Fortuna Expands Mineral Reserve Gold Ounces by 31% and Extends Life of Mine to Over 9 Years at the Séguéla Mine, Côte d'Ivoire
NEWS RELEASE
Fortuna Expands Mineral Reserve Gold Ounces by 31% and Extends
Life of Mine to Over 9 Years at the Séguéla Mine, Côte d'Ivoire
Vancouver, January 20, 2026 - Fortuna Mining Corp. (NYSE: FSM | TSX: F VI) is pleased to
announce updated Mineral Reserves and Mineral Resources , excluding Mineral Reserves , for the
Séguéla Mine as of December 31, 2025. Mineral Reserves total 1.54 million ounces of gold, reflecting
the inclusion of 401,000 ounces of gold planned for underground mining at the Sunbird deposit.
Jorge A. Ganoza, President and CEO, commented, “Séguéla’s mine life now exceeds 9 years at
current production rates, with strong potential for further growth. This is supported by exploration
drilling completed in the second half of 2025, the results of which have not yet been incorporated into
our geological resource models.” Mr. Ganoza added, “Building on this exploration upside and our track
record of resource and reserve growth, we have initiated a processing plant expansion study that has
the potential to increase annual gold production to more than 200,000 ounces.”
Updated Mineral Reserves and Mineral Resources Highlights
• Total Mineral Reserves of 16.0 million tonnes averaging 3.01 g/t Au, supporting a mine life of
over 9 years at the current mining rate of 1.75 million tonnes per annum.
• Growth in Mineral Reserves more than offset production-related depletion, totaling
approximately 1.54 million ounces of gold, representing a 31% inc rease compared to
October 31, 2025.
• First time estimation of underground Mineral Reserves at Sunbird , comprising 3.5 million
tonnes averaging 3.60 g/t Au and containing 401,000 ounces of gold.
• Exploration drilling completed in 2025 indicates that m ineralization at the Sunbird deposit
remains open down plunge and down dip, with an updated estimate planned for Q2 2026.
• Drilling at Kingfisher, Koula, and Ancien deposit s demonstrates that mineralization remains
open at depth, providing additional potential for further underground mining expansion.
• Technical studies are progressing to evaluate the optimal plant expansion, anticipated to
increase capacity by approximately 25% to between 2.0 and 2.5 million tonnes per year, with
studies on track for completion in Q2 2026.
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Mineral Reserves
Proven and Probable
Contained Metal
Location Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Stockpile Proven 626 1.39 28
Open Pit (OP)
Antenna Probable 2,398 2.17 167
Koula Probable 757 5.35 130
Ancien Probable 1,117 4.24 152
Agouti Probable 754 2.61 63
Boulder Probable 532 1.88 32
Sunbird Probable 2,409 3.31 256
Badior Probable 404 4.25 55
Kingfisher Probable 3,497 2.28 257
OP Combined Proven + Probable 12,494 2.84 1,142
Underground (UG)
Sunbird Probable 3,467 3.60 401
UG Combined Proven + Probable 3,467 3.60 401
Total Proven + Probable 15,961 3.01 1,543
Mineral Resources
Measured and Indicated
Contained Metal
Location Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Open Pit (OP)
Antenna Indicated 1,461 1.58 74
Koula Indicated 149 5.33 26
Ancien Indicated 112 4.19 15
Agouti Indicated 59 2.26 4
Boulder Indicated 329 1.47 16
Sunbird Indicated 255 3.12 26
Badior Indicated 61 3.48 7
Kingfisher Indicated 752 1.66 40
OP Combined Indicated 3,177 2.03 207
Underground (UG)
Koula Indicated 23 3.83 3
Ancien Indicated 472 5.43 82
Sunbird Indicated 1,483 3.55 169
UG Combined Indicated 1,978 4.00 254
Total Indicated 5,155 2.78 461
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Inferred
Contained Metal
Location Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Open Pit (OP)
Antenna Inferred 1,493 1.91 92
Koula Inferred 155 3.61 18
Ancien Inferred 25 4.87 4
Agouti Inferred 160 1.64 8
Sunbird Inferred 88 1.46 4
Badior Inferred 46 5.08 8
Kestrel Inferred 60 1.73 3
Kingfisher Inferred 4,554 1.82 267
OP Combined Inferred 6,582 1.91 403
Underground (UG)
Koula Inferred 316 4.70 48
Ancien Inferred 22 3.86 3
Sunbird Inferred 2,115 3.94 268
Kingfisher Inferred 135 2.98 13
UG Combined Inferred 2,589 3.98 332
Total Inferred 9,171 2.50 736
Notes:
1. Mineral Reserves and Mineral Resources are defined in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
2. Mineral Resources are exclusive of Mineral Reserves.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and foreign exchange assumptions; changes
in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution , and mining recovery; and assumptions regarding continued
ability to access the site, retention of mineral and surface rights titles, maintenance of environmental and other regulatory permits, obtaining Ministerial approval to
include underground mining as a mining method; and obtaining approval to update its Environmental and Social Impact Assessment permit to include underground
mining; and the social license to operate.
