Fortuna Reports Results for the Fourth Quarter and Full Year 2025
Fortuna Reports Results for the Fourth Quarter and Full Year 2025
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)
Record quarterly and annual free cash flow1 of $132.3 million and $330.0 million as Fortuna
delivers on its operational plan and achieves production guidance
Vancouver, British Columbia, February 18, 2026: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna”
or the “Company”) today reported its financial and operating results for the fourth quarter and full year
of 2025.
(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 continuing results, along with the comparative
figures, due to the classification of the assets as discontinued as at December 31, 2025 unless otherwise disclosed.)
Jorge A. Ganoza President and CEO of Fortuna, commented, “Q4 was a strong end to the year as we
delivered record free cash flow from operations of $132.3 million and returned $ 12.1 million to our
shareholders.” Mr. Ganoza continued “We 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 our AISC would have been under $1,700 an ounce.”
Mr. Ganoza concluded “2025 was a transition year for Fortuna as we streamlined our portfolio by divesting
non-core assets and positioned the Company for its next phase of growth at Diamba Sud and the Séguéla
plant expansion. All this is underpinned by one of the best balance sheets in our 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 flow1 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 cash1 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 income1 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
Return to Shareholders
• In 2025, the Company returned $16.2 million to shareholders through its share buyback
program with an additional $5.0 million in early 2026
Operational
• Gold equivalent production (“GEO”) of 65,130 ounces; 317,001 GEOs in 2025 meeting annual
guidance
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• Consolidated cash cost per GEO1 of $971; $944 for 2025 in line with guidance
• Consolidated AISC per GEO 1 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 (Refer to the news release
dated October 15, 2025, “ Fortuna delivers robust PEA for Diamba Sud Gold Project in Senegal:
After-tax IRR of 72% and NPV5% of US$563 million using US$2,750 per ounce”) the Company has
allocated approximately $67 million to advance early works and the order of critical equipment
to de-risk construction. A construction decision is targeted for mid 2026.
Cautionary Statement: The PEA is preliminary in nature, and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves; as such, there is no certainty that the PEA results will be realized. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.5
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Fourth Quarter 2025 Consolidated Results
Three months ended Years ended December 31,
(in millions of US dollars)
Dec. 31,
2025
Dec. 31,
2024
Sep. 30,
2025 2025 2024 %
Change
OPERATING STATISTICS
Total production including discontinued operations (GEO) 65,130 116,358 72,462
317,001
455,958 (30%)
Production from continuing operations (GEO) 65,130 75,562 72,462
279,207
292,169 (4%)
Cash cost continuing ops($/oz GEO) (1)(2) 971 918 942 928 855 9%
Cash cost ($/oz GEO) (1)(2) 971 1,015 942 944 987 (4%)
AISC continuing ops($/oz GEO) (1)(2)(3) 2,054 1,842 1,987 1,933 1,634 18%
AISC including discontinued ops($/oz GEO) (1)(2)(3) 2,054 1,772 1,987 1,870 1,640 14%
FINANCIAL HIGHLIGHTS
Sales 270.2 195.2 251.4 947.1 677.2 40%
Attributable net income from continuing operations 68.1 14.7 123.6 269.7 84.5 219%
Attributable earnings per share from continuing operations
- basic 0.22 0.05 0.40 0.88 0.27 226%
Adjusted attributable net income from continuing
operations (1) 71.3 19.4 51.0 203.1 77.5 162%
Adjusted attributable net income from continuing
operations earnings per share 0.23 0.06 0.17 0.66 0.25 164%
Adjusted EBITDA (1) 157.2 94.9 130.8 514.0 331.1 55%
CASH FLOW AND CAPEX
Net cash provided by operating activities - continuing
operations 162.3 99.2 111.3 455.4 235.7 93%
Free cash flow from ongoing operations (1) 132.3 51.1 73.4 330.0 102.6 222%
Capital expenditures (4)
Sustaining 23.9 41.0 31.2 109.0 122.5 (11%)
Sustaining leases 6.6 4.6 6.5 24.0 15.3 57%
Growth capital 20.6 10.5 17.4 69.0 38.6 79%
Dec. 31,
2025
Dec. 31,
2024
%
Change
Cash and cash equivalents and short-term investments 554.0 231.3 140%
Net liquidity position (excluding letters of credit) 704.0 381.3 85%
Shareholder's equity attributable to Fortuna shareholders 1,677.0 1,403.9 19%
(1) Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial
statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
(2)Gold equivalent was calculated using the realized prices for gold of $3,452/oz Au, $40.2/oz Ag, $1,962/t Pb and $2,864/t Zn for Year 2025.
