Fortuna Mining (FVI) Q4 2025 earnings summary

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.