Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price11.95 USD
Fair value14.50
Ethical score70.0/100
Our investment reviews on this name
2026-08-30Read Markup12.41-3.7% to today
2026-07-30Read Accumulation8.16+46.4% to today ✓
2026-07-02Read Markup8.93+33.8% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Fortuna Mining Corp. holds its Accumulation at $11.95. The statistical read favours the buyers, held for 47 days.
As held on the ledger · 2026-09-18
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 47 days
Price at the screen
$11.95
Valuation
9.78 trailing · 6.72 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.21
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
8.95%
Below 33%
Interest-bearing debt is just 9.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.29%
Below 33%
Cash held in interest-bearing accounts and securities is 0.3% of assets, under the one-third limit.
Pass
Receivables
24.35%
Below 49%
Money owed to the company is 24.3% of assets, under the 49% limit.
Pass
Revenue purity
1.54%
Below 5%
Only 1.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-18 screen. The gold marker is the market price at the same screen. A 21.3% margin of safety to the base estimate.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-18 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gold miners often hide traps behind low multiples
Picture a miner chasing the gold price as it swings like a fairground ride that can stop without warning. Fortuna Mining reports revenue growth of 76 percent and a forward multiple of just 5 times earnings, yet the opportunity rating is none because this remains a cyclical business where today's fat margins often mark peak earnings rather than a durable bargain.
Profit margins sit at 31 percent and return on equity reaches 22 percent while the ethical screen clears cleanly. One analyst flags upside, but the low valuation on a gold producer signals caution, not value, when earnings sit near the top of the cycle and the moat stays unknown.
Currency moves, operating risks across five countries and the constant threat of a falling gold price add real exposure. In this sector a depressed multiple frequently flags the end of good times rather than the start. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FSM trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-30Markup · changed$12.41+52.1%Entry 5
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 52.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it buy, with a mean price target of $14.
2026-07-30Accumulation · changed$8.16-8.6%Entry 4
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 8.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it buy, with a mean price target of $14.
2026-07-18Markup$8.93+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (1 analysts) rates it buy, with a mean price target of $14.
2026-07-03Markup$8.93+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$8.93Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