Gold equivalent was calculated using the realized prices for gold of $2,404/oz Au, $27.9/oz Ag, $2,072/t Pb and $2,786/t Zn for Year 2024.
(3) Year to date 2025 AISC reflects production and costs for Yaramoko from January 1 to April 14, 2025, being the date that the Company
agreed to the assumed handover of operations to the purchaser.
(4) Capital expenditures are presented on a cash basis
(5)Refer to the table on page 30 of this news release for a summary of the key assumptions, operational parameters and economic results and
values from the PEA
Figures may not add due to rounding
Contribution from discontinued operations, the Yaramoko and San Jose mines which were disposed of in the second quarter of 2025,
have been removed where applicable
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Fourth Quarter 2025 Results
Q4 2025 vs Q3 2025
Cash cost per ounce and AISC
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 $1,9 87 recorded in Q 3 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 and Adjusted Net Income
Attributable net income from continuing operations for the period was $ 68.1 million in Q4 2025 ,
compared to $123.6 million in Q3 2025. Net income in Q3 2025 included the reversal of an impairment
charge of $52.7 million and the reversal of a previous write-down of $16.7 million of low-grade stockpiles
at Lindero as a result of an increase in medium and long-term gold price assumptions.
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 Q 3 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.
Foreign Exchange
In Q4 2025, the Company recorded a foreign exchange loss of $2.9 million compared to a loss of $7.4
million in Q3 2025.
For the full year, the Company recorded a foreign exchange loss of $7.8 million, comprised of a $13.8
million realized loss and a $6.0 million unrealized gain. The foreign exchange realized loss was primarily
related to the Company’s Argentine operations, where the peso devalued 41% during 2025 . Of the
realized loss, over $6.0 million relates to cash accumulated in -country in the first half of 2025; however,
this loss was fully offset by interest, investment, and derivative gains throughout the year. In early Q3
2025 the Company was able to restart the repatriation of funds from Argentina, allowing local cash
balances to be minimized . Foreign exchange losses of $3. 4 million were incurred as part of the cost of
repatriations during the year through the "Blue-Chip Swap Market”.
Cash Flow
Net cash generated by operations before changes in working capital totaled $147.6 million or $0.48 per
share. After adjusting for working capital, net cash generated by operations for the quarter was $162.3
million compared to $111.3 million in Q3 2025. T his increase was driven by higher sales, lower income
tax payments, and a favorable swing in working capital, which contributed $14.8 million in Q4 compared
to an outflow of $2.6 million in the prior quarter. Income taxes paid decreased to $20.8 million in Q4 2025
(including $14.4 million of withholding taxes from fund repatriation), down from $34.7 million in Q3 2025.
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The Q3 figure included $13.6 million in withholding taxes paid related to the repatriation of funds from
Argentina and Côte d’Ivoire.
Free cash flow from ongoing operations in Q4 2025 was $132.3 million, an increase of $58.9 million
compared to $73.4 million in Q3 2025 reflecting higher cash from operating activities and a reduction in
sustaining capital expenditures from $31.2 million in the prior quarter to $23.9 million.
In Q4 2025, the Company invested $20.6 million in non -sustaining capital expenditures , comprising of
$10.7 million in mine site exploration and other items, and $10.1 million at the Diamba Sud project.
Q4 2025 vs Q4 2024
Cash cost per ounce and AISC
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.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations was $68.1 million, or $0.22 per share, compared to
$11.4 million, or $0.05 per share, in Q4 2024.
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.
