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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 four producing mines in Argentina, Cote d'Ivoire, Mexico and Peru and two exploration properties. Currently they produce roughly 400koz. 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 ~$2614.9M which is a rise of roughly 69% over the last eleven months. As of 11/02/2024 they have ~$140M debt and ~$128M cash. They have 313M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 11/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $1,548.40M $2,614.90M 11/02/2024
MCap (OS): $1,533.70M $2,590.08M 11/02/2024
Total Assets: $1,991.00M $1,991.00M 11/02/2024
Total Liabilities: $686.00M $686.00M 11/02/2024
Current Assets: $275.00M $275.00M 11/02/2024
Current Liabilities: $138.00M $138.00M 11/02/2024
Total Debt: $140.00M $140.00M 11/02/2024
Cash: $128.00M $128.00M 11/02/2024
Debt (Net): $12.00M $12.00M
Enterprise Value: $1,560.40M $2,626.90M 03/29/2053
Cash Flow: $380.27M $608.33M never
Cash Flow Multiple: 4.07 4.30 never
Net Debt to
Cash Flow Ratio:		 0.03 0.02 never
Finance within 1 year: 11/02/2024
Misc 11/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 313,000,000 313,000,000 11/02/2024
Shares (FD): 316,000,000 316,000,000 11/02/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 11/02/2024
Production (Gold Eq Oz.): (guess) 
428,303		 (guess) 
400,000		 05/13/2025
Production (Silver Eq Oz.): (guess) 
36,158,698		 (guess) 
34,427,479		 05/13/2025
Development Phase: none Producer (Multiple Mines) 08/30/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 11/02/2023
Cash Flow Multiple: 12 12 03/07/2024

Resource Data

GOLD 11/02/2024
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 11/02/2024
Measured & Indicated: 4.00M 4.20M 03/12/2025
Inferred: 1.50M 1.50M 03/12/2025
Reserves & Resources: 5.50M 5.70M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.55M 2.55M 11/02/2024
Measured & Indicated: 3.23M 3.37M 03/12/2025
Inferred: 0.64M 0.64M 03/12/2025
Reserves & Resources: 3.87M 4.00M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
375,000oz.		 (CG) 
400,000oz.		 05/13/2025
Cash Cost: $1,050 $1,450 05/13/2025
Extra Operating Cost: $750 $700 01/21/2025
Total: $1,800 $2,150 05/13/2025
Margin (Free Cash Flow): $937 (34%) $1,521 (41%)
MCap / Production (AuEq): $3,615.20 $6,537.25
EV / Production (AuEq): $3,643.22 $6,567.25
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 11/02/2024
Open Pit (Avg): n/a 1.50 g/t 03/23/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 08/30/2025
F
U
T
U
R
E		 Proven & Probable: 4.00M 5.00M 03/12/2025
Annual Production: 450,000oz. 450,000oz. 11/02/2024
Cash Cost: $1,200 $1,500 05/13/2025
Extra Operating Cost: $650 $700 01/21/2025
SILVER 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 20.00M n/a 01/21/2025
Measured & Indicated: 20.00M n/a 01/21/2025
Inferred: 20.00M n/a 01/21/2025
Reserves & Resources: 40.00M n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 16.00M n/a 01/21/2025
Measured & Indicated: 16.00M n/a 01/21/2025
Inferred: 8.00M n/a 01/21/2025
Reserves & Resources: 24.00M n/a never
C
U
R
R
E
N
T		 Annual Production: (guess) 
4,500,000oz.		 n/a
Cash Cost: $16.00 n/a 01/21/2025
Extra Operating Cost: $10.00 n/a 01/21/2025
Total: $26.00 n/a 01/21/2025
Margin (Free Cash Flow): $6.42 (19.80%) n/a
MCap / Production (AgEq): $42.82 $75.95
EV / Production (AgEq): $43.15 $76.30
G
R
A
D
E		 Underground (Avg): 120.00 g/t n/a 01/21/2025
Open Pit (Avg): n/a n/a 11/02/2023
Recovery Rate: (CG)  80.00% n/a 01/21/2025
F
U
T
U
R
E		 Proven & Probable: 20.00M n/a 01/21/2025
Annual Production: 1,500,000oz. n/a 01/21/2025
Cash Cost: $17.00 n/a 01/21/2025
Extra Operating Cost: $10.00 n/a 01/21/2025

Property

Last Analysis Data  (11/02/2024)
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 Yaramoko
100 show
1 million oz deposit. Very high grade (avg 13 gpt). Feasibility study due in Q2 2014.

100,000 oz per year for 10+ years.

