EarningsQ1 2026 Earnings Report
MX:FVIN Q1 2026 EPS Results
Actual EPS$6.36
Consensus EPS$6.77
Beat/MissMissed by -$0.42
One Year Ago EPS$3.63
MX:FVIN Q1 2026 Revenue Results
Actual Revenue$5.98B
Expected Revenue$6.17B
Beat/MissMissed by -$196.17M
YoY Revenue Growth+12.76%
Earnings Announcement Details
QuarterQ1 2026
Date05/06/2026
TimeAfter Close
Conference CallWednesday, May 6, 2026
MX:FVIN Upcoming Earnings
Fortuna Mining Corp's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q1 2026 Earnings Call Audio
MX:FVIN Q1 2026 Earnings Call
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Q1 2026 Earnings Slide Deck
Q1 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strongly positive operational and financial picture: record revenue, record adjusted net income and EBITDA, exceptional free cash flow, robust liquidity, meaningful reserve and resource expansion, and a funded growth pipeline with near-term technical and permitting milestones. Lowlights were largely manageable or temporary: higher reported AISC partly driven by one-off items and royalties linked to higher metal prices, temporary cost pressures at Lindero tied to maintenance and macro conditions, a near-term increase in tax expense and tax-driven cash outflows that will reduce free cash flow in Q2–Q3, and a noted gap in cyber due diligence for potential acquisitions. Overall, the positive operational execution, strong balance sheet, and visible project pipeline substantially outweigh the manageable near-term cost, tax, and governance concerns.Company Guidance
Record Revenue and Profitability
Sales of $342 million (quarterly record); adjusted net income of $111 million ($0.36 per share), a quarterly record (up 64% versus prior quarter and up 200% versus prior year); adjusted EBITDA of $219 million (record).
Exceptional Cash Generation and Strong Liquidity
Free cash flow from ongoing operations of $174 million (strongest quarterly cash generation to date); cash balance $665.9 million and net cash of $493 million; total liquidity of $816 million including $150 million undrawn revolver.
Production and Operational Delivery
Total production of 72,900 gold equivalent ounces for the quarter; Seguela produced 42,016 ounces (up ~14% quarter-over-quarter) with a Seguela cash cost of $679/oz.
Reserve and Resource Growth
Proven and probable mineral reserves increased 50% year-over-year to 3.0 million gold ounces (after depletion); indicated resources increased 56% to 2.1 million ounces; inferred resources increased 4% to 2.2 million ounces.
Clear, Funded Growth Plan
Targeting ~60% growth in annual gold production over the next 24 months to ~0.5 million ounces via Seguela expansion and Diamba Sud—projects described as technically straightforward and financed from the balance sheet; 2026 capital budget ~ $330 million funded internally (56% to growth/exploration).
Near-Term Project Catalysts
Diamba Sud feasibility study and Seguela expansion study expected in May; Diamba Sud ESIA approval described as imminent and exploitation permit expected mid-year; $100 million early-works budget for Diamba Sud in 2026.
Shareholder Returns
Year-to-date share repurchases of $40 million (4.2 million shares repurchased), including $20 million in the quarter (representing 11% of quarterly free cash flow from operations).
MX:FVIN Earnings History
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.
Beat
Missed