Mr. Jorge Ganoza reports

FORTUNA REPORTS SOLID PRODUCTION OF 103,459 GOLD EQUIVALENT OUNCES FOR THE FIRST QUARTER OF 2025

Fortuna Mining Corp. has released production results for the first quarter of 2025 from its four operating mines in West Africa and Latin America. All dollar amounts expressed in this news release are in United States dollars, unless otherwise stated.

Q1 2025 highlights:

• Gold production of 91,893 ounces, compared with 89,678 oz Au in Q1 2024 and 95,993 oz Au in Q4 2024;
• Gold equivalent production of 103,459 ounces, compared with 112,543 AuEq oz (GEOs) in Q1 2024 and 116,358 GEOs in Q4 2024;
• The Lindero leach pad expansion project was completed in Q1 and delivered to operations on time and within budget at a total cost of $51.8-million. The expansion provides sufficient capacity for an additional 10 years of production;
• Repurchased 916,900 common shares at an average price of $4.53 per share for a total of $4,155,539.

Fortuna reiterates its 2025 annual production guidance range of 334,000 to 373,000 ounces of gold and 900,000 to one million ounces of silver, or between 380,000 and 422,000 GEOs, including lead and zinc byproducts (refer to Fortuna's news release dated Jan. 21, 2025).

West Africa region

Mining

Mine production totalled 477,333 tonnes of ore, averaging 2.53 grams per tonne gold, containing an estimated 38,869 ounces of gold from the Antenna, Ancien and Koula pits. Movement of waste during the quarter totalled 5,467,358 tonnes, for a strip ratio of 11.5:1. Mining continued to be focused on the Antenna, Koula and Ancien Pits.

Resource upgrade drilling continued successfully, as well as permitting and project study work at the Kingfisher and Sunbird underground deposits, with the intention of integrating them into the life-of-mine plan later this year.

Processing

In the first quarter of 2025, Seguela produced 38,500 ounces of gold at an average head grade of 2.76 g/t Au, a 9-per-cent increase and a 6-per-cent decrease, respectively, compared with the fourth quarter in 2024. Recoveries increased compared with the previous quarter, as operational performance improved following the rise in throughput achieved in previous quarters. Mill throughput averaged 216 tonnes per hour for the quarter, 40 per cent above nameplate capacity.

In the first quarter of 2025, 134,692 tonnes of ore were treated at an average head grade of 7.81 g/t Au, producing 33,073 ounces of gold, representing a 15-per-cent decrease in grade and a 12-per-cent increase in production compared with the fourth quarter in 2024. Grades were lower due to planned changes in stope sequencing, but were offset by higher tonnes milled due to increased production from underground mining activities. Mining commenced at the 109 zone open pit, with ore and waste movement exceeding planned quantities.

A total of 143,771 tonnes were mined at an average grade of 7.06 g/t Au, of which 90,625 tonnes were mined averaging 8.67 g/t Au from the 55 zone, 21,695 tonnes averaging 8.99 g/t Au from QV Prime and 31,452 tonnes of ore averaging 1.06 g/t Au from the 109 zone open pit.

Latin America region

During the first quarter of 2025, 1.46 million tonnes of ore were mined, with a stripping ratio of 1.8:1 in line with the plan for the year. A total of 1.75 million tonnes of ore were placed on the leach pad, averaging 0.55 g/t Au and containing an estimated 30,943 ounces of gold. Tonnes of ore placed on the leach pad were similar to the previous quarter.

Lindero's gold production for the quarter was 20,320 ounces, comprising 18,983 ounces in dore bars, 615 ounces contained in rich fine carbon, 39 ounces contained in copper precipitate and 963 ounces contained in precipitated sludge. The 24-per-cent decrease in production compared with the previous quarter is explained by the 8-per-cent-lower ore grade placed on the pad since December, 2024, and timing in the leaching of gold from the pad. This is in line with the planned mining sequence and expected kinetics for the period.

The leach pad expansion project was completed at the end of the first quarter, with minor close-out activities and demobilization now taking place. This expansion will serve the mine for the next decade.

The 14.5-megawatt-hour photovoltaic plant project is approximately 76 per cent complete, with earthworks and hydraulic works both finished. Installation of trackers, panels and electric works are continuing, and the project remains on schedule to be completed by the third quarter of 2025.

Caylloma mine, Peru -- continues to outperform

In the first quarter of 2025, Caylloma produced 242,993 ounces of silver at an average head grade of 67 g/t Ag, achieving similar production to the previous quarter.

Zinc and lead production totalled 13.8 million and 8.8 million pounds, respectively, with average head grades of 5.01 per cent Zn and 3.21 per cent Pb, consistent production when compared with the preceding quarter and in line with the planned mining sequence for the period.

Gold equivalent production for the first quarter totalled 11,566 ounces.

Qualified person

Eric Chapman, senior vice-president of technical services of Fortuna, is a professional geoscientist registered with Engineers and Geoscientists British Columbia (registration No. 36328) and a qualified person, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

About Fortuna Mining Corp.

Fortuna Mining is a Canadian precious metals mining company with four operating mines and exploration activities in Argentina, Burkina Faso, Ivory Coast, Mexico and Peru, as well as the Diamba Sud gold project located in Senegal. Sustainability is integral to all of the company's operations and relationships. Fortuna Mining produces gold and silver, and generates shared value over the long-term for its stakeholders through efficient production, environmental protection and social responsibility.

We seek Safe Harbor.