Fortuna’s Growth Plan: More Mines, More Cash Flow | Jorge Ganoza

Fortuna Mining (NYSE: FSM; TSX: FVI) President and CEO Jorge Ganoza joins Kitco Mining’s Kitco Spotlight with Paul Harris to discuss the company’s Q1 2026 results, released in early May, and how Fortuna is using record free cash flow to fund its next phase of growth without issuing shares.
Fortuna reported $120 million in net earnings and $174 million in free cash flow in Q1 2026 on production of about 72,000 gold equivalent ounces. Ganoza said the company is “truly capturing the benefit of this high-price environment” as it advances a 60% gold production growth plan over the next 24 months, driven by the Séguéla expansion in Côte d’Ivoire and Diamba Sud development in Senegal.

Ganoza also discusses Fortuna’s path to 500,000 oz per year, Diamba Sud permitting after a September 2025 submission, May 2026 project studies, exploration upside at both assets, West Africa government take, frontier-market tradeoffs, potential M&A opportunities in Africa, and share buybacks.

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To learn more about Fortuna Mining, visit: https://fortunamining.com/

00:23 - Record Q1 2026 Results and Free Cash Flow
03:33 - Roadmap to 500,000 oz of Annual Gold Production
06:38 - Exploration Upside at Séguéla and Diamba Sud
08:41 - Why Fortuna Sold Short-Life Mining Assets
10:56 - Caylloma Mine Outlook and Free Cash Flow
13:48 - West Africa Mining Risk and Government Take
17:09 - Fortuna’s Frontier Market Strategy and Tradeoffs
22:30 - Share Buybacks and Shareholder Returns

Sponsored content. This video was produced with support from a Kitco sponsor. Kitco does not endorse or recommend any company, security, investment product, or investment strategy. This content is for informational purposes only and should not be considered investment advice.
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Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.