Fortuna Mining Reports Significant Reserve Growth Amid Market Weakness
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 31 2024
0mins
Should l Buy FSM?
Source: Coinmarketcap
Fortuna Mining Corp's stock fell by 5.06% as it crossed below the 5-day SMA, reflecting broader market trends with the Nasdaq-100 down 1.10% and S&P 500 down 0.58%.
The company reported a 15% year-over-year increase in Mineral Reserves to 3.0 million gold equivalent ounces, primarily due to resource upgrades at Séguéla. This growth demonstrates effective resource management and future potential, despite the current market weakness affecting stock performance.
The increase in reserves and resources positions Fortuna Mining favorably for future growth, especially with ongoing drilling activities and a feasibility study for Diamba Sud expected soon, indicating a strong commitment to expansion in the West African market.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy FSM?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on FSM
Wall Street analysts forecast FSM stock price to fall
4 Analyst Rating
3 Buy
0 Hold
1 Sell
Moderate Buy
Current: 9.650
Low
6.48
Averages
9.59
High
11.00
Current: 9.650
Low
6.48
Averages
9.59
High
11.00
About FSM
Fortuna Mining Corp. is a Canadian precious metals mining company. The Company's mines include Seguela Mine, Lindero Mine and Caylloma Mine. The Seguela Mine is located in the Worodougou Region of the Woroba District, Cote d’Ivoire, approximately 500 kilometers (kms) from Abidjan, via highways to the regional city of Seguela. The Seguela Mine in Cote d’Ivoire consists of the Antenna, Koula, Agouti, Boulder, Ancien, and Sunbird deposits, which may be mined via open-pit methods. Within a total land package of 62,000 hectares, there are more than 30 highly prospective targets. The Lindero Mine is an open pit mine, which is located in Salta, Argentina and includes gold porphyry deposits. The Caylloma Mine is located in the Caylloma District of Arequipa, Peru, which produces silver, gold, zinc, and lead. The site is 4,500 meters above sea level and includes the mine, a processing plant, and related infrastructure. The Company's Diamba Sud project is located in Senegal.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Structural Growth in African Gold Investment
- Surge in Financing: Exploration budgets across Africa rose by 11% to $1.44 billion last year, with financing for junior miners more than doubling, indicating strong demand for gold and increased investor confidence, which is expected to drive further project development.
- Central Bank Gold Purchases: Central banks are forecasted to buy approximately 850 tonnes of gold in 2026, providing solid support for gold prices that already surpassed $5,500 per ounce in January, further stabilizing the market.
- Lake Victoria Gold Financing Progress: Lake Victoria Gold secured a gold loan facility worth up to $25 million, which is non-dilutive, ensuring near-term funding for its Imwelo Gold Project in Tanzania and facilitating rapid project advancement.
- Accelerated Project Development: With the Tanzanian government incorporating a 16% statutory interest, Lake Victoria Gold is finalizing an agreement with Nyati Resources for toll milling at Tembo, which will generate early cash flow and mitigate upfront capital expenditure risks.
See More
Structural Growth in African Gold Investment
- Significant Capital Inflow: Exploration budgets for African gold increased by 11% last year to $1.44 billion, with financing for junior miners more than doubling, indicating strong market confidence and driving rapid industry growth.
- Strong Central Bank Demand: Central banks are forecasted to purchase approximately 850 tonnes of gold in 2026, with prices already exceeding $5,500 per ounce in January, providing solid support for gold prices and attracting more investor interest in the African market.
- Financing Accelerates Project Advancement: Lake Victoria Gold secured a gold loan of up to $25 million and a $3 million convertible debenture, ensuring liquidity for the Imwelo gold project, facilitating rapid development while minimizing market dilution risks.
- Exploration Results are Promising: Metallurgical testing at the Imwelo project confirmed gold recovery rates of up to 97%, while surface sampling at the Tembo project returned grades of up to 35.45 g/t gold, further enhancing the company's competitive position in the African gold market.
See More
Fortuna Mining Updates Mineral Reserve and Resource Estimates
- Reserve Growth: Fortuna Mining Corp. reports a 15% year-over-year increase in Mineral Reserves to 3.0 million gold equivalent ounces, primarily due to resource upgrades at Séguéla, demonstrating effective resource management and future growth potential.
- Séguéla Mine Performance: As of March 31, 2026, underground Mineral Reserves at the Séguéla mine increased by 34% to 539,000 ounces of gold, reflecting the success of infill and exploration drilling programs, which further solidify the mine's strategic position.
