Fortuna Mining Corp.

NYSE:FSM Stock Report

Market Cap: US$2.6b

Fortuna Mining Management

Management criteria checks 3/4

Fortuna Mining's CEO is Jorge Ganoza Durant, appointed in Jan 2006, has a tenure of 20.5 years. total yearly compensation is $5.06M, comprised of 14.9% salary and 85.1% bonuses, including company stock and options. directly owns 0.5% of the company’s shares, worth $12.94M. The average tenure of the management team and the board of directors is 5.9 years and 9.8 years respectively.

Key information

Jorge Ganoza Durant

Chief executive officer

US$5.1m

Total compensation

CEO salary percentage14.93%
CEO tenure20.5yrs
CEO ownership0.5%
Management average tenure5.9yrs
Board average tenure9.8yrs

Recent management updates

Recent updates

Seeking Alpha • Jul 13

Fortuna Mining: Positive Catalysts Keep Building

Summary Fortuna Mining remains a Buy as its gold-focused pivot advances, supported by robust financials and promising project developments. Q1 2026 saw realized gold and silver prices surge, driving a 222% increase in operating income and 161% higher free cash flow, despite elevated AISC. FSM's Senegal Diamba Sud project targets 158,000 oz annual gold production at $1,332/oz AISC, with first output expected Q2 2028 and a $1B NPV. Valuation implies a conservative market stance, pricing in geopolitical and commodity risks, but FSM's net cash position and buyback program reinforce long-term upside. Read the full article on Seeking Alpha
Narrative Update • Apr 23

Fortuna Mining Corp. – Earn-In Agreement for Quartzstone Gold Project, Guyana

Fortuna Mining Corp. has entered into an earn-in agreement with Qstone Inc.
New Narrative • Apr 16

Fortuna Mining Corp. – Q1 2026 Production Update and Growth Pipeline Execution

Author: Qudus Adebara (FOUNDER of Wane Investment House) Fortuna Mining Corp. has reported a solid operational performance for the first quarter of 2026, underpinned by steady production growth, advancing expansion projects, and continued capital returns to shareholders.
Seeking Alpha • Apr 24

Fortuna Mining: Potentially More Value For Investors

Summary Fortuna Mining Corp. is recommended as a Hold due to high current valuations, despite strong gold prices and efficient operations. The company has streamlined its portfolio by divesting non-core, high-cost mines in Burkina Faso and Mexico, improving financial stability. Fortuna's consistent gold production and cost management, coupled with share buybacks, are returning value to shareholders. Investors should consider adding to positions during potential market dips, as they would be much better positioned as the outlook for gold and Fortuna remains optimistic. Read the full article on Seeking Alpha
Seeking Alpha • Feb 05

Fortuna Mining: Beware The 2026 Production Cliff

Summary Fortuna Mining reported production of ~96,000 ounces of gold and ~844,000 ounces of silver in Q4-24, translating to a 7% and 37% decline in production, respectively. Unfortunately, this weaker Q4-24 resulted in the company breaking its three-year streak of beating its annual guidance midpoint (gold/silver only), with Fortuna reporting a slight miss in FY2024. The bigger issue, though, is that Fortuna will go from five mines in 2024 to three mines by H2-26 with Yaramoko nearing the end of its mine life. In this update, we'll dig into the Q4 & FY2024 results, recent developments and whether the sharply declining production is priced into FSM's stock currently. Read the full article on Seeking Alpha
Seeking Alpha • Jan 05

Fortuna Mining: High Costs, Declining Production, And Risky Operations Make Me Avoid

Summary Fortuna Mining faces declining production, with the closure of the San Jose mine in 2025 and no new projects imminent. The company operates in riskier jurisdictions, which adds operational risks and impacts its valuation compared to peers in safer locations. Despite a strong balance sheet and a forecast 17% discount to fair value, high G&A expenses, and limited growth catalysts weigh on the investment outlook. I assign a hold rating due to declining production, higher jurisdictional risks, and better risk/reward opportunities available in the gold mining sector. Read the full article on Seeking Alpha
Seeking Alpha • Dec 28

Bullish Gold Boosts Fortuna Mining Outlook, Shares Trade Low

Summary Fortuna Mining Corp. receives a “Buy” rating. Its primary commodity, gold, is seeing per-ounce prices rise, driven by interest rate cuts from the U.S. Federal Reserve and robust safe-haven demand. The company's profitability is expected to improve, supported by bullish gold prices above all else, consistent production, operational efficiencies, and disciplined capital allocation to assets development. Fortuna improves its financial position: increased liquidity and less dependence on expensive loans. The financial position supports the company in its goal of drawing significant growth potential from ongoing projects. Shares are currently trading lower, representing a potential buying opportunity to benefit from expected earnings improvements and the mineral progress achievable with a solid balance sheet. Read the full article on Seeking Alpha
Seeking Alpha • Oct 09

Fortuna Mining: High Production Cost, Short Mine Life, And Elevated Jurisdiction Risk

Summary During the first half of 2024, Séguéla and Yaramoko generated operating income of $85.7 million, which is roughly equivalent to 85% of the total operating income of $102.6 million. Although Yaramoko and Séguéla are low-cost production centers for Fortuna, they are pretty much at the center of the industry's all-in-sustaining costs curve. The proven and probable reserves at Yaramoko are estimated at only 219,000 ounces, which is the equivalent of a reserve life index of approximately 2.0 years based on the 2024. In my view, Fortuna could be incentivized to purchase assets in an attempt to replace production volumes, and this dynamic points toward capital allocation risks. Read the full article on Seeking Alpha
Seeking Alpha • Jul 25

