Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz

Fortuna Mining Corp. released the Definitive Feasibility Study (DFS) for its Diamba Sud Gold Project in Senegal. The project demonstrates an after-tax NPV5% of $1.0 billion and an IRR of 60% at a $3,500/oz gold price. Mine life is established at 9.4 years with average annual production of 116,000 ounces (158,000 oz in the first four years).

Cost profile is highly competitive: average AISC of $1,056/oz in the first four years, rising to $1,332/oz over the life of mine. Initial capital expenditure is $397.5 million, with $64.0 million in sustaining capital and $14.5 million in closure costs. Probable mineral reserves stand at 20.5 million tonnes at 1.75 g/t Au (1,151 koz).

The company has secured the environmental decree and submitted the mining permit application. Early works of $73 million are underway, with $18 million spent to date. Final Investment Decision (FID) is targeted after the mining permit is received, with construction starting Q4 2026 and first gold targeted for Q2 2028.

Fortuna Mining Corp. (FVI) released a Definitive Feasibility Study confirming Diamba Sud as a high-margin, low-cost growth engine. The project features an All-In Sustaining Cost (AISC) of $1,056/oz in the early years, which is significantly below the company's current consolidated AISC of $2,107/oz. The study calculates a $1.0 billion NPV5% at $3,500/oz, a figure that materially enhances the company's long-term net asset value and supports the strategic goal of reaching more than 500,000 oz of annual production by 2028.

Despite these fundamentals, the stock has already priced in much of the project's progression, trading down approximately 35% from its February highs. The announcement represents a routine milestone execution rather than a surprise event. Additionally, a delayed construction timeline and a first-quarter cost miss introduce near-term execution risk, which caps immediate upside potential.

Fortuna Mining Corp. (FVI) is a producing gold and base metals company operating mines in Côte d’Ivoire (Séguéla), Argentina (Lindero), and Peru (Caylloma). The company is executing a dual-growth strategy centered on expanding the Séguéla processing plant and bringing the Diamba Sud project into production in Senegal. Strategic expansion includes an earn-in agreement for the Quartzstone gold project in the Guyana Shield and exploration alliances in Guinea. The company maintains a strong operational footprint with a focus on low-cost, long-life assets and disciplined capital allocation.