Fortuna delivers production of 72,462 gold equivalent ounces for the third quarter of 2025
NEWS RELEASE
Fortuna delivers production of 72,462 gold equivalent ounces for
the third quarter of 2025
Vancouver, October 8, 2025: Fortuna Mining Corp . (NYSE: FSM | TSX: FVI) reports
production results for the third quarter of 202 5 from its three operating mines located in West Africa
and Latin America.
Q3 2025 highlights
• Gold equivalent production of 72,462 ounces4 compared to 73,123 gold equivalent ounces
(GEO) in Q3 20241,2 and 71,229 GEO in Q2 20251,3
• Consolidated GEO production for the first nine months of 2025, including the Yaramoko Mine,
totaled 251,871 ounces
Fortuna reiterates its updated annual production guidance for 2025 in the range of 309,000 to 339,000
GEO.
Q3 2025 consolidated GEO production
GEO Production
Q3 20252 Q2 20253 9 months 2025 2025 Guidance (000)6
Ongoing Operations
Séguéla, Côte d’Ivoire 38,799 38,186 115,484 134 - 147
Lindero, Argentina 24,417 23,550 68,288 93 - 105
Caylloma, Peru 9,246 9,493 30,305 44 - 49
Total from Ongoing
Operations 72,462 71,229 214,077 271 - 301
Divested Operation
Yaramoko, Burkina Faso 0 4,7215,6 37,794 38
Total from Ongoing and
Divested Operations 72,462 75,950 251,871 309 - 339
Notes:
1. Consolidated production excludes divested operations of the San Jose and Yaramoko mines
2. Refer to Fortuna news release dated October 10, 2024, “Fortuna reports solid production of 110,820 gold equivalent ounces for the third quarter of 2024”
3. Refer to Fortuna news release dated July 9, 2025, “Fortuna delivers production of 71,229 gold equivalent ounces from ongoing operations for the second quarter
of 2025”
4. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,467/oz Au, $39.35/oz Ag, $1,962/t Pb and $2,815/t Zn or Au:Ag =
1:88.10, Au:Pb = 1:1.77, Au:Zn = 1:1.23
5. Figures reported as of April 14, 2025, being the date the Company and Soleil Resources International Ltd. agreed to the assumed handover of operations. See
“Management’s Discussion and Analysis for the three months ended March 31, 2025”
6. Refer to Fortuna news release dated May 13, 2025, “Fortuna Completes Divestiture of Yaramoko Mine and Provides Updated 2025 Production and Cost
Guidance”
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West Africa Region
Séguéla Mine, Côte d’Ivoire : Solid quarter-on-quarter performance, on track to exceed upper
end of guidance
Q3 2025 Q2 2025
Tonnes milled 435,770 429,184
Average tpd milled 4,737 4,665
Gold grade (g/t) 3.01 3.00
Gold recovery (%) 91.4 92.84
Gold production (oz)1 38,799 38,186
Note:
1. Production includes doré only
Mining
Mine production for the quarter 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 mill ed 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.
During the quarter, the Company successfully obtained permit approvals for the Sunbird, Kingfisher ,
Badior, and other satellite open pits. Preparation activities for mining at the Sunbird open pit will start
during the fourth quarter, in line with the mine plan.
Successful exploration conducted in 2025 at the Sunbird underground (UG) project and the Kingfisher
Deposit has provided additional options to further optimize the mine plan. Drilling will continue in the
fourth quarter to potentially expand these resources.
Processing
Séguéla produced 38,799 ounces of gold for the quarter at an average head grade of 3.01 g/t Au,
representing a 1 percent increase in ounces produced at an equivalent grade compared to the second
quarter of 2025. Gold recoveries declined slightly during the quarter, attributed to planned maintenance
on the carbon-in-leach processing tanks.
Project updates
• Tailings storage facility expansion completed, providing tailings storage capacity at current
throughput rates until August 2029.
• Relocation of communication towers to allow for the mining of the Sunbird Deposit is on track
and expected to be completed in the fourth quarter.
• Delivery of materials commenced for the construction of the solar power plant .
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Year-to-Date Production
Séguéla produced a total of 115,484 ounces of gold in the first nine months of 2025 and is on target
to exceed the upper end of guidance.
Latin America Region
Lindero Mine, Argentina: Highest quarterly production year to date
Q3 2025 Q2 2025
Ore placed on pad (t) 1,699,007 1,828,520
Gold grade (g/t) 0.60 0.57
Gold production1 (oz) 24,417 23,550
Note:
1. Lindero production includes doré, gold-in-carbon, and gold in copper concentrate
Mining
Mining operations delivered the highest quarterly production of the year , in line with management’s
annual mine plan. Lindero mined 1.50 million tonnes of ore , maintaining a low strip ratio of 1. 9:1. A
total of 1.70 million tonnes of ore were placed on the leach pad at an average head grade of
0.60 g/t Au, containing an estimated 32,775 ounces of gold. Total ounces placed on the leach pad this
quarter are comparable to the previous quarter, reflecting stable production levels.
