Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 Outlook
NEWS RELEASE
Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO,
and Issues 2026 Outlook
Vancouver, January 15, 2026 - Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) reports production
results for the fourth quarter and full year 202 5 from its three operating mines in Latin America and
West Africa . In 2025, Fortuna achieved its annual production guidanc e, deliver ing 317,001 gold
equivalent ounces (“GEO”)1. Unless otherwise noted, all dollar amounts in this news release are
expressed in U.S. dollars.
Fourth Quarter 2025 Highlights
• GEO p roduction of 65,130; compared to 72,462 GEO in Q3 202 52 and 75,562 GEO in
Q4 20243,4. The decrease is primarily explained by mechanical downtime of the crushing circuit
at Lindero, which was resolved in December.
Full Year 2025 Highlights
• GEO1 production of 317,001, achieving annual guidance range of 309,000 to 339,000 GEO.
• GEO production from ongoing operations of 279,207 in 2025, compared to 292,169 GEO in
20243,4. The decrease is primarily explained by the impact of rising gold prices affecting the
gold-to-base-metal ratios for Caylloma’s GEO calculation.
• Séguéla delivered record gold production of 152,426 ounces ; 4% above the upper end of
annual guidance.
• Completion of the San Jose Mine sale in April 2025⁵ and the Yaramoko Mine sale in May
2025⁶, streamlining portfolio through the divestiture of short reserve-life assets.
• Total Recordable Injury Frequency Rate (“TRIFR”) of 0.72 compared to 1.36 in 2024.
2026 Outlook Highlights
• In support of achieving Fortuna´s consolidated gold production target of 500,000 ounces, the
Company is advancing two key growth projects in 2026: a construction decision at Diamba
Sud by mid-year, and the delivery of the Séguéla processing plant expansion feasibility-level
study in Q2.
• GEO production from ongoing operations of between 281,000 and 305,0007; representing a
projected increase of between 1% and 9%, respectively, compared to 2025
• Cash cost of between $895 and $1,000 per GEO and all-in sustaining cost (AISC) of between
$1,830 and $1,975 per GEO.
Notes:
1. GEO includes gold, silver, lead, and zinc and are calculated using the following metal prices: $3,453 /oz Au, $40.24/oz Ag, $1,962/t Pb and $2,864/t Zn or the
following ratios: Au:Ag = 1:85.8, Au:Pb = 1:1.76, Au:Zn = 1:1.21.
2. Refer to Fortuna news release dated October 8, 2025, “Fortuna delivers production of 72,462 gold equivalent ounces for the third quarter of 2025.”
3. Refer to Fortuna news release dated January 21, 2025, “Fortuna reports record production of 455,958 Au Eq ounces for 2024 and provides 2025 outlook.”
4. Consolidated production for 2024 excludes divested operations of the San Jose and Yaramoko mines.
5. Refer to Fortuna news release dated April 14, 2025, “Fortuna completes sale of non-core San Jose Mine, Mexico.”
6. Refer to Fortuna news release dated May 13, 2025, “Fortuna Completes Divestiture of Yaramoko Mine and Provides Updated 2025 Production and Cost
Guidance.”
7. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb and $2,750/t Zn or the
following ratios: Au:Ag = 1:83.30, Au:Pb = 1:1.93, Au:Zn = 1:1.36.
8. Non-IFRS Measures. Refer to the Non-IFRS Measures section at the end of this news release and to the Appendix.
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2025 Consolidated GEO Production
Q4 20252 Q3 20252 FY 2025 2025 Guidance (000)1
Ongoing Operations
Séguéla, Côte d’Ivoire 36,942 38,799 152,426 134 – 147
Lindero, Argentina 19,201 24,417 87,489 93 – 105
Caylloma, Peru 8,987 9,246 39,292 44 – 49
Total from ongoing operations 65,130 72,462 279,207 271 – 301
Divested Operation
Yaramoko, Burkina Faso - - 37,794 38
Total from ongoing and divested
operations 65,130 72,462 317,001 309 – 339
Note:
1. GEO includes gold, silver, lead, and zinc and are calculated using the following metal prices $2,500/oz Au, $30.00/oz Ag, $2,100/t Pb and $2,700/t Zn or Au:Ag =
1:83.30, Au:Pb = 1:1.19, Au:Zn = 1:0.93
West Africa Region
Séguéla Mine, Côte d’Ivoire
Delivered record gold production above the upper end of annual guidance.
