Fortuna Mining (NYSE:FSM) capped a transformative fiscal year with record-breaking cash flow, signaling a successful pivot toward its high-margin West African gold assets even as it wrestled with operational hurdles in Latin America.
The company reported fourth-quarter free cash flow from ongoing operations of $132.3 million, bringing its full-year 2025 total to a record $330 million.
This financial windfall has significantly de-leveraged the balance sheet, with liquidity surging to $704 million and a net cash position of $381.5 million at year-end—a $322.7 million increase over the prior year.
Operationally, Fortuna produced 317,001 gold equivalent ounces (GEOs) for the year, hitting the mid-point of its annual guidance.
However, fourth-quarter output of 65,130 GEOs was hampered by mechanical downtime at the primary crusher circuit of the Lindero mine in Argentina.
While management confirmed the issue was resolved in December, the site is scheduled for a 30-day foundation replacement in March 2026 to ensure long-term stability.
The company’s growth profile was further bolstered by a 31% increase in mineral reserves at the Séguéla mine in Côte d’Ivoire, extending its mine life beyond nine years.