FSM Buys 15% of Awale Resources to Boost Cote d'Ivoire Exploration

Fortuna Mining Corp. FSM announced that it acquired 15,037,593 common shares of Awalé Resources Limited, gaining a 15% stake in the latter. This move aligns with Fortuna Mining’s long-term growth strategy of strengthening its exploration pipeline in Côte d'Ivoire.

Awalé Resources is focused on its 100%-owned Odienné Project in Côte d'Ivoire. The company’s active team, which has developed a strong presence in the region, will help Fortuna Mining boost its pipeline in Côte d'Ivoire. 

Fortuna Mining acquired the said shares through a non-brokered private placement at $0.399 per share for $6 million.

Fortuna Mining’s Strategic Portfolio Optimization

FSM has recently been actively optimizing its portfolio. In May 2025, the company announced that it closed the sale of the interest in Roxgold Sanu and three other subsidiaries to Soleil Resources International Ltd. With this move, FSM will no longer have any stake in the Yaramoko Mine, which is operated by Roxgold Sanu.

In April 2025, Fortuna Mining sold its non-core San Jose mine in Mexico. With the sale of Yaramoko, the company will cease to have any operations in Burkina Faso. Its operating portfolio will include the Séguéla mine in Côte d’Ivoire, the Lindero mine in Argentina, the Caylloma mine in Peru and the Diamba Sud Gold Project located in Senegal.

Fortuna Mining opted to sell the Yaramoko mine, considering its limited remaining life and increasingly difficult operating conditions in Burkina Faso. The sale provides the company with additional liquidity to focus more on its strategic objectives.

The deal boosts  Fortuna Mining's first-quarter cash and short-term investments to more than $380 million and liquidity to more than $530 million. This transaction will also reallocate around $50 million in capital and free up management capacity.

FSM Stock’s Price Performance

Shares of Fortuna Mining have gained 41% in the past year compared with the industry’s 1.4% growth.

Fortuna Mining’s Zacks Rank & Other Stocks to Consider

FSM currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks from the basic materials space are SSR Mining Inc. SSRM, Alamos Gold Inc. AGI and Hawkins, Inc. HWKN. SSR Mining currently sports a Zacks Rank #1 (Strong Buy), and Alamos Gold and Hawkins carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

SSR Mining has an average trailing four-quarter earnings surprise of 58.8%. The Zacks Consensus Estimate for SSRM’s 2025 earnings is pegged at $1.14 per share, implying a year-over-year upsurge of 307%. SSR Mining has skyrocketed 147.9% last year.

Alamos Gold has an average trailing four-quarter earnings surprise of 1.4%. The Zacks Consensus Estimate for AGI’s 2025 earnings is pegged at $1.24 per share, indicating year-over-year growth of 55%. Alamos Gold shares have surged 66% last year.

Hawkins has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for HWKN’s 2025 earnings is pegged at $4.37 per share, indicating year-over-year growth of 8.4%. Hawkins shares have jumped 55.5% last year.

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This article originally published on Zacks Investment Research (zacks.com).

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