Announcement • Apr 24

Fortuna Mining Corp Provides Updated Consolidated Mineral Reserve and Mineral Resource Estimates

Fortuna Mining Corp. provided updated consolidated Mineral Reserve and Mineral Resource estimates for its operating mines and projects in West Africa and Latin America. Fortuna successfully increased Mineral Reserves by 15% year-over-year, after accounting for production related depletion. An updated estimate for Séguéla as of March 31, 2026, reported an increase of 34% in underground Mineral Reserves and a 55% increase in Inferred Mineral Resources for the Sunbird deposit as a result of the successful infill and exploration drilling program executed in the second half of 2025. Consolidated Proven and Probable Mineral Reserves are reported containing 3.0 million gold equivalent ounces representing a year-over-year increase of 15%. Changes are due to the upgrading of resources to reserves representing 819,000 gold equivalent ounces, primarily at Séguéla, offset by production related depletion of 378,000 gold equivalent ounces. Consolidated Measured and Indicated Resources exclusive of Mineral Reserves are reported containing 2.1 million gold equivalent ounces representing a year-over-year increase of 56%. Primary drivers for the net increase are the result of drilling at Diamba Sud, upgrading 781,000 gold equivalent ounces, a 165% increase, offset by the upgrading of resources to reserves at Séguéla. Consolidated Inferred Mineral Resources are reported containing 2.2 million gold equivalent ounces representing a year-over-year increase of 4%. The change is the result of drilling discovering 726,000 gold equivalent ounces counteracting the impact of upgrading 628,000 gold equivalent ounces. Underground Mineral Reserves for Séguéla’s Sunbird deposit are reported as 4.4 Mt averaging 3.80 g/t Au containing 539,000 ounces of gold, an increase of 34% to its maiden estimate. Inferred Mineral Resources are reported as 2.9 Mt averaging 4.45 g/t Au containing 417,000 ounces of gold, a 55% increase. Diamba Sud’s feasibility study remains on track for first-time reporting of Mineral Reserves in support of a construction decision by the end of this quarter. Mineral Reserves are estimated using a gold price of $2,300/oz and Mineral Resources are estimated using a gold price of $2,600/oz, except for the Diamba Sud Project where Mineral Resources are estimated using a gold price of $3,300/oz. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include: changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate; Roxgold Sango obtaining Ministerial approval to include underground mining as a mining method and obtaining approval to update its Environmental and Social Impact Assessment permit to include underground mining at the Séguéla Mine; Boya SA obtaining an exploitation permit and an environmental impact assessment permit for the Diamba Sud Project. Mineral Resources and Mineral Reserves are reported as at December 31, 2025, except the Diamba Sud Project that is reported as at January 16, 2026, and the Séguéla Mine that is reported as at March 31, 2026. Mineral Reserves for the Séguéla Mine are reported on a 100% ownership basis and estimated using incremental gold grade cut-offs for open pit mining of 0.73 g/t Au for Antenna and Koula, 0.74 g/t Au for Sunbird, 0.75 g/t Au for Boulder and Kingfisher, 0.76 g/t Au for Agouti, and 0.83 g/t Au for the Ancien and Badior deposits, and for underground mining of 2.14 g/t for Sunbird. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93.5%, except for Badior at 91.5%, surface mining costs ranging from $3.09/t to $5.74/t based on the pit location relative to the run-of-mine pad, underground mining cost of $84.56/t, processing costs of $21.28/t, general and administrative costs of $16.21/t. Only Proven and Probable Mineral Reserves within the final pit designs are reported. Antenna, Ancien, Koula, Badior and Kingfisher pits were designed with inter-ramp angles of 30.6° to 40.7° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. Sunbird pit was designed with inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. For underground mining, a dilution factor of 0.5-meter skin has been applied on both the hanging wall and footwall for longhole stoping. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery through regularization of block models to an appropriate Selective Mining Unit block size. Mineral Resources for the Séguéla Mine are reported at gold grade cut-offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher; 0.68 g/t Au for Agouti; and 0.73 g/t Au for Ancien and Badior. These estimates are based on an assumed gold price of $2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within optimized stope shapes based on a longhole stoping mining method at cut-off grades of 1.89 g/t Au for Sunbird, 2.32 g/t Au for Koula and Kingfisher, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d’Ivoire. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.25 g/t Au, recovery 75.4%; Met type 2 cut-off 0.24 g/t Au, recovery 78.2%; Met type 3 cut-off 0.24 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.28 g/t Au, recovery 68.5%.

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