Fortuna Mining Corp. FSM reported fourth-quarter 2024 adjusted earnings per share of 11 cents, which missed the Zacks Consensus Estimate of 16 cents. The bottom line marked a solid 57% year-over-year improvement. Results were aided by higher gold prices, partially offset by lower gold sales volume.

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Including the impacts of impairment charges and other non-recurring items, Fortuna Mining reported earnings of 4 cents per share in the fourth quarter. The company had incurred a loss of 30 cents per share in the fourth quarter of 2023.

Fortuna Mining’s Q4 Revenues Gain on Higher Prices

Fortuna Mining ’s revenues improved 13.9% year over year to $302 million in the quarter under review. Higher gold prices were partially offset by lower gold sales volume. This was due to lower production at Séguéla, San Jose and Lindero. 

Realized gold price was $2,662 per ounce in the fourth quarter of 2024 compared with $1,990 in the year-ago quarter. The company produced 116,358 gold equivalent ounces in the fourth quarter of 2024, a 14.5% decrease from the year-ago quarter. The gold output in the fourth quarter of 2024 marked a 10.6% year-over-year fall, whereas the silver production was down 38%.

All-in-sustaining costs per gold equivalent ounce were $1,772, up 6.2% from the year-ago quarter. Cash costs per ounce of gold equivalent sold were $1,015, which was 20.8% higher than the fourth quarter of 2023.

FSM Delivers Improved Profits in Q4

The company reported a mine-operating profit of $107 million in the quarter under review, reflecting year-over-year growth of 105.8%. It registered an operating profit of $53 million against an operating loss of $77 million in the year-ago quarter.

Adjusted EBITDA rose 14.6% year over year to $138 million in the fourth quarter of 2024. The adjusted EBITDA margin was 45.6% compared with 45.3% in the year-ago quarter.

Fortuna Mining’s Cash Position

FSM ended 2024 with around $231 million of cash and cash equivalents compared with $128 million held at the end of 2023. Net liquidity, as of Dec. 31, 2024, was $381 million. Net cash flow from operating activities was $366 million in 2024 compared with $297 million in 2023.

FSM 2024 Results

Fortuna Mining reported adjusted earnings per share of 47 cents, which missed the Zacks Consensus Estimate of 52 cents. Earnings improved 114% year over year.

Including one-time items, FSM reported earnings of 42 cents per share in 2024 (including the impact of impairment charges and other non-recurring items) against a loss of 17 cents per share in 2023.

The company’s revenues grew 26.1% year over year to $1.06 billion in 2024.

Fortuna Mining Stock’s Price Performance

Shares of the company have gained 37.4% in a year against the industry’s 9% decline.

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FSM’s Zacks Rank

Fortuna Mining currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performances of Other Mining - Miscellaneous Stocks in Q4

Reliance, Inc. RS recorded earnings of $2.22 per share, down from $4.73 a year ago. It lagged the Zacks Consensus Estimate of $2.74.

The company’s net revenues were $3.13 billion, down 6.3% year over year. The top line beat the Zacks Consensus Estimate of $3,079 million. RS benefited from higher shipments amid headwinds from weaker metals pricing in the quarter.

Nexa Resources S.A. NEXA incurred a fourth-quarter 2024 adjusted loss per share of $1.00, wider than the Zacks Consensus Estimate of earnings of 35 cents. NEXA incurred a loss of 1 cent in the year-ago quarter.

Nexa Resources posted revenues of $740.9 million, beating the Zacks Consensus Estimate of $700 million. It reported sales of $630 million in the year-ago quarter.

Cameco Corporation CCJ posted fourth-quarter 2024 adjusted earnings per share of 26 cents, beating the Zacks Consensus Estimate of earnings of 23 cents. CCJ reported an EPS of 15 cents in the year-ago quarter.

CCJ posted revenues of $846 million, beating the Zacks Consensus Estimate of $753 million. It reported sales of $620 million in the year-ago quarter.

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