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Fortuna Mining

www: www.fortunamining.com   email: info@fmcmail.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
NYSE:FSM USD
TSE:FVI CAD

Description

Fortuna Mining are a gold focused mid-tier producer with five producing mines in Argentina, Burkina Faso, Cote d'Ivoire, Mexico and Peru and four exploration properties. Currently they produce roughly 390koz. of gold per year. They have approximately 5.5Moz. of gold in the reserves and resources category of which 4Moz. are in the measured and indicated category. They have a market capitalisation of ~$1358.8M which is a fall of roughly 12% over the last three months. As of 11/02/2024 they have ~$140M debt and ~$128M cash. They have 313M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 11/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $1,548.40M $1,358.80M 11/02/2024
Total Assets: $1,991.00M $1,991.00M 11/02/2024
Total Liabilities: $686.00M $686.00M 11/02/2024
Current Assets: $275.00M $275.00M 11/02/2024
Current Liabilities: $138.00M $138.00M 11/02/2024
Total Debt: $140.00M $140.00M 11/02/2024
Cash: $128.00M $128.00M 11/02/2024
Enterprise Value: $1,560.40M $1,370.80M 06/09/2013
Cash Flow: $380.27M $332.59M never
Cash Flow Multiple: 4.07 4.09 never
Net Debt to
Cash Flow Ratio:		 0.03 0.04 never
Finance within 1 year: 11/02/2024
Misc 11/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 313,000,000 313,000,000 11/02/2024
Shares (FD): 316,000,000 316,000,000 11/02/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a n/a 11/02/2024
Production (Gold Eq Oz.): (guess) 
428,303		 (guess) 
390,000		 01/21/2025
Production (Silver Eq Oz.): (guess) 
36,158,698		 (guess) 
34,800,389		 01/21/2025
Initial CapEx (Outstanding): n/a n/a 11/02/2024
Funding Option: n/a n/a 11/02/2024
Documentation: none PRODUCER 01/21/2025
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 11/02/2023
Cash Flow Multiplier: 12 12 03/07/2024

Resource Data

GOLD 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.00M 3.00M 11/02/2024
Measured & Indicated: 4.00M 4.00M 11/02/2024
Inferred: 1.50M 1.50M 11/02/2024
Reserves & Resources: 5.50M 5.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.55M 2.55M 11/02/2024
Measured & Indicated: 3.23M 3.23M 11/02/2024
Inferred: 0.64M 0.64M 11/02/2024
Reserves & Resources: 3.87M 3.87M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
375,000oz.		 (CG) 
390,000oz.		 01/21/2025
Cash Cost: $1,050 $1,200 01/21/2025
Extra Operating Cost: $750 $700 01/21/2025
Total: $1,800 $1,900 01/21/2025
Margin (Free Cash Flow): $937 (34%) $853 (31%)
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 11/02/2024
Open Pit (Avg): n/a 1.50 g/t 03/23/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 01/21/2025
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 11/02/2024
Annual Production: 450,000oz. 450,000oz. 11/02/2024
Cash Cost: $1,200 $1,250 01/21/2025
Extra Operating Cost: $650 $700 01/21/2025
SILVER 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 20.00M n/a 01/21/2025
Measured & Indicated: 20.00M n/a 01/21/2025
Inferred: 20.00M n/a 01/21/2025
Reserves & Resources: 40.00M n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 16.00M n/a 01/21/2025
Measured & Indicated: 16.00M n/a 01/21/2025
Inferred: 8.00M n/a 01/21/2025
Reserves & Resources: 24.00M n/a never
C
U
R
R
E
N
T		 Annual Production: (guess) 
4,500,000oz.		 n/a
Cash Cost: $16.00 n/a 01/21/2025
Extra Operating Cost: $10.00 n/a 01/21/2025
Total: $26.00 n/a 01/21/2025
Margin (Free Cash Flow): $6.42 (19.80%) n/a
G
R
A
D
E		 Underground (Avg): 120.00 g/t n/a 01/21/2025
Open Pit (Avg): n/a n/a 11/02/2023
Recovery Rate: (CG)  80.00% n/a 01/21/2025
F
U
T
U
R
E		 Proven & Probable: 20.00M n/a 01/21/2025
Annual Production: 1,500,000oz. n/a 01/21/2025
Cash Cost: $17.00 n/a 01/21/2025
Extra Operating Cost: $10.00 n/a 01/21/2025

Property

Last Analysis Data  (11/02/2024)
Stage Name Owned Au Ag Cu Notes
Prod Lindero 100% show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).
Exp Arizaro 100% show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Prod Yaramoko 100% show
1 million oz deposit. Very high grade (avg 13 gpt). Feasibility study due in Q2 2014.

100,000 oz per year for 10+ years.

