Fortuna Expands Mineral Reserves and Mineral Resources for the Seguela Mine, Cote d'Ivoire

Executive Summary

• Fortuna Mining reports a material increase in gold reserves to 1.2 million ounces (+11% YoY) and a 100% rise in indicated resources to 794,000 ounces at the Séguéla Mine.
• Inferred resources grow 15% to 712,000 ounces, driven by new estimates at Kingfisher and Sunbird deposits and ongoing underground drilling.
• The company launches plant‑expansion studies (≈25% capacity increase) and completes an underground mining study that could convert up to 502,000 ounces of Sunbird indicated resources into reserves by Dec 2025.

Key Details

• Mineral Reserves (Proven + Probable) – 13.0 Mt at 2.81 g/t Au = 1,177 koz gold.
• Major deposits: Antenna (176 koz), Sunbird (256 koz), Kingfisher (257 koz) etc.
• Measured & Indicated Resources (ex‑Reserves) – 7.27 Mt at 3.40 g/t Au = 794 koz gold.
• Sunbird Underground: 3,597 kt @ 4.34 g/t Au = 502 koz (key growth driver).
• Inferred Resources – 8.78 Mt at 2.52 g/t Au = 712 koz gold.
• Kingfisher contributes 267 koz of new inferred ounces.
• Reserve Growth Drivers:
• First‑time inclusion of Kingfisher deposit (3.5 Mt @ 2.28 g/t Au = 257 koz).
• Updated geologic model for Koula and revised cost/gold price assumptions.
• Depletion: 129,000 oz gold mined Jan–Oct 2025.
• Strip Ratios: Kingfisher 7.6:1 vs overall reserve average 13.4:1 (lower‑grade but lower stripping).
• Plant Expansion Study: Targeting a 25% capacity boost to 2.0‑2.5 Mt/yr; completion expected Q2 2026.
• Underground Mining Study: Expected Dec 2025, may convert up to 502 koz Sunbird indicated resources into reserves.
• Exploration Activity: 5 drill rigs active; focus on upgrading Sunbird underground inferred to indicated and evaluating broader land package.
• Qualified Persons: Eric Chapman (Resources) & Raul Espinoza (Reserves).

Notable Quotes

“Séguéla now boasts a 7.5‑year life of mine and its largest Mineral Resource inventory on record… With robust exploration programs underway, we are confident in our ability to unlock further value.” – Jorge A. Ganoza, President & CEO

Materiality: Material – Positive (significant reserve/resource increases and forward‑looking expansion studies).