Fortuna Mining Corp.

TSX:FVI Stock Report

Market Cap: CA$4.3b

Fortuna Mining Future Growth

Future criteria checks 4/6

Fortuna Mining is forecast to grow earnings and revenue by 25.2% and 18.9% per annum respectively while EPS is expected to grow by 24.3% per annum.

Key information

25.2%

Earnings growth rate

24.34%

EPS growth rate

Metals and Mining earnings growth17.2%
Revenue growth rate18.9%
Future return on equityn/a
Analyst coverage

Low

Last updated11 May 2026

Recent future growth updates

Recent updates

Narrative Update • Apr 19

FVI: Share Repurchases And Diamba Sud Progress Will Support Future Upside

Analysts have trimmed their CA$ price target for Fortuna Mining by roughly CA$0.34. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions.
Narrative Update • Apr 05

FVI: Diamba Sud Progress Will Support Future Production Upside Potential

Analysts have adjusted their price target on Fortuna Mining to CA$18.73 from CA$18.49, reflecting updated assumptions around revenue growth, profit margins, discount rates, and a lower future P/E multiple. What's in the News Fortuna submitted an application for an exploitation permit for the Diamba Sud Gold Project to Senegal's Ministry of Energy, Petroleum, and Mines and is advancing early works and detailed engineering to support a feasibility study and a potential future construction decision targeted for mid 2026 (Key Developments).
Narrative Update • Mar 22

FVI: Diamba Sud Resource Progress Will Support Future Upside Potential

Analysts have slightly trimmed their CA$ fair value estimate for Fortuna Mining to CA$18.49 from CA$18.52, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Updated Mineral Resource estimate for the Diamba Sud Gold Project reports Indicated Mineral Resources of 26.0 million tonnes at 1.50 g/t Au containing 1,254,000 ounces of gold, and Inferred Mineral Resources of 2.1 million tonnes at 1.13 g/t Au containing 77,000 ounces of gold, incorporating drilling completed between July 2025 and January 2026 (Key Developments).
Narrative Update • Mar 07

FVI: Diamba Sud Progress And Share Buybacks Will Support Upside Potential

Analysts have adjusted their fair value estimate for Fortuna Mining to CA$18.52 from CA$17.52, reflecting updated assumptions around the discount rate, long term revenue growth, profit margins and future P/E expectations. What's in the News Updated Mineral Resource estimate for the Diamba Sud Gold Project, with Indicated Mineral Resources of 26.0 million tonnes at 1.50 g/t Au containing 1,254,000 ounces of gold, and Inferred Mineral Resources of 2.1 million tonnes at 1.13 g/t Au containing 77,000 ounces of gold, effective January 16, 2026 (company announcement).
Narrative Update • Feb 21

FVI: Seguela Output, Sunbird Reserves And Buybacks Will Support Balanced Outlook

Analysts have lifted their price target on Fortuna Mining from about CA$14.41 to roughly CA$17.52, citing updated assumptions for revenue growth, profit margin and future P/E that change their valuation outlook for the stock. What's in the News Completed share repurchase of 1,199,307 shares, about 0.39% of shares outstanding, for $12 million under the buyback program announced on April 30, 2025 (Key Developments).
Narrative Update • Jan 27

FVI: Seguela Expansion And Sunbird Reserves Will Support A Balanced Outlook

Analysts have raised their fair value estimate for Fortuna Mining from US$13.66 to US$14.41, citing slightly less severe revenue contraction, along with a small adjustment to the discount rate and future P/E assumptions, as the key drivers of the change. What's in the News Updated Mineral Reserves and Mineral Resources for the Séguéla Mine report 1.54 million ounces of gold in Mineral Reserves, with 3.5 million tonnes at 3.60 g/t Au, or 401,000 ounces of gold, now classified as underground reserves at the Sunbird deposit (company announcement).
Narrative Update • Jan 11

