Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (CAD) | Target 1 (CAD) | Target 2 (CAD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 12 Jan, 26 | FVI | Buy | CAD 14.28 | CAD 15.0 | CAD 15.71 | 10 days | Closed |
10.01%
|
*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.
Operating Profit Expansion: Operating income rose sharply from USD 50.8 million (Q3 FY24) to USD 154.6 million (Q3 FY25)
Revenue Growth: Sales increased from USD 181.7 million (Q3 FY24) to USD 251.4 million (Q3 FY25), representing a 38% year-on-year increase
Reduced Base Metal Output: Lead and zinc sales declined from 10,934 thousand lbs and 13,411 thousand lbs (Q3 FY24) to 8,628 thousand lbs and 12,259 thousand lbs (Q3 FY25)
Decline in Silver Sales Volumes: Silver sales declined from 340,829 ounces (Q3 FY24) to 243,590 ounces (Q3 FY25), representing a 29% year-on-year decrease
Fortuna Mining Corp.’s key investment risk lies in its exposure to commodity price volatility and jurisdiction-specific regulatory and currency risks—particularly in Argentina and West Africa—which could materially affect operating costs, cash flows, and project economics despite strong current profitability
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 14.28 | 13.5 | 15.0 | 15.71 |
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.
Strong Quarterly Earnings and Margin Expansion: During Q3 FY25, Fortuna Mining Corp. delivered a materially stronger financial performance, supported by higher realized precious metal prices and disciplined operational execution. Sales increased to USD 251.4 million in Q3 FY25, compared with USD 181.7 million in Q3 FY24, reflecting a 38% year-on-year improvement. Operating income rose sharply to USD 154.6 million (Q3 FY25) from USD 50.8 million (Q3 FY24), driven by higher gold prices, improved margins, and the reversal of prior impairments at the Lindero mine.
Profitability and Earnings Growth: Attributable net income from continuing operations increased significantly to USD 123.6 million, or USD 0.40 per share in Q3 FY25, compared with USD 35.5 million, or USD 0.11 per share in Q3 FY24. This improvement was primarily supported by higher revenues, stronger operating leverage, and a USD 52.7 million impairment reversal recognized during the quarter, partially offset by foreign exchange losses and higher share-based compensation expenses.
Robust Cash Flow Generation: Operating cash flow before working capital changes amounted to USD 113.9 million in Q3 FY25, up from USD 67.3 million in Q3 FY24. Free cash flow from ongoing operations rose to USD 73.4 million, more than doubling from USD 34.0 million in Q3 FY24, reflecting improved margins and higher realized gold prices. The strong cash generation reinforced the company’s financial flexibility and capacity to fund organic growth projects.
Production Performance Across Core Assets: Total production from continuing operations reached 72,462 gold-equivalent ounces (GEO) in Q3 FY25, remaining on track to meet full-year guidance. Séguéla delivered 38,799 ounces of gold, Lindero produced 24,417 ounces, while Caylloma contributed 233,612 ounces of silver, alongside lead and zinc output. Operational consistency across assets supported stable production levels despite mine-specific cost and grade variations.
Cost Trends and Operational Efficiency: Cash costs and all-in sustaining costs (AISC) reflected mine-specific investment cycles. Consolidated AISC increased to USD 1,987 per GEO in Q3 FY25 from USD 1,932 per GEO in Q2 FY25, primarily due to higher sustaining capital and royalty expenses linked to elevated gold prices. At Lindero, AISC declined to USD 1,570 per ounce in Q3 FY25 from USD 1,783 per ounce in Q2 FY25, demonstrating improving operational efficiency as capital-intensive phases tapered.
Balance Sheet Strength and Liquidity: Fortuna exited Q3 FY25 with a strong balance sheet, reporting USD 588 million in total liquidity and a net cash position of USD 266 million, compared with a significantly lower liquidity profile in the prior year. Cash and cash equivalents increased to USD 438.3 million as of September 30, 2025, reinforcing the company’s ability to advance development projects such as Diamba Sud while maintaining financial resilience.
Growth Pipeline and Strategic Progress: The company continued advancing its organic growth pipeline during the quarter. The Diamba Sud project in Senegal delivered a robust preliminary economic assessment, outlining an after-tax IRR of 72% and an after-tax NPV (5%) of USD 563 million, with a construction decision targeted for H1 FY26. Simultaneously, exploration success at Séguéla supported mine-life extension and future production growth, positioning Fortuna for sustained medium-term expansion.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Fortuna Mining Corp. (TSX: FVI) at the closing market price of CAD 14.28, as on Jan 09,2026.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Gold
| Company | Change (CAD) | Price (CAD) | 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) |
|---|---|---|---|---|---|---|---|---|
| FVI Fortuna Silver Mines Inc |
-0.23 1.76% | 12.87 | 11.78 | 7.32 | 4.44 | 1.93 | 3.05 | 4.68 |
| AEM Agnico Eagle Mines Limited |
-4.78 2.02% | 231.28 | 24.22 | 15.85 | 11.68 | 4.34 | 8.85 | 12.58 |
| ABX Barrick Gold Corp |
-0.89 1.56% | 56.19 | 14.39 | 10.63 | 5.80 | 2.63 | 4.04 | 6.19 |
| WPM Wheaton Precious Metals Corp |
-8.27 4.78% | 164.74 | 43.69 | 24.75 | 38.06 | 7.39 | 27.40 | 31.65 |
| FNV Franco-Nevada Corporation |
-5.9 1.90% | 304.32 | 42.91 | 30.30 | 36.18 | 6.45 | 26.79 | 28.34 |
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 January 12, 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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