Fortuna Silver Mines

What Fortuna Silver Mines does

Fortuna Mining Corp. (formerly Fortuna Silver Mines Inc., rebranded in 2023) is a Canadian mid-tier precious metals mining company that produces gold, silver, lead, and zinc from three operating mines: the Séguéla open-pit gold mine in the Worodougou Region of Côte d'Ivoire, the Lindero open-pit gold mine in Salta Province, Argentina, and the Caylloma underground silver-zinc-lead mine in Arequipa, Peru. Founded in 2005, headquartered in Vancouver, and dual-listed on the NYSE (FSM) and TSX (FVI), the company is concurrently advancing the Diamba Sud Gold Project in Senegal toward an H1 2026 construction decision and holds an active greenfield and joint-venture exploration portfolio across West Africa (Guinea, additional Côte d'Ivoire acreage) and South America (Argentina, Guyana).

Fortuna's production flows rely on conventional mining and ore-processing technologies selected to fit each ore body. Séguéla and Lindero use open-pit mining with heap leach gold recovery; Lindero additionally operates SART (Sulphidisation, Acidification, Recycling and Thickening) and ADR (Adsorption-Desorption-Regeneration) plants to produce gold doré bars. The planned Diamba Sud operation in Senegal will use carbon-in-leach processing with single-stage semi-autogenous grinding, closed-circuit cyclones, gravity recovery, and on-site doré production. Caylloma, an epithermal vein deposit operating at approximately 4,500 metres above sea level, uses conventional flotation to produce separate silver-bearing, lead, and zinc concentrates. Lindero processes at approximately 18,750 tonnes per day and Caylloma at approximately 1,430 tonnes per day; Séguéla employs 1,844 direct employees and contractors, Lindero 1,091, and Caylloma 925 (4,000 total across all operations).

The business model is sales-led and commodity-priced: doré bars and concentrates are sold to refiners, smelters, and commodity traders under offtake arrangements at prevailing spot prices, with Fortuna publishing cash-cost and all-in sustaining cost (AISC) per ounce guidance rather than setting its own list prices. FY2025 revenue was US$947.1 million, up 40% year-over-year, on production of 317,001 gold-equivalent ounces across the three mines. The company generated record full-year 2025 free cash flow of US$330 million and held a US$381.5 million net cash position at year-end 2025. Geographic and commodity diversification (gold, silver, lead, zinc, with copper credits at Lindero), founder-led management under President and CEO Jorge A. Ganoza, and a 9-year reserves-based mine life at Séguéla anchor the stated strategy of durable performance through precious metals price cycles.

Name

Fortuna Silver Mines

Legal name

Fortuna Mining Corp.

Website

https://fortunamining.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Fortuna Mining Corp. is a Canadian mid-tier precious metals miner operating the Séguéla gold mine in Côte d'Ivoire, the Lindero gold mine in Argentina, and the Caylloma silver-zinc-lead mine in Peru, with a development-stage gold project in Senegal. Products are sold to global refiners and smelters at commodity spot prices.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (21223), Metal Ore Mining (2122)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Silver Mining (IMAKAEAB)

Keywords

• Precious metals mining
• Gold production
• Silver mining
• Base metals extraction
• Mineral exploration

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Production and Sales: Fortuna generates primary revenue from gold production at its Séguéla Mine in Côte d'Ivoire and Lindero Mine in Argentina. Gold is produced as doré bars and sold at spot prices to refiners and commodity traders.
2. Silver Production and Sales: The Caylloma Mine in Peru produces silver as a primary product, along with gold and base metals. Silver is sold as part of concentrates or refined doré bars.
3. Lead and Zinc Concentrate Sales: Caylloma Mine produces lead and zinc concentrates which are sold to smelters and metal traders. Revenue is based on metal content less treatment and refining charges.
4. Copper By-product Credits: Lindero Mine produces copper as a by-product, which provides credits against operating costs. The deposit is a gold porphyry with associated copper mineralization.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Fortuna Mining Corp. is a Canadian mid-tier precious metals producer that mines and processes gold, silver, lead, and zinc from three operating underground and open-pit mines: Séguéla (Côte d'Ivoire, gold), Lindero (Argentina, gold), and Caylloma (Peru, silver/zinc/lead). The company sells doré bars to gold refiners and commodity traders, and lead/zinc concentrates to smelters at prevailing global spot prices. It is also advancing the Diamba Sud Gold Project in Senegal toward construction.

Product overview

Fortuna Mining Corp. is a Canadian mid-tier precious metals mining company operating three producing mines and advancing development projects. The portfolio consists of three operating mines: the Séguéla Mine (gold, Côte d'Ivoire), Lindero Mine (gold, Argentina), and Caylloma Mine (silver, zinc, lead, Peru). The company is advancing the Diamba Sud Gold Project toward construction in Senegal, with exploration projects including the Arizaro Gold Project in Argentina, regional exploration in Côte d'Ivoire, and earn-in agreements in Guyana and Guinea. The company's business model centers on gold and silver production across West Africa and Latin America.

