Fortuna Expands Mineral Reserves and Mineral Resources for the Séguéla Mine, Côte d'Ivoire
NEWS RELEASE
Fortuna Expands Mineral Reserves and Mineral Resources for the
Séguéla Mine, Côte d'Ivoire
Vancouver, November 18, 2025 - Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to
announce updated Mineral Reserves and Mineral Resources excluding Mineral Reserves for the
Séguéla Mine, reporting 1.2 million ounces of gold in Mineral Reserves, 794,000 ounces of gold in
Indicated Resources, and 712,000 ounces of gold in Inferred Resources.
Jorge A. Ganoza, President and CEO, commented, “ Continued exploration success over the last two
years has created a clear pathway to not only extend the life of mine at Séguéla, but also to evaluate
a further plant expansion and a potential increase in annual gold production.” Mr. Ganoza continued,
“Séguéla now boasts a 7.5-year life of mine and its largest Mineral Resource inventory on record. In
response, we have launched aggressive infill drilling programs, advanced underground mining studies,
and initiated plant expansion evaluations to fully capture the opportunities created by our exploration
success.” Mr. Ganoza concluded, “With robust exploration programs underway and continuing into
2026, we are confident in our ability to unlock further value from our commanding land position at
Séguéla.”
Updated Mineral Reserves and Mineral Resources Highlights
• Growth in Mineral Reserves offset production-related depletion, with an estimated 1.2 million
ounces of gold, representing an 11% increase compared to December 31, 2024.
• Measured and Indicated Mineral Resources, exclusive of Mineral Reserves , are reported
containing 794,000 ounces of gold, a 100% increase compared to December 31, 2024.
• Inferred Mineral Resources are reported containing 712,000 ounces of gold, reflecting a 15%
increase compared to December 31, 2024.
• Kingfisher and Sunbird host the largest Mineral Reserves and Mineral R esources where
mineralization remains open at both deposits.
• Completion of the underground m ining study, supporting the potential conversion of up to
502,000 gold ounces of Sunbird Indicated Resources into Mineral Reserves , is expected in
December 2025.
• Technical studies have been initiated to evaluate a plant expansion of approximately 25%
capacity to between 2.0 and 2.5 million tonnes per year; studies are expected to be completed
in the second quarter of 2026.
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Mineral Reserves
Proven and Probable
Contained Metal
Location Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Stockpile Proven 962 1.32 41
Open Pit
Antenna Probable 2,489 2.20 176
Koula Probable 786 5.35 135
Ancien Probable 1,183 4.23 161
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
Total Proven + Probable 13,016 2.81 1,177
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 3,597 4.34 502
UG Combined Indicated 4,093 4.46 587
Total Indicated 7,270 3.40 794
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Inferred
Contained Metal
Location Classification Tonnes
(000)
Au
(g/t)
Au
(koz)
Open Pit (OP)
Antenna Inferred 1,498 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 6,586 1.91 404
Underground (UG)
Koula Inferred 316 4.70 48
Ancien Inferred 22 3.86 3
Sunbird Inferred 1,719 4.41 244
Kingfisher Inferred 135 2.98 13
UG Combined Inferred 2,193 4.36 307
Total Inferred 8,779 2.52 712
Notes:
1. Mineral Reserves and Mineral Resources are as defined by 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 exchange rate assumptions; changes in
local interpretations of mineralization; changes to assumed metallurgical recoveries, mining di lution 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 operate.
5. Mineral Resources and Mineral Reserves are reported as of October 31, 2025.
6. Mineral Reserves are reported on a 100% ownership basis using incremental gold grade cut-offs of 0.73 g/t Au for Antenna and Koula, 0.76 g/t Au for Agouti, 0.75 g/t
Au for Boulder and Kingfisher, 0.83 g/t Au for Ancien and Badior, and 0.74 g/t Au for Sunbird deposits. These estimates are based on a gold price of US$2,300/oz,
metallurgical recovery rates of 93.5%, except for Badior at 91.5%, ex-pit mining costs ranging from US$3.09/t to US$5.74/t, incremental haulage costs ranging from
US$3.62/t to US$10.06/t based on the pit’s geographical location in relation to the run-of-mine Pad, processing costs of US$21.28/t, general and administrative
(G&A) costs of US$16.21/t, and sustaining capital of US$4.37/t. Only Proven and Probable Mineral Reserve categories within the final pit designs are reported. Pit
designs for Antenna, Ancien, Koula, Badior and Kingfisher were developed using inter-ramp angles ranging from 30.6° to 38.3° for oxide material, 40.7° to 42.9° for
transitional material, and 59.6° for fresh material. The Agouti and Boulder pits were designed with inter -ramp angles of 36.8° for oxide, 44.2° for transitional, and
60.0° for fresh rock. The Sunbird pit design applied inter -ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. The
reported Mineral Reserves incorporate modifying factors for mining dilution and recovery, represented by regularization of th e 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 are based on an assumed gold price of US$2,600/oz and are
constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within the optimized stope shapes based
on a Longhole Stoping mining method at cut-off grades of 2.32 g/t Au for Sunbird and Koula, 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; 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 October 31, 2025, the Séguéla Mine has Proven and Probable Mineral Reserves of 13.0 million
tonnes containing 1.2 million ounces of gold.
