TL;DR

• Gold is gaining strength amid U.S. fiscal instability and inflation risks.
• Fortuna Mining (formerly Fortuna Silver) is an overlooked gold stock with ~65% upside potential.
• Its rebrand and undervalued price make it an attractive pick for investors in precious metals.

Gold’s Bull Run Isn’t Over—and Fortuna Might Be the Opportunity You’re Missing

As macroeconomic uncertainty grows, gold continues to shine as a safe haven asset. With concerns over the U.S. balance sheet, rising debt, and inflation risks, investors are flocking to gold—and for good reason.

But is it too late to buy in?

Not necessarily. Some gold equities are still trailing behind the broader rally. In this post, we spotlight Fortuna Mining, a company that has quietly repositioned itself from silver to gold, yet remains underappreciated in the market. Strategic Analysis Corporation’s Ross Healy breaks down why Fortuna might be one of the few undervalued opportunities left in the gold sector.

See Ross Healy's breakdown on Youtube.

Why Gold Is Gaining Ground

U.S. Solvency Concerns Are Driving Gold Demand

The strength of gold in recent months is rooted in deteriorating fiscal conditions in the U.S.:

• Rising national debt and weakening tax revenues have eroded confidence in U.S. solvency.
• Trump-era tariff wars and upcoming corporate tax cuts are expected to deepen the deficit.
• This environment fuels expectations of higher inflation and a weaker U.S. dollar, both of which support rising gold prices.

Is It Too Late to Invest in Gold Stocks?

Not all gold stocks have moved in lockstep with bullion. According to Healy, while many top names have surged, some equities—like Fortuna Mining—have lagged behind, creating potential value opportunities for discerning investors.

Fortuna Mining: A Gold Stock with Room to Run

1. Solid Balance Sheet

Fortuna exhibits a strong stability ratio, a key indicator of financial health. This makes it a reliable pick for long-term investors looking for safety in the volatile commodities space.

2. Strong Upside Potential

Strategic Analysis Corporation's model shows Fortuna has 65.36% upside to fair market value. Even more compelling: this estimate may be conservative, as it doesn’t yet account for recent gold price increases of nearly $200/oz.

3. Attractive Valuation

Unlike peers trading at 2–3x book value, Fortuna trades just above book, signaling that the market has yet to price in its potential.

4. Identity Shift from Silver to Gold

Previously branded as Fortuna Silver, the company is now 90% gold-focused. Investors still associate the brand with silver, contributing to its lag in share price performance. This disconnect creates opportunity.

5. Institutional-Grade Market Cap

With a market cap of ~$2.7 billion, Fortuna is large enough to attract institutional attention, but still small enough to offer growth potential.

Conclusion: A Gold Equity Worth a Second Look

Fortuna Mining may be flying under the radar, but its fundamentals, sector tailwinds, and mispricing make it a compelling case for gold-focused portfolios. As the gold rally continues, overlooked names like Fortuna could provide outsized returns.
‍

📊 Explore our investment research platform
📩 Or email us directly at info@strategicanalysis.ca to learn more about how we evaluate stocks like Fortuna using Structural Valuation Analysis (SVA).

‍

‍