Fortuna Bets Big on Côte d’Ivoire with Séguéla Gold Mine Expansion

VANCOUVER, British Columbia – December 03, 2025 – In a decisive move signaling a new phase of growth, Fortuna Mining Corp. has officially launched a study to expand its highly productive Séguéla gold mine in Côte d’Ivoire. The Canadian precious metals producer announced it has awarded the contract to Lycopodium Minerals Canada Ltd., the same engineering firm that successfully built the original plant. This step is a critical milestone in Fortuna’s journey from development to sustained profitability, aiming to capitalize on recent exploration success and a bullish gold market.

The plan is ambitious: to increase the processing plant’s throughput by 15 to 40 percent, boosting its capacity from the current 1.75 million tonnes per annum (Mtpa) to a range of 2.0 to 2.5 Mtpa. This expansion is designed to push Séguéla’s output beyond 200,000 ounces of gold per year, a significant jump that plays a central role in the company’s broader strategic objective of achieving 500,000 ounces of annual gold equivalent production within three years.

“Initiating the Séguéla plant expansion study is a key step in unlocking the next phase of growth for the mine and fully capturing the opportunities created by our exploration success,” commented Jorge A. Ganoza, President and CEO of Fortuna, in a recent statement. This move isn't just about getting bigger; it's a calculated strategy to maximize the value of a proven, high-margin asset.

A Foundation Built on Exploration Success

Fortuna’s decision to expand is not a speculative leap but a direct response to tangible results under the ground. The company recently announced a significant expansion of the Séguéla mine’s Mineral Reserves, increasing its contained gold ounces by 11% and extending the mine's operational life to a solid 7.5 years. This growth was bolstered by the first-time inclusion of reserves from the nearby Kingfisher deposit and a doubling of Indicated Mineral Resources, which now stand at 794,000 ounces.

Furthermore, an ongoing underground mining study at the high-grade Sunbird deposit is expected to convert another 502,000 ounces of gold from resources into reserves. The planned plant expansion is therefore a necessary commercial step to accommodate this growing resource base. By increasing processing capacity, Fortuna can accelerate the conversion of these ounces in the ground into cash flow on the balance sheet, a classic move in the mining playbook to enhance a project’s net present value.

This organic growth strategy is unfolding in a region that is rapidly becoming a global hotspot for gold production. Côte d'Ivoire's national gold output has more than doubled over the past decade, with the government actively encouraging investment to reach a target of 100 tonnes annually by 2030. Fortuna's expansion at Séguéla positions the company to be a major contributor to this national goal and a leading operator in the competitive West African gold sector.

De-Risking Growth with a Proven Partner

In the journey from prototype to profit, partner selection is paramount. Fortuna’s choice of Lycopodium Minerals Canada is a textbook example of de-risking a major capital project. Lycopodium was the engineering, procurement, and construction management (EPCM) contractor for the original Séguéla plant, which was delivered on time and on budget, pouring its first gold in May 2023. This existing relationship provides Lycopodium with an unparalleled, intimate knowledge of the plant’s design, metallurgy, and operational nuances.

Lycopodium’s resume extends far beyond Séguéla, featuring a portfolio of successful gold projects across West Africa, including the Bissa Gold Project in Burkina Faso and the Mako Gold Mine in Senegal. This deep regional expertise is invaluable for navigating the logistical and operational challenges specific to the area. By retaining the original architect for the expansion, Fortuna minimizes execution risk and ensures that the new designs will integrate seamlessly with existing infrastructure, a critical factor for controlling costs and timelines.

The feasibility study, scheduled for completion in the second quarter of 2026, will provide the detailed engineering and financial metrics needed for a final investment decision. It represents the methodical, data-driven approach that investors look for before a company commits hundreds of millions of dollars to a brownfield expansion.

The Financial Power to Execute

A growth strategy is only as strong as the balance sheet that backs it. Here, Fortuna appears to be on exceptionally solid ground. The company ended the third quarter of 2025 with a robust liquidity position of $588.3 million and a net cash position of $265.8 million. This financial strength is fueled by powerful free cash flow, which reached $73.4 million in Q3 alone.

This war chest gives Fortuna the flexibility to fund its growth ambitions internally, without relying on dilutive equity financing or taking on significant new debt. The company is not only planning the Séguéla expansion but is also advancing its Diamba Sud Gold Project in Senegal, which has an estimated capital cost of $283.2 million. Management has explicitly stated that its strong cash flow and balance sheet