Core Viewpoint - Fortuna Mining Corp. has entered into a binding Heads of Agreement with DeSoto Resources Limited to form an exploration alliance and joint venture in the Siguiri Basin of Guinea, which is known for its potential to host multi-million-ounce gold deposits [1][2]. Agreement Details - The agreement establishes a framework for applying for and acquiring new mining permits in targeted areas of interest [6]. - A new joint venture company (JVCo) will be created, with a board consisting of four directors, two from each party, and the majority partner holding a casting vote [6]. - The project will undergo a 36-month Project Generation Phase focused on identifying significant discoveries, termed "Go Projects," that warrant further development [6]. - Once a Go Project is identified, the joint venture will transition into a formal agreement where Fortuna will hold 70% and DeSoto will hold 30% [6]. Company Background - Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration projects in Argentina, Côte d'Ivoire, Mexico, Peru, and Senegal [4]. - The company emphasizes sustainability in its operations and stakeholder relationships, aiming to create long-term shared value through efficient production and environmental stewardship [4]. DeSoto Resources Limited - DeSoto Resources Limited is an Australian-listed gold exploration company focused on project generation in Guinea, with a management team recognized for their successful exploration efforts in West Africa, including the discovery of a 5.4-million-ounce gold project [3].

Core Viewpoint - Fortuna Mining Corp. has entered into a binding Heads of Agreement with DeSoto Resources Limited to form an exploration alliance and joint venture in the Siguiri Basin of Guinea, which is known for its potential to host multi-million-ounce gold deposits [1][2]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company operating three mines and holding exploration projects in Argentina, Côte d'Ivoire, Mexico, Peru, and Senegal [4]. - The company emphasizes sustainability in its operations, focusing on efficient production, environmental stewardship, and social responsibility [4]. Joint Venture Details - The agreement establishes a new joint venture company (JVCo) to apply for and acquire new mining permits in targeted areas [6]. - The joint venture will have a board of up to four directors, with two from each party, and the majority partner will hold a casting vote [6]. - The project generation phase will last 36 months, focusing on identifying significant discoveries, termed "Go Projects" [6]. - Once a Go Project is identified, the joint venture will transition into a formal agreement where Fortuna will hold 70% and DeSoto 30%, with Fortuna funding exploration until either three years have passed or US$12.5 million has been spent [6]. DeSoto Resources Limited Overview - DeSoto Resources Limited is an Australian-listed gold exploration company with a focus on Guinea [3]. - The management team of DeSoto has a successful track record in West African exploration, including the discovery of a 5.4-million-ounce gold project [3]. Exploration Potential - The Siguiri Basin in Guinea is highlighted for its historical mining activity and potential for significant gold deposits, making it an attractive area for exploration [2].

Company Performance - Fortuna Mining's stock was down 1.29% at $8.42, underperforming the S&P 500's daily loss of 0.29% [1] - The stock has increased by 13.13% over the past month, outperforming the Basic Materials sector's gain of 4.35% and the S&P 500's gain of 3.08% [1] Earnings Estimates - Zacks Consensus Estimates project Fortuna Mining to have earnings of $0.74 per share and revenue of $0 million, reflecting year-over-year changes of +60.87% and 0%, respectively [2] - Recent changes to analyst estimates indicate a favorable outlook on Fortuna Mining's business health and profitability [2] Stock Price Correlation - Empirical research shows that revisions in estimates correlate directly with stock price performance [3] - The Zacks Rank system, which considers estimated changes, provides an operational rating system for stocks [3] Zacks Rank and Valuation - Fortuna Mining currently holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate having increased by 6.52% over the last 30 days [4] - The company is trading at a Forward P/E ratio of 11.6, compared to the industry average of 17.94, suggesting it is trading at a discount [5] Industry Context - Fortuna Mining is part of the Mining - Miscellaneous industry, which has a Zacks Industry Rank of 156, placing it in the bottom 37% of over 250 industries [5][6] - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks [6]

Core Insights - Fortuna Mining Corp. is recognized as one of the best silver mining stocks to buy according to hedge funds [1][2] - Recent drilling results from the Séguéla Mine in Côte d'Ivoire indicate significant gold mineralization at both the Kingfisher and Sunbird deposits [1][2] Group 1: Drilling Results - At the Kingfisher deposit, drilling revealed 4.5 g/t Au over 37.4 meters from a depth of 79 meters in hole SGRD2363, with mineralization confirmed up to 250 meters along strike and 300 meters below the surface [1] - The Sunbird deposit showed multiple significant results, including 2.1 g/t Au over 8.4 meters, 5.6 g/t Au over 4.9 meters, 11.2 g/t Au over 5.6 meters, and 8.5 g/t Au over 7.0 meters from a depth of 566 meters in hole SGRD2431 [1] Group 2: Exploration Insights - Paul Weedon, SVP of Exploration, highlighted that the Kingfisher infill program has extended both depth and strike potential while confirming broad mineralization, supporting the mine's long-term expansion potential [2] - Ongoing drilling at Sunbird aims to further develop the mineralized envelope and enhance geological confidence [2]

