Fortuna Silver Stock Price: FSM Drivers and Data

FSM, the New York listing of Fortuna Mining Corp., closed at US$10.55 on 15 October 2026 (StockAnalysis.com daily history, NYSE). The shares trade mainly on the gold price, because gold made up about 87% of the company’s gold-equivalent output in the second quarter of 2026, and silver comes from one Peruvian mine. Many searchers still use the old name, Fortuna Silver Mines, so this page keeps the question they ask: what moves the shares, and what do the filings show? Facts only, from company releases and market data, with dates.

For scale on the same day, Kitco showed gold at US$4,157.70 an ounce and silver at US$56.98 an ounce (spot bid, 15 October 2026, 2:50 p.m. New York time). Prices change every minute, so use them as a dated snapshot, not a forecast. Not investment advice.

What the shares track: gold first, silver second

Fortuna reports in gold-equivalent ounces (GEO): silver, lead and zinc are converted into gold ounces at set metal prices so that one number covers every mine. In the second quarter of 2026 the company produced 72,217 GEO. Of that, Séguéla in Côte d’Ivoire made 41,683 ounces of gold, Lindero in Argentina 20,829 ounces of gold, and the rest, about 9,700 GEO, came from Caylloma in Peru, the only silver mine. Gold ounces were therefore about 87% of the total (our sum of the mine figures in the release).

Silver is a smaller part of revenue than the old name suggests. In the first half of 2026 Caylloma sold 481,782 ounces of silver at a realized US$78.40, about US$38 million (our multiplication of two figures in the company release), against group sales of US$660.9 million, so roughly 6%. Caylloma also sells lead and zinc, so the mine matters a little more than that, but the shares follow the gold price far more closely than the silver price.

Share price moves since the August results

Fortuna published its second-quarter results after the New York close on 5 August 2026. The shares closed at US$9.56 the next day, rose to US$12.81 by 27 August, and ended the window at US$10.55 on 15 October (daily closes from StockAnalysis.com, the 50 trading days from 6 August to 15 October 2026). The chart shows the Friday closes. It covers this window only; it is not a long-run price history, and past moves say nothing about the next ones.

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FSM Friday closes, 7 August to 15 October 2026

US$ per share, NYSE; last point is Thursday 15 October

What moves the shares: six drivers from the filings

These are the items management itself names, with the numbers behind them.

• The gold price. Fortuna’s realized gold price was US$4,447 an ounce in the second quarter of 2026, against US$3,307 a year earlier, and sales rose 38% to US$318.4 million (Q2 2026 release). Higher prices lifted profit but also raised royalties, which are charged as a share of revenue.
• Cost per ounce. The group all-in sustaining cost (AISC) was US$2,157 per GEO in the second quarter, up 12% on a year earlier. Management expects the second quarter to be the peak for 2026. AISC is explained in the costs section below.
• Argentina. The release puts about US$41 per ounce of the group AISC, measured against the assumptions in the annual guidance, down to the stronger Argentine peso at Lindero, because costs there are paid in pesos and a stronger peso makes them larger in US dollars. The release also ties a higher group tax rate (46% in the quarter, against 33% in the first) to deferred taxes at Lindero after the peso devalued.
• Growth projects. The Séguéla plant expansion and the Diamba Sud project in Senegal are meant to lift output by 60% to over 500,000 ounces a year (company target, Q2 2026 release). Delays or cost overruns would hit this part of the story.
• Buybacks. The company repurchased 10.8 million shares for US$106.6 million in the first half of 2026, of which US$82.1 million fell in the second quarter. Repurchases reduce the share count, which lifts earnings per share when profit is steady.
• Balance sheet. Liquidity was US$756.7 million and net cash US$435 million at 30 June 2026. Net cash is cash minus debt.

Fortuna mine by mine: what each one makes

Fortuna has three operating mines. The table uses the second-quarter 2026 release, and the chart below it shows the same output. The AISC column for Caylloma is per silver-equivalent ounce, so it cannot be compared with the gold mines.

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Output by mine, second quarter of 2026

Ounces; Séguéla and Lindero are gold, Caylloma is gold equivalent (the remainder of the group total)

Séguéla is the growth engine: it made a record 152,426 ounces in 2025, 4% above the top of its guidance, and its head grade (gold content of the ore milled) rose from 3.00 to 3.46 grams per tonne year on year in the second quarter. Lindero is a heap-leach mine, where crushed low-grade ore (0.64 g/t in the second quarter) is stacked and sprayed with a cyanide solution to dissolve the gold. It was hurt by a planned 30-day crusher shutdown in the quarter and by crusher problems in late 2025, which left 2025 output at 87,489 ounces, 6% below the bottom of its guidance (January 2026 production release).

