12 Best Long-Term Penny Stocks to Buy According to Hedge Funds

4. Fortuna Mining Corp. (NYSE:FSM)

Stock Price: $4.29

5-Year Sales Growth: 32.84%

Number of Hedge Fund Holders: 18

Fortuna Mining Corp. (NYSE:FSM) is a Canadian mining company that focuses on extracting precious metals, primarily gold and silver. The company operates several mines located in Latin America and West Africa, specifically in countries like Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru.

The company is focused on unlocking the geological potential of its properties through strategic investments and responsible mining practices. Management increased its exploration budget for fiscal 2024 from $37 million to $44 million, aiming to expand drilling programs at key sites like the Seguela Mine. The increase in metal prices resulted in Fortuna Mining Corp. (NYSE:FSM) generating a record net income of  $50.5 million, translating to earnings per share of $0.16, which exceeded analysts’ expectations of $0.11. It also delivered record sales of $275 million marking a substantial increase compared to previous quarters and positioning the company to exceed $1 billion in total sales for the year.

Fortuna Mining Corp. (NYSE:FSM) is well-positioned to meet its annual production guidance of between 457,000 to 497,000 ounces of gold equivalent. The company is also planning for a progressive mine closure at its San Jose Mine starting in Q1 2025 while continuing operations at a reduced rate. It is one of the best long-term penny stocks to buy according to hedge funds.