The strong beat on earnings and cash flow likely drives near-term upward momentum. Watch for the mid-year investment decisions on Diamba Sud and Sgula plant expansion – positive outcomes could extend the rally. AISC guidance at higher end may cap upside if gold prices soften.
Price Chart
Executive Summary
Fortuna Mining Corp. reported record Q1 2026 results with sales of $342.5M (up 76% YoY), attributable net income of $111.0M ($0.36/share, up 214%), and free cash flow from ongoing operations of $174.0M (up 161%). Performance was driven by a 69% increase in realized gold price to $4,884/oz and 11% higher gold sales volume. The company also renewed its NCIB program and entered an earn-in agreement for the Quartzstone gold project in Guyana.
Key Facts
- Q1 2026 sales of $342.5M vs $195.0M YoY (+76%)
- Attributable net income from continuing ops of $111.0M ($0.36 basic EPS) vs $35.4M ($0.12) YoY (+214%)
- Record free cash flow from ongoing operations of $174.0M vs $66.7M YoY (+161%)
- Gold production of 63,561 oz (+8% YoY) at realized price $4,884/oz (+69%)
- All-in sustaining costs (AISC) of $2,107/oz GEO vs $1,752 YoY (+20%)
- Cash and cash equivalents of $665.9M, undrawn $150M credit facility
- Repurchased 2.2M shares for $20.4M in Q1; renewed NCIB for up to 15.2M shares
- Entered earn-in agreement for Quartzstone gold project in Guyana
Financial Impact
Record quarterly net income of $111.0M from continuing operations, up 214% YoY; free cash flow generation of $174.0M; management on track to meet 2026 production guidance.
Risk Factors
- AISC increased 20% YoY to $2,107/oz GEO, with guidance at higher end due to Sgula mine plan changes
- Geopolitical and operational risks in Argentina (peso inflation) and Côte d'Ivoire
- Caylloma cash cost per silver equivalent doubled due to higher silver prices affecting GEO calculation
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-056854 |
| Document: tmb-20260506xex99d2.htm | 0001104659-26-056854 |
| Document: tmb-20260506xex99d5.htm | 0001104659-26-056854 |
| Document: tmb-20260506xex99d4.htm | 0001104659-26-056854 |
| Document: tmb-20260506xex99d3.htm | 0001104659-26-056854 |
| Document: tmb-20260506x6k.htm | 0001104659-26-056854 |
| Document: 0001104659-26-056854-index-headers.html | 0001104659-26-056854 |
| Document: 0001104659-26-056854-index.html | 0001104659-26-056854 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $9.52 | awaiting T+60 | — | $9.56 (+0.42%) |
Oct 20, 2026 7d ago | 6-K | $10.39 | awaiting T+60 | — | $9.56 (−7.99%) |
Oct 13, 2026 14d ago | 6-K | $10.58 | awaiting T+60 | — | $9.56 (−9.64%) |
Oct 8, 2026 19d ago | SC 13G/A | $10.61 | awaiting T+60 | — | $9.56 (−9.90%) |
Oct 7, 2026 20d ago | 6-K | $10.12 | awaiting T+60 | — | $9.56 (−5.53%) |
Sep 24, 2026 4w ago | 6-K | $11.50 | awaiting T+60 | — | $9.56 (−16.87%) |
Aug 10, 2026 11w ago | Press Release | $10.83 | awaiting T+60 | — | $9.56 (−11.73%) |
Aug 5, 2026 11w ago | Press Release | $9.56 | awaiting T+60 | — | $9.56 (−0.00%) |
Jul 30, 2026 12w ago | 6-K | $8.77 $9.18 | ▲ +4.67% | ▲ +2.21% | $9.56 (+9.01%) |
Jul 23, 2026 13w ago | 6-K | $8.42 $10.54 | ▲ +25.18% | ▲ +20.63% | $9.56 (+13.54%) |
US Market Status
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