Low cash costs, very economic.
Exp Bissa West 90% show
Likely their second mine, but still early exploration.
Exp Solna 100% show
Their largest property. Early exploration.
Prod Seguela 100% show
500,000 oz at 2.4 gpt

Still early exploration
Prod San Jose 100% show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Prod Caylloma 100% show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Exp Diamba Sud 100% show
Appears to be a mine.

Early exploration.
Total Land Package Size (ha): 366,300  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod Lindero 100% show
Production scheduled for Q1 2015 at 110,000 oz per year. Cash cost should be below $800. Forecasted to be $650. All-In Costs should be below $1200 and perhaps below $1000. 3 million oz deposit (.5 gpt).
Exp Arizaro 100% show
Part of the Lindero property. Only 15% of the property has been explored. They will likely find more gold to extend the mine life.
Prod Yaramoko 100% show
1 million oz deposit. Very high grade (avg 13 gpt). Feasibility study due in Q2 2014.

100,000 oz per year for 10+ years.

Low cash costs, very economic.
Exp Bissa West 90% show
Likely their second mine, but still early exploration.
Exp Solna 100% show
Their largest property. Early exploration.
Prod Seguela 100% show
500,000 oz at 2.4 gpt

Still early exploration
Prod San Jose 100% show
4.5 million oz of production in 2015.

Including Trinidad North, 85 million oz deposit (150 gpt).
Prod Caylloma 100% show
2 million oz of production in 2015


44 million oz deposit (150 gpt)
Exp Diamba Sud 100% show
Appears to be a mine.

Early exploration.
Total Land Package Size (ha): 366,300  

Profitability (by resource)

Proven &
Probable		 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 92.68% 100.00% n/a
Percentage Silver: 7.32% n/a n/a
Total (Gold Eq. Oz.): 3.24M 3.00M n/a
Total (Silver Eq. Oz.): 273.27M n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.74M 2.55M n/a
Silver Eq. Oz.: 231.28M n/a n/a
Maximum Profit (Gold): $2,389.35M $2,174.64M n/a
Maximum Profit (Silver): $102.72M n/a n/a
Total Maximum Profit: $2,492.07M $2,174.64M n/a
Max Profit / Current MCap: 1.609 1.600 n/a
Max Profit Per Share (Gold): $7.56 $6.88 n/a
Max Profit Per Share (Silver): $0.33 n/a n/a
Total Max Profit Per Share: $7.89 $6.88 n/a
Total Free Profit Per Share: $2.99 $2.58 n/a
FD MCap / Gold Eq.: $565.21 $532.86 n/a
FD MCap / Silver Eq.: $6.69 $5.97 n/a
FD MCap / Per Metal
as % Spot Price:		 20.65% 19.36% n/a
Measured &
Indicated		 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 94.41% 100.00% n/a
Percentage Silver: 5.59% n/a n/a
Total (Gold Eq. Oz.): 4.24M 4.00M n/a
Total (Silver Eq. Oz.): 357.69M n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.42M 3.23M n/a
Silver Eq. Oz.: 288.69M n/a n/a
Maximum Profit (Gold): $3,026.51M $2,754.54M n/a
Maximum Profit (Silver): $102.72M n/a n/a
Total Maximum Profit: $3,129.23M $2,754.54M n/a
Max Profit / Current MCap: 2.021 2.027 n/a
Max Profit Per Share (Gold): $9.58 $8.72 n/a
Max Profit Per Share (Silver): $0.33 n/a n/a
Total Max Profit Per Share: $9.90 $8.72 n/a
Total Free Profit Per Share: $5.00 $4.42 n/a
FD MCap / Gold Eq.: $452.81 $420.68 n/a
FD MCap / Silver Eq.: $5.36 $4.71 n/a
FD MCap / Per Metal
as % Spot Price:		 16.54% 15.28% n/a

Reserves &
Resources		 11/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 92.07% 100.00% n/a
Percentage Silver: 7.93% n/a n/a
Total (Gold Eq. Oz.): 5.97M 5.50M n/a
Total (Silver Eq. Oz.): 504.33M n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.15M 3.87M n/a
Silver Eq. Oz.: 350.51M n/a n/a
Maximum Profit (Gold): $3,623.85M $3,298.20M n/a
Maximum Profit (Silver): $154.08M n/a n/a
Total Maximum Profit: $3,777.93M $3,298.20M n/a
Max Profit / Current MCap: 2.440 2.427 n/a
Max Profit Per Share (Gold): $11.47 $10.44 n/a
Max Profit Per Share (Silver): $0.49 n/a n/a
Total Max Profit Per Share: $11.96 $10.44 n/a
Total Free Profit Per Share: $7.06 $6.14 n/a
FD MCap / Gold Eq.: $372.95 $351.34 n/a
FD MCap / Silver Eq.: $4.42 $3.94 n/a
FD MCap / Per Metal
as % Spot Price:		 13.63% 12.76% n/a

Future Valuation (Cash Flow & Totals)

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