11:28 AM EDT, 04/10/2025 (MT Newswires) -- (Adds comment and updates shares.)

Fortuna Mining ( FSM ) on Thursday said first-quarter gold equivalent production at its five operating mines in West Africa and Latin America fell to 103,459 ounces from 112,543 ounces.

Gold production rose to 91,893 ounces from 89,678 ounces.

Fortuna reiterated its 2025 annual production guidance of 334,000 to 373,000 ounces of gold and 0.9 million to one-million ounces of silver, or between 380,000 and 422,000 gold equivalent ounces, including lead and zinc by-products.

The company also completed the Lindero leach pad expansion project in the first quarter on time and within budget at a total cost of US$51.8 million. The expansion provides sufficient capacity for an additional 10 years of production.

National Bank of Canada maintained its sector-perform rating and $10.00 price target following the production data.

The bank scribed a neutral bias on Fortuna's production results.

Fortuna shares were last seen up $0.39 to $8.53 on the Toronto Stock Exchange.

Price: 8.52, Change: +0.38, Percent Change: +4.67