1Refer to Non -IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statemen ts filed on
NEWS RELEASE
1Refer to Non -IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statemen ts filed on
SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures
2 Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $3,467/oz Au, $39.4/oz Ag, $1,962/t Pb and $2,815/t Zn for Q3
2025; $2,498/oz Au, $29.2/oz Ag, $2,040/t Pb and $2,782/t Zn for Q3 2024; $3,306/oz Au, $33.8/oz Ag, $1,945/t Pb, and $2,640/t Zn for Q2 2025
Fortuna Reports Results for the Third Quarter of 2025
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)
Vancouver, November 5, 202 5: Fortuna Mining Corp . (NYSE: FSM | TSX: FVI) (“Fortuna” or the
“Company”) today reported its financial and operating results for the third quarter of 2025.
(Results from the Company’s San Jose and Yaramoko assets have been excluded from its Q3 2025 continuing results, along with the comparative
figures, due to the classification of the assets as discontinued as at June 30, 2025.)
Jorge A. Ganoza President and CEO of Fortuna, commented, “Fortuna delivered a strong third quarter,
keeping us on track to meet our annual production guidance . Higher gold prices and consistent mine
performance generated $73.4 million in free cash flow from operations—up $16.0 million from Q2.” Mr.
Ganoza continued, “ Cash costs remained below $1,000/oz, and AISC at our mine s is tracking within
guidance. Lindero’s AISC is trending lower, and we expect similar improvements at Séguéla as it completes
key investments to support 2026 production of 160,000 –180,000 ounces.” Mr. Ganoza concluded, “Our
balance sheet continues to strengthen, with nearly $600 million in liquidity and $265.8 million in net cash.
This positions us to fund high-impact growth initiatives, including Diamba Sud, unlocking the full potential
of the Séguéla Mine, and expanding exploration across West Africa and Latin America.”
Third Quarter 2025 Highlights
Cash and Cashflow
• Free cash flow1 from ongoing operations of $73.4 million, and net cash from operating activities
before changes in working capital of $113.9 million or $0.37 per share. The quarter included
$13.6 million in withholding taxes paid related to the repatriation of $118.2 million from
Argentina and Côte d’Ivoire
• Liquidity increased to $588.3 million, and the net cash1 position strengthened to $265.8 million,
from $214.8 million in Q2 2025
• Quarter-end cash balance of $438.3 million, an increase of $51.0 million QoQ
Profitability
• Attributable net income from continuing operations of $ 123.6 million or $0.40 per share, a QoQ
increase of $0.26
• Adjusting for impairment reversals at Lindero, attributable adjusted net income1 from continuing
operations was $51.0 million or $0.17 per share, a QoQ increase of $0.02. Results include the
impact of $0.04 per share from a $6.3 million increase in share -based compensation (“SBC”)
expense, due to the rise in share price, and a $7.4 million FX loss
• Adjusted EBITDA margin 1 was 52%, compared to 56% in Q2 2025. QoQ, excluding the impact of
higher SBC and FX gains/losses, the EBITDA margin improved from 55% to 58%
3 Refer to the table on page 2 6 of this news release for a summary of the key assumptions, operational parameters and economic results and values from the
PEA
Operational
• Gold equivalent production (“GEO”) of 72,462 ounces from continuing operations2
• Consolidated cash cost per GEO 1 from continuing operations of $942, compared to $929 in Q2
2025
• Consolidated AISC per GEO1 from continuing operations of $1,987 compared to $1,932 in Q2 2025.