Differentiator

Problem solved

Functional benefit

Products and services

• Séguéla Mine An open-pit gold mine in the Worodougou Region of Côte d'Ivoire, consisting of the Antenna, Koula, Ancien, Agouti, Boulder, Sunbird, Badior, and Kingfisher deposits. Produced 152,426 ounces of gold in 2025, with doré bars sold directly to gold refiners at spot prices. 2026E production guidance: 160,000–170,000 oz Au at AISC of $1,630–$1,730/oz Au.
• Lindero Mine An 18,750 tpd owner-operated open-pit gold mine in Salta Province, Argentina, operated by Mansfield Minera S.A. at 3,500–4,000 meters above sea level. Uses SART and ADR plants to produce gold doré bars from a gold porphyry deposit. Produced 87,489 ounces of gold in 2025. 2026E production guidance: 92,000–102,000 oz Au at AISC of $1,520–$1,655/oz Au.
• Caylloma Mine An underground mine in Caylloma District, Arequipa Region, Peru, operated by Compania Minera Bateas S.A.C. at 4,500 meters above sea level. Uses conventional flotation processing to produce silver-bearing concentrates as well as lead and zinc concentrates from an epithermal vein system. Produced 966,108 ounces of silver, 34.7 Mlbs of lead, and 50.8 Mlbs of zinc in 2025. 2026E production guidance: 0.8–1.0 Moz Ag, 25–28 Mlbs Pb, 39–43 Mlbs Zn at AISC of $31.30–$35.60/oz Ag Eq.
• Diamba Sud Gold Project An open-pit gold mine development project located in the Kenieba-Koudougou Inlier, Kedougou Region of Senegal. Operated by subsidiary Boya S.A. and subject to a Mining Convention with the State of Senegal dated April 8, 2015, which provides the Senegalese Government with a 10% free-carried interest. Targeting construction decision in H1 2026.
• Arizaro Gold Project A gold-porphyry exploration project located 3 kilometers from the Lindero Mine in Argentina, representing an upside opportunity to supplement the Lindero operation. The deposit remains open to the south-west and at depth.
• Tongon Nth Gold Project An option agreement with Turaco Gold to explore the 1,180 km² Tongon Nth prospect in northern Côte d'Ivoire, covering prospective shear zones within the Senoufo greenstone belt.
• Quartzstone Project A 29,600-hectare exploration earn-in agreement with Qstone Inc. located in the greenstone belt of north-central Guyana. Fortuna may earn up to a 70% interest in this project.

Quantifiable outcome

• 2025 production of 317,001 GEO with 2026 guidance of 281,000-305,000 GEO
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Qstone Inc.minorStrategic or Co-development Partner · 1 April 2026Fortuna entered into an earn-in agreement with Qstone Inc., a private Guyanese company, pursuant to which Fortuna may earn up to a 70% interest in the Quartzstone Project. The project is a large land package comprising 29,600 hectares located in the greenstone belt of north-central Guyana.
• DeSoto Resources LimitedminorStrategic or Co-development Partner · 1 October 2025In October 2025, Fortuna executed a binding Heads of Agreement with DeSoto Resources Limited, an Australian-listed gold exploration company, to establish an exploration alliance and joint venture across the highly prospective Siguiri Basin in Guinea. This agreement provides Fortuna with entry into this prospective region.
• Awalé Resources LimitedminorStrategic or Co-development Partner · 1 June 2025In June 2025, Fortuna acquired 15,037,593 common shares of Awalé Resources Limited, becoming their largest shareholder. Awalé is a TSX Venture Exchange listed mineral exploration company advancing its 100%-owned Odienné Project in Côte d'Ivoire. This investment strengthens Fortuna's exploration pipeline in West Africa.
• Government of SenegalcoreStrategic or Co-development Partner · 8 April 2025The Diamba Sud Gold Project is subject to a Mining Convention between Boya S.A. and the State of Senegal dated April 8, 2015. Upon granting of the exploitation permit, the Senegalese Government is entitled to a 10% free-carried interest in Boya, with the right to acquire an additional contributory interest of up to 25%.
• Government of Côte d'IvoirecoreStrategic or Co-development PartnerThe Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d'Ivoire. The State holds this interest without contribution to capital costs.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Pan American Silver: Major silver producer with diversified Latin American operations and growing gold exposure. Larger scale than Fortuna but directly comparable on silver-lead-zinc mining focus.

Direct peers

• Hecla Mining Company: Largest U.S.-based silver producer with significant gold by-production. Comparable to Fortuna's Caylloma silver-lead-zinc operations and overall precious metals exposure.
• Endeavour Mining: West African-focused mid-tier gold producer operating multiple mines across Côte d'Ivoire, Burkina Faso, and Senegal. Directly comparable to Fortuna as a multi-mine gold producer with West African exposure and similar scale.
• Equinox Gold: Canadian mid-tier gold producer with operations across the Americas (Mexico, Brazil, California). Comparable to Fortuna on multi-mine gold production and growth pipeline profile.
• New Gold Inc. Intermediate gold producer with operations including the Cerro San Pedro/Chilean assets and Rainy River in Canada. Comparable scale and gold/copper/silver by-product profile to Fortuna.
• First Majestic Silver: Mid-tier silver producer with Mexican and Latin American operations producing silver and gold. Direct competitor with Fortuna on silver mining and comparable scale across multiple producing mines.
• SilverCrest Metals: Mid-tier precious metals producer focused on high-grade silver-gold assets in Mexico. Comparable to Fortuna on precious metals focus but smaller scale and more concentrated geographic exposure.
• IAMGOLD Corporation: Canadian mid-tier gold producer with operating mines in West Africa (Burkina Faso) and South America, plus development projects. Closely comparable to Fortuna on geographic diversification, gold focus, and growth pipeline.
• Torex Gold Resources: Canadian mid-tier gold producer operating the Morelos Complex in Mexico. Comparable mid-tier gold producer profile with single-asset focus that contrasts with Fortuna's diversification.

Emerging players

• Mag Silver Corp. Silver-focused developer with the Juanicipio project in Mexico. Smaller and earlier-stage than Fortuna but exposes investors to similar silver-lead-zinc mining economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/minera-bateas-sac-compa-ia-de-fortuna-silver-mines

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fortuna Silver Mines