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Fortuna Mining

www: www.fortunamining.com   email: info@fmcmail.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
NYSE:FSM USD
TSE:FVI CAD

Description

Fortuna Mining are a gold focused mid-tier producer with three producing mines in Argentina, Cote d'Ivoire and Peru, one mine in development in Senegal and one exploration property. Currently they produce roughly 320koz. of gold per year. They have approximately 5.7Moz. of gold in the reserves and resources category of which 4.2Moz. are in the measured and indicated category. They have a market capitalisation of ~$3008.12M which is a rise of roughly 15% over the last one months. As of 11/16/2025 they have ~$172M debt and ~$438M cash. They have 307M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 11/16/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $2,621.90M $3,008.12M 11/16/2025
MCap (OS): $2,563.45M $2,941.06M 11/16/2025
Total Assets: $1,991.00M $1,991.00M 11/16/2025
Total Liabilities: $686.00M $686.00M 11/16/2025
Current Assets: $438.00M $438.00M 11/16/2025
Current Liabilities: $138.00M $138.00M 11/16/2025
Total Debt: $172.00M $172.00M 11/16/2025
Cash: $438.00M $438.00M 11/16/2025
Debt (Net): $-266.00M $-266.00M
Enterprise Value: $2,355.90M $2,742.12M 11/22/2056
Cash Flow: $504.00M $564.73M never
Cash Flow Multiple: 5.20 5.33 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 11/16/2025
Misc 11/16/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 307,000,000 307,000,000 11/16/2025
Shares (FD): 314,000,000 314,000,000 11/16/2025
Insider Ownership: n/a n/a 11/16/2025
Dividend (Annual): n/a n/a 12/07/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 11/16/2025
Production (Gold Eq Oz.): (guess) 
320,000		 (guess) 
320,000		 11/16/2025
Production (Silver Eq Oz.): (guess) 
25,719,858		 (guess) 
21,825,198		 11/16/2025
Development Phase: Producer (Single Mine) Producer (Single Mine) 12/07/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 11/16/2025
Cash Flow Multiple: 14 14 11/16/2025

Resource Data

GOLD 11/16/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.00M 3.00M 11/16/2025
Measured & Indicated: 4.20M 4.20M 11/16/2025
Inferred: 1.50M 1.50M 11/16/2025
Reserves & Resources: 5.70M 5.70M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.55M 2.55M 11/16/2025
Measured & Indicated: 3.37M 3.37M 11/16/2025
Inferred: 0.64M 0.64M 11/16/2025
Reserves & Resources: 4.00M 4.00M never
C
U
R
R
E
N
T		 Annual Production: (CG) 
320,000oz.		 (CG) 
320,000oz.		 11/16/2025
Cash Cost: $1,700 $1,700 11/16/2025
Extra Operating Cost: $800 $800 11/16/2025
Total: $2,500 $2,500 11/16/2025
Margin (Free Cash Flow): $1,575 (39%) $1,765 (41%)
MCap / Production (AuEq): $8,193.44 $9,400.38
EV / Production (AuEq): $7,362.19 $8,569.13
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 11/16/2025
Open Pit (Avg): n/a 1.50 g/t 11/16/2025
Recovery Rate: (CG)  85.00% (CG)  85.00% 12/07/2025
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 11/16/2025
Annual Production: 420,000oz. 420,000oz. 11/16/2025
Cash Cost: $1,800 $1,800 11/16/2025
Extra Operating Cost: $800 $800 11/16/2025
SILVER 11/16/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 11/16/2025
Measured & Indicated: n/a n/a 11/16/2025
Inferred: n/a n/a 11/16/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 11/16/2025
Measured & Indicated: n/a n/a 11/16/2025
Inferred: n/a n/a 11/16/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 11/16/2025
Extra Operating Cost: n/a n/a 11/16/2025
Total: n/a n/a 11/16/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $101.94 $137.83
EV / Production (AgEq): $91.60 $125.64
G
R
A
D
E		 Underground (Avg): n/a n/a 11/16/2025
Open Pit (Avg): n/a n/a 11/16/2025
Recovery Rate: n/a n/a 11/16/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 11/16/2025
Annual Production: n/a n/a 11/16/2025
Cash Cost: n/a n/a 11/16/2025
Extra Operating Cost: n/a n/a 11/16/2025

Property

Last Analysis Data  (11/16/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Lindero
100 show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).

Size: 3,500 ha
Exp Arizaro
100 show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Prod Seguela
100 show
500,000 oz at 2.4 gpt

Still early exploration

Size: 300,000 ha
Prod Caylloma
100 show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Dev Diamba Sud
100 show
Appears to be a mine.

Early exploration.

Size: 5,300 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Lindero
100 show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).

Size: 3,500 ha
Exp Arizaro
100 show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Prod Seguela
100 show
500,000 oz at 2.4 gpt

Still early exploration

Size: 300,000 ha
Prod Caylloma
100 show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Dev Diamba Sud
100 show
Appears to be a mine.

Early exploration.

Size: 5,300 ha

Profitability (by resource)

Proven &
Probable		 11/16/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 3.00M 3.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.55M 2.55M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $4,016.22M $4,500.19M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,016.22M $4,500.19M n/a
Max Profit / Current MCap: 1.532 1.496 n/a
Max Profit Per Share (Gold): $12.79 $14.33 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $12.79 $14.33 n/a
Total Free Profit Per Share: $4.44 $4.75 n/a
FD MCap / Gold Eq.: $1,028.20 $1,179.65 n/a
FD MCap / Silver Eq.: $12.79 $17.30 n/a
FD MCap / Per Metal
as % Spot Price:		 25.23% 27.66% n/a
EV / Gold Eq.: $923.88 $1,075.34 n/a
EV / Silver Eq.: $11.49 $15.77 n/a
EV / Per Metal
as % Spot Price:		 22.67% 25.21% n/a
Measured &
Indicated		 11/16/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 4.20M 4.20M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.37M 3.37M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $5,301.42M $5,940.25M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $5,301.42M $5,940.25M n/a
Max Profit / Current MCap: 2.022 1.975 n/a
Max Profit Per Share (Gold): $16.88 $18.92 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $16.88 $18.92 n/a
Total Free Profit Per Share: $8.53 $9.34 n/a
FD MCap / Gold Eq.: $778.94 $893.68 n/a
FD MCap / Silver Eq.: $9.69 $13.10 n/a
FD MCap / Per Metal
as % Spot Price:		 19.12% 20.95% n/a
EV / Gold Eq.: $699.91 $814.65 n/a
EV / Silver Eq.: $8.71 $11.94 n/a
EV / Per Metal
as % Spot Price:		 17.18% 19.10% n/a

Reserves &
Resources		 11/16/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.70M 5.70M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.00M 4.00M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,305.47M $7,065.30M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,305.47M $7,065.30M n/a
Max Profit / Current MCap: 2.405 2.349 n/a
Max Profit Per Share (Gold): $20.08 $22.50 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $20.08 $22.50 n/a
Total Free Profit Per Share: $11.73 $12.92 n/a
FD MCap / Gold Eq.: $654.90 $751.37 n/a
FD MCap / Silver Eq.: $8.15 $11.02 n/a
FD MCap / Per Metal
as % Spot Price:		 16.07% 17.62% n/a
EV / Gold Eq.: $588.46 $684.93 n/a
EV / Silver Eq.: $7.32 $10.04 n/a
EV / Per Metal
as % Spot Price:		 14.44% 16.06% n/a

Future Valuation (Cash Flow & Totals)

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