Core Points - Fortuna Mining Corp. will release its financial statements and MD&A for Q3 2025 on November 5, 2025, after market close [1] - A conference call to discuss the results will take place on November 6, 2025, at 9:00 a.m. Pacific time [2] - The call will be hosted by key executives including the President and CEO, CFO, and COOs for Latin America and West Africa [2] Conference Call Details - Date: November 6, 2025 [4] - Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time [4] - Dial-in numbers: Toll-Free +1.888.506.0062, International +1.973.528.0011 [4] - Access code for the call: 360013 [4] - Replay options available until November 20, 2025, for the call and until November 6, 2026, for the webcast [4] Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company with operations in Argentina, Côte d'Ivoire, Mexico, and Peru, and a gold project in Senegal [5] - The company focuses on sustainability, producing gold and silver while emphasizing environmental stewardship and social responsibility [5]

Core Insights - Fortuna Mining Corp. has released a Preliminary Economic Assessment (PEA) for the Diamba Sud Gold Project in Senegal, indicating strong project economics with a gold price of $2,750 per ounce, resulting in an after-tax NPV5% of $563 million and an IRR of 72% [2][30][41]. Project Overview - The PEA supports the development of an open-pit mine and a conventional carbon-in-leach (CIL) processing plant, projecting an average annual production of 147,000 ounces of gold in the first three years at an All-In Sustaining Cost (AISC) of $904 per ounce [2][5][30]. - The total mineralized material mined is estimated at 17.75 million tonnes, containing 932,000 ounces of gold, with a life of mine (LOM) of 8.1 years [5][10]. Financial Metrics - The construction capital cost is estimated at approximately $283.2 million, with a payback period of ten months [3][30]. - Average operating cash costs over the LOM are projected at $1,081 per ounce, with AISC averaging $1,238 per ounce [6][30]. Exploration and Development - Ongoing exploration is expected to enhance the LOM production profile beyond a decade, with five drill rigs currently active [4][8]. - A supplementary budget of $17 million has been approved to advance early construction works and detailed engineering activities [4][40]. Environmental and Permitting - Fortuna has filed an Environmental and Social Impact Assessment (ESIA) as part of the permitting process, marking a significant milestone [38]. - The company anticipates applying for an exploitation permit before the expiration of its exploration permit in June 2026 [39]. Next Steps - The Definitive Feasibility Study (DFS) is expected to be completed by the end of the second quarter of 2026, with a construction decision anticipated shortly thereafter [41][42].

Core Insights - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2] - Fortuna Mining (FSM) currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3][12] Price Performance - FSM shares have increased by 3% over the past week, while the Zacks Mining - Miscellaneous industry has risen by 3.45% [6] - Over the past month, FSM's price change is 6.17%, compared to the industry's 19.69% [6] - In the last quarter, FSM shares have risen by 39.41%, and by 90.43% over the past year, significantly outperforming the S&P 500, which increased by 7.89% and 17.66% respectively [7] Trading Volume - FSM's average 20-day trading volume is 24,859,964 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Estimates - In the past two months, two earnings estimates for FSM have been revised upwards, with the consensus estimate increasing from $0.69 to $0.79 [10] - For the next fiscal year, two estimates have also moved upwards, with no downward revisions during the same period [10] Overall Assessment - FSM is rated as a 2 (Buy) stock with a Momentum Score of A, making it a strong candidate for investors seeking momentum opportunities [12]

Core Viewpoint - Fortuna Mining Corp. reported its production results for Q3 2025, maintaining its annual production guidance of 309,000 to 339,000 gold equivalent ounces (GEO) for the year [2][3]. Q3 2025 Highlights - Total GEO production from ongoing operations was 72,462 ounces, slightly down from 75,950 ounces in Q2 2025 [3]. - The company produced 251,871 ounces of GEO in the first nine months of 2025 [3]. Production by Mine Séguéla Mine, Côte d'Ivoire - Q3 2025 production was 38,799 ounces, up from 38,186 ounces in Q2 2025, with a gold grade of 3.01 g/t [4][9]. - The mine is on track to exceed the upper end of its guidance of 134,000 to 147,000 ounces for 2025, having produced 115,484 ounces year-to-date [4][11]. Lindero Mine, Argentina - Lindero achieved its highest quarterly production of the year with 24,417 ounces in Q3 2025, a 4% increase from Q2 2025 [12][15]. - The average gold grade increased to 0.60 g/t, and a total of 1.70 million tonnes of ore were placed on the leach pad [12][15]. Caylloma Mine, Peru - Caylloma produced 9,246 ounces of GEO in Q3 2025, with silver production at 233,612 ounces and lead and zinc production at 8.5 million and 12.0 million pounds, respectively [18][21][25]. - The mine's performance was consistent with the previous quarter, although base metal production saw a decline [21]. Operational Updates - The company successfully obtained permit approvals for several satellite open pits, with mining preparation for the Sunbird open pit set to begin in Q4 2025 [7]. - Exploration activities at the Sunbird underground project and Kingfisher Deposit are ongoing, with drilling expected to continue in Q4 2025 [8]. Year-to-Date Production - Total production for the first nine months of 2025 includes 115,484 ounces from Séguéla, 68,288 ounces from Lindero, and 30,305 ounces from Caylloma [11][17][25].

