Fortuna Establishes Presence in the Guyana Shield Through Quartzstone Earn-In Agreement
NEWS RELEASE
Fortuna Establishes Presence in the Guyana Shield Through
Quartzstone Earn-In Agreement
Vancouver, British Columbia, April 20, 2026: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is
pleased to announce it has entered into an earn -in agreement with Qstone Inc., a private Guyanese
company, pursuant to which Fortuna may earn up to a 70% interest in the Quartzstone Project, a large
land package comprising 29,600 hectares located in the greenstone belt of north central Guyana.
Jorge A. Ganoza, President and CEO of Fortuna, commented, “We are excited to establish a presence
in the Guyana Shield, a highly prospective region with a strong history of gold discoveries.” Mr. Ganoza
continued, “The Quartzstone Project, where historical drilling has identified multiple high grade zones
of near -surface gold mineralization, is located in a prolific exploration camp, and this transaction
provides Fortuna with a staged path to unlock its potential through systematic exploration and drilling.”
Previous Drill Highlights
A total of 183 diamond core drill holes, comprising 23,190 meters, were completed between 2010 and
2017. Drilling along a five-kilometer corridor identified multiple zones of high grade near-surface gold
mineralization. Drill highlights include:
DQS-016: 27.78 g/t Au
41.10 g/t Au
89.90 g/t Au
over a width of 5.6 meters from 23.0 meters, including
over a width of 1.1 meters from 25.6 meters and
over a width of 1.0 meter from 26.7 meters
DQS-043: 4.31 g/t Au
15.58 g/t Au
12.45 g/t Au
over a width of 12.7 meters from 42.7 meters, including
over a width of 1.6 meters from 44.6 meters and
over a width of 1.3 meters from 54.1 meters
DQS-052: 12.65 g/t Au over a width of 4.0 meters from 51.6 meters
DQS-057: 15.93 g/t Au
74.72 g/t Au
81.96 g/t Au
over a width of 13.2 meters from 92.2 meters, including
over a width of 1.0 meter from 94.9 meters and
over a width of 1.0 meter from 95.9 meters
DQS-070: 10.13 g/t Au
19.33 g/t Au
16.63 g/t Au
over a width of 5.0 meters from 105 meters, including
over a width of 2.0 meters from 105 meters, and
over a width of 1.0 meter from 108 meters
DQS-071: 10.82 g/t Au
37.84 g/t Au
over a width of 6.7 meters from 89.2 meters, including
over a width of 0.8 meters from 94.2 meters
DQS-088: 9.91 g/t Au
101.58 g/t Au
over a width of 13.1 meters from 242.7 meters, including
over a width of 1.0 meter from 246.7 meters
Refer to Appendix 1 for full details of the drill holes and assay results for this historical program.
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Project location and geological setting
Figure 1: Location of Quartzstone Project, Guyana
The Quartzstone Project is located approximately 120 kilometers west of Georgetown and 35
kilometers northwest of G Mining’s Oko West project (refer to Figure 1). The Project hosts an orogenic
gold system along the contact between a granitoid complex and Lower Proterozoi c greenstone rocks
within the Guyana Shield, a geological setting known for significant gold deposits.
Local geology comprises granitoids, metavolcanic, and metasedimentary rocks, cut by a west-dipping,
north-south striking thrust and shear zone that extends over 26 k ilometers. Gold mineralization is
hosted in quartz-tourmaline-carbonate veins and breccias within a high-strain corridor up to 100 meters
wide along the principal north -south shear and associated northeast -trending structures. Drilling to
date has tested only approximately 5 kilometers of the 26 kilometer shear zone within the concession
area. Several geochemical anomalies along northeast-southwest trending cross -structures also
remain untested and will be prioritized by the exploration program.
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Planned Exploration
Fortuna’s initial exploration program, budgeted at approximately US$5.5 million, will focus on
advancing priority targets already defined at Quartzstone, while generating additional targets along
the highly prospective 26 kilometer main shear zone. Planned work includes airborne magnetic
surveys to develop a detailed structural framework, supported by high-resolution satellite imagery and
digital elevation modelling. Field programs will include infill geochemical sampling, auger drilling, and
detailed geological and regolith mapping over prospective geophysical targets and known anomalous
areas. An initial 5,000 meter diamond drilling program is planned to test historical targets and workings,
as well as priority structural corridors along the main contact and northeast-trending intersections.
Earn-in Agreement Terms
Fortuna may earn an initial 51% interest in the Quartzstone Project by completing a minimum of 60,000
meters of drilling within four years, while paying all license fees and fund ing all related expenditures.
Upon exercise of the first option, Fortuna will form a joint venture with Qstone.
Fortuna may earn an additional 19% interest in the Quartzstone Project, for an aggregate 70% interest,
by solely funding a feasibility study within three years of exercising the first option and continuing to
pay all license fees. Upon signing the Earn-In Agreement, the Company paid Qstone a non-refundable
cash option premium of US$5 million.
In addition to royalties payable to the State on gold production, the Quartzstone Project is subject to a
4.5% net smelter returns royalty in favour of a prior owner, which may be repurchased at a price to be
determined by the parties at any time.