Processing
Lindero produced 24,417 ounces of gold during the quarter, including 23,001 ounces in doré bars,
1,325 ounces in rich fine carbon, and 91 ounces in copper precipitate.
The 4 percent increase in production compared to the second quarter was driven by a 5 percent higher
gold grade and recovery of inventory from the leach pad. Production remains in line with the planned
mining and stacking sequence.
Project updates
• Optimization of the crushing circuit led to an average throughput of 1,0 61 tonnes per hour
(tph), 8 percent above 2024 average. In June, average throughput peaked at 1,093 tph.
Year-to-Date Production
Lindero produced a total of 68,288 ounces of gold in the first nine months of 2025.
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Caylloma Mine, Peru: Strong quarterly operational performance
Q3 2025 Q2 20251
Tonnes milled 140,523 138,471
Average tpd milled 1,561 1,556
Silver grade (g/t) 63 64
Silver recovery2 (%) 82.03 83.82
Silver production (oz) 233,612 240,621
Lead grade (%) 3.01 3.23
Lead recovery (%) 91.10 90.38
Lead production (lbs) 8,492,206 8,924,312
Zinc grade (%) 4.27 4.63
Zinc recovery (%) 90.59 90.91
Zinc production (lbs) 11,988,738 12,850,745
GEO production3 (oz) 9,246 9,493
Notes:
1. Refer to Refer to Fortuna news release dated July 9, 2025, “Fortuna delivers production of 71,229 gold equivalent ounces from ongoing operations for the second
quarter of 2025”
2. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
3. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,467/oz Au, $39.35/oz Ag, $1,962/t Pb and $2,815/t Zn or Au:Ag =
1:88.10, Au:Pb = 1:1.77, Au:Zn = 1:1.23
Mining
Mine production for the quarter totaled 146,885 tonnes of ore with 77 percent mined from the Animas
vein by overhand cut and fill method, and 21 percent mined primarily by sub-level stoping method from
the Cimoide ASNE vein.
Processing
Caylloma produced 233,612 ounces of silver in the quarter at an average head grade of 63 g/t Ag,
maintaining production levels consistent with the previous quarter.
Zinc and lead production totaled 12.0 million and 8.5 million pounds, respectively, with average head
grades of 4.27 % Zn and 3.01 % Pb. Base metal production exhibited a decline when compared to the
previous quarter, with a decrease of 7 and 5 percent in zinc and lead, respectively. This decline is
consistent with the planned mining sequence for the period and the resource model.
Project updates
• A concept testing project was carried out at the Ramal Carolina vein outcrop . Extraction
included 3,300 tonnes, with an average head grade of 110 g/t Ag and 3.73 g/t Au. Ore was
blended with Animas’ vein production and processed.
Year-to-Date Production
Caylloma produced a total of 9,246 GEO in the third quarter and 30,305 GEO for the first nine months
of 2025.
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Qualified Person
Eric Chapman, Senior Vice President of Technical Services for Fortuna Mining Corp., is a Professional
Geoscientist registered with Engineers and Geoscientists British Columbia (Registration No. 36328)
and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral
Projects. Mr. Chapman 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 include, without limitation, statements about the Company’s pla ns 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; statements reiterating the Company’s 202 5
annual production guidance and t he likelihood of the Company meeting such annual production
guidance, including statements that the Séguéla Mine is on track to exceed the upper end of guidance;
statements regarding the completion of the relocation of the communication towers to allow for mining
at the Sunbird deposit and the timing for the commencement of mining from the Sunbird open pit; that
the continuation of drilling at Séguéla may expand Mineral Resources; and statements that the
expansion of the tailings storage facility at Séguéla is anticipated to be sufficient to August 2029; the
Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral
properties; the future financial or operating performance of the Company; the Company’s ability to
comply with contractual and permitting or other regulatory requirements; approvals and other matters.
Often, but not always, these Forward -looking Statements can be identified by the use of wor ds such
as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”,
“gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated”, “containing”, “remaining”, “to be”, or
statements that events, “could” or “s hould” 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 or 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 associated with
mineral exploration 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 conflict and the Israel – Hamas war,
and the impacts such conflicts 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
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
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to obtain adequate financing for planned exploration and development activities; property title matters;
risks relating to the integration of businesses and assets acquired by the Company; impairments; risks
associated with climate change legislation; rel iance 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 r ates 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 depen dence 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. 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 Company’ 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 head 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; 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
will 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 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 Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have 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. NI 43 -101 is a rule developed by the Canadian Securities Administrators that
establishes standards for public disclosure by a Canadian company of scientific and technical
information concerning miner al projects. Unless otherwise indicated, all mineral reserve and mineral
resource estimates contained in the technical disclosure have been prepared in accordance with NI
43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Stan dards on
Mineral Resources and Reserves.
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Canadian standards, including NI 43 -101, differ significantly from the requirements of the Securities
and Exchange Commission, and mineral reserve and resource information included in this news
release may not be comparable to similar information disclosed by U.S. companies.