5. Mineral Resources and Mineral Reserves are reported as of December 31, 2025.
6. Mineral Reserves are reported on a 100% ownership basis and estimated using incremental gold grade cut-offs for open pit mining of 0.73 g/t Au for Antenna and
Koula, 0.74 g/t Au for Sunbird, 0.75 g/t Au for Boulder and Kingfisher, 0.76 g/t Au for Agouti, and 0.83 g/t Au for the Ancien and Badior deposits, and for underground
mining of 2.14 g/t for Sunbi rd. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93 .5%, except for Badior at 91.5%, surface
mining costs ranging from $3.09/t to $5.74/t based on the pit location relative to the run -of-mine pad, underground mining cost of $84.56/t, processing costs of
$21.28/t, general and administrative (G&A) costs of $16.21/t. Only Proven and Probable Mineral Reserves within the final pit designs are reported. Antenna, Ancien,
Koula, Badior and Kingfisher pits were designed with inter-ramp angles of 30.6° to 40.7° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh
material. Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. Sunbird pit was designed
with inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. For underground mining, a dilution factor of 0.5-meter
skin has been applied on both the hanging wall and footwall for longhole stoping. The reported Mineral Reserves incorporate modifying factors for mining dilution
and recovery through regularization of block models to an appropriate Selective Mining Unit (SMU) block size. Mineral Resources for the Séguéla Mine are reported
at gold grade cut -offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher ; 0.68 g/t Au for Agouti ; and 0.73 g/t Au for Ancien and
Badior. These estimates are based on an assumed gold price of $2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters.
Underground Mineral Resources are reported within optimized stope shapes based on a longhole stoping mining method at cut-off grades of 1.89 g/t Au for Sunbird,
2.32 g/t Au for Koula and Kingfisher, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d’Ivoire.
7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; and Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified
Person responsible for Mineral Reserves, both being employees of Fortuna Mining Corp.
8. Totals may not add due to rounding.
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Mineral Reserves
As of December 31, 2025, the Séguéla Mine has Proven and Probable Mineral Reserves of
16.0 million tonnes containing 1.54 million ounces of gold.
Between October 31, 2025, and December 31, 2025, Mineral Reserve tonnes increased by 23%, while
the average gold grade increased by 7% to 3.01 g/t Au, resulting in a net increase of 31% in contained
gold ounces.
Changes in the Séguéla Mine's Mineral Reserves during this period reflect:
• Mining-related depletion during the final two months of 2025 totaling 27,600 ounces of gold.
• The first-time estimation of underground Mineral R eserves at the Sunbird deposit, totaling
3.5 million tonnes at an average grade of 3.60 g/t Au, containing 401,000 ounces of gold.
Mineral Resources
Measured and Indicated Mineral Resource gold ounces, exclusive of Mineral Reserves, decreased by
333,000 ounces of gold due to the application of modifying factors that enabled the first-time estimation
of underground Mineral Reserves.
Inferred Resources remained relatively unchanged compared to October 31, 2025.
Plant Expansion Study
Fortuna has commenced a processing plant expansion study to evaluate the potential to increase
throughput at Séguéla beyond its current capacity of 1.75 Mtpa to a range of 2.0 to 2.5 Mtpa. The
study is expected to be completed in the second quarter of 2026 and has the potential to support
annual gold production in excess of 200,000 ounces.
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.
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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 Mineral Resource and Mineral Reserve
estimates; statements regarding the life of mine at Séguéla and the potential for future growth; statements regarding
underground mining at the Sunbird deposit , the expected timing for an updated estimate , and the inclusion of
underground mineral ization from the Sunbird deposit into the mine plan; statements regarding the potential for
further underground mining expansion at the Kingfisher, Koul a, and Ancien deposits; the Company’s expectations
regarding the expansion of processing plant capacity and a potential increase in annual gold production at Séguéla;
obtaining Ministerial approval to include underground mining as a mining method at Séguéla; obtaining approval to
update its Environmental and Social Impact Assessment permit to include underground mining ; 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 a nd 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 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”, “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 developm ents 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
perception as a result of social m edia 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
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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 co ntracts 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
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.