Core Insights - Fortuna Mining Corp. reported strong financial and operational results for Q3 2025, with free cash flow from operations reaching $73.4 million, an increase of $16.0 million from Q2 2025, driven by higher gold prices and consistent mine performance [2][7][17] - The company maintained cash costs below $1,000 per ounce, with an all-in sustaining cost (AISC) of $1,987 per gold equivalent ounce, reflecting a slight increase from the previous quarter [2][12][20] - The balance sheet strengthened with nearly $600 million in liquidity and $265.8 million in net cash, positioning the company for high-impact growth initiatives [2][7][11] Financial Performance - Attributable net income from continuing operations was $123.6 million or $0.40 per share, a significant increase from $42.6 million or $0.14 per share in Q2 2025 [10][14] - Adjusted attributable net income was $51.0 million or $0.17 per share, up from $44.7 million or $0.15 per share in Q2 2025, primarily due to higher gold prices and sales volume [14][21] - Sales for the quarter totaled $251.4 million, a 40% increase compared to $181.7 million in Q3 2024 [10][11] Operational Highlights - Gold equivalent production from continuing operations was 72,462 ounces, a slight decrease of 1% from Q2 2025 [10][19] - The company achieved a consolidated cash cost of $942 per gold equivalent ounce, up from $929 in Q2 2025, while AISC increased from $1,932 to $1,987 [12][13] - The year-to-date Total Recordable Injury Frequency Rate (TRIFR) was 0.86, indicating strong safety performance with zero lost time injuries in the quarter [7] Growth and Business Development - A Preliminary Economic Assessment (PEA) for the Diamba Sud Gold Project confirmed robust project economics, with an after-tax internal rate of return (IRR) of 72% and a net present value (NPV) of $563 million [7][10] - The company is advancing the Diamba Sud project towards a Definitive Feasibility Study and construction decision in the first half of 2026 [7][10] - Capital expenditures for growth initiatives totaled $17.4 million, with significant investments in mine site exploration and the Diamba Sud project [17][18]

Financial Performance - The company generated a record third-quarter free cash flow of $1.6 billion[13] - Cash from operations reached $2.3 billion[17] - Adjusted EBITDA was $3.3 billion[17] - The company retired $2.0 billion in debt, achieving a near-zero net debt position[13] Production and Costs - Attributable gold production from core managed operations was 1,054Koz, and from core non-managed operations was 367Koz, totaling 1,421Koz for the core portfolio[14] - The company improved 2025 cost and capital guidance due to disciplined cost reduction efforts[13] - The company expects 2025 gold production to be 5.6Moz[19] - The company expects Q4 2025 gold production to be 1.4Moz[19] Capital Allocation and Returns to Shareholders - The company returned $823 million to shareholders through regular dividends and share repurchases[13] - Shareholder returns include $179 million of shares repurchased in October 2025[11, 20, 24] - The company has $5.6 billion in cash and cash equivalents[17, 20] Divestiture Program - The company received net cash proceeds of nearly $640 million from asset and equity sales[13] - The company completed a divestiture program of approximately $2.6 billion[23] - The company streamlined its equity portfolio for approximately $900 million after-tax cash proceeds in 2025[23]

Core Viewpoint - New Gold (NGD) is expected to report a significant increase in earnings per share (EPS) for Q2 2025, with a projected 400% rise year-over-year to $0.10, driven by improved gold prices and higher production levels [1][4][23] Financial Performance - The Zacks Consensus Estimate for NGD's EPS has remained stable at 10 cents over the past 60 days, indicating a substantial increase from the previous year's EPS of 2 cents [1] - New Gold has consistently beaten earnings estimates in the past four quarters, with an average surprise of 79.2% [2][3] Production and Costs - For Q2 2025, total gold production is expected to range between 71,314 ounces and 86,514 ounces, reflecting a growth of 4-26% compared to the same quarter in 2024 [9] - The company anticipates consolidated gold production for 2025 to be between 325,000 and 365,000 ounces, marking a 16% increase year-over-year [7] - All-in sustaining costs (AISC) are projected to be $1,025-$1,125 per ounce in 2025, a 17% decrease at the midpoint due to higher production and lower operating costs [14] Market Conditions - Gold prices averaged around $3,301.42 per ounce in Q2 2025, a 41% year-over-year increase, influenced by various economic factors including geopolitical tensions and strong demand from central banks [6] - The favorable pricing environment for gold is expected to positively impact New Gold's upcoming earnings, as well as those of other gold mining companies [16] Valuation and Investment Thesis - New Gold's stock has increased by 76.6% year-to-date, outperforming the industry average of 57.3% [17] - The company is trading at a forward price/sales ratio of 2.19X, which is lower than the industry average of 3.39X, indicating a potentially attractive valuation [18] - The consolidation of interest in the New Afton mine to 100% is expected to enhance future free cash flow, with gold output projected to grow by 38% from 2024 to 2027 [19][22]