Fortuna Mining Surges on Strong Q1, Eyes Major African Expansion

VANCOUVER, BC – April 09, 2026 – Fortuna Mining Corp. has announced a powerful start to the year, reporting strong first-quarter production and signaling an aggressive push into its next phase of growth, primarily centered on its burgeoning West African assets. The Canadian precious metals miner produced 72,872 gold equivalent ounces (GEO), a significant increase from both the previous quarter and the same period last year, reinforcing confidence in its annual guidance.

This robust operational performance is complemented by a clear strategy that balances ambitious expansion with direct returns to investors, underpinned by a solid safety record. As the company advances key projects in Côte d’Ivoire and Senegal, it is positioning itself as a standout mid-tier producer in a favorable gold market.

A West African Gold Rush

The engine of Fortuna’s impressive quarter was its Séguéla Mine in Côte d’Ivoire, which has rapidly become the company's flagship asset. The mine produced 42,016 ounces of gold, a striking 13.7% increase from the fourth quarter of 2025. This growth was not just a matter of volume; it was also driven by efficiency gains. The company reported a 5.1% increase in tonnes milled and a notable improvement in gold recovery, which rose to 93.4% from 92.1% in the prior quarter, a direct result of process enhancements implemented in 2025.

Fortuna is wasting no time in capitalizing on Séguéla's potential. Expansion studies for the processing plant are advancing on schedule and are expected to be completed in May 2026. The company is assessing a scenario that would boost capacity by approximately 28%, targeting an annual throughput of 2.0 to 2.5 million tonnes. Such an expansion could elevate Séguéla's annual output to over 200,000 ounces, cementing its status as a top-tier gold mine.

Further growth at Séguéla is expected from the Sunbird deposit. Following successful drilling campaigns, an updated Mineral Reserve estimate is due in May 2026. In a savvy strategic move, Fortuna is accelerating mining at the Sunbird open pit to establish a portal for the future underground mine, a decision expected to save approximately $4 million in development costs. This forward-thinking approach is also evident in its energy strategy, with a new solar power plant set to be commissioned in April and already being evaluated for expansion.

Beyond Côte d’Ivoire, Fortuna is laying the groundwork for its next major growth catalyst: the Diamba Sud Gold Project in Senegal. The project’s feasibility study is on track for completion by mid-2026, with first gold production targeted for mid-2028. Early works are already underway, and orders for long-lead equipment have been placed. Bolstering this development, the company announced a significant 73% increase in indicated mineral resources at Diamba Sud earlier this year, bringing the total to 1.25 million ounces and signaling substantial long-term potential.

Steady Operations and Strategic Maintenance

While West Africa captures the spotlight, Fortuna’s Latin American operations provided a stable and growing production base. The Lindero Mine in Argentina delivered a solid performance, producing 21,545 ounces of gold, a 12% increase over the fourth quarter of 2025. Tonnes of ore placed on the leach pad increased in line with the mine plan, demonstrating consistent execution.

In late March, the mine began a planned 30-day shutdown to replace the primary crusher’s steel foundations. Rather than a setback, this strategic maintenance is designed to ensure long-term reliability and position the mine for a stronger second half of the year. By stockpiling ore in advance, the company aims to maintain uninterrupted stacking on the leach pad during the replacement period, minimizing the operational impact.

Meanwhile, the Caylloma Mine in Peru continued its legacy as a reliable producer. The mine produced 257,603 ounces of silver, an increase of 4% over the previous quarter, alongside 11.5 million pounds of zinc and 8.2 million pounds of lead. The modest dip in base metal production was in line with the planned mining sequence for the period. Work also continues on expanding the mine’s tailings storage facility, which is 22% complete and progressing on schedule.

A Balanced Strategy for Value Creation

Fortuna's strong operational report is coupled with a disciplined financial strategy that aims to create value on multiple fronts. The company is not just reinvesting in growth but is also actively returning capital to its shareholders. During the first quarter, Fortuna repurchased 2.2 million of its common shares for a total of $20.3 million, a clear signal of management's confidence in the company's intrinsic value.

This dual approach of funding growth while rewarding investors is made possible by a robust balance sheet. Fortuna ended 2025 with $704 million in liquidity and $381 million in net cash, providing ample flexibility. This financial strength is the result of strong operational cash flow, which reached a record $330 million for the full year 2025.

Central to this strategy is a deep-seated commitment to sustainability and safety. The company proudly reported zero lost-time injuries (LTIs) across its global operations in the first quarter. This achievement underscores a culture of safety that is integral to its identity as a responsible operator, enhancing its reputation among investors and local communities alike.

Navigating the Global Landscape

With its Q1 performance, Fortuna is executing cleanly in a favorable gold market and reaffirming its 2026 annual production guidance of 281,000 to 305,000 GEO. The company’s growth trajectory, driven by the successful ramp-up and planned expansion of Séguéla, stands in contrast to a broader industry trend where many producers have seen more modest production growth.

The company’s current success is also a product of past strategic decisions, notably the 2025 divestment of its San Jose and Yaramoko mines. That move streamlined its portfolio, allowing it to focus on higher-margin, long-life gold assets—a strategy that is now clearly paying dividends.

While operating in diverse jurisdictions like Argentina presents inherent macroeconomic risks, Fortuna's proactive management and strong financial footing position it to navigate these challenges effectively. By combining operational excellence, a well-defined growth pipeline in West Africa, and a disciplined capital allocation strategy, Fortuna Mining Corp. is building a compelling case as a resilient and dynamic player in the global precious metals sector.