Fortuna Reports Results for the First Quarter 2026
Fortuna Reports Results for the First Quarter 2026
(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)
Fortuna generates record quarterly free cash flow1 of $174.0 million and adjusted
attributable net income1 of $111.0 million
Vancouver, British Columbia, May 6, 2026: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or
the “Company”) today reported its financial and operating results for the first quarter of 2026.
(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures, due to the classification of
the assets as discontinued in the previous period.)
“Fortuna delivered new quarterly record results with free cash flow of $174.0 million and adjusted
attributable earnings of $111.0 million while producing 72,872 gold equivalent ounces which keeps us on
track to deliver our 2026 production guidance.” said Jorge A. Ganoza President and CEO of Fortuna . “At
Séguéla, changes in the mine plan to accelerate the development of the Sunbird underground access
portal from a pit wall are expected to push AISC to the higher end of the guidance range. This will reduce
underground development costs and provide optionality for future production plans .” Mr. Ganoza
concluded, “On April 23, we announced that we successfully expanded our mineral reserves by 15% year
over year, which lends support to our next phase of growth. We also anticipate making key investment
decisions regarding the Diamba Sud project and the Séguéla plant expansion by mid-year.”
First Quarter Highlights
Cash and Cash Flow
• Record free cash flow1 from ongoing operations of $174.0 million; a QoQ increase of $41.7
million
• $213.3 million of net cash from operating activities before changes in working capital or $0.70
per share; a QoQ increase of $65.7 million
• Liquidity increased to $815.9 million, and the cash position strengthened to $665.9 million, from
$554.0 million at the end of 2025, an increase of $111.9 million
Profitability
• Record adjusted attributable net income1 was $111.0 million or $0.36 basic EPS; a QoQ increase
of $0.14 per share
• Attributable net income of $111.0 million or $0.36 basic EPS
Return to Shareholders
• Year to date the Company has returned $40.0 million to shareholders via the repurchase of 4.2
million shares at an average price of $9.53 per share
Operational
• Gold equivalent production2 (“GEO”) of 72,872 ounces
• Consolidated cash cost per GEO1 of $951, down from $971 in the previous quarter
• Consolidated AISC per GEO1 of $2,107 for Q1 2026, up from $2,054 in the previous quarter. The
slight increase from the previous quarter is primarily due to the impact of higher metal prices on
royalties and higher CAPEX
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• Total recordable injury frequency rate for the quarter was 1.16 and zero lost time injuries, which
reflects continued strong safety performance
Growth and Business Development
• Established a presence in a highly prospective district in the Guyana Shield through an earn -in
agreement for the Quartzstone gold project . Refer to the news release dated April 20, 2026
“Fortuna Establishes Presence in the Guyana Shield Through Quartzstone Earn-In Agreement”
• Reported a 15% year over year increase in consolidated Mineral Reserves with significant growth
at Sunbird underground. Refer to the news release dated April 23, 2026 “ Fortuna Reports 15%
Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla”
• The Séguéla plant expansion and Diamba Sud project remain on track for final investment
decisions by mid-year
Fortuna | 3
First Quarter 2026 Consolidated Results
Three months ended
(in millions of US dollars) Dec. 31, 2025 Mar. 31, 2026 Mar. 31, 2025
Q1 %
Change
OPERATING STATISTICS
GEO production from continuing operations (1)(2) 65,130 72,872 70,386 4%
Cash cost continuing operations($/oz GEO) (1)(2) 971 951 866 10%
AISC continuing operations($/oz GEO) (1)(2) 2,054 2,107 1,752 20%
FINANCIAL HIGHLIGHTS
Sales 270.2 342.5 195.0 76%
Attributable net income from continuing operations 68.1 111.0 35.4 213%
Attributable earnings per share from continuing operations -
basic 0.22 0.36 0.12 200%
Adjusted EBITDA (1) 163.1 218.8 102.6 113%
CASH FLOW AND CAPEX
Net cash provided by operating activities - continuing operations 162.3 209.4 89.0 135%
Free cash flow from ongoing operations (1) 132.3 174.0 66.7 161%
Capital expenditures (3)
Sustaining 23.9 27.9 22.6 23%
Sustaining leases 6.6 6.8 4.9 39%
Growth capital 20.6 17.4 15.4 13%
Mar. 31, 2026 Dec. 31, 2025
%
Change
Cash and cash equivalents and short-term investments 665.9 554.0 20%
Net liquidity position (excluding letters of credit) 815.9 704.0 16%
Shareholder's equity attributable to Fortuna shareholders 1,773.0 1,677.0 6%
(1) Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s condensed
interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of
the calculation of these measures.
(2) Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn for Q1 2026.
Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn for Q1 2025. Gold
equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025
(3) Capital expenditures are presented on a cash basis
Figures may not add due to rounding
First Quarter 2026 Results
Q1 2026 vs Fourth Quarter 2025 (“Q4 2025”)
Cash cost per ounce and AISC
Cash cost per GEO sold from continuing operations was $951 in Q1 2026, representing a marginal decrease
from $971 in Q4 2025.
