Fortuna Mining

FSM · TORONTO

$9.18−$0.34 (−3.57%)TodayMarket closed · Oct 23, 7:59 PM ET

Prev close $9.52

FSM analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.

Strong buy0
Buy1
Hold0
Underperform0
Sell0

12-month price target · 5 analysts

Average $14.21 (+54.8% upside)

Low: $13.67
Now: $9.18
High: $15.12

Upgrades and downgrades

The latest rating actions, newest first

FSM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Scotiabank	Jan 26, 2026	Maintains	Sector Outperform	$11.00 → $14.00	26%
Scotiabank	Nov 24, 2025	Upgrade	Sector Perform → Sector Outperform	$10.50 → $11.00	26%

The case for and against

Updated Jan 26, 2026

Bull case

Fortuna Mining Corp has significantly enhanced its in situ asset valuation for the Diamba project, increasing it from $150 million to $400 million, which reflects potential for substantial growth. The company’s successful exploration programs are expected to extend the life of mine (LOM) production profile for gold beyond a decade, indicating longevity and stability in production. Additionally, the latest resource update showcases promising expansion prospects at the Diamba Sud property, further bolstering the company’s operational and financial outlook.

Bear case

Fortuna Mining Corp has demonstrated financial challenges, particularly with reliance on its Sango segment, which is critical for revenue generation, highlighting risks linked to production and commodity price fluctuations. The company's diversified operations across various regions introduce geopolitical risks and operational uncertainties that can adversely impact profitability, particularly in its key market of Cote d'Ivoire. Additionally, inefficiencies in cost management and increasing operational expenses have further strained financial performance, contributing to a deteriorating outlook for the stock.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.