Fortuna Mining Corp earnings date
Fortuna Mining Corp (F4S0) Q3 2026 Earnings Report
DE:F4S0 Q3 2026 EPS Results
- Actual EPS
- EUR 0.15
- Consensus EPS
- EUR 0.13
- Beat/Miss
- Beat by +EUR 0.02
- One Year Ago EPS
- EUR 0.15
DE:F4S0 Q3 2026 Revenue Results
- Actual Revenue
- EUR 258.77M
- Expected Revenue
- EUR 261.94M
- Beat/Miss
- Missed by -EUR 3.18M
- YoY Revenue Growth
- +18.36%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Fortuna Mining Corp's next earnings date is estimated for March 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by strong year-to-date cash generation, solid liquidity, improving Lindero and Caylloma performance, and significant growth projects targeting approximately 60% higher annual gold production by mid-2028. However, the quarter included a Seguela production disruption, higher costs, inflationary and macroeconomic pressures, lower sequential earnings, and a pause in share buybacks while capital is directed toward growth.
Management expects approximately 60% growth in annual gold production to the level of roughly 500 thousand ounces per year starting from mid 28, with 2026 annual production guidance in the range of 281 thousand ounces; Seguela remains on track to achieve the lower end of its 2026 production guidance, Lindero remains on track to achieve annual production guidance of 92 thousand to 102 thousand ounces, and Caylloma is well positioned to exceed its annual guidance of 29 thousand to 33 thousand gold equivalent ounces. The $109 million Seguela plant expansion is expected to increase processing capacity by 30%, with completion and commissioning scheduled for the third quarter of 28 and annual production capacity of over 200 thousand ounces of gold; Diamba Sud is targeting first gold in mid 28, with contract awards totaling $250 million and construction planned to formally start in late November. Fortuna expects to invest approximately $750 million in growth and mineral exploration over the next 2 years, fourth-quarter sustaining capital expenditures to trend back up to around 30 million to $34 million, and ASIC to trend down in the fourth quarter but remain approximately 5% above the top end of guidance, while full-year ASIC is expected to be 8% to 10% above the top end of guidance and, excluding external factors, finish at or just above the top end of guidance of $1.98 thousand an ounce. The company will pause share buybacks and be particularly cautious over the next 2 quarters, with growth as the first capital allocation priority followed by opportunistic buybacks.
- Growth Projects Target Approximately 60% Production IncreaseFortuna is advancing the Seguela plant expansion and Diamba Sud construction, targeting approximately 60% growth in annual gold production to roughly 500 thousand ounces per year starting from mid-2028. Management said the growth is supported by ounces already in the mineral inventory, technically straightforward development plans, proven teams, and financial capacity to execute.
- Strong Year-to-Date Cash GenerationThrough the first nine months, Fortuna generated $904 million in sales, $585 million in adjusted EBITDA, and $350 million in free cash flow from ongoing operations. Adjusted attributable net income was approximately $238 million, or $0.79 per share.
- Positive Quarterly Free Cash FlowDespite the Seguela production shortfall and other pressures, the company generated $90.8 million in free cash flow from ongoing operations during the third quarter, up from $85.7 million in the second quarter. Net cash from operating activities before working capital changes was $127 million, or $0.43 per share.
- Seguela Plant Expansion ApprovedFortuna made the final investment decision in July for the $109 million Seguela plant expansion. The project is expected to increase processing capacity by 30%, with completion and commissioning scheduled for the third quarter of 2028 and targeted annual production capacity of over 200 thousand ounces of gold at the mine.
- Diamba Sud Permitting and Construction PreparationThe government of Senegal issued an important notice on November 2 confirming that the Diamba Sud exploitation-permit application met the legal and technical requirements for the approval process. Fortuna expects to obtain the exploitation permit in the fourth quarter, while mining convention negotiations are in the final stages. The company is targeting first gold in mid-2028.
- Diamba Sud Early Works ProgressingThe Diamba Sud construction team is fully onboarded, the site access road is complete, and construction of the 329-person accommodation camp is progressing with completion scheduled for the first quarter of 2027. Long-lead equipment orders have been placed, including the SAG mill and primary crusher, and the power-station generator program is advancing.
- Diamba Sud Construction Contracts AuthorizedThe board authorized management to proceed with contract awards totaling $250 million, with execution spread across the construction timeline. Process plant and power station EPCM contracts represented approximately 60% of total project CapEx and were ready for execution upon final investment approval and receipt of the exploitation permit.
- Bambadji Acquisition Adds Exploration UpsideFortuna completed the $206 million acquisition of the Bambadji concession from Barrick during the quarter. Six drill rigs were mobilized across the Kabi West, Wadi, and Latifa prospects, with the immediate focus on producing a first resource estimate for Kabi West by year end. Kabi West is located 2 kilometers from the Diamba Sud plant site.
