Fortuna Reports Results for the First Quarter 2026
Rhea-AI Summary
Fortuna (NYSE: FSM) reported Q1 2026 results on May 7, 2026, with record free cash flow of $174.0 million and adjusted attributable net income of $111.0 million. Consolidated sales were $342.5 million, consolidated GEO production was 72,872 ounces, and liquidity rose to $815.9 million.
Q1 highlights include cash from operations before working capital of $213.3 million, cash position of $665.9 million, consolidated AISC of $2,107/GEO, and a 15% year‑over‑year increase in mineral reserves.
Positive
- Free cash flow of $174.0 million
- Adjusted attributable net income of $111.0 million
- Consolidated sales of $342.5 million
- Liquidity increased to $815.9 million
- GEO production of 72,872 ounces
Negative
- AISC rose to $2,107 per GEO
- Consolidated cash cost per GEO increased versus Q1 2025 to $951
- Higher sustaining capital and royalties increased costs
Market Reaction – FSM
Following this news, FSM has gained 10.11%, reflecting a significant positive market reaction. Our momentum scanner has triggered 49 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $10.84. This price movement has added approximately $303M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
FSM gained 6.49% on strong Q1 results. Among key gold peers, NG rose 6.96%, BTG was up 1.70%, SSRM gained 0.65%, while SAND fell 5.16%. With only one peer (BTG) in the momentum scanner and mixed moves across others, FSM’s reaction appears more company-specific than broad sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 18 | Q4/FY 2025 earnings | Positive | +4.4% | Record Q4 and FY 2025 free cash flow with stronger liquidity and GEO output. |
| Nov 05 | Q3 2025 earnings | Positive | +1.3% | Strong cash generation, higher net income, and solid GEO production at lower AISC. |
| Aug 06 | Q2 2025 earnings | Positive | -12.0% | Strong results and 55% EBITDA margin but higher consolidated AISC and capex. |
| May 07 | Q1 2025 earnings | Positive | -13.0% | Record free cash flow and portfolio streamlining alongside higher AISC levels. |
| Mar 05 | Q4/FY 2024 earnings | Positive | +4.0% | Record 2024 GEO production and free cash flow with improving net cash position. |
Earnings releases have generally been positive, but market reactions have been mixed: three aligned upside moves and two sharp selloffs despite constructive results, yielding an average move of about -3.06% on past earnings days.
Over the past five reported periods, Fortuna has repeatedly highlighted record or strong free cash flow, rising liquidity, and steady GEO production growth. Prior quarters showed improving net income, robust EBITDA margins, and progress at Séguéla and Diamba Sud. Some earnings, especially in mid‑2025, coincided with double‑digit pullbacks, while others in late 2024 and early 2025 were rewarded with gains. Today’s Q1 2026 record free cash flow and higher sales continue that trajectory of operational and financial strengthening.
Historical Comparison
In the past five earnings releases, FSM’s average move was -3.06%. Today’s +6.49% reaction to record Q1 2026 free cash flow marks a stronger-than-usual upside response.
Successive earnings reports have emphasized record or strong free cash flow, rising liquidity, and consistent GEO output, alongside advancing growth projects at Séguéla and Diamba Sud, setting up Q1 2026 as another step in that growth and cash-generation trend.
Market Pulse Summary
This announcement highlights record Q1 2026 free cash flow of $174.0M, strong adjusted net income of $111.0M, and higher sales of $342.5M, alongside GEO production of 72,872 oz. Costs are mixed, with cash costs easing but AISC at $2,107/oz. Historically, earnings have featured rising liquidity and steady production, but market reactions were inconsistent. Investors may watch future AISC trends and execution at Séguéla and Diamba Sud.
Key Terms
free cash flow financial
all-in sustaining costs financial
AISC financial
adjusted EBITDA financial
non-IFRS financial measures regulatory
heap leach pad technical
strip ratio technical
AI-generated analysis. Not financial advice.
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)
| Fortuna generates record quarterly free cash flow1 of |
VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the first quarter of 2026.
(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures, due to the classification of the assets as discontinued in the previous period.)
