Fortuna reports updated Mineral Reserves and Mineral Resources
NEWS RELEASE
Fortuna reports updated Mineral Reserves and Mineral Resources
Vancouver, March 12, 2025: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) provides its
updated Mineral Reserve and Mineral Resource estimates as of December 31, 2024 for its four
operating mines in West Africa and the Americas, as well as the Arizaro Project located at the Lindero
Mine in Salta, Argentina, the Diamba Sud Gold Project in Senegal and the San Jose Mine in Mexico .
All references to dollar amounts in this news release are expressed in US dollars. Gold equivalent
ounces referred to in this news release are calculated using metal prices of $1,880/oz for Au, $23/oz
for Ag, $2,000/t for Pb, and $2,700/t for Zn.
Highlights of Mineral Reserve and Mineral Resource Update
• Consolidated Inferred Mineral Resources are reported containing 2.2 M gold equivalent
ounces (GEOs) representing a year-over-year increase of 29 percent.
• Consolidated Measured and Indicated Resources exclusive of Mineral Reserves are reported
containing 1.5 M GEOs representing a year-over-year increase of 36 percent.
• Primary drivers for the net increase in Mineral Resources are the result of infill drilling and the
discovery of new Inferred Resources representing 741,000 GEOs, offset by the upgrading of
resources to reserves.
• Consolidated Proven and Probable Mineral Reserves are reported containing
2.7 M gold GEOs representing a year-over-year decrease of 11 percent.
• Primary driver for changes in Mineral Reserves is production related depletion in 2024 of
526,000 GEOs offset by the upgrading of resources to reserves representing 204,000 GEOs.
-2-
2024 Mineral Reserves and Mineral Resources
Mineral Reserves - Proven and Probable Contained Metal
Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) GEOs (000)
Gold
Mines
Séguéla,
Côte d’Ivoire
Proven 914 N/A 1.52 N/A N/A 45
Probable 8,837 N/A 2.66 N/A N/A 1,016
Proven + Probable 9,751 N/A 3.38 N/A N/A 1,061
Yaramoko,
Burkina Faso
Proven 30 N/A 4.23 N/A N/A 4
Probable 597 N/A 7.65 N/A N/A 147
Proven + Probable 627 N/A 7.49 N/A N/A 151
Lindero,
Argentina
Proven 23,276 N/A 0.56 N/A N/A 420
Probable 45,897 N/A 0.53 N/A N/A 786
Proven + Probable 69,174 N/A 0.54 N/A N/A 1,206
Total Proven + Probable 79,552 N/A 0.95 N/A N/A 2,417
Silver
Mine
Caylloma,
Peru
Proven 34 201 0.67 2.51 2.98 6
Probable 2,407 81 0.14 2.73 4.16 301
Proven + Probable 2,441 82 0.15 2.73 4.15 307
Total Proven + Probable 2,441 82 0.15 2.73 4.15 307
Total Proven + Probable 2,724
Mineral Resources – Measured and Indicated Contained Metal
Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) GEOs (000)
Gold
Mines
Séguéla,
Côte d’Ivoire
Measured 0 N/A - N/A N/A 0
Indicated 3,438 N/A 3.59 N/A N/A 396
Measured + Indicated 3,438 N/A 3.59 N/A N/A 396
Yaramoko,
Burkina Faso
Measured 17 N/A 12.48 N/A N/A 7
Indicated 245 N/A 4.47 N/A N/A 35
Measured + Indicated 261 N/A 4.98 N/A N/A 42
Lindero,
Argentina
Measured 1,735 N/A 0.52 N/A N/A 29
Indicated 28,989 N/A 0.42 N/A N/A 392
Measured + Indicated 30,724 N/A 0.43 N/A N/A 421
Total Measured + Indicated 34,423 N/A 0.78 N/A N/A 859
Silver
Mines
Caylloma,
Peru
Measured 234 95 0.27 1.47 2.52 23
Indicated 766 84 0.19 1.27 2.34 66
Measured + Indicated 1,000 86 0.21 1.31 2.38 89
San Jose,
Mexico
Measured 60 160 1.39 N/A N/A 6
Indicated 1,131 160 1.14 N/A N/A 113
Measured + Indicated 1,191 160 1.15 N/A N/A 119
Total Measured + Indicated 2,191 126 0.72 N/A N/A 208
Gold
Project
Diamba Sud,
Senegal
Measured 0 N/A - N/A N/A 0
Indicated 7,751 N/A 1.90 N/A N/A 473
Measured + Indicated 7,751 N/A 1.90 N/A N/A 473
Total Measured + Indicated 7,751 N/A 1.90 N/A N/A 473
Total Measured + Indicated 1,540
-3-