Quality Assurance & Quality Control for previous exploration drill program
All diamond drilling (DD) drill holes started with PQ sized diameter (85 mm core), before reducing to
HQ diameter (63.5 mm core) 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 or iginal core box and
stored in a secure location at the 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.
All DD samples were prepared by WBDG at the in-house sample preparation facility at the Quartzstone
camp where samples were dried and crushed to 95% passing a 10-mesh screen. Following crushing,
samples were riffled to 500 gram and pulverised to 80% passing a 150-mesh screen to produce a final
50-gram pulp sample.
Prior to 2013, pulps were securely transported to either Loring Laboratories Ltd. , in Georgetown ,
Guyana, or Acme laboratory located in Santiago , Chile, for assay analysis. Samples were analy zed
by fire assay using 50 gram sample charge with atomic absorption spectroscopy finish. If the result
was >1.0 g/t Au the sample was re-assayed by fire assay with gravimetric finish.
The 2013 exploration program used the Acme Laboratory in Abidjan, Ivory Coast, and ALS Laboratory
in Lima, Peru. Acme assayed samples using the bulk leach extractable gold method with solvent
residue assayed using a standard fire assay with atomic absorption spectroscopy finish using 50 gram
sample charges. ALS used gold by bulk extended leach cyanide using 1 kilogram sample charges.
Since 2015 Activation Laboratories Canada (Actlabs), with a laboratory in Georgetown, Guyana, used
for analysis by fire assay with gravimetric finish and leachwell 500 gram sample charges . In 2016
Actlabs were used for re-analysis of rejects by leachwell 500 gram sample charges. The 2017 drilling
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was analyzed at Actlabs in Georgetown, Guyana, by metallic screens and fire assay with gravimetric
finish.
Quality control procedures included the systematic insertion of blanks, duplicates and sample
standards into the sample stream. In addition, the laborator ies inserted 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 conducted a site visit to the Quartzstone Project in June
2025, where mineralized intervals of drill core were examined; surface exposures of mineralization
were visited, and discussions held with geolog y staff regarding historical sampling and analytical
techniques underlying the drilling data. To further verify the data, original assay certificates were
compared to the database and independent sampl ing of core was performed that confirmed the
presence of gold in randomly selected mineralized intervals. There were no limitations to the
verification process.
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 | 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 pertaining to the ability of Fortuna to satisfy
the conditions to earn an initial 51% interest, and an additional 19% interest, in the Quartzstone Project;
statements regarding the ability to acquire the 4.5% NSR; statements regarding the Company’s proposed initial
exploration program, including planned drilling, camp and access upgrades , and other work ; 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; 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 m ineral 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
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 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, Iran - Israel and US, I srael -
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 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 obt ain 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 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
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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 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
All 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 m ineral projects. 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 Standards on Mineral Resourc es
and Reserves. 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.
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Appendix 1: Quartzstone historical program drill holes and assay results
HoleID Easting
(PSAD56_21N)
Northing
(PSAD56_21N)
Elev.
(m)
EOH1,2
Depth
(m)
UTM
Azimuth Dip
Depth2
From
(m)
Depth2,3
To
(m)
Drilled2,4
Width
(m)
Au
(g/t)
Hole
Type5 Area