“Fortuna delivered new quarterly record results with free cash flow of
First Quarter Highlights
Cash and Cash Flow
- Record free cash flow1 from ongoing operations of
$174.0 million ; a QoQ increase of$41.7 million $213.3 million of net cash from operating activities before changes in working capital or$0.70 per share; a QoQ increase of$65.7 million - Liquidity increased to
$815.9 million , and the cash position strengthened to$665.9 million , from$554.0 million at the end of 2025, an increase of$111.9 million
Profitability
- Record adjusted attributable net income1 was
$111.0 million or$0.36 b asic EPS; a QoQ increase of$0.14 per share - Attributable net income of
$111.0 million or$0.36 b asic EPS
Return to Shareholders
- Year to date the Company has returned
$40.0 million to shareholders via the repurchase of 4.2 million shares at an average price of$9.53 per share
Operational
- Gold equivalent production2 (“GEO”) of 72,872 ounces
- Consolidated cash cost per GEO1 of
$951 , down from$971 in the previous quarter - Consolidated AISC per GEO1 of
$2,107 for Q1 2026, up from$2,054 in the previous quarter. The slight increase from the previous quarter is primarily due to the impact of higher metal prices on royalties and higher CAPEX - Total recordable injury frequency rate for the quarter was 1.16 and zero lost time injuries, which reflects continued strong safety performance
Growth and Business Development
- Established a presence in a highly prospective district in the Guyana Shield through an earn-in agreement for the Quartzstone gold project. Refer to the news release dated April 20, 2026 “Fortuna Establishes Presence in the Guyana Shield Through Quartzstone Earn-In Agreement”
- Reported a
15% year over year increase in consolidated Mineral Reserves with significant growth at Sunbird underground. Refer to the news release dated April 23, 2026 “Fortuna Reports15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla” - The Séguéla plant expansion and Diamba Sud project remain on track for final investment decisions by mid-year
First Quarter 2026 Consolidated Results
| Three months ended | |||||||||
| (in millions of US dollars) | Dec. 31, 2025 | Mar. 31, 2026 | Mar. 31, 2025 | Q1 % Change | |||||
| OPERATING STATISTICS | |||||||||
| GEO production from continuing operations (1)(2) | 65,130 | 72,872 | 70,386 | 4 | % | ||||
| Cash cost continuing operations($/oz GEO) (1)(2) | 971 | 951 | 866 | 10 | % | ||||
| AISC continuing operations($/oz GEO) (1)(2) | 2,054 | 2,107 | 1,752 | 20 | % | ||||
| FINANCIAL HIGHLIGHTS | |||||||||
| Sales | 270.2 | 342.5 | 195.0 | 76 | % | ||||
| Attributable net income from continuing operations | 68.1 | 111.0 | 35.4 | 213 | % | ||||
| Attributable earnings per share from continuing operations - basic | 0.22 | 0.36 | 0.12 | 200 | % | ||||
| Adjusted EBITDA (1) | 163.1 | 218.8 | 102.6 | 113 | % | ||||
| CASH FLOW AND CAPEX | |||||||||
| Net cash provided by operating activities - continuing operations | 162.3 | 209.4 | 89.0 | 135 | % | ||||
| Free cash flow from ongoing operations (1) | 132.3 | 174.0 | 66.7 | 161 | % | ||||
| Capital expenditures (3) | |||||||||
| Sustaining | 23.9 | 27.9 | 22.6 | 23 | % | ||||
| Sustaining leases | 6.6 | 6.8 | 4.9 | 39 | % | ||||
| Growth capital | 20.6 | 17.4 | 15.4 | 13 | % | ||||
| Mar. 31, 2026 | Dec. 31, 2025 | % Change | |||||||
| Cash and cash equivalents and short-term investments | 665.9 | 554.0 | 20 | % | |||||
| Net liquidity position (excluding letters of credit) | 815.9 | 704.0 | 16 | % | |||||
| Shareholder's equity attributable to Fortuna shareholders | 1,773.0 | 1,677.0 | 6 | % | |||||
| (1) Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. | |||||||||
| (2) Gold equivalent was calculated using the realized prices for gold of | |||||||||
| (3) Capital expenditures are presented on a cash basis | |||||||||
| Figures may not add due to rounding | |||||||||
First Quarter 2026 Results
Q1 2026 vs Fourth Quarter 2025 (“Q4 2025”)
Cash cost per ounce and AISC
Cash cost per GEO sold from continuing operations was
All-in sustaining costs per GEO from continuing operations was