▶ Follows a gold nugget from rock to ring: drilled, crushed, dissolved, caught on carbon, melted and refined. · 5:27

All-in sustaining cost explained, and how Fortuna’s moved

All-in sustaining cost is the industry’s main cost yardstick: the cost of mining and selling an ounce plus the capital needed to keep the mine running, royalties and corporate costs. The World Gold Council guidance note sets the rules most gold miners follow. A lower AISC against the same gold price means a wider margin. At Fortuna’s realized gold price of US$4,447 in the second quarter, a group AISC of US$2,157 leaves roughly US$2,290 an ounce before tax, interest and growth spending (our subtraction, not a company figure).

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AISC per ounce, second quarter 2025 against 2026

US$ per ounce sold; group per gold-equivalent ounce, mines per ounce of gold

For 2026 the company guided to 281,000 to 305,000 GEO and an AISC of US$1,830 to US$1,975 per GEO, built on a gold price of US$3,750 an ounce. Realized prices have been far above that, which raises royalties, one of the external cost factors management says could affect the full-year outlook (it expects costs within its control to stay inside the range). Cash cost, which excludes sustaining capital, was US$1,034 per GEO in the quarter.

▶ Explains how all-in sustaining cost per ounce, break-even price and payback are built for a mine plan. · 14:58

Growth projects that the share price leans on

Séguéla expansion. In July 2026 Fortuna approved a 30% capacity increase at Séguéla, aimed at more than 200,000 ounces of gold a year (Q2 2026 release). Sunbird South, an underground portal, is also being prepared.

Diamba Sud (Senegal). The feasibility study of 29 June 2026 shows probable reserves of 20.5 million tonnes at 1.75 g/t, holding 1,151,000 ounces, initial capital of US$397.5 million, and 158,000 ounces a year for four years (116,000 over a 9.4-year life). After-tax IRR (internal rate of return) is 60% and NPV (net present value at a 5% discount rate) US$1,009 million, both at a US$3,500 gold price; AISC is US$1,056 an ounce for the first four years (company release, copy on Taiwan News). The release says the final investment decision follows the grant of the mining permit, applied for in February 2026. On 9 July 2026 the chief executive said the company was only waiting for that final permit and expected it in a matter of weeks (Reuters via Kitco); the latest dated source we found does not report a grant. First gold is targeted before the end of the second quarter of 2028. A study is not a mine: permits, capital and construction can all change the timetable.

Silver’s smaller role, and where silver comes from

Peru is the second-largest country in the USGS silver table for 2025 (3,600 tonnes), behind Mexico (6,300 tonnes) (USGS Mineral Commodity Summaries, 2026); Caylloma is a small part of that. Caylloma made 966,108 ounces of silver in 2025, down from 1,176,543 in 2024, with the 2025 mix also giving 50.8 million pounds of zinc and 34.7 million pounds of lead (full-year 2025 release). Its Q2 2026 head grade was 62 g/t silver, lower than the 64 g/t a year earlier, in line with the mine plan. A tailings storage expansion at Caylloma was 28% complete at 30 June 2026. The USGS also records average bullion prices of US$28.37 per ounce for 2024 and about US$38 for 2025, and the company says higher silver prices reduce the silver-equivalent ounces counted from base metals, which is one reason Caylloma’s cost per silver-equivalent ounce rose.

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Silver mine production by country, 2025 estimate

Tonnes of silver, six largest producers in the USGS table

Sold mines: why Mexico and Burkina Faso are gone from Fortuna

Older articles describe Fortuna as a silver producer in Mexico, Peru and Argentina. That no longer matches the filings. The company sold the San Jose mine in Oaxaca, Mexico in April 2025 and the Yaramoko gold mine in Burkina Faso in May 2025, describing both as operations with limited reserve life (company release of 13 May 2025). Its operating mines are now Séguéla, Lindero and Caylloma; Mexico appears only in the list of exploration countries. Results from San Jose and Yaramoko are excluded from the 2025 comparisons in the 2026 releases.

