Analyst Kevin O’Halloran from BMO Capital reiterated a Buy rating on Fortuna Silver Mines (FSM – Research Report) and increased the price target to C$9.50 from C$8.50.
Kevin O’Halloran has given his Buy rating due to a combination of factors that highlight Fortuna Silver Mines’ strong operational performance and future potential. The company’s Q1 production was in line with expectations, achieving 103.5koz AuEq, which represents 26% of the midpoint of their 2025 guidance. This performance was bolstered by higher throughput at the Séguéla and Yaramoko mines, which offset weaker results at Lindero.
Additionally, Fortuna’s strategic initiatives, such as the completion of the Lindero leach pad expansion, provide the operation with an additional decade of capacity. The company’s ongoing share buybacks and exploration efforts, particularly at the Kingfisher and Sunbird sites, are expected to extend mine lives and potentially enhance production growth. These factors, combined with a track record of cash flow generation, underpin O’Halloran’s positive outlook on Fortuna Silver Mines.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of FSM in relation to earlier this year.