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was
After adjusting for non-recurring items, adjusted attributable net income was
Foreign Exchange
In Q1 2026, the Company recorded a foreign exchange loss of
Cash Flow
Net cash generated by operations before changes in working capital totaled
Free cash flow from ongoing operations in Q1 2026 was
In Q1 2026, the Company’s total capital expenditures were
Q1 2026 vs Q1 2025
Cash cost per ounce and AISC
Consolidated cash cost per GEO increased to
All-in sustaining costs per GEO from continuing operations increased
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations was
After adjusting for non-recurring items, adjusted attributable net income from continuing operations was
Depreciation and Depletion
Depreciation and depletion increased by
Cash Flow
Net cash generated by operations for the quarter was
Free cash flow from ongoing operations in Q1 2026 was
Séguéla Mine, Côte d’Ivoire
| Three months ended March 31, | ||||
| 2026 | 2025 | |||
| Mine production | ||||
| Tonnes milled | 430,953 | 444,004 | ||
| Average tonnes crushed per day | 4,788 | 4,933 | ||
| Gold | ||||
| Grade (g/t) | 3.21 | 2.76 | ||
| Recovery (%) | 93 | 93 | ||
| Production (oz) | 42,016 | 38,500 | ||
| Metal sold (oz) | 42,054 | 38,439 | ||
| Realized price ($/oz) | 4,906 | 2,888 | ||
| Unit costs | ||||
| Cash cost ($/oz Au) (1) | 678 | 650 | ||
| All-in sustaining cash cost ($/oz Au) (1) | 1,760 | 1,290 | ||
| Capital expenditures ( | ||||
| Sustaining | 18,017 | 8,613 | ||
| Sustaining leases | 4,264 | 3,639 | ||
| Growth capital | 6,644 | 9,207 | ||
| 1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. | ||||
| 2 Capital expenditures are presented on a cash basis. | ||||
Quarterly Operating and Financial Highlights
During the first quarter of 2026, mine production totaled 392,728 tonnes of ore, averaging 3.69 g/t Au, and containing an estimated 46,640 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes mined were lower than tonnes milled during the quarter, in line with the mine plan and the strategy to reduce surface stockpiles. A total of 5,461,098 tonnes of waste was moved during the period, resulting in a strip ratio of 13.9:1. Stripping activities also commenced at the Sunbird pit, where 1,393,130 tonnes of waste were mined.
In the first quarter of 2026, Séguéla processed 430,953 tonnes of ore, producing 42,016 ounces of gold, at an average head grade of 3.21 g/t Au, a
Cash cost per gold ounce sold was
All-in sustaining cash cost per gold ounce sold was
Lindero Mine, Argentina
| Three months ended March 31, | ||||
| 2026 | 2025 | |||
| Mine production | ||||
| Tonnes placed on the leach pad | 1,525,826 | 1,753,016 | ||
| Gold | ||||
| Grade (g/t) | 0.62 | 0.55 | ||
| Production (oz) | 21,545 | 20,320 | ||
| Metal sold (oz) | 21,183 | 18,655 | ||
| Realized price ($/oz) | 4,837 | 2,877 | ||
| Unit costs | ||||
| Cash cost ($/oz Au) (1) | 1,208 | 1,147 | ||
| All-in sustaining cash cost ($/oz Au) (1) | 1,783 | 1,911 | ||
| Capital expenditures ( | ||||
| Sustaining | 7,669 | 12,362 | ||
| Sustaining leases | 1,397 | 582 | ||
| Growth capital | 715 | 307 | ||
| 1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. | ||||
| 2 Capital expenditures are presented on a cash basis. | ||||
Quarterly Operating and Financial Highlights
In the first quarter of 2026, a total of 1,525,826 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.62 g/t, containing an estimated 30,538 ounces of gold. Ore mined was 1.7 million tonnes, with a stripping ratio of 1.35:1.
Lindero’s gold production for the quarter was 21,545 ounces compared to 20,320 ounces in the previous period. Higher production was mainly due to higher head grade and improved mining sequence. In late-March 2026, Lindero commenced a planned 30-day replacement of the primary crusher steel foundations. Mining operations continued in advance of the scheduled work, with ore being stockpiled to support uninterrupted stacking on the leach pad during the foundation replacement period. Replacement of the primary crusher steel foundations was successfully completed on May 1, 2026 and the mine resumed full operations.