AISC includes a one-time impact of $80 related to a higher SBC expense
• Year-to-date TRIFR of 0.86 reflects continued strong safety performance; zero lost time injuries in
the quarter
Growth and Business Development
• Completed a Preliminary Economic Assessment (“PEA”) for the Diamba Sud Gold Project,
confirming robust project economics for the development of an open-pit mine and conventional
carbon-in-leach processing plant. Refer to Fortuna news release dated October 15, 2025, “Fortuna
delivers robust PEA for Diamba Sud Gold Project in Senegal: After -tax IRR of 72% and NPV5% of
US$563 million using US$2,750 per ounce”
• Advancing the Diamba Sud project towards a Definitive Feasibility Study and a construction
decision in the first half of 2026
Cautionary Statement: The PEA is preliminary in nature, and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves; as such, there is no certainty that the PEA results will be realized. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.3
Third Quarter 2025 Consolidated Results
Three months ended Nine months ended
September 30,
($ Expressed in millions)
Sept 30, 2025 Sept 30,
2024
June
30,
2025 2025 2024
%
Change
Total production including discontinued operations (GEO) 72,462 110,820
75,950 251,871 339,933 (26%)
Production from continuing operations (GEO) 72,462 73,123
71,229 214,077 216,801 (1%)
Financial Highlights from Continuing Operations
Sales 251.4 181.7 230.4 676.8 482.0 40%
Mine operating income 133.1 64.1 105.0 318.5 164.3 94%
Operating income 154.6 50.8 83.7 294.3 110.4 167%
Net income from continuing operations 128.2 37.4 47.7 214.8 74.0 190%
Attributable net income from continuing operations 123.6 35.5 42.6 201.7 69.8 189%
Attributable earnings per share from continuing operations - basic 0.40 0.11 0.14 0.66 0.23 187%
Adjusted attributable net income from continuing operations1 51.0 32.7 44.7 131.7 57.8 128%
Adjusted attributable net income from continuing operations
earnings per share 0.17 0.10 0.15 0.43 0.19 126%
Adjusted EBITDA1 130.8 96.6 127.7 356.6 236.4 51%
Net cash provided by operating activities - continuing operations 111.3 67.3 92.7 293.0 136.5 115%
Free cash flow from ongoing operations1 73.4 34.0 57.4 197.5 51.5 283%
Cash cost ($/oz GEO)1 942 906 929 915 831 10%
AISC continuing ops($/oz GEO)1,2 1,987 1,638 1,932 1,896 1,558 22%
AISC including discontinued ops($/oz GEO)1,2,3 1,987 1,669 1,899 1,822 1,593 14%
Capital expenditures2
Sustaining 31.2 33.7 31.4 85.2 81.4 5%
Sustaining leases 6.5 2.9 6.0 17.4 10.7 63%
Growth capital 17.4 7.3 15.6 48.4 28.1 72%
Sept 30,
2025
Dec 31,
2024
%
Change
Cash and cash equivalents and short-term investments 438.3 231.3 89%
Net liquidity position (excluding letters of credit) 588.3 381.3 54%
Shareholder's equity attributable to Fortuna shareholders 1,618.9 1,403.9 15%
1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on
SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
2 Capital expenditures are presented on a cash basis
3 Year to date 2025 AISC reflects production and costs for Yaramoko from April 1 to April 14, 2025, being the date that the Company agreed to the assumed
handover of operations to the purchaser. AISC per ounce of gold equivalent sold for the aforementioned period has been estimated at $1,410 which is
comparable to the AISC per ounce of gold equivalent sold at Yaramoko for Q1 2025 of $1,411
Figures may not add due to rounding
Contribution from discontinued operations, the Yaramoko and San Jose mines which were disposed of in the second quarter of 2025, have been
removed where applicable
Fortuna | 4
Third Quarter 2025 Results
Q3 2025 vs Q2 2025
Cash cost per ounce and AISC
Cash cost per GEO sold from continuing operations was $942 in Q3 2025, representing a marginal increase
from the $929 recorded in Q2 2025.
All-in sustaining costs per GEO from continuing operations was $1,987 in Q3 2025 representing a $5 5
increase from the $1,932 recorded in Q2 2025. The rise was primarily driven by a one -time increase of
$80 per GEO in share -based compensation. This expense resulted from the revaluation of cash -settled
share units due to the higher share price during the quarter. The impact was partially offset by higher
ounces sold.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $123.6 million, compared to $42.6
million in Q2 2025. Net income reflects the reversal of an impairment charge of $52.7 million and a
reversal of a previous write -down of $16.7 million o f low-grade stockpiles at Lindero as a result of an
increase in medium and long-term gold price projections
After adjusting for impairment reversals and other non-recurring items, adjusted attributable net income
was $51.0 million or $0.17 per share compared to $44.7 million or $0. 15 per share in Q2 2025. The
increase was explained mainly by higher gold prices and higher gold sales volume, as well as a lower
effective tax rate. The realized gold price in Q3 2025 was $3,467 per ounce compared to $3,307 in Q2
2025. The increase in gold sales volume was due to higher gold production at Lindero. The effective tax
rate in Q3 2025 over adjusted net income was 30% compared to 40% in Q2 2025 due to the timing on
recognition of withholding taxes related to dividend approvals in Côte d’Ivoire. This was partially offset
by a foreign exchange loss of $7.4 million in Q3 compared to a gain of $2.3 million in Q2, and higher stock-
based compensation of $10.8 million in Q3 compared to $4.5 million in Q2 related to the revaluation of
cash-settled units from a higher share price.