Mineral Resources – Inferred Contained Metal
Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) GEOs (000)
Gold
Mines
Séguéla,
Côte d’Ivoire Inferred 6,765 N/A 2.84 N/A N/A 618
Yaramoko,
Burkina Faso Inferred 141 N/A 5.83 N/A N/A 26
Lindero,
Argentina Inferred 30,364 N/A 0.46 N/A N/A 449
Total Inferred 37,270 N/A 0.91 N/A N/A 1,094
Silver
Mines
Caylloma,
Peru Inferred 3,794 106 0.55 2.13 3.10 480
San Jose,
Mexico Inferred 1,053 164 1.23 N/A N/A 110
Total Inferred 4,847 119 0.70 N/A N/A 590
Gold
Projects
Arizaro,
Argentina Inferred 32,400 N/A 0.37 N/A N/A 389
Diamba Sud,
Senegal Inferred 3,133 N/A 1.47 N/A N/A 148
Total Inferred 35,533 N/A 0.47 N/A N/A 537
Total Inferred 2,220
Notes:
1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
2. Mineral Resources are exclusive of Mineral Reserves.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and exchange rate assumptions; changes in
local interpretations of mineralization; changes to assumed metallurgical recoveries, mining di lution and recovery; and assumptions as to the continued ability to
access the site, extend and/or retain mineral and surface rights titles and permits, maintain environmental and other regulatory permits, and maintain the social
license to operate.
5. Mineral Resources and Mineral Reserves are reported as of December 31, 2024.
6. Mineral Resources for the San Jose Mine are reported within underground mineable shapes using an estimated NSR cut -off grade of 153 g/t Ag Eq based on
assumed metal prices of US$27.50/oz Ag and US$2,300/oz Au; estimated metallurgical recovery rates of 89% for Ag and Au and average mining costs of US$56.44/t;
processing costs of US$22.79/t; and other costs including distribution, administrative and general service costs of US$25.83/ t based on actual operating costs in
2024.
7. Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting)
at $91.85/t; mechanized (uppers) at $73.33/t; semi-mechanized at $93.05/t; sub-level stoping at $82.77/t; and a conventional method at $153.40/t; using assumed
metal prices of $23/oz Ag, $1,880/oz Au, $2,000/t Pb and $2,700/t Zn; metallurgical recovery rates of 82 or 86 % for Ag, 22 or 58 % for Au, 90 or 88 % for Pb and
89 or 87 % for Zn. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from
July 2023 through June 2024. Mining recovery is estimated to average 95 % with average total mining dilution of 17 % depending on the mining method. Mineral
Resources are reported at an NSR cut-off grade of $75/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and $130/t for veins classified as
narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15 % upside in metal prices.
8. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gol d cut-off grades and gold recoveries
by metallurgical type: Met type 1 cut -off 0.26 g/t Au, recovery 75.4 %; Met type 2 cut -off 0.25 g/t Au, recovery 78.2 %; Met type 3 cut -off 0.25 g/t Au, recovery
78.5 %; and Met type 4 cut -off 0.29 g/t Au, recovery 68.5 %. Mining recovery is estimated to average 100 % and mining dilution 0 % having been accounted for
during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of $1,880/oz, estimated
base mining costs of $1.39 per tonne of material, total processing and G&A costs of $10.28 per tonne of ore, and refinery costs net of pay factor of $13.44 per ounce
gold. Reported Proven Reserves include 9.9 Mt averaging 0.41 g/t Au of stockpiled material. Mineral Resources are reported wi thin a conceptual pit shell above a
0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15 % upside in metal prices. Mineral Resources for Arizaro are reported
within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional $0.52 per tonne of ore to account for
haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit.
