Fortuna reports second quarter 2026 production of 72,217 gold equivalent ounces and advances key growth initiatives
Fortuna’s on-track production and $80m q2 buyback were overshadowed by a fatal accident as growth studies advance.
Fortuna Mining Corp. reported second-quarter 2026 consolidated gold-equivalent production of 72,217 ounces, a figure broadly in line with the 72,872 ounces produced in the first quarter of 2026 and slightly above the output recorded in the second quarter of 2025. This performance keeps the company on pace to meet its 2026 annual guidance of 281,000 to 305,000 gold-equivalent ounces.
The company returned $80.2 million to shareholders through share repurchases in the second quarter, marking a sharp acceleration from prior quarters.
Fortuna provided updates on several key growth initiatives. The Séguéla process-plant expansion study was completed, estimating capital costs of approximately $100 million to increase capacity to roughly 2.3 million tonnes per annum, with a construction decision expected in the coming weeks. The Diamba Sud feasibility study, published on June 29, was also referenced. At the Lindero mine, comminution-reliability capital projects were completed, with higher production expected in the second half of 2026.
Additionally, a 6 MW solar plant was commissioned at Séguéla, the Sunbird underground project is advancing, and the Caylloma tailings storage facility expansion is 28% complete. A fatal contractor accident occurred at the Séguéla mine.
Fortuna Mining Corp. (FVI) released a routine quarterly production update, reporting output that aligned with guidance and was slightly below the prior quarter. The company executed an $80.2 million share repurchase in Q2, marking a substantial increase compared to previous buybacks of $20.3 million in Q1 and $12.1 million in Q4 2025. These repurchases were already authorized under the NCIB and telegraphed as a capital-allocation tool.
The company also completed the Séguéla expansion study, which carries a capital estimate of approximately $100 million. However, the final investment decision remains pending. Additionally, a fatal accident occurred, representing an operational and ESG event, though it has not yet disrupted production.
Fortuna Mining Corp. operates as a mid-tier gold producer with assets in West Africa and Latin America. Its flagship Séguéla Mine in Côte d’Ivoire is a 100%-owned open-pit operation producing approximately 160,000 to 170,000 ounces of gold annually. The site holds strong exploration upside, including potential at the Sunbird underground and Kingfisher targets, while a plant expansion is currently under evaluation.
The company also owns the 100%-held Lindero Mine in Argentina, a heap-leach gold operation producing roughly 85,000 to 90,000 ounces per year. Although characterized as a higher-cost asset, Fortuna Mining is implementing cost-reduction initiatives. Additionally, the 100%-owned Caylloma Mine in Peru is a polymetallic operation focused on silver, lead, and zinc, yielding approximately 40,000 ounces of gold equivalent annually.
In development, the Diamba Sud Gold Project in Senegal is fully permitted following a government interest transaction that reduced Fortuna Mining’s stake to 90%. The project features a robust definitive feasibility study with a net present value of $1 billion and an internal rate of return of 60% at a gold price of $3,500 per ounce. First gold production is targeted for mid-2028. The company continues to conduct multiple greenfield and brownfield exploration programs across West Africa, the Guyana Shield, and Latin America.