Fortuna Renews Share Buyback Program

• Fortuna Mining Corp. has approved the renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 5% of outstanding common shares.
• The program authorizes the purchase of up to 15,227,869 common shares, representing approximately 5% of the 304,557,387 shares outstanding as of April 10, 2026.
• Execution will commence May 4, 2026, and run until May 3, 2027, or earlier upon reaching share limits.
• The Board believes the current market price does not adequately reflect the Company's underlying value.
• Previous NCIB activity saw the company repurchase 3,400,000 shares at a weighted-average price of US$9.53 per share as of April 16, 2026.

• The buyback renewal is consistent with the strong liquidity position disclosed in Q4/FY 2025 earnings ($704M cash, $381.5M net cash).
• Given the significant share price appreciation from ~$8 (May 2025) to ~$18 (Feb 2026), followed by a correction to ~$14, this program provides support at current levels but does not fundamentally alter the investment thesis established in February.
• The authorization size (15M shares) is substantial relative to float but represents a standard capital allocation tool for cash-rich miners rather than an unexpected strategic pivot.
• Management's confidence statement regarding undervaluation reinforces the positive sentiment from recent production beats and resource growth at Diamba Sud, but lacks new project-specific catalysts found in earlier February releases.

• Fortuna Mining Corp. operates three producing mines: Séguela (Côte d'Ivoire), Lindero (Argentina), and Caylloma (Peru).
• Flagship Development Project: Diamba Sud Gold Project in Senegal, targeting a construction decision mid-2026.
• Recent Production Update (Q1 2026): Reported 72,872 gold-equivalent ounces, exceeding prior quarter and guidance expectations.
• Séguela Mine: Mineral reserves increased by 31% to 1.54 million ounces, extending mine life beyond 9 years.
• Sunbird Underground (Séguela): High-grade drilling continues to extend mineralization at depth, supporting potential resource growth.