- Significant Resource Estimates: Measured and Indicated Resources increased by 56% year-over-year to 2.1 million gold equivalent ounces, driven mainly by drilling activities at Diamba Sud, showcasing the company's strong momentum in resource development.
- Future Development Plans: A feasibility study for Diamba Sud is expected to be completed by the end of this quarter to support a construction decision, indicating the company's commitment to new projects and its expansion strategy in the West African market.
See More
Fortuna Mining Announces Q1 2026 Financial Results Release Schedule
- Financial Release Schedule: Fortuna Mining Corp. will release its Q1 2026 financial statements and MD&A on May 6, 2026, after market close, demonstrating the company's commitment to transparency and shareholder communication.
- Conference Call Timing: A conference call is scheduled for May 7, 2026, at 9:00 a.m. Pacific time (12:00 p.m. Eastern time), where the executive team will discuss financial and operational results, enhancing investor confidence.
- Participation Options: Shareholders, analysts, and media can join the call via webcast or phone, ensuring broad dissemination of information and interaction, which strengthens the company's relationship with investors.
- Playback Services: The call replay will be available until May 21, 2026, and the webcast replay until May 7, 2027, reflecting the company's commitment to information transparency and allowing investors who cannot attend live to access the information.
See More
Fortuna Mining Enters Earn-In Agreement with Qstone for Quartzstone Project
- Project Partnership Agreement: Fortuna Mining Corp. has entered into an earn-in agreement with Guyanese company Qstone, allowing Fortuna to earn up to a 70% interest in the Quartzstone Project, which spans 29,600 hectares in a region with a rich history of gold discoveries, potentially leading to significant resource enhancement for the company.
- Historical Drilling Results: Between 2010 and 2017, the Quartzstone Project completed 183 drill holes totaling 23,190 meters, identifying multiple high-grade near-surface gold mineralization zones, with peak grades reaching 89.90 g/t Au, indicating substantial exploration potential that could lay the groundwork for future production.
- Future Exploration Plans: Fortuna plans to invest approximately $5.5 million in initial exploration at the Quartzstone Project, focusing on priority targets and further development along the 26-kilometer main shear zone, with expectations to optimize exploration strategies through high-resolution satellite imagery and magnetic surveys to enhance resource assessment accuracy.
- Earn-In Agreement Terms: Fortuna can earn an initial 51% interest by completing a minimum of 60,000 meters of drilling within four years, and by funding a feasibility study, it can secure an additional 19% interest, totaling 70%, which will strengthen its competitive position in the gold mining market.
See More
Fortuna Mining Approves Share Buyback Program
- Buyback Program Update: Fortuna Mining (FVI:CA) has approved the renewal of its normal course issuer bid, allowing for the repurchase of up to 5% of its outstanding shares by April 10, 2026, reflecting the company's confidence in its stock value.
- Shares to be Repurchased: The buyback program authorizes the repurchase of up to 15,227,869 common shares, representing 5% of the company's total outstanding shares of 304,557,387 as of April 10, 2026, aimed at enhancing shareholder value.
- Implementation Timeline: The buyback will commence on May 4, 2026, which is expected to positively impact market liquidity and potentially increase earnings per share.
- Attraction for Long-term Investors: With the implementation of the buyback program, Fortuna Mining may attract more long-term investors, further strengthening its market position in the mining sector.
See More
Structural Growth in African Gold Investment
- Surge in Financing: Exploration budgets across Africa rose by 11% to $1.44 billion last year, with financing for junior miners more than doubling, indicating strong demand for gold and increased investor confidence, which is expected to drive further project development.
- Central Bank Gold Purchases: Central banks are forecasted to buy approximately 850 tonnes of gold in 2026, providing solid support for gold prices that already surpassed $5,500 per ounce in January, further stabilizing the market.
- Lake Victoria Gold Financing Progress: Lake Victoria Gold secured a gold loan facility worth up to $25 million, which is non-dilutive, ensuring near-term funding for its Imwelo Gold Project in Tanzania and facilitating rapid project advancement.
- Accelerated Project Development: With the Tanzanian government incorporating a 16% statutory interest, Lake Victoria Gold is finalizing an agreement with Nyati Resources for toll milling at Tembo, which will generate early cash flow and mitigate upfront capital expenditure risks.
See More
Structural Growth in African Gold Investment
- Significant Capital Inflow: Exploration budgets for African gold increased by 11% last year to $1.44 billion, with financing for junior miners more than doubling, indicating strong market confidence and driving rapid industry growth.