The cash cost per ounce of gold for the current quarter was
In the first quarter of 2026, AISC per gold ounce sold decreased to
Caylloma Mine, Peru
| Three months ended March 31, | ||||
| 2026 | 2025 | |||
| Mine production | ||||
| Tonnes milled | 136,701 | 136,659 | ||
| Average tonnes milled per day | 1,553 | 1,553 | ||
| Silver | ||||
| Grade (g/t) | 72 | 67 | ||
| Recovery (%) | 82 | 83 | ||
| Production (oz) | 257,603 | 242,993 | ||
| Metal sold (oz) | 200,349 | 250,284 | ||
| Realized price ($/oz) | 82.69 | 31.77 | ||
| Lead | ||||
| Grade (%) | 2.99 | 3.21 | ||
| Recovery (%) | 91 | 91 | ||
| Production (000's lbs) | 8,175 | 8,836 | ||
| Metal sold (000's lbs) | 7,039 | 9,199 | ||
| Realized price ($/lb) | 0.87 | 0.89 | ||
| Zinc | ||||
| Grade (%) | 4.21 | 5.01 | ||
| Recovery (%) | 91 | 91 | ||
| Production (000's lbs) | 11,526 | 13,772 | ||
| Metal sold (000's lbs) | 11,017 | 13,826 | ||
| Realized price ($/lb) | 1.47 | 1.29 | ||
| Unit costs | ||||
| Cash cost ($/oz Ag Eq) (1,2) | 30.26 | 12.80 | ||
| All-in sustaining cash cost ($/oz Ag Eq) (1,2) | 44.36 | 18.74 | ||
| Capital expenditures ( | ||||
| Sustaining | 2,240 | 1,615 | ||
| Sustaining leases | 1,134 | 631 | ||
| Growth capital | 77 | 249 | ||
| 1 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively. | ||||
| 2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. | ||||
| 3 Capital expenditures are presented on a cash basis. | ||||
Quarterly Operating and Financial Highlights
In the first quarter of 2026, the Caylloma Mine produced 257,603 ounces of silver at an average head grade of 72 g/t, a
Lead and zinc production for the current quarter was 8.2 million pounds and 11.5 million pounds, respectively. Head grades averaged
The cash cost per silver equivalent ounce sold in the first quarter of 2026 was
The all-in sustaining cash cost per ounce of payable silver equivalent in the first quarter of 2026 increased
Conference Call and Webcast
A conference call to discuss the financial and operational results will be held on Thursday, May 7, 2026, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, David Whittle, Chief Operating Officer - West Africa, and Cesar Velasco, Chief Operating Officer - Latin America.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at https://www.webcaster5.com/Webcast/Page/1696/53929 or over the phone by dialing in just prior to the starting time.
Conference call details:
Date: Thursday, May 7, 2026
Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time
Dial in number (Toll Free): +1.888.506.0062
Dial in number (International): +1.973.528.0011
Access code: 788835
Replay number (Toll Free): +1.877.481.4010
Replay number (International): +1.919.882.2331
Replay passcode: 53929
Playback of the earnings call will be available until Thursday, May 21, 2026. Playback of the webcast will be available until Friday, May 7, 2027. In addition, a transcript of the call will be archived on the Company’s website.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website at www.fortunamining.com
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok
Qualified Person
Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.
Non-IFRS Financial Measures
The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: all-in costs; cash cost per ounce of gold sold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA, adjusted EBITDA margin and working capital.
These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS.
