Fortuna Mining (FVI) investor relations material

Strategic growth and operational highlights

• Positioned for high-value growth over the next 24 months, targeting a return to 500,000 ounces of annual gold production through two key projects.

• Currently producing 300,000 ounces annually, with plans to expand via Séguéla Mine in Côte d'Ivoire and Diamba Sud in Senegal.

• Divested two mines in 2025 to focus on assets with decade-plus reserve life, aligning with long-term production strategy.

• Three operating mines and one developing project, with each mine (except Caylloma) supporting over a decade of reserves.

• Séguéla Mine expected to deliver 170,000 ounces in 2026, with expansion study due in May and Diamba Sud construction decision imminent.

Financial performance and capital allocation

• Maintains one of the strongest balance sheets among mid-size peers, with over $700 million liquidity and net cash exceeding $380 million at year-end.

• 2025 revenue approached $1 billion, net cash from operations was $455 million, and free cash flow reached $330 million.

• Shareholder returns prioritized, with $130 million allocated, including $12 million in Q4 2025 and $20 million in Q1 2026 for buybacks.

• Plans to continue funding growth and exploration internally, expecting $400 million free cash flow and $800 million EBITDA in 2026 if gold prices hold.

• Exploration budget increased to $55 million for 2026, with active programs in Senegal, Argentina, Ivory Coast, and Mexico.

Project development and risk management

• Diamba Sud project resources expanded by 73%, with $100 million allocated for 2026, including $60 million for early works.

• Séguéla expansion aims to increase processing capacity by 30%, with CapEx estimated at $75 million; Diamba Sud CapEx projected at $300 million.

• Projects are technically low risk, financially de-risked by strong balance sheet, and socially viable.

• NAV is diversified across multiple countries, mitigating geopolitical risk.

• Operational discipline maintained, with flat cash costs despite rising gold prices.