Core Viewpoint - Fortuna Mining Corp. is actively advancing its $19 million generative exploration program across its projects in Côte d'Ivoire, Mexico, and Argentina, focusing on identifying new growth opportunities [1][2]. Generative Exploration Highlights - The Guiglo Project in Côte d'Ivoire covers 1,142 square kilometers and includes unexplored areas with favorable geology [3]. - Stream sediment sampling has identified four anomalous catchments, with follow-up soil sampling revealing a significant gold anomaly exceeding 20 parts per billion [4]. - Fieldwork is set to resume in October 2025, including additional sampling and drilling [5]. Tongon North Project, Côte d'Ivoire - The exploration program includes scout drilling of previously untested targets and mapping of artisanal zones [7]. - Preliminary targets are associated with fertile structures extending northeast along Barrick's Tongon Mine [8]. - Fieldwork is expected to restart in November, pending weather conditions [10]. Centauro Project, Mexico - The Centauro Project is located in southeastern Chihuahua and covers 600 hectares, with fieldwork already commenced [11]. - Historical exploration has shown widespread anomalous gold and silver values, indicating a fertile epithermal system [12]. - Recent mapping has confirmed a large silica-capped plateau, suggesting a preserved hydrothermal paleosurface [13]. - A first-pass drill campaign is planned to test the potential of the system at depth [14]. La Carmen Project, Mexico - Early-stage exploration is ongoing at La Carmen, characterized by widespread kaolinite alteration over a 5-kilometer area [18]. - Mapping has identified three main zones indicative of a preserved epithermal system [19]. - Surface access agreements are being secured to commence detailed geological mapping and sampling [20]. Cerro Lindo Project, Argentina - The Cerro Lindo Project is located near Fortuna's Lindero Mine and covers 95 square kilometers, with potential for a high-sulphidation epithermal gold and silver system [21][22]. - Previous sampling has shown extensive gold and silver anomalism, along with significant pathfinder elements [22]. - The Arizaro deposit, part of the Lindero property, has an Inferred Mineral Resource of 32.4 million tons averaging 0.37 g/t Au [24]. Drilling Results - Recent drilling at the Arizaro deposit has yielded significant results, including: - ARD68: 0.69 g/t Au, 0.40% Cu over 22 meters [27] - ARD69: 0.39 g/t Au, 0.19% Cu over 27 meters [27] - ARD71: 0.52 g/t Au, 0.15% Cu over 57 meters [27] - A total of 14 diamond drill holes have been completed, with results received for 7 holes to date [25].

Core Insights - Fortuna Mining Corp. has initiated a $19 million generative exploration program across its projects in Côte d'Ivoire, Mexico, and Argentina, aiming to identify and advance new projects for future growth [1][2]. Côte d'Ivoire Projects - The Guiglo Project covers 1,142 square kilometers and includes two permits granted in late 2024, with a third under application, focusing on unexplored areas with favorable geology [3]. - Stream sediment sampling has identified four anomalous catchments, with follow-up soil sampling revealing a significant gold anomaly exceeding 20 parts per billion [4]. - The Tongon North Project has seen active exploration, including drill testing of geochemical and geophysical targets, with fieldwork expected to resume in November 2025 [7][9]. Mexico Projects - The Centauro Project, located in southeastern Chihuahua, has commenced fieldwork after Fortuna obtained option rights to earn a 100% interest in three claims totaling 600 hectares [10]. - Historical exploration has indicated widespread anomalous gold and silver values, suggesting a fertile epithermal system [11]. - Recent mapping has confirmed a large silica-capped plateau, with a first-pass drill campaign planned to test the potential for a preserved gold and silver system at depth [12][13]. Argentina Projects - The Cerro Lindo Project, located near Fortuna's Lindero Mine, is considered prospective for hosting a high-sulphidation epithermal gold and silver system, with previous sampling indicating significant gold and silver anomalism [19][20]. - The Arizaro Deposit, with an Inferred Mineral Resource of 32.4 million tonnes averaging 0.37 g/t Au, has seen extensive drilling, with results indicating promising mineralization [23][26]. - Recent drilling highlights include significant intercepts of gold and copper, with ongoing exploration aimed at understanding the extent of the mineralization [26][25].

