Southern Empire optionee defines targets at Centauro

Executive Summary

• Fortuna Mining’s Mexican subsidiary, Monumental Minerals, completed initial exploration at Southern Empire’s Centauro gold project and secured permits for 56 drill pads.
• An option assignment allows Monumental to replace Southern Empire as the optionee, giving Fortuna the right to earn a 100 % interest in three Centauro claims, with a minimum $200,000 annual exploration spend commitment.
• Payment schedule to Southern Empire totals $975,000 (plus VAT) plus a $500,000 milestone payment upon filing of a preliminary economic assessment; Southern Empire retains a 1 % NSR royalty and a buy‑back right for 0.5 % NSR at $1 M.

Key Details

• Exploration Work Completed
• Geological mapping, sampling, and relogging of 6,994 m (≈22,946 ft) of historical drill core.
• Confirmed near‑surface gold and silver anomalies, low‑temperature sulphide indicator minerals (realgar, orpiment, cinnabar, stibnite), and a 1.5 × 1.5 km intense silica cap.
• Drill Program
• Planned 3,500 m core drill program to commence early October 2025.
• Target: NW‑SE trending structural features at 300–400 m depth below the paleosurface, interpreted as feeder zones for alteration and silicification.
• Option Assignment Agreements (Feb 25 2025)
• Monumental replaces Southern Empire as optionee, enabling Fortuna to earn a 100 % interest in three Centauro mineral claims covering ~600 ha (≈1,483 ac).
• Commitment: Minimum $200,000 annual exploration spend after an initial 12‑month permitting/reconnaissance period.
• Payment Schedule to Southern Empire (Total $975,000 U.S.)
• $25,000 + VAT – paid at execution of the assignment agreements.
• $25,000 + VAT – due Feb 24 2026.
• $25,000 + VAT – due Feb 24 2027.
• $25,000 + VAT – due Feb 24 2028.
• $25,000 + VAT – due Feb 24 2029.
• $350,000 + VAT – due Feb 24 2030.
• $500,000 + VAT – payable upon filing of a preliminary economic assessment (PEA) technical report for Centauro.
• Royalty & Buy‑Back Rights
• Southern Empire retains a 1 % net smelter return (NSR) royalty if the project reaches commercial production.
• Monumental may repurchase a 0.5 % NSR interest for $1 M prior to production.
• Relinquishment Clause
• If Monumental relinquishes the option, Southern Empire can re‑establish itself as optionee and earn a 100 % interest by assuming remaining payments/commitments to the original vendor.

Notable Quotes

“We are very encouraged by the excellent work being done by Monumental's team and are excited to see the results of this new phase of deeper drilling at Centauro,” – Dave Tupper, Vice‑President Exploration, Southern Empire Resources Corp.