9. Mineral Reserves for Yaramoko are reported at a cut-off grade of 0.56 g/t Au for the 109 Zone open pit, 4.26 g/t Au for 55 Zone underground, 3.10 g/t Au for Bagassi
South QVP and QV underground based on an assumed gold price of $2,040/oz, metallurgical recovery rates of 96.9 %, underground mining costs of $177/t, surface
mining costs of $4.07/t, processing cost of $32/t and G&A costs of $37/t. Underground average mining recovery is estimated at 90 % for Bagassi South QV and
QVP, 94 % for 55 Zone SLS stopes, and 84 % for sill drifts. A mining dilution of 0.2m and 0.2m dilution skin has been applied for shrinkage mining, 0.3m and 0.4m
for SLS stopes and 0.3m and 0.65m for sill drifts, respectively. Surface mining recovery is estimated to average 100 % and mining dilution 0 %, having been
accounted for during block regularization to 5m x 5m x 5m size within an optimized pit shell, and only Proven and Probable ca tegories reported within the final pit
designs. Yaramoko Mineral Resources are reported at a gold grad e cut-off grade of 1.4 g/t Au for the 55 Zone open pit, 0.6 g/t Au for the 109 Zone open pit, and
2.7 g/t Au and 2.5 g/t Au for underground 55 Zone and Bagassi South respectively, based on an assumed gold price of $2,160/oz and the same costs, metallurgical
recovery and constrained within an optimized pit shell. The Yaramoko Mine is subject to a 10 % carried interest held by the government of Burkina Faso.
10. Mineral Reserves for the Séguéla Mine are reported on a 100 % ownership basis at an incremental gold grade cut -off of 0.75 g/t Au for Antenna, 0.80 g/t Au for
Agouti, 0.78 g/t Au for Boulder, 0.78 g/t Au for Koula, 0.84 g/t Au for Ancien, 0,86 g/t for Badior and 0.81 g/t Au for Sunbi rd deposits based on a gold price of
$1,880/ounce, metallurgical recovery rates of 94 %, surface mining costs ranging between $3.76/t to $4.28/t, processing cost of $17.87/t and G&A cost of $14.45/t,
and only Proven and Probable categories reported within the final pit designs. The Minera l Reserves pit design for Antenna, Ancien, Koula and Badior were based
on inter-ramp angles of 30.6° to 38.3° for oxide material, 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with inter-
ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. The Sunbird pit was designed with inter -ramp angles of 40.7° for oxide, 36.5° to
59.6° for transitional, and 52.2° to 61.2° for fresh material. The Mineral Reserves are reported with m odifying factors of mining dilution and mining recovery
represented by regularizing the block models to an appropriate selective mining unit (SMU) block size. Mineral Resources for Séguéla are reported at a cut-off grade
of 0.65 g/t Au for Antenna and Kest rel, 0.70 g/t Au for Agouti, Boulder, Koula, Sunbird and Kingfisher, and 0.75 g/t Au for Ancien, Badior and Gabbro North base d
on an assumed gold price of $2,160/oz and constrained within preliminary pit shells. Underground Mineral Resources are reported inside MSO shapes at a gold cut-
off grade of 2.4 g/t Au based on sublevel stoping mining method. The Séguéla Mine is subject to a 10 % carried interest held by the State of Cote d'Ivoire.