Depreciation and Depletion
Depreciation and depletion decreased by $2.3 million to $44.9 million compared to $47.2 million Q4 2024.
Despite the lower expense, depletion per ounce increased by $60. This was primarily due to higher
depletion rates at Lindero following the impairment reversal of $52.7 million recorded in Q3 2025. This
increase was partially offset by lower depletion per ounce at Seguela, which benefitted from the addition
of low discovery-cost ounces.
Depreciation and depletion in the period included $16.2 million (FY 2025: $71.4 million) related to the
purchase price allocation from the 2021 Roxgold acquisition.
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Cash Flow
Net cash generated by operations for the quarter was $162.3 million compared to $99.2 million in Q4
2024. The increase was primarily driven by higher gold prices and favourable changes in working capital
in Q4 2025 compared to Q4 2024.
Free cash flow from ongoing operations in Q4 2025 was $132.3 million, compared to $51.1 million
reported in Q4 2024. The increase was mainly due to higher prices as discussed above, and lower
sustaining capital expenditures of $17.1 million year over year.
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Séguéla Mine, Côte d’Ivoire
Three months ended December 31, Years ended December 31,
2025 2024 2025 2024
Mine production
Tonnes milled 410,014 430,117 1,718,973 1,561,800
Average tonnes crushed per day 4,506 4,727 4,709 4,279
Gold
Grade (g/t) 3.16 2.95 2.98 2.95
Recovery (%) 92 92 92 93
Production (oz) 36,942 35,244 152,426 137,781
Metal sold (oz) 36,998 36,384 152,384 137,753
Realized price ($/oz) 4,162 2,658 3,450 2,399
Unit costs
Cash cost ($/oz Au) (1) 710 653 679 584
All-in sustaining cash cost ($/oz Au) (1) 1,576 1,376 1,560 1,153
Capital expenditures ($000's) (2)
Sustaining 9,053 14,049 57,085 35,184
Sustaining leases 4,070 3,347 16,463 10,381
Growth capital 6,870 5,021 29,509 19,458
(1) Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.
(2) Capital expenditures are presented on a cash basis.
Quarterly Operating and Financial Highlights
During the fourth quarter of 2025, mine production totaled 340,464 tonnes of ore, averaging 3.71 g/t Au,
and containing an estimated 40,614 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes
mined were lower than tonnes milled during the q uarter, in line with the mine plan and the strategy to
reduce surface stockpiles. A total of 3,920,293 tonnes of waste was moved during the period, resulting in
a strip ratio of 11.5:1.
In the fourth quarter of 2025, Séguéla processed 410,014 tonnes of ore, producing 36,942 ounces of gold,
at an average head grade of 3.16 g/t Au, a 5% decrease in tonnes of ore and 7% increase in average head
grade, compared to the same period of the previ ous year. Lower tonnes milled during the quarter were
primarily due to downtime caused by a failure of the SAG mill motor cooling system in October 2025 and
other planned maintenance activities.
Gold production in 2025 totaled 152,426 ounces, above the upper end of the annual guidance range. An
11% increase in ounces of gold produced during the year was mainly due to the realization of throughput
optimization projects through 2024 increasing ore processed, and a 19-day loss of time in 2024 as a result
of power shedding from the national grid supplier.
Cash cost per gold ounce sold was $710 for the fourth quarter and $679 for the full year of 2025, compared
to $653 for the fourth quarter and $584 for the full year of 2024. Cash costs were higher due to an increase
in mining costs from higher stripping requirements in line with the mine plan and higher processing costs
due to an increase of onsite power generation.
All-in sustaining cash cost per gold ounce sold was $1,576 for the fourth quarter of 2025 and $1,560 for
the full year of 2025, compared to $1,376 for the fourth quarter and $1,153 for the full year of 2024. The
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increase for the quarter and for the year was primarily a result of higher cash cost per ounce sold, higher
sustaining capital from capitalized stripping and higher royalties due to higher gold prices and a 2%
increase in the royalty rate effective January 10, 2025.
The site finished the year in line with the AISC guidance range of $1,500 to $1,600 per ounce.