Update shared on 14 Dec 2025
Fair value Increased 4.61%Analysts have nudged their price target for Fortuna Mining higher to approximately $13.30 from about $12.70, citing a modestly stronger long term earnings multiple despite largely unchanged assumptions for growth, margins, and discount rate.
What's in the News
- Updated reserve and resource statement at the Seguela Mine outlines 1.2 million ounces of gold in Mineral Reserves and strong conversion of Inferred to Indicated Resources at the Sunbird Underground Project, supporting a forthcoming pre feasibility study and potential mine life extension. (Company news release)
- Exploration drilling at the Sunbird Deposit in Cote d’Ivoire extends high grade mineralization more than 1.3 kilometers down plunge, confirms a second underground high grade shoot, and keeps mineralization open at depth and along strike, with drilling planned through the end of 2025. (Company news release)
- Preliminary Economic Assessment for the Diamba Sud Gold Project in Senegal indicates robust economics, with an after tax NPV5% of $563 million, 72% IRR, a ten month payback at $2,750 gold, and projected average production of 147,000 ounces per year at an AISC of $904 per ounce in the first three years. (Company news release)
- Fortuna files the Environmental and Social Impact Assessment for Diamba Sud with Senegalese authorities, reports a significant increase in Measured, Indicated, and Inferred resources after more than 52,000 meters of drilling, and targets completion of a PEA in fourth quarter 2025 followed by a Definitive Feasibility Study in first half 2026. (Company news release)
- The company signs a binding Heads of Agreement with DeSoto Resources to form an exploration alliance and joint venture vehicle focused on new gold discoveries in Guinea’s Siguiri Basin, with Fortuna to fund up to USD 12.5 million during the initial Go Project phase for a 70% JV stake. (Company news release)
Valuation Changes
- The fair value estimate has risen slightly to approximately CA$13.30, up from about CA$12.71, reflecting a modestly higher implied valuation.
- The discount rate has increased marginally to about 7.29 percent, up from roughly 7.21 percent, indicating a slightly higher required return.
- Revenue growth has improved slightly, with the long-term decline moderating to around minus 3.17 percent, compared with about minus 3.18 percent previously.
- The net profit margin is essentially unchanged, edging down fractionally to roughly 41.58 percent from about 41.59 percent.
- The future P/E multiple has risen modestly to approximately 7.74x, up from about 7.25x, supporting the higher fair value estimate.
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