FVI.TO · 2024-06-25 12:00:00

Fortuna intersects 31.3 g/t gold over 12.0 meters from the Karakara Prospect at the Diamba Sud Gold Project

Drill Results

NEWS RELEASE

Fortuna intersects 31.3 g/t gold over 12.0 meters from the Karakara

Prospect at the Diamba Sud Gold Project

Vancouver, June 25, 2024: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to

provide an update on its exploration programs at the Diamba Sud Gold Project in Senegal.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Drilling at Karakara

continues to improve our understanding of the prospect’s potential, returning several high -grade

intercepts including a highlight intersection of 31.3 g/t Au ove r an estimated true width of 12.0 meters

in drill hole DSDD243. The exploration team is looking forward to utilizing the improved understanding

of the geological controls on gold mineralization to further advance the regional exploration programs”.

Mr. Weedon concluded, “Our focus has now moved towards progressing some of the many satellite

opportunities at Diamba Sud, with highly encouraging, early -stage results such as 8.9 g/t Au over an

estimated true width of 27.7 meters returned from drill hole DSR680 at Western Splay, and 2.9 g/t Au

over an estimated true width of 15.3 meters returned from drill hole DSDD262 at Kassasoko. These

prospects represent new opportunities for additional ounces and continue to highlight the prospectivity

of the wider Diamba Sud Gold Project”.

Diamba Sud Gold Project, Senegal

Drilling at Diamba Sud has continued with the focus moving to testing and upgrading several key high

priority satellite prospects (refer to Figure 1), including Western Splay and Kassasoko, as well as

further work to improve the definition and understanding of the mineralization controls at Bougouda

and Karakara. An additional 20,665 -meter, 159-hole program has been completed at Diam ba Sud

since March 2024 (refer to Fortuna news release dated March 11, 2024).

Results from this program will be incorporated into the ongoing project development work, with the

encouraging results from Western Splay and Kassasoko expected to contribute toward growing the

project portfolio and resource base, while also improving conf idence in the regional geological

understanding. With the tempo of drilling planned to slow across the forthcoming rainy season, the

exploration team will continue to review and fine-tune the geological controls on mineralization.

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Figure 1: Diamba Sud Gold Project location plan

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Karakara Prospect

Infill and extension drilling at Karakara continued to define additional mineralization beyond the historic

pit design, while also providing confirmatory data to help validate previous geological interpretations.

Karakara drilling highlights include:

DSDD223: 4.6 g/t Au over an estimated true width of 8.2 meters from 139 meters

DSDD229: 7.0 g/t Au

23.7 g/t Au

over an estimated true width of 7.2 meters from 141 meters

over an estimated true width of 1.6 meters from 157 meters

DSDD238: 4.3 g/t Au over an estimated true width of 10.4 meters from 120 meters

DSDD243: 31.3 g/t Au

87.0 g/t Au

11.1 g/t Au

1.8 g/t Au

over an estimated true width of 12.0 meters from 24 meters, including

over an estimated true width of 4.0 meters from 28 meters, and

over an estimated true width of 1.6 meters from 34 meters

over an estimated true width of 8.0 meters from 85 meters

DSDD246: 4.6 g/t Au over an estimated true width of 10.8 meters from 128.5 meters

DSDD217: 1.6 g/t Au

1.1 g/t Au

9.6 g/t Au

over an estimated true width of 7.6 meters from 50.5 meters

over an estimated true width of 6.3 meters from 79.6 meters

over an estimated true width of 3.2 meters from 117 meters

DSDD219: 1.8 g/t Au over an estimated true width of 10.4 meters from 112 meters

DSDD292: 6.3 g/t Au over an estimated true width of 5.9 meters from 44 meters

An updated interpretation supported by further drilling will take place during the third quarter of 2024

to further refine the controls on mineralization, the association with the nearby Area D and the

Moungoundi to Southern Arc prospects (refer to Figure 2).

