Fortuna Mining Corp. reported record free cash flow of $132.3 million for the fourth quarter and $330.0 million for the full year 2025, while returning $12.1 million to shareholders through dividends and share buybacks. Adjusted net income rose to $71.3 million, or $0.23 per share, up from $51.0 million ($0.17 per share) in Q3 2025. Consolidated sales from continuing operations reached $270.2 million in the quarter and $947.1 million for the year, and the corrected consolidated all‑in sustaining cost (AISC) for Q4 2025 was $2,054 per gold‑equivalent ounce, compared with $1,870 per ounce for the full year. The company’s liquidity stood at $704 million and net cash at $381 million.
The earnings beat analyst expectations, with adjusted EPS of $0.23 matching the consensus estimate of $0.23. The beat was driven by higher realized gold prices and a lower AISC in Q3 2025, while the increase in AISC in Q4 2025 was attributed to higher royalties, gold‑equivalent ratios, and share‑based compensation. Revenue growth was supported by strong demand in core mining operations, offsetting modest headwinds in legacy assets. The company’s record free cash flow reflects disciplined cost management and efficient capital deployment.
Production guidance for 2025 was met, with gold output at 152,426 ounces at the Séguéla mine, exceeding the upper end of the guidance range. Cash costs were $710 per ounce at Séguéla, while the consolidated cash cost per GEO for the full year was $944, in line with guidance. Management noted that the higher AISC in the quarter was driven by increased royalties and gold‑equivalent ratios, but that the adjusted AISC would be under $1,700 per ounce if one‑time items were excluded. "Q4 was a strong end to the year as we delivered record free cash flow from operations of $132.3 million and returned $12.1 million to our shareholders," said President and CEO Jorge A. Ganoza.
Looking ahead, Fortuna reiterated its focus on high‑margin gold operations and the development of the Diamba Sud project. The company plans to publish a feasibility study for Diamba Sud by mid‑2026 and is targeting a final investment decision in the second half of 2026. "This updated Mineral Resource estimate represents a significant advancement for the Diamba Sud Gold Project, highlighted by a 73% increase in indicated gold ounces with 94% of total gold ounces now in the indicated category. This update provides a strong foundation for the feasibility study we plan to publish by mid‑year 2026 and materially advances the project toward a final investment decision," Ganoza added. The company also continues to expand the Séguéla mine, with a feasibility‑level study underway. "Diamba Sud, together with the expansion of the Séguéla Mine, currently under study, is central to our strategy to grow Fortuna into a company capable of producing more than 500,000 ounces of gold annually from long‑life assets," he said.
Fortuna’s balance sheet remains robust, with $704 million in liquidity and $381 million in net cash, positioning the company to fund ongoing operations, capital projects, and shareholder returns. The company’s strategic portfolio streamlining, including divestitures of non‑core assets such as San Jose and Yaramoko, has sharpened focus on high‑margin operations and growth projects. The 2026 outlook includes GEO production from ongoing operations of 281,000 to 305,000 ounces, cash costs between $895 and $1,000 per GEO, and AISC between $1,830 and $1,975 per GEO, underscoring management’s confidence in sustaining profitability while expanding capacity.
Fortuna’s earnings release was well received by analysts, who noted that the company’s strong free cash flow and disciplined cost management support its long‑term growth strategy. The guidance for 2026 reflects a balanced view of market conditions, with expectations of continued production growth and controlled cost inflation.
Fortuna’s earnings release was well received by analysts, who noted that the company’s strong free cash flow and disciplined cost management support its long‑term growth strategy. The guidance for 2026 reflects a balanced view of market conditions, with expectations of continued production growth and controlled cost inflation.
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