Fortuna Mining Corp. [FVI-TSX, Lima; FSM-NYSE] has reported its financial and operating results for the third quarter of 2025.
Fortuna is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Cote d’Ivoire, Mexico and Peru as well as the Diamba Sud Gold Project in Senegal.
“Fortuna delivered a strong quarter, keeping us on track to meet our annual production guidance,’’ said Fortuna President and CEO Jorge Ganoza. “Higher gold prices and consistent mine performance generated US$73.4 million in free cash flow from operations—up US$16 million from Q2,” he said. Ganoza said the all-in-sustaining cost (AISC) at the Lindero mine in Argentina is trending lower and the company expects to see similar improvements at the Seguela mine in Cote d’Ivoire as it completes key investments to support 2026 production of 160,000 to 180,000 ounces.
“Our balance sheet continues to strengthen, with nearly US$600 million in liquidity and US$265.8 million in net cash, ‘’ Ganoza said. “This positions us to fund high-impact growth initiatives, including Diamba Sud, unlocking the full potential of the Seguela Mine, and expanding exploration across West Africa and Latin America.’’
The company reported gold equivalent production (GEO) of 72,462 ounces from continuing operations at a consolidated AISC of US$1,987 compared to US$1,932 in the second quarter of 2025. That included 24,417 ounces from Lindero, and 38,799 ounces from Seguela. The Caylloma Mine in Peru produced 233,612 ounces of silver, 8.5 million pounds of lead, and 11.9 million pounds of zinc.
Attributable net income from continuing operations was US$123.6 million or 40 cents per share, compared to US$35.5 million or 11 cents per share in the third quarter of 2024.
After adjusting for reversals of impairments and stockpile write-downs of US$69.4 million at Lindero and other non-recurring items, adjusted attributable net income was US$51 million or 17 cents per share, compared to US$32.7 million or 10 cents per share in the third quarter of 2024. The increase was primarily due to higher realized gold prices, and higher sales volumes at Seguela.
“Cash costs remained below US$1,000 an ounce and AISC (all in sustaining costs) for GEO at our mines is tracking with guidance,’’ Ganoza said. The company has said it expects to produce between 309,000 and 338,000 GEOs in 2025. That amount includes up to 290,000 ounces of gold and up to one million ounces of silver.
Fortuna recently announced the results of a preliminary economic assessment (PEA) or its Diamba Sud gold project. It said the PEA supports robust project economics for the development of an open-pit mine and carbon-in-leach processing plant.
Diamba Sud is projected to deliver an average of 147,000 ounces of gold annually at an all-in-sustaining cost of US$904 per ounce. Construction capital is pegged at approximately US$283 million.
The company is advancing Diamba Sud towards a definitive feasibility study and construction decision in the first half of 2025.
On Thursday, Fortuna shares advanced on the news, rising 3.7% or 42 cents to $11.55. The shares trade in a 52-week range of $13.77 and $5.98.
