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FSM

Fortuna Mining Corp.

FSM

Fortuna Mining Corp. • NYSE
$10.12 ▲ 3.69% (+0.36)
Market Cap $3.11 B
52w High $10.18
52w Low $4.13
Dividend Yield 0%
P/E 12.05
Volume 5.85M
Outstanding Shares 306.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $251.362M ▲ $-21.466M ▼ $123.589M ▲ 49.168% ▲ $0.4 ▲ $210.795M ▲
Q2-2025 $230.419M ▼ $21.306M ▼ $37.314M ▼ 16.194% ▼ $0.12 ▼ $135.982M ▼
Q1-2025 $290.145M ▼ $24.011M ▼ $58.503M ▲ 20.163% ▲ $0.19 ▲ $156.033M ▲
Q4-2024 $302.196M ▲ $53.989M ▲ $11.344M ▼ 3.754% ▼ $0.03 ▼ $136.97M ▲
Q3-2024 $274.921M $14.281M $50.511M 18.373% $0.16 $136.664M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $444.179M ▲ $2.241B ▲ $569.644M ▼ $1.619B ▲
Q2-2025 $394.02M ▲ $2.138B ▼ $595.868M ▼ $1.495B ▲
Q1-2025 $309.403M ▲ $2.187B ▲ $657.838M ▲ $1.46B ▲
Q4-2024 $231.328M ▲ $2.116B ▲ $649.459M ▲ $1.404B ▼
Q3-2024 $180.551M $2.084B $604.707M $1.42B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $122.219M ▲ $110.273M ▲ $-34.156M ▼ $-19.419M ▼ $58.589M ▼ $62.198M ▲
Q2-2025 $47.705M ▼ $67.306M ▼ $19.017M ▲ $-17.989M ▼ $70.33M ▼ $20.291M ▼
Q1-2025 $61.483M ▲ $125.997M ▼ $-40.367M ▲ $-10.242M ▲ $73.872M ▲ $86.558M ▼
Q4-2024 $11.344M ▼ $150.318M ▲ $-60.291M ▼ $-38.457M ▼ $50.777M ▼ $88.401M ▲
Q3-2024 $54.418M $92.882M $-47.571M $30.246M $74.954M $42.754M

Five-Year Company Overview

Income Statement

Income Statement Fortuna’s income statement shows a business that has grown meaningfully over the last five years and is now coming out of a loss-making period into a stronger profit phase. Revenue has climbed each year, reflecting added mines and higher production, not just short-term price swings. Profitability dipped into losses in the middle of the period, but margins have improved more recently, with operating profit and overall earnings turning clearly positive again. This suggests earlier growing pains and integration costs are now being absorbed, and the current mine portfolio is starting to scale more efficiently. The main watchpoint is that, as a precious metals producer, results will still be quite sensitive to metal prices and operating issues at key mines.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a mid-sized miner. Total assets have grown as new projects and acquisitions were added, while shareholder equity has also risen, indicating that growth has been built on a reasonable capital base rather than heavy borrowing. Debt levels appear moderate and have not surged alongside asset growth, which limits financial strain if markets turn weaker. Cash balances have increased in the most recent year, giving the company more flexibility to fund operations and projects. Overall, the financial structure points to a disciplined use of leverage, though the asset base is naturally tied up in mines, which can be exposed to country and project-specific risks.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has strengthened steadily, which is a positive sign that the underlying mines are performing better and more consistently. The company has been investing heavily in its asset base for several years, so capital spending has been high. Earlier in the period this meant free cash flow was slightly negative or only around break-even, as growth projects absorbed much of the cash coming in. More recently, free cash flow has turned positive and improved, indicating that new and expanded operations are beginning to pay off. The key balance going forward will be sustaining this healthier cash generation while continuing to fund new projects without stretching the company’s financial resources.

Competitive Edge

Competitive Edge Fortuna occupies a mid-tier position in the precious metals space, with a strategy centered on being a low-cost, diversified producer. Its mines are spread across Latin America and West Africa, which reduces dependence on any single country but does bring exposure to multiple political and regulatory environments. The company emphasizes cost control and operational excellence, aiming to produce at lower costs than many peers; this can provide a cushion when metal prices weaken. A clear strategic shift toward gold production broadens its appeal and can support more stable margins over time. On the other hand, as a mid-sized player, Fortuna does not have the scale or funding depth of the largest global miners, so execution on each major project and stable operations at key mines matter a great deal for its competitive standing.

Innovation and R&D

Innovation and R&D Innovation at Fortuna is less about laboratory-style research and more about practical improvements in how mines are built and run. The company has adopted renewable power at one of its flagship mines, which can lower fuel costs and reduce environmental impact. It has pushed processing plants to run above original design capacity, reflecting strong engineering and operational fine-tuning. Management is also exploring digital tools such as blockchain-based traceability to improve supply chain transparency, which can be attractive to customers and investors focused on responsible sourcing. Future growth projects, including the expansion of existing mines and the development of a new gold project in West Africa, will rely heavily on this execution-focused approach. The opportunity is meaningful production and life extension at key assets, but it comes with the usual mining risks around permitting, construction, and operating performance.

Summary

Taken together, Fortuna’s recent financial and strategic picture shows a miner that has moved from a heavy investment and integration phase into a period of stronger profitability and healthier cash flow. Revenue growth and improving margins suggest that the portfolio of mines is maturing and benefiting from cost discipline and operational know-how. The balance sheet appears reasonably conservative, with moderate debt and a growing equity base, giving the company room to navigate commodity cycles. Operationally, Fortuna competes on being a relatively low-cost, diversified producer with a growing tilt toward gold and a practical focus on efficiency and sustainability rather than headline-grabbing technologies. The main uncertainties are typical for the sector: exposure to metal prices, political and regulatory risk across multiple countries, and the need to execute well on large, multi-year projects to sustain growth and cash generation over time.

NEWS

November 26, 2025 · 8:22 PM UTC

Fortuna Files PEA Technical Report Highlighting the Development Potential of the Diamba Sud Gold Project, Senegal

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November 18, 2025 · 8:06 PM UTC

Fortuna Expands Mineral Reserves and Mineral Resources for the Séguéla Mine, Côte d'Ivoire

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November 5, 2025 · 9:24 PM UTC

Fortuna Reports Results for the Third Quarter of 2025

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October 30, 2025 · 5:00 AM UTC

Fortuna intersects 7.3 g/t Au over 16.1 meters and defines second underground shoot at Sunbird, Séguéla Mine, Côte d'Ivoire

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October 27, 2025 · 5:00 AM UTC

Fortuna to release third quarter 2025 financial results on November 5, 2025; Conference call at 12 p.m. Eastern time on November 6, 2025

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