Fortuna acquires highly prospective Bambadji Project in Senegal from Barrick and IAMGOLD
NEWS RELEASE
Fortuna acquires highly prospective Bambadji Project in Senegal
from Barrick and IAMGOLD
Vancouver, British Columbia, August 10, 2026: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is
pleased to announce the acquisition of the 190 km² Bambadji advanced gold exploration project in
Senegal, through the purchase of certain Senegalese subsidiaries held by Barrick Mining Corporation
and IAMGOLD Corporation. Located adjacent to Fortuna’s feasibility-stage Diamba Sud Gold Project,
Bambadji consolidates approximately 60 kilometers of prospective strike along the Senegal-Mali Shear
Zone, a Tier-1 gold corridor hosting several world-class mines.
Jorge A. Ganoza, President and CEO, commented, “Bambadji represents a rare opportunity to
consolidate a large -scale, highly prospective exploration land package immediately adjacent to our
feasibility-stage Diamba Sud Gold Project.” Mr. Ganoza continued, “The US$200 million consideration
paid for the project reflects multiple prime drill -defined targets, the scale of the land package, the
extensive historical exploration dataset, and the potential to materially expand Diamba Sud in one of
the most prospective gold districts in West Africa, where quality ground is difficult to assemble.”
Barrick/IAMGOLD drill highlights include:
Prospect Drill Hole Intercept
Kabewest KBWDH006 2.12 g/t Au over a width of 52.9 meters from 88.8 meters
KBWRC075 2.34 g/t Au over a width of 45.0 meters from 5.0 meters
Fatima FARC001 2.44 g/t Au over a width of 24.0 meters from 52.0 meters
FARC012 3.12 g/t Au over a width of 24.0 meters from 113.0 meters
Djenebou DJRC013 14.63 g/t Au over a width of 5.0 meters from 111.0 meters
KLRC004 8.55 g/t Au over a width of 15.0 meters from 17.0 meters
Wari WARC004 4.05 g/t Au over a width of 9.0 meters from 28.0 meters
BARC-2063 1.60 g/t Au over a width of 20.0 meters from 0.0 meters
Latifa KBRC-0045 3.62 g/t Au over a width of 20.0 meters from 87.0 meters
KBRC-0067 2.59 g/t Au over a width of 25.0 meters from 74.0 meters
Kach KCRC007
KCRC008
4.08 g/t Au over a width of 12.0 meters from 48.0 meters
15.22 g/t Au over a width of 7.0 meters from 29.0 meters
Kabetea KBTRC009
KBTRC011
3.76 g/t Au over a width of 47 meters from 55.0 meters
4.08 g/t Au over a width of 32 meters from 55.0 meters
Bagata Corridor BARC-2105 9.28 g/t Au over a width of 18.0 meters from 66.0 meters
BARC-2159 3.57 g/t Au over a width of 46.0 meters from 56.0 meters
Gefa Corridor BARC-2148 1.83 g/t Au over a width of 52.0 meters from 0.0 meters
GFRC031 14.07 g/t Au over a width of 8.0 meters from 41.0 meters
Note: All drill intervals are reported as downhole intervals. Mineralized structures/hosts are generally
steep dipping between 70 to 85 degrees . Refer to Appendix 1 for full details of Barrick/IAMGOLD
reverse circulation and diamond drill holes and assay results.
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Bambadji Project Location
The Bambadji Project is contiguous with the eastern margin of Fortuna’s Diamba Sud Gold Project
(refer to Figure 1) , which hosts Mineral Reserves containing 1.15 million ounces of gold with a final
investment decision anticipated shortly. Bambadji comprises two properties covering approximately
190 km² and extending over approximately 60 kilometers of prospective strike, with established
secondary roads providing direct access from Diamba Sud.
Figure 1: Property Location Map
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Geology and Mineralization
The acquisition includes an extensive, high -quality exploration dataset comprising geochemical,
geophysical, and lithological information, together with approximately 214,000 meters of historical
auger, reverse circulation, and diamond drilling.
