Fortuna reports second quarter 2026 production of 72,217 gold equivalent ounces and advances key growth initiatives
NEWS RELEASE
Fortuna reports second quarter 2026 production of 72,217 gold
equivalent ounces and advances key growth initiatives
Vancouver, British Columbia, July 9, 2026 : Fortuna Mining Corp. (NYSE: FSM |
TSX: FVI) reports production results for the second quarter and first half of 2026 from its three
operating mines in West Africa and Latin America, and provides updates on growth initiatives, capital
allocation, safety, and key operating activities across its portfo lio. All figures presented in this news
release are expressed in U.S. dollars, unless otherwise indicated.
Q2 2026 highlights
Production
• Production totaled 72,217 gold equivalent ounces (“GEO”) 1,2 in the second quarter of 2026,
broadly in line with 72,872 GEO in Q1 20262,5,6 and slightly above 71,229 GEO in Q2 20252,3,4.
First-half production totaled 145,089 GEO, positioning the Company to achieve its 2026
annual production guidance of 281,000 to 305,000 GEO 7.
Growth initiatives
• Séguéla process plant expansion studies were completed in late June by Lycopodium. The
proposed expansion would increase processing capacity to approximately 2.3 million tonnes
per annum and is currently being evaluated for a construction decision expected in the coming
weeks.
• Diamba Sud advanced toward a final investment decision following the receipt of the
Environmental and Social Impact Assessment (ESIA) , and the publication of feasibility study
(FS) results. The FS highlighted a robust project with an after -tax NPV 5% of $1.0 billion, an
IRR of 60%, and a one-year payback period at a gold price of $3,500 per ounce 8.
Return to shareholders
• Returned $80.2 million to shareholders through the repurchase of 8.6 million common shares
under the Company’s normal course issuer bid during the second quarter of 2026, at an
average price of $9.32 per share. This follows $20.3 million of share repurchases in Q1 2026,
and $12.1 million in Q4 2025.
Safety
• It is with deep regret that we report a fatal accident involving an employee of one of our mining
contractors at the Séguéla Mine . The accident involved a haul truck. Following the accident,
a comprehensive investigation was completed and resulting learnings have been incorporated
into the Company’s ongoing safety and operational controls.
• Total Recordable Injury Frequency Rate (TRIFR) for Q2 2026 was 1.23, compared to 1.16 in
Q1 2026 per million hours worked.
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Q2 and H1 2026 consolidated GEO production
GEO Production
Q2 2026 Q1 2026 H1 2026 2026 Annual Guidance
Ongoing Operations
Séguéla, Côte d’Ivoire 41,683 42,016 83,699 160,000 - 170,000
Lindero, Argentina 20,829 21,545 42,374 92,000 - 102,000
Caylloma, Peru 9,705 9,311 19,016 29,000 - 33,000
Total 72,217 72,872 145,089 281,000 - 305,000
Notes:
1. Gold equivalent ounces (“GEO”) include gold, silver, lead, and zinc and are calculated using the following metal prices: $4,446/oz Au, $75.21/oz Ag,
$1,930/t Pb, and $3,464/t Zn, or Au:Ag = 1:59.11, Au:Pb = 1:2.30, Au:Zn = 1:1.28.
2. Consolidated production excludes the divested operations of the San Jose and Yaramoko mines.
3. Refer to Fortuna news release dated July 9, 2025, “Fortuna delivers production of 71,229 gold equivalent ounces from ongoing operations for the
second quarter of 2025.”
4. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,306/oz Au, $33.77/oz Ag, $1,945/t Pb and $2,640/t Zn,
or Au:Ag = 1:97.90, Au:Pb = 1:1.70, Au:Zn = 1:1.25.
5. Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and
provides a business update.”
6. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,874/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn,
or Au:Ag = 1:58.94, Au:Pb = 1:2.54, Au:Zn = 1:1.50.
7. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026
Outlook.”
8. Refer to Fortuna news release dated June 29, 2026, “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax
IRR of 60% and NPV5% of US$1 billion using US$3,500/oz.”
West Africa region
Séguéla Mine, Côte d’Ivoire: Advancing growth initiatives
Q2 2026 Q1 20261
Tonnes milled 421,464 430,953
Average tpd milled 4,581 4,788
Gold grade (g/t) 3.46 3.21
Gold recovery (%) 92.1 93.4
Gold production (oz)2 41,683 42,016
Notes:
1. Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and provides
a business update”
2. Production includes doré only
Mining
Séguéla mined a total of 433,231 tonnes of ore, averaging 3.06 g/t Au and containing an estimated
42,555 ounces of gold from the Antenna, Ancien, Koula, and Sunbird pits. A total of 5,902,142 tonnes
of waste was mined during the period, resulting in a stri p ratio of 13.6:1. Additionally, 731,647 tonnes
of waste was mined during the quarter at Sunbird South to gain access to the underground portal
position.
