Highlights 

  • Free cash flow from continuing operations reached USD 73.4M in Q3 2025, up USD 16.0M QoQ. 
  • Attributable net income from continuing operations totaled USD 123.6M, or USD 0.40 per share. 
  • The equivalent gold production from continuing operations was 72,462 ounces in Q3 2025. 

Fortuna Mining Corp. (TSX:FVI) released its third-quarter 2025 financial and operational results. Cash flow from continuing operations before working capital adjustments amounted to USD 113.9M, or USD 0.37 per share. Free cash flow from ongoing operations reached USD 73.4M, representing an increase of USD 16.0M compared to Q2 2025. 

The company’s liquidity rose to USD 588.3M, with net cash increasing to USD 265.8M from USD 214.8M in Q2. The quarter-end cash balance stood at USD 438.3M, up USD 51.0M in quarter-over-quarter. 

Attributable net income from continuing operations increased to USD 123.6M, or USD 0.40 per share, compared to USD 42.6M, or USD 0.14 per share in Q2 2025. Adjusted net income from continuing operations was USD 51.0M, or USD 0.17 per share, up from USD 44.7M, or USD 0.15 per share in the prior quarter. Management attributed the results to higher realized gold prices, increased gold sales volume, and a lower effective tax rate. 

Jorge A. Ganoza, President and CEO, stated, “Fortuna delivered a strong third quarter, keeping us on track to meet our annual production guidance. Higher gold prices and consistent mine performance generated USD 73.4 million in free cash flow from operations—up USD 16.0 million from Q2. Cash costs remained below USD 1,000/oz, and AISC at our mines is tracking within guidance. Lindero’s AISC is trending lower, and we expect similar improvements at Séguéla as it completes key investments to support 2026 production of 160,000–180,000 ounces. Our balance sheet continues to strengthen, with nearly USD 600 million in liquidity and USD 265.8 million in net cash. This positions us to fund high-impact growth initiatives, including Diamba Sud, unlocking the full potential of the Séguéla Mine, and expanding exploration across West Africa and Latin America.” 

Operational Performance 

Gold Equivalent Production 
Continuing operations produced 72,462 ounces of gold equivalent in Q3 2025. Consolidated cash costs were USD 942 per GEO, slightly higher than USD 929 in Q2 2025, while all-in sustaining costs increased to USD 1,987 per GEO, partly due to higher share-based compensation. 

Séguéla Mine, Côte d’Ivoire 
The mine processed 435,770 tonnes of ore, producing 38,799 ounces of gold at 3.01 g/t. Cash costs per ounce were USD 688, and AISC was USD 1,738 per ounce. 

Lindero Mine, Argentina 
Gold production totaled 24,417 ounces. Cash costs were USD 1,117 per ounce, with AISC of USD 1,570 per ounce. 

Caylloma Mine, Peru 
The mine produced 233,612 ounces of silver at 63 g/t. Lead and zinc production reached 8.5M lbs and 12.0M lbs, respectively. Cash costs per silver equivalent ounce were USD 17.92, and AISC was USD 25.17.