All-in sustaining costs per GEO from continuing operations was $ 2,107 in Q1 2026 representing a $ 53
increase from the $2,054 recorded in Q4 2025. The rise was primarily driven by higher CAPEX and royalties
derived from higher metal prices and partially offset by an increase in metal sold.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $ 111.0 million in Q 1 2026,
compared to $68.1 million in Q4 2025.
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After adjusting for non-recurring items, adjusted attributable net income was $111.0 million or $0.36 per
share compared to $71.3 million or $0.23 per share in Q4 2025. The increase was primarily due to higher
realized gold prices and gold sales volume. The realized gold price in Q 1 2026 was $4, 884 per ounce
compared to $4,166 in Q4 2025. Higher gold sales were driven by higher gold production at Séguéla and
Lindero.
Foreign Exchange
In Q1 2026, the Company recorded a foreign exchange loss of $2.1 million compared to a loss of $2.9
million in Q 4 2025. The foreign exchange loss was due to the purchase of US dollars in Argentina for
repatriation and movement in the Euro and the impact on cash and VAT balances in Côte d’Ivoire held in
West Africa Francs.
Cash Flow
Net cash generated by operations before changes in working capital totaled $ 213.3 million or $0.70 per
share. After adjusting for working capital, net cash generated by operations for the quarter was $209. 4
million, an increase of $47. 1 million compared to $1 62.3 million in Q4 2025. Th e increase was driven
primarily by higher sales, partially offset by positive changes in working capital of $14.7 million in Q4 2025
compared to negative $4.0 million in Q1 2026.
Free cash flow from ongoing operations in Q 1 2026 was $1 74.0 million, an increase of $ 41.7 million
compared to $132.3 million in Q4 2025 reflecting higher cash from operating activities partially offset by
higher sustaining capital expenditures.
In Q1 2026, the Company ’s total capital ex penditures were $45.3 million of which $27.9 million were
classified as sustaining and $17.4 million as non -sustaining. Non -sustaining capital expenditures were
comprised primarily of $8.8 million at the Diamba Sud project and $ 8.6 million in brownfields and
greenfields exploration.
Q1 2026 vs Q1 2025
Cash cost per ounce and AISC
Consolidated cash cost per GEO increased to $951 in Q1 2026, representing a $85 increase compared to
$866 recorded in Q 1 2025. The increase was primarily due to the impact of higher gold prices on the
calculation of GEOs at Caylloma. Lindero and Séguéla had modest increases in cash costs per ounce of $61
and $28 respectively.
All-in sustaining costs per GEO from continuing operations increased $ 355 to $2,107 in Q1 2026 from
$1,752 in Q 1 2025. This increase primarily resulted from higher royalties of $ 114, higher cash costs as
described above and higher CAPEX and sustaining leases. This was partially offset by higher GEOs sold.
Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations was $111.0 million, or $0.36 per share, compared to
$35.4 million, or $0.12 per share, in Q1 2025.
After adjusting for non-recurring items, adjusted attributable net income from continuing operations was
$111.0 million or $0.36 per share compared to $35.6 million or $0.12 per share in Q1 2025. The increase
Fortuna | 5
was primarily due to higher realized gold prices and 10% higher gold volume sold. Gold averaged $4,884
per ounce in Q 1 2026 compared to $2, 884 per ounce in Q 1 2025. The higher gold volume sold was
explained by higher gold production both at Séguéla and Lindero.
Depreciation and Depletion
Depreciation and depletion increased by $1.1 million to $45.9 million compared to $44.8 million Q1 2025.
Depletion per GEO decreased primarily due to the increase in reserves at Séguéla and partially offset by
higher depletion per GEO at Lindero due to an impairment reversal of $52.7 million recorded in Q3 2025.
Depreciation and depletion in the period included $ 11.6 million related to the purchase price allocation
from the 2021 Roxgold acquisition.
Cash Flow
Net cash generated by operations for the quarter was $ 209.4 million, an increase of $120.4 million
compared to $89.0 million reported in Q1 2025. The increase was primarily driven by higher gold prices.
Free cash flow from ongoing operations in Q 1 2026 was $174.0 million, an increase of $ 107.3 million
compared to $66.7 million reported in Q 1 2025. The increase was mainly due to higher cash flow from
operations as discussed above partially offset by higher sustaining capital expenditures.
Fortuna | 6
Séguéla Mine, Côte d’Ivoire
Three months ended March 31,
2026 2025
Mine production
Tonnes milled 430,953 444,004
Average tonnes crushed per day 4,788 4,933
Gold
Grade (g/t) 3.21 2.76
Recovery (%) 93 93
Production (oz) 42,016 38,500
Metal sold (oz) 42,054 38,439
Realized price ($/oz) 4,906 2,888
Unit costs
Cash cost ($/oz Au) (1) 678 650
All-in sustaining cash cost ($/oz Au) (1) 1,760 1,290
Capital expenditures ($000's) (2)
Sustaining 18,017 8,613
Sustaining leases 4,264 3,639
Growth capital 6,644 9,207
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news
release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended
March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
2 Capital expenditures are presented on a cash basis.
Quarterly Operating and Financial Highlights
During the first quarter of 2026, mine production totaled 392,728 tonnes of ore, averaging 3.69 g/t Au,
and containing an estimated 46,640 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes
mined were lower than tonnes milled during the qu arter, in line with the mine plan and the strategy to
reduce surface stockpiles. A total of 5,461,098 tonnes of waste was moved during the period, resulting in
a strip ratio of 13.9:1. Stripping activities also commenced at the Sunbird pit, where 1,393,130 tonnes of
waste were mined.