11. Mineral Resources for Diamba Sud are reported on a 100 % ownership basis at SMU block sizes and at an incremental gold cutoff grade for oxide/transitional
material of 0.28 g/t Au for Area A, 0.29 g/t Au for Area D and Karakara, 0.31 g/t Au for Kassassoko and 0.32 g/t Au for West ern Splay, with fresh material reported
based on a cutoff of 0.36 g/t Au for Karakara, 0.37 g/t Au for Area A, 0.40 g/t Au for Area D and Kassassoko, and 0.41 g/t Au for Western Splay in accordance with
-4-
the varying ore differential parameters and varying metallurgical recoveries for oxide, transitional and fresh rock associate d within shell optimizations, assuming a
long-term gold metal price of $2,160/oz and metallurgical recoveries for the following dep osits: Area A oxide and transitional rock 89.8 %, Area A fresh rock
93.1 %; Area D oxide and transitional rock 89.8 %, Area D fresh rock 85.4 %; Karakara oxide and transitional rock 88.6 %, Karakara fresh rock 94.9 %; Western
Splay oxide, transitional and fresh rock 88 %; and, Kassassoko oxide, transitional and fresh rock 93 %.
12. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person
responsible for Mineral Reserves; both being employees of Fortuna Mining Corp.
13. Gold equivalent calculated using metal prices of $1,880/oz for Au, $23/oz for Ag, $2,000/t for Pb, and $2,700/t for Zn.
14. N/A = Not applicable.
15. Totals may not add due to rounding.
Séguéla Mine, Côte d’Ivoire
Year-over-year, the operation successfully replenished what was mined, with Mineral Reserve gold
ounces remaining relatively unchanged, while gold grade increas ed by 11 percent to 3.38 g/t Au.
Inferred Resources increased by 121 percent over the same period , primarily due to the addition of
the Kingfisher deposit.
As of December 31, 2024, the Séguéla Mine has Proven and Probable Mineral Reserves of 9.8 Mt
containing 1.1 Moz Au, in addition to Indicated Resources of 3.4 Mt containing 396,000 oz Au and
Inferred Resources of 6.8 Mt containing 618,000 oz Au.
The Company disclosed an updated estimate of Mineral Reserves and Resources as of October 31,
2024 (refer to Fortuna news release dated December 10, 2024 ). Since the publication of this update,
Mineral Reserves increased by 0.4 Mt and 45,000 gold ounces. Changes were due to the upgrading
of the Badior deposit Inferred Resources to Probable Reserves offset by mining related depletion in
the last two months of 2024.
Measured and Indicated Resource gold ounces, exclusive of Mineral Reserves, remain unchanged.
Inferred Resources decreased 0.5 Mt or 59,000 oz Au in relation to the upgrading of the Badior deposit
to Mineral Reserves.
The Brownfields exploration program budget for 2025 at Séguéla is $13.5 million, which includes
73,000 meters of exploration drilling, supporting resource upgrade drilling primarily at the Sunbird
underground project, and infill and expansion of the Kingfisher deposit, along with continued target
generation (refer to Fortuna news release dated January 21, 2025).
Yaramoko Mine, Burkina Faso
In 2024, the operation continued replenishing Mineral Reserves depleted through mining, with the
addition of 0.2 Mt containing 64,000 oz Au via underground developments and drilling of the Zone 55
and Bagassi South QV Prime veins.
As of December 31, 2024, the Yaramoko Mine has Proven and Probable Mineral Reserves of 0. 6 Mt
containing 151,000 oz Au, in addition to Measured and Indicated Resources, exclusive of Mineral
Reserves, of 0. 3 Mt containing 4 2,000 oz Au, and Inferred Resources of 0.1 Mt containing
26,000 oz Au.
Year-over-year, Mineral Reserve tonnes decreased 27 percent, while gold grades decreased 5 percent
to 7.49 g/t Au. The changes are due to mining related depletion in 2024 of 0.5 Mt of material containing
120,000 oz Au counteracted by the successful replenishment program described above.
Measured and Indicated Resource gold ounces, exclusive of Mineral Reserves, decreased by
2,000 ounces and Inferred Resources increased by 10,000 ounces as a result of depletion through the
removal of isolated non-economic mineralization, and the discovery of extensions to mineralization in
the 55 Zone and Bagassi South underground mines.
-5-
Lindero Mine and Arizaro Gold Project, Argentina
In spite of y ear-over-year mining depletion, there were minimal changes to Mineral Reserves at
Lindero, with tonnes and gold grade decreasing by 3 percent and 4 percent, respectively.
