Fortuna reports third quarter 2026 production of 69,665 gold equivalent ounces and advances key growth initiatives

Fortuna Mining Corp. (FVI) released a quarterly production and operations update for the third quarter of 2026, providing details on output and site performance without including income statement, cash flow, cost, or capital expenditure data. Consolidated production for the quarter totaled 69,665 GEO, representing a 3.5% decline from the 72,217 GEO produced in Q2 2026 and a 3.9% drop from the 72,462 GEO recorded in Q3 2025. For the first nine months of 2026, the company produced 214,754 GEO. Fortuna reaffirmed its annual guidance of 281,000–305,000 GEO, stating it remains on track to meet the target.

At the Séguéla mine in Côte d'Ivoire, gold production fell to 33,744 oz Au, a 19.0% decrease from the 41,683 oz produced in the previous quarter. This marks the weakest quarterly performance since the mine’s ramp-up. The company attributed the decline to reduced equipment availability from a mining contractor and a temporary site-wide stoppage caused by a blockade by artisanal miners, which was lifted only after government law-enforcement intervention. Operational metrics at Séguéla also weakened, with head grade falling to 2.67 g/t from 3.46 g/t, a 22.8% decrease, while recovery dropped to 90.75% from 92.1%. These changes were linked to the localized metallurgical characteristics of the Koula ore. Additionally, the strip ratio at Séguéla rose to 19.1:1 from 13.6:1. Despite these challenges, the company stated that Séguéla remains on track to achieve the lower end of its annual production guidance of 160,000–170,000 oz.

Production at the Lindero mine in Argentina increased to 26,024 oz Au, up 24.9% quarter-over-quarter. The site stacked 1.86 Mt at a grade of 0.63 g/t with a strip ratio of 0.85:1. Year-to-date production at Lindero stands at 68,398 oz against guidance of 92,000–102,000 oz. Meanwhile, the Caylloma mine in Peru produced 9,897 GEO, a 2.0% increase from the prior quarter. Silver output rose 7.0% to 247,367 oz, lead production increased 6.9% to 8.36 Mlb, and zinc production decreased 5.5% to 11.37 Mlb. Year-to-date, Caylloma has produced 28,913 GEO against annual guidance of 29,000–33,000 GEO, with the company claiming the site is positioned to exceed its annual guidance by year-end.

On the development front, Fortuna’s Board approved a $109 million, 30% expansion of the Séguéla plant, which will increase capacity to 2.3 Mtpa and restore recovery to 94%, targeting over 200,000 oz/yr from the second half of 2028. Commissioning is scheduled for Q3 2028, with Lycopodium serving as the EPCM contractor. At the Sunbird underground project, the Environmental and Social Impact Assessment (ESIA) has been approved, with final permitting expected in Q4 2026 and portal construction beginning in Q2 2027 to support a steady-state throughput of approximately 1 Mtpa. The Final Investment Decision (FID) for Diamba Sud is now targeted for Q4 2026, pending the completion of tax stability agreement negotiations with the State of Senegal, with the first gold pour remaining scheduled for Q2 2028.

Safety performance at Fortuna showed a Total Recordable Injury Frequency Rate (TRIFR) of 1.20 in Q3 2026, compared to 1.21 in Q2 2026. The release did not include a CEO quote, a departure from the company’s usual practice for quarterly production updates.

Fortuna Mining Corp. (FVI) reported a second consecutive quarter of operational shortfalls at its Séguéla mine, with Q2 2026 output declining to 41,683 oz from 42,016 oz in Q1. This 19% quarter-over-quarter drop was driven by a 22.8% decline in grade, a 1.35 percentage point reduction in recovery, a 21.4% decrease in ore tonnes mined, and a 40% increase in strip ratio. While the recovery decline is explicitly linked to ore characteristics at Koula, the miner availability issues and artisanal blockade represent execution and community-relations challenges.

Consolidated GEO figures masked the severity of the Séguéla decline, falling only 3.5% as Lindero’s production grew 25% quarter-over-quarter. Together, Séguéla and Lindero account for 85.8% of total GEO. The company did not disclose cash costs or AISC, leaving the market unable to determine if the grade and strip-ratio deterioration is margin-neutral or margin-negative. Given a strip ratio of 19.1:1 and lower grade, cash costs at Séguéla are likely to deteriorate materially from the $676/oz reported in Q2 2026, though this is an inference rather than a disclosed figure.

Guidance remains in place but is tilted toward the low end, and the construction decision for Diamba Sud has slipped from mid-2026 to Q4 2026. These changes represent a soft negative revision to both 2026 volumes and the growth timeline. The stock is currently 10.3% below its August 27, 2026 high of $17.73, having drifted lower for six weeks leading into this report. The market has partially anticipated this weakness, and a production miss without a formal guidance cut is unlikely to move shares more than low single digits on its own.

Fortuna Mining Corp. (NYSE: FSM; TSX: FVI) is a Canadian precious metals producer headquartered in Vancouver, operating three mines and maintaining a development pipeline. The company’s largest asset is the Séguéla open-pit gold mine in Côte d'Ivoire, which contributed approximately 48% of third-quarter gross operating expenses (GEO). Séguéla has a 2026 production guidance of 160,000–170,000 oz Au. The facility processes 1.75 million tonnes per annum (Mtpa), with plans to expand to 2.3 Mtpa. Feed comes from the Antenna, Ancien, Sunbird, and Koula pits, while the Sunbird underground mine is being developed to supply approximately 1 Mtpa, representing 40% of the expanded throughput, starting in 2028.

The Lindero open-pit, heap-leach gold mine in Argentina accounted for roughly 37% of Q3 GEO. Its 2026 guidance stands at 92,000–102,000 oz Au. The operation is characterized by low-grade, high-volume ore at 0.63 g/t and a low strip ratio of 0.85:1. Historically, the site has experienced mechanical reliability issues with its primary crusher and high-pressure grinding rolls (HPGR).

Peru’s Caylloma mine is an underground silver-lead-zinc operation with gold as a by-product, contributing approximately 14% of Q3 GEO by value. The mine’s 2026 guidance is 29,000–33,000 GEO.

In Senegal, the Diamba Sud project is in the feasibility stage. It holds probable reserves of 1,151 koz at 1.75 g/t, supporting a 9.4-year mine life. Average production is projected at 116 koz/yr, rising to 158 koz/yr during the first four years. Initial capital is estimated at $397.5M, with a final investment decision (FID) targeted for Q4 2026 and first gold production expected in Q2 2028.

Also in Senegal, Fortuna acquired the 190 km² Bambadji advanced exploration project in Q3 2026 for $200M in cash. The property is contiguous with Diamba Sud, consolidating approximately 60 km of strike along the Senegal-Mali Shear Zone, with six rigs currently drilling.

In Guyana, the company holds an earn-in option for up to 70% of a 29,600-hectare package in the Guyana Shield, for which a $5M option premium has been paid. Exploration projects are also active in Guinea and Peru, while exposure in Mexico is being reduced.