Fortuna expands Indicated Mineral Resource by 73% to 1.25 million gold ounces, Diamba Sud Project, Senegal
NEWS RELEASE
Fortuna expands Indicated Mineral Resource by 73% to 1.25 million
gold ounces, Diamba Sud Project, Senegal
Vancouver, British Columbia, February 19, 2026 - Fortuna Mining Corp. (NYSE: FSM | TSX: FVI)
is pleased to announce an updated Mineral Resource estimate for the Diamba Sud Gold P roject,
effective January 16, 2026. Indicated Mineral Resources total 1.25 million ounces of gold , reflecting
an increase of 530,000 ounces from the prior estimate and demonstrating open resource growth
potential.
Jorge A. Ganoza, President and CEO, commented, “This updated Mineral Resource estimate
represents a significant advancement for the Diamba Sud Gold Project, highlighted by a 73% increase
in indicated gold ounces with 94% of total gold ounces now in the ind icated category. This update
provides a strong foundation for the feasibility study we plan to publish by mid‑year 2026 and materially
advances the project toward a final investment decision. ” Mr. Ganoza continued , “Diamba Sud,
together with the expansion of the Séguéla Mine, currently under study, is central to our strategy to
grow Fortuna into a company capable of producing more than 500,000 ounces of gold annually from
long‑life assets.”
Updated Mineral Resource Highlights
• Total Indicated Mineral Resources of 26.0 million tonnes averaging 1.50 g/t Au, containing
1.25 million ounces of gold.
• First time estimation of Indicated Mineral Resources at the Southern Arc deposit, comprising
6.0 million tonnes averaging 1.91 g/t Au and containing 367,000 ounces of gold, establishing
Southern Arc as the largest gold deposit discovered to date at Diamba Sud.
• Infill drilling s uccessfully upgraded Inferred to Indicated Mineral Resource category at the
Area D, Southern Arc, Moungoundi, and Karakara deposits, increasing resource confidence.
• Technical studies are advancing for the estimation of Mineral Reserves, with a feasibility study
targeted for completion by the end of Q2 2026.
• Ongoing e xploration drilling of Southern Arc, Moungoundi , and additional new targets
continues to intersect mineralization beyond the current Mineral Resource envelopes,
highlighting further growth potential.
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Diamba Sud Gold Project - Mineral Resources by Deposit
Mineral Resources – Indicated Contained Metal
Classification Deposit Tonnes
(000)
Au
(g/t)
Au
(koz)
Indicated
Area A 5,037 1.39 225
Area D 5,952 1.52 292
Southern Arc 5,993 1.91 367
Karakara 3,296 1.70 180
Western Splay 2,345 1.27 96
Kassassoko 1,697 0.78 43
Moungoundi 1,707 0.93 51
Total Indicated 26,027 1.50 1,254
Mineral Resources – Inferred Contained Metal
Classification Deposit Tonnes
(000)
Au
(g/t)
Au
(koz)
Inferred
Area A 207 1.24 8
Area D 329 0.86 9
Southern Arc 841 1.28 34
Karakara 31 1.30 1
Western Splay 262 1.42 12
Kassassoko 182 0.74 4
Moungoundi 253 0.89 7
Total Inferred 2,105 1.13 77
Notes:
1. Mineral Resources are reported using the 2014 CIM Definition Standards.
2. Mineral Resources are reported insitu, on a 100% basis as of J anuary 16, 2026. The Government of Senegal will assume a 10% free -carried ownership interest in
the Project when an exploitation permit is granted, and may elect to purchase up to an additional 25% interest in Boya SA at a “fair price” as determined through an
independent valuation upon the granting of the exploitation permit.
3. Mineral Resources are reported from a regularized block model derived from the original subblocked model to account for mining dilution.
4. Factors that could materially affect the reported Mineral Resources include changes in metal price and exchange rate assumptions; changes in local interpretations
of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain
mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to op erate. Boya SA has also applied for an
exploitation permit and an environmental impact assessment permit for the Project. If the aforementioned permits are not granted, this will have a material impact
on the potential development of the Project.
5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
6. Mineral Resources are reported inside constraining pit shells using selective mining unit block sizes and at an incremental g old cutoff grade for oxide/transitional
material of 0. 26 g/t Au, with fresh material reported based on a cutoff of 0. 29 g/t Au for Area A, 0. 37 g/t Au for Area D, 0.3 1 g/t Au for Karakara, 0. 33 g/t Au for
Western Splay, 0.28 g/t Au for Kassassoko, 0.3 1 g/t Au for Southern Arc, and 0.3 3 g/t Au for Moungoundi in accordance estimated average base mining costs of
US$4.57/t for all material mined, average processing and G&A costs of US$21.45/t milled, and sales and transportation costs of US$7.00/oz of gold. Pit slope angles
applied are 33° for weathered material and 46° for fresh rock. The long-term gold price was US$3,300/oz. Metallurgical recoveries are estimated using grade versus
recovery relationship formulas developed for oxide/transition rock (all deposits) and separate formulas for fresh rock in each of the seven deposits A royalty of 3.5%
has been considered in the generation of the pit shell and cut-off grade determination.
7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources, being an employee of Fortuna Mining Corp.
8. Totals may not add due to rounding
Mineral Resources
Fortuna estimates that the Diamba Sud Gold Project contains Indicated Mineral Resources of 26.0 Mt
at an average gold grade of 1. 50 g/t, containing 1,254,000 ounces of gold, and Inferred Mineral
Resources of 2.1 Mt at an average gold grade of 1.13 g/t containing 77,000 ounces of gold.
The updated Mineral Resource estimate incorporates drilling completed between July 2025 to January
2026. The additional data enhanced geological interpretation and resource modelling at Area A, Area
D, Karakara, and Western Splay, and supported resource growth at Southern Arc and Moungoundi.
Expansion drilling at Southern Arc and Moungoundi , together with drilling of new regional targets, is
ongoing and is planned to continue throughout 2026, with the objective of further delineating
mineralization beyond the current Mineral Resource envelopes.
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Changes from the previous Mineral Resource estimate are primarily attributable to:
• Infill drilling at Area A, Area D, Karakara, Southern Arc, Moungoundi , and Western Splay ,
which improved geological interpretation and supported the conversion of Inferred Resources
to Indicated Resources, increasing overall resource confidence.
• Expansion drilling at Southern Arc and Moungoundi resulted in increased Mineral Resources
for these deposits.
• An updated gold price assumption of US$3,300 per ounce, applied in the resource estimation
process.
Feasibility Study
Fortuna is progressing with the feasibility study for the Diamba Sud Gold Project to support a potential
construction decision targeted for mid- 2026, with delivery of the study expected by the end of Q2
2026.
Qualified Person
Eric Chapman, Senior Vice President, Technical Services, is a Professional Geoscientist of the
Association of Professional Engineers and Geoscientists of the Province of British Columbia
(Registration Number 36328) and a Qualified Person as defined by Nati onal 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.
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, the Mineral Resource estimates; sta tements regarding
the timing of the completion of a feasibility study and a potential construction decision at the Diamba Sud Gold
Project; the Company’s expectation of producing more than 500,000 ounces of gold annually; statements regarding
the applications for an exploitation permit and environmental impact assessment permit for the Diamba Sud Gold
Project; the Company’s exploration plans and objectives at the Diamba Sud Gold Project; 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 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 Competitio n 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 hav e 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 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
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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 systems, which are
subject to disruption, damage, failure and risks with implementation and integrat ion; 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 act ual
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
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 Def inition 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.