Fortuna Increases Gold Resource Estimate By 73% For Diamba Sud Project

Key Concepts

• Indicated Mineral Resource: A category of mineral resources with a higher degree of geological certainty than inferred resources, signifying a reasonable expectation of economic extraction.
• Feasibility Study: A comprehensive assessment to determine the viability of a mining project, considering technical, economic, and environmental factors.
• Mineral Reserve: The economically mineable part of a proven mineral resource.
• Grade (g/t): The concentration of a valuable metal (gold in this case) within the ore, measured in grams per tonne.
• Infill Drilling: Drilling conducted to increase the confidence in mineral resource estimates by providing more data within a defined area.
• Mineralization: The occurrence of valuable minerals within a rock formation.

Fortuna Mining – Dembas Gold Project Update: Detailed Recap

This update details Fortuna Mining’s recent progress at their Dembas gold project, specifically focusing on a significant increase in their indicated mineral resource estimate and advancements towards a feasibility study and eventual construction.

Resource Estimate Expansion

Fortuna Mining announced a 73% expansion of the indicated mineral resource at their Diamas gold project in Sagal, now totaling 1.25 million gold ounces. This represents an increase of 530,000 ounces from the previous estimate, demonstrating substantial growth potential. Jorge Gnoza, President and CEO of Fortuna, stated that this updated estimate “represents a significant advancement for the Gambas gold project,” and highlights the company’s success in exceeding the 1 million ounce milestone. Crucially, 94% of the total gold ounces are now classified in the indicated category, providing a robust basis for the upcoming feasibility study.

Key Resource Figures

The updated resource estimate is based on 26 million tonnes of ore at a grade of 1.5 grams of gold per tonne (1.5 g/t), resulting in the 1.25 million ounce total. Furthermore, the first indicated mineral resource estimate for the Southern Arc deposit was established at 6 million tonnes with a grade of 1.91 g/t, yielding 367,000 ounces of gold. This establishes the Southern Arc as the largest deposit discovered at Diamasud to date.

Drilling and Resource Category Upgrades

The increase in indicated resources was achieved through infill drilling programs conducted in Area D, Southern Arc, Mongudi, and Carakara. This drilling successfully upgraded previously classified inferred mineral resources to the indicated category, increasing confidence in the resource estimate. Ongoing exploration drilling continues at Southern Arc, Mongundi, and other targets, aiming to identify mineralization beyond the current resource envelopes and further expand the project’s potential. Drilling data incorporated into the updated resource estimate covers the period from July of last year to January of this year.

Feasibility Study and Construction Timeline

Fortuna is actively progressing technical studies to estimate mineral reserves, with a feasibility study targeted for completion by the end of the second quarter of this year. The completion of the feasibility study is a critical step towards a final construction decision. The company’s broader goal is to achieve annual gold production exceeding 500,000 ounces, and the Dembas project is a key component of this strategy. Expansion drilling at Southern Arc and Mongundi is planned throughout 2026 to continue resource growth.

Financial Performance

Alongside the resource update, Fortuna Mining reported record-free cash flow of $132 million in the fourth quarter, indicating strong financial health and capacity to fund the Dembas project’s development.

Logical Connections

The report demonstrates a clear progression: successful drilling programs lead to increased resource confidence (indicated resources), which in turn supports the advancement of technical studies (mineral reserve estimation and feasibility study), ultimately paving the way for a construction decision and increased gold production. The strong financial performance provides the necessary capital to execute this plan.

Synthesis

Fortuna Mining’s Dembas gold project is demonstrating significant progress, highlighted by a substantial increase in indicated mineral resources and a clear pathway towards development. The project’s strong resource base, coupled with ongoing exploration and a robust financial position, positions Fortuna for continued growth and achievement of its production goals. The nearing completion of the feasibility study represents a crucial milestone in bringing this promising project to fruition.