Q4 2025 Q3 2025 FY 2025 2025 Guidance (000)
Tonnes milled 410,014 435,770 1,718,973 -
Average tpd milled 4,506 4,737 4,709 -
Gold grade (g/t) 3.16 3.01 2.98 -
Gold recovery (%) 92.1 91.4 92.3 -
Gold production (oz)1 36,942 38,799 152,426 134 - 147
Note:
1. Production includes doré only
Mining
Mine production for the fourth quarter of 2025 totaled 340,464 tonnes of ore, averaging 3.71 g/t Au,
and containing an estimated 40,614 ounces of gold from the Antenna, Ancien, and Koula pits. Ore
tonnes mined were lower than tonnes milled during the quarter , in line with the mine plan and the
strategy to reduce surface stockpiles. A total of 3,920,293 tonnes of waste was moved during the
period, resulting in a strip ratio of 11.5:1.
Processing
Séguéla produced 36,942 ounces of gold during the quarter at an average head grade of 3.16 g/t Au.
The 5% decrease in ounces produced is a result of a 6% decrease in tonnes milled, partially offset by
5% higher grade compared to the third quarter of 2025. Lower tonnes milled during the quarter were
primarily due to downtime caused by a failure of the SAG mill motor cooling system in October and
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other planned maintenance activities. Gold recoveries increased modestly during the quarter following
planned maintenance on the carbon-in-leach tanks completed in the third quarter. Several initiatives
are currently underway to further improve gold recovery in 2026.
Project Updates
• The $8.0 million third lift of the tailings storage facility was completed, providing tailings storage
through early 2030 at current throughput rates.
• The $8.5 million decommissioning and construction of three public transmission towers was
completed, enabling the commencement of pre-mining activities at the Sunbird deposit.
• On-site works at the S éguéla 6MW solar power facility commenced and are expected to be
completed with commissioning in the first quarter of 2026.
• Processing plant expansion feasibility study is underway to evaluate options to increase
throughput beyond the current 1.75 Mtpa capacity to between 2.0 and 2.5 Mtpa; targeting over
200,000 ounces of gold per year (refer to Fortuna news release dated December 3, 2025).
Full Year 2025 Production
Séguéla produced a record total of 152,426 ounces of gold in 2025, 4% above the upper end of annual
guidance.
Latin America Region
Lindero Mine, Argentina
Mechanical downtime at primary crusher and HPGR resolved in December ; quarter production
impacted
Q4 2025 Q3 2025 FY 2025 2025 Guidance (000)
Ore placed on pad (t) 1,191,030 1,699,007 6,471,573 -
Gold grade (g/t) 0.63 0.60 0.58 -
Gold production (oz)1 19,201 24,417 87,489 93 - 105
Note:
1. Gold production includes doré, gold in carbon, and gold in copper concentrate
Mining
During the fourth quarter , Lindero mined 1.41 million tonnes of ore, maintaining a low strip ratio of
1.5:1. A total of 1.2 million tonnes of ore were placed on the leach pad at an average head grade of
0.63 g/t Au, containing an estimated 24,040 ounces of gold. Quarter over quarter, the reduced tonnage
of ore placed on the leach pad reflects lower mechanical availability of the crushing system.
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Processing
Lindero produced a total of 19,201 ounces of gold during the quarter, representing a 21% decrease in
production quarter over quarter. As previously disclosed (see Fortuna news release dated November
5, 2025), Lindero experienced unplanned downtime of the primary crusher in late September. The
primary crusher was returned to full service on December 19 , 2025. During the downtime period,
Management implemented several mitigation measures, including the use of a portable jaw crusher
and direct run-of-mine ore screening, which offset the impact of the primary crusher interruption.
