FSM · Fortuna Mining Corp.

Fortuna Mining Corp. announced a significant year-over-year increase in its consolidated Mineral Reserves, reporting 3.0 million gold equivalent ounces (GEOs) in Proven and Probable Reserves, a 15% increase net of production depletion. This growth was primarily driven by the upgrading of resources to reserves, totaling 819,000 GEOs, mainly at the Séguéla mine, which offset production depletion of 378,000 GEOs. The Séguéla mine in Côte d’Ivoire demonstrated particular strength, with underground Mineral Reserves for the Sunbird deposit increasing 34% to 539,000 ounces of gold. This update follows a successful infill and exploration drilling program in the second half of 2025. Inferred Mineral Resources at Sunbird also grew by 55% to 417,000 ounces. The Diamba Sud Project in Senegal also contributed to the resource growth, with Measured and Indicated Resources increasing 165% to 1,254,000 GEOs. The company noted that the feasibility study for Diamba Sud remains on track for a construction decision by the end of the current quarter. Mineral Reserves were estimated using a gold price of $2,300/oz, while Mineral Resources used $2,600/oz, except for Diamba Sud which used $3,300/oz. The 2026 brownfields exploration budget for Séguéla is set at $12.2 million.