VANCOUVER, British Columbia — February 18, 2026 — Leads & Copy — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) today reported its financial and operating results for the fourth quarter and full year of 2025, excluding results from the San Jose and Yaramoko assets, which were classified as discontinued as of December 31, 2025.
The company reported record quarterly and annual free cash flow of $132.3 million and $330.0 million, respectively. Fortuna also noted that it delivered on its operational plan and achieved production guidance.
In 2025, Fortuna returned $16.2 million to shareholders through its share buyback program, with an additional $5.0 million in early 2026.
President and CEO of Fortuna, Jorge A. Ganoza, said Q4 was a strong end to the year as the company delivered record free cash flow from operations of $132.3 million and returned $12.1 million to shareholders. He added that the company finished the year in line with production guidance but at a higher AISC due to the impact of rising metal prices on royalties, gold equivalent ratios and share based compensation expenses. Adjusting for these items, the AISC would have been under $1,700 an ounce.
Ganoza said that 2025 was a transition year for Fortuna as it streamlined its portfolio by divesting non-core assets and positioned the company for its next phase of growth at Diamba Sud and the Séguéla plant expansion. He noted that all of this is underpinned by one of the best balance sheets in the company’s peer group with $704 million in liquidity and $381 million in net cash.
Fourth Quarter and Full Year 2025 Highlights:
Cash and Cash Flow:
- Record free cash flow from ongoing operations of $132.3 million; $330.0 million for 2025.
- $147.6 million of net cash from operating activities before changes in working capital or $0.48 per share; $455.4 million for the year or $1.48 per share.
- Liquidity increased to $704.0 million, and the net cash position strengthened to $381.5 million, from $58.8 million at the end of 2024, a YoY increase of $322.7 million.
- Quarter-end cash balance of $554.0 million, an increase of $115.7 million QoQ and $322.7 million YoY.
Profitability:
- Record adjusted attributable net income from continuing operations was $71.3 million or $0.23 basic EPS; $203.1 million or $0.66 basic EPS for 2025. Results for the quarter were impacted by lower production at Lindero due to downtime of the HPGR in December.
- Attributable net income from continuing operations of $68.1 million or $0.22 basic EPS; $269.7 million or $0.88 basic EPS for 2025.
Operational:
- Gold equivalent production (“GEO”) of 65,130 ounces; 317,001 GEOs in 2025 meeting annual guidance.
- Consolidated cash cost per GEO of $971; $944 for 2025 in line with guidance.
- Consolidated AISC per GEO of $2,054 for Q4 2025 and $1,870 for full year 2025. Excluding the impact of rising gold prices on royalties ($60/ounce), gold equivalent ratios ($54/ounce) and the value of the company’s shares increasing share based compensation expenses ($60/ounce) AISC was $1,696 and within guidance.
- Total recordable injury frequency rate for the year was 0.74 which reflects continued strong safety performance; and zero lost time injuries in the quarter.
Growth and Business Development:
- Expanded Mineral Reserves at Séguéla by 31% and extending the mine life to over 9 years. Refer to the news release dated January 20, 2026 “Fortuna Expands Mineral Reserve Gold Ounces by 31% and Extends Life of Mine to Over 9 Years at the Séguéla Mine, Côte d’Ivoire”.
- Commissioned a feasibility study to expand the plant throughput at Séguéla by 15 to 40% with results expected in the second quarter of 2026. Refer to the news release dated December 3, 2025 “Fortuna Awards the Séguéla Mine Plant Expansion Study, Côte d’Ivoire”.
- At the Diamba Sud Gold Project, supported by robust PEA economics the company has allocated approximately $67 million to advance early works and the order of critical equipment to de-risk construction. A construction decision is targeted for mid 2026.
Q4 2025 vs Q3 2025
Cash cost per GEO sold from continuing operations was $971 in Q4 2025, representing a marginal increase from $942 in Q3 2025.
All-in sustaining costs per GEO from continuing operations was $2,054 in Q4 2025 representing a $67 increase from the $1,987 recorded in Q3 2025. The rise was primarily driven by lower ounces sold at Lindero and higher royalties of $55, partially offset by lower AISC at Séguéla resulting from a decrease in strip ratio quarter over quarter.
Attributable net income from continuing operations for the period was $68.1 million in Q4 2025, compared to $123.6 million in Q3 2025. After adjusting for impairment reversals and other non-recurring items, adjusted attributable net income was $71.3 million or $0.23 per share compared to $51.0 million or $0.17 per share in Q3 2025. The increase was primarily driven by higher realized gold prices, partially offset by lower gold sales volume, and a modestly higher effective tax rate. The realized gold price in Q4 2025 was $4,166 per ounce compared to $3,467 in Q3 2025. Lower gold sales were mainly attributable to lower production at Lindero related to a 12-day stoppage of the HPGR tertiary crusher in December.
Q4 2025 vs Q4 2024
Consolidated cash cost per GEO increased to $971 in Q4 2025, representing a $53 increase compared to $918 recorded in Q4 2024. The increase was mainly due to higher stripping ratios at Séguéla and Lindero, as per the mine plan.
All-in sustaining costs per gold equivalent ounce from continuing operations increased $212 to $2,054 in Q4 2025 from $1,842 in Q4 2024. This increase primarily resulted from higher royalties of $139, the impact of higher gold prices on the GEO calculation at Caylloma of $74, and $77 related to higher share-based compensation. This was partially offset by a decrease in AISC at Lindero explained by lower capital expenditures in 2025.
After adjusting for reversals of impairments and stockpile write-downs and other non-recurring items, adjusted attributable net income from continuing operations was $71.3 million or $0.23 per share compared to $19.4 million or $0.06 per share in Q4 2024. The increase was primarily due to higher realized gold prices, which averaged $4,166 per ounce in Q4 2025 compared to $2,659 per ounce in Q4 2024. This was partially offset by lower production and higher share-based compensation expense of $6.9 million compared to $1.6 million in Q4 2024.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of the company’s operations and stakeholder relationships. The company produces gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility.
Source: Fortuna Mining Corp.