On December 8, 2025, the HPGR tertiary crusher experienced abnormal vibration originating from one
of its two cardan shafts, resulting in a twelve-day full stoppage. A spare cardan shaft was installed,
and the HPGR circuit was restarted on December 20, 2025. The production loss associated with the
HPGR repair could not be mitigated. Consequently, gold production for December, and cumulative
production for the fourth quarter , were below Management’s plan, resulting in Lindero not achieving
its annual production guidance.
Following an engineering assessment of the primary crusher and its supporting foundations,
Management has approved a planned 30 -day replacement of the steel foundations starting in
March 2026, at an estimated capital cost of $2.2 million. Mining operations will continue ahead of the
scheduled work, with ore being stockpiled to support uninterrupted stacking on the leach pad during
the foundation replacement period.
Full Year 2025 Production
Lindero produced a total of 87,489 ounces of gold in 2025, 6% below the lower end of annual guidance.
Caylloma Mine, Peru
Strong operational performance; base metal production exceeded the upper end of annual
production guidance.
Q4 2025 Q3 2025 FY 2025 2025 Guidance
Tonnes milled 139,997 140,523 555,649 -
Average tpd milled 1,556 1,561 1,556 -
Silver grade (g/t) 65 63 65 -
Silver recovery (%) 84.64 82.03 83.42 -
Silver production (oz)1 248,882 233,612 966,108 900,000 - 1,000,000
Lead grade (%) 2.95 3.01 3.1 -
Lead recovery (%) 92.60 91.10 91.33 -
Lead production (lbs) 8,443,705 8,492,206 34,696,351 29,000,000 - 32,000,000
Zinc grade (%) 4.32 4.27 4.55 -
Zinc recovery (%) 91.11 90.59 90.99 -
Zinc production (lbs) 12,149,675 11,988,738 50,761,436 45,000,000 - 49,000,000
GEO production (oz) 8,987 9,246 39,292 44,000 - 49,000
Note:
1. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
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The lower GEO production when compared to guidance reflects the significant rise in gold prices
through 2025 resulting in changes to the gold-to-base-metal ratios used in the GEO calculation.
Mining
Mine production for the fourth quarter totaled 134,697 tonnes of ore, with 77% mined from the Animas
vein using the overhand cut and fill method, 20% mined primarily by sublevel stoping from the Cimoide
ASNE vein, and the remaining 3% from the Ramal Carolina vein.
Processing
Caylloma produced 248,882 ounces of silver in the quarter at an average head grade of 65 g/t Ag,
maintaining production levels consistent with the previous quarter.
Zinc and lead production totaled 12.1 million and 8.4 million pounds, respectively, at average head
grades of 4.32 % Zn and 2.95 % Pb. Base metal production remained consistent with the previous
quarter, as mining continued from the same levels and stopes.
Project Update
The power grid enhancement project was successfully completed and commissioned in early
December. As a result, the Caylloma mine is now able to meet 100% of its current and future energy
requirements through the national power grid, which is supplied entirely from renewable sources. This
transition eliminates the need for supplemental diesel-based power generation.
Full Year 2025 Production
Caylloma produced a total of 966,108 ounces of silver, 50.8 million pounds of zinc, and 34.7 million
pounds of lead or 39,292 GEO in 2025.
2026 Outlook
2026 is a key year in the growth of Fortuna, with a budget focused on materializing its Brownfields
projects, with the aim of subsequently achieving the corporate target of producing 500,000 ounces
annually.
Fortuna is allocating approximately $100 million to the advancement of the Diamba Sud Gold Project,
including exploration, with a focus on early works to de-risk the project timeline as the Company moves
toward a construction decision by mid-year. At the Séguéla Mine, a growth budget of approximately
$14 million has been assigned to the development of Sunbird underground infrastructure and mill
expansion studies. In addition, the Company is allocating $55 million towards exploration across its
portfolio.
