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Earnings Material +

Fortuna Reports Results for the Fourth Quarter and Full Year 2025

By The Northwire Desk — AI Analysis Feb 18, 2026 · 22:43 FVI · 14.36 Fortuna Mining Corp.
FVI · Price

Executive Summary

  • Fortuna Mining reported record free cash flow from operations of $132.3 M in Q4 2025 and $330.0 M for the full year, highlighting strong liquidity ($704 M) and a net cash position of $381.5 M.
  • Adjusted attributable net income reached $71.3 M ($0.23 EPS) for Q4 2025 and $203.1 M ($0.66 EPS) for the year, despite higher AISC driven by rising metal‑price royalties and share‑based compensation.
  • Operational highlights include 65,130 oz gold equivalent production in Q4 (317,001 oz GEO for 2025), expansion of Séguéla reserves by 31% (life >9 years), and advancement of the Diamba Sud project with $67 M allocated to early works.

Key Details

  • Financial Highlights
  • Free cash flow from ongoing operations: Q4 $132.3 M; FY 2025 $330.0 M.
  • Net cash from operating activities (before working‑capital changes): Q4 $147.6 M ($0.48/share); FY 2025 $455.4 M ($1.48/share).
  • Liquidity increased to $704.0 M; net cash position $381.5 M, up from $58.8 M at end‑2024.
  • Adjusted attributable net income: Q4 $71.3 M ($0.23 EPS); FY 2025 $203.1 M ($0.66 EPS).

  • Attributable net income (continuing): Q4 $68.1 M ($0.22 EPS); FY 2025 $269.7 M ($0.88 EPS).

  • Cash Flow & Capital Expenditures

  • Net cash provided by operating activities: Q4 $162.3 M; FY 2025 $455.4 M.
  • Sustaining capital (FY 2025): $109.0 M (down 11% YoY).
  • Growth capital (FY 2025): $69.0 M (up 79%).

  • Non‑sustaining capex Q4 $20.6 M (incl. $10.7 M mine‑site exploration, $10.1 M Diamba Sud).

  • Production & Cost Metrics

  • Gold equivalent production: Q4 65,130 oz; FY 2025 317,001 oz (within guidance).
  • Consolidated cash cost per GEO: Q4 $971/oz; FY 2025 $944/oz.

  • All‑in sustaining cost (AISC) per GEO: Q4 $2,054/oz; FY 2025 $1,870/oz (adjusted for royalties & share‑based compensation → $1,696/oz).

  • Operational Updates

  • Séguéla Mine (Côte d’Ivoire) – Mineral reserves up 31%; mine life extended >9 years. Feasibility study commissioned to increase plant throughput by 15–40% (results expected Q2 2026).
  • Diamba Sud Gold Project (Senegal) – Robust PEA (after‑tax IRR 72%, NPV5% $563 M); $67 M allocated for early works and critical equipment; construction decision targeted mid‑2026.

  • Lindero Mine (Argentina) – Q4 production impacted by HPGR crusher stoppage (12 days) and primary crusher downtime; planned 30‑day foundation replacement in March 2026 ($2.2 M).

  • Shareholder Returns

  • Share buy‑back program returned $16.2 M in 2025, with an additional $5.0 M repurchased in early 2026.

  • Conference Call

  • Date: Thursday, February 19 2026, 9:00 a.m. PT / 12:00 p.m. ET.

  • Participants: Jorge A. Ganoza (President & CEO), Luis D. Ganoza (CFO), David Whittle (COO – West Africa), Cesar Velasco (COO – Latin America).

  • Forward‑Looking Statements

  • Includes expectations for Séguéla plant expansion, Diamba Sud construction timing, and Lindero crusher foundation replacement.

Notable Quotes

“Q4 was a strong end to the year as we delivered record free cash flow from operations of $132.3 million and returned $12.1 million to our shareholders.” – Jorge A. Ganoza, President & CEO, Fortuna Mining Corp.

Read the original news release →

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Earnings