Fortuna Mining Corp's shares surged by 10% following an upgrade from Scotiabank, which raised its price target to $11. The upgrade was driven by positive projections from a recent site visit to the Seguela mine in Côte d'Ivoire, where the company aims for significant production growth.
The Seguela mine is expected to achieve consolidated annual production of approximately 500,000 gold ounces within three years. The site visit revealed substantial growth potential, particularly with the Sunbird deposit, which has become the largest at the site with around 1 million gold ounces.
Additionally, Fortuna Mining reported an 11% increase in gold mineral reserves at Seguela, along with a favorable preliminary economic assessment for its Diamba Sud project, indicating a high internal rate of return and substantial net present value.
Wall Street analysts forecast FSM stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FSM is 9.59 USD with a low forecast of 6.48 USD and a high forecast of 11.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
Wall Street analysts forecast FSM stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FSM is 9.59 USD with a low forecast of 6.48 USD and a high forecast of 11.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Buy
0 Hold
1 Sell
Moderate Buy
Current: 11.870
Low
6.48
Averages
9.59
High
11.00
Current: 11.870
Low
6.48
Averages
9.59
High
11.00
Scotiabank
Eric Winmill
Outperform
maintain
$11 -> $14
2026-01-26
New
Reason
Scotiabank
Eric Winmill
Price Target
$11 -> $14
AI Analysis
2026-01-26
New
maintain
Outperform
Reason
Scotiabank analyst Eric Winmill raised the firm's price target on Fortuna Mining to $14 from $11 and keeps an Outperform rating on the shares. The firm is updating its price targets for Gold & Precious Minerals stocks under its coverage, the analyst tells investors. The firm has increased both gold and silver forecasts, supported by economic and geopolitical uncertainty as well as strong central bank buying.
BMO Capital
Kevin O'Halloran
Outperform
maintain
$15 -> $17
2026-01-16
Reason
BMO Capital
Kevin O'Halloran
Price Target
$15 -> $17
2026-01-16
maintain
Outperform
Reason
BMO Capital analyst Kevin O'Halloran raised the firm's price target on Fortuna Mining to C$17 from C$15 and keeps an Outperform rating on the shares.
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Scotiabank
Eric Winmill
Sector Perform -> Outperform
upgrade
$11
2025-11-24
Reason
Scotiabank
Eric Winmill
Price Target
$11
2025-11-24
upgrade
Sector Perform -> Outperform
Reason
Scotiabank analyst Eric Winmill upgraded Fortuna Mining to Outperform from Sector Perform with a price target of $11, up from $10.50, following a site visit to the company's flagship Seguela Mine in Cote d'Ivoire. The visit showcased the growth plan for the asset and exploration potential together with a discussion on Fortuna's next growth project, Diamba Sud in Senegal, says the analyst, who sees "a catalyst-rich outlook in the coming quarters."
National Bank
Sector Perform -> Outperform
upgrade
$15
2025-11-24
Reason
National Bank
Price Target
$15
2025-11-24
upgrade
Sector Perform -> Outperform
Reason
National Bank upgraded Fortuna Mining to Outperform from Sector Perform with a C$15 price target.
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.
