10 Most Undervalued Silver Mining Stocks to Buy According to Analysts

6. Fortuna Mining Corp. (NYSE:FSM)

Average Upside Potential: 24.86%

Number of Hedge Fund Holders: 19

Forward P/E ratio: 5.91

Fortuna Mining Corp. (NYSE:FSM) is a Canadian precious metals producer that operates five mines across Peru, Burkina Faso, Mexico, Côte d’Ivoire, and Argentina. With zinc and lead as by-products, the company mainly focuses on silver and gold production. To further broaden its portfolio, it is advancing the Diamba Sud Gold project in Senegal.

With 69% quarter-over-quarter growth, Fortuna Mining Corp. (NYSE:FSM) achieved a record $95.6 million in free cash flow, delivering a strong financial performance for Q4 ending December 31, 2024. Backed by elevated gold prices and stable cash costs, its full-year free cash flow reached $202.9 million. With cash reserves climbing to $231.3 million, net cash from operations stood at $141.6 million for the quarter and $438.2 million for the year.

Despite these financial achievements, Fortuna Mining Corp. (NYSE:FSM) divested the San Jose Mine in Mexico to realign its portfolio. The sale is expected to close in Q1 2025 and includes $6 million in staged payments and up to $11 million in additional proceeds. To advance its main projects, Fortuna allocated a $51 million budget for 2025, including the Séguéla mine in Côte d’Ivoire.

Looking ahead, Fortuna Mining Corp. (NYSE:FSM) remains one of the most undervalued stocks as the leach pad expansion project remains on track for completion in the first half of 2025.