FVI.TO · 2026-04-17 12:00:00

Fortuna Renews Share Buyback Program

Corporate Actions

NEWS RELEASE

Vancouver, April 17, 2026 – Fortuna Mining Corp. (TSX: FVI) (NYSE: FSM) (“Fortuna” or the

“Company”) announced today that its Board of Directors has approved the renewal of its normal

course issuer bid (“NCIB”) to purchase up to five percent of its outstanding common shares as at April

10, 2026.

An aggregate of up to 15,227,869 common shares , representing five percent of the Company’s

outstanding 304,557,387 common shares as of April 10, 2026, have been authorized for repurchase

commencing on May 4, 2026. The timing, number and value of any common shares repurchased will

depend on a variety of factors, including current market price, general business and market conditions

and applicable legal requirements.

Under the NCIB, repurchases can be made from time to time through the facilities of the New York

Stock Exchange (“NYSE”) using a variety of methods, including open market purchases, as well as by

any other means permitted by the U.S. Securities and Exchange Commission and subject to other

applicable legal requirements.

Any common shares purchased under the NCIB will be cancelled. The NCIB starts on May 4, 2026

and will expire on the earlier of:

• May 3, 2027; one calendar year after the renewal of the share repurchase program;

• the date Fortuna acquires the maximum number of common shares allowable under the NCIB;

• the date on which Fortuna otherwise determines not to make any further repurchases under

the NCIB.

In connection with the NCIB, Fortuna has entered into a share repurchase plan (“ISPP”) with a

designated broker, which allows the broker to purchase common shares on behalf of Fortuna through

the open market in accordance with instructions from Management, provided that Fortuna is not in

possession of any material non-public information or subject to any black-out periods at such time.

Fortuna has also entered into an automatic share purchase plan (“ASPP”) with the same designated

broker which allows the Company to repurchase common shares under the NCIB when it would

ordinarily not be permitted to due to regulatory restrictions and cust omary blackout periods. Pursuant

to the ASPP, Fortuna will provide instructions during non -blackout periods to its designated broker,

which may not be varied or suspended during the blackout period. Purchases by Fortuna’s designated

broker will be in accor dance with applicable stock exchange rules and securities laws and the terms

of the ASPP. All purchases made under the ASPP and ISPP are included in calculating the number of

common shares purchased under the NCIB.

Fortuna believes that from time to time, its common shares trade at market prices that do not

adequately reflect their underlying value. As a result, depending upon future price movements and

other factors, Fortuna’s Board of Directors believes that the re purchase of common shares for

cancellation would represent an appropriate use of corporate funds.

The actual number of common shares to be purchased, and the timing of any such purchases, will be

determined by Fortuna based on a number of factors, including Fortuna’s financial performance and

flexibility within its financial guardrails, the availabilit y of discretionary cash flow , and capital funding

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requirements. The ASPP and NCIB do not obligate the Company to acquire any particular number of

common shares, and the ASPP may be suspended or discontinued at any time at the Company’s

discretion.

The NCIB will be commenced pursuant to the exemption available under section 4.8(3) of National

Instrument 62-104 – Take-Over Bids and Issuer Bids , and effected in accordance with Rule 10b -18

under the U.S. Securities Exchange Act of 1934, as amended, which limits daily purchases of common

shares on the NYSE to no more than 25 percent of the previous 4-week average daily trading volume

on the NYSE.

Fortuna’s prior NCIB for the purchase of up to 15,347,999 common shares will expire on May 1, 2026.

As of April 16, 2026, Fortuna had repurchased an aggregate of 3,400,000 common shares on the open

market through the facilities of the NYSE at a weighted-average price of US$9.53 per common share,

excluding brokerage fees. The repurchased common shares were subsequently cancelled.

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:

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

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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, statements relating to Fortuna’s intention to renew the NCIB and

the timing, methods and quantity of any purchases of common shares under the NCIB. These Forward-

looking Statements are based on certain assumptions that Fortuna has made in respect thereof as at

the date of this news release, including: prevailing commodity prices, margins and exchange rates,

that Fortuna’s businesses will continue to achieve sustainable financia l results and that future results

of operations will be consistent with past performance and management expectations in relation

thereto, the availability of cash for repurchases of common shares under the NCIB, and compliance

with applicable laws and regu lations pertaining to an NCIB. Often, but not always, these Forward -

looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”,

“future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “ref lecting”, “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 or 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 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 Competition 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, Israel- – Hamas, and Iran – Israel

and United States conflicts, and the impacts such conflicts 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 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 contracts for base metals production; fluctuations in currency exchange rates and interest

rates; tax audits and reassessments; risks related to hedging; unce rtainty 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

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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. 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 assume

accuracy of projected head 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; 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 Compan y’s business and operations on acceptable terms including for the

underground mining method at the Séguéla Mine; 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.

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