Fortuna expands Indicated Mineral Resource by 73% to 1.25 million gold ounces, Diamba Sud Project, Senegal
Fortuna Mining pivots to West African growth as record cash flows de-risk Senegal development.
The primary news release (February 19, 2026) reports a 73% expansion of Indicated Mineral Resources at the Diamba Sud Gold Project in Senegal, now totaling 1.25 million ounces of gold. This follows the February 18, 2026, earnings report showing record annual free cash flow of $330 million for 2025 and a net cash position of $381.5 million. The resource update at Diamba Sud converts a significant portion of previously Inferred mineralization into the Indicated category (94% of total resources are now Indicated), providing the geological confidence necessary for the upcoming Feasibility Study (FS) targeted for completion by the end of Q2 2026.
Geological De-risking
The 73% increase in Indicated ounces at Diamba Sud is a critical hurdle for the project’s advancement. In mining, only Indicated and Measured resources can be converted into "Reserves" during a Feasibility Study. By moving 1.25 million ounces into this category, Fortuna has likely secured a robust mine life (projected >10 years) for the asset, supporting the CEO’s goal of a company-wide 500,000-ounce annual production profile.
Operational Performance
The 2025 financial results demonstrate a successful "transition year." The company divested higher-cost, short-life assets (San Jose in Mexico and Yaramoko in Burkina Faso) to focus on the high-margin Séguéla Mine and the Diamba Sud development. Meeting 2025 production guidance while generating record cash flow confirms that the "Fortress Balance Sheet" narrative is based on actual operating margins rather than just high metal prices.
Financial Flexibility
With $704 million in total liquidity and $381 million in net cash, the company can likely fund the Diamba Sud construction (Initial CapEx estimated at $283 million in the 2025 PEA) entirely through internal cash flow and existing liquidity, avoiding dilutive equity raises.
Fortuna Mining is a mid-tier precious metals producer that has successfully pivoted its core production from Latin American silver to West African gold. - Flagship Project: Séguéla Mine (Côte d’Ivoire). This is a high-grade, low-cost open-pit operation that has consistently exceeded design capacity. - Primary Growth Project: Diamba Sud (Senegal). A high-IRR project (72% at $2,750 gold) that is expected to reach production in 2028. - Assets: Lindero (Argentina - gold), Caylloma (Peru - silver/base metals), and Diamba Sud (Senegal - development).