COMPARE · Reviewed July 2, 2026
FSM vs OGC
Verdict: Side-by-side breakdown using the Bull Rankings model. FSM scored 72, OGC scored 72 — tied.
FSM
Fortuna Mining Corp.
72
$8.72
Score gap
0
Tied
OGC
OceanaGold Corporation
72
$26.10
The companies
FSMFortuna Mining Corp.
Why now
Gold · market cap $2.6b. Down 37% from 52-week high of $13.85 — deep drawdown territory. Revenue growing +40% — in hypergrowth territory. PEG 0.20 — paying under fair value for the growth rate.
Moat
Net margin 31% is exceptional — pricing-power territory rare outside premium software, branded staples, and specialty pharma. ROE 22% sits above Buffett's preferred 15% threshold — the equity base is compounding at a rate the market struggles to discount accurately. FCF converts 164% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Down 37% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Beta 2.08 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return. Production-cost sensitivity — top-quartile cost producers generate cash through the cycle while marginal producers burn it; watch the cost-per-unit trend, not just headline revenue.
OGCOceanaGold Corporation
Why now
Gold · market cap $5.8b. Down 40% from 52-week high of $43.33 — deep drawdown territory. Revenue growing +46% — in hypergrowth territory. PEG 0.17 — paying under fair value for the growth rate.
Moat
Net margin 34% is exceptional — pricing-power territory rare outside premium software, branded staples, and specialty pharma. ROE 35% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. Mining moat is reserve quality + extraction cost per unit — top-quartile cost producers generate cash through the commodity cycle while marginal producers burn it.
Risk
Down 40% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Beta 1.47 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return. Reserve-replacement treadmill — every barrel or ounce extracted has to be replaced through exploration or acquisition; underspending on replacement reserves shows up in production declines 2-3 years out.
Base grades (each contributes ~14.3% of base composite)
| FSM | Component | OGC |
|---|---|---|
| C+70 | FCF | C+70 |
| A95 | Rev | A95 |
| A-90 | D/E | A95 |
| A95 | P/E or P/S | A95 |
| A95 | PEG | A95 |
| Supplemental signals · feed the score, not on the row card | ||
| A95 | FCF Yield | A95 |
| A-90 | ROE | A95 |
| 90.6 | Base composite | 91.8 |
Adjustments (signed deltas applied on top of base)
FSM
compounder synergy (FCF yield ≥5% + ROE ≥15% + D/E <1)+4
GARP sweet spot (PEG <1, positive FCF)+1
forward P/E cheaper (8 → 5)+1
DCF cross-check (avg upside 90%)+1
Total+7
OGC
compounder synergy (FCF yield ≥5% + ROE ≥15% + D/E <1)+4
GARP sweet spot (PEG <1, positive FCF)+1
DCF cross-check (avg upside 120%)+2
Total+7
DCF cross-check (per-share value vs. live price)
| FSM upside | Horizon | OGC upside |
|---|---|---|
| +86% | 1Y | +57% |
| +90% | 5Y | +105% |
| +95% | 10Y | +197% |
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.