Fortuna Mining (FVI) Mining Forum Americas 2026 summary

Production and funding

• Current-year production tracks guidance of ~300,000 oz; two portfolio projects target ~60% growth to >500,000 oz annually without equity issuance or external financing.

• 1H sales rose 55% YoY, net cash from operations nearly 80% YoY, and free cash flow from ongoing operations reached $260m, up 110% YoY.

• Generated $620m in operating cash flow over the past four quarters; at prevailing prices, annual operating free cash flow is estimated at $500m-$600m.

• Liquidity was $750m at the end of the previous quarter; more than $100m was returned through buybacks in the first six months.

• Three operating mines and two development projects anchor 7m oz of total mineral inventory, including 4m oz of reserves and growing.

Development projects

• Séguéla's 30% throughput expansion targets annual production of 200,000 oz, up from 160,000 oz; the $100m capex is approved, with first gold expected by mid-2028.

• Diamba Sud's feasibility study is complete; the exploitation permit was expected within days or weeks of the conference, with initial production of ~160,000 oz annually and a near-decade mine life.

• Diamba Sud holds just over 1m oz of reserves; its feasibility study showed a 60% IRR at $3,500/oz gold and an 11- to 12-month payback.

• Séguéla's Sunbird underground project is in late-stage permitting, with close to 1m oz; underground ore above 4 g/t is expected to lift grades when it comes online in 2028.

• Séguéla has eight deposits; Kingfisher contains 500,000-600,000 oz, with mineralization remaining open.

Exploration and regional strategy

• A $200m cash acquisition of Bambadji closed weeks before the conference; the combined Diamba Sud-Bambadji position spans over 50 km, with six drill rigs already active.

• Annual exploration investment is roughly $60m, with over 250,000 m of drilling across Côte d’Ivoire, Senegal, Argentina, Guyana, and Peru.

• In 2025, Yaramoko and San Jose were divested because their reserve and resource bases did not support a decade of mining; resources are being redirected to growth opportunities.

• Argentina investment remains prudent; Guyana drilling was planned to begin in October 2026 at a project 30 km north of Oko West.

• Mali is not a current capital focus; near-term West Africa priorities are Côte d’Ivoire, Senegal, and Guinea, with longer-term interest across the region.