FVI.TO · 2026-07-29 12:00:00

Fortuna Approves 30% Capacity Expansion of the Séguéla Gold Mine in Côte d’Ivoire

Corporate Updates

NEWS RELEASE

Fortuna Approves 30% Capacity Expansion of the Séguéla Gold

Mine in Côte d’Ivoire

Vancouver, British Columbia, July 29, 2026: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is

pleased to announce that it has approved the expansion of its Séguéla Gold Mine in Côte d’Ivoire.

The project includes an expansion of the Séguéla processing facility, upgrades to supporting

infrastructure, and development of the Sunbird underground mine. Together, these investments are

expected to increase throughput, improve gold recoveries, accelera te production from Séguéla’s

growing resource base, and reinforce the mine’s position as a cornerstone asset in Fortuna’s portfolio.

Expansion Highlights

• 30% increase in processing capacity, from 1.75 Mtpa to 2.3 Mtpa, with average gold recovery

expected to reach 94.5%

• Expected to support average annual gold production at Séguéla of more than 200,000 ounces

over the next decade

• Higher recoveries and accelerated gold production are expected to enhance cash flow

generation and deliver attractive project returns, with a projected payback period of

approximately 2.5 years

• Estimated construction capital of $109 million, to be funded from operating cash flow and

supported by the Company’s strong liquidity of approximately $800 million as of the end of

Q1 2026

Jorge A. Ganoza, President and CEO, commented, “Séguéla has consistently exceeded expectations

since entering production in mid -2023 and continues to demonstrate strong growth potential. This

expansion represents the logical next step in unlocking additional value from the asset by increasing

processing capacity, integrating underground production, and enhancing operating flexibility. The

project supports our strategy of disciplined reinvestment in high -quality assets and, along with the

feasibility stage Diamba Sud project in Senegal, advances Fortuna’ s objective of increasing

consolidated annual gold rate of production toward 500,000 ounces by 2028.”

Project Overview

The Séguéla expansion is designed to increase processing capacity, improve gold recoveries, and

support a higher long -term production profile by integrating the Sunbird underground mine with

targeted upgrades to the processing plant and supporting infrastr ucture, including expanded camp

facilities and enhancements to the power and water supply systems. Together, these investments are

expected to enhance operational flexibility, strengthen cash flow generation, and provide a scalable

platform for future growth at Séguéla.

The processing plant expansion will increase throughput from 1.75 Mtpa to approximately 2.3 Mtpa by

leveraging existing infrastructure while adding capacity in key areas of the plant. This design is

-2-

expected to optimize capital efficiency, reduce execution complexity, minimize disruption to ongoing

operations during construction and tie -ins, and maintain operational flexibility while supporting future

production growth.

Key elements of the processing plant expansion include:

• Comminution upgrades: Retention of the existing crushing circuit and conversion of the

milling circuit from a single-stage SAG configuration to a SAG and ball mill circuit, increasing

throughput while maintaining the target grind size.

• Gravity and leaching enhancements: Installation of a new gravity circuit, intensive leach

reactor, pre-leach thickener, and second carbon -in-leach train to increase leaching capacity

and support average gold recoveries of approximately 94.5%.

• Supporting infrastructure upgrades: Enhancements to reagent handling and storage,

oxygen supply, process water, plant air, and tailings pumping systems to support the

expanded processing rate.

Execution Timeline

Fortuna plans to advance the Séguéla expansion through a phased execution plan designed to

minimize disruption to ongoing operations.

Key milestones include:

• H2 2026: Expected commencement of construction activities, including site preparation, camp

expansion, procurement of long-lead items, and advancement of EPCM activities.

• Q2 2027: Expected commencement of underground mining at the Sunbird deposit.

• H2 2028: Targeted ramp-up to the expanded processing plant throughput of approximately

2.3 Mtpa.

Qualified Person

Raul Espinoza, Director of Technical Services for Fortuna Mining Corp., is a Fellow and Chartered

Professional of the Australasian Institute of Mining and Metallurgy (FAusIMM CP) and a Qualified

Person as defined by National Instrument 43 -101, Standards of Disclosure for Mineral Projects.

Mr. Espinoza has reviewed and approved the scientific and technical information contained in this

news release and has verified the underlying data.

-3-

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:

-4-

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 may include, without limitation, the Company’s expectations rega rding the expansion of the

Séguéla processing plant capacity, including improving gold recoveries, projected payback period,

average annual gold production, and estimated construction capital; statements regarding key

milestones of the Séguéla expansion, including expected commencement of underground mining at

the Sunbird deposit; the Company’s objective of increasing c onsolidated annual gold rate production

toward 500,000 ounces by 2028; the Company’s proposed exploration plans and objectives;

statements about the Company’s business strategies, plans and outlook; the Company’s plans for its

mines and mineral properties; changes in general economic conditions and financial markets; the

impact of inflationary pressures on the Company’s business and operations; the future results of

exploration activities; the merit of the Company’s 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 Competition 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, and Israeli – Hamas 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 associated with losing control of public p erception 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

-5-

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 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 and 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 sy stems, 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 Decemb er 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 grade, 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 hereof 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 Statem ents 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.

← Back to feed