Fortuna Mining Corp. announced that the Toronto Stock Exchange has approved the renewal of its Normal Course Issuer Bid (NCIB), authorizing the company to repurchase up to five percent of its outstanding common shares. This renewed program will commence on May 2, 2025, and is set to expire on May 1, 2026.
Under the NCIB, Fortuna is permitted to repurchase up to 15,347,999 common shares, representing five percent of its 306,959,986 outstanding common shares as of April 28, 2025. The company believes that its common shares may, at times, trade at market prices that do not fully reflect their underlying value, making repurchases an appropriate use of corporate funds.
As of April 28, 2025, Fortuna had already repurchased an aggregate of 7,319,540 common shares under its prior NCIB at a weighted-average price of US$4.7203 per common share, excluding brokerage fees. The renewed program underscores Fortuna's ongoing strategy to return capital to shareholders, balancing this with capital funding requirements and financial performance.
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