As of December 31, 2024, the Lindero Mine has Proven and Probable Mineral Reserves of 69.2 Mt
containing 1.2 Moz Au, in addition to Measured and Indicated Resources, exclusive of Mineral
Reserves, of 30.7 Mt containing 421,000 oz Au, and Inferred Resources of 30.4 Mt containing
449,000 oz Au.
Mineral Reserve depletion of ore delivered to the heap leach pad in 2024 comprising 6.4 Mt containing
121,000 oz Au, was largely offset by a decrease in the reporting cut-off grade due to higher gold prices.
Measured and Indicated Resource gold ounces, exclusive of Mineral Reserves, remained relatively
unchanged year-over-year.
Inferred Resource tonnes increased by 5.1 Mt or 20 percent, to 30.4 Mt year-over-year, with the gold
grade remaining relatively unchanged at 0.46 g/t. The increase in Inferred Resources is due to
reporting at a lower cut -off grade and updated pit optimization related to the application of a higher
gold price.
As of December 31, 2024, the Arizaro Gold Project has Inferred Mineral Resources of 32.4 Mt
averaging 0.37 g/t Au containing 389,000 oz Au, an increase of 34 percent in tonnes and 26 percent
in gold ounces compared to last year as a result of the applicati on of a higher gold price and
subsequent adjustments in the pit shell.
The Brownfields exploration budget for Lindero is $3.4 million, which includes 5,000 meters of
exploration drilling at Arizaro, following up on recent reinterpretations driven by additional geochemical
sampling, and alteration mapping completed in 2024 (refer to Fortuna news release dated January 21,
2025).
Caylloma Mine, Peru
Year-over-year, Mineral Reserve tonnes increased by 7 percent, while silver, lead and zinc grades
remained relatively unchanged as the operation successfully replaced and added to the reserves that
were mined through the year.
As of December 31, 202 4, the Caylloma Mine has Proven and Probable Mineral Reserves of 2. 4 Mt
containing 6.5 Moz Ag, 12,000 oz Au, 67,000 tonnes Pb, and 101,000 tonnes Zn, or 307,000 GEOs,
in addition to Inferred Resources of 3.8 Mt containing 12.9 Moz Ag, 67,000 oz Au, 81,000 tonnes Pb,
and 118,000 tonnes Zn or 408,000 GEOs.
The increase in Mineral Reserve tonnes is due to the conversion of 557,000 tonnes, or 79,000 GEOs,
of Inferred Resources to Mineral Reserves, offset by mining related depletion of 489,000 tonnes or
68,000 GEOs; a decrease of 124,000 tonnes, or 12,000 GEOs, as a result of changes in commercial
terms and metal price; and a decrease of 112,000 tonnes, or 9,000 GEOs, due to adjustments in the
estimation parameters and geologic interpretation.
Measured and Indicated Resource tonnes, exclusive of Mineral Reserves, decreased by 44 percent
year-over-year to 1. 0 Mt with silver , lead and zinc grades decreasing by 1, 21 , and 1 3 percent,
respectively, due to the removal of crown pillar material and isolated narrow mineralized structures
from the inventory.
-6-
Inferred Resource tonnes decreased by 16 percent year-over-year. Silver grades increased 7 percent,
whereas lead and zinc grades decreased by 12 and 16 percent, respectively. The decrease in Inferred
Mineral Resources is a result of an increase in cut -off values used for reporting Mineral Resources
from $130/t to $135/t, resulting in a decrease of 55,000 tonnes, or 4,000 GEOs, and adjustments in
the geologic interpretation, changes in commercial terms, and sterilization of material associated with
isolated or narrow mineralization resulting in a decrease of 274,000 tonnes, or 69,000 GEOs, offset
by the discovery of 176,000 tonnes, or 22,000 GEOs, through exploration drilling of the Animas and
Animas NE veins.
The Brownfields exploration program budget for 2025 at Caylloma is $4.8 million which includes
$2.2 million for 9,000 meters of resource extension drilling, in addition to $2.6 million for 1,600 meters
of drill testing regional targets (refer to Fortuna news release dated January 21, 2025).
