Fortuna Mining Corp. reported significant progress in its Normal Course Issuer Bid (NCIB) share repurchase program, having bought back 6,402,640 common shares on the open market as of November 29, 2024. These shares were repurchased at a weighted-average price of $4.77 per common share, totaling $30,529,066, excluding brokerage fees. The repurchased shares are slated for cancellation.
The company has now repurchased 41.88 percent of the 15,287,201 shares it is authorized to acquire under the current NCIB. This initiative reflects Fortuna's strategy to return capital to shareholders, leveraging its record earnings in the third quarter and strong free cash flow generation. Management aims to balance shareholder returns with advancing high-value opportunities within its portfolio.
CEO Jorge A. Ganoza stated that the company's strong financial position, supported by historically high gold prices, enables these capital allocation decisions. The ongoing buyback program demonstrates confidence in the company's intrinsic value and its ability to generate sustained profitability.
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