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Processing
Séguéla produced 41,683 ounces of gold during the quarter at an average head grade of 3.46 g/t Au,
broadly in line with the previous quarter and slightly ahead of the mine plan. Tonnes milled were slightly
lower than in the previous quarter, reflecting a planned mill reline during the period.
Project updates
Process plant expansion study
Process plant expansion studies were completed during the quarter by Lycopodium, including
requirements for supporting infrastructure. The proposed expansion would increase processing
capacity to approximately 2.3 million tonnes per annum and is designed to improve recoveries through
increased residence time in the leach circuit.
The scope primarily includes the addition of a ball mill and increased thickener, leach, and gravity
circuit capacity, with existing primary crushing capacity determined to be sufficient for the proposed
throughput.
Estimated project capital is approximately $100 million, including additional backup power generation
capacity and supporting infrastructure. The project is currently being evaluated for a construction
decision.
Sunbird Underground Project
The Sunbird Underground Project continued to advance . During the quarter, Fortuna announced a
34% increase in estimated Mineral Reserve gold ounces and a 55% increase in Inferred Mineral
Resource gold ounces for the Sunbird Underground deposit. Drilling continues to infill Inferred Mineral
Resources and test down-dip and strike extensions.
In parallel, the Company approved a $48 million budget for underground equipment, infrastructure,
and the establishment of an owner-operator team, with orders already placed for long-lead items.
The ESIA for the Sunbird Underground Project has been filed with the government of Côte d’Ivoire
and is at an advanced stage of review, with the permit expected to be received in Q4 2026.
Solar power plant
The 6 MW photovoltaic solar power plant has been commissioned. In light of the expected
advancement of the process plant expansion and Sunbird Underground Project, the Company is
evaluating an expansion of the solar plant to 10 MW. No upfront capital investment by Fortuna would
be required for this expansion, as the contractor would incorporate the related capital cost into its fee.
Exploration activities
During the quarter, two additional drill rigs were mobilized to Séguéla, increasing the total number of
rigs on site to seven. Two rigs remain active at Sunbird, while the remaining five are focused on
upgrading Kingfisher Inferred Mineral Resources to Indicated status and testing further extensions of
the Kingfisher deposit.
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Year-to-date production
Séguéla produced a total of 83,699 ounces of gold in the first half of 2026 and remains on track to
achieve annual production guidance, while advancing key growth initiatives including the process plant
expansion study and Sunbird Underground Project.
Diamba Sud Gold Project, Senegal: Advancing toward final investment decision
During the second quarter of 2026, the Diamba Sud Gold Project advanced toward a final investment
decision following the receipt of the ESIA and publication of feasibility study results. The related NI 43-
101 Technical Report is expected to be filed on SEDAR+ within the required 45 -day period.
Early works and procurement activities continued to support project readiness , including construction
of the new site access road and installation of additional temporary accommodation and office facilities
for the owner’s project and pre-production teams. The contract for a new 320 -person camp has been
awarded, and tendering for other major construction packages is well advanced. Letters of award have
been issued for the project’s critical path contracts, including the process plant and power station ,
securing the delivery schedule for the heavy fuel oil generators, the project’s longest-lead item, which
are expected in mid-2027. In addition, tenders for all process plant long-lead equipment, including the
SAG mill and jaw crusher, have been launched, with purchase orders expected early in the third
quarter.
The project remains positioned for a final investment decision, supporting continued momentum
toward first gold production in mid-2028.
Latin America region
Lindero Mine, Argentina: Positioned for stronger second-half production
Q2 2026 Q1 20261
Ore placed on pad (t) 1,558,750 1,525,286
Gold grade (g/t) 0.64 0.62
Gold production2 (oz) 20,829 21,545
Notes:
1. Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and provides a
business update.”
2. Production includes doré, gold-in-carbon, and gold in copper concentrate.
Mining
During the first half of 2026, Lindero placed on the leach pad approximately 95% of the ounces planned
for the period required to achieve the midpoint of its annual production guidance. With the completion
in the second quarter of key capital projects aimed at improving comminution reliability and availability,
the operation is well positioned to deliver stronger production and lower sustaining costs in the second
half of the year.
During the second quarter, Lindero mined 1.38 million tonnes of ore at a strip ratio of 1.81:1. A total of
1.56 million tonnes was stacked on the leach pad at an average gold grade of 0.64 g/t, containing an
estimated 32,008 ounces of gold. Gold ounces placed increased by 4.8% compared to the first quarter,
in line with the planned mine sequence and supporting anticipated production growth in the remainder
of 2026.
