Fortuna Expands Mineral Reserves and Mineral Resources for the Séguéla Mine, Côte d'Ivoire

Core Insights - Fortuna Mining Corp. has reported updated Mineral Reserves and Mineral Resources for the Séguéla Mine, with 1.2 million ounces of gold in Mineral Reserves and significant increases in both Indicated and Inferred Resources [1][7][14]. Mineral Reserves and Resources Summary - The Séguéla Mine has Proven and Probable Mineral Reserves of 13.0 million tonnes containing 1.2 million ounces of gold, reflecting an 11% increase from December 31, 2024 [14]. - Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, increased by 100% to 794,000 ounces of gold, while Inferred Mineral Resources rose by 15% to 712,000 ounces [7][18]. - The Kingfisher and Sunbird deposits host the largest Mineral Reserves and Resources, with mineralization remaining open at both sites [7][18]. Exploration and Development Activities - Ongoing exploration efforts include aggressive infill drilling programs and evaluations for potential plant expansion, aiming to extend the mine's life to 7.5 years [2][19]. - The completion of an underground mining study is expected to convert up to 502,000 gold ounces of Sunbird Indicated Resources into Mineral Reserves by December 2025 [7][22]. - Current drilling activities are focused on upgrading Inferred to Indicated Resources at the Sunbird Underground Project and evaluating mineralization potential across the property [19]. Processing Plant Expansion - The processing plant at Séguéla, commissioned in mid-2023, is expected to increase its throughput capacity to between 2.0 and 2.5 million tonnes per year by 2026 [20][21]. - Engineering studies for further expansion of processing plant capacity have been initiated, supported by improved visibility on mine life and resource growth [21][22]. Financial and Operational Metrics - The gold grade in Mineral Reserves decreased by 17% to 2.81 g/t Au, attributed to the inclusion of the Kingfisher deposit and depletion of higher-grade materials [14][15]. - The estimated gold price used for Mineral Reserve calculations is US$2,300/oz, with metallurgical recovery rates averaging 93.5% [12][15].