Fortuna Silver Mines Inc. Earnings Recaps
Q1 2026
May 8, 2026
Fortuna Mining’s shares jumped 9.3% following quarterly results driven by record revenue and cash flow, underpinned by higher realized gold and silver prices. The market rewarded solid operational execution combined with clear visibility on growth projects and a strong balance sheet.
Key takeaways
- Sales reached a record $342 million, benefiting from elevated gold and silver prices.
- Adjusted net income was $111 million ($0.36 per share), setting a quarterly earnings record.
- Adjusted EBITDA amounted to $219 million, while free cash flow from operations hit $174 million, the best quarterly cash generation to date.
- Gold equivalent production totaled 72,900 ounces, supported notably by Seguela’s 14% sequential production increase to 42,016 ounces.
- Strong liquidity position with $816 million total liquidity, including $493 million in net cash, enabling full funding of $330 million capital budget and ongoing share repurchases.
Q3 2025
Nov 7, 2025
Fortuna Mining Corp. delivered robust Q3 2025 results, marked by significant operational achievements and a strong financial performance, including an attributable net income of $123.6 million.
Key takeaways
- Achieved a gold price of $3,467 per ounce, contributing to a $123.6 million attributable net income and strong free cash flow of $73 million.
- Secured a solid liquidity position with $588 million in cash and $266 million in net cash, enabling future growth investments.
- Advanced growth projects like Diamba Sud in Senegal and Séguéla in Côte d'Ivoire, which are expected to substantially increase annual gold production.
- Maintained all-in sustaining costs within guidance, with Lindero trending lower and Séguéla impacted by capital investment and higher royalty payments.
- Strong focus on safety, achieving 318 days without a lost time injury and an improved total recordable injury frequency rate of 0.86.