Fortuna Mining (FVI) Investor presentation summary

Strategic growth and production outlook

• Targeting 60% gold production growth by H2 2028, aiming for ~500,000 oz Au per year from diversified operations in West Africa and Latin America.

• 2026 guidance: 281,000–305,000 GEO at AISC of $1,830–$1,975/GEO, with Séguéla, Lindero, and Caylloma mines as key contributors.

• Record Q1 2026 free cash flow of $174M and net cash position of $493M, supporting robust liquidity and shareholder returns.

• Divestiture of non-core assets (San Jose and Yaramoko) sharpened focus on core growth assets.

• $80.2M returned to shareholders in Q2 2026 through share buybacks.

Key assets and project pipeline

• Séguéla Mine (Côte d'Ivoire): 2026E production of 160,000–170,000 oz Au, AISC $1,630–$1,730/oz, plant expansion under evaluation to exceed 200,000 oz Au/year.

• Lindero Mine (Argentina): 2026E production of 92,000–102,000 oz Au, AISC $1,520–$1,655/oz, ongoing infill drilling to extend mine life.

• Caylloma Mine (Peru): 2026E production of 29,000–33,000 GEO, AISC $31.3–$35.6/oz Ag Eq, powered 100% by renewables.

• Diamba Sud Gold Project (Senegal): Feasibility study completed, after-tax NPV5% of $1B, IRR 60%, 1-year payback, targeting first gold by Q2 2028.

• Significant exploration budget of $55M in 2026, with ~201,000 meters of drilling across greenfield and brownfield targets.

Mineral reserves, resources, and exploration

• Consolidated proven and probable reserves: 4.1 Moz GEO, with Séguéla, Lindero, Caylloma, and Diamba Sud as main contributors.

• Diamba Sud: 1.2 Moz Au probable reserves at 1.75 g/t, with 92% conversion from indicated resources and multiple near-plant targets.

• Séguéla: 1.6 Moz Au reserves, 9-year LOM, Sunbird and Kingfisher deposits showing high-grade, open mineralization.

• Lindero: 1.1 Moz Au reserves, 9-year LOM, Arizaro deposit offers additional resource upside.

• Caylloma: 238,000 GEO reserves, 3.5-year LOM, ongoing exploration success in silver, lead, and zinc veins.