To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis for the three months ended March 31, 2026 (“Q1 2026 MDA”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor. The Q1 2026 MD&A may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar under the Company’s profile. The Company has calculated these measures consistently for all periods presented with the exception of the following:
- The calculation of Adjusted EBITDA was revised to no longer include right of use payments the cash flow statement. Management elected to make the change to simplify the calculation and to better align with our peers to improve comparability
Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio as at March 31, 2026
| (in millions of US dollars, except Total net debt to adjusted EBITDA ratio) | March 31, 2026 | ||
| 2024 Convertible Notes | 172.5 | ||
| Less: cash and cash equivalents and short-term investments | (665.9 | ) | |
| Total net debt | (493.4 | ) | |
Income to attributable adjusted net income for the three months ended December 31, 2025 and March 31, 2026 and 2025
| Three months ended | |||||||
| Consolidated (in millions of US dollars) | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | ||||
| Net income attributable to shareholders | 111.0 | 58.5 | 68.1 | ||||
| Adjustments, net of tax: | |||||||
| Discontinued operations | – | (25.9 | ) | – | |||
| Write off of mineral properties | – | – | 2.3 | ||||
| San Jose ARO adjustment | – | 0.3 | – | ||||
| Inventory adjustment | – | (0.1 | ) | 0.5 | |||
| Other non-cash/non-recurring items | – | 2.8 | 0.4 | ||||
| Attributable adjusted net income | 111.0 | 35.6 | 71.3 | ||||
| Figures may not add due to rounding | |||||||
Reconciliation of net income to adjusted EBITDA for the three months ended December 31, 2025 and March 31, 2026 and 2025
| Three months ended | |||||||||
| Consolidated (in millions of US dollars) | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | ||||||
| Net income | 119.9 | 64.8 | 74.0 | ||||||
| Adjustments: | |||||||||
| Discontinued operations | – | (25.9 | ) | – | |||||
| Inventory adjustment | (0.1 | ) | – | 0.5 | |||||
| Net finance items | 1.9 | 3.0 | 2.7 | ||||||
| Depreciation, depletion, and amortization | 45.9 | 45.1 | 43.9 | ||||||
| Income taxes | 58.4 | 15.4 | 37.5 | ||||||
| Other operating expenses (income) | (7.0 | ) | – | – | |||||
| Other non-cash/non-recurring items | (0.2 | ) | 0.2 | 4.6 | |||||
| Adjusted EBITDA | 218.8 | 102.6 | 163.1 | ||||||
| Sales | 342.5 | 195.0 | 270.2 | ||||||
| EBITDA margin | 64 | % | 53 | % | 60 | % | |||
| Figures may not add due to rounding | |||||||||
Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended December 31, 2025 and March 31, 2026 and 2025
| Three months ended | |||||||||
| Consolidated (in millions of US dollars) | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | ||||||
| Net cash provided by operating activities | 209.4 | 126.4 | 162.3 | ||||||
| Additions to mineral properties, plant and equipment | (45.3 | ) | (39.6 | ) | (44.5 | ) | |||
| Payments of lease obligations | (6.9 | ) | (6.0 | ) | (6.7 | ) | |||
| Free cash flow | 157.2 | 80.8 | 111.1 | ||||||
| Growth capital | 17.4 | 15.4 | 20.6 | ||||||
| Discontinued operations | – | (34.8 | ) | – | |||||
| Gain on blue chip swap investments | – | 1.3 | – | ||||||
| Other adjustments | (0.6 | ) | 4.0 | 0.6 | |||||
| Free cash flow from ongoing operations | 174.0 | 66.7 | 132.3 | ||||||
| Figures may not add due to rounding | |||||||||
Reconciliation of cost of sales to cash cost per ounce of GEO sold for the three months ended December 31, 2025 and March 31, 2026 and 2025
| Cash cost per gold equivalent ounce sold - Q4 2025 | ||||||||||||
| (in thousands of US dollars, except ounces sold) | Lindero | Séguéla | Caylloma | GEO cash costs | ||||||||
| Cost of sales | 35,966 | 67,202 | 18,675 | 121,845 | ||||||||
| Depletion, depreciation, and amortization | (13,003 | ) | (26,599 | ) | (3,964 | ) | (43,566 | ) | ||||
| Royalties and taxes | (82 | ) | (14,339 | ) | (330 | ) | (14,751 | ) | ||||
| By-product credits | (1,097 | ) | – | – | (1,097 | ) | ||||||
| Other | (473 | ) | – | (832 | ) | (1,305 | ) | |||||
| Treatment and refining charges | – | – | 1,744 | 1,744 | ||||||||
