Fortuna Mining Corp. reported a record 317,001 gold‑equivalent ounces (GEO) for 2025, the highest output in the company’s history and the upper end of its guidance range of 309,000 to 339,000 GEO.
The 317,001 GEO comprised 152,426 ounces of gold from the Séguéla mine in Côte d’Ivoire, 87,489 ounces of gold from the Lindero mine in Argentina, and 966,108 ounces of silver from Caylloma in Peru. Séguéla’s production exceeded its guidance by 4% thanks to higher ore grades and a successful mill expansion that increased throughput. Lindero’s output fell 6% short of guidance because a mechanical failure in the crushing circuit was resolved only in December, limiting production for most of the year. Caylloma’s silver output was strong, but the company’s GEO calculation was affected by rising gold prices, which increased the gold‑to‑base‑metal ratio and reduced the GEO contribution from base metals.
In 2024, Fortuna’s ongoing operations produced 292,169 GEO, while 2025’s ongoing operations produced 279,207 GEO, a 4.4% decline. The drop reflects the combined impact of the Lindero downtime and the GEO calculation shift at Caylloma, offset by the record output at Séguéla. The company’s overall 2025 GEO still met guidance, demonstrating operational resilience amid headwinds.
Fortuna’s 2026 outlook projects 281,000–305,000 GEO, a slight decline from 2025 but aligned with the company’s focus on growth projects. Capital allocation plans include $100 million for early works at the Diamba Sud gold project in Senegal, $14 million for Séguéla Sunbird underground studies, and $55 million for exploration across the portfolio. These investments aim to expand Séguéla’s capacity and bring Diamba Sud closer to production, positioning Fortuna for a 500,000‑ounce annual target in the long term.
Analysts responded positively to the results. Scotiabank upgraded Fortuna to Outperform, citing the strong performance at Séguéla and the company’s strategic focus on growth projects. The upgrade was driven by the record production, portfolio streamlining, and improved safety metrics, all of which reinforce confidence in Fortuna’s execution and future prospects.
The production results underscore Fortuna’s operational strength and its ability to deliver on guidance while managing headwinds. The company’s liquidity, with an estimated $704 million in cash, supports its capital allocation strategy and positions it to capitalize on growth opportunities in West Africa and Latin America. The record 2025 output, combined with a clear roadmap for 2026, signals a solid trajectory for future expansion and value creation.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.