Fortuna Submits Exploitation Permit Application for the Diamba Sud Gold Project, Senegal
Fortuna Bets on Senegal to Sustain Growth as West African Pivot Deepens
The most recent news release (February 10, 2026) announces that Fortuna Mining has submitted an exploitation permit application for its Diamba Sud Gold Project in Senegal. This submission follows the Preliminary Economic Assessment (PEA) released in October 2025. The company is advancing early works, engineering, and site preparation to de-risk the project ahead of a targeted feasibility study and construction decision in mid-2026. Additionally, an updated Mineral Resource estimate is expected by the end of February 2026, which will serve as the foundation for the upcoming Feasibility Study (FS).
This news is a material positive milestone. It confirms that the Diamba Sud project—a key growth pillar following the divestiture of the San Jose and Yaramoko mines—is moving according to the "fast-track" schedule set by management. - De-risking Development: Submitting the permit application 18 months before the first gold pour target (Q2 2028) indicates a structured regulatory path. - Resource Growth: The mention of an imminent resource update suggests the company expects to grow the current 724k oz Indicated and 285k oz Inferred resource base, potentially enhancing the project's Net Present Value (NPV). - Portfolio Transition: The news reinforces Fortuna's transition into a West African-heavy producer. With Séguéla outperforming, the successful integration of Diamba Sud is necessary to offset the production loss from divested assets.
Fortuna Mining (formerly Fortuna Silver) has evolved from a silver-focused producer in Latin America to a gold-heavy producer with major operations in West Africa. - Flagship Project: The Séguéla Mine (Côte d’Ivoire) is the primary engine, producing ~150k oz Au annually at low cash costs ($698/oz). - Development Flagship: Diamba Sud (Senegal) is the next mine in waiting. The 2025 PEA highlighted an after-tax IRR of 72% at $2,750 gold, with a sub-one-year payback period. - Other Assets: Lindero (Argentina) provides steady production, though it faced mechanical issues in late 2025 that have since been mitigated. Caylloma (Peru) remains a reliable silver/base metal contributor.