Fortuna acquires highly prospective Bambadji Project in Senegal from Barrick and IAMGOLD
Fortuna acquires the Bambadji project for $200m to consolidate its Senegalese gold belt.
Fortuna Mining Corp. (FVI) has acquired the 190 km² Bambadji advanced gold exploration project in Senegal from Barrick and IAMGOLD for US$200 million cash plus a 0.5% NSR royalty on the first 1.75 moz produced from Bambadji Nord. The property adds approximately 60 km of strike along the Senegal-Mali Shear Zone, contiguous with Fortuna’s feasibility-stage Diamba Sud Gold Project.
An initial US$8 million exploration budget, comprising 51,000 m of drilling, has been approved for H2 2026, and the transaction is funded from treasury. The release highlights historic drill intercepts across multiple targets, including Kabewest, Fatima, and Djenebou, featuring wide, moderate-grade intervals and narrow high-grade hits.
Fortuna Mining Corp. (FVI) has completed a significant, cash-funded bolt-on acquisition of an advanced exploration property located immediately adjacent to its most valuable growth project. The US$200 million outlay represents approximately 4.6% of market capitalization and will reduce net cash from US$435 million at Q2 to roughly US$235 million, leaving the company in a comfortable net-cash position.
The addition consolidates a 60-km strike of the Senegal-Mali Shear Zone, creating a dominant district position and adding a large historical drill database to a project where Fortuna’s existing Diamba Sud feasibility study already supports a 9.4-year mine life with 1.15 moz of reserves and an after-tax NPV5% of US$1 billion. While the Bambadji project contains no defined resources, the quality and breadth of historical intercepts and its regional scale make it highly strategic. The acquisition materially strengthens the long-term pipeline and reduces single-asset dependence.
Fortuna Mining Corp. (FVI) is a mid-tier gold producer and developer with a strong focus on West Africa. Its flagship Séguéla Mine in Côte d’Ivoire is an open-pit operation that is now expanding toward the underground Sunbird deposit. The mine holds 1.54 moz in reserves, representing a 31% increase, with a mine life extending beyond nine years. In the second quarter of 2026, production is estimated at approximately 41,700 oz of gold at low cost.
The company’s Diamba Sud Gold Project in Senegal is a feasibility-stage open-pit operation with 1.15 moz in reserves and an NPV5% of US$1 billion. First gold is targeted for the second quarter of 2028. Also in Senegal, Fortuna recently acquired the Bambadji Project, which adjoins Diamba Sud. The site features 214 km of historical drilling across 190 km², though no resources have been declared.
In Argentina, the Lindero Mine is a heap-leach operation that produced 20,829 oz of gold in the second quarter. The higher-cost asset is currently undergoing reliability improvements. The company also operates the Caylloma Mine in Peru, a polymetallic silver, lead, and zinc mine.
Fortuna’s exploration pipeline includes the Arizaro project in Argentina (gold-copper), a Quartzstone earn-in on the Guyana Shield, an alliance in Guinea, and various brownfields programs.