- Strong Central Bank Demand: Central banks are forecasted to purchase approximately 850 tonnes of gold in 2026, with prices already exceeding $5,500 per ounce in January, providing solid support for gold prices and attracting more investor interest in the African market.
- Financing Accelerates Project Advancement: Lake Victoria Gold secured a gold loan of up to $25 million and a $3 million convertible debenture, ensuring liquidity for the Imwelo gold project, facilitating rapid development while minimizing market dilution risks.
- Exploration Results are Promising: Metallurgical testing at the Imwelo project confirmed gold recovery rates of up to 97%, while surface sampling at the Tembo project returned grades of up to 35.45 g/t gold, further enhancing the company's competitive position in the African gold market.
See More
Fortuna Mining Updates Mineral Reserve and Resource Estimates
- Reserve Growth: Fortuna Mining Corp. reports a 15% year-over-year increase in Mineral Reserves to 3.0 million gold equivalent ounces, primarily due to resource upgrades at Séguéla, demonstrating effective resource management and future growth potential.
- Séguéla Mine Performance: As of March 31, 2026, underground Mineral Reserves at the Séguéla mine increased by 34% to 539,000 ounces of gold, reflecting the success of infill and exploration drilling programs, which further solidify the mine's strategic position.
- Significant Resource Estimates: Measured and Indicated Resources increased by 56% year-over-year to 2.1 million gold equivalent ounces, driven mainly by drilling activities at Diamba Sud, showcasing the company's strong momentum in resource development.
- Future Development Plans: A feasibility study for Diamba Sud is expected to be completed by the end of this quarter to support a construction decision, indicating the company's commitment to new projects and its expansion strategy in the West African market.
See More
Fortuna Mining Announces Q1 2026 Financial Results Release Schedule
- Financial Release Schedule: Fortuna Mining Corp. will release its Q1 2026 financial statements and MD&A on May 6, 2026, after market close, demonstrating the company's commitment to transparency and shareholder communication.
- Conference Call Timing: A conference call is scheduled for May 7, 2026, at 9:00 a.m. Pacific time (12:00 p.m. Eastern time), where the executive team will discuss financial and operational results, enhancing investor confidence.
- Participation Options: Shareholders, analysts, and media can join the call via webcast or phone, ensuring broad dissemination of information and interaction, which strengthens the company's relationship with investors.
- Playback Services: The call replay will be available until May 21, 2026, and the webcast replay until May 7, 2027, reflecting the company's commitment to information transparency and allowing investors who cannot attend live to access the information.
See More
Fortuna Mining Enters Earn-In Agreement with Qstone for Quartzstone Project
- Project Partnership Agreement: Fortuna Mining Corp. has entered into an earn-in agreement with Guyanese company Qstone, allowing Fortuna to earn up to a 70% interest in the Quartzstone Project, which spans 29,600 hectares in a region with a rich history of gold discoveries, potentially leading to significant resource enhancement for the company.
- Historical Drilling Results: Between 2010 and 2017, the Quartzstone Project completed 183 drill holes totaling 23,190 meters, identifying multiple high-grade near-surface gold mineralization zones, with peak grades reaching 89.90 g/t Au, indicating substantial exploration potential that could lay the groundwork for future production.
- Future Exploration Plans: Fortuna plans to invest approximately $5.5 million in initial exploration at the Quartzstone Project, focusing on priority targets and further development along the 26-kilometer main shear zone, with expectations to optimize exploration strategies through high-resolution satellite imagery and magnetic surveys to enhance resource assessment accuracy.
- Earn-In Agreement Terms: Fortuna can earn an initial 51% interest by completing a minimum of 60,000 meters of drilling within four years, and by funding a feasibility study, it can secure an additional 19% interest, totaling 70%, which will strengthen its competitive position in the gold mining market.
See More
Fortuna Mining Approves Share Buyback Program
- Buyback Program Update: Fortuna Mining (FVI:CA) has approved the renewal of its normal course issuer bid, allowing for the repurchase of up to 5% of its outstanding shares by April 10, 2026, reflecting the company's confidence in its stock value.
- Shares to be Repurchased: The buyback program authorizes the repurchase of up to 15,227,869 common shares, representing 5% of the company's total outstanding shares of 304,557,387 as of April 10, 2026, aimed at enhancing shareholder value.
- Implementation Timeline: The buyback will commence on May 4, 2026, which is expected to positively impact market liquidity and potentially increase earnings per share.
- Attraction for Long-term Investors: With the implementation of the buyback program, Fortuna Mining may attract more long-term investors, further strengthening its market position in the mining sector.
See More
