Fortuna expands West African presence, forms exploration alliance in Guinea with DeSoto Resources

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].