- Expanded Bambadji Exploration ProgramThe company has five core drill rigs and one reverse-circulation rig operating at Bambadji, with an initial $8 million exploration budget approved for the fourth quarter. Management identified at least eight priority areas for initial exploration and expects a substantial exploration budget for 2027.
- Strong Liquidity Supports Growth InvestmentAt the end of September, Fortuna held $443 million in cash, close to $600 million in total liquidity, and a net cash position of $260 million. Management expects to invest approximately $750 million in growth and mineral exploration over the next two years and said available liquidity and free cash flow are expected to fund these programs without issuing additional shares or overleveraging the balance sheet.
- Shareholder Returns Through RepurchasesYear to date, Fortuna returned $106 million to shareholders through the repurchase of 10.8 million shares. Management said future buybacks would remain opportunistic and would be assessed against project-funding needs, available liquidity, gold prices, and business performance.
- Safety Performance Remains Strong OverallThe year-to-date total recordable injury frequency rate was 1.23 as of September 30, below the corporate target of 3.7. Caylloma and Lindero achieved approximately 1.95 thousand days and 1.08 thousand days, respectively, without lost-time injuries.
- Seguela Operations Recovered Toward Year-EndMining volumes at Seguela returned to planned levels in September, and recoveries returned to previous levels in October after corrective measures. Management expects a strong fourth quarter and a return to first-half production levels, with Seguela remaining on track to achieve the lower end of its 2026 production guidance.
- Lindero Production Increased 25%Lindero produced 26 thousand ounces of gold in the third quarter, a 25% increase over the second quarter, and remains on track to achieve annual production guidance of 92 thousand to 102 thousand ounces. The improvement followed primary-crusher reliability work and higher mechanical availability across the processing circuit.
- Lindero Leach-Pad Placement ImprovedLindero placed approximately 1.9 million tons of ore on the leach pad, 19% more than in the second quarter. Contained gold ounces placed on the pad increased 18% quarter over quarter to approximately 37.8 thousand ounces. During the first nine months, the operation placed approximately 99% of the gold ounces planned for the period.
- Lindero Exploration Expanded After Positive ResultsThe 2026 Lindero infill drilling program was expanded from 6 thousand meters to 8.5 thousand meters across 31 diamond drill holes after early holes encountered higher-than-expected mineralization. Results included 0.96 grams per ton of gold over 350 meters, and mineralization was confirmed below the current reserve pit design.
- Caylloma Production and Costs ImprovedAt Caylloma, silver output increased 7% quarter over quarter to 247 thousand ounces, lead production reached 8.4 million pounds, and zinc production totaled 11.4 million pounds. Gold equivalent production increased to 9.9 thousand ounces, positioning the operation to exceed its annual guidance of 29 thousand to 33 thousand gold equivalent ounces. Cash cost declined 6% quarter over quarter to $26.12 per silver equivalent ounce, while ASIC decreased to $43.19 from $44.90.
- Caylloma Tailings Expansion on ScheduleThe Caylloma tailings number 3 expansion was 71% complete as of October 31 and remained on schedule for completion by year end.
- West African Exploration Continues to Expand ResourcesAt Seguela, Sunbird has become the company's largest resource and reserve, with over one million ounces of gold across open-pit and underground resources. Drilling is also continuing on other targets, including Ancien, extensions of Antenna, and additional generative targets. At Diamba Sud, drilling at Southern Arc continued to deliver positive results outside current pit designs.
DE:F4S0 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 10, 2027 | 2026 (Q4) | 0.28- | 0.2 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.130.15 | 0.15 | 0.00% (+0.00) | |
| Aug 05, 2026 | 2026 (Q2) | 0.270.22 | 0.13 | 71.43% (+0.09) | |
| May 06, 2026 | 2026 (Q1) | 0.340.32 | 0.18 | 75.00% (+0.14) | |
| Feb 18, 2026 | 2025 (Q4) | 0.200.20 | 0.03 | 633.33% (+0.17) | |
| Nov 05, 2025 | 2025 (Q3) | 0.170.15 | 0.14 | 6.25% (+0.01) | |
| Aug 06, 2025 | 2025 (Q2) | 0.170.13 | 0.12 | 7.69% (+0.01) | |
| May 07, 2025 | 2025 (Q1) | 0.200.18 | 0.08 | 122.22% (+0.10) | |
| Mar 06, 2025 | 2024 (Q4) | 0.150.03 | 0.06 | -55.88% (-0.03) | |
| Nov 07, 2024 | 2024 (Q3) | 0.100.14 | 0.09 | 60.00% (+0.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
