Fortuna Mining 2025Q4 黄金产量环比减少 11%至 1.75 吨，白银产量环比增加 7%至 7.74 吨，调整后归母净利润环比增长 40%至 7130 万美元

Investment Rating - Industry rating: Recommended [3] Core Insights - Fortuna Mining's Q4 2025 gold production decreased by 11% to 1.75 tons, while silver production increased by 7% to 7.74 tons. Adjusted net profit attributable to shareholders grew by 40% to $71.3 million [1][3] - The realized price for silver in Q4 2025 was $55.97 per ounce, a 42% increase quarter-on-quarter and a 79% increase year-on-year. The realized price for gold was $4,166 per ounce, up 20% quarter-on-quarter and 57% year-on-year [1][11] - The total sales revenue for Q4 2025 was $270.2 million, reflecting a 7% quarter-on-quarter increase and a 38% year-on-year increase [5][6] Production and Sales Summary - Silver production in Q4 2025 was 248,882 ounces (7.74 tons), a 7% increase quarter-on-quarter and flat year-on-year. Annual silver production was 966,108 ounces (30.05 tons), an 18% decrease year-on-year [1][11] - Gold production in Q4 2025 was 56,143 ounces (1.75 tons), an 11% decrease quarter-on-quarter and a 10% decrease year-on-year. Annual gold production was 239,915 ounces (7.46 tons), a 2% increase year-on-year [1][11] Financial Performance - Q4 2025 operating income was $114.1 million, a 150% increase year-on-year. The annual operating income for 2025 was $408.4 million, a 162% increase year-on-year [6][11] - The adjusted EBITDA for Q4 2025 was $157.2 million, a 66% increase year-on-year. The annual adjusted EBITDA for 2025 was $514 million, a 55% increase year-on-year [8][11] Cost Analysis - The cash cost per ounce of gold equivalent in Q4 2025 was $971, a 3% increase quarter-on-quarter and a 6% increase year-on-year. The all-in sustaining cost (AISC) was $2,054 per ounce, a 3% increase quarter-on-quarter and an 11% increase year-on-year [2][11] - The total AISC for 2025 was $1,933 per ounce, an 18% increase year-on-year [4][11] 2026 Guidance - The company provided updated production guidance for 2026, with consolidated total production expected to be between 281,000 and 305,000 ounces of gold equivalent, with cash costs ranging from $895 to $1,000 per ounce and AISC between $1,830 and $1,975 per ounce [9][12]