Low cash costs, very economic.

Size: 16,700 ha
Exp Bissa West
90 show
Likely their second mine, but still early exploration.

Size: 3,800 ha
Exp Solna
100 show
Their largest property. Early exploration.

Size: 37,000 ha
Prod Seguela
100 show
500,000 oz at 2.4 gpt

Still early exploration

Size: 300,000 ha
Prod San Jose
100 show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Prod Caylloma
100 show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Exp 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 San Jose
100 show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Prod Caylloma
100 show
2 million oz of production in 2015


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

Early exploration.

Size: 5,300 ha

Profitability (by resource)

Proven &
Probable		 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 92.68% 100.00% n/a
Percentage Silver: 7.32% n/a n/a
Total (Gold Eq. Oz.): 3.24M 3.00M n/a
Total (Silver Eq. Oz.): 273.27M n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.74M 2.55M n/a
Silver Eq. Oz.: 231.28M n/a n/a
Maximum Profit (Gold): $2,389.35M $3,878.12M n/a
Maximum Profit (Silver): $102.72M n/a n/a
Total Maximum Profit: $2,492.07M $3,878.12M n/a
Max Profit / Current MCap: 1.609 1.483 n/a
Max Profit Per Share (Gold): $7.56 $12.27 n/a
Max Profit Per Share (Silver): $0.33 n/a n/a
Total Max Profit Per Share: $7.89 $12.27 n/a
Total Free Profit Per Share: $2.99 $4.00 n/a
FD MCap / Gold Eq.: $565.21 $1,025.45 n/a
FD MCap / Silver Eq.: $6.69 $11.91 n/a
FD MCap / Per Metal
as % Spot Price:		 20.65% 27.94% n/a
EV / Gold Eq.: $569.59 $1,030.16 n/a
EV / Silver Eq.: $6.75 $11.97 n/a
EV / Per Metal
as % Spot Price:		 20.81% 28.06% n/a
Measured &
Indicated		 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 94.41% 100.00% n/a
Percentage Silver: 5.59% n/a n/a
Total (Gold Eq. Oz.): 4.24M 4.20M n/a
Total (Silver Eq. Oz.): 357.69M n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.42M 3.37M n/a
Silver Eq. Oz.: 288.69M n/a n/a
Maximum Profit (Gold): $3,026.51M $5,119.11M n/a
Maximum Profit (Silver): $102.72M n/a n/a
Total Maximum Profit: $3,129.23M $5,119.11M n/a
Max Profit / Current MCap: 2.021 1.958 n/a
Max Profit Per Share (Gold): $9.58 $16.20 n/a
Max Profit Per Share (Silver): $0.33 n/a n/a
Total Max Profit Per Share: $9.90 $16.20 n/a
Total Free Profit Per Share: $5.00 $7.92 n/a
FD MCap / Gold Eq.: $452.81 $776.86 n/a
FD MCap / Silver Eq.: $5.36 $9.03 n/a
FD MCap / Per Metal
as % Spot Price:		 16.54% 21.16% n/a
EV / Gold Eq.: $456.32 $780.42 n/a
EV / Silver Eq.: $5.41 $9.07 n/a
EV / Per Metal
as % Spot Price:		 16.67% 21.26% n/a

Reserves &
Resources		 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 92.07% 100.00% n/a
Percentage Silver: 7.93% n/a n/a
Total (Gold Eq. Oz.): 5.97M 5.70M n/a
Total (Silver Eq. Oz.): 504.33M n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.15M 4.00M n/a
Silver Eq. Oz.: 350.51M n/a n/a
Maximum Profit (Gold): $3,623.85M $6,088.64M n/a
Maximum Profit (Silver): $154.08M n/a n/a
Total Maximum Profit: $3,777.93M $6,088.64M n/a
Max Profit / Current MCap: 2.440 2.328 n/a
Max Profit Per Share (Gold): $11.47 $19.27 n/a
Max Profit Per Share (Silver): $0.49 n/a n/a
Total Max Profit Per Share: $11.96 $19.27 n/a
Total Free Profit Per Share: $7.06 $10.99 n/a
FD MCap / Gold Eq.: $372.95 $653.15 n/a
FD MCap / Silver Eq.: $4.42 $7.59 n/a
FD MCap / Per Metal
as % Spot Price:		 13.63% 17.79% n/a
EV / Gold Eq.: $375.84 $656.15 n/a
EV / Silver Eq.: $4.45 $7.62 n/a
EV / Per Metal
as % Spot Price:		 13.73% 17.87% n/a

Future Valuation (Cash Flow & Totals)

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