Mr. Jorge Ganoza reports

FORTUNA REPORTS THIRD QUARTER 2026 PRODUCTION OF 69,665 GOLD EQUIVALENT OUNCES AND ADVANCES KEY GROWTH INITIATIVES

Fortuna Mining Corp. has released production results for the third quarter and first nine months of 2026 from its three operating mines in West Africa and Latin America. This release also provides updates on key growth initiatives, safety performance and other activities across the company's portfolio. Unless otherwise indicated, all monetary amounts are expressed in U.S. dollars.

Q3 2026 highlights:

• Production:
  • Production totalled 69,665 gold equivalent ounces (GEO) in the third quarter of 2026, compared with 72,217 GEO in Q2 2026 and 72,462 GEO in Q3 2025. Production for the first nine months of 2026 totalled 214,754 GEO, and the company remains on track to achieve its annual production guidance of 281,000 to 305,000 GEO.
• Growth initiatives:
  • The company approved a 30-per-cent expansion of the Seguela processing plant, supporting annual gold production growth to target over 200,000 ounces from the second half of 2028.
  • The company significantly expanded its Diamba Sud gold project concession holdings with the acquisition of the immediately adjacent 190-square-kilometre Bambadji project, consolidating approximately 60 kilometres of prospective strike along the gold-prolific Senegal-Mali shear zone.
• Safety:
  • The total recordable injury frequency rate (TRIFR) was 1.20 per million hours worked in Q3 2026, compared with 1.21 in Q2 2026.

West Africa region

Seguela mine, Ivory Coast: 30-per-cent plant expansion approved; annual gold production to target over 200,000 ounces from H2 2028

Mining

During the third quarter of 2026, Seguela mined 340,714 tonnes of ore at an average grade of 2.69 grams per tonne gold from the Antenna, Ancien, Sunbird and Koula pits, containing an estimated 29,516 ounces of gold. This compared with 433,231 tonnes of ore mined at an average grade of 3.06 grams per tonne gold in the second quarter of 2026, containing an estimated 42,555 ounces of gold. Waste mined during the quarter totalled 6.5 million tonnes, resulting in a strip ratio of 19.1:1. At the Sunbird South pit, a further 623,390 tonnes of waste were excavated to advance access to the planned portal location for the Sunbird underground mine.

Third quarter mining performance and gold production were affected by reduced equipment availability at one of the company's mining contractors and a temporary site-wide stoppage caused by a blockade by artisanal miners operating in the surrounding area. The blockade was lifted following intervention by a government law enforcement agency, and normal operations resumed. These disruptions reduced mining volumes and delayed access to higher-grade ore. Corrective measures were implemented with the mining contractor, and mining volumes returned to planned levels in September.

Processing

Seguela produced 33,744 ounces of gold in the third quarter of 2026, compared with 41,683 ounces in the second quarter, reflecting lower tonnes milled, head grade and recovery. The plant processed 402,440 tonnes at an average head grade of 2.67 g/t Au and at a recovery rate of 90.75 per cent.

Gold production is expected to recover to first-half 2026 levels in the fourth quarter as mining volumes normalize and access to higher-grade ore improves. The 1.35-per-cent quarter-over-quarter decrease in plant recovery was attributed to localized metallurgical characteristics of the Koula ore.

Year-to-date production

Seguela produced 117,443 ounces of gold in the first nine months of 2026 and remains on track to achieve the lower end of its annual production guidance.

Project updates

30-per-cent plant expansion

During the third quarter, the board approved a $109-million budget for a 30-per-cent expansion of the Seguela processing plant. The expansion will increase annual throughput to 2.3 million tonnes, restore gold recoveries to the original design rate of 94 per cent and support annual gold production target of over 200,000 ounces from the second half of 2028.

Detailed engineering is under way with Lycopodium, the EPCM (engineering, procurement and construction management) contractor. The owner's project team is 75 per cent onboarded, and vendors have been selected for key equipment and infrastructure packages. Project completion and commissioning are scheduled for the third quarter of 2028.

Sunbird underground project

The Sunbird underground project, which is expected to begin supplying mill feed to the expanded plant in 2028, continued to advance during the quarter. The environmental and social impact assessment (ESIA) has been approved, with final permitting expected in the fourth quarter of 2026.

