Fortuna Approves 30% Capacity Expansion of the Seguela Gold Mine in Cote d'Ivoire

Fortuna Mining Corp. (FVI) has approved a $109 million capital expansion for its Séguéla gold mine in Côte d’Ivoire. The project aims to increase processing capacity by 30%, rising from 1.75 million tonnes per annum (Mtpa) to 2.3 Mtpa, while boosting gold recovery to 94.5%.

The expansion integrates the Sunbird underground mine, with construction scheduled to begin in the second half of 2026. Underground mining is expected to start by the second quarter of 2027, with full ramp-up to the expanded throughput targeted for the second half of 2028.

Management targets average annual gold production above 200,000 ounces from Séguéla over the next decade. This supports the broader goal of achieving approximately 500,000 ounces per year in consolidated gold production by 2028.

Funding for the project will come from operating cash flow and existing liquidity of approximately $800 million, with a projected payback period of roughly 2.5 years.

Fortuna Mining Corp. (FVI) received expansion approval, a move that formalized a widely anticipated plan. The market had already priced in a positive outcome following the study’s completion in early July, and the stock showed minimal reaction to the announcement, closing at $11.75 compared to the prior close of $11.87.

There were no new production or cost guidance revisions beyond the plant capability, and the near-term outlook remains unchanged. The event does not alter the fundamental NAV or near-term cash flow profile.

While a fatal accident at Séguéla reported in July 2026 introduces a modest negative overhang, this operational update is unrelated to that incident.

Fortuna Mining Corp. is a Canadian-headquartered gold and base metals producer operating three mines: Séguéla in Côte d’Ivoire, Lindero in Argentina, and Caylloma in Peru. The Séguéla mine serves as the company’s flagship gold operation, characterized by high-grade ore and currently transitioning from open-pit to underground mining via the Sunbird project. Lindero is a heap-leach gold mine that, while maturing, offers brownfields upside. Caylloma is a polymetallic mine producing silver, lead, and zinc, serving as a small contributor to GEO.

The company’s growth pipeline includes Diamba Sud in Senegal, a feasibility-stage open-pit project targeting first gold production by 2028, and the Sunbird underground operation, which is integrated into the Séguéla expansion. Fortuna Mining Corp. aims to increase gold production by approximately 60% to more than 500,000 ounces per year by 2028 through these organic projects.