The Globe and Mail reports in its Wednesday edition that CIBC World Markets analyst Cosmos Chiu has lowered his recommendation for Fortuna Mining to "underperformer" from "neutral" with a $7 share target, down from $8. The Globe's David Leeder writes that analysts on average target the shares at $8.23. Mr. Chiu says in a note: "With Fortuna's share price approaching our price target, we have taken this opportunity to revisit our model, as well as our investment thesis for the story. Fortuna's transition from a silver company into a West African producer began with the acquisition of Roxgold in 2020, and is now substantially complete with the announcement of the sale of the San Jose mine in Mexico on Jan. 15, 2025. ... Our analysis shows that silver's contribution to the company has decreased from 50 per cent in 2019 to a projected 3 per cent in 2025. Despite the transition, Fortuna shares continue to trade more like a silver company, up 94 per cent in the past year, in line with silver peers up 100 per cent but significantly outperforming the West African names in our coverage universe up on average 30 per cent. For silver exposure, we recommend Vizsla Silver, and for West African exposure, we recommend Orezone Gold."