Fortuna Mining (FVI) Q3 2026 earnings summary

Executive summary

• Q3 production was 69,665 GEO; 9M output of 214,754 GEO remained on track for FY 2026 guidance of 281,000–305,000 GEO.

• Free cash flow from ongoing operations was $90.8M; operating cash flow before working capital was $126.7M.

• Growth projects target 60% growth in annual gold production from mid-2028, supported by the Séguéla expansion and Diamba Sud development.

• Séguéla faced in-quarter disruption; management expected higher Q4 production and expanded margins.

Financial highlights

• Sales were $293.4M, up 17% YoY from $251.4M; operating income was $102.3M, down 34% YoY and 35% QoQ.

• Attributable net income from continuing operations was $47.8M and basic EPS was $0.16, versus $123.6M and $0.40 in Q3 2025.

• Adjusted attributable net income was $51.2M, or $0.17/share, versus $51.0M and $0.17/share in Q3 2025; adjusted EBITDA rose 21% YoY to $165.0M.

• Net cash provided by operating activities was $112.4M versus $111.3M; free cash flow from ongoing operations rose to $90.8M from $73.4M.

• Q3 realized gold price was $4,281/oz, versus $3,467/oz in Q3 2025 and $4,447/oz in Q2 2026.

Outlook and guidance

• FY 2026 production guidance is 281,000–305,000 GEO; Séguéla was tracking to the lower end, Lindero remained on track, and Caylloma was expected to exceed guidance on a GEO basis.

• Séguéla expansion targets throughput of 2.3M tonnes/year, 94% recovery and annual gold production above 200,000 oz from H2 2028; commissioning is scheduled for Q3 2028.

• Sunbird Underground is expected to supply mill feed to the expanded plant in 2028; portal construction and development are expected to start in Q2 2027, subject to final permitting.

• Diamba Sud first gold pour and ramp-up are targeted for Q2/Q3 2028; exploitation permit and Mining Convention approvals were expected in Q4 2026.

• 2026E capital budget is $300–$315M.