	620.89M	471.21M	230.79M	59.05M	242.05M	106.62M
Net Income	230.75M	128.74M	-50.84M	-135.91M	57.88M	21.55M
Balance Sheet
Total Assets	2.24B	2.12B	1.97B	1.88B	2.02B	1.06B
Cash, Cash Equivalents and Short-Term Investments	444.18M	231.33M	128.15M	80.57M	107.51M	132.96M
Total Debt	213.42M	194.01M	264.25M	240.52M	186.89M	178.11M
Total Liabilities	569.64M	649.46M	679.74M	587.53M	592.35M	329.57M
Stockholders Equity	1.62B	1.40B	1.24B	1.24B	1.38B	725.77M
Cash Flow
Free Cash Flow	257.71M	161.90M	79.59M	-56.99M	-5.15M	-20.94M
Operating Cash Flow	454.28M	365.68M	296.91M	194.25M	147.14M	93.39M
Investing Cash Flow	-115.92M	-194.44M	-216.88M	-255.33M	-118.50M	-113.65M
Financing Cash Flow	-86.14M	-66.14M	-32.72M	38.47M	-51.42M	68.91M

Fortuna Mining Corp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 13.32 is below the 20-day moving average (MA) of 14.74, below the 50-day MA of 13.81, and above the 200-day MA of 10.93, indicating a bullish trend. The MACD of 0.62 indicates Negative momentum. The RSI at 61.97 is Neutral, neither overbought nor oversold. The STOCH value of 53.49 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
APM	78 Outperform	C$1.55B	14.13	42.17%	―	33.21%	47.22%
FVI	76 Outperform	$4.94B	14.22	15.63%	―	7.61%	915.74%
SCZ	73 Outperform	C$1.87B	15.85	47.13%	―	21.03%	-48.39%
SVM	69 Neutral	C$3.82B	108.16	3.54%	0.29%	37.50%	-60.92%
AYA	62 Neutral	C$3.97B	1,519.05	0.71%	―	241.04%	-80.07%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
DV	56 Neutral	C$693.59M	-21.88	-26.19%	―	―	-5.25%

Fortuna Mining Corp Corporate Events

Fortuna Lifts Séguéla Gold Reserves by 31% and Extends Mine Life Beyond Nine Years

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 ounces slated for underground mining at the Sunbird deposit. The updated reserve base, totaling 16 million tonnes at an average grade of 3.01 g/t gold, extends the mine’s life to more than nine years at the current processing rate and is complemented by exploration results showing that mineralization remains open at several key deposits, underpinning further growth potential; concurrently, the company is advancing technical studies on a processing plant expansion that could lift throughput by about 25% to as much as 2.5 million tonnes per year, potentially boosting annual gold output above 200,000 ounces and reinforcing Séguéla’s role as a core long-life asset for Fortuna and its stakeholders.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$16.50 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Fortuna Hits 2025 Output Target and Lays Out Growth-Focused 2026 Plan

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-related calculation impacts at Caylloma and temporary mechanical issues at Lindero. Following the sale of the San Jose and Yaramoko mines and a sharp improvement in safety performance, the company is positioning for growth in 2026 with planned decisions on the Diamba Sud project, a feasibility-level study for expanding the Séguéla processing plant, and guidance for higher GEO production from ongoing operations alongside articulated cash cost and all‑in sustaining cost ranges.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$16.50 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Fortuna Advances Share Buybacks and West African Growth Projects

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 total buybacks to roughly 11% of the amount authorized under its normal course issuer bid. Alongside the capital return program, Fortuna reported continued progress on its West African growth pipeline, advancing early works, engineering, and permitting milestones at the Diamba Sud gold project toward a mid-2026 feasibility study and potential construction decision, while also conducting a feasibility study on expanding the Séguéla processing plant to support longer-term production growth, including potential underground resources at the Sunbird deposit.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Fortuna Mining Reports Promising Drilling Results at Diamba Sud Project

Fortuna Mining Corp has announced significant exploration drilling results from the Southern Arc deposit at its Diamba Sud Gold Project in Senegal. The results include high-grade intersections, such as 1.7 g/t gold over 29.6 meters and 2.0 g/t gold over 20.0 meters, indicating an expansion of mineralization. These findings are expected to contribute to an updated resource estimate in early 2026, further supporting the project’s progression towards a feasibility study and potential construction decision by the second quarter of 2026.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$14.50 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Fortuna Mining Initiates Expansion Study for Séguéla Mine

Fortuna Mining Corp. has awarded Lycopodium Minerals Canada Ltd. the contract to conduct a study for expanding the processing plant at the Séguéla Mine in Côte d’Ivoire. This initiative aims to increase the plant’s throughput by 15 to 40 percent, supporting Fortuna’s growth strategy and potentially enhancing annual gold production to over 200,000 ounces. The expansion is part of Fortuna’s broader objective to achieve 500,000 ounces of annual gold equivalent production within three years, leveraging exploration successes and resource growth, including potential underground mineralization from the Sunbird deposit.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$15.50 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Fortuna Mining Highlights Diamba Sud Gold Project Potential

Fortuna Mining Corp. has filed a technical report for the Diamba Sud Gold Project in Senegal, highlighting its development potential. This report supports the results of a Preliminary Economic Assessment, indicating promising prospects for the project, which could enhance Fortuna’s operational footprint and influence in the precious metals industry.

The most recent analyst rating on (TSE:FVI) stock is a Buy with a C$15.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Fortuna Mining Corp Expands Gold Reserves at Séguéla Mine

Fortuna Mining Corp has announced an update to its mineral reserves and resources at the Séguéla Mine in Côte d’Ivoire, with a notable increase in gold reserves and resources. The company reports 1.2 million ounces of gold in mineral reserves, a significant increase compared to the previous year, and substantial growth in indicated and inferred resources. This expansion supports a longer mine life and potential plant expansion, enhancing Fortuna’s operational capacity and positioning in the gold mining industry. The company is undertaking aggressive exploration and technical studies to further capitalize on these developments, which could lead to increased annual production and further value creation for stakeholders.

The most recent analyst rating on (TSE:FVI) stock is a Hold with a C$12.00 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.

Fortuna Mining Corp Reports Strong Q3 2025 Results and Promising Growth Prospects

Fortuna Mining Corp reported strong financial and operational results for the third quarter of 2025, with a significant increase in free cash flow and a strengthened balance sheet. The company remains on track to meet its annual production guidance, benefiting from higher gold prices and consistent mine performance. Key investments at the Lindero and Séguéla mines are expected to support future production growth, while the completion of a Preliminary Economic Assessment for the Diamba Sud Gold Project highlights potential for further expansion. Fortuna’s robust liquidity position allows it to fund growth initiatives, enhancing its industry positioning and offering promising prospects for stakeholders.

The most recent analyst rating on (TSE:FVI) stock is a Hold with a C$10.50 price target. To see the full list of analyst forecasts on Fortuna Mining Corp stock, see the TSE:FVI Stock Forecast page.