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Fortuna’s growing financial strength underpins planned investments in project development and
expansion. As of December 31, 2025, it is estimated that the Company had liquidity of $704 million,
and a net cash position of $382 million. The foregoing is preliminary unaudited financial information
and has been prepared by Management and remains subject to final review of the Company’s audit
committee and approval of the Company’s board of directors. Refer to the “Cautionary Statement”
section at the end of this news release.
GEO production for 2026 is guided to be between 281,000 and 305,000 ounces, driven by increased
production at the Séguéla Mine, offset by lower GEO production at the Caylloma Mine due to the effect
of a higher gold price on the gold-to-base-metal conversion used in the GEO calculation.
Consolidated AISC is ex pected to be between $1,830 and $1,975 per ounce , representing a slight
increase compared to 2025. This increase is primarily attributable to higher royalties of approximately
$30 per ounce, assuming a gold price of $3,75 0 for 2026, and the impact of relative metal prices at
Caylloma, estimated at $60 per ounce on a gold equivalent basis. In addition, AISC reflects a higher
cost base at Séguéla, as the prior year benefited from the processing of ore inventory with lower unit
mining costs. These factors are partially offset by lower cash costs at Lindero and higher gold
production at Séguéla.
2026 GEO consolidated production and cost guidance table
Mine Production (000) Cash Cost1,2, 3,5 AISC1,2,3,5
Silver Ag Eq ($/oz Ag Eq) ($/oz Ag Eq)
Caylloma, Peru3 2,400 - 2,700 17.3 - 19.1 31.3 - 35.6
Gold Au ($/oz Au) ($/oz Au)
Lindero, Argentina4 92 - 102 975 - 1,140 1,520 - 1,655
Séguéla, Côte d´Ivoire 160 - 170 735 – 815 1,630 - 1,730
GEO Consolidated Total 281 - 3053 $895 - 1,0006 $1,830 - 1,9756
Notes:
1. Cash Cost and all -in sustaining cost (AISC) are non -IFRS financial measures and are not standardized financial measures under the financial reporting framework
used to prepare the Company’s financial statements. As a result, these measures may not be comparable to similar financial measures disclosed by other issuers.
Refer to the section titled “Non-IFRS Financial Measures” below.
2. Cash cost includes production cash cost and, for the Lindero Mine, is reported net of copper by-product credits. AISC includes sustaining capital expenditures, worker’s
participation (as applicable) , commercial and government royalties , mining taxes, export duties (as applicable), subsidiary general and administrative costs, and
Brownfields exploration expenditures. AISC is estimated using metal prices of $ 3,750/oz Au, $45.00/oz Ag, $1,940/t Pb, and $2,750/t Zn. AISC excludes government
mining royalty recognized as income tax within the scope of IAS-12. The guidance assumes an exchange rate of $0.83/EUR.
3. Gold and silver equivalent is calculated using metal prices of $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb and $2,750/t Zn.
4. Cost guidance for the Lindero Mine does not consider potential changes by the Argentine government to national macroeconomic policies, the taxation system , or
import and export duties which, if implemented, may have a material impact on costs. The guidance assumes an annual inflation rate for Argentina of 22% and an
annual devaluation of 13%.
5. Historical non-IFRS measure cost comparatives: The following table provides historical cash costs and historical AISC for the Caylloma, Lindero and Séguéla mines
for the year ended December 31, 2024, as set below:
(a) Cash cost and AISC are non-IFRS financial measures; refer to section titled “Non-IFRS Financial Measures” below.
(b) Silver equivalent was calculated using metal prices of $2,233/oz Au, $27.88/oz Ag, $2,072/t Pb and $2,786/t Zn for the year ended December 31, 2024.
(c) Further details on cash cost and AISC for the year ended December 31, 2024 are disclosed on pages 32 and 36 (with respect to cash cost) and pages 34 and
38 (with respect to AISC) of the Company’s management discussion and analysis (“MD&A”) for the year ended December 31, 2024 dated as of March 5, 2025
(“2024 MD&A”) which is available under Fortuna's SEDAR+ profile at www.sedarplus.ca and is incorporated by reference into this news release, and the note
under “Non-IFRS Financial Measures” below.
