10 Best Fast-Growing Penny Stocks to Buy Now

5. Fortuna Mining Corp. (NYSE:FSM)

3-Year Revenue CAGR: 32.68%

Year-over-Year Revenue CAGR: 49.29%

Share Price as of September 5: $4.24

Number of Hedge Fund Holders: 17

Fortuna Mining Corp. (NYSE:FSM) is a Canadian mid-tier precious metals producer with a focus on exploration, extraction, and processing across Latin America and West Africa. It operates through several segments, like Bateas, Cuzcatlan, Mansfield, and Corporate, managing silver, gold, lead, and zinc mines.

Key assets like the Caylloma silver mine and the San Jose silver-gold mine have demonstrated solid production metrics, underlining the company’s robust operational capabilities. In the second quarter of 2024, the company produced 116,000 gold equivalent ounces, with gold sales accounting for 81% of the total revenue.

This total revenue was $259.97 million, reporting a 64.12% improvement from Q2 2o23. The earnings per share in this period were $0.11. 17 hedge funds are long in this company. Gotham Asset Management is the largest stakeholder with a position of $2,508,237, holding a total of 512,932 shares.

The Lindero mine’s leach pad expansion, which is the largest capital project, with a total 2024 construction budget of $42 million, will significantly enhance production capacity. It is currently 60% completed and expected to be done and ready to receive ore by Q4.

The optimization of the Seguela processing plant has already resulted in operational efficiencies, operating at an average rate of 208 dry metric tonnes per hour, which is 36% above its design capacity. Additionally, the company’s exploration efforts at the Kingfisher discovery within the Seguela mine present promising opportunities.

With ongoing investments in high-potential projects and a commitment to operational excellence, it is positioned for sustained growth, which makes this a fast-growing penny stock.