Core Viewpoint - Fortuna Mining Corp. will participate in the Mining Forum Americas, a significant event for precious commodity equities and their investors, taking place from September 14 to 17, 2025 [1][2]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company operating three mines and holding exploration projects in Argentina, Côte d'Ivoire, Mexico, Peru, and the Diamba Sud Gold Project in Senegal [3]. - The company emphasizes sustainability in its operations, focusing on efficient production, environmental stewardship, and social responsibility while producing gold and silver [3]. Event Details - Jorge A. Ganoza, the President and CEO of Fortuna, will present at the Mining Forum Americas on September 15 at 11:00 a.m. Mountain Daylight Time [2]. - The Mining Forum Americas is recognized as the world's oldest and largest gathering of precious commodity equities, showcasing a significant portion of publicly traded gold and silver companies [2].

Group 1 - Fortuna Mining has transitioned from being primarily a silver miner to predominantly mining gold, with an expected production of 309,000 ounces by 2025 [1] - The company has undergone significant changes over time, reflecting a strategic shift in its focus and operations [1] Group 2 - The analyst has extensive experience, having researched over 1000 companies across various sectors, including commodities and technology [1] - The analyst's preferred focus is on metals and mining stocks, but they are also comfortable covering other industries such as consumer discretionary, REITs, and utilities [1]

Industry Overview - The gold mining industry is currently experiencing a significant uptrend, with gold prices soaring to all-time highs, up 28% year to date, compared to a 10% increase in the S&P 500 [1][6] - Gold is traditionally viewed as a safe haven investment, often performing better when risk assets like stocks decline [2] - The recent increase in gold prices is attributed to geopolitical tensions, particularly following Russia's invasion of Ukraine and subsequent sanctions [3][4] Company Analysis: Fortuna Mining - Fortuna Mining has seen its stock rise 70% year to date and 155% over the past 18 months, making it one of the top gold mining stocks [7] - The company produced approximately 370,000 ounces of gold last year, a 13% increase from the previous year, with ongoing operations yielding about 62,000 ounces in the most recent quarter, a 10% increase year-over-year [8] - Fortuna's recent divestiture of the Yaramoko mine in Burkina Faso is viewed positively, as it had limited reserves and faced civil unrest [9] - The Diamba Sud mine in Senegal has an estimated 724,000 ounces of gold, which is 53% higher than last year's estimate, with an additional 285,000 ounces potentially unconfirmed [11] - Fortuna is recognized for its operational efficiency, strong organic growth, and disciplined management, making it a compelling option for investors looking to hedge against market corrections [13]

Core Viewpoint - Fortuna Mining Corp. has reported promising exploration drilling results from the Kingfisher and Sunbird deposits at the Séguéla Mine in Côte d'Ivoire, indicating significant mineralization and potential for resource expansion [1][2]. Kingfisher Deposit Highlights - A successful infill drill program at Kingfisher confirmed broad mineralization, with notable intersections including 4.5 g/t Au over an estimated true width of 37.4 meters from 79 meters in drill hole SGRD2363 [2][3]. - Additional drilling has intersected mineralization 300 meters below surface and 250 meters along strike, indicating potential for further resource expansion [2]. - Highlights from recent drilling include: - 9.4 g/t Au over 17.0 meters from 105 meters in SGRD2313, including 58.1 g/t Au over 0.9 meters [3]. - 5.6 g/t Au over 22.1 meters from 83 meters in SGRD2349, including 63.1 g/t Au over 0.9 meters [3]. - 4.4 g/t Au over 20.4 meters from 28 meters in SGRD2366, including 48.9 g/t Au over 0.9 meters [3]. - A total of 78 drill holes, totaling 13,262 meters, have been completed at Kingfisher, with ongoing drilling planned through 2025 [3]. Sunbird Deposit Highlights - Drilling at the Sunbird deposit has returned excellent results, enhancing geological confidence and expanding the mineralized envelope [2]. - Significant results include: - 8.5 g/t Au over 7.0 meters from 566 meters in drill hole SGRD2431 [8]. - 11.2 g/t Au over 5.6 meters from 479 meters in SGRD2409 [9]. - 5.6 g/t Au over 4.9 meters from 98 meters in SGRD2422 [10]. - A total of 41 drill holes, totaling 17,532 meters, have been completed at Sunbird, with drilling scheduled to continue until the end of 2025 [8][9]. Geological Insights - The Kingfisher mineralization exhibits a moderate northerly plunge, which is atypical for the region, suggesting localized geological movements [4]. - The mineralization at Sunbird extends more than 1.1 kilometers down plunge, with ongoing exploration to determine the extent of mineralization [9]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company with operations in multiple countries, focusing on sustainable practices and stakeholder relationships [20].