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Fortuna Mining
Fortuna Mining (FVI) investor relations material
Fortuna Mining Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record free cash flow of $330 million for 2025 and $132.3 million in Q4, with liquidity rising to $704 million and net cash to $382 million, reflecting a robust balance sheet.
Attributable net income from continuing operations reached $68.1 million in Q4 and $269.7 million for 2025, with adjusted net income at $71.3 million and $203.1 million, respectively.
Q4 2025 sales reached $270.2 million, up 38% year-over-year, with precious metals contributing 86% of sales.
Gold equivalent production totaled 65,130 ounces in Q4 and 317,001 ounces for the year, meeting annual guidance despite operational challenges.
Outlined a clear growth plan to reach over 500,000 ounces of annual gold production within 24 months, a 65% increase from current levels, driven by Diamba Sud and Séguéla projects.
Financial highlights
Sales increased 40% year-over-year to $947.1 million for 2025, with Q4 operating income at $114.1 million, up 150% year-over-year.
Adjusted EBITDA rose 55% to $514.0 million for the year, with a Q4 margin of 58%.
Free cash flow from operations reached $132 million in Q4 and $330 million for the year, with EBITDA conversion rates of 84% and 60%, respectively.
Total capital expenditures were $178.1 million for 2025, with $109 million for sustaining capital and $69 million for growth initiatives.
Basic EPS from continuing operations was $0.88 for 2025, up from $0.27 in 2024.
Outlook and guidance
Targeting over 500,000 ounces of annual gold production within 24 months, with growth fully supported by existing mineral inventory.
Séguéla mine mineral reserves expanded by 31% to 1.54 Moz, extending mine life to over 9 years; feasibility study for plant expansion underway with results expected Q2 2026.
Diamba Sud advancing toward a formal construction decision in mid-2026, with a $100 million budget approved for 2026 and $67 million allocated to early works.
FY 2025 production guidance was met, with consolidated AISC for the year at $1,870/GEO, 6% above guidance.
Effective tax rate expected to average 30–33% in 2026; quarterly G&A (excluding stock-based compensation) projected at $14–16 million.
Lindero 2026 crusher work: output impact?
Diamba Sud construction decision timing?
AISC excluding metal price/share comp impacts?
Seguela expansion: What is the expected timeline to 200k oz?
Diamba Sud: Impact of 1.9g/t Southern Arc deposit?
Lindero: What is the 2026 production impact from crusher repair?
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Next Fortuna Mining earnings date
Q1 20267 May, 2026
Fortuna Mining
Next Fortuna Mining earnings date
Q1 20267 May, 2026
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Frequently asked questions
Fortuna Silver Mines Inc is a Canadian mining company engaged in the exploration, extraction, and processing of precious and base metals. Its operations include silver, gold, and lead-zinc mines located in Latin America and West Africa. The company also conducts exploration and development activities across its portfolio. Fortuna Silver Mines Inc is headquartered in Vancouver, Canada, and its shares are listed on the TSX.
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