Historic drilling and fieldwork have identified several styles of gold mineralization across Bambadji,
including analogues to the Diamba Sud breccia -style mineralization, Yalea sericite-albitite style, and
the high-tourmaline Gara style. Across the project, at least eight significant drill-defined prospects have
been identified, together with several highly prospective mineralized trends that remain open along
strike and at depth. Historical drilling has generally been shallow and widely spaced, with several multi-
kilometer gaps along these anomalous gold trends, providing clear targets for Fortuna’s initial
exploration program.
2026 Exploration Program
Fortuna has approved an initial US$8 million exploration budget for Bambadji for the rem ainder of
2026, comprising 51,000 meters of reverse circulation and diamond drilling. Drilling is expected to
commence in the third quarter.
The program is designed to improve confidence and definition across several advanced drill-defined
targets located within a 20-kilometer radius of the proposed Diamba Sud plant site (refer to Figure 1).
Eight priority targets have been identified for initial drilling, while generative exploration will continue in
parallel to advance additional targets along the project’s highly prospective mineralized trends.
Transaction Terms
Pursuant to the terms of the definitive transaction agreements dated August 10, 2026 entered into
between Fortuna and certain subsidiaries of Barrick and IAMGOLD (collectively, the “Sellers”) , in
consideration of the acquisition of the Bambadji Project, Fortuna paid US$200 million in cash from its
treasury (US$130.35 million to a subsidiary of Barrick, and US$ 69.65 million to a subsidiary of
IAMGOLD).
In addition, Fortuna has granted to the Sellers, a 0.5 percent net smelter return royalty on the first 1.75
million ounces of gold produced from the Bambadji Nord property (0.325 percent to a subsidiary of
Barrick, and 0.175 percent to a subsidiary of IAMGOLD.
TD Securities acted as sole financial advisor to Fortuna with respect of the acquisition.
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Quality Assurance & Quality Control (QA - QC)
The drill database extends back to 1993 with IAMGOLD, Anmercosa Exploration (a subsidiary of Anglo
American Ltd) , Ashanti Goldfields and Barrick ( formerly Randgold) variously managing exploration
across that period. The majority of drilling has been conducted since 2007 by Barrick (Randgold).
Industry standard practices were used throughout, reflecting the protocols of the day , however, not all
can be verified.
Reverse circulation (RC) drilling used a 5.25 -inch face sampling pneumatic hammer with samples
collected into 60 -liter plastic bags. Samples were kept dry by maintaining enough air pressure to
exclude groundwater inflow. Once collected, RC samples were riffle split through a three-tier splitter to
yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual
87.5 percent samples were stored at the drill site until assay results were received and validated.
Coarse reject samples for all mineralized samples corresponding to significant intervals were retained
and stored on-site at the company-controlled core yard, however not all samples have been retained
due to age degradation.
Diamond drilling (DD) drill holes generally started with HQ sized diameter, before reducing to NQ
diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling
using standard lengths of one meter or to a geological boundary. Samples were then cut into equal
halves using a diamond saw. One -half of the core was left in the original core box and stored in a
secure location at the company core yard at the project site. The other half was sampled, catalogued,
and placed into sealed bags and securely stored at the site until shipment.
Since 2016, RC and DD samples were transported by company vehicle or commercial courier to SGS
Laboratories in Mali (Bamako) or ALS Kedougou /Ouagadougou. Routine gold analysis using a 50 -
gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality
control procedures are noted as including the systematic insertion of blanks, duplicates and sample
standards into the sample stream. In addition, the SGS laboratories insert their own quality control
samples.
Qualified Person
Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as
defined by National Instrument 43 -101 being a member of the Australian Institute of Geoscientists
(Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information
contained in this news release. Mr. Weedon has verified the data disclosed including sampling,
analytical, and test data underlying the information or opinions contained herein by reviewing the
methodologies described for sampling and analytical testing , assessing the results of QA – QC
programs, validating the geochemical and geological databases and reviewing diamond drill core. The
verification process identified that QA – QC data supporting some of the earlier historical drill results
is more limited in nature with additional validation work including reassaying of samples and drilling of
twin holes to be planned in future work programs for confirmation purposes.
