Scotiabank Raises PT on Fortuna Mining from $7.50 to $8, Maintains Sector Perform Rating

Fortuna Mining Corp. (NYSE:FSM) is one of the Best Gold Mining Companies to Buy Now. On August 6, Scotiabank raised the price target on Fortuna Mining Corp. (NYSE:FSM) from $7.50 to $8, maintaining its Sector Perform rating.

Eric Winmill from Scotiabank upgraded the price target on FSM following the Q2 FY2025 results. The company posted modest financial results with improved liquidity of $537 million, up by $76 million from Q1 FY2025. The sale of two mines added $84 million in proceeds, freeing up $50 million in capital for high-value growth opportunities. The company has $215 million in net cash, up from $137 million in the previous quarter. This helps the company to support future growth decisions.

Winmill sees the latest resource update as positive for FSM and is looking forward to the completion of the Preliminary Economic Analysis (PEA) for Diamba Sud. Moreover, the Seguela mine is on a growth trajectory, with production guidance of 140,000 ounces of gold for 2025 and 1770,000 to 180,000 ounces for 2026.

Fortuna Mining Corp. (NYSE:FSM) is a precious and base metal mining company. The company operates the Lindero gold mine, the Yaramoko gold mine, the Seguela gold mine, and the San Jose silver-gold mine.

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Disclosure: None. This article is originally published at Insider Monkey.