FVI.TO · 2024-10-05 12:00:00

Fortuna responds to recent media reports concerning Burkina Faso

Company Commentary

NEWS RELEASE

Vancouver, October 7 , 20 24: Fortuna Mining Corp . (NYSE: FSM | TSX: FVI) today shared an

update on its operations at the Yaramoko Mine in Burkina Faso.

On October 5, 2024, Burkina Faso ’s President Ibrahim Traoré made public comments regarding

mining companies operating in the country and the possible withdrawal of existing mining permits.

Fortuna has sought clarification from the country’s Minist ry of Mines on this point and has received

confirmation that the government has no plans to withdraw existing mining permits which are in

compliance with Burkina Faso’s laws. The Yaramoko Mine is in compliance with all material laws and

operations continue to be conducted normally.

The Yaramoko Mine has been in operation since 2016 and reached the one-million-ounce gold pour

milestone on May 19, 2024 (refer to Fortuna news release dated May 22, 2024, “Fortuna’s Yaramoko

Mine reaches one -million-ounce gold pour milestone ”). Yaramoko is expected to contribute

approximately 25 percent of Fortuna’s gold equivalent ounces in 2024 (refer to Fortuna news release

dated January 18, 2024, “Fortuna reports record 2023 production of 452 koz Au Eq and 2024 annual

guidance of 457 to 497 koz Au Eq”).

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with five operating mines in

Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru , as well as the preliminary economic

assessment stage Diamba Sud Gold Project located in Senegal . Sustainability is integral to all our

operations and relationships. We produce gold and silver and generate shared value over the long -

term for our stakeholders through efficient production, environmental protection, 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 may include, without limitation, statements about the validity of the Company’s Yaramoko

mining permit and its production guidance at the Yaramoko Mine for 2024. 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 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; uncertainty relating to nature and climate conditions; risks associated with political instability

and changes to the regulations governing the Company’s business operations; change s 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 conflict and the Israel – Hamas war,

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; uncertainty relating to concentrate treatment charges and

transportation costs; sufficiency of monies allotted by the Company for land r eclamation; risks

associated with dependence upon information technology systems, which are subject to disruption,

damage, failure and risks with implementation and integration; risks associated with climate change

legislation; labour 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.

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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 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 disclaim s 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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