Foreign exchange loss
In Q3 2025, the Company recorded a foreign exchange charge of $7.4 million compared to a gain of $2.3
million in Q2 2025. The main driver for this charge was a foreign exchange loss of $5.6 million at our
Argentinean operations related to a 14% devaluation of the peso in the quarter. Year -to-date, the peso
has devalued 32% generating a cumulative loss of $10 million. Over half of this year-to-date loss relates
to cash accumulated in -country in the first half of 2025; however, this loss was fully offset b y interest,
investment, and derivative gains throughout the year. In early Q3 the Company was able to restart the
repatriation of funds from Argentina, allowing us to keep local cash balances at a minimum.
Cash flow
Net cash generated by operations before changes in working capital was $113.9 million or $0.37 per share.
After adjusting for changes in working capital, net cash generated by operations for the quarter was
$111.3 million compared to $92.7 million in Q2 2025 driven by higher sales. Income taxes of $34.7 million
were comparable to the $36.4 million paid in Q2 2025 due to a final installment payment of $15.4 million
at Séguéla as well as $13.6 million in withholding taxes paid for the repatriation of funds fr om Argentina
and Côte d’Ivoire.
Fortuna | 5
Free cash flow from ongoing operations in Q3 2025 was $73.4 million, an increase of $16.0 million over
the $57.4 million reported in Q2 2025 reflecting higher sales and cash from operating activities. Sustaining
capital expenditures for the quarter were $31.2 million, broadly in line with Q2 2025.
In Q3 2025 the Company invested $17.4 million in non -sustaining capital expenditures; primarily
consisting of $9.8 million in mine site exploration, $1.1 million in other mine site projects, and $6.5 million
at the Diamba Sud Gold Project.
Q3 2025 vs Q3 2024
Cash cost per ounce and AISC
Consolidated cash cost per GEO increased to $942 in Q3 2025, representing a $36 increase compared the
$906 recorded in Q3 2024. This increase was mainly due to higher mine stripping ratios at Séguéla and
Lindero, as per the mine plan, and lower gold equivalent ounces at Caylloma due to an increase in the
gold price and the impact on gold equivalent ounces.
All-in sustaining costs per gold equivalent ounce from continuing operations increased to $1,98 7 in Q3
2025 from $1,63 8 in Q3 2024. This increase primarily resulted from the higher cash cost per ounce
discussed above and higher capital leases, higher share-based compensation expense from the impact of
the rise in our share price in Q3 2025, and increased royalties due to t he higher gold price. Additionally,
the previous period also benefited from ($43)/oz related to blue chip swaps in Argentina, compared t o
$nil in Q3 2025.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $123.6 million, or $0.40 per share,
compared to $35.5 million, or $0.11 per share, in Q3 2024. After adjusting for reversals of impairments
and stockpile write-downs of $69.4 million at Lindero and other non-recurring items, adjusted attributable
net income was $51.0 million or $0.17 per share compared to $32.7 million or $0.10 per share in Q3 2024.
The increase was primarily due to higher realized gold prices, which averaged $3,467 per o unce in Q3
2025 compared to $2,498 per ounce in Q3 2024 and higher sales volumes at Séguéla driven by higher
processes ore and grades. This was partially offset by higher stock-based compensation and a $7.4 million
foreign exchange loss (see discussion above) compared to a $1.1 million gain in Q3 2024.
Depreciation and Depletion
Depreciation and depletion increased by $7. 2 million to $5 3.0 million compared to $45. 8 million in the
comparable period of 2024. The increase was primarily due to higher ounces sold at Séguéla and an
increase in the depletion per ounce at Lindero due to added depletion from the leach pad expansion
project and the construction of the solar p lant. Depreciation and depletion in the period included $18.7
million related to the purchase price allocation from the Roxgold acquisition in 2021.
Cash Flow
Net cash generated by operations for the quarter was $111.3 million compared to $67.3 million in Q3
2024. The increase is mainly explained by higher gold prices and higher gold volume sold at Séguéla, and
a lower negative change in working capital in Q3 2025 compared to Q3 2024.
Fortuna | 6
Free cash flow from ongoing operations in Q3 2025 was $73.4 million, compared to $30.4 million reported
in Q3 2024. The increase was mainly due to higher prices and metal sold as discussed above. Sustaining
capital expenditures for the quarter were $31.2 million, mostly consistent with Q3 2024.
