10 Best Mining Penny Stocks to Buy Now

5. Fortuna Mining Corp. (NYSE:FSM)

Number of Hedge Fund Holders: 19

Share Price as of the close of March 7: $4.91

Fortuna Mining Corp. (NYSE:FSM) produces diversified precious and base metals. The company runs its operations in Mexico, Peru, Côte d’Ivoire, Argentina, and Burkina Faso, exploring gold, lead, silver, and zinc. It operates across five operating mines, with Séguéla Gold Mine in Côte d’Ivoire playing a key role in its gold production.

Backed by strong gold production from its West African operations, Fortuna Mining Corp. (NYSE:FSM) reported record sales of $275 million in Q3 of 2024. It recorded an EBITDA margin of 48%, with net income of $50.5 million. The company recorded a cash cost of $1,059 per gold equivalent ounce, maintaining disciplined cost control. Accordingly, with $181 million in cash and total liquidity of $431 million, its balance sheet remained strong.

In addition, Fortuna Mining Corp. (NYSE:FSM) accomplished a record gold equivalent production of 455,958 ounces, which included 3.7 million ounces of silver and 369,637 ounces of gold in 2024. As an improvement from Q3, the company’s production grew from 110,820 ounces to 116,358 gold equivalent ounces in Q4. To reinforce its shareholder value, Fortuna repurchased 6.4 million common shares for $30.5 million.

Notably, Séguéla surpassed its forecasts by processing 1.56 million tons in 2024, 25% above design capacity. In Q4, with plant throughput surpassing estimates, the mine generated 35,244 ounces of gold. With its first production from the 109 Zone open pit expected in Q1 2025, the company has accomplished a one-million-ounce gold pour milestone and continued the development at the 55 Zone and QVP. However, due to a mill circuit breaker failure, Q4 production witnessed downtime despite the higher grades.

It is important to note that for the year 2025, due to the planned sale of the San Jose Mine and silver equivalent adjustments at Caylloma, Fortuna Mining Corp. (NYSE:FSM) forecasts gold equivalent production of 380,000-422,000 ounces, a drop by 7%–17%. Furthermore, its silver output is projected to decline to 0.9-1.0 million ounces.

Nevertheless, the company continues to position itself as one of the best mining penny stocks to buy now due to its ongoing mine development and cost-cutting initiatives.