FVI: West African Gold Projects Will Shape A Balanced Forward Outlook

Analysts have slightly raised their price target for Fortuna Mining to US$13.66 from US$13.30, citing modest tweaks to discount rate assumptions, revenue growth expectations and profit margin forecasts, along with a higher implied future P/E multiple. What's in the News Preliminary Economic Assessment for the Diamba Sud Gold Project in Senegal outlines an open pit operation with a conventional CIL plant, citing after tax NPV5% of US$563 million, IRR of 72%, a ten month payback period, and estimated construction capital of US$283.2 million at a gold price of US$2,750 per ounce (Key Developments).
Narrative Update • Dec 14

FVI: Emerging West African Gold Projects Will Shape A Balanced Outlook

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.
Analysis Article • Nov 29

Improved Revenues Required Before Fortuna Mining Corp. (TSE:FVI) Stock's 26% Jump Looks Justified

Despite an already strong run, Fortuna Mining Corp. ( TSE:FVI ) shares have been powering on, with a gain of 26% in the...
Narrative Update • Nov 28

FVI: Project Expansions and Exploration Success Will Support Balanced Outlook

Analysts have raised their price target for Fortuna Mining from $12.42 to $12.71, citing anticipated improvements in profit margins and expectations for slower revenue declines. What's in the News Updated Mineral Reserves and Mineral Resources at Seguela Mine, with 1.2 million ounces of gold in reserves.
Narrative Update • Nov 14

FVI: Future Exploration Could Offset Margin Pressures Amid Balanced Outlook

Analysts have lowered their price target for Fortuna Mining from $13.65 to $12.42. They cite a more cautious outlook on revenue growth and profit margins, despite the company's still-attractive valuation.
Narrative Update • Oct 24

Gold Resource Expansion And Project Developments Will Drive Strong Production Ahead

Analysts have raised their price target for Fortuna Mining from $12.51 to $13.65 per share, citing updated fair value calculations and supportive underlying assumptions. What's in the News Fortuna Mining reported robust Preliminary Economic Assessment results for the Diamba Sud Gold Project in Senegal, including an after-tax NPV5% of $563 million, an IRR of 72 percent, and a projected payback period of ten months.
Narrative Update • Oct 09

Diamba Sud And Seguela Expansion Will Exceed Past Production

Analysts have raised their price target for Fortuna Mining from $10.52 to $12.51. They cite improved profit margins and a more optimistic outlook for revenue growth as key factors in the upgrade.
Narrative Update • Sep 25

Diamba Sud And Seguela Expansion Will Exceed Past Production

The upward revision in Fortuna Mining’s price target primarily reflects a substantial increase in its future P/E multiple, despite only a modest improvement in forecast revenue growth, resulting in a new consensus price target of CA$10.52. What's in the News Fortuna Mining advanced a $19 million exploration program across Cote d'Ivoire, Mexico, and Argentina, highlighted by drilling at the Arizaro deposit near Lindero (32.4 Mt at 0.37 g/t Au, 389,000 oz); new breccia-hosted mineralization identified and multiple drill holes returned encouraging gold-copper intercepts.
Analysis Article • Jun 24

Investors Aren't Buying Fortuna Mining Corp.'s (TSE:FVI) Revenues

You may think that with a price-to-sales (or "P/S") ratio of 1.8x Fortuna Mining Corp. ( TSE:FVI ) is a stock worth...
Analysis Article • May 15

Analysts Have Just Cut Their Fortuna Mining Corp. (TSE:FVI) Revenue Estimates By 11%

Today is shaping up negative for Fortuna Mining Corp. ( TSE:FVI ) shareholders, with the analysts delivering a...
Analysis Article • Mar 26

An Intrinsic Calculation For Fortuna Mining Corp. (TSE:FVI) Suggests It's 35% Undervalued

Key Insights The projected fair value for Fortuna Mining is CA$13.40 based on 2 Stage Free Cash Flow to Equity Fortuna...
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New Narrative • Mar 18

