Fortuna Mining (FVI) Investor presentation summary

Strategic positioning and growth outlook

• Positioned to capture high-value growth opportunities with a prudent capital allocation strategy and a strong balance sheet.

• Focused on premier mining jurisdictions in West Africa and Latin America, with three operating mines and a PEA-stage project in Senegal.

• 2026 consolidated production guidance of 281,000–305,000 GEO at an AISC of $1,830–$1,975 per GEO.

• Significant reserves and resources: 3.1 Moz GEO reserves and 2.3 Moz inferred resources.

• Diamba Sud Gold Project in Senegal advancing toward a mid-2026 construction decision, with robust PEA economics.

Financial and operational performance

• Achieved 2025 GEO production of 317,001, meeting annual guidance.

• Q3 2025 sales reached $251.4M, with adjusted EBITDA of $130.8M and free cash flow from operations of $73.4M.

• 9-month 2025 sales totaled $676.8M, up 40% year-over-year, with adjusted EBITDA of $356.6M.

• Strong liquidity with $588M at Q3 2025 and a net cash position of $266M.

• Benefiting from rising gold prices, with realized Q3 2025 gold price at $2,498/oz and net cash from operations of $111M.

Asset portfolio and exploration

• 2026 mineral exploration budget set at $55M, with major programs in Côte d'Ivoire, Argentina, Peru, Mexico, and Senegal.

• Séguéla Mine (Côte d'Ivoire): 2026 production guidance of 160,000–170,000 oz Au, plant expansion study underway, and 9-year mine life.

• Lindero Mine (Argentina): 2026 production guidance of 92,000–102,000 oz Au, with ongoing infill and brownfields drilling.

• Caylloma Mine (Peru): 2026 guidance of 0.8–1.0 Moz Ag, 25–28 Mlbs Pb, and 39–43 Mlbs Zn, with all energy sourced from renewables.

• Diamba Sud (Senegal): PEA shows after-tax NPV5% of $563M, IRR of 72%, and AISC of $904/oz for initial 3 years.