Fortuna Mining (FVI) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with sales of $342.5 million, adjusted net income of $111 million, and adjusted EBITDA of $218.8 million, driven by higher gold and silver prices and strong operational execution.

• Free cash flow from ongoing operations reached $174 million, the highest quarterly cash generation to date.

• Produced 72,900 gold equivalent ounces, with zero Lost Time Injuries for the fifth consecutive quarter.

• Returned $40 million to shareholders via share repurchases year-to-date, with $20 million in dividends paid.

• Revenue rose 76% year-over-year, reflecting strong gold production and sales from Lindero and Séguéla mines.

Financial highlights

• Operating income increased to $180.1 million, up 222% year-over-year; adjusted EBITDA rose 113% to $218.8 million with a margin of 64%.

• Net cash from operating activities was $209.4 million, up 135% year-over-year; free cash flow from ongoing operations was $174 million.

• Available liquidity reached $816 million, including $150 million undrawn credit facility; cash and cash equivalents rose to $665.9 million.

• Basic EPS from continuing operations was $0.36, up 200% year-over-year.

• Average realized gold price was $4,884/oz, up from $2,884/oz in Q1 2025.

Outlook and guidance

• On track to meet full-year 2026 production and cost guidance, targeting 60% growth in annual gold production by 2028, reaching ~500,000 ounces.

• Séguéla plant expansion and Diamba Sud project expected to reach final investment decisions by mid-year 2026.

• 2026 consolidated AISC guidance set at $1,830–$1,975 per GEO; cash cost guidance at $895–$1,000 per GEO.

• Diamba Sud feasibility and Séguéla expansion studies to be completed in May 2026.

• Ongoing assessment of IFRS 18 implementation for 2027.