Fortuna intersects 7.3 g/t Au over 16.1 meters and defines second underground shoot at Sunbird, Seguela Mine, Cote d'Ivoire
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On October 30, 2025, Fortuna Mining reported continued exploration success from its Sunbird Deposit at the Séguela Mine in Côte d'Ivoire. The drilling program successfully defined a second, high-grade underground shoot and extended mineralization down-plunge.
Key drill intersections (estimated true width) include: - 7.3 g/t Au over 16.1 meters in hole SGRD2434 - 8.3 g/t Au over 11.9 meters in hole SGRD2444 - 15.6 g/t Au over 5.6 meters in hole SGRD2470 - 13.3 g/t Au over 3.5 meters in hole SGRD2467
The results extended mineralization by 150 to 200 meters down-plunge, and the deposit remains open at depth and along strike. Based on the success, which has now defined over 1.5 kilometers of high-grade strike below the Sunbird open pit, the company has initiated an underground mining study. Five drill rigs continue to operate at the site.
This news is materially positive. It builds upon a consistent stream of successful exploration results from the Séguela mine throughout 2025 and demonstrates a clear path to extending the life of Fortuna's flagship, highest-margin asset.
- Progression of Strategy: Fortuna has spent the last year optimizing its portfolio by divesting higher-cost, shorter-life, and jurisdictionally challenging assets (San Jose in Mexico, Yaramoko in Burkina Faso). The stated goal was to focus capital on higher-value opportunities, with Séguela being a prime example. This news confirms the success of that strategy, as exploration is adding significant potential value to a core asset.
- De-risking and Growth: The Séguela mine has been a star performer, on track to exceed the upper end of its 2025 production guidance (as per the Oct 8 news release). The primary risk for any successful mine is reserve depletion. These drill results, particularly the definition of a second underground shoot and the initiation of an underground study, significantly de-risk Séguela's future. It moves the conversation from simply finding more ounces to actively planning for a long-life underground operation that will complement the existing open pits.
- Context of Previous News: This announcement is a direct and successful follow-up to drilling at Sunbird reported on March 13 and August 18, 2025, which also highlighted deep, high-grade extensions. The consistent success gives high confidence that the company will be able to convert these exploration results into future mineral reserves, replacing depletion and growing the overall resource.
- Financial Strength: This organic growth is happening while the company is in an exceptionally strong financial position, with over $537 million in liquidity and a net cash position of $215 million as of Q2 2025. This allows them to fund aggressive exploration and development without straining the balance sheet.
In summary, these drill results are not just routine infill; they represent a significant step in defining a potential long-life underground mine at Fortuna's most important operation. This adds tangible value and enhances the long-term production profile of the company.
Fortuna Mining Corp. is a global precious metals producer with three operating mines: the Séguela gold mine in Côte d'Ivoire, the Lindero gold mine in Argentina, and the Caylloma silver/base metals mine in Peru. The company recently streamlined its portfolio by divesting its San Jose mine (Mexico) and Yaramoko mine (Burkina Faso).
The company's flagship development asset is the Diamba Sud Gold Project in Senegal. On October 15, 2025, Fortuna released a Preliminary Economic Assessment (PEA) for Diamba Sud which outlined a robust project with an after-tax NPV5% of US$563 million and an IRR of 72% (using a $2,750/oz gold price). The company is advancing the project towards a Definitive Feasibility Study and a construction decision in the first half of 2026.