10 Best Gold Penny Stocks to Buy Now

6. Fortuna Mining Corp. (NYSE:FSM)

Number of Hedge Fund Holders: 19

Fortuna Mining Corp. (NYSE:FSM) operates a diverse portfolio of metal mines across Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. The company extracts silver, gold, lead, and zinc, with significant assets including the Séguéla gold mine in Côte d’Ivoire and Yaramoko in Burkina Faso.

In Q4 ending December 31, 2024, Fortuna Mining Corp. (NYSE:FSM) reported strong results with a record free cash flow of $19.6 million, increasing 69% from the previous quarter. Net cash from operations stood at $142 million ($0.46 per share) before working capital changes, beating analysts’ estimates of $0.40. The company’s yearly revenue topped $1 billion for the first time, with quarterly revenue increasing 10% to $302 million. Higher realized gold prices, averaging $2,660 per ounce, helped drive this growth.

The company increased exploration, investing $49 million in 2024 and allocating $51 million for 2025 to develop projects like Kingfisher and Sunbird Deep at Séguéla. Fortuna Mining Corp. (NYSE:FSM) is divesting its San José mine in Mexico to focus on other core assets. Both Séguéla and Yaramoko performed well, with Séguéla producing 137,781 ounces of gold and Yaramoko yielding 116,206 ounces.

In the future, Fortuna Mining Corp. (NYSE:FSM) expects production costs between $895 and $1,015 per ounce. Séguéla’s production is expected to reach 160,000 to 180,000 ounces by 2026. The company anticipates temporarily higher costs in early 2025 due to a higher stripping ratio at Lindero but expects improvements later in the year. As one of the best penny stocks, the company is focused on cost control and strategic growth for continued success.