The underground project team has been recruited and is advancing predevelopment and operational readiness activities. Major mining equipment has been ordered for delivery in line with the project schedule, and portal construction and development are expected to commence in the second quarter of 2027.

The underground mine design supports expected steady-state production of approximately one million tonnes per annum, equivalent to 40 per cent of the expanded plant throughput.

The Sunbird underground deposit remains open at depth, with additional drilling planned from future underground platforms to test its growth potential.

Exploration activities

Exploration during the quarter focused on converting inferred mineral resources at the Sunbird underground and Kingfisher deposits and on stepout drilling beyond the boundaries of the current inferred resources.

During the fourth quarter of 2026 and into 2027, drilling will focus on other priority targets, including the underground potential at Ancien, southern and depth extensions to the Antenna pit, and emerging prospects across the Seguela property.

Diamba Sud gold project, Senegal: drilling commences at the Bambadji property

During the third quarter of 2026, Fortuna acquired the 190-square-kilometre Bambadji advanced gold exploration project, immediately adjacent to Diamba Sud. The acquisition consolidates approximately 60 kilometres of prospective strike along the Senegal-Mali shear zone, where exploration has commenced with six drill rigs.

Diamba Sud continues to advance toward a final investment decision in the fourth quarter as the company completes the final stages of negotiations for the tax stability agreement with the State of Senegal. First gold pour remains on track for the second quarter of 2028.

Latin America region

Lindero mine, Argentina: gold production increases 25 per cent quarter over quarter; on track to meet annual guidance

Mining

During the third quarter of 2026, Lindero mined 2.3 million tonnes of ore at a strip ratio of 0.85:1 and stacked 1.9 million tonnes on the leach pad at an average grade of 0.63 gram per tonne, containing an estimated 37,746 ounces of gold. Gold ounces placed on the leach pad increased by 18 per cent compared with the second quarter, driven by improved mechanical availability across the processing circuit and higher crushing and stacking rates.

During the first nine months of 2026, Lindero placed approximately 99 per cent of the planned gold ounces for the period on the leach pad.

Processing

Lindero produced 26,024 ounces of gold in the third quarter of 2026, a 25-per-cent increase from the second quarter and consistent with the second-half operating plan.

Year-to-date production

Lindero produced 68,398 ounces of gold in the first nine months of 2026 and remains on track to achieve its annual production guidance.

Exploration activities

Drilling to test extensions of mineralization beneath the ultimate mineral reserve pit shell at Lindero was completed as planned during the quarter. Assay results have been reported from the commercial laboratory and will be evaluated to determine the potential for future resource growth.

Caylloma mine, Peru: on track to exceed annual production guidance; tailings storage expansion 64 per centc omplete

Mining

Caylloma mined 139,868 tonnes of ore in the third quarter of 2026, in line with the mine plan. Plant throughput of 140,832 tonnes was broadly consistent with the second quarter, with the difference between tonnes mined and processed reflecting the use of ore stockpile.

Processing

During the third quarter, Caylloma produced 247,367 ounces of silver, a 7-per-cent increase from the second quarter, supported by a higher average head grade of 66 grams per tonne and improved recovery. Zinc and lead production totalled 11.4 million pounds and 8.4 million pounds, respectively, at average head grades of 4.08 per cent zinc and 2.98 per cent lead.

The quarter's performance reflects steady plant operations, consistent throughput and continued strong contribution from base metal production.

Year-to-date production

Caylloma produced 9,897 GEO in the third quarter and 28,913 GEO during the first nine months of 2026, close to the lower end of its annual guidance range of 29,000 to 33,000 GEO, positioning the operation to exceed its annual guidance by year-end.

Project update

As of Sept. 30, 2026, the expansion of the tailings storage facility No. 3 was approximately 64 per cent complete and on schedule for completion by year-end. The expansion is expected to provide the additional tailings storage capacity required to support operations for several more years.

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, the feasibility-stage Diamba Sud gold project in Senegal, and a portfolio of exploration projects in Argentina, Ivory Coast, Guinea, Guyana and Peru. Sustainability is at the core of the company's operations and stakeholder relationships. Fortuna Mining produces gold and silver while creating long-term shared value through efficient production, environmental stewardship and social responsibility.

We seek Safe Harbor.