Fortuna Mining Updates Seguela Mine Mineral Reserves
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 20 2026
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Fortuna Mining announced updated mineral reserves and mineral resources, excluding mineral reserves, for the Seguela Mine as of December 31, 2025. Mineral Reserves total 1.54M ounces of gold, reflecting the inclusion of 401,000 ounces of gold planned for underground mining at the Sunbird deposit. Total mineral reserves of 16M tons averaging 3.01 g/t Au, supporting a mine life of over nine years at the current mining rate of 1.75M tons per annum. Jorge Ganoza, president and CEO, commented, "Seguela's mine life now exceeds 9 years at current production rates, with strong potential for further growth. This is supported by exploration drilling completed in the second half of 2025, the results of which have not yet been incorporated into our geological resource models." Ganoza added, "Building on this exploration upside and our track record of resource and reserve growth, we have initiated a processing plant expansion study that has the potential to increase annual gold production to more than 200,000 ounces."
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Analyst Views on FSM
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
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
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.
Fortuna Mining Reports 2025 Gold Production of 317,001 Ounces, Exceeding Guidance
- Annual Production Target Met: Fortuna Mining achieved an annual production of 317,001 gold equivalent ounces in 2025, successfully meeting its guidance range of 309,000 to 339,000 ounces, demonstrating the company's resilience amid market fluctuations.
- Quarterly Production Decline: The fourth quarter of 2025 saw gold equivalent production drop to 65,130 ounces from 72,462 ounces in Q3, primarily due to mechanical downtime at the Lindero mine, highlighting the direct impact of equipment maintenance on production.
- Record Production at Séguéla: Séguéla mine produced a record 152,426 ounces of gold in 2025, exceeding the upper end of annual guidance by 4%, indicating significant improvements in production efficiency and resource development potential at the site.
- Safety Record Improvement: The company's Total Recordable Injury Frequency Rate (TRIFR) improved to 0.74 in 2025 from 1.36 in 2024, reflecting ongoing efforts in safety management and employee health.
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Fortuna Mining Corp. Repurchases 1.7 Million Shares for $17 Million Under NCIB
- Share Repurchase Program: Fortuna Mining Corp. repurchased 1.7 million common shares on the NYSE from December 23, 2025, to January 7, 2026, for a total gross consideration of $17,019,894, reflecting the company's confidence in its stock value.
- Share Cancellation Plan: All repurchased shares will be canceled, with approximately 11% of the authorized shares repurchased to date, indicating the company's ongoing efforts to enhance shareholder value and potentially boosting market confidence in its future performance.
- West Africa Project Progress: Early works and procurement activities are underway at the Diamba Sud project, with ground broken for a new accommodation camp, which is expected to lay the groundwork for future full-scale development and further drive the company's growth in the region.
- Feasibility Study Advancement: Fortuna aims to complete a feasibility study for Diamba Sud by Q2 2026 and secure approval for the environmental and social impact assessment, ensuring timely project advancement and enhancing its competitiveness in the West African market.
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