Fortuna Awards the Séguéla Mine Plant Expansion Study , Côte d’Ivoire
NEWS RELEASE
Fortuna Awards the Séguéla Mine Plant Expansion Study ,
Côte d’Ivoire
Vancouver, December 3, 2025 - Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to
announce that Lycopodium Minerals Canada Ltd . has been selected to undertake Séguéla’s
Processing Plant Expansion Options Study (the “Study”), supporting Fortuna´s next phase of growth
in Côte d’Ivoire.
Key Highlights
• The Company recently reported:
o Fortuna Expands Mineral Reserves and Mineral Resources for the Séguéla Mine,
Côte d’Ivoire.
o Reserve life of mine extended to 7.5 years.
o Completion of the underground mining study, supporting the potential conversion of
up to 3.6 Mt averaging 4.34 g/t containing 502,000 gold ounces of Sunbird Indicated
Mineral Resources into Mineral Reserves, is expected in December 2025.
• Assessment of expansion options aimed at increasing processing plant throughput by
15 to 40 percent.
• Completion of the plant expansion feasibility study planned for the second quarter of 2026.
Jorge A. Ganoza, President and CEO, commented, “Initiating the Séguéla plant expansion study is a
key step in unlocking the next phase of growth for the mine and fully capturing the opportunities created
by our exploration success .” Mr. Ganoza continued, “ Awarding the study to Lycopodium reflects our
confidence in their deep understanding of Séguéla and their ability to deliver practical, innovative
solutions.” Mr. Ganoza concluded, “Together with continued progress at our Diamba Sud Gold Project
in Senegal , this work advances Fortuna toward our objective of achieving approximately 500,000
ounces of annual gold equivalent production within the next three years.”
Processing Plant Expansion Options Study
The Study will evaluate practical and cost -effective solutions to increase Séguéla’s processing plant
throughput beyond its current 1.75 Mtpa capacity to between 2.0 and 2.5 Mtpa, while optimizing
metallurgical performance to unlock its full production potential, targeting more than 200,000 ounces
of gold per year. This growth initiative supports Fortuna’s strategic objective to maximize value from
the Séguéla Mine and to accommodate resource growth, including the potential future inclusion of
underground mineralization from the Sunbird deposit into the mine plan.
Lycopodium brings unparalleled expertise to this project, having designed, built, and commissioned
Séguéla’s processing plant. Their proven execution track record in West African gold projects and their
robust technical approach ensure a comprehensive assessment of expansion scenarios, including
capital and operating cost estimates, risk analysis, and implementation planning.
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The Study is scheduled to commence immediately, with completion targeted within the second quarter
of 2026. Fortuna looks forward to working closely with Lycopodium to advance this important organic
growth initiative.
Qualified Person
Raul Espinoza, Director of Technical Services, is a Fellow of the Australasian Institute of Mining and
Metallurgy and is registered as a Chartered Professional in Mining - FAusIMM (CP) with Membership
Registration # 309581 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.
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, Mexico, 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
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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 may include, without limitation, the Company’s expectations regar ding the expansion of
processing plant capacity and a potential increase in annual gold production at Séguéla; statements
regarding projected resource growth, including the potential future inclusion of underground
mineralization for the Sunbird deposit in to the mine plan ; the Co mpany’s expectations regarding its
estimated annual gold equivalent production growth objective; the expected timeline for completion of
the Study; the life of mine estimate for the Séguéla Mine; statements regarding the potential conversion
of Indicated Mineral Resources into Mineral Reserves at Sunbird and the expected timing thereof;
Mineral Resource and Mineral Reserve estimates; 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 impa ct of inflationar y pressures on the Company’s business and operations; the future
results of exploration activities; expectations with respect to metal grade estimates and the impact of
any variations relative to metals grades experienced; assumed and future metal prices; 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
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communities and stakeholders; risks associated 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 t o 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 o f
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 proceedi ngs; 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 en tering 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 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, 2024.
Although the Company has attempted to identify important factors that could cause actual acti ons,
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 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 Stateme nts 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.