Core Insights - Fortuna Mining Corp. reported its production results for Q3 2025, maintaining its annual production guidance of 309,000 to 339,000 gold equivalent ounces (GEO) for the year [2][3]. Production Results - Total GEO production for Q3 2025 was 72,462 ounces, slightly down from 73,123 ounces in Q3 2024 and up from 71,229 ounces in Q2 2025 [6]. - The total production for the first nine months of 2025 reached 251,871 ounces, including contributions from the divested Yaramoko Mine [3][6]. Mine Performance Séguéla Mine, Côte d'Ivoire - Produced 38,799 ounces of gold in Q3 2025, a 1% increase from Q2 2025 [4][8]. - The mine milled 435,770 tonnes of ore at an average grade of 3.01 g/t Au, with a gold recovery rate of 91.4% [4][8]. - Year-to-date production reached 115,484 ounces, on track to exceed the upper end of guidance [4][8]. Lindero Mine, Argentina - Achieved the highest quarterly production of the year with 24,417 ounces of gold in Q3 2025, a 4% increase from Q2 2025 [9][10]. - The mine placed 1.70 million tonnes of ore on the leach pad at an average grade of 0.60 g/t Au [9][10]. - Total production for the first nine months of 2025 was 68,288 ounces [12]. Caylloma Mine, Peru - Produced 9,246 GEO in Q3 2025, with silver production at 233,612 ounces and lead and zinc production at 8.5 million and 12.0 million pounds, respectively [13][16]. - The mine milled 140,523 tonnes of ore with a silver grade of 63 g/t and a lead grade of 3.01% [13][15]. - Year-to-date GEO production totaled 30,305 ounces [18]. Project Updates - The company received permit approvals for several satellite open pits, with mining preparation for the Sunbird open pit set to begin in Q4 2025 [5]. - Successful exploration at the Sunbird underground project and Kingfisher Deposit is expected to optimize the mine plan further [7]. Operational Efficiency - The Séguéla Mine's strip ratio was reported at 16.3:1, indicating a focus on reducing surface stockpiles [4]. - Lindero's optimization of the crushing circuit led to an average throughput of 1,061 tonnes per hour, 8% above the 2024 average [10][11]. Sustainability and Future Plans - The expansion of the tailings storage facility at Lindero is expected to provide capacity until August 2029 [11]. - The company is also progressing on the construction of a solar power plant to enhance sustainability [11].

Core Insights - Fortuna Mining Corp. has filed an Environmental and Social Impact Assessment (ESIA) for the Diamba Sud Gold Project, marking a significant milestone in the permitting process and demonstrating the company's commitment to advancing the project towards a construction decision in the first half of 2026 [1][2] Environmental and Social Impact Assessment - The ESIA submission is essential for obtaining an environmental permit, which is part of the overall permitting process for project development [4] - The ESIA addresses key environmental and social considerations related to the Diamba Sud project, including public consultation and proposed mitigation plans [6][7] Preliminary Economic Assessment (PEA) Status - Fortuna is progressing with the PEA for Diamba Sud, which will provide insights into the project's potential economics and development alternatives, with completion expected in early Q4 2025 [4][6] - A Definitive Feasibility Study (DFS) will follow the PEA in the first half of 2026, incorporating results from the ESIA and ongoing drilling activities [4][6] Drilling Program Update - The company has completed a total of 52,110 meters of drilling in 2025, focusing on resource expansion, infill drilling, and testing new targets identified through recent surveys [5][6] - The drilling program has led to a mineral resource expansion of 53% in Measured and Indicated categories and 93% in Inferred categories [6] - Drilling is set to resume in October after the rainy season, with plans to continue until year-end [6][8] Community and Stakeholder Engagement - The company emphasizes regular engagement with local communities and stakeholders to integrate feedback into project design and planning [7] - Environmental and social management plans are in place to mitigate impacts and enhance local benefits, including various community programs [7]