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About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and
a portfolio of exploration projects in Argentina, Côte d’Ivoire, Guinea, Guyana, and Peru, as well as the
Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder
relationships. We produce gold and silver while creating long -term shared value through efficient
production, environmental stewardship, and social responsibility. For more information, please visit our
website at www.fortunamining.com
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | [email protected] | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok
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Forward looking Statements
This news release contains forward-looking statements which constitute “forward-looking information”
within the meaning of applicable Canadian securities legislation and “forward -looking statements”
within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of
1995 (collectively, “Forward -looking Statements”). All statements included herein, other than
statements of historical fact, are Forward-looking Statements and are subject to a variety of known and
unknown risks and uncertainties which could cause actual events or results to differ materially from
those reflected in the Forward -looking Statements. The Forward -looking Statements in this news
release include, without limitation, statements regarding the anticipated benefits of the Acquisition;
timing of the final investment decision of Fortuna’s Diamba Sud Gold Project; the 2026 exploration
program for Bambadji; the Mineral Resource estimates at Diamba Sud; the Company’s proposed
exploration plans and timelines at Diamba Sud; potential for future resource growth at Diamba Sud;
the Company’s business strategies, plans and outlook; the Company’s plans for its mines and mineral
properties; and the future financial or operating performance of the Company. Often, but not always,
these Forward -looking Statements can be identified by the use of words such as “estimated”,
“potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “used”, “detailed”, “has been”, “gain”,
“planned”, “reflecting”, “will”, “anticipated”, “estimated”, “containing”, “remaining”, “to be”, or statements
that events, “could” or “should” occur or be achieved and similar expressions, including negative
variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance, or achievements of the Company to be materially different
from any results, performance or achievements expressed o r implied by the Forward -looking
Statements. Such uncertainties and factors include, among others, operational risks associated with
mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve
estimates; uncertainty relating to capital and operating costs, production schedules and economic
returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks related to the
conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exp loration and
project development; uncertainty relating to the repatriation of funds as a result of currency controls;
environmental matters including obtaining or renewing environmental permits and potential liability
claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the
protection of the environment (including greenhouse gas emission reduction and other decarbonization
requirements and the uncertainty surrounding the interpretation of omnibus Bill C -59 and the related
amendments to the C ompetition Act (Canada); risks associated with political instability and changes
to the regulations governing the Company’s business operations; changes in national and local
government legislation, taxation, controls, regulations and political or economic developments in
countries in which the Company does or may carry on business; risks associated with war, hostilities
or other conflicts, such as the Ukrainian – Russian, Israeli – Hamas and Iran – Israel and United States
conflicts, and the impacts they may have on global economic activity; risks relating to the termination
of the Company’s mining concessions in certain circumstances; developing and maintaining
relationships with local communities and stakeholders; risks a ssociated with losing control of public
perception as a result of social media and other web -based applications; potential opposition to the
Company’s exploration, development and operational activities; risks related to the Company’s ability
to obtain adequate financing for planned exploration and development activities; property title matters;
risks related to the ability to retain or extend title to the Company’s mineral properties; risks relating to
the integration of businesses and assets acquired by the Company; impairments; risks associated with
climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational
safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to
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general economic conditions; risks relating to a global pandemic, which could impact the Company’s
business, operations, financial condition and share price; competition; fluctuations in metal prices; risks
associated with entering into commodity forward a nd option contracts for base metals production;
fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related
to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency
of monies allotted by the Company for land reclamation; risks associated with dependence upon
information technology systems, which are subject to disruption, damage, failure and risks with
implementation and integration; labor relations issues; as well as those factors discussed under “Risk
Factors” in the Company's Annual Information Form for the fiscal year ended December 31, 2025.