Fortuna | 7
Séguéla Mine, Côte d’Ivoire
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Mine Production
Tonnes milled 435,770 418,390 1,308,958 1,131,684
Average tonnes crushed per day 4,737 4,548 4,777 4,115
Gold
Grade (g/t) 3.01 2.69 2.92 2.94
Recovery (%) 91 92 92 93
Production (oz) 38,799 34,998 115,485 102,537
Metal sold (oz) 38,803 33,816 115,386 101,369
Realized price ($/oz) 3,462 2,494 3,222 2,305
Unit Costs
Cash cost ($/oz Au)1 688 655 669 559
All-in sustaining cash cost ($/oz Au)1 1,738 1,176 1,554 1,073
Capital Expenditures ($000's)2
Sustaining 21,355 6,209 48,033 21,100
Sustaining leases 4,270 2,332 12,393 7,034
Growth capital 7,893 4,797 22,638 14,437
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.
2 Capital expenditures are presented on a cash basis
Quarterly Operating and Financial Highlights
During the third quarter of 2025, mine production totaled 272,396 tonnes of ore, averaging 3.66 g/t Au,
and containing an estimated 32,074 ounces of gold from the Antenna, Ancien, and Koula pits. The lower
ore tonnes mined compared to milled tonnes are in line with the mine plan and strategy to reduce surface
stockpiles. A total of 4,433,994 tonnes of waste was moved during the period, resulting in a strip ratio of
16.3:1.
In the third quarter of 2025, Séguéla processed 435,770 tonnes of ore, producing 38,799 ounces of gold,
at an average head grade of 3.01 g/t Au, an 11% and a 12% increase, respectively, compared to the third
quarter of 2024. Higher gold production was the result of higher tonnes processed and higher grades.
Cash cost per gold ounce sold was $688 for the third quarter of 2025 compared to $655 for the third
quarter of 2024. Cash c osts were aligned as higher ounces sold offset an increase in mining costs from
higher stripping requirements in line with the mine plan.
All-in sustaining cash cost per gold ounce sold was $1,738 for the third quarter of 2025 compared to
$1,176 in the same period of the previous year. The increase for the quarter was primarily the result of
higher sustaining capital from capitalized stripping and higher royalties due to higher gold prices and a 2%
increase in the royalty rate effective January 10, 2025.
Fortuna | 8
Lindero Mine, Argentina
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Mine Production
Tonnes placed on the leach pad 1,699,007 1,654,101 5,280,543 4,610,215
Gold
Grade (g/t) 0.60 0.66 0.57 0.62
Production (oz) 24,417 24,345 68,287 70,481
Metal sold (oz) 25,290 26,655 67,433 69,886
Realized price ($/oz) 3,476 2,503 3,246 2,316
Unit Costs
Cash cost ($/oz Au)1 1,117 1,042 1,136 1,047
All-in sustaining cash cost ($/oz Au)1 1,570 1,842 1,738 1,762
Capital Expenditures ($000's)2
Sustaining 7,153 20,678 30,871 46,636
Sustaining leases 1,279 586 2,652 1,771
Growth capital 1,174 219 3,308 568
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news
release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the
calculation of these measures.
2 Capital expenditures are presented on a cash basis.
Quarterly Operating and Financial Highlights
In the third quarter of 2025, a total of 1,699,007 tonnes of ore were placed on the heap leach pad, with
an average gold grade of 0.60 g/t, containing an estimated 32,775 ounces of gold. Ore mined was 1.50
million tonnes, with a stripping ratio of 1.9:1.
Lindero’s gold production for the quarter was 24,417 ounces, comprised of 23,001 ounces in doré bars,
1,325 ounces contained in rich fine carbon and 91 ounces contained in copper precipitate. Gold
production remained comparable to the third quarter of 2024, as the slight increase in tonnes placed on
the leach pad was offset by lower ore mined and lower gold grade in the third quarter of 2025.
The cash cost per ounce of gold for the quarter was $1,117 compared to $1,042 in the same period of
2024. The increase in cash costs was primarily driven by lower ounces sold.
AISC per gold ounce sold during Q3 2025 was $1,570 compared to $1,842 in Q3 2024. Lower AISC was
primarily due to lower sustaining capital expenditures as the leach pad expansion was under construction
in the comparable quarter. The comparable quarter also benefited from $3.2 million of investment gains
from cross border Argentine pesos denominated bond trades compared to $nil in the current quarter.
On September 27, 2025, the primary crusher experienced an unplanned, immediate shutdown. The cause
was determined to be a mechanical failure involving high amperage and overheating of the pitman shaft,
specifically traced to the premature wear of the primary wear parts: the bushings and bearings.
Replacement wear parts have been successfully sourced. Management’s current assessment indicates
that the early failure of the bushings and bearings was likely caused by a misalignment of structural