Fortuna Mining: Another Solid Quarter In Q2

Summary Fortuna Mining reported a solid Q2 with a 25% increase in gold production, but a 22% decrease in silver production. However, with Fortuna continuing to trade at a premium despite a shorter weighted average mine life than its peers, some of this solid execution looks priced into the stock already. In this update, we'll dig into the preliminary Q2 results, recent developments, and how the stock's valuation stacks up vs. peers after its outperformance in Q2. Read the full article on Seeking Alpha
Seeking Alpha • May 26

Fortuna Silver Mines: A Premium Valuation Relative To Tier-2/3 Jurisdiction Peers

Summary Fortuna Silver saw a significant decline in silver production in Q1, but offset it with a 49% increase in gold production with its new Seguela Mine in commercial production. This translated to a 28% increase in revenue and improved free cash flow generation, with net debt reduced to ~$80 million. In this update, we'll dig into the Q1 results, recent developments, and how the stock's valuation stacks up vs. peers: Read the full article on Seeking Alpha
Seeking Alpha • Apr 11

Fortuna Silver Mines' Future Looks Bright

Summary Demand for silver is rising due to the push for a cleaner environment and the pursuit of The Green Dream. Fortuna Silver Mines Inc. is a Canadian mining company with mines in Argentina, Burkina Faso, Côte d'Ivoire, Peru, and Mexico. The company's Q1 2024 report shows an increase in gold equivalent production and gold production, but a decrease in silver production compared to previous periods. The stock price has rallied well of late, with greater capital gains still to come. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Jorge Ganoza Durant's remuneration changed compared to Fortuna Mining's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

US$344m

Dec 31 2025US$5mUS$755k

US$265m

Sep 30 2025n/an/a

US$210m

Jun 30 2025n/an/a

US$120m

Mar 31 2025n/an/a

US$98m

Dec 31 2024US$4mUS$740k

US$77m

Sep 30 2024n/an/a

-US$28m

Jun 30 2024n/an/a

-US$34m

Mar 31 2024n/an/a

-US$50m

Dec 31 2023US$5mUS$712k

-US$51m

Sep 30 2023n/an/a

-US$111m

Jun 30 2023n/an/a

-US$143m

Mar 31 2023n/an/a

-US$143m

Dec 31 2022US$3mUS$685k

-US$128m

Sep 30 2022n/an/a

US$40m

Jun 30 2022n/an/a

US$44m

Mar 31 2022n/an/a

US$58m

Dec 31 2021US$5mUS$637k

US$58m

Sep 30 2021n/an/a

US$61m

Jun 30 2021n/an/a

US$74m

Mar 31 2021n/an/a

US$52m

Dec 31 2020US$3mUS$618k

US$22m

Sep 30 2020n/an/a

US$22m

Jun 30 2020n/an/a

US$1m

Mar 31 2020n/an/a

US$17m

Dec 31 2019US$3mUS$618k

US$24m

Compensation vs Market: Jorge's total compensation ($USD5.06M) is about average for companies of similar size in the US market ($USD6.89M).

Compensation vs Earnings: Jorge's compensation has increased by more than 20% in the past year.

CEO

Jorge Ganoza Durant (56 yo)

20.5yrs
Tenure
US$5,056,854
Compensation

Mr. Jorge A. Ganoza Durant, B.Sc. Eng, co-founded Fortuna Mining Corp. (formerly known as Fortuna Silver Mines Inc.) (formerly Fortuna Ventures Inc.) in 2004. He served as Independent Director at Ferreycor...

Leadership Team

NamePositionTenureCompensationOwnership
Jorge Ganoza Durant
Co-Founder20.5yrsUS$5.06m0.50%
$ 12.9m
Mario Szotlender
Co-Founder & Directorno dataUS$234.71k0.057%
$ 1.5m
Luis Ganoza Durant
Chief Financial Officer20.1yrsUS$2.03m0.16%
$ 4.0m
Eric Chapman
Senior Vice President of Technical Services9.5yrsUS$1.30m0.039%
$ 999.8k
Cesar Velasco
Chief Operating Officer of Latin America5.9yrsUS$1.69m0.062%
$ 1.6m
David Whittle
Chief Operating Officer of West Africa3.8yrsUS$2.21m0.033%
$ 853.4k
Kevin O'Reilly
Vice President of Finance & Accounting3.5yrsno data0.017%
$ 444.7k
Carlos Baca
Vice President of Investor Relationsno datano datano data
Linda Desaulniers
Corporate Counsel & Chief Compliance Officer7.8yrsno datano data
Armando Nakamura
Vice President of People2.9yrsno data0.0054%
$ 139.0k
Luiz Camargo
Country Head of Mexico5.9yrsno datano data
Paul Weedon
Senior Vice President of Exploration4.8yrsUS$1.27m0.057%
$ 1.5m
5.9yrs
Average Tenure
58.5yo
Average Age

Experienced Management: FSM's management team is seasoned and experienced (5.9 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Jorge Ganoza Durant
Co-Founder21.6yrsUS$5.06m0.50%
$ 12.9m
Mario Szotlender
Co-Founder & Director18.1yrsUS$234.71k0.057%
$ 1.5m
David Farrell
Independent Director13yrsUS$207.44kno data
David Laing
Independent Chairman9.8yrsUS$285.75k0.036%
$ 925.5k
Kate Harcourt
Independent Director5yrsUS$169.04kno data
Kylie Dickson
Independent Director8.9yrsUS$193.62k0.0012%
$ 29.8k
Salma Seetaroo
Independent Director4.1yrsUS$176.72kno data
Alfredo Sillau Valdez
Independent Director9.7yrsUS$180.31k0.0053%
$ 135.6k
9.8yrs
Average Tenure
58yo
Average Age

Experienced Board: FSM's board of directors are considered experienced (9.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/16 22:35
End of Day Share Price 2026/07/16 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

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

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. 1 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