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 growth projects.

• Achieved Q2 production of 72,217 gold equivalent 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 to over 500,000 ounces annually by mid-2028.

• Returned $82.1 million to shareholders via buybacks in Q2; $106.6 million year-to-date.

• Safety remains a top priority, with renewed focus after a fatal accident at Séguéla.

Financial highlights

• Q2 sales reached $380 million; adjusted attributable net income was $75.5 million ($0.25/share), up 77% YoY; adjusted EBITDA was $200.8 million (63% margin).

• Free cash flow from ongoing operations was $85.7 million in Q2 and $260 million for H1.

• Year-to-date: $661 million in sales, $420 million adjusted EBITDA, $186 million adjusted net income ($0.62/share).

• Net cash from operating activities was $138.3 million, up 49% YoY.

• Ended Q2 with $756.7 million in liquidity and $435 million net cash after debt.

Outlook and guidance

• On track to achieve annual production and cost guidance, with AISC expected to trend lower in H2 2026 as key projects complete.

• Annual production guidance remains 281,000 to 305,000 GEO.

• Séguéla expansion and Diamba Sud development to drive production above 500,000 ounces/year by 2028.

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

• External cost pressures (royalties, fuel, inflation, Argentina macro) may impact full-year cost guidance.