Fortuna Mining Q3 sales beat on higher gold prices

Overview

• Fortuna Q3 sales beat analyst expectations, driven by higher gold prices

• Adjusted net income for Q3 rises due to higher gold sales and lower tax rate

• Company reports strong liquidity with $588.3 mln, supporting growth initiatives

Outlook

• Fortuna expects Séguéla Mine to produce 160,000–180,000 ounces in 2026

• Company advancing Diamba Sud project towards feasibility study in H1 2026

• Fortuna plans to expand exploration in West Africa and Latin America

Result Drivers

• HIGHER GOLD PRICES - Increased gold prices contributed to higher free cash flow and net income, as stated by CEO Jorge A. Ganoza

• COST MANAGEMENT - Cash costs remained below $1,000/oz, and AISC at mines tracked within guidance, with Lindero's AISC trending lower

• LIQUIDITY STRENGTH - Liquidity increased to $588.3 mln, supporting growth initiatives like Diamba Sud and Séguéla Mine expansions

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy."

• Wall Street's median 12-month price target for Fortuna Mining Corp is C$13.75, about 19.1% above its November 5 closing price of C$11.13

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release: ID:nGNE8sqtmw

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