Fortuna Mining (FVI) Q3 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in Q3 2025, with record safety performance (TRIFR 0.86, zero lost time injuries) and robust cash flow, supporting future growth initiatives.

• Attributable net income from continuing operations was $123.6 million ($0.40/share), driven by strong mine performance and impairment reversal at Lindero; adjusted net income was $0.17/share.

• Free cash flow from operations reached $73.4 million, with net cash from operating activities before working capital at $113.9 million ($0.37/share), exceeding analyst consensus.

• Liquidity at quarter-end was $588 million, with a net cash position of $266 million, enabling pursuit of high-value growth opportunities.

• Completed the sale of San Jose and Yaramoko mines in Q2 2025, resulting in discontinued operations and gains/losses on disposal.

Financial highlights

• Q3 2025 sales from continuing operations reached $251.4 million, up 38–40% year-over-year.

• Reported net income of $123.6 million ($0.40/share), including a $52.7–70 million impairment reversal at Lindero.

• Adjusted EBITDA was $130.8 million, with a margin of 52–58%, up 35% year-over-year.

• Free cash flow from operations was $73.4 million, up from $57.4 million in Q2.

• Cash and cash equivalents increased to $438.3 million as of September 30, 2025.

Outlook and guidance

• On track to meet 2025 annual production guidance of 309–339 GEO at an AISC of $1,670–$1,765/GEO.

• Séguéla expected to exceed upper production guidance for 2025 and targeting 160,000–180,000 ounces in 2026.

• Diamba Sud (Ambasud) Gold Project advancing toward a definitive feasibility study and construction decision in H1 2026, targeting 150,000 oz/year average gold production for first three years.

• All-in sustaining costs at Séguéla expected to be $1,600–$1,700/oz as investments complete; Lindero AISC stabilizing at $1,500/oz.

• Full-year capital expenditures revised upward to ~$190–195 million, reflecting increased exploration and project development.