Core Insights - Fortuna Mining Corp. has filed an Environmental and Social Impact Assessment (ESIA) for the Diamba Sud Gold Project, marking a significant milestone in the permitting process and demonstrating the company's commitment to advancing the project towards a construction decision in the first half of 2026 [1][2] Environmental and Social Impact Assessment - The ESIA submission is essential for obtaining an environmental permit, which is part of the overall permitting process for project development [4] - The ESIA addresses key environmental and social considerations, including project description, benefits for Senegal, regulatory framework, baseline studies, public consultation, impact assessment, and proposed mitigation plans [6][7] Preliminary Economic Assessment (PEA) Status - Fortuna is progressing with the PEA for Diamba Sud, which will provide insights into the project's potential economics and development alternatives, with completion expected in early Q4 2025 [4][6] - A Definitive Feasibility Study (DFS) will follow the PEA in the first half of 2026, incorporating results from the ESIA and ongoing drilling activities [4][6] Drilling Program Update - The company has completed 52,110 meters of drilling in 2025, leading to a 53% increase in Measured and Indicated resources and a 93% increase in Inferred resources [6][8] - Drilling is set to resume in October after the rainy season, focusing on testing extensions of open mineralization and advancing project generation across Diamba Sud and the contiguous Bondala exploration property [6][9][10] Recent Highlights - A maiden Inferred Mineral Resource at Southern Arc has been delineated, totaling 3.85 million tons at an average gold grade of 1.57 g/t, containing 194,000 ounces of gold, with further drilling planned to test extensions [9]

Core Viewpoint - Fortuna Mining Corp. has entered into a binding Heads of Agreement with DeSoto Resources Limited to form an exploration alliance and joint venture in the Siguiri Basin of Guinea, which is known for its potential to host multi-million-ounce gold deposits [1][2]. Agreement Details - The agreement establishes a framework for applying for and acquiring new mining permits in targeted areas of interest [6]. - A new joint venture company (JVCo) will be created, with a board consisting of four directors, two from each party, and the majority partner holding a casting vote [6]. - The project will undergo a 36-month Project Generation Phase focused on identifying significant discoveries, termed "Go Projects," that warrant further development [6]. - Once a Go Project is identified, the joint venture will transition into a formal agreement where Fortuna will hold 70% and DeSoto will hold 30% [6]. Company Background - Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration projects in Argentina, Côte d'Ivoire, Mexico, Peru, and Senegal [4]. - The company emphasizes sustainability in its operations and stakeholder relationships, aiming to create long-term shared value through efficient production and environmental stewardship [4]. DeSoto Resources Limited - DeSoto Resources Limited is an Australian-listed gold exploration company focused on project generation in Guinea, with a management team recognized for their successful exploration efforts in West Africa, including the discovery of a 5.4-million-ounce gold project [3].

Core Viewpoint - Fortuna Mining Corp. has entered into a binding Heads of Agreement with DeSoto Resources Limited to form an exploration alliance and joint venture in the Siguiri Basin of Guinea, which is known for its potential to host multi-million-ounce gold deposits [1][2]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company operating three mines and holding exploration projects in Argentina, Côte d'Ivoire, Mexico, Peru, and Senegal [4]. - The company emphasizes sustainability in its operations, focusing on efficient production, environmental stewardship, and social responsibility [4]. Joint Venture Details - The agreement establishes a new joint venture company (JVCo) to apply for and acquire new mining permits in targeted areas [6]. - The joint venture will have a board of up to four directors, with two from each party, and the majority partner will hold a casting vote [6]. - The project generation phase will last 36 months, focusing on identifying significant discoveries, termed "Go Projects" [6]. - Once a Go Project is identified, the joint venture will transition into a formal agreement where Fortuna will hold 70% and DeSoto 30%, with Fortuna funding exploration until either three years have passed or US$12.5 million has been spent [6]. DeSoto Resources Limited Overview - DeSoto Resources Limited is an Australian-listed gold exploration company with a focus on Guinea [3]. - The management team of DeSoto has a successful track record in West African exploration, including the discovery of a 5.4-million-ounce gold project [3]. Exploration Potential - The Siguiri Basin in Guinea is highlighted for its historical mining activity and potential for significant gold deposits, making it an attractive area for exploration [2].

Company Performance - Fortuna Mining's stock was down 1.29% at $8.42, underperforming the S&P 500's daily loss of 0.29% [1] - The stock has increased by 13.13% over the past month, outperforming the Basic Materials sector's gain of 4.35% and the S&P 500's gain of 3.08% [1] Earnings Estimates - Zacks Consensus Estimates project Fortuna Mining to have earnings of $0.74 per share and revenue of $0 million, reflecting year-over-year changes of +60.87% and 0%, respectively [2] - Recent changes to analyst estimates indicate a favorable outlook on Fortuna Mining's business health and profitability [2] Stock Price Correlation - Empirical research shows that revisions in estimates correlate directly with stock price performance [3] - The Zacks Rank system, which considers estimated changes, provides an operational rating system for stocks [3] Zacks Rank and Valuation - Fortuna Mining currently holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate having increased by 6.52% over the last 30 days [4] - The company is trading at a Forward P/E ratio of 11.6, compared to the industry average of 17.94, suggesting it is trading at a discount [5] Industry Context - Fortuna Mining is part of the Mining - Miscellaneous industry, which has a Zacks Industry Rank of 156, placing it in the bottom 37% of over 250 industries [5][6] - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks [6]