Senate Republicans to challenge auto safety mandates in January - WSJ
Investing.com - National Bank Financial upgraded Fortuna Mining Corp (TSX:FVI) (NYSE:FSM) from Sector Perform to Outperform on Tuesday, raising its price target to C$15.00 from C$14.25. The stock is currently trading at $9.07, having delivered an impressive 111% return year-to-date, according to InvestingPro data, which also suggests the company may be slightly undervalued based on its Fair Value assessment.
The upgrade follows a November 19-20 site visit to Fortuna’s Séguéla mine in Côte d’Ivoire, which National Bank Financial attended alongside other analysts and reporters. The visit came after Fortuna recently released an updated mineral reserve and resource estimate and drill results from the Sunbird deposit.
National Bank Financial expressed increased confidence in growth opportunities at the Séguéla asset, which it describes as Fortuna’s flagship operation. The firm now expects the new baseline production of 160-180 thousand ounces in 2026 could be maintained at minimum throughout the mine’s life. This optimistic outlook aligns with Fortuna’s strong financial position, as InvestingPro data shows the company holds more cash than debt on its balance sheet and maintains an excellent overall financial health score.
The financial institution noted potential for production to increase beyond 200 thousand ounces from 2028 through the Sunbird underground project and a mill expansion to 2.0-2.5 million tonnes per annum from the current 1.75 million tonnes per annum, which it characterized as requiring low capital intensity.
National Bank Financial also highlighted additional growth potential from the Diamba Sud project, where a construction decision is expected in mid-2026, concluding that Fortuna is positioned to deliver "attractive growth, strong FCF and operational delivery with continuous exploration upside." This assessment is supported by Fortuna’s impressive 8% free cash flow yield and attractive valuation metrics, with a P/E ratio of 10.65 and EV/EBITDA of 4.18. Investors seeking deeper insights can access the comprehensive Pro Research Report for FSM and over 1,400 other stocks through InvestingPro.
In other recent news, Scotiabank has adjusted its price target for Fortuna Silver Mines , increasing it from $8.00 to $8.50. This change comes in the wake of Fortuna’s release of a Preliminary Economic Assessment (PEA) for its Diamba Sud project in Senegal. The assessment projects an average production of 147,000 ounces of gold annually at an average all-in sustaining cost of $904 per ounce during the first three years. Scotiabank has maintained a Sector Perform rating on Fortuna Silver Mines. These developments highlight the company’s potential in its new project, which has influenced the analyst’s revised outlook. The PEA’s findings appear to have played a significant role in shaping Scotiabank’s updated price target. Investors may find the production and cost estimates particularly noteworthy as they evaluate Fortuna’s prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.