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Figure 2: Karakara cross-section showing select results - looking north

Kassasoko Prospect

Drilling at Kassasoko, located approximately 1 -kilometer to the southeast of Western Splay, was

successful in intersecting several broad zones of mineralization. Drilling highlights include:

DSDD262: 2.9 g/t Au over an estimated true width of 15.3 meters from 28.2 meters

DSR685: 1.3 g/t Au over an estimated true width of 16.8 meters from 108 meters

DSR686 2.5 g/t Au

1.1g/t Au

over an estimated true width of 7.7 meters from 19 meters, and

over an estimated true width of 11.9 meters from 116 meters

In comparison to mineralization elsewhere at Diamba Sud, mineralization at Kassassoko is hosted

within a granitic unit and in close proximity to a series of dioritic intrusives (refer to Figure 3).

Exploration work is continuing.

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Figure 3: Kassasoko cross-section showing select results - looking northeast

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Western Splay drilling highlights include:

DSDD232: 8.6 g/t Au over an estimated true width of 11.9 meters from 132 meters

DSDD275: 12.8 g/t Au over an estimated true width of 8.2 meters from 114.7 meters

DSR679: 8.8 g/t Au

6.1 g/t Au

over an estimated true width of 4.0 meters from 7 meters, and

over an estimated true width of 6.9 meters from 47 meters

DSR680: 8.9 g/t Au over an estimated true width of 27.7 meters from 104 meters

DSDD245: 2.8 g/t Au

1.3 g/t Au

1.4 g/t Au

over an estimated true width of 12.9 meters from 11 meters, and

over an estimated true width of 5.0 meters from 30 meters, and

over an estimated true width of 7.3 meters from 53 meters

DSDD248: 4.8 g/t Au

3.0 g/t Au

2.1 g/t Au

3.4 g/t Au

over an estimated true width of 7.9 meters from 19 meters, and

over an estimated true width of 4.0 meters from 31 meters, and

over an estimated true width of 17.8 meters from 59 meters, and

over an estimated true width of 5.9 meters from 83 meters

DSDD293: 6.9 g/t Au over an estimated true width of 33.3 meters from 115.4 meters

Drilling continues, extending further to the south to test below an active artisanal area, with the

objective of increasing the prospect footprint, as well as improving the geological interpretation of the

wider southern area of Diamba Sud, particularly th e relationships between the Moungoundi -Western

Splay-Kassasoko-Southern Arc prospects.

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Figure 4: Western Splay cross-section showing select results - looking north

Refer to Appendix 1 for full details of the drill holes and assay results for this drill program at the

Diamba Sud Gold Project.

Quality Assurance & Quality Control (QA - QC)

All drilling data completed by the Company utilized the following procedures and methodologies. All

drilling was carried out under the supervision of the Company’s personnel.

All reverse circulation (RC) drilling used a 5.25 -inch face sampling pneumatic hammer with samples

collected into 60 -liter plastic bags. Samples were kept dry by maintaining enough air pressure to

exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and

drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three -

tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The

residual 87.5% samples were stored at the drill site until assay results were received and validated.

Coarse reject samples for all mineralized samples corresponding to significant intervals are retained

and stored on-site at the Company-controlled core yard.

All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter

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 original core box and stored in a secure

location at the Company 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.

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All RC and DD samples were transported to ALS’s preparation laboratory in Kedougou, Senegal before

also being transported via commercial courier, to ALS’s facility in Ouagadougou, Burkina Faso.

Routine gold analysis using a 50 -gram charge and fire assay with a n atomic absorption finish was

completed for all samples. Quality control procedures included the systematic insertion of blanks,

duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its

own quality control samples.

Qualified Person

Paul Weedon, Senior Vice President of 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. Weed on has verified the data disclosed, including the sampling,

analytical and test data underlying the information or opinions contained herein by reviewing

geochemical and geological databases and reviewing diamond drill core. There were no limitations to

the verification process.

About Fortuna Mining Corp.

Fortuna Mining Corp . is a Canadian precious metals mining company with five operating mines in

Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations

and relationships. We produce gold and silver and generate shared value o ver the long-term for our

stakeholders through efficient production, environmental protection, 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:

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