Scotiabank Maintains Hold Rating on Fortuna Mining Corp with $8 Price Target

Scotiabank analyst Eric Winmill maintained a Hold rating on Fortuna Mining Corp with a price target of $8.00. Fortuna's shares closed at $7.20. Winmill has a 5-star analyst rating with a 23.4% average return and 67.63% success rate. The company has a one-year high of $7.55 and a one-year low of $4.13. Corporate insider sentiment is negative with 44 insiders selling their shares in the past quarter.

Scotiabank analyst Eric Winmill has raised the price target on Fortuna Mining Corp. (NYSE: FSM) from $7.50 to $8.00, maintaining a Hold rating [1]. The upgrade comes after the company reported modest financial results for Q2 FY2025, 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 for high-value growth opportunities. Fortuna Mining Corp. now has $215 million in net cash, up from $137 million in the previous quarter [1].

Winmill's positive outlook is largely based on the latest resource update and the upcoming Preliminary Economic Analysis (PEA) for Diamba Sud. Additionally, the Seguela mine is expected to produce 140,000 ounces of gold in 2025 and between 1.77 million and 1.8 million ounces in 2026 [1]. Despite these positive developments, the company's shares closed at $7.20 on July 2, 2025, slightly below the new price target.

Winmill's 5-star analyst rating is supported by a 23.4% average return and a 67.63% success rate. The company's one-year high was $7.55, and the one-year low was $4.13. Corporate insider sentiment is negative, with 44 insiders selling their shares in the past quarter [1].

References:
[1] https://finance.yahoo.com/news/scotiabank-raises-pt-fortuna-mining-070332971.html