Gold futures reached a record $4,200 per ounce in late November 2026 as equity markets ended sustained winning streaks and institutional portfolios pivoted toward precious metals hedges. The rally coincides with elevated government deficits and market expectations of Federal Reserve rate cuts.
Fortuna Mining Corp. (NYSE: FSM) delivered 317,001 gold equivalent ounces in 2025, achieving guidance despite a 6% shortfall at its Lindero mine in Argentina. The company projects 281,000 to 305,000 ounces for 2026 and is advancing its Diamba Sud project in Senegal, which targets 500,000 ounces annual production based on preliminary economic assessment.
Fortuna's Séguéla mine in Côte d'Ivoire produced a record 152,426 ounces in 2025, 4% above the upper guidance of 147,000 ounces. The mine processed 1.7 million tonnes at 2.98 grams per tonne with 92.3% recovery. For 2026, Séguéla is forecast to deliver 160,000 to 170,000 ounces at all-in sustaining costs of $1,630 to $1,730 per ounce.
The company revised its 2026 gold price assumption to $3,750 per ounce, up 50% from the $2,500 assumption used in 2025 planning. This reflects market repricing of monetary policy risk as fiscal pressures mount.
Fortuna reported preliminary net cash of $382 million and total liquidity of $704 million as of December 31, 2025. Consolidated all-in sustaining costs for 2026 are projected at $1,830 to $1,975 per gold equivalent ounce, positioning the company for margin expansion if spot prices hold above $4,000.
At Diamba Sud, Fortuna has submitted an exploitation permit application and is conducting site preparation and detailed engineering to de-risk critical path activities ahead of a feasibility study. The preliminary economic assessment showed robust economics for the Senegal project.
Institutional demand for gold typically rises when deficit spending accelerates and real interest rates turn negative ahead of rate-cutting cycles. The 68% rally from 2025's $2,500 assumption to current levels mirrors patterns seen during previous fiscal expansion periods.
Fortuna's 2025 total reportable injury frequency rate improved to 0.74 from 1.36 in 2024. The company divested its Yaramoko mine in Burkina Faso, which contributed 37,794 gold equivalent ounces before the sale.