Longer Mining Site Life Leads to Fortuna (FSM) Analyst Upgrade

Fortuna Mining Corp. (NYSE:FSM) is one of the best high-upside materials stocks to buy. On February 4, CIBC upgraded Fortuna Mining Corp. (NYSE:FSM) to Neutral from Underperformer and raised its price target to C$16 from C$9. According to the analyst, the company is expected to continue benefiting from the demand drivers it saw from 2025, as it expects gold to reach $6,000/oz in 2026, $6,500/oz in 2027, and $6,000/oz in 2028. Meanwhile, on January 26, Scotiabank analyst Eric Winmill updated his price target on Fortuna Mining Corp. (NYSE:FSM) to $14 from $11 while retaining his Outperform rating on the shares.

The analyst reactions followed a January 21 announcement by Fortuna Mining Corp. (NYSE:FSM) about the significant expansion of mineral reserves at its Séguéla Mine in Côte d’Ivoire to 1.54 million ounces of gold, a 31% increase from late 2025, accounted for by the first-time inclusion of 401,000 ounces slated for underground mining. With this update, Fortuna Mining Corp. (NYSE:FSM) expects to extend the mine’s life to more than nine years at the current processing rate. The company is also advancing technical studies on a processing plant expansion that could lift throughput by about 25% to as much as 2.5 million tonnes per year, potentially boosting annual gold output above 200,000 ounces.

Fortuna Mining Corp. (NYSE:FSM) engages in the exploration, extraction, and processing of precious and base metals in Latin America. It operates the Caylloma silver, lead, and zinc mine and the San Jose silver-gold mine, with an additional mining site under construction.

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