San Jose Mine, Mexico
Although the mine depleted its reserves in 2024, successful exploration drilling resulted in a year-over-
year increase in Measured and Indicated Resource GEOs of 17 percent, with an increase of 9 percent
in silver grade, and 4 percent in gold grade. In addition, Inferred Resource GEOs increased by
12 percent with an increase of 12 percent in silver grade, and 18 percent in gold grade.
As of December 31, 2024, the San Jose Mine has Measured and Indicated Mineral Resources of
1.2 Mt containing 6. 1 Moz Ag, 44,000 oz Au or 119,000 GEOs, in addition to Inferred Resources of
1.0 Mt containing 5.6 Moz Ag, 42,000 oz Au or 110,000 GEOs.
The changes in Measured and Indicated Resource s are due to infill drilling upgrading Inferred
Resources and an increase in the reporting cut-off grade from 130 g/t to 153 g/t Ag Eq.
The increase in Inferred Mineral Resources are a result of changes in cut-off values used for reporting
Mineral Resources, as described above , adjustments in the geologic interpretation, and infill drilling
resulting in upgrading of Inferred Resources to Indicated Resources resulting in a decrease of 68,000
GEOs, counteracted by exploration drilling of the Victoria and Yessi mineralized structure s, which
added 84,000 GEOs.
The San Jose Mine was placed on care and maintenance on December 24, 2024, as the Company
decided to enter a strategic process to divest of the non -core asset . On January 15, 2025, the
Company announced it had entered into a binding agreement with Minas del Balsas S.A. de C.V.
(“MdB”), a private Mexican company, for the sale of the San Jose Mine. On March 6, 2025, the
Company terminated the acquisition agreement with MdB and is now continuing with the sale process
to divest the asset.
-7-
Diamba Sud Gold Project, Senegal
Fortuna estimates Diamba Sud contains an Indicated Resource of 7.8 Mt at an average gold grade of
1.90 g/t containing 473,000 oz Au, and an Inferred Resource of 3.1 Mt at an average gold grade of
1.47 g/t containing 148,000 oz Au. This represents the Company’s first-time disclosure of the Diamba
Sud Mineral Resources prepared in accordance with National Instrument 43-101.
The estimate is based on an extensive drill program conducted from October 2023 to July 2024
comprising 497 holes totaling 64,892 meters . The data collected facilitated improvements in the
geologic interpretation and resource modelling for Area A and Area D, led to the growth of resources
at Karakara, and expanded the pipeline of emerging deposits , with the first-time estimation of
resources for Western Splay and Kassassoko. Expansion drilling of these deposits, as well as drilling
of new targets, is planned for 2025 as part of the $8.3 million exploration program, which includes
35,000 meters of drilling (refer to Fortuna news release dated January 21, 2025).
Diamba Sud Gold Project Mineral Resources by deposit
Mineral Resources – Measured and Indicated Contained Metal
Classification Deposit Tonnes (000) Au (g/t) Au (koz)
Indicated
Area A 2,456 2.07 163
Area D 3,234 1.96 204
Karakara 779 1.93 48
Western Splay 726 1.75 41
Kassassoko 556 0.96 17
Total Indicated 7,751 1.90 473
Mineral Resources – Inferred Contained Metal
Classification Deposit Tonnes (000) Au (g/t) Au (koz)
Inferred
Area A 576 1.51 28
Area D 305 1.37 13
Karakara 1,617 1.57 81
Western Splay 384 1.43 18
Kassassoko 251 0.89 7
Total Inferred 3,133 1.47 148
Notes:
1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
2. Mineral Resources are exclusive of Mineral Reserves.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and exchange rate assumptions; changes in
local interpretations of mineralization; changes to assumed metallurgical recoveries, mining di lution and recovery; and assumptions as to the continued ability to
access the site, extend and/or retain mineral and surface rights titles and permits, maintain environmental and other regulatory permits, and maintain the social
license to operate.