6. Refer to Appendix.
Mine Cash Costa,b,c AISCa,b,c
Silver ($/oz Ag Eq) ($/oz Ag Eq)
Caylloma, Peru 14.12 21.72
Gold ($/oz Au) ($/oz Au)
Lindero, Argentina 1,051 1,793
Séguéla, Côte d’Ivoire 584 1,153
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2026 Asset Outlook
Diamba Sud Gold Project, Senegal
Advancing early works toward a mid-2026 construction decision
Supported by robust PEA economics (refer to Fortuna news release dated October 15, 2025), Fortuna
is advancing the Diamba Sud Gold Project toward a mid -2026 final investment decision (“FID”).
Current progress includes the commencement of construction of the new accommodation camp and
critical ancillary infrastructure, along with ongoing engineering and procurement activities.
Key milestones include:
• Q1 2026: Secure environmental and social impact assessment (“ESIA”) approval.
• Q2 2026: Complete the feasibility study.
• June 2026: Receive the exploitation permit and make a FID.
To support continued project advancement , Fortuna has allocated $69 million in pre -FID capital ,
comprising $2.5 million for the completion of the feasibility study and $67 million for early works. This
investment targets de-risking critical-path activities, including:
• Front-End Engineering Design (“FEED”) for the processing plant.
• Procurement of long-lead items, including the SAG mill and HFO generators for the power
station.
• Commencement of Ministry-approved construction activities, with a focus on critical ancillary
infrastructure, environmental protection, and site security.
In addition to project-level investment, Fortuna expects to incur approximately $28 million to advance
ongoing exploration activities and enhance operational readiness, including:
• $8.8 million for mineral exploration
• $8.2 million for G&A
• $5.7 million of corporate services
• $5.0 million for safety, social, and environmental programs
Séguéla Mine, Côte d’Ivoire
Exploration success leads to production expansion opportunities
Séguéla’s mine plan for 2026 considers mining from the Antenna, Ancien, Koula, and Sunbird pits,
with planned processing of 1.75 million tonnes of ore at an average grade of 3.2 g/t Au. C apital
investments are estimated at $90.2 million, including $61.7 million for sustaining capital expenditures,
$14.5 million for growth CapEx, and $14.0 million for Brownfields exploration programs.
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Major sustaining capital investments include:
Capitalized stripping $51.0 million
Miscellaneous Infrastructure $8.6 million
Major growth capital investments include:
Sunbird Underground mine portal $7.5 million
Sunbird Underground Infrastructure
and permitting - Power extension,
transformer, civil works, and
primary fans
$3.4 million
Cash cost and AISC:
Cash cost is expected to be between $735 and $815 per ounce of gold , representing an increase
compared to 2025. The increase is primarily driven by inventory accounting, as the prior year benefited
from processing low-cost stockpiles, and by a higher proportion of stripping costs remaining in OpEx
rather than being capitalized. This is partially offset by higher grades.
AISC is expected to be between $1,630 and $1,730 per ounce of gold, reflecting the higher cash cost
relative to 2025 and the impact of higher royalties of approximately $30 per ounce, assuming a gold
price of $3,750 for 2026.
2026 guidance compared to 2026 outlook provided in 2025:
Gold production for 2026 is in line with the 2026 outlook provided in 2025 (refer to Fortuna news
release dated May 13, 2025). The guidance range has been refined to between 160,000 and 170,000
ounces, reflecting a narrower range with no change to the lower end of the outlook.
Cash cost for 2026 is expected to be higher than the 2026 outlook provided in 2025, primarily due to
the impact of 5% higher mining costs and 15% higher processing costs.
AISC guidance for 2026 is expected to be approximately $350 per ounce higher than the outlook
provided in 2025, driven mainly by increased royalties, reflecting an estimated $150 per ounce impact
associated with the gold price assumption , higher operating costs , including waste striping of
approximately $130 per ounce, and higher capital expenditures and genset leases of approximately
$55 per ounce.