Fortuna Mining's Q3 adjusted profit declines sequentially on lower gold prices and production
FSM•Fortuna Mining's Q3 sales rose 17% year over year to $293.4 million, while adjusted net income was $51.2 million, flat from Q3 2025. The company cited lower gold prices and sales volumes for the sequential profit decline and completed its $200 million acquisition of the Bambadji gold project in Senegal.
1. Quarterly results
Fortuna Mining reported Q3 sales of $293.4 million, up 17% year over year, and adjusted EBITDA of $165 million. Adjusted net income was $51.2 million, flat from Q3 2025; the company said it declined sequentially because of lower gold prices, lower volume sold, and higher non-cash costs for share-based compensation and depletion per ounce.
2. Operations and outlook
The company said Séguéla faced reduced equipment availability and a temporary site-wide stoppage, affecting mining volumes and delaying access to higher-grade ore. Fortuna expects to achieve its 2026 annual production guidance; Séguéla is on track for the lower end of its guidance, while Caylloma is expected to exceed its annual guidance on a gold-equivalent basis. It also completed the $200 million acquisition of the Bambadji gold project in Senegal.
3. Costs
All-in sustaining costs rose with higher share-based compensation, elevated diesel prices, Argentine peso-related costs at Lindero, and increased consumable prices.
