Scotiabank Reaffirms Sector Perform on Fortuna Silver Mines (FSM), Keeps $10.50 PT

Fortuna Silver Mines Inc. (NYSE:FSM) is one of the best silver mining stocks to invest in right now. On November 6, Scotiabank analyst Eric Winmill reaffirmed a Sector Perform rating on Fortuna Silver Mines Inc. (NYSE:FSM) stock, and kept the $10.50 price target.

Independently of the analyst action, on November 18, Fortuna reported a double-digit increase in gold reserves and a substantial boost to its resource inventory at its Séguéla Mine in Côte d’Ivoire. According to the company, proven and probable mineral reserves now total 1.2 million ounces of gold, an 11% increase compared to the estimate from December 31, 2024. The company also reported a 100% increase in indicated mineral resources (exclusive of reserves) to 794,000 ounces and a 15% increase in inferred mineral resources to 712,000 ounces. Fortuna stated that the resource expansion was due to exploration success across several deposits.

Commenting on the update, Jorge A. Ganoza, President and CEO, highlighted that the results are strategically important. “Continued exploration success over the last two years has created a clear pathway to not only extend the life of mine at Séguéla, but also to evaluate a further plant expansion and a potential increase in annual gold production,” he stated.

Ganoza added that the mine now holds its largest Mineral Resource inventory on record, and the company has initiated “aggressive infill drilling programs” and “advanced underground mining studies” to capture this value.

Fortuna Silver Mines Inc. (NYSE:FSM) is a Canadian precious metals mining company. It acquires, explores, develops, and operates silver and gold mines, with core assets including the San Jose underground silver-gold mine in Oaxaca, Mexico and the Caylloma silver mine in Peru.

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