Fortuna Files Diamba Sud Feasibility Study: $1B NPV, 60% IRR, 1.15M oz Reserves
FSM sits 35% above its 52-week low of $6.17.
Summary
Fortuna Mining's Diamba Sud feasibility study outlines a $1B NPV, 60% IRR gold project in Senegal with 1.15M oz reserves and a 9.4-year mine life.
Key Events · Earnings and Guidance · FSM
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Feasibility Study Results
After-tax NPV5% of $1,009M and 60% IRR at $3,500/oz gold, with a one-year payback. Pre-tax NPV5% is $1,379M with 70% IRR.
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Mineral Reserves
Probable reserves of 20.5 Mt at 1.75 g/t Au for 1.15 Moz, supporting a 9.4-year mine life with average annual production of 116 koz (158 koz in first 4 years).
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Capital and Operating Costs
Initial capital of $398M, sustaining capital of $64M, and closure costs of $14.5M. LOM AISC of $1,332/oz, with cash costs of $1,146/oz.
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Permitting and Next Steps
Environmental decree received June 2026; exploitation permit application submitted. Additional permits for airstrip and solar plant to be sought in H2 2026.
Analysis · FSM · Energy & Transportation
The Diamba Sud feasibility study confirms a high-margin, long-life gold project with robust economics. At $3,500/oz gold, the after-tax NPV5% is $1,009 million and IRR is 60%, with a one-year payback. The project hosts 1.15 million ounces of reserves at 1.75 g/t, supporting a 9.4-year mine life producing an average of 116,000 ounces annually. Initial capital is estimated at $398 million, with all-in sustaining costs of $1,332/oz. The study de-risks the project technically and financially, positioning it as a potential cornerstone asset for Fortuna. Key permits are advancing, with the environmental decree received and the exploitation permit application under review.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 36.4% of the 1070 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, FSM was trading at $8.31 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $6.17 to $13.85. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.