Although the Company has attempted to identify important factors that could cause actual actions,
events, or results to differ materially from those described in Forward -looking Statements, there may
be other factors that cause actions, events or results to differ from those anticipated, estimated or
intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and
opinions of management, including, but not limited to, the accuracy of the Company’s current Mineral
Resource and Mineral Reserve estimates; that the Compan y’s activities will be conducted in
accordance with the Company’s public statements and stated goals; that there will be no material
adverse change affecting the Company, its properties or its production estimates (which assume
accuracy of projected ore gr ade, mining rates, recovery timing, and recovery rate estimates and may
be impacted by unscheduled maintenance, labor and contractor availability and other operating or
technical difficulties); the duration and effect of global and local inflation; the dur ation and impacts of
geo-political uncertainties on the Company’s production, workforce, business, operations and financial
condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required
approvals and permits wil l be obtained for the Company’s business and operations on acceptable
terms; that there will be no significant disruptions affecting the Company's operations and such other
assumptions as set out herein. Forward -looking Statements are made as of the date h ereof and the
Company disclaims any obligation to update any Forward -looking Statements, whether as a result of
new information, future events, or results or otherwise, except as required by law. There can be no
assurance that these Forward-looking Statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, investors should
not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Mineral Resources and Mineral Reserves
Technical disclosure regarding the Company’s properties included herein has been prepared in
accordance with National Instrument 43 -101, Standards of Disclosure for Mineral Projects ("NI 43 -
101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral
Resources and Mineral Reserves. Canadian standards, including NI 43 -101, differ from the
requirements of the Securities and Exchange Commission, and information included herein may not
be comparable to similar information disclosed by U.S. companies.
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Appendix 1: Bambadji Project historic drill program details of the drill holes and assay results of significance
HoleID Easting
(WGS84_29N)
Northing
(WGS84_29N) Elevation EOH1
Depth
UTM
Azimuth Dip Depth
From (m)
Depth To
(m)
Drilled
Width (m) Au (ppm) Hole
Type3 Area
BADRC002 237979 1417499 121 138 90 -50 0 6 6 2.73 RC Bandia
BARC-2150 238137 1418018 113 80 90 -60 74 80 6 1.38 RC Bandia
BADD-2027 237723 1417745 115 166 124 -45 40 46 6 0.93 DD Bandiasse
BADD-2040 237623 1417738 115 150 101 -59 25 29 4 1.85 DD Bandiasse
BARC-2084 237713 1417689 113 70 90 -50 8 52 44 3.16 RC Bandiasse
including 40 42 2 11.61 RC Bandiasse
BARC-2085 237684 1417713 113 80 90 -50 20 26 6 1.08 RC Bandiasse
38 70 32 2.70 RC Bandiasse
BARC-2091 237712 1417743 116 70 0 -90 6 18 12 1.84 RC Bandiasse
22 36 14 1.46 RC Bandiasse
42 52 10 0.67 RC Bandiasse
BARC-2092 237702 1417743 116 75 0 -90 6 30 24 1.49 RC Bandiasse
48 72 24 1.09 RC Bandiasse
BARC-2093 237692 1417743 116 56 0 -90 20 36 16 1.06 RC Bandiasse
BARC-2094 237682 1417743 115 56 0 -90 36 48 12 1.03 RC Bandiasse
BARC-2096 237703 1417638 113 55 0 -90 40 44 4 3.78 RC Bandiasse
BARC-2101 237722 1417743 115 56 0 -90 18 54 36 1.84 RC Bandiasse
BARC-2152 237703 1417743 116 80 90 -60 4 16 12 1.57 RC Bandiasse
20 54 34 1.72 RC Bandiasse
66 72 6 1.13 RC Bandiasse
BARC-2153 237671 1417768 114 82 90 -60 36 40 4 2.22 RC Bandiasse
64 82 18 0.75 RC Bandiasse
BARC-2154 237706 1417768 113 81 90 -60 4 6 2 4.22 RC Bandiasse
BARC-2155 237631 1417768 115 81 90 -60 72 76 4 1.77 RC Bandiasse
BQWRC010 237669 1417400 118 100 90 -50 27 29 2 4.22 RC Bandiasse
BQWRC012 237780 1417965 116 100 90 -50 46 53 7 1.07 RC Bandiasse
BQERC016 238459 1418823 115 56 90 -50 22 31 9 0.64 RC Baqata East
BADD-2030 237902 1418567 124 180.5 90 -50 94 104 10 2.28 DD Baqata Main
BADD-2031 238017 1418567 127 152 90 -60 10 16 6 1.95 DD Baqata Main
26 44 18 2.15 DD Baqata Main
120 128 8 8.78 DD Baqata Main
including 124 126 2 24.40 DD Baqata Main
BADD-2032 238047 1418567 123.33 169 90 -50 0 10 10 5.62 DD Baqata Main