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Fortuna Mining: Valuation Starting To Improve
2026-05-01 · via All Articles on Seeking Alpha

Summary

  • Fortuna Mining put together solid results in 2025 despite setbacks at Lindero and had another strong quarter in Q1 '26 at Seguela, tracking well against annual guidance.
  • Meanwhile, although recent non-core asset sales have been a dent in per-share metrics, two growth projects are set to push production towards 500,000 GEOs by 2029.
  • On a negative note, this growth comes entirely from West Africa, which has put severe pressure on FSM's multiples even as free cash flow per share continues to climb.
  • In this update we'll dig into FSM's recent operating results and how the stock stacks up vs. peers on valuation, with it now sitting ~32% off its highs.
  • Looking for a helping hand in the market? Members of Alluvial Gold Research get exclusive ideas and guidance to navigate any climate. Learn More »
Africa continent shaped from golden glitter on a black background.

Philip Hoeppli/iStock via Getty Images

All figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. AISC refers to all-in sustaining costs. LOMP = life of mine plan. TPD = tonnes per day. UG = Underground. OP = open-pit. MTPA = million tonnes per annum. FS/DFS = Definitive Feasibility Study. PFS = Pre-feasibility study. PEA = Preliminary Economic Assessment. NSR = net

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of ALKEF, ALK:CA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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