From December 31, 2024, to October 31, 2025, Mineral Reserve tonnes increased by 33%, while gold
grade decreased by 17% to 2.81 g/t Au, resulting in a net increase of 11% in contained gold ounces.
The reduction in the global reserve gold grade from 3.38 g/t Au to 2.81 g/t Au is a direct consequence
of incorporating the Kingfisher deposit Mineral Reserves, while production during the period of January
to October 2025 depleted higher grade material from the Koula and Ancien deposits. Although the
Kingfisher deposit exhibits lower average grades relative to the high grade deposits, it benefits from a
lower strip ratio of 7.6:1, compared to the average strip ratio of the Mineral Reserves of 13.4:1.
Changes in the Séguéla Mine's Mineral Reserves are a result of:
• Mining-related depletion in the first ten months of 2025 totaling 129,000 ounces of gold.
• The first-time estimation of Mineral Reserves for the Kingfisher deposit, totaling 3.5 million
tonnes at an average grade of 2.28 g/t Au containing 257,000 ounces of gold.
• Additional variations driven by an updated geologic interpretation of the Koula deposit , as a
result of grade-control drilling, as well as adjustments to operational costs and gold price
assumptions.
Mineral Resources
Measured and Indicated Mineral Resource gold ounces, exclusive of Mineral Reserves, increased by
100%, or 398,000 ounces. The change in Indicated Resources was driven by the growth in the Sunbird
Underground Project which stands at 3.6 million tonnes averaging 4.34 g/t Au containing 502,000 gold
ounces, an increase of 288,000 ounces compared to December 31, 2024. Changes were also a result
of updating gold metal prices and pit optimizations to incorporate an additional 110,000 ounces of gold
across all deposits.
Inferred Resources tonnage increased by 30% to 8.8 million tonnes, while gold grade decreased by
11% to 2.52 g/t, resulting in a net increase of 15% in contained gold to 712,000 ounces. The primary
driver of this change was growth at the Kingfisher deposit, where most of the resource s upgraded to
Mineral Reserves were replaced by new Inferred Resources totaling 267,000 ounces of gold. Further
contribution came from the Sunbird Underground Project where all upgraded Inferred Resources were
replenished and an additional 53,000 ounces of gold added, bringing the total Inferred Resource to
1.7 million tonnes averaging 4.41 g/t Au containing 244,000 ounces of gold . Additional adjustments
arose from updated gold price assumptions and the resulting open pit and underground mineable
shape optimizations, which identified the potential for underground resources at Kingfisher.
Ongoing Exploration and Infill Drilling to Support Resource Growth
Drill activities remain ongoing across the Séguéla property, with five drill rigs currently active. Current
drilling is focused on the potential for upgrading Inferred t o Indicated Resources at the Sunbird
Underground Project, while also evaluating mineralization potential at existing deposits and across the
wider land package. However, insufficient tonnes were identified at the Gabbro North prospect to
support a potentially economical open pit at this time.
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Advancing Studies for Process Plant Expansion
Séguéla’s processing plant was commissioned in mid -2023 with a design throughput capacity of 156
t/hr, approximately 1.25 million tonnes per year. Since commissioning, several low-capital optimization
initiatives have been implemented to enhance the efficiency of the plant, and the operation is now
expected to treat 1.75 million tonnes per year beginning in 2026. Until recently, the increase in the
mining rate required to sustain this higher throughput had been constrained by the mine life, which
limited the rationale for investing in expanding the processing capacity.
The potential to extend mine life is supported by several key developments:
• Expansion of Mineral Resources at the Sunbird and Kingfisher deposits.
• Strong conversion of Inferred to Indicated Resources.
• Positive results from ongoing drilling of the Sunbird Underground Project completed after the
June 30, 2025 data cut-off.
• Mineralization at both Kingfisher and Sunbird remains open in all directions.
Together, these factors provide increasing confidence in the potential to extend the mine life through
future drilling and mining studies.
Given this improved visibility, Fortuna has initiated engineering studies to evaluate options for further
expansion of processing plant capacity.
Sunbird Underground Project
Engineering work continues with the objective of converting Mineral Resources to Mineral Reserves
by December 2025. All major technical studie s, including among others, geotechnical, metallurgical,
hydrogeological, are now complete , and the project team is currently developing the pre-feasibility
report.
The Sunbird Underground Project has the potential to underpin strong Séguéla production for several
years. Planned upcoming activities include:
• Updating Sunbird Underground Project Mineral Resources by year end.
• Ordering long-lead equipment for underground mining.
• Planning and execution of early works activities.
• Advancing government permitting.
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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 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 Mineral Resource and Mineral Reserve
estimates; statements regarding extending the life of mine at Séguéla; statements regarding converting resources to
reserves at the Sunbird Underground Project and the anticipated timing thereof; upcoming planned activities at the
Sunbird Underground Project; the Company’s expectations regarding the expansion of processing plant capacity and
a potential increase in annual gold production at Séguéla; the Company’s proposed exploration plans and objectives;
statements about the Company’s business str ategies, 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 explora tion 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 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;
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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 for land reclamation; risks associated with dependence upon information te chnology 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.