FSM · Fortuna Mining Corp.

Fortuna Mining Corp. delivered a record first quarter in 2026, driven by a 69% surge in realized gold prices to $4,884 per ounce and a 10% increase in gold sales volume. Sales rose 76% to $342.5 million, with mine operating income more than doubling to $211.8 million. The company reported attributable net income from continuing operations of $111.0 million ($0.36 per share), up 214% year-over-year, and adjusted EBITDA of $218.8 million, up 113%. Free cash flow from ongoing operations reached a record $174.0 million, a 161% increase, supported by strong operating cash flow of $209.4 million. The company returned $40.0 million to shareholders through share repurchases. On the cost side, consolidated all-in sustaining costs (AISC) per gold equivalent ounce rose 20% to $2,107, primarily due to higher royalties from elevated metal prices and increased sustaining capital expenditures. Management noted that Séguéla's mine plan changes to accelerate underground development may push AISC to the higher end of guidance, but the company remains on track to meet its 2026 production guidance. Additionally, Fortuna expanded its mineral reserves by 15% year-over-year and is progressing toward final investment decisions on the Diamba Sud project and Séguéla plant expansion by mid-year. The company also established a presence in the Guyana Shield through an earn-in agreement for the Quartzstone gold project.