1-1 248485.93 727799.3 97.15 160.6 132 -60 46.30 47.10 0.80 6.00 DD South West
1-1 72.30 77.80 5.50 0.81 DD South West
1-2 248435.21 727842.85 112.02 160.8 132 -60 NSI DD South West
124-1 251490.52 731180.19 151.17 170 90 -60 NSI DD Soddam
North
1-3 248545.58 727747.63 101.86 160.6 132 -60 62.80 65.80 3.00 0.67 DD South West
162-1 251706.09 734956.64 105.01 200 90 -60 NSI DD Zone 164
164-1 251677.76 735185.91 122.91 64 60 -60 NSI DD Zone 164
164-2 251853.97 735258.29 92.74 61.6 270 -60 NSI DD Zone 164
164-3 251909.89 735258.04 90.29 113 270 -60 NSI DD Zone 164
164-4 251562.46 735188.93 132.63 50 90 -60 20.50 21.50 1.00 7.84 DD Zone 164
164-5 251540.36 735188.44 134.01 180 90 -60 42.00 50.60 8.60 0.92 DD Zone 164
164-5 80.60 81.60 1.00 6.50 DD Zone 164
164-5 134.00 134.70 0.70 5.28 DD Zone 164
164-5 156.60 166.60 10.00 1.67 DD Zone 164
164-5 including 163.50 164.20 0.70 10.44 DD Zone 164
164-6 251907.73 735088.1 98.01 210 270 -60 NSI DD Zone 164
168-1 250712.52 734737.25 190.14 150 0 -90 NSI DD Regional
168-2 251271.39 734940.91 210.36 150 0 -90 NSI DD Regional
169-1 251296.38 735680.67 162.03 133.5 0 -90 NSI DD Main Pit
169-2 251225.56 735675.85 184.98 81.9 90 -60 NSI DD Main Pit
169-3 251477.76 735665.07 105.07 120 90 -60 NSI DD Main Pit
169-4 251319.08 735660.89 155.55 200 93 -60 NSI DD Main Pit
169-5 251310.67 735717.12 151.35 210 105 -60 131.60 134.60 3.00 0.62 DD Main Pit
172-1 251934.1 735934.22 101.05 100 270 -60 NSI DD Regional
172-2 251218.81 735942.28 165.48 211.5 90 -60 NSI DD Main Pit
180-1 251603.27 736764.44 119.42 176.3 90 -60 66.90 74.00 7.10 0.87 DD Blue South
180-2 251453.3 736759.74 130.53 210 90 -60 NSI DD Blue South
180-3 251719.28 736776.34 104.74 150.7 270 -60 NSI DD Blue South
184-1 251812.35 737168.4 101.78 227 90 -60 NSI DD Blue Pit
184-2 251892.61 737159.57 109.2 150 90 -60 0.00 6.50 6.50 3.87 DD Blue Pit
184-2 including 3.50 4.20 0.70 20.70 DD Blue Pit
184-3 251629.92 737171.91 106.07 182 90 -60 NSI DD Blue Pit
184-4 251704.07 737171.11 86.27 180.2 90 -60 NSI DD Blue Pit
184-6 251992.22 737168.7 90.42 110 270 -60 NSI DD Blue Pit
190-1 252090.47 737729.98 89.76 205 90 -60 NSI DD Intermediate
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HoleID Easting
(PSAD56_21N)
Northing
(PSAD56_21N)
Elev.
(m)
EOH1,2
Depth
(m)
UTM
Azimuth Dip
Depth2
From
(m)
Depth2,3
To
(m)
Drilled2,4
Width
(m)
Au
(g/t)
Hole
Type5 Area
192-1 252345.49 737965.12 90.92 201 260 -60 NSI DD Intermediate
196-1 251798.66 738367.11 88.81 161 90 -60 NSI DD Eikle
196-2 251710.39 738367.34 112.11 209 90 -60 NSI DD Eikle
196-3 252144.73 738368.56 103.71 239 270 -60 6.50 9.50 3.00 2.32 DD Eikle
196-3 117.00 122.50 5.50 0.83 DD Eikle
196-3 including 117.00 117.50 0.50 5.13 DD Eikle
196-4 252223.95 738367.21 93.46 167 270 -60 NSI DD Eikle
196-5 252063.75 738365.43 121.3 185 270 -60 3.00 4.00 1.00 8.20 DD Eikle
196-5 52.50 53.00 0.50 28.40 DD Eikle
196-5 127.50 128.00 0.50 6.63 DD Eikle
197-1 251845.41 738474.78 87.23 95 90 -60 NSI DD Eikle
197-2 252077.65 738430.53 104.85 130 260 -60 4.00 7.00 3.00 0.95 DD Eikle
197-3 252149.1 738435.35 102.82 245 260 -60 63.80 65.00 1.20 5.20 DD Eikle
197-3 207.50 208.80 1.30 6.10 DD Eikle
198-1 251844.59 738556.69 90.46 179 90 -60 NSI DD Eikle
198-10 251902.05 738553.15 106.2 40.1 90 -60 NSI DD Eikle
198-11 251894.77 738590.02 107.19 50.4 90 -60 NSI DD Eikle
198-2 251769.13 738548.84 98.61 200 90 -60 87.00 90.00 3.00 1.22 DD Eikle
198-2 103.00 106.00 3.00 10.63 DD Eikle
198-2 including 105.00 106.00 1.00 15.90 DD Eikle
198-2 117.00 121.00 4.00 4.09 DD Eikle
198-2 including 120.00 121.00 1.00 15.10 DD Eikle
198-3 251691.33 738540.79 84.34 221 90 -60 NSI DD Eikle
198-4 251622.14 738539.51 84.93 260 90 -60 NSI DD Eikle
198-5 252131.79 738548.22 98.14 200 270 -60 NSI DD Eikle
198-6 252049.57 738551.3 89.1 179 270 -60 NSI DD Eikle
198-7 251535.84 738548.09 98.1 130 90 -60 NSI DD Eikle
198-8 251449.61 738555.44 109.37 190 90 -60 NSI DD Eikle
198-9 251893.31 738507.63 105.66 45.1 90 -60 NSI DD Eikle
199-1 251874.94 738644.74 118.26 89 90 -60 NSI DD Eikle
199-2 251907.45 738644.86 119.08 145 90 -60 NSI DD Eikle
200-1 251865.58 738771.43 91.14 152 90 -60 59.00 64.25 5.25 0.76 DD Eikle
200-2 251784.8 738765.72 96.85 167 90 -60 145.60 146.10 0.50 9.77 DD Eikle
200-3 251650.63 738763.53 121.69 248 90 -60 235.00 236.50 1.50 8.54 DD Eikle
200-4 252010.14 738771.06 99.79 148 270 -60 NSI DD Eikle
2-1 248662.96 727975.56 127.22 160.6 132 -60 NSI DD South West