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Fortuna Mining USD

Update

Sector: Silver mining

Geography: Mexico, Peru, Argentina

COMM_FSM

Price chart

8.93 USDDay 3.72%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
8.93 USD · 3.72%
Market cap
2.7 bn USD

Growth

Δ revenue y/y
-10.8%
Δ EBITDA y/y
28.6%

Multiples

P/E (LTM)
5.6x
P/B (FY)
1.6x
P/E (ann.)
5.5x
EV/EBITDA (LTM)
2.3x
EV/EBITDA (ann.)
2.9x

Cash return

Dividend yield
—
FCF yield (LTM)
12.8%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-59.3%
↓ details

Liquidity

Daily turnover (listing)
59.4 mln USD

Shares: yahoo_fundamentals_timeseries/FSM

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 1 / Warn: 9 / Err: 2 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2⚠Warn 2
2023-09-30 Q3⚠Warn 1
2023-12-31 FY✗Errors 2Warn 2
2023-12-31 Q4✓OK
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY⚠Warn 1
2025-06-30 Q2✗Errors 1Warn 1
2025-09-30 Q3⚠Warn 1
2025-12-31 FY⚠Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31FY 2025 (12M)PARTIAL947.1
y/y -10.8%
408.4
y/y 79.1%
191.0
y/y -19.7%
599.4
y/y 28.6%
311.1
y/y 141.6%
——2360.6
y/y 11.6%
1677.0
y/y 19.5%
18.9%-340.6—
2025-09-30Q3 2025 (3M)OK251.4
y/y -8.6%
154.6
y/y 112.8%
53.0
y/y -11.4%
207.6
y/y 56.7%
123.6
y/y 144.7%
110.3-48.12240.9
y/y 7.5%
1618.9
y/y 14.0%
10.6%-224.9—
2025-06-30Q2 2025 (3M)OK230.4
y/y -12.2%
83.7
y/y 51.1%
48.3
y/y -15.6%
132.1
y/y 17.2%
37.3
y/y -8.2%
67.3-47.02138.3
y/y 5.6%
1494.6
y/y 12.0%
10.3%-162.4—
2024-12-31Q4 2024 (3M)PARTIAL300.8
y/y 13.4%
49.5
y/y 164.0%
69.8
y/y -0.3%
119.3
y/y 1723.4%
11.3
y/y 112.3%
150.7-62.22115.5
y/y 7.5%
1403.9
y/y 13.4%
9.1%-105.3—
2024-09-30Q3 2024 (3M)OK274.9
y/y 13.1%
72.7
y/y 60.1%
59.9
y/y -6.4%
132.5
y/y 21.2%
50.5
y/y 83.9%
92.9-50.12083.6
y/y 1.8%
1420.4
y/y 6.5%
4.9%8.3—
2024-06-30Q2 2024 (3M)OK262.3
y/y 65.6%
55.4
y/y 617.5%
57.3
y/y 43.4%
112.7
y/y 136.5%
40.6
y/y 1195.2%
73.3-50.32024.5
y/y 1.7%
1334.7
y/y 5.9%
12.5%118.5—
2024-03-31Q1 2024 (3M)OK224.0
y/y 27.5%
50.5
y/y 111.5%
51.1
y/y 11.5%
101.6
y/y 45.8%
26.2
y/y 141.3%
48.7-41.21945.4
y/y -0.0%
1259.5
y/y 0.3%
8.4%94.0—
2023-12-31Q4 2023 (3M)PARTIAL265.3
y/y —
-77.4
y/y —
70.0
y/y —
-7.3
y/y —
-92.3
y/y —
109.9-55.21967.9
y/y —
1238.4
y/y —
-4.0%78.7—
2023-09-30Q3 2023 (3M)OK243.1
y/y —
45.4
y/y —
63.9
y/y —
109.3
y/y —
27.5
y/y —
106.5-37.02046.6
y/y —
1333.6
y/y —
2.8%181.9—
2023-06-30Q2 2023 (3M)OK158.4
y/y —
7.7
y/y —
39.9
y/y —
47.6
y/y —
3.1
y/y —
44.2-67.51991.5
y/y —
1260.2
y/y —
1.0%245.4—
2023-03-31Q1 2023 (3M)OK175.7
y/y —
23.9
y/y —
45.8
y/y —
69.7
y/y —
10.9
y/y —
41.8-61.51946.1
y/y —
1255.3
y/y —
—211.3—
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Silver

Proved reserves
114.21 mln silver oz eq.
2025
Reserve life (R/P)
6.2 yrs
reserves ÷ annual output
Annual production
18.57 mln silver oz eq.
2025

Production, mln silver oz eq.

3.07202022.70202125.94202242.01202330.84202418.572025

Proved reserves

YearReserves, mln silver oz eq.
2025114.21
2023207.21
2022228.74

Production

YearProduction, mln silver oz eq.per day
202518.57
−39.8%		50 867
202430.84
−26.6%		84 498
202342.01
+61.9%		115 086
202225.94
+14.3%		71 066
202122.7062 188
20203.07 *8 400

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002023 q12023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 q22025 q3

Year-over-year change

-50%0%50%100%150%2023 q12023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 q22025 q3

Cash flow

FCF ($ mln)

-50-2502550752023 q12023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 q22025 q3

Net debt / cash ($ mln)

-400-20002002023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 q22025 q32025 q4

Key-commodity price — Silver

Current 71spot vs LTM +23%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -59.3%

Main driver: Silver +33% vs LTM; revenue ×1.23 vs costs ×1.04; EBITDA 592→572; at 3.7× EV/EBITDA → -59%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Silver (rev)+55%70.3952.9840.23+33%-24%
Gold (rev)+45%4 331.963 939.803 112.05+10%-21%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 057
LTM EBITDA592
LTM cash costs (revenue − EBITDA)466
2 · Revenue projection
Revenue multiplier — spot×1.226 (+23%)
= Spot revenue1 296
Revenue multiplier — 3y price×0.773 (-23%)
= 3-year-price revenue818
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs485
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs485
4 · EBITDA projection (revenue − costs)
= Spot EBITDA811
= 3-year-price EBITDA333
Conservative EBITDA = min(spot, avg)572
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.7x
Target EV = EV/EBITDA × conservative EBITDA2 106
Net debt-225
Target market cap = EV − net debt2 330
Current market cap2 876

Upside = target market cap ÷ current − 1 = -59.3%

Life of mine: 6 yrs — before haircut -19.0%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2022 Q3167155+7.2%5851+14.2%
2022 Q4165171-3.4%5765-12.1%
2023 Q1176178-1.3%7075-7.3%
2023 Q2158188-15.9%4879-39.5%
2023 Q3243178+36.5%10967+62.9%
2023 Q4272192+41.7%10675+42.3%
2024 Q1224219+2.4%10286+17.4%
2024 Q2262268-2.2%113132-14.4%
2024 Q3275299-7.9%133152-12.8%
2024 Q4301310-2.9%119161-25.8%
2025 Q3251340-26.0%208192+7.9%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.2x · target 75th pct (3y) 17.4x · LTM avg 4.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)