Scotiabank Maintains a Hold on Fortuna Mining Corp. (FSM), Sets a $10.50 PT

Fortuna Mining Corp. (NYSE:FSM) is one of the best cheap stocks under $10 to buy now. On November 6, Scotiabank analyst Eric Winmill maintained a Hold rating on Fortuna Mining Corp. (NYSE:FSM), setting a price target of $10.50. The rating update followed the company’s fiscal Q3 earnings release on November 5.

Fortuna Mining (FSM) Declines Ahead of Q2 Earnings

Jorge A. Ganoza, President and CEO of Fortuna Mining Corp. (NYSE:FSM), stated that the company delivered a strong quarter, with free cash flow from operations in the quarter reaching $73.4 million, up $16.0 million from fiscal Q2 and attributed primarily to consistent mine performance and higher gold prices.

Cash costs for the quarter remained below $1,000/oz, with AISC at the company’s mines tracking within guidance. However, AISC at Lindero trended lower, and the company expects similar improvements to take place at Séguéla with the completion of key investments to support the 2026 production of 160,000–180,000 ounces.

Fortuna Mining Corp. (NYSE:FSM) further reported that its balance sheet is continuing to strengthen, with nearly $265.8 million in net cash and $600 million in liquidity. This is supporting the company to fund high-impact growth initiatives such as Diamba Sud, expansion of exploration across Latin America and West Africa, and unlocking the full potential of the Séguéla Mine.

Fortuna Mining Corp. (NYSE:FSM) is involved in the exploration, extraction, and processing of base and precious metals in Latin America. The company’s operations are divided into the following segments: Minera Bateas S.A.C (Bateas), Compania Minera Cuzcatlan S.A. de C.V. (Cuzcatian), Mansfield Minera S.A. (Mansfield), and Corporate.

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Disclosure: None. This article is originally published at Insider Monkey.