Fortuna Mining (FVI) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 operational and financial performance, generating $85.7 million in free cash flow and $200.8 million adjusted EBITDA, with a 63% margin and robust liquidity supporting ongoing growth projects.

• Achieved Q2 gold equivalent production of 72,217 ounces and 145,089 ounces year-to-date, on track for annual guidance.

• Advanced key growth projects: Séguéla plant expansion and Diamba Sud Gold Project, targeting 60% production growth by mid-2028 and over 200,000 oz/year gold production.

• Returned $82.1 million to shareholders via buybacks in Q2; $106.6 million year-to-date, representing 41% of free cash flow.

• Maintained strong liquidity with $756.7 million in cash and $435 million net cash at quarter end.

Financial highlights

• Q2 sales reached $380 million; adjusted attributable net income was $75.5 million ($0.25/share); adjusted EBITDA was $200.8 million (63% margin).

• First half sales totaled $661 million, adjusted EBITDA $420 million, and adjusted net income $186 million ($0.62/share).

• Free cash flow from ongoing operations was $85.7 million in Q2 and $260 million for the first half.

• Q2 average realized gold price was $4,447/oz, up 34% year-over-year; realized silver price was $75.22/oz, up 123%.

• Q2 consolidated cash cost per gold equivalent ounce was $1,034; AISC was $2,157/oz, including $115/oz in one-time items.

Outlook and guidance

• Annual production guidance remains on track at 281,000 to 305,000 GEO; Q2 expected to be peak AISC for the year, with costs trending lower in H2.

• AISC projected to decline, especially at Lindero, with Q3 lower than Q2 and Q4 leveling off.

• External factors such as royalties, Argentina macroeconomics, and diesel prices could impact full-year AISC.

• Capital spending for Séguéla expansion ($109M) and Sunbird underground ($48M) to be spread through 2028 and early 2027, respectively.

• Final investment decision for Diamba Sud Gold Project expected in H2 2026.