In the first quarter of 2026, Séguéla processed 430,953 tonnes of ore, producing 42,016 ounces of gold,
at an average head grade of 3.21 g/t Au, a 3% decrease in tonnes of ore and 16% increase in average head
grade, compared to the same period of the previous year.
Cash cost per gold ounce sold was $678 in the current quarter, comparable to the $650 for the first quarter
of 2025 as higher operating costs were offset by increased production.
All-in sustaining cash cost per gold ounce sold was $1,760 for the first quarter of 2026 compared to $1,290
for the first quarter of 2025. The increase was primarily a result of higher sustaining capital from
capitalized stripping and royalties due to higher gold prices and partially offset by the increase in ounces
sold.
Fortuna | 7
Lindero Mine, Argentina
Three months ended March 31,
2026 2025
Mine production
Tonnes placed on the leach pad 1,525,826 1,753,016
Gold
Grade (g/t) 0.62 0.55
Production (oz) 21,545 20,320
Metal sold (oz) 21,183 18,655
Realized price ($/oz) 4,837 2,877
Unit costs
Cash cost ($/oz Au) (1) 1,208 1,147
All-in sustaining cash cost ($/oz Au) (1) 1,783 1,911
Capital expenditures ($000's) (2)
Sustaining 7,669 12,362
Sustaining leases 1,397 582
Growth capital 715 307
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news
release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended
March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
2 Capital expenditures are presented on a cash basis.
Quarterly Operating and Financial Highlights
In the first quarter of 2026, a total of 1,525,826 tonnes of ore were placed on the heap leach pad, with an
average gold grade of 0.62 g/t, containing an estimated 30,538 ounces of gold. Ore mined was 1.7 million
tonnes, with a stripping ratio of 1.35:1.
Lindero’s gold production for the quarter was 21,545 ounces compared to 20,320 ounces in the previous
period. Higher production was mainly due to higher head grade and improved mining sequence. In late -
March 2026, Lindero commenced a planned 30-day replacement of the primary crusher steel foundations.
Mining operations continued in advance of the scheduled work, with ore being stockpiled to support
uninterrupted stacking on the leach pad during the foundation replacement period. Replacement of the
primary crusher steel foundations was successfully completed on May 1, 2026 and the mine resumed full
operations.
The cash cost per ounce of gold for the current quarter was $1,208 compared to $1,147 in the same period
of 2025. The increase in cash costs was primarily driven by higher processing costs and macroeconomic
factors increasing peso denominated costs and partially offset by higher production.
In the first quarter of 2026, AISC per gold ounce sold decreased to $1,7 83 compared to $1,911 in the
previous period. The decrease was primarily driven by lower sustaining capital expenditures as the leach
pad expansion was under construction in the comparable period. This was partially offset by higher cash
costs.
Fortuna | 8
Caylloma Mine, Peru
Three months ended March 31,
2026 2025
Mine production
Tonnes milled 136,701 136,659
Average tonnes milled per day 1,553 1,553
Silver
Grade (g/t) 72 67
Recovery (%) 82 83
Production (oz) 257,603 242,993
Metal sold (oz) 200,349 250,284
Realized price ($/oz) 82.69 31.77
Lead
Grade (%) 2.99 3.21
Recovery (%) 91 91
Production (000's lbs) 8,175 8,836
Metal sold (000's lbs) 7,039 9,199
Realized price ($/lb) 0.87 0.89
Zinc
Grade (%) 4.21 5.01
Recovery (%) 91 91
Production (000's lbs) 11,526 13,772
Metal sold (000's lbs) 11,017 13,826
Realized price ($/lb) 1.47 1.29
Unit costs
Cash cost ($/oz Ag Eq) (1,2) 30.26 12.80
All-in sustaining cash cost ($/oz Ag Eq) (1,2) 44.36 18.74
Capital expenditures ($000's) (3)
Sustaining 2,240 1,615
Sustaining leases 1,134 631
Growth capital 77 249
1 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices
for each period respectively.
2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to
non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim financial
statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these
measures.
3 Capital expenditures are presented on a cash basis.
Quarterly Operating and Financial Highlights
In the first quarter of 2026, the Caylloma Mine produced 257,603 ounces of silver at an average head
grade of 72 g/t, a 6% increase when compared to the same period of 2025.
Lead and zinc production for the current quarter was 8.2 million pounds and 11.5 million pounds,
respectively. Head grades averaged 2.99% Pb and 4.21% Zn, a 7% and 16% decrease, respectively, when
compared to the same quarter in 2025. Production was lower due to lower head grades and was in line
with the mine plan.