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Fortuna Mining Corp
(TSX:FVI)
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Rating:81Outperform
Price Target:
C$19.50
▲(13.37% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by strong financial performance (high margins, meaningful profitability turnaround, solid free cash flow, and low leverage). Technicals add support with a clear uptrend and positive momentum signals. Valuation is supportive on a low P/E, though the lack of dividend data and the business’s historically volatile revenue/free cash flow profile temper the overall rating.
Positive Factors
High profitability and earnings turnaround
Strong gross and net margins show that recent revenue is converting efficiently into earnings. The shift from losses in 2022–2023 to solid profitability also indicates improved operating performance, providing a stronger base for reinvestment and sustained earnings over the next several quarters.
Negative Factors
Inconsistent revenue growth
The reversal from strong 2024 performance to a 2025 revenue decline shows that growth is not yet consistent. Uneven sales can make production planning, earnings forecasting, and capital allocation more difficult, even when trailing results currently show strong margins and profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and earnings turnaround
Strong gross and net margins show that recent revenue is converting efficiently into earnings. The shift from losses in 2022–2023 to solid profitability also indicates improved operating performance, providing a stronger base for reinvestment and sustained earnings over the next several quarters.
Read all positive factors
Fortuna Mining Corp (FVI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.05B
Dividend YieldN/A
Average Volume (3M)724.24K
Price to Earnings (P/E)9.9
Beta (1Y)2.68
Revenue Growth6.47%
EPS Growth126.03%
CountryCA
Employees4,961
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)1.24
Shares Outstanding295,957,400
10 Day Avg. Volume726,565
30 Day Avg. Volume724,238
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$19.19Price Target Upside11.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.43
Revenue Forecast (FY)C$1.38B
Fortuna Mining Corp Business Overview & Revenue Model
Company Description
Fortuna Silver Mines Inc. functions as a mining enterprise dedicated to the discovery, exploration, and extraction of both precious and base metal deposits. Its operational footprint extends across Argentina, Burkina Faso, Mexico, Peru, and Côte d...
How the Company Makes Money
Fortuna primarily makes money by extracting ore from its mines, processing it to produce payable metal (typically doré bars containing gold and/or silver, and/or concentrates where applicable), and selling that metal to third parties. The company’...
Fortuna Mining Corp Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
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.Positive Updates
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).
Negative Updates
Elevated Consolidated AISC and One-off Impacts
Reported all-in sustaining cost (AISC) of $2,107 per gold equivalent ounce in Q1; approximately $122/oz of AISC was attributed to external/one-time factors (higher royalties driven by gold price and increased share-based compensation), indicating some non-operational cost pressure on AISC.
Read all updates
Q1-2026 Updates
Positive
Negative
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).
Read all positive updates
Company Guidance
