FVI.TO · 2026-01-08 12:00:00

Fortuna reports progress on its share buyback program

Corporate Actions

NEWS RELEASE

Vancouver, January 8, 2026: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to report

that, from Tuesday, December 23, 2025 , through Wednesday, January 7, 2026 , the Company

repurchased an aggregate of 1,700,000 common shares on the open market of the New York Stock

Exchange under its normal course issuer bid (NCIB) . Shares were acquired at a weighted -average

price of $10.01 per share for a total gross consideration of $17,019,894, excluding brokerage fees. All

repurchased shares will be cancelled. To date, Fortuna has repurchased approximately 11 percent of

the 15,347,999 shares authorized under the NCIB (refer to Fortuna news release dated April 30, 2025).

Fortuna’s organic growth pipeline in West Africa continues to advance on multiple fronts. At Diamba

Sud, early works are underway, with engineering and procurement activities progressing and ground

broken for the new accommodation camp. Supported by the ro bust PEA economics (refer to Fortuna

news release dated October 15, 2025), the Company is advancing a feasibility study targeted for the

second quarter of 2026 and is progressing the following:

• Continuing the early works program to materially de-risk the execution schedule ahead of full

development.

• Securing a pproval of the environmental and social impact assessment (ESIA) in the first

quarter of 2026.

• Applying for and receiving an exploitation permit before the expiry of the exploration permit in

June 2026, positioning Diamba Sud for a construction decision soon thereafter.

At Séguéla, a processing plant expansion feasibility study is underway to evaluate options to support

long-term production growth driven by ongoing resource expansion, including the potential future

incorporation of underground mineralization at the Sunbird deposit into the mine plan .

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.

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director

Fortuna Mining Corp.

Investor Relations:

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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 include, without limitation, statements relating to Fortuna’s intentions with respect to the NCIB

and the effects of repurchases of common shares thereunder, including any enhancement to

shareholder value; the expected timing of the completion of a feasibility study, securing approval of

the ESIA, receiving an exploitat ion permit, and making a construction decision at Diamba Sud;

statements regarding the potential future incorporation of underground mineralization at the Sunbird

deposit into the mine plan at Séguéla; as well as Fortuna’s capital priorities and its business strategy,

plans and outlook. Often, but not always, these Forward -looking Statements can be identified by the

use of words such as “expected”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected ”,

“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; 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 relating to the termination

of the Company’s mining concessions in certain circumstances; developing and maintaining

relationships with local communities and stakeholders; risks related to the Company’s ability to obtain

adequate financing for planned exploration and development activities; legislative or regulatory

developments; any significant changes to common share price or trading volume; continued availability

of capital and financing; changes to general economic, market or busin ess conditions; business

opportunities that become available to, or are pursued by, Fortuna; operational risks associated with

mining and mineral processing; risks associated with war, hostilities or other conflicts, such as the

Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts may have on

global economic activity; risks related to the Company’s ability to obtain adequate financing for planned

exploration and development activities; 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 prevailing and further market prices for

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Fortuna’s common shares; that Fortuna’s future results of operations will be consistent with past

performance and management expectations in relation thereto; the continued availability of capital;

future cash flow and debt levels; 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 con tractor availability and other operating or technical difficulties); that there

will be no significant disruptions affecting the Company’s operations; the accuracy of the Company’s

current Mineral Resource and Mineral Reserve estimates ; the duration and effect of global and local

inflation; the duration 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 curren cy 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 as surance 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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