Fortuna Reports Results for the Third Quarter of 2025
Executive Summary
- Fortuna Mining reported a strong Q3 2025, delivering $73.4 M of free cash flow (up $16.0 M QoQ) and net cash from operations of $113.9 M, bringing total liquidity to $588.3 M.
- Attributable net income from continuing operations rose 190% YoY to $123.6 M ($0.40 per share); adjusted attributable net income was $51.0 M ($0.17 per share).
- Gold production from continuing assets reached 72,462 oz GEO; cash costs were $942/oz GEO and AISC $1,987/oz GEO, with the company reaffirming its annual guidance and advancing the Diamba Sud PEA toward a DFS in H1 2026.
Key Details
- Financial Highlights (Continuing Operations)
- Free cash flow: $73.4 M (Q3 2025) vs $57.4 M (Q3 2024).
- Net cash from operating activities before working‑capital changes: $113.9 M ($0.37 per share).
- Liquidity increased to $588.3 M; net cash position $265.8 M (up from $214.8 M Q2 2025).
- Attributable net income: $123.6 M ($0.40 per share), +190% YoY.
- Adjusted attributable net income (after impairment reversals, FX, SBC): $51.0 M ($0.17 per share).
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Adjusted EBITDA margin: 52%, down from 56% Q2 2025 (impact of higher SBC and FX).
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Operating Performance
- Gold‑equivalent production (continuing): 72,462 oz GEO.
- Consolidated cash cost per GEO: $942/oz (up $13 QoQ).
- Consolidated AISC per GEO: $1,987/oz (up $55 QoQ; includes $80 one‑time SBC impact).
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Year‑to‑date TRIFR: 0.86, with zero lost‑time injuries in the quarter.
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Mine‑Specific Results
- Séguéla Mine (Côte d’Ivoire) – 435,770 t milled; 38,799 oz Au produced; cash cost $688/oz Au; AISC $1,738/oz Au (higher due to increased stripping and royalty rate).
- Lindero Mine (Argentina) – 1,699,007 t placed on leach pad; 24,417 oz Au produced; cash cost $1,117/oz Au; AISC $1,570/oz Au. Primary crusher shutdown on Sep‑27; replacement parts sourced and mine expected back in service H2 2025 with no impact to annual guidance.
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Caylloma Mine (Peru) – 140,523 t milled; 233,612 oz Ag produced (‑24% YoY); cash cost $17.92/oz Ag Eq; AISC $25.17/oz Ag Eq.
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Capital Expenditures
- Sustaining capex Q3 2025: $31.2 M (in line with Q2).
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Growth capex Q3 2025: $17.4 M, comprising $9.8 M mine‑site exploration, $1.1 M other projects, and $6.5 M Diamba Sud development.
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Diamba Sud Gold Project (Senegal)
- Completed PEA – after‑tax IRR 72%, NPV₅% US$563 M (using US$2,750/oz Au).
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Advancing toward Definitive Feasibility Study and construction decision in H1 2026.
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Liquidity & Debt
- Cash & cash equivalents: $438.3 M (up $51.0 M QoQ).
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Net debt to Adjusted EBITDA (last 4 qtrs): (0.6):1, indicating a strong balance sheet.
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Conference Call
- Date: Nov 6 2025, 9:00 a.m. PT / 12:00 p.m. ET – hosted by CEO Jorge A. Ganoza and senior executives.
Notable Quotes
“Fortuna delivered a strong third quarter, keeping us on track to meet our annual production guidance… This positions us to fund high‑impact growth initiatives, including Diamba Sud, unlocking the full potential of the Séguéla Mine, and expanding exploration across West Africa and Latin America.” – Jorge A. Ganoza, President & CEO
Materiality: Material – Positive (significant earnings beat, cash‑flow generation, liquidity improvement, and forward‑looking project milestones).