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05.11.2026

Fortuna Reports Results for the Third Quarter 2026

[PDF] Press Release: Fortuna Reports Results for the Third Quarter 2026

Vancouver, British Columbia, 05.11.2026 (PresseBox) - .

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

Fortuna Delivers Free Cash Flow From Operations of $90.8 million In The Third Quarter; Positioned To Achieve Annual Production Guidance

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) - https://www.commodity-tv.com/ondemand/companies/profil/fortuna-mining-inc/ - today reported its financial and operating results for the third quarter of 2026.

(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures as they were disposed of during the second quarter of 2025.)

Jorge Ganoza, CEO of Fortuna, commented, “Fortuna delivered 69,665 gold equivalent ounces in the quarter and remains on track to achieve our annual production guidance. Despite operational issues at Séguéla contained within the quarter and lower metal prices, our business generated strong operating cash flow of $126.7 million before working capital changes and $90.8 million in free cash flow from operations. While AISC increased during the quarter and is tracking above guidance, it is primarily due to the impact of external factors, including share-based compensation and elevated diesel prices, together with a short disruption of operations in July at Séguéla. We expect a strong end to the year with higher production and expanded margins as Séguéla moves beyond the previous quarter’s challenges and Lindero continues to perform.”

Mr. Ganoza continued “We achieved exciting milestones for our growth projects, that target 60% growth in our annual gold production from mid-2028, including a final investment decision for the Séguéla Expansion and the issuance of the Diamba Sud Notice of Admissibility for our exploitation permit application, a key step before final grant of the permit. We also completed the acquisition of the Bambadji exploration project, immediately adjacent to our Diamba Sud project, allowing us to consolidate a highly prospective and large land package in one of the most productive gold belts in West Africa.”

Third Quarter Highlights

Cash and Cash Flow

Free cash flow1 from ongoing operations of $90.8 million; a QoQ increase of $5.1 million, mostly due to timing of tax payments and lower sustaining capital

$126.7 million of net cash from operating activities before changes in working capital or $0.43 per share; comparable to Q2 2026, mostly due to timing of tax payments

Liquidity of $593.3 million and a net cash position of $259.9 million

Profitability

Adjusted attributable net income1 of $51.2 million or $0.17 basic EPS; a QoQ decrease of $0.08 per share, due to lower gold prices and volume sold, and higher non-cash costs for share based compensation and depletion per ounce due to pit sequencing

Adjusted EBITDA1 of $165.0 million with margins of 56%; a QoQ decrease of $35.8 million primarily due to lower gold prices, lower volume sold, higher share based compensation and higher cash costs

Operational

Gold equivalent production2 of 69,665 ounces and the Company remains on track to achieve its annual production guidance

Consolidated cash cost per gold equivalent ounce (“GEO”)1 sold of $1,244, up from $1,034 in the previous quarter

Consolidated AISC per GEO1 sold of $2,286 for Q3 2026, up from $2,157 in the previous quarter. Higher AISC QoQ was the result of lower production and higher share based compensation of $10.9 million compared to a recovery of $0.3 million in the prior quarter.

Compared to the assumptions in our annual guidance, AISC contains an impact of approximately $220/oz from external factors, consisting primarily of $116/oz of share based compensation, $45/oz due to macro-economic factors impacting Argentine Peso denominated costs at Lindero, and $42/oz from increases in consumable prices. The quarter was also impacted by a temporary stoppage at Séguéla which contributed approximately $45/oz to AISC.

Total recordable injury frequency rate for the third quarter was 1.20 per million hours worked.

Growth and Business Development

On August 10, 2026, the Company announced the acquisition of the 190 km² Bambadji gold exploration project in Senegal, through the purchase of certain Senegalese subsidiaries held by Barrick Mining Corporation and IAMGOLD Corporation. Located adjacent to Fortuna’s feasibility-stage Diamba Sud Gold Project, Bambadji consolidates approximately 60 kilometers of prospective strike along the Senegal-Mali Shear Zone, a Tier-1 gold corridor hosting several world-class mines. Consideration paid was $200.0 million in cash and a 0.5% net smelter return royalty was granted to the sellers on the first 1.75 million ounces of gold produced from the Bambadji Nord property.

On November 2, 2026, the Company announced it had received a Notice of Admissibility for the Diamba Sud Exploitation Permit application from Senegal’s Ministry of Mines and Geology. The notice is an important final step towards the grant of the Exploitation Permit. The Company is also at an advanced stage of negotiations with the State of Senegal on a new Mining Convention for the Diamba Sud project based on Senegal’s 2016 Mining Code. The Company expects the Government’s internal approval process for the final Exploitation Permit and the finalization and signing of the Mining Convention to be completed during the fourth quarter of 2026.

The Board of Directors of the Company has today authorized Management to enter into contractual commitments totaling $250 million over the life of the project to maintain the timeline for the construction of Diamba Sud. This authorization enables Management to execute critical contracts, secure equipment and sustain development and construction prior to the grant of the Exploitation Permit, expected in Q4 2026.

Please find further informtion in the attachement.

Ansprechpartner

Marc Ollinger
+41 (71) 354-8501

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[PDF] Press Release: Fortuna Reports Results for the Third Quarter 2026

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