Fortuna Mining Operating Income Rises to $180.1 Million
The gold and silver producer reported a first-quarter adjusted EBITDA of $218.8 million, an increase of $116.2 million over the prior year
Fortuna Mining Corp. (FSM), a Canadian precious metals mining company, reported operating income of $180.1 million for the three months ended March 31, 2026, compared to $55.9 million in the same period in 2025. The company said the increase was primarily driven by higher sales.
Sales for the quarter rose to $342.47 million from $195.03 million in the prior-year period. This growth was reflected across its primary operating segments. The Séguéla gold mine in Côte d’Ivoire recognized operating income of $119.9 million, up from $44.5 million in the first quarter of 2025. The company attributed this gain to higher sales and lower depletion per ounce resulting from an increase in reserves, though these were partially offset by higher royalties.
The Lindero gold mine in Argentina also saw an increase in operating income, which reached $55.6 million. The company stated this was primarily the result of higher sales, though the gain was partially offset by higher Argentine peso denominated costs due to macroeconomic factors and higher depletion per ounce following an impairment reversal in the third quarter of 2025. Additionally, the Caylloma silver, lead, and zinc mine in Peru saw operating income increase by $7.3 million to $17.8 million due to higher silver sales.
Net income from continuing operations rose to $119.9 million from $38.9 million in the prior-year period. Basic earnings per share attributable to shareholders from continuing operations were 0.36 a share, compared to 0.12 a share in the first quarter of 2025.
Cash provided by operating activities for the quarter was $214.8 million, compared to $95.9 million in the same period last year. The company ended the quarter with cash and cash equivalents of $665.9 million, up from $554.0 million at December 31, 2025.
Fortuna expanded its footprint on April 16, 2026, by entering into an earn-in agreement with Qstone Inc.. Under the terms of the agreement, the company may earn up to a 70% interest in the Quartzstone Project, a 29,600-hectare land package in north central Guyana.