FVI.TO · 2026-02-10 12:00:00

Fortuna Submits Exploitation Permit Application for the Diamba Sud Gold Project, Senegal

Permits & Approvals

NEWS RELEASE

Fortuna Submits Exploitation Permit Application for the Diamba

Sud Gold Project, Senegal

Vancouver, British Columbia, February 10, 2026: Fortuna Mining Corp. (NYSE: FSM |

TSX: FVI) announces that it submitted an application for an exploitation permit for the Diamba

Sud Gold Project to the Ministry of Energy, Petroleum, and Mines on February 4, 2026.

The Company continues to advance early works and engineering at Diamba Sud, including

site preparation activities and detailed engineering programs designed to de-risk critical path

activities and support the feasibility study. Fortuna also plans to publish an updated Mineral

Resource estimate for Diamba Sud by the end of the month. This update will form the basis

for the estimation of Mineral Reserves to be used in the feasibility study and will support the

evaluation of a potential construction decision t argeted for mid -2026. Robust project

economics were demonstrated in the Preliminary Economic Assessment (“PEA”) completed

in October 2025 (refer to Fortuna news release dated October 15, 2025).

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 at www.fortunamining.com

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director

Fortuna Mining Corp.

Investor Relations:

Forward looking Statements

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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 that the timing for a construction

decision at the Diamba Sud project is targeted for mid-2026, which is subject to the receipt of all required permits,

including an ESIA permit and an exploitation permit; the continued advancement of an early works program

including site preparation activities and a detailed engineering program which are intended to de -risk execution

and support the feasibility study; the timing of an updated Mineral Resource estimate for the Project expected by

the end of February 2026 ; continued exploration activities at the Project leading to the conversion of Mineral

Resources to Mineral Reserves; and the preparation of a feasibility study for the Diamba Sud project targeted for

mid-2026; statements that the PEA demonstrates robust economics for the Projec t; statements about the

Company’s business strategies, plans and outlook; the Company’s plans 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; the future results of exploration activities; expectations with respect to metal

grade estimates and the impact of any variations relative to metals grades experienced; assumed and future

metal prices ; the merit of the Company’s mines and m ineral properties; and the future financial or operating

performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the

use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “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; 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 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 C ompetition

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 countrie s in which the Company does or may carry on business; risks

associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts,

and the impacts they may have on global economic activity; risks relating to t he 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 related to the ability to retain or extend title to the Company’s

mineral properties; 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

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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 interes t 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 reclamation; risks associated with dependence upon infor mation technology systems, which are subject

to disruption, damage, failure and risks with implementation and integration; labor relations issues; 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, the timing of the receipt of the required permits for the Diamba Sud

Project will be obtained in line with expected timelines; 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 mater ial adverse change affecting the Company, its

properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery

timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contrac tor

availability and other operating or technical difficulties); 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 condi tion; 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 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 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.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

All reserve and resource estimates included in this news release have been prepared in accordance with National

Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining,

Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule

developed by the Canadian Securities Administrators that establishes standards for public disclosure by a

Canadian company of scientific and technical information concerning miner al projects. All Mineral Reserve and

Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-

101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources

and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities

and Exchange Commission, and mineral reserve and resource information included in this news release may not

be comparable to similar information disclosed by U.S. companies.

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