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].

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 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]

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].

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 highlights include: - 9.4 g/t Au over an estimated true width of 17.0 meters from 105 meters in drill hole SGRD2313, including 58.1 g/t Au over 0.9 meters [3]. - 5.6 g/t Au over an estimated true width of 22.1 meters from 83 meters in drill hole SGRD2349, including 63.1 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 also returned excellent results, including 8.5 g/t Au over an estimated true width of 7.0 meters from 566 meters in drill hole SGRD2431 [2][8]. - Additional highlights include: - 10.4 g/t Au over an estimated true width of 4.9 meters from 483 meters in drill hole SGRD2427 [8]. - 11.2 g/t Au over an estimated true width of 5.6 meters from 479 meters in drill hole SGRD2409 [9]. - 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]. - Mineralization remains open at depth and along strike for both deposits, indicating further exploration potential [2][10]. Quality Control and Methodology - All drilling was conducted under the supervision of Fortuna personnel, adhering to standardized procedures and methodologies [11][12]. - Reverse Circulation (RC) and Diamond Drilling (DD) methods were employed, with rigorous quality assurance and control measures in place [13][14][15]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company with a focus on sustainable operations and stakeholder relationships, operating three mines and holding exploration projects in multiple countries [18].

Core Viewpoint - Fortuna Mining Corp. has reported promising exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project in Senegal, indicating potential for resource growth and further exploration planned for the upcoming months [1][2][5]. Exploration Results - The exploration drilling at the Southern Arc deposit has yielded several high-grade intercepts, with notable results including drillhole DSDD488, which intersected 22.7 g/t Au over an estimated true width of 21.6 meters [2][3]. - Additional highlights from the drilling program include: - DSDD418: 6.3 g/t Au over 18.2 meters, including 23.3 g/t Au over 0.8 meters [3]. - DSDD440: 6.3 g/t Au over 16.8 meters, including 19.4 g/t Au over 0.8 meters [3]. - DSDD462: 9.7 g/t Au over 20.8 meters, including 21.9 g/t Au over 2.2 meters [3]. - DSDD488: 22.7 g/t Au over 21.6 meters, including 258.8 g/t Au over 1.6 meters [3]. Drilling Program Details - A total of 152 reverse circulation and diamond core drill holes have been completed, amounting to 21,234 meters since the last update [4]. - The drilling program has been paused due to the rainy season, with plans to resume in mid-September [4]. - Of the 152 drill holes, 53 were completed after the data cutoff for the maiden Inferred Mineral Resource estimate of 3.9 million tonnes averaging 1.57 g/t Au, containing 194,000 ounces of gold [5]. Mineralization Characteristics - Mineralization at the Southern Arc deposit is characterized by fine stockwork vein arrays and pyrite-silica flooding, with a strong correlation to tectonic breccias and carbonate units [6]. - The mineralization remains open at depth and along strike to the south and east, indicating further exploration potential [2][6]. Future Plans - Drilling is scheduled to resume in September, with further results expected by year-end, and an updated resource estimate planned for the first quarter of 2026 [2][5].

Core Viewpoint - Fortuna Mining Corp. reports promising exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project in Senegal, indicating potential for resource growth and further exploration planned for September 2025 [1][2]. Exploration Results - Drillhole DSDD488 intersected 22.7 g/t Au over an estimated true width of 21.6 meters from a depth of 53 meters, highlighting high-grade intercepts [2]. - Additional notable results include: - DSDD418: 6.3 g/t Au over 18.2 meters from 31 meters, with higher grades of 23.3 g/t Au over 0.8 meters from 40 meters [3]. - DSDD440: 10.4 g/t Au over 0.8 meters from 41 meters and 19.4 g/t Au over 0.8 meters from 43 meters [3]. - DSDD444: 33.5 g/t Au over 0.8 meters from 45 meters and 9.7 g/t Au over 20.8 meters from 117 meters [3]. - DSDD4621: 4.2 g/t Au over 31.2 meters from 5 meters, including 13.3 g/t Au over 0.8 meters from 7 meters [3]. Drilling Program Overview - A total of 152 reverse circulation and diamond core drill holes have been completed, totaling 21,234 meters since the last update [4]. - Of these, 53 drill holes were completed after the data cutoff for the maiden Inferred Mineral Resource estimate of 3.9 million tonnes averaging 1.57 g/t Au, containing 194,000 ounces of gold [6]. Future Plans - Drilling is set to resume in September 2025 after the rainy season, with further results expected by year-end [2][5]. - An updated resource estimate is planned for the first quarter of 2026, incorporating the results from the recent drilling [6]. Geological Context - Mineralization at Southern Arc is characterized by fine stockwork vein arrays and pyrite-silica flooding, with a strong correlation to tectonic breccias and carbonate units [7]. - The mineralization remains open at depth and along strike to the south and east, indicating further exploration potential [7].

Core Viewpoint - Fortuna Mining Corp. reported strong financial and operational results for Q2 2025, highlighting a robust liquidity position and significant production achievements, while also outlining growth opportunities in upcoming projects [2][7]. Financial Highlights - The company achieved free cash flow from ongoing operations of $57.4 million in Q2 2025, a decrease from $66.7 million in Q1 2025 [18]. - Net cash from operating activities before working capital changes was $96.9 million, or $0.32 per share [7][17]. - Attributable net income from continuing operations was $42.6 million, or $0.14 per share, reflecting a QoQ increase of $0.03 [7][16]. - Adjusted EBITDA margins reached a record 55%, up from 50% in Q1 2025, driven by higher realized gold prices [7][16]. Operational Performance - The company delivered a total of 75,950 gold equivalent ounces in Q2 2025, maintaining its annual production guidance [2][7]. - Consolidated AISC (All-in Sustaining Cost) per gold equivalent ounce from continuing operations was $1,932, an increase from $1,752 in Q1 2025, primarily due to capital expenditures and mine waste stripping [15][19]. - The Séguéla Mine produced 38,186 ounces of gold at an average grade of 3.00 g/t, with a cash cost of $670 per ounce [26][29]. Growth and Business Development - The company is advancing the Diamba Sud project in Senegal, reporting an Indicated Mineral Resource of 724,000 gold ounces, with plans for a preliminary economic assessment (PEA) by Q4 2025 [6][8]. - Fortuna completed the divestment of two short-life mines, generating $83.8 million in gross proceeds, allowing for a reallocation of capital towards higher-value opportunities [9]. Capital Expenditures - Total capital expenditures for Q2 2025 included $31.4 million in sustaining capital and $15.6 million in growth capital, reflecting a 56% increase compared to the previous quarter [12][18].