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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 ~$3135.29M which is a rise of roughly 20% over the last two weeks. 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
Change
Item Value Value Updated Value
MCap (FD): $2,621.90M $3,135.29M 11/16/2025 $513.39M
MCap (OS): $2,563.45M $3,065.40M 11/16/2025 $501.95M
Total Assets: $1,991.00M $1,991.00M 11/16/2025 $0.00M
Total Liabilities: $686.00M $686.00M 11/16/2025 $0.00M
Current Assets: $438.00M $438.00M 11/16/2025 $0.00M
Current Liabilities: $138.00M $138.00M 11/16/2025 $0.00M
Total Debt: $172.00M $172.00M 11/16/2025 $0.00M
Cash: $438.00M $438.00M 11/16/2025 $0.00M
Debt (Net): $-266.00M $-266.00M $0.00M
Enterprise Value: $2,355.90M $2,869.29M 12/03/2060 $513.39M
Cash Flow: $504.00M $551.27M never $47.28M
Cash Flow Multiple: 5.20 5.69 never 0.49
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 11/16/2025 n/a
Misc 11/16/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 307,000,000 307,000,000 11/16/2025 0
Shares (FD): 314,000,000 314,000,000 11/16/2025 0
Insider Ownership: n/a n/a 11/16/2025 n/a
Dividend (Annual): n/a n/a 11/16/2025 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 11/16/2025 n/a
Production (Gold Eq Oz.): (guess) 
320,000		 (guess) 
320,000		 11/16/2025 0
Production (Silver Eq Oz.): (guess) 
25,719,858		 (guess) 
23,390,576		 11/16/2025 -2,329,282
Development Phase: Producer (Single Mine) Producer (Multiple Mines) 11/16/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 11/16/2025 0
Cash Flow Multiple: 14 14 11/16/2025 0.00

Resource Data

GOLD 11/16/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.00M 3.00M 11/16/2025 0.00M
Measured & Indicated: 4.20M 4.20M 11/16/2025 0.00M
Inferred: 1.50M 1.50M 11/16/2025 0.00M
Reserves & Resources: 5.70M 5.70M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.55M 2.55M 11/16/2025 0.00M
Measured & Indicated: 3.37M 3.37M 11/16/2025 0.00M
Inferred: 0.64M 0.64M 11/16/2025 0.00M
Reserves & Resources: 4.00M 4.00M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (CG) 
320,000oz.		 (CG) 
320,000oz.		 11/16/2025 0oz.
Cash Cost: $1,700 $1,700 11/16/2025 $0.00
Extra Operating Cost: $800 $800 11/16/2025 $0.00
Total: $2,500 $2,500 11/16/2025 $0.00
Margin (Free Cash Flow): $1,575 (39%) $1,723 (41%) $147.74
MCap / Production (AuEq): $8,193.44 $9,797.78 $1,604.34
EV / Production (AuEq): $7,362.19 $8,966.53 $1,604.34
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 11/16/2025 n/a
Open Pit (Avg): n/a 1.50 g/t 11/16/2025 1.50 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 11/16/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 11/16/2025 0.00M
Annual Production: 420,000oz. 420,000oz. 11/16/2025 0oz.
Cash Cost: $1,800 $1,800 11/16/2025 $0
Extra Operating Cost: $800 $800 11/16/2025 $0
SILVER 11/16/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 11/16/2025 0.00M
Measured & Indicated: n/a n/a 11/16/2025 0.00M
Inferred: n/a n/a 11/16/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 11/16/2025 0.00M
Measured & Indicated: n/a n/a 11/16/2025 0.00M
Inferred: n/a n/a 11/16/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 11/16/2025 $0.00
Extra Operating Cost: n/a n/a 11/16/2025 $0.00
Total: n/a n/a 11/16/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $101.94 $134.04 $32.10
EV / Production (AgEq): $91.60 $122.67 $31.07
G
R
A
D
E		 Underground (Avg): n/a n/a 11/16/2025 n/a
Open Pit (Avg): n/a n/a 11/16/2025 n/a
Recovery Rate: n/a n/a 11/16/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 11/16/2025 0.00M
Annual Production: n/a n/a 11/16/2025 n/a
Cash Cost: n/a n/a 11/16/2025 n/a
Extra Operating Cost: n/a n/a 11/16/2025 n/a

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
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -21.84M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.55M 2.55M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -18.56M
Maximum Profit (Gold): $4,016.22M $4,392.96M n/a $376.74M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,016.22M $4,392.96M n/a $376.74M
Max Profit / Current MCap: 1.532 1.401 n/a -0.131
Max Profit Per Share (Gold): $12.79 $13.99 n/a $1.20
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $12.79 $13.99 n/a $1.20
Total Free Profit Per Share: $4.44 $4.01 n/a $-0.44
FD MCap / Gold Eq.: $1,028.20 $1,229.53 n/a $201.33
FD MCap / Silver Eq.: $12.79 $16.82 n/a $4.03
FD MCap / Per Metal
as % Spot Price:		 25.23% 29.12% n/a 3.88%
EV / Gold Eq.: $923.88 $1,125.21 n/a $201.33
EV / Silver Eq.: $11.49 $15.39 n/a $3.90
EV / Per Metal
as % Spot Price:		 22.67% 26.65% n/a 3.97%
Measured &
Indicated		 11/16/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.20M 4.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -30.57M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.37M 3.37M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -24.50M
Maximum Profit (Gold): $5,301.42M $5,798.71M n/a $497.29M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,301.42M $5,798.71M n/a $497.29M
Max Profit / Current MCap: 2.022 1.849 n/a -0.172
Max Profit Per Share (Gold): $16.88 $18.47 n/a $1.58
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $16.88 $18.47 n/a $1.58
Total Free Profit Per Share: $8.53 $8.48 n/a $-0.05
FD MCap / Gold Eq.: $778.94 $931.46 n/a $152.52
FD MCap / Silver Eq.: $9.69 $12.74 n/a $3.05
FD MCap / Per Metal
as % Spot Price:		 19.12% 22.06% n/a 2.94%
EV / Gold Eq.: $699.91 $852.43 n/a $152.52
EV / Silver Eq.: $8.71 $11.66 n/a $2.95
EV / Per Metal
as % Spot Price:		 17.18% 20.19% n/a 3.01%

Reserves &
Resources		 11/16/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.70M 5.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -41.49M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.00M 4.00M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -29.14M
Maximum Profit (Gold): $6,305.47M $6,896.95M n/a $591.48M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,305.47M $6,896.95M n/a $591.48M
Max Profit / Current MCap: 2.405 2.200 n/a -0.205
Max Profit Per Share (Gold): $20.08 $21.96 n/a $1.88
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $20.08 $21.96 n/a $1.88
Total Free Profit Per Share: $11.73 $11.98 n/a $0.25
FD MCap / Gold Eq.: $654.90 $783.14 n/a $128.24
FD MCap / Silver Eq.: $8.15 $10.71 n/a $2.57
FD MCap / Per Metal
as % Spot Price:		 16.07% 18.55% n/a 2.47%
EV / Gold Eq.: $588.46 $716.70 n/a $128.24
EV / Silver Eq.: $7.32 $9.80 n/a $2.48
EV / Per Metal
as % Spot Price:		 14.44% 16.97% n/a 2.53%

Future Valuation (Cash Flow & Totals)

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