FSM · NYSE · Gold

Fortuna Mining (FSM)

Operates gold mines in Argentina and Côte d’Ivoire alongside a Peruvian silver-lead-zinc mine.

$11.94
vs last close+0.18 (+1.53%)
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Fortuna Mining Corp.FSM
Materials

Operates the Lindero and Séguéla gold mines and the Caylloma silver-lead-zinc mine, with Diamba Sud in Senegal at advanced exploration. The portfolio spans Argentina, Côte d’Ivoire, Peru, and Senegal, so permitting, environmental, and transportation conditions in foreign jurisdictions shape operations.

Operates Lindero, an open-pit gold mine in Argentina; Séguéla, a majority-owned open-pit gold mine in Côte d’Ivoire; and Caylloma, an underground silver-lead-zinc mine in Peru. The portfolio combines gold, silver, lead, and zinc production from its current operating mines. Lindero and Caylloma are wholly owned.

The 2025 sales of San Jose in Mexico and Yaramoko in Burkina Faso reshaped the portfolio, leaving operations across Latin America and West Africa. Diamba Sud in Senegal is an advanced-exploration gold project.

Permitting, environmental, social, and transportation conditions in foreign jurisdictions shape mining operations.

Company facts

CEOJorge A. Ganoza
ListedSep 19, 2011
ExchangeNYSE
HeadquartersVancouver, BC
CountryCanada
Employees1,633
CIK0001341335
ISINCA3499421020

Market cap$3.56B
EPS (ttm)$1.18
P/E (ttm)9.97
ROE22.2%
P/B2.02
P/S3.01
Dividend yieldDiv yield
Beta2.06vs XLB 1.49

Price target$14.50+23.3%Average of 6 analysts
ConsensusBuy4 of 6 analysts
Ratings

Target rangeAs of Sep 21, 2026

Latest analyst notes

DateFirmActionPriorCurrent
Jul 30, 2026ScotiabankReiterate
Rating: Target: $14
Rating: OutperformTarget: $14.50
Jan 26, 2026ScotiabankReiterate
Rating: Target: $11
Rating: Sector OutperformTarget: $14
Nov 24, 2025ScotiabankTarget
Target: $10.50
Target: $11
Oct 23, 2025ScotiabankReiterate
Rating: Target: $8.50
Rating: Sector PerformTarget: $10.50
Oct 16, 2025ScotiabankReiterate
Rating: Target: $6.50
Rating: Sector PerformTarget: $8.50

Next report
Nov 4, 26
in 43 days
EPS estimate
$0.39
Revenue estimate
$343.4M
Fiscal quarter
Q3 FY26

EPSReportedEstimate

Mar '25May '25Aug '25Nov '25Feb '26May '26Aug '26Nov '26
Reported$0.03$0.20$0.14$0.15$0.22$0.35$0.24Pending
Estimate$0.20$0.21$0.22$0.26$0.23$0.37$0.29$0.39
Surprise−84.8%−4.8%−36.4%−42.0%−2.4%−6.3%−18.6%

RevenueReportedEstimate

Mar '25May '25Aug '25Nov '25Feb '26May '26Aug '26Nov '26
Reported$302.2M$290.1M$230.4M$251.4M$270.2M$342.5M$318.4MPending
Estimate$301.8M$291.4M$245.3M$247.3M$264.9M$340.0M$325.0M$343.4M
Surprise+0.2%−0.4%−6.1%+1.6%+2.0%+0.7%−2.0%
Estimate$0.39
ReportedDue Nov 4, 2026
Estimate$343.4M
ReportedDue Nov 4, 2026
View details

Debt to equity13.30%
Current ratio300.30%

ProfitabilityRevenueNet incomeNet margin

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$274.9M$302.2M$290.1M$230.4M$251.4M$272.0M$342.5M$318.4M
Net income$50.5M$11.3M$58.5M$37.3M$123.6M$69.1M$111.0M$75.5M
Net margin18.4%3.8%20.2%16.2%49.2%25.4%32.4%23.7%

GrowthOperating income

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Operating income$72.7M$52.8M$91.9M$83.7M$154.6M$121.4M$182.2M$163.2M
YoY growth+60.1%Turned profit+90.1%+172.3%+112.8%+129.6%+98.3%+94.9%

Balance sheet, Jun 30, 2026Cash & short-term investments $614.4M · Total debt $234.2M · Total assets $2.50B · Shareholders' equity $1.77B

Revenue
$318.4M
Operating income
$163.2M
Net income
$75.5M
View details

No dividends on record.

Institutions≈ 63.57%194.50M ADS
264 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail
Other≈ 36.43%111.46M ADS
remainder

305.96M ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing

This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.

Top shareholders13F · 13D/G · Form 4

HolderStakeSharesDate
Van Eck Associates CorpInstitution
6.86%20.99M ADSas of Jun 30, 2026
Global X Management CO LLCInstitution
5.89%18.02Mfiled Feb 17, 2026
Mirae Asset Global Etfs Holdings Ltd.Institution
4.91%15.04M ADSas of Jun 30, 2026
Acadian Asset Management LLCInstitution
3.93%12.01M ADSas of Jun 30, 2026
Dimensional Fund Advisors LPInstitution
3.45%10.56M ADSas of Jun 30, 2026

Insider tradesForm 4

Nothing filed in the last 12 months.

View details

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