Fortuna Posts Record Q4 FCF of $132.3M, Liquidity Rises to $704M
Fortuna delivered record Q4 free cash flow of $132.3 million and FY 2025 free cash flow of $330 million, lifting liquidity to $704 million. The miner produced 65,130 GEOs in Q4 and 317,001 GEOs overall with AISC at $1,870 per ounce, while Séguéla reserves expanded by 31%.
1. Record Free Cash Flow and Liquidity
Fortuna delivered record free cash flow from operations of $132.3 million in Q4 and $330.0 million for full-year 2025, boosting quarter-end cash to $554.0 million. Liquidity increased to $704.0 million with net cash of $381.5 million, up $322.7 million year-over-year.
2. Production and Cost Performance
The company produced 65,130 gold equivalent ounces (GEOs) in Q4 and 317,001 GEOs in 2025, meeting annual guidance. Consolidated AISC was $2,054 per ounce in Q4 and $1,870 per ounce for the year, or $1,696 per ounce excluding royalty and share-based compensation impacts.
3. Shareholder Returns and Profitability
Fortuna returned $16.2 million to shareholders through its buyback program in 2025 and authorized an additional $5.0 million in early 2026. Adjusted attributable net income reached $71.3 million in Q4 ($0.23 per share) and $203.1 million for the year ($0.66 per share).
4. Growth and Development Projects
Mineral reserves at Séguéla were expanded by 31%, extending mine life beyond nine years, and a feasibility study was commissioned to increase plant throughput by 15–40% with results due Q2 2026. At the Diamba Sud project, $67 million is allocated to early works and critical equipment ahead of a mid-2026 construction decision.