Calculate gold-equivalent ounces and the margin

Gold equivalent is simple arithmetic: silver ounces times the silver price, divided by the gold price, added to gold ounces. The calculator below lets you try your own numbers. Fortuna’s official GEO also counts lead and zinc, which the calculator leaves out.

The conversion ratio matters more than it looks. Fortuna’s 2026 guidance converts metals at US$3,750 per ounce of gold and US$45 per ounce of silver, a ratio of 83.3 ounces of silver to one of gold. At the second-quarter realized prices (US$4,447 gold, US$75.22 silver) the ratio was about 59 to one. A smaller ratio means each silver ounce counts for more gold-equivalent ounces, but costs per ounce are then calculated on a different base, which is one reason Caylloma’s cost per silver-equivalent ounce rose; the release also cites higher cash costs, treatment charges and capital spending. Both figures come from the company’s January 2026 outlook and its Q2 release; the 59 to one is our division.

Risks to check before relying on any forecast

• Commodity price risk. The realized gold price fell from US$4,884 to US$4,447 an ounce between the first and second quarters of 2026, and adjusted EBITDA fell US$18.0 million, mainly on lower gold prices, per the company.
• Country risk. Two mines are in jurisdictions where taxes, royalties and currency rules can change (Côte d’Ivoire and Argentina), and Diamba Sud needs a Senegalese mining permit.
• Operating risk. Lindero’s crusher problems in late 2025 and the shutdown in 2026 show how one machine can cut a quarter’s output.
• Cost risk. Metal-linked royalties, diesel prices and the Argentine peso all push AISC up when they move the wrong way.
• Share-count and dilution. Buybacks help while they last; check the latest count in the company’s quarterly filing.

Ground exploration decides which of these mines get new reserves. The company spent US$10.6 million on brownfields and greenfields exploration in the second quarter and holds a 14.7% stake in Awalé Resources, an explorer in Côte d’Ivoire. Companies and licence holders that want a cheaper first look at an area can use satellite screening before drilling; see our page on satellite-based mineral detection. For another silver producer with US operations, read our piece on the Greens Creek mine, and for fund exposure to silver miners see the silver miners ETF performance review. To ask about a site, use the mining query form or contact us.

How to follow the company yourself

Company results and technical reports are filed on SEDAR+ (Canadian filings) and EDGAR (US filings). Check three things each quarter: GEO produced against the annual range, AISC against the annual range, and the Diamba Sud permit and construction update. Share prices on a quote page are delayed on many sites, so confirm any figure on your broker or exchange page.

If this topic matters to you, read Hecla Mining Stock Forecast: Analyst Targets and Facts next.

Frequently asked questions

What is the ticker for Fortuna Silver stock?

The company, now called Fortuna Mining Corp., trades as FSM on the New York Stock Exchange and as FVI on the Toronto Stock Exchange (Q2 2026 release). People still search the former name, Fortuna Silver Mines.

Is Fortuna a silver miner or a gold miner?

Mostly gold. In the second quarter of 2026 about 87% of its gold-equivalent ounces were gold from Séguéla and Lindero; Caylloma in Peru supplies the silver, lead and zinc.

What was the Fortuna share price on the last close we checked?

US$10.55 at the NYSE close on 15 October 2026 (StockAnalysis.com). Prices change daily, so check a live quote.

Which mines does Fortuna operate?

Three: Séguéla in Côte d’Ivoire, Lindero in Argentina and Caylloma in Peru. San Jose in Mexico and Yaramoko in Burkina Faso were sold in 2025.

What does AISC mean for a miner like Fortuna?

All-in sustaining cost per ounce: the cost to mine and sell it plus sustaining capital, royalties and corporate costs. Fortuna’s was US$2,157 per GEO in the second quarter of 2026.

What is Fortuna’s production guidance?

281,000 to 305,000 GEO for 2026, with AISC of US$1,830 to US$1,975 per GEO, set in January 2026 on a US$3,750 gold price. The company said in August it was on track for production.

What is the Diamba Sud project?

A gold project in Senegal. Its feasibility study of June 2026 shows 1,151,000 ounces of reserves, US$397.5 million initial capital and a final mining permit that the chief executive said on 9 July 2026 he expected within weeks.

Why did the share price jump and fall after earnings?

The company points to the gold price, costs and project news in its results. Share moves on any single day have many causes, so we do not attribute the August to October swing to one of them.

Is Fortuna stock a buy?

This page gives no buy or sell view. It lists the numbers companies publish and where to find them. Not investment advice.