5. Mineral Resources and Mineral Reserves are reported as of December 31, 2024.
6. Mineral Resources for Diamba Sud are reported on a 100 % ownership basis at SMU block sizes and at an incremental gold cutoff grade for oxide/transitional
material of 0.28 g/t Au for Area A, 0.29 g/t Au for Area D and Karakara, 0.31 g/t Au for Kassassoko and 0.32 g/t Au for West ern Splay, with fresh material reported
based on a cutoff of 0.36 g/t Au for Karakara, 0.37 g/t Au for Area A, 0.40 g/t Au for Area D and Kassassoko, and 0.41 g/t Au for Western Splay in accordance with
the varying ore differential parameters and varying metallurgical recoveries for oxide, transitional and fresh rock associated within shell optimizations, assuming a
long-term gold metal price of $2,160/oz and metallurgical recoveries for the following deposits: Area A oxide and transitional rock 89.8 %, Area A fresh rock 93.1 %;
Area D oxide and transitional rock 89.8 %, Area D fresh rock 85.4 %; Karakara oxide and transitional rock 88.6 %, Karakara fresh rock 94.9 %; Western Splay oxide,
transitional and fresh rock 88 %; and, Kassassoko oxide, transitional and fresh rock 93 %. .
7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person
responsible for Mineral Reserves; both being employees of Fortuna Mining Corp.
8. Totals may not add due to rounding
-8-
The Mineral Resource estimate incorporates a total of 1,109 diamond and reverse circulation (RC) drill
holes totaling 141,101 meters, drilled since 2019. The Mineral Resource is comprised of five deposits
including Area A, Area D, Karakara, Western Splay and Kassassoko.
All RC drilling at Diamba Sud 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. Samples were collected at 1-meter intervals from an onboard
cyclone then split on site to produce two 1.5 kg samples, the first sample was submitted for analysis,
the second stored at the core yard as a duplicate.
The majority of d iamond drill holes at Diamba Sud were drilled with either HQ or NQ sized diamond
drill bits. 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 s tored 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.
All Diamba Sud RC and diamond core samples were shipped to ALS Global’s preparation laboratory
in Kedougou, Senegal, for preparation and then, via commercial courier, to ALS’s facility in
Ouagadougou, Burkina Faso for finishing. Routine gold analysis using a 50-gram charge and fire assay
with an atomic absorption finish was completed for all Diamba Sud samples. Quality control
procedures included the systematic insertion of blanks, duplicates, and standards into the sample
stream. In addition, the ALS laboratory inserted its own quality control samples.
Diamba Sud’s Mineral Resource estimate was prepared using data with an effective cut -off date of
June 30, 2024. Three dimensional wireframes were generated f or the host lithologies, including the
weathering profile, as well as for low, mid, and high-grade mineralized envelopes based on nominal
cut-off grades of 0.3 g/t, 1 g/t and 4 g/t Au, respectively.
Wireframes for each mineralized envelope were used to select and flag drillhole samples. Samples
were preferentially sampled at either 1 or 2-meter intervals regardless of drilling technique based on
the deposit.
Composites for each mineralized domain were reviewed separately and in conjunction with log
probability plots, histograms and box and whisker plots. All data was collectively treated as a single
statistical domain for the purposes of geostatistical analysis.
Input composite data for each individual domain were assessed for the existence of outliers. Top cut
grade capping was applied on a semi -quantitative basis per -domain, based on the histograms, log
probability and mean/variance plots for each domain. Grade caps were generally applied at the
98th percentile or above.
An experimental semi -variogram was generated for each domain with a model ed semi-variogram
developed, typified by a moderate to high nugget, and two spherical structures.
A block model was built for each of the Diamba Sud deposits. Block models were aligned with the
national grid utilizing the same UTM coordinate system as the input data with consideration of the likely
selective mining unit used to define block size.
The wireframes defining low, mid and high-grade mineralized domains were used as hard boundaries
in the grade interpolation. Only grades inside each mineralized wireframe were used to interpolate the
blocks inside the same wireframe. Inverse distance weighting (IDW) or o rdinary kriging (OK) was