Fortuna Mining Increases Gold Reserves At Seguela Mine

Key Concepts

• Mineral Reserves: The economically mineable part of a measured and indicated mineral resource demonstrated by detailed studies.
• Mineral Resources: A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction.
• Measured and Indicated Mineral Resources: Categories of mineral resources that are sufficiently well-defined to allow for the application of technical and economic parameters in the evaluation of economic viability.
• Inferred Mineral Resources: That part of a mineral resource for which quantity and grade or quality can be estimated on the basis of limited geological evidence and sampling.
• Life of Mine (LOM): The total period of time during which a mine is expected to operate.
• Gold Grade: The amount of gold present in a given quantity of ore, typically measured in grams per ton (g/t).
• Strip Ratio: The ratio of waste rock to ore that must be removed in an open-pit mining operation.
• Infill Drilling: Drilling conducted within a known mineralized zone to increase the confidence in the geological model and upgrade resource categories.
• Plant Expansion: Increasing the processing capacity of a mining operation's facilities.

Fortuna Mining's Sigua Mine: Expanded Mineral Reserves and Resources

This update from Fortuna Mining details significant expansions in mineral reserves and resources at their Sigua mine in Côte d'Ivoire. The company is now reporting 1.22 million ounces of gold in mineral reserves, a 100% increase (to 794,000 ounces) in indicated resources, and a 15% increase (to 712,000 ounces) in inferred resources. These figures represent the largest mineral resource inventory on record for the company.

Strategic Implications and Future Outlook

Jorge Ginosza, CEO of Fortuna, highlighted that the continued exploration success has paved the way for extending the mine's life and evaluating further expansion plans, potentially increasing annual gold production. The current life of mine is projected at 7.5 years. The company has actively pursued aggressive infill drilling programs, advanced underground mining studies, and initiated evaluations for plant expansion.

Detailed Breakdown of Resource and Reserve Increases

• Mineral Reserves: The 1.22 million ounces of gold in mineral reserves represent an 11% increase compared to the end of 2024.
• Measured and Indicated Mineral Resources: The 794,000 ounces in this category show a substantial 100% increase from December 2024.
• Inferred Mineral Resources: The 712,000 ounces in the inferred category reflect a 15% increase.

Key Deposits and Conversion Potential

• Kingfisher and Sunbird: These deposits hold the largest mineral reserves and resources.
• Sunbird Underground Project: The completion of an underground mining study is expected to support the conversion of an additional 52,000 gold ounces from Sunbird's indicated resources into mineral reserves. This conversion is anticipated by December 2025.

Plant Expansion Evaluation

Fortuna has initiated technical studies to evaluate a potential 25% expansion of the processing plant. These studies are scheduled for completion in the second quarter of 2026.

SUA Operations and Grade Dynamics

At SUA, Fortuna reports proven and probable mineral reserves of 13 million tons containing 1.2 million ounces of gold.

• Tonnage Increase: Mineral reserve tonnage has increased by 33% in 2025 so far.
• Grade Decrease: The gold grade has decreased by 17% to 2.81 g/t.
• Net Gold Ounce Increase: Despite the grade reduction, there has been a net increase of 11% in contained gold ounces.

The reduction in grade is attributed to the incorporation of the Kingfisher deposit into the mineral reserves. Additionally, production from the Kula and Anen deposits in 2025 has depleted higher-grade material. The Kingfisher deposit offers a benefit with a lower strip ratio of 7.6:1.

Sunbird Underground Project Growth

• Measured and Indicated Resources (excluding reserves): Increased by 100% or 398,000 ounces. This growth is primarily driven by the Sunbird Underground project, which currently comprises 3.6 million tons averaging 4.34 g/t, containing 52,000 gold ounces. This represents an increase of 288,000 ounces from the end of the previous year.
• Inferred Tonnage: Increased by 30% to 8.8 million tons.
• Inferred Grade and Ounces: Despite an 11% decrease in grade, the net result is a 15% increase to 712,000 ounces. The primary driver for this was growth at Kingfisher, with further contributions from the Sunbird Underground project.

Active Exploration and Upcoming Milestones

Fortuna currently has five drill rigs active at Sigua, focusing on upgrading inferred and indicated resources at the Sunbird Underground project. Key events to monitor include:

• Updated Sunbird Underground project mineral resource by year-end.
• Ordering of long-lead equipment for underground mining.
• Planning and execution of early work activities.
• Advancement of government permitting.

Context and Further Information

This update follows a call with Fortuna CEO Jorge Ginosza after their third-quarter earnings, which is available for those interested in companies offering leverage on the gold price rally. The press release containing detailed tables is linked in the video description.