| Cash cost applicable per gold equivalent ounce sold | 21,311 | 26,264 | 15,293 | 62,868 | ||||||||
| Ounces of gold equivalent sold | 19,073 | 36,998 | 8,652 | 64,723 | ||||||||
| Cash cost per ounce of gold equivalent sold ($/oz) | 1,117 | 710 | 1,768 | 971 | ||||||||
| Gold equivalent was calculated using the realized prices for gold of | ||||||||||||
| Figures may not add due to rounding. | ||||||||||||
| Cash cost per gold equivalent ounce sold - Q1 2026 | ||||||||||||
| (in thousands of US dollars, except ounces sold) | Lindero | Séguéla | Caylloma | GEO cash costs | ||||||||
| Cost of sales | 41,678 | 73,004 | 15,952 | 130,634 | ||||||||
| Depletion, depreciation, and amortization | (14,933 | ) | (26,099 | ) | (3,643 | ) | (44,675 | ) | ||||
| Royalties and taxes | (63 | ) | (18,389 | ) | (471 | ) | (18,923 | ) | ||||
| By-product credits | (1,253 | ) | – | – | (1,253 | ) | ||||||
| Other | 69 | – | (840 | ) | (771 | ) | ||||||
| Treatment and refining charges | – | – | 1,899 | 1,899 | ||||||||
| Cash cost applicable per gold equivalent ounce sold | 25,498 | 28,516 | 12,897 | 66,911 | ||||||||
| Ounces of gold equivalent sold | 21,111 | 42,054 | 7,230 | 70,395 | ||||||||
| Cash cost per ounce of gold equivalent sold ($/oz) | 1,208 | 678 | 1,784 | 951 | ||||||||
| Gold equivalent was calculated using the realized prices for gold of | ||||||||||||
| Figures may not add due to rounding. | ||||||||||||
| Cash cost per gold equivalent ounce sold - Q1 2025 | ||||||||||||
| (in thousands of US dollars, except ounces sold) | Lindero | Séguéla | Caylloma | GEO cash costs | ||||||||
| Cost of sales | 31,805 | 65,425 | 17,463 | 114,693 | ||||||||
| Depletion, depreciation, and amortization | (9,799 | ) | (30,310 | ) | (4,369 | ) | (44,478 | ) | ||||
| Royalties and taxes | (94 | ) | (10,133 | ) | (240 | ) | (10,467 | ) | ||||
| By-product credits | (731 | ) | – | – | (731 | ) | ||||||
| Other | 123 | – | (659 | ) | (536 | ) | ||||||
| Treatment and refining charges | – | – | 50 | 50 | ||||||||
| Cash cost applicable per gold equivalent ounce sold | 21,304 | 24,982 | 12,245 | 58,531 | ||||||||
| Ounces of gold equivalent sold | 18,580 | 38,439 | 10,539 | 67,558 | ||||||||
| Cash cost per ounce of gold equivalent sold ($/oz) | 1,147 | 650 | 1,162 | 866 | ||||||||
| Gold equivalent was calculated using the realized prices for gold of | ||||||||||||
| Figures may not add due to rounding. | ||||||||||||
Reconciliation of cost of sales to all-in sustaining cash cost per GEO sold from continuing operations for the three months ended December 31, 2025 and March 31, 2026 and 2025
| AISC per gold equivalent ounce sold - Q4 2025 | ||||||||||
| (in thousands of US dollars, except ounces sold) | Lindero | Séguéla | Caylloma | Corporate | GEO AISC | |||||
| Cash cost applicable per gold equivalent ounce sold | 21,311 | 26,264 | 15,293 | – | 62,868 | |||||
| Royalties and taxes | 82 | 14,339 | 330 | – | 14,751 | |||||
| Worker's participation | – | – | 965 | – | 965 | |||||
| General and administration | 2,727 | 4,573 | 3,002 | 13,575 | 23,877 | |||||
| Total cash costs | 24,120 | 45,176 | 19,590 | 13,575 | 102,461 | |||||
| Sustaining capital (1) | 7,144 | 13,123 | 10,218 | – | 30,485 | |||||
| Blue chips gains (investing activities) (1) | – | – | – | – | – | |||||
| All-in sustaining costs | 31,264 | 58,299 | 29,808 | 13,575 | 132,946 | |||||
| Gold equivalent ounces sold | 19,073 | 36,998 | 8,652 | – | 64,723 | |||||
| All-in sustaining costs per ounce | 1,639 | 1,576 | 3,445 | – | 2,054 | |||||
| Gold equivalent was calculated using the realized prices for gold of | ||||||||||
| Figures may not add due to rounding. | ||||||||||
| (1) Presented on a cash basis. | ||||||||||
| AISC per gold equivalent ounce sold - Q1 2026 | ||||||||||
| (in thousands of US dollars, except ounces sold) | Lindero | Séguéla | Caylloma | Corporate | GEO AISC | |||||
| Cash cost applicable per gold equivalent ounce sold | 25,498 | 28,516 | 12,897 | – | 66,911 | |||||
| Royalties and taxes | 63 | 18,389 | 471 | – | 18,923 | |||||
| Worker's participation | – | – | 1,273 | – | 1,273 | |||||
| General and administration | 3,005 | 3,952 | 893 | 17,780 | 25,630 | |||||