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Processing
Lindero produced 20,829 ounces of gold during the second quarter of 2026, broadly consistent with
production levels achieved in the first quarter.
Looking ahead, with all major plant capital projects now complete, Management expects improved
mechanical availability across the processing circuit, supporting higher crushing and stacking rates.
Combined with higher ore grades scheduled in the mine plan for the second half of the year, these
improvements are expected to drive a significant increase in gold production and support the
achievement of Lindero’s 2026 annual guidance.
Year-to-date production
Lindero produced a total of 42,374 ounces of gold in the first half of 2026 and remains on track to
achieve annual production guidance.
Exploration activities
Brownfields exploration at Lindero continued during the quarter, with two drill rigs focused on testing
Inferred Mineral Resources and open mineralization areas below the ultimate Mineral Reserve pit
shell. The program is advancing as planned and is expected to be completed during the third quarter
of 2026.
At the Cerro Lindo gold prospect, drilling is targeting approximately 7,000 metres, with the current
campaign expected to be completed by year-end.
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Caylloma Mine, Peru: Continued strong operating performance
Q2 2026 Q1 20261
Tonnes milled 141,337 136,701
Average tpd milled 1,588 1,553
Silver grade (g/t) 62 72
Silver recovery2 (%) 82.26 81.89
Silver production (oz) 231,294 257,603
Lead grade (%) 2.76 2.99
Lead recovery (%) 90.89 90.59
Lead production (lbs) 7,815,387 8,174,740
Zinc grade (%) 4.26 4.21
Zinc recovery (%) 90.64 90.80
Zinc production (lbs) 12,037,240 11,525,766
GEO production (oz) 9,7053 9,3114
Notes:
1. Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and provides a
business update.”
2. Metallurgical recovery for silver is calculated based on silver content in lead concentrate.
3. GEO production includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,446/oz Au, $75.21/oz Ag, $1,930/t Pb and
$3,464/t Zn, or Au:Ag = 1:59.11, Au:Pb = 1:2.30, Au:Zn = 1:1.28.
4. GEO production includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,874/oz Au, $82.69/oz Ag, $1,918/t Pb and
$3,246/t Zn, or Au:Ag = 1:58.94, Au:Pb = 1:2.54, Au:Zn = 1:1.50.
Mining
Mine production totaled 133,940 tonnes of ore in the second quarter, predominantly from overhand
cut-and-fill mining, which accounted for 7 5% of production, with 25% extracted through sub -level
stoping.
Processing
Caylloma produced 231,294 ounces of silver during the second quarter at an average head grade of
62 g/t Ag, a 10% decrease compared to the previous quarter, in line with the planned mining sequence
for the period. Zinc and lead production totaled 12.0 million pounds and 7.8 million pounds,
respectively, at average head grades of 4.26% Zn and 2.76% Pb, reflecting cons istent production
when compared to the first quarter and in line with the mining sequence.
Project update
As of June 30, 2026, the project to expand the capacity of tailings storage facility No. 3 at the Caylloma
Mine was 28% complete and progressing according to plan.
Year-to-date production
Caylloma produced 9,705 GEO in the second quarter and 19,016 GEO in the first half of 2026,
positioning the mine to achieve its annual production guidance.
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Qualified Person
Eric Chapman, Senior Vice President of Technical Services for Fortuna Mining Corp., is a Professional
Geoscientist registered with Engineers and Geoscientists British Columbia (Registration No. 36328),
and a Qualified Person as defined by National 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, Guinea, Guyana, 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 | Instagram | TikTok
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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 about the Company’s plan s 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; statements reiterating the Company’s 202 6
annual production guidance and the likelihood of the Company meeting such annual production
guidance, including that the Lindero Mine is positioned for a stronger second half o f 2026 to achieve
mid-point of its production guidance ; statements relating to the planned underground project at the
Séguéla Mine and the anticipated timing for the receipt of the ESIA for the project ; the evaluation of
an expansion to the solar power plant at the S éguéla Mine and the costs related to same; the
evaluation of the results from the processing plant expansion studies at Séguéla and the estimated
resulting increase in tonnes milled and improvement in recoveries, the timing of a construction
decision for the plant expansion ; statements regarding the Company’s brownfields and greenfields
exploration activities; statements regarding the development of the Diamba Sud gold project, including
the timing of the filing of the feasibility study, delivery of long lead items, final investment decision and
first gold pour; statements regarding the completion of certain capital projects with the expectation of
improving comminution reliability and availabilit y and improved mechanical availability across the
processing circuit; statements regarding the project to increase tailings storage facility at the Caylloma
Mine; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and
mineral properties; the future financial or operating performance of the Company; the Company’s
ability to comply with contractual and permitting or other regulatory requirements; approvals and other
matters. 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,” “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 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 liabi lity 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