Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 30 Mar, 26 | FSM | Buy | USD 9.51 | USD 10.0 | USD 10.5 | 2 days | Closed |
10.88%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Fortuna Mining Corp. engages in the precious and base metal mining and related activities in Argentina, Côte d'Ivoire, Mexico, Peru, and Senegal. The company operates through Mansfield, Sango, and Bateas segments. It operates the Lindero gold mine and the Séguéla gold mine, as well as the Caylloma silver, lead, and zinc mine. The company was formerly known as Fortuna Silver Mines Inc. and changed its name to Fortuna Mining Corp. in June 2024. Fortuna Mining Corp. was incorporated in 1990 and is based in Vancouver, Canada.
Enhanced Cash Position: Cash and cash equivalents increased to USD 553.9 million in FY25 compared with USD 231.3 million in FY24
Operating Income Expansion: FY25 operating income increased to USD 408.4 million from USD 156.1 million in FY24
Production Disruptions at Lindero: FY25 production at Lindero declined to 87,489 ounces, falling below guidance due to mechanical downtime
Increase in General and Administrative Expenses: FY25 G&A expenses rose to USD 97.7 million versus USD 68.1 million in FY24
Fortuna Mining’s key investment risk lies in its exposure to commodity price volatility and operational disruptions at key assets, where fluctuations in gold prices, rising cost pressures, and execution risks in growth projects could materially impact earnings and cash flow generation
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 9.51 | 8.5 | 10.0 | 10.5 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue Expansion Driven by Favorable Commodity Prices: During FY25, Fortuna Mining Corp. reported a strong increase in revenue, supported primarily by higher realized gold and silver prices. Total sales rose to USD 947.1 million in FY25 compared with USD 677.2 million in FY24, reflecting a significant expansion in top-line performance. The increase was largely attributable to improved commodity pricing and stable production across core assets, highlighting the company’s leverage to favorable precious metals markets.
Profitability Strengthened by Margin Expansion: The company demonstrated substantial improvement in profitability, with operating income increasing to USD 408.4 million in FY25 from USD 156.1 million in FY24. This was complemented by a sharp rise in net income from continuing operations to USD 288.8 million in FY25 versus USD 90.3 million in FY24. The expansion reflects strong operating leverage, higher realized prices, and disciplined cost management across key mining operations.
Robust Cash Flow Generation and Financial Flexibility: FY25 marked a record year for cash flow generation, with free cash flow from operations reaching USD 330 million. Operating cash flow remained strong, supported by higher EBITDA margins and efficient working capital management. This enabled the company to strengthen its balance sheet, with cash and cash equivalents increasing to USD 553.9 million in FY25 from USD 231.3 million in FY24, significantly enhancing liquidity and financial flexibility.
Operational Performance and Production Stability: Operationally, Fortuna delivered total production of 317,001 gold equivalent ounces in FY25, within its guided range. Key assets such as Séguéla and Caylloma contributed stable output, although certain disruptions, particularly at Lindero, impacted overall production efficiency. Despite these challenges, the company maintained consistent output levels supported by diversified geographic operations.
Cost Structure and Efficiency Trends: Cost performance remained relatively stable, with consolidated cash costs increasing modestly to USD 971 per ounce in FY25. However, all-in sustaining costs (AISC) rose to USD 1,870 per ounce, exceeding guidance by 6%, reflecting inflationary pressures, higher royalties linked to rising gold prices, and operational inefficiencies in certain assets. This indicates emerging cost pressures despite strong revenue growth.
Strategic Portfolio Optimization and Asset Base Enhancement: During FY25, Fortuna undertook strategic portfolio restructuring, including the divestment of non-core assets such as San Jose and Yaramoko. Concurrently, the company strengthened its growth pipeline through resource expansion at Diamba Sud and reserve growth at Séguéla, positioning itself for medium-term production growth toward over 0.5 million ounces annually.
Balance Sheet Strength and Capital Allocation Discipline: The company ended FY25 with a strong net cash position of approximately USD 382 million and total liquidity of USD 704 million. Lower interest costs and disciplined capital allocation further improved financial stability, enabling continued investment in growth projects while maintaining shareholder returns and operational resilience.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Fortuna Mining Corp. (NYSE: FSM) at the closing market price of USD 9.51, as on Mar 27, 2026
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Gold
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| FSM Fortuna Silver Mines Inc |
-0.17 1.80% | 9.26 | 12.60 | 7.37 | 3.25 | 1.93 | 3.05 | 4.68 |
| AEM Agnico Eagle Mines Limited |
-6.33 3.66% | 166.66 | 22.95 | 16.00 | 8.59 | 4.38 | 8.85 | 12.58 |
| B Barrick Mining Corporation |
-0.95 2.30% | 40.34 | 14.66 | 11.20 | 4.26 | 2.71 | 4.14 | 6.35 |
| AU AngloGold Ashanti plc |
-0.05 0.06% | 90.87 | 20.56 | 12.69 | 5.44 | 6.65 | 5.37 | 9.20 |
| NEM Newmont Goldcorp Corp |
-1.88 1.78% | 103.79 | - | 11.61 | 4.29 | 2.48 | 4.55 | 26.44 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on March 30, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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