| Other | – | 874 | – | – | 874 | |||||
| Total cash costs | 28,566 | 51,731 | 15,534 | 17,780 | 113,611 | |||||
| Sustaining capital (1) | 9,066 | 22,281 | 3,374 | – | 34,721 | |||||
| Blue chips gains (investing activities) (1) | – | – | – | – | – | |||||
| All-in sustaining costs | 37,632 | 74,012 | 18,908 | 17,780 | 148,332 | |||||
| Gold equivalent ounces sold | 21,111 | 42,054 | 7,230 | – | 70,395 | |||||
| All-in sustaining costs per ounce | 1,783 | 1,760 | 2,615 | – | 2,107 | |||||
| Gold equivalent was calculated using the realized prices for gold of | ||||||||||
| Figures may not add due to rounding. | ||||||||||
| (1) Presented on a cash basis. | ||||||||||
| AISC per gold equivalent ounce sold - Q1 2025 | ||||||||||||
| (in thousands of US dollars, except ounces sold) | Lindero | Séguéla | Caylloma | Corporate | GEO AISC | |||||||
| Cash cost applicable per gold equivalent ounce sold | 21,303 | 24,982 | 12,245 | – | 58,530 | |||||||
| Royalties and taxes | 94 | 10,133 | 240 | – | 10,467 | |||||||
| Worker's participation | – | – | 739 | – | 739 | |||||||
| General and administration | 2,480 | 2,224 | 2,455 | 15,373 | 22,532 | |||||||
| Other | – | – | – | – | – | |||||||
| Total cash costs | 23,877 | 37,339 | 15,679 | 15,373 | 92,268 | |||||||
| Sustaining capital (1) | 12,944 | 12,252 | 2,246 | – | 27,442 | |||||||
| Blue chips gains (investing activities) (1) | (1,319 | ) | – | – | – | (1,319 | ) | |||||
| All-in sustaining costs | 35,502 | 49,591 | 17,925 | 15,373 | 118,391 | |||||||
| Gold equivalent ounces sold | 18,580 | 38,439 | 10,539 | – | 67,558 | |||||||
| All-in sustaining costs per ounce | 1,911 | 1,290 | 1,701 | – | 1,752 | |||||||
| Gold equivalent was calculated using the realized prices for gold of | ||||||||||||
| Figures may not add due to rounding. | ||||||||||||
| (1) Presented on a cash basis. | ||||||||||||
Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended December 31, 2025 and March 31, 2026 and 2025
| Cash cost per silver equivalent ounce sold - Q4 2025 | |||
| (in thousands of US dollars, except ounces sold) | Caylloma | ||
| Cost of sales | 18,675 | ||
| Depletion, depreciation, and amortization | (3,964 | ) | |
| Royalties and taxes | (330 | ) | |
| Other | (832 | ) | |
| Treatment and refining charges | 1,744 | ||
| Cash cost applicable per silver equivalent sold | 15,293 | ||
| Ounces of silver equivalent sold (1,2) | 644,249 | ||
| Cash cost per ounce of silver equivalent sold ($/oz) | 23.74 | ||
| (1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds. | |||
| (2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices. | |||
| Figures may not add due to rounding. | |||
| Cash cost per silver equivalent ounce sold - Q1 2026 | |||
| (in thousands of US dollars, except ounces sold) | Caylloma | ||
| Cost of sales | 15,952 | ||
| Depletion, depreciation, and amortization | (3,643 | ) | |
| Royalties and taxes | (471 | ) | |
| Other | (840 | ) | |
| Treatment and refining charges | 1,899 | ||
| Cash cost applicable per silver equivalent sold | 12,897 | ||
| Ounces of silver equivalent sold (1,2) | 426,253 | ||
| Cash cost per ounce of silver equivalent sold ($/oz) | 30.26 | ||
| (1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds. | |||
| (2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices. | |||
| Figures may not add due to rounding. | |||
| Cash cost per silver equivalent ounce sold - Q1 2025 | |||
| (in thousands of US dollars, except ounces sold) | Caylloma | ||
| Cost of sales | 17,463 | ||
| Depletion, depreciation, and amortization | (4,369 | ) | |
| Royalties and taxes | (240 | ) | |
| Other | (659 | ) | |
| Treatment and refining charges | 50 | ||
| Cash cost applicable per silver equivalent sold | 12,245 | ||
| Ounces of silver equivalent sold (1,2) | 956,640 | ||
| Cash cost per ounce of silver equivalent sold ($/oz) | 12.80 | ||
| (1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds. | |||
| (2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices. | |||
| Figures have been restated to remove Right of Use. | |||
| Figures may not add due to rounding. | |||
Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended December 31, 2025 and March 31, 2026 and 2025
