Fortuna Mining buys back 1.7 million shares

Executive Summary

• Fortuna Mining Corp. repurchased 1.7 million common shares on the NYSE between December 23, 2025, and January 7, 2026, for a total gross consideration of approximately $17 million.
• The company provided an update on its organic growth pipeline in West Africa, specifically highlighting progress at the Diamba Sud project and the Seguela processing plant expansion.
• Diamba Sud early works are underway with engineering, procurement, and camp construction initiated, targeting a feasibility study completion in Q2 2026.

Key Details

• Share Repurchase Details:
  • Period: December 23, 2025, through January 7, 2026.
  • Volume: 1.7 million common shares repurchased on the open market of the New York Stock Exchange.
  • Price: Weighted-average price of $10.01 per share.
  • Total Cost: $17,019,894 (excluding brokerage fees).
  • Status: All repurchased shares will be cancelled.
  • NCIB Progress: Approximately 11% of the 15,347,999 shares authorized under the Normal Course Issuer Bid (NCIB) have been repurchased to date.
• Diamba Sud Project (Senegal):
  • Early Works: Engineering and procurement activities are progressing; ground has been broken for the new accommodation camp.
  • Feasibility Study: Targeted for completion in the second quarter of 2026, supported by robust Preliminary Economic Assessment (PEA) economics.
  • Regulatory & Permitting:
    • Environmental and Social Impact Assessment (ESIA) approval targeted for Q1 2026.
    • Application for exploitation permit to be submitted and received before the exploration permit expires in June 2026.
  • Objective: Materially derisk the execution schedule ahead of full development and position for a construction decision.
• Seguela Project (Ivory Coast):
  • Expansion: A processing plant expansion feasibility study is underway.
  • Goal: Evaluate options to support long-term production growth driven by continuing resource expansion.
  • Future Plans: Potential future incorporation of underground mineralization at the Sunbird deposit into the mine plan.

Notable Quotes

• No direct quotes from executives were included in the provided text.