Fortuna obtains key environmental approval for Diamba Sud Gold Project in Senegal

Executive Summary

• Fortuna Mining Corp. has received the environmental decree approving the Environmental and Social Impact Assessment for its Diamba Sud Gold Mine in Senegal, marking a decisive step toward securing the final mining permit.
• The approval enables the company to advance early construction works, including camp construction and critical equipment procurement, with a 2026 early works budget of US$100 million.
• The project targets a final investment and construction decision by mid-2026, underpinned by a Preliminary Economic Assessment (PEA) highlighting an after-tax IRR of 72% and an after-tax NPV5% of US$563 million.

Key Details

• Environmental Decree: Received from Senegal’s Ministry of Environment and Ecological Transition, certifying regulatory compliance and social acceptance by project stakeholders.
• Permitting Progress: Mining permit application submitted to the Ministry of Energy, Petroleum, and Mines on February 4, 2026; environmental approval secured in a nine-month timeframe.
• Early Works & Budget: Project in late-stage permitting and feasibility; early works underway with a 2026 budget of US$100 million allocated for camp construction and purchase orders for critical-path equipment packages.
• Investment Timeline: Final construction and investment decision targeted for mid-2026.
• PEA Financial Returns (Gold Price: $2,750/oz): After-tax IRR of 72%, After-tax NPV5% of US$563 million, Pre-tax IRR of 86%, After-tax payback period of 0.8 years.
• Production Profile: Life of mine (LOM) of 8.1 years, total LOM gold production of 840 koz (average 106 koz/year), average LOM grade of 1.63 g/t, and 90% metallurgical recovery.
• Cost Structure: Average LOM operating cash costs of $1,081/oz, average LOM AISC of $1,238/oz, initial capital expenditure of $283 million, and sustaining capital/infrastructure of $48 million.
• Government Interest Terms: Upon granting of the exploitation permit, the Senegalese Government is entitled to a 10% free-carried interest, with the right to acquire an additional contributory interest of up to 25%.
• Technical Reporting: PEA based on a technical report effective October 15, 2025, filed on SEDAR+ and EDGAR.

Notable Quotes

• Jorge A. Ganoza, President and CEO: “Obtaining the environmental permit for our future Diamba Sud Gold Mine, just nine months from submission to approval, is a clear testament to the quality of our work and demonstrates that mining projects in Senegal can advance on a highly competitive timeline. This milestone also reflects the Government of Senegal’s commitment to enabling the responsible development of its mining sector.”
• Jorge A. Ganoza, President and CEO: “With this key approval in hand, we will continue advancing early construction works as we move toward the important milestones of completing the feasibility study, followed by a final construction decision in mid-2026.”