Aggressive Exploration Investments Will Increase Future Gold Production

Strategies to optimize Seguela Mine and divest San Jose Mine are expected to improve operational efficiency and future revenue.
Analysis Article • Feb 13

Fortuna Mining Corp. (TSE:FVI) Stock Catapults 26% Though Its Price And Business Still Lag The Industry

Fortuna Mining Corp. ( TSE:FVI ) shareholders would be excited to see that the share price has had a great month...
Analysis Article • Feb 07

Does Fortuna Mining (TSE:FVI) Have A Healthy Balance Sheet?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Dec 03

Little Excitement Around Fortuna Mining Corp.'s (TSE:FVI) Revenues

Fortuna Mining Corp.'s ( TSE:FVI ) price-to-sales (or "P/S") ratio of 1.4x might make it look like a buy right now...
Analysis Article • Nov 14

Shareholders Can Be Confident That Fortuna Mining's (TSE:FVI) Earnings Are High Quality

Fortuna Mining Corp.'s ( TSE:FVI ) earnings announcement last week was disappointing for investors, despite the decent...
Analysis Article • Oct 14

Fortuna Mining (TSE:FVI) Seems To Use Debt Quite Sensibly

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Sep 01

Revenues Working Against Fortuna Mining Corp.'s (TSE:FVI) Share Price

Fortuna Mining Corp.'s ( TSE:FVI ) price-to-sales (or "P/S") ratio of 1.5x might make it look like a buy right now...

Earnings and Revenue Growth Forecasts

TSX:FVI - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,961756854N/A1
12/31/20271,5695643966793
12/31/20261,4324925198072
3/31/20261,094344365550N/A
12/31/2025947265289467N/A
9/30/2025872210270455N/A
6/30/2025802120258437N/A
3/31/202572898271443N/A
12/31/202467777205366N/A
9/30/2024747-28159320N/A
6/30/2024809-34178334N/A
3/31/2024811-50122304N/A
12/31/2023842-5180297N/A
9/30/2023742-1114241N/A
6/30/2023665-143-61200N/A
3/31/2023675-143-47203N/A
12/31/2022681-128-59194N/A
9/30/202271640-41202N/A
6/30/202271244-60176N/A
3/31/202266458-42159N/A
12/31/202160058-5147N/A
9/30/20215046133147N/A
6/30/20214257468140N/A
3/31/20213495239111N/A
12/31/202027922093N/A
9/30/202024422-6652N/A
6/30/20202221-15637N/A
3/31/202024617-17360N/A
12/31/201925724N/A60N/A
9/30/20192487N/A65N/A
6/30/201924622N/A69N/A
3/31/201925222N/A67N/A
12/31/201826334N/A83N/A
9/30/201827966N/A93N/A
6/30/201828369N/A92N/A
3/31/201827467N/A81N/A
12/31/201726866N/A70N/A
9/30/201725139N/A67N/A
6/30/201725239N/A76N/A
3/31/201723228N/A62N/A
12/31/201621018N/A53N/A
9/30/2016189-6N/A50N/A
6/30/2016163-14N/A39N/A
3/31/2016158-12N/A46N/A
12/31/2015155-11N/A55N/A
9/30/20151567N/A41N/A
6/30/201516312N/A43N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FVI's forecast earnings growth (25.2% per year) is above the savings rate (3%).

Earnings vs Market: FVI's earnings (25.2% per year) are forecast to grow faster than the Canadian market (10.7% per year).

High Growth Earnings: FVI's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FVI's revenue (18.9% per year) is forecast to grow faster than the Canadian market (4.7% per year).

High Growth Revenue: FVI's revenue (18.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if FVI's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/15 05:09
End of Day Share Price 2026/05/15 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Fortuna Mining Corp. is covered by 17 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Heiko IhleAlliance Global Partners
Richard GrayATB Cormark Historical (Cormark Securities)
Kevin O'HalloranBMO Capital Markets Equity Research