Mr. Jorge Ganoza reports

FORTUNA COMPLETES DIVESTITURE OF YARAMOKO MINE AND PROVIDES UPDATED 2025 PRODUCTION AND COST GUIDANCE

Fortuna Mining Corp. has successfully completed the sale of its interest in Roxgold Sanu SA, together with the company's three other wholly owned Burkina Faso subsidiaries, to Soleil Resources International Ltd. (SRI), a private Mauritian company. Roxgold Sanu owns and operates the Yaramoko mine in the Bale province in Burkina Faso. The transaction closed pursuant to the terms of a definitive share purchase agreement. All references to dollar amounts in this news release are expressed in U.S. dollars.

Jorge A. Ganoza, president and chief executive officer, commented: "We're taking the opportunities a strong gold market provides to streamline our asset portfolio. The recent closings of the high-cost San Jose mine sale in April and the Yaramoko mine sale in May represent the divestment of two operations with limited reserve life." Mr. Ganoza continued, "In the case of Yaramoko, we received a compelling offer that provided a prudent exit from a jurisdiction where we are no longer pursuing exploration activities and where the operating and security landscape remains challenging."

Mr. Ganoza concluded, "Collectively, these transactions enable us to shift our focus away from mine closures -- reallocating approximately $50-million in capital and freeing up management capacity -- to pursue higher-value opportunities aligned with our strategic objectives."

The proceeds from the sale increase the company's first quarter cash and short-term investments to over $380-million and liquidity to over $530-million.

Details of the transaction

Under the terms of the share purchase agreement, SRI acquired all of the issued and outstanding shares of the acquired companies held by Fortuna's subsidiaries in consideration for the payment of $70-million in cash. Prior to the closing of the transaction, Roxgold Sanu paid to the company a cash dividend in the amount of $53.8-million plus $3.7-million in withholding tax. The agreement also provides that the company has the right to receive up to approximately $53-million of value-added tax receivables upon the completion of certain conditions.

The company has now ceased all operations in Burkina Faso.

Updated 2025 production and cost guidance reflects streamlining of the portfolio

Following the divestiture of the Yaramoko mine, Fortuna has updated its consolidated production and cost guidance for 2025.

Gold equivalent production guidance has been updated to 309,000 to 339,000 ounces, down from the original range of 380,000 to 422,000 ounces -- an 18-per-cent reduction at the midpoint.

Consolidated cash cost guidance remains unchanged in the original range of $895 to $1,015 per gold equivalent ounce (GEO).

All-in sustaining cost (AISC) guidance has been updated to a range of $1,670 to $1,765 per GEO, up from the previous estimate of $1,550 to $1,680 per GEO. This adjustment indicates a 6-per-cent increase over the midpoint of original guidance and primarily reflects the net impact of the exclusion of the Yaramoko mine's contribution and a reduction in the AISC estimate for the Lindero mine.

The updated AISC guidance continues to account for expenditures totalling approximately $45 per GEO, including:

• $5.3-million for the upgrade of the company's enterprise resource planning (ERP) system to SAP S/4HANA;
• $2-million in land compensation payments at Seguela;
• $7-million in incremental government royalty payments at the Seguela mine.

Qualified person

Eric Chapman, senior vice-president of technical services for Fortuna Mining, 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 three operating mines and exploration activities in Argentina, 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.

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