Fortuna Files Environmental and Social Impact Assessment for the Diamba Sud Gold Project in Senegal and provides update on Preliminary Economic Assessment status
NEWS RELEASE
Fortuna Files Environmental and Social Impact Assessment for the
Diamba Sud Gold Project in Senegal and provides update on
Preliminary Economic Assessment status
Vancouver, October 7, 2025: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports that
it has filed an Environmental and Social Impact Assessment (ESIA) for the Diamba Sud Gold
Project with the Direction de la Réglementation Environnementale et du Contrôle (DiREC) ,
which is part of the Ministry of the Environment and Sustainable Development of Senegal.
The filing of the ESIA marks an important milestone in the permitting process and reinforces
the Company´s commitment to advancing Diamba Sud to a construction decision in the first
half of 2026 . Fortuna also provides an update on the status of the project’s Preliminary
Economic Assessment (PEA) and ongoing drilling activities.
Jorge A. Ganoza, President and CEO, commented, “The filing of the ESIA represents a key
step forward in advancing Diamba Sud towards development. The document contains
Fortuna’s commitment to high environmental and social standards and to working in
partnership with government, host communities, and various stakeholders in Senegal. ”
Mr. Ganoza continued, “We plan to complete the project’s preliminary economic assessment
during the fourth quarter and move to a definitive feasibility study and construction decision
during the first half of 2026.”
Highlights
• Submission of ESIA to the Senegalese authorities in accordance with national
legislation and alignment with international standards
• ESIA covers the project description and benefits for the country, the institutional and
regulatory framework, environmental and social baseline studies, the public
consultation, impact assessment and proposed mitigation and monitoring plans and
programs
• PEA study advancing on schedule, with completion planned during the fourth quarter
of 2025
• 52,110 meters drilled year-to-date in 2025 leading to a mineral resource expansion
for the project of 53 percent in Measured and Indicated and 93 percent in Inferred
categories for the project (refer Fortuna news release dated August 5, 2025)
• Drilling is planned to restart during October after the end of the rainy season and will
continue until year-end with the aim of testing extensions of open mineralization
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Environmental and Social Impact Assessment
The submission of the ESIA is a prerequisite for obtaining an environmental permit, which
forms part of the overall permitting process required for project development. The ESIA
addresses key environmental and social considerations associated with the potential
development of Diamba Sud including:
• Compliance with all applicable national regulations and alignment with the Equator
Principles and IFC Performance Standards
• Regular engagement with local communities and national stakeholders to integrate
feedback into project design and planning
• Environmental and social management plans designed to mitigate impacts and
enhance local benefits , such as environmental and social management plan,
stakeholder engagement plan, capacity building plan, livelihood restoration program,
mine rehabilitation and closure plan and a voluntary environmental and social
investment program
Preliminary Economic Assessment status
Fortuna is advancing work on the PEA for Diamba Sud, which will provide a first look at the
project´s potential economics and development alternatives. Engineering, metallurgical
testwork, and trade-off studies are currently underway, with completion scheduled for early
in the fourth quarter of 2025. A Definitive Feasibility Study (DFS) will follow the PEA in the
first half of 2026, incorporating results from the ESIA process, and drilling to be completed
by year-end.
Drilling program update
Fortuna has advanced its 2025 drilling program with a total of 52,110 meters completed to
date. Exploration continues to focus on resource expansion, infill drilling, and testing of new
targets defined by recent geochemical and geophysical surveys.
Recent highlights include the delineation of a maiden Inferred Mineral Resource at Southern
Arc of 3.85 Mt at an average gold grade of 1. 57 g/t containing 194,000 ounces of gold
(refer Fortuna news release dated August 5, 2025 ), where mineralization remains open at
depth and along strike to the east and south. Drilling to test the Southern Arc extensions is
scheduled to resume in early October with four drill rigs after the conclusion of the annual
rainy season.
Drilling will also continue to advance project generation and target testing across Diamba
Sud and the contiguous Bondala exploration property, where several geochemical, structural
and geophysical anomalies have been identified.
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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 estimates at Diamba Sud;
the Company’s proposed exploration plans at Diamba Sud including that drilling with four rigs will restart in
October after the end of the rainy season with the aim of testing extensions of open mineralization; that drilling is
also intended to advance project generation and target testing across the Diamba Su d property and the
contiguous Bondala property; statements that a preliminary economic analysis is expected to be completed in the
fourth quarter of 2025 and that a definitive feasibility study and a construction decision are expected to follow the
PEA in the first half of 2026 ; 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 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
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, 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 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 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
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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 an d 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 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 as sume 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 miner al 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 Resources
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.