Gold Mining Update: Fortuna Releases New Drill Results At Diamba Sud Ahead Of Construction Decision

Key Concepts

• Deion Gold Project: Fortuna Mining's gold project, for which a Preliminary Economic Assessment (PEA) has been delivered.
• Preliminary Economic Assessment (PEA): An early-stage study that outlines the potential economic viability of a mining project.
• Mineral Reserves vs. Mineral Resources: Mineral reserves are economically mineable quantities of ore, while mineral resources are more speculative and require further confirmation.
• Infill Drilling: Drilling to confirm mineralization within an already identified area.
• Extension/Expansion Drilling: Drilling to discover new mineralization in areas adjacent to or beyond known deposits.
• Reverse Circulation (RC) Diamond Drill Holes: A type of drilling that uses a combination of techniques to extract rock samples.
• Net Present Value (NPV): A measure of the profitability of an investment, considering the time value of money.
• Internal Rate of Return (IRR): The discount rate at which the NPV of an investment equals zero, indicating its profitability.
• Southern Arc: A specific area within the Deion gold project that is showing strong drilling results.

Fortuna Mining: Deion Gold Project Drill Results and PEA Update

This video provides an update on Fortuna Mining's Deion gold project, focusing on recent drill results and their implications for the project's development timeline. The company is working towards a construction decision by the end of the second quarter of 2026, following the delivery of a Preliminary Economic Assessment (PEA).

Drill Results Highlights

Recent drill results from the Deion gold project, particularly from the Southern Arc area, have been encouraging. Key findings include:

• High-grade intersection: 6.8 grams per ton (g/t) of gold over an estimated true width of 35.5 meters. This was a significant result not highlighted in the initial press release headline.
• Other notable intersections:
  • 1.7 g/t gold over 29.6 meters.
  • 2 g/t gold over 20 meters.
  • Even higher grades were reported in other holes, such as 24 g/t gold over 8 meters, 8.8 g/t gold over a true width of 14.4 meters, 8 g/t gold over a true width of 11 meters, and 12.2 g/t gold over a true width of 5.8 meters.
• Total drilling effort: 63 Reverse Circulation (RC) diamond drill holes were completed, totaling 9,619 meters.

PEA and Resource Conversion

The PEA for the Deion gold project outlines a potential after-tax Net Present Value (NPV) of $563 million and an Internal Rate of Return (IRR) of 72%, based on a gold price of $1,750 per ounce. The company's current focus is on converting inferred mineral resources into mineral reserves.

• Inferred Resources: These are considered speculative geologically and require further economic evaluation to be categorized as mineral reserves.
• Mineral Reserves: These are economically mineable quantities of ore that have been confirmed through detailed studies.
• Paul Weeden, Senior Vice President of Exploration, stated: "The Southern Arc continues to deliver strong results with high-grade intersections from both infill and extension drilling."

Drilling Strategy and Project Potential

Fortuna Mining is employing both infill and extension drilling strategies:

• Infill Drilling: This is conducted to confirm mineralization within established areas, providing greater certainty about the quantity and grade of the deposit.
• Extension/Expansion Drilling: This aims to discover new mineralization in areas adjacent to or beyond the current known deposit.

The drilling to the southwest of the current optimized pit shell is successfully expanding mineralization, returning broad and consistent intervals. Importantly, the drilling has only tested the deposit down to approximately 150 meters below the surface, indicating significant potential for continued resource growth at depth and to the southeast.

Supporting Information and Management Commentary

• Links to the news release regarding the PEA and the recent press release detailing the drill results are provided in the video description.
• A link to the technical report for the PEA, filed two weeks prior, is also available.
• A previous interview with Jorge Gonoza, CEO of Fortuna, is referenced, where he discussed his thoughts on the project, key hurdles for success, and factors influencing the construction decision.

Conclusion

The latest drill results from Fortuna Mining's Deion gold project, particularly from the Southern Arc, are highly encouraging and reinforce the project's strong potential for continued resource growth. The successful conversion of inferred resources to mineral reserves, supported by robust infill and extension drilling, is a critical step towards the company's goal of a construction decision by mid-2026. The project's economic projections, as outlined in the PEA, are substantial, and the ongoing exploration at depth suggests further upside potential.