- Fortuna Mining (FSM, FVI) renews its share repurchase program for up to 5% of outstanding shares.
- The new Normal Course Issuer Bid (NCIB) allows Fortuna to repurchase 15,347,999 shares from May 2, 2025, to May 1, 2026.
- Daily share purchase limit set at 205,903 on the Toronto Stock Exchange, equivalent to 25% of the average daily volume.
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB) for the repurchase of its shares. This renewal authorizes Fortuna to buy back up to 5% of its outstanding common shares, equating to 15,347,999 shares, beginning May 2, 2025, and concluding by May 1, 2026, unless the maximum limit is reached earlier.
Under the prior NCIB program, Fortuna successfully acquired 7,319,540 shares at an average price of $4.7203 per share through the NYSE. The company will continue to focus on opportunistic purchases, ensuring that it does not disrupt market dynamics.
Daily purchases on the Toronto Stock Exchange will be capped at 205,903 shares, representing 25% of the average daily trading volume. Each repurchased share will subsequently be canceled, reducing the total number of shares outstanding and potentially increasing value per share. The company sees this as a strategic move, given that its shares sometimes trade below their intrinsic value.
The repurchase decision will hinge on various factors, including financial performance and discretionary cash flow availability. This approach is a strategic decision to balance shareholder returns with financial flexibility, enabling Fortuna to navigate varying market conditions effectively.
