Mr. Jorge Ganoza reports

FORTUNA AWARDS THE SÉGUÉLA MINE PLANT EXPANSION STUDY, CÔTE D'IVOIRE

Lycopodium Minerals Canada Ltd. has been selected to undertake Seguela's processing plant expansion options study, supporting Fortuna Mining Corp.'s next phase of growth in Ivory Coast.

Key highlights

• The company recently reported:
  • Fortuna expands mineral reserves and mineral resources for the Seguela mine, Ivory Coast;
  • Reserve life of mine extended to 7.5 years;
  • Completion of the underground mining study, supporting the potential conversion of up to 3.6 Mt (million tonnes) averaging 4.34 g/t (grams per tonne) containing 502,000 gold ounces of Sunbird indicated mineral resources into mineral reserves, is expected in December, 2025.
• Assessment of expansion options aimed at increasing processing plant throughput by 15 to 40 per cent;
• Completion of the plant expansion feasibility study planned for the second quarter of 2026.

Jorge A. Ganoza, president and chief executive officer, commented, "Initiating the Seguela 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." Mr. Ganoza continued, "Awarding the study to Lycopodium reflects our confidence in their deep understanding of Seguela and their ability to deliver practical, innovative solutions." Mr. Ganoza concluded, "Together with continued progress at our Diamba Sud gold project in Senegal, this work advances Fortuna toward our objective of achieving approximately 500,000 ounces of annual gold equivalent production within the next three years."

Processing plant expansion options study

The study will evaluate practical and cost-effective solutions to increase Seguela's processing plant throughput beyond its current 1.75-Mtpa-(million-tonne-per-annum) capacity to between 2.0 and 2.5 Mtpa, while optimizing metallurgical performance to unlock its full production potential, targeting more than 200,000 ounces of gold per year. This growth initiative supports Fortuna's strategic objective to maximize value from the Seguela mine and to accommodate resource growth, including the potential future inclusion of underground mineralization from the Sunbird deposit into the mine plan.

Lycopodium brings unparalleled expertise to this project, having designed, built and commissioned Seguela's processing plant. Its proven execution record in West African gold projects and its robust technical approach ensure a comprehensive assessment of expansion scenarios, including capital and operating cost estimates, risk analysis, and implementation planning.

The study is scheduled to commence immediately, with completion targeted within the second quarter of 2026. Fortuna looks forward to working closely with Lycopodium to advance this important organic growth initiative.

Qualified person

Raul Espinoza, director of technical services, is a fellow of the Australasian Institute of Mining and Metallurgy and is registered as a Chartered Professional in Mining -- FAusIMM (CP) with membership registration No. 309581 and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Espinoza 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 a portfolio of exploration projects in Argentina, Ivory Coast, Mexico and Peru, as well as the Diamba Sud gold project in Senegal. Sustainability is at the core of the company's operations and stakeholder relationships. The company produces gold and silver while creating long-term shared value through efficient production, environmental stewardship and social responsibility.

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