Management reiterated it is on track to meet full‑year 2026 guidance and expects approximately 60% growth in annual gold production over the next 24 months to ~0.5 million ounces, driven by the Seguela expansion and Diamba Sud; near‑term milestones include Diamba Sud and Seguela feasibility/expansion studies due in May, Diamba Sud ESIA approval imminent and exploitation permit expected mid‑year, and Diamba Sud early‑works budgeted at $100 million for 2026. Company‑level financial and capital guidance: 2026 total exploration/sustaining/non‑sustaining capital of ~$330 million (56% to growth/exploration) to be funded from internal cash flow; Q1 free cash flow from ongoing operations was $174 million, record sales were $342 million, adjusted net income $111 million ($0.36/sh), adjusted EBITDA $219 million, liquidity ~$816 million (cash $665.9 million, net cash $493 million, $150 million undrawn revolver), and expected 2026 tax payments of ~$140 million (~50% in Q2, 35% in Q3) with a full‑year effective tax rate moving to the high‑30% range. Project and cost guidance/details include proven & probable reserves up 50% to 3.0 Moz, indicated resources up 56% to 2.1 Moz, inferred resources up 4% to 2.2 Moz; Seguela Sunbird will be owner‑operated with an incremental ~$25 million CapEx and initial development targeted for 2027, a 6 MW Seguela solar plant to be commissioned this quarter (≈35% per‑unit power cost saving), and Lindero’s AISC expected to trend toward ~$1,300/oz by Q4.Fortuna Mining Corp Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
83
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.18B | 960.06M | 1.06B | 842.43M | 681.49M | 599.85M |
| Gross Profit | 676.49M | 467.98M | 343.61M | 190.03M | 146.80M | 205.48M |
| EBITDA | 813.88M | 566.40M | 471.21M | 230.79M | 59.05M | 242.05M |
| Net Income | 379.21M | 302.13M | 128.74M | -50.84M | -135.91M | 57.88M |
Balance Sheet | ||||||
| Total Assets | 2.50B | 2.41B | 2.12B | 1.97B | 1.88B | 2.02B |
| Cash, Cash Equivalents and Short-Term Investments | 614.38M | 559.72M | 231.33M | 128.15M | 80.57M | 107.51M |
| Total Debt | 234.17M | 211.30M | 194.01M | 264.25M | 240.52M | 186.89M |
| Total Liabilities | 678.36M | 682.72M | 649.46M | 679.74M | 587.53M | 592.35M |
| Stockholders Equity | 1.77B | 1.67B | 1.40B | 1.24B | 1.24B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | 416.45M | 294.41M | 161.90M | 79.59M | -56.99M | -5.15M |
| Operating Cash Flow | 622.85M | 475.53M | 365.68M | 296.91M | 194.25M | 147.14M |
| Investing Cash Flow | -214.23M | -91.71M | -194.44M | -216.88M | -255.33M | -118.50M |
| Financing Cash Flow | -178.31M | -61.67M | -66.14M | -32.72M | 38.47M | -51.42M |
Fortuna Mining Corp Technical Analysis
Positive
17.20
Price Trends
13.77
Positive
13.55
Positive
13.95
Positive
Market Momentum
1.00
Positive
63.50
Neutral
57.33
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 17.2 is above the 20-day moving average (MA) of 16.18, above the 50-day MA of 13.77, and above the 200-day MA of 13.95, indicating a bullish trend. The MACD of 1.00 indicates Positive momentum. The RSI at 63.50 is Neutral, neither overbought nor oversold. The STOCH value of 57.33 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
89 Outperform | C$5.76B | 37.05 | 25.26% | ― | 264.86% | ― | |
81 Outperform | C$5.05B | 9.93 | 22.20% | ― | 6.47% | 126.03% | |
71 Outperform | C$3.81B | 94.76 | 3.54% | 0.20% | 59.20% | -44.71% | |
71 Outperform | C$1.07B | 4.28 | 18.47% | ― | 62.75% | 181.92% | |
70 Outperform | C$1.27B | 21.48 | 21.53% | ― | 38.31% | -37.20% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
TSE:FVI
Fortuna Mining Corp
17.05
6.23
57.58%
TSE:SVM
Silvercorp Metals
17.22
10.36
150.98%
TSE:AYA
Aya Gold & Silver
39.97
24.88
164.88%
TSE:SCZ
Santacruz Silver Mining
13.68
5.28
62.86%
TSE:APM
Andean Precious Metals
7.19
0.40
5.89%
Fortuna Mining Corp Corporate Events
Business Operations and StrategyM&A Transactions
Fortuna Mining Buys Bambadji Gold Project in Senegal for $200 Million
Positive
Aug 10, 2026
Fortuna Mining Corp. has acquired the 190 km² Bambadji advanced gold exploration project in Senegal from Barrick and IAMGOLD for US$200 million, consolidating about 60 kilometers of prospective strike along the Senegal-Mali Shear Zone next to...
Business Operations and StrategyStock BuybackFinancial Disclosures
Fortuna Mining Posts Strong Q2 as Cash-Fueled Growth Pushes Output Expansion
Positive
Aug 6, 2026
Fortuna Mining Corp reported a strong second quarter of 2026, generating $85.7 million in free cash flow from ongoing operations and $200.8 million in adjusted EBITDA, despite lower gold prices and higher taxes compressing earnings. Liquidity reac...
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.