| AISC per silver equivalent ounce sold - Q4 2025 | ||
| (in thousands of US dollars, except ounces sold) | Caylloma | |
| Cash cost applicable per silver equivalent ounce sold | 15,293 | |
| Royalties and taxes | 330 | |
| Worker's participation | 965 | |
| General and administration | 3,002 | |
| Total cash costs | 19,590 | |
| Sustaining capital (3) | 10,218 | |
| All-in sustaining costs | 29,808 | |
| Silver equivalent ounces sold (1,2) | 644,249 | |
| All-in sustaining costs per ounce | 46.27 | |
| (1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds. | ||
| (2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices. | ||
| (3) Presented on a cash basis. | ||
| AISC per silver equivalent ounce sold - Q1 2026 | ||
| (in thousands of US dollars, except ounces sold) | Caylloma | |
| Cash cost applicable per silver equivalent ounce sold | 12,897 | |
| Royalties and taxes | 471 | |
| Worker's participation | 1,273 | |
| General and administration | 893 | |
| Total cash costs | 15,534 | |
| Sustaining capital (3) | 3,374 | |
| All-in sustaining costs | 18,908 | |
| Silver equivalent ounces sold (1,2) | 426,253 | |
| All-in sustaining costs per ounce | 44.36 | |
| (1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds. | ||
| (2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices. | ||
| (3) Presented on a cash basis. | ||
| AISC per silver equivalent ounce sold - Q1 2025 | ||
| (in thousands of US dollars, except ounces sold) | Caylloma | |
| Cash cost applicable per silver equivalent ounce sold | 12,245 | |
| Royalties and taxes | 240 | |
| Worker's participation | 739 | |
| General and administration | 2,455 | |
| Total cash costs | 15,679 | |
| Sustaining capital (3) | 2,246 | |
| All-in sustaining costs | 17,925 | |
| Silver equivalent ounces sold (1,2) | 956,640 | |
| All-in sustaining costs per ounce | 18.74 | |
| (1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds. | ||
| (2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices. | ||
| (3) Presented on a cash basis. | ||
Additional information regarding the Company’s financial results and ongoing activities is available in the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026 and 2025 and accompanying Q1 2026 MD&A. These documents can be accessed on Fortuna’s website at www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgarwww.sec.gov/edgar.
| Forward-looking Statements |
This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company's plans for its mines and mineral properties; the Company’s expectation that it is on track to deliver its 2026 production guidance; the making and timing of a decision on the Séguéla plant expansion; the next phase of growth at the Diamba Sud project; the making and timing of a construction decision at the Diamba Sud project; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company's business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; risks associated with war or other geo-political hostilities, such as the Ukrainian – Russian, Israel – Iran and US, and Israel – Hamas conflicts, any of which could continue to cause a disruption in global economic activity; fluctuation in currencies and foreign exchange rates; increases in the rate of inflation; the imposition or any extension of capital controls in countries in which the Company operates; any changes in tax laws in Argentina and the other countries in which we operate; changes in the prices of key supplies; uncertainty relating to nature and climate change conditions; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; technological and operational hazards in Fortuna’s mining and mine development activities; risks related to water and power availability; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; changes in the position of regulatory authorities with respect to the granting of approvals or permits; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the financial year ended December 31, 2025 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations, the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
| Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources |
Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/f6867857-d55f-4404-87d1-e9cd1da943db
