Scotiabank Maintains a Hold on Fortuna Mining Corp. (FSM), Sets a $10.50 PT

Fortuna Mining Corp. (NYSE:FSM) is one of the best cheap stocks under $10 to buy now. On November 6, Scotiabank analyst Eric Winmill maintained a Hold rating on Fortuna Mining Corp. (NYSE:FSM), setting a price target of $10.50. The rating update followed the company’s fiscal Q3 earnings release on November 5.

Jorge A. Ganoza, President and CEO of Fortuna Mining Corp. (NYSE:FSM), stated that the company delivered a strong quarter, with free cash flow from operations in the quarter reaching $73.4 million, up $16.0 million from fiscal Q2 and attributed primarily to consistent mine performance and higher gold prices.

Cash costs for the quarter remained below $1,000/oz, with AISC at the company’s mines tracking within guidance. However, AISC at Lindero trended lower, and the company expects similar improvements to take place at Séguéla with the completion of key investments to support the 2026 production of 160,000–180,000 ounces.

Fortuna Mining Corp. (NYSE:FSM) further reported that its balance sheet is continuing to strengthen, with nearly $265.8 million in net cash and $600 million in liquidity. This is supporting the company to fund high-impact growth initiatives such as Diamba Sud, expansion of exploration across Latin America and West Africa, and unlocking the full potential of the Séguéla Mine.

Fortuna Mining Corp. (NYSE:FSM) is involved in the exploration, extraction, and processing of base and precious metals in Latin America. The company’s operations are divided into the following segments: Minera Bateas S.A.C (Bateas), Compania Minera Cuzcatlan S.A. de C.V. (Cuzcatian), Mansfield Minera S.A. (Mansfield), and Corporate.

While we acknowledge the potential of FSM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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