Fortuna Reports Results for the Third Quarter of 2025

2025-11-06

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(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

VANCOUVER, British Columbia, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the third quarter of 2025. (Results from the Company’s San Jose and Yaramoko assets have been excluded from its Q3 2025 continuing results, along with the comparative figures, due to the classification of the assets as discontinued as at June 30, 2025.)

Jorge A. Ganoza President and CEO of Fortuna, commented, “Fortuna delivered a strong third quarter, keeping us on track to meet our annual production guidance. Higher gold prices and consistent mine performance generated $73.4 million in free cash flow from operations—up $16.0 million from Q2.” Mr. Ganoza continued, “Cash costs remained below $1,000/oz, and AISC at our mines is tracking within guidance. Lindero’s AISC is trending lower, and we expect similar improvements at Séguéla as it completes key investments to support 2026 production of 160,000–180,000 ounces.” Mr. Ganoza concluded, “Our balance sheet continues to strengthen, with nearly $600 million in liquidity and $265.8 million in net cash. This positions us to fund high-impact growth initiatives, including Diamba Sud, unlocking the full potential of the Séguéla Mine, and expanding exploration across West Africa and Latin America.”

Third Quarter 2025 Highlights

Cash and Cashflow

Free cash flow 1 from ongoing operations of $73.4 million, and net cash from operating activities before changes in working capital of $113.9 million or $0.37 per share. The quarter included $13.6 million in withholding taxes paid related to the repatriation of $118.2 million from Argentina and Côte d’Ivoire Liquidity increased to $588.3 million, and the net cash 1 position strengthened to $265.8 million, from $214.8 million in Q2 2025 Quarter-end cash balance of $438.3 million, an increase of $51.0 million QoQ

Profitability

Attributable net income from continuing operations of $123.6 million or $0.40 per share, a QoQ increase of $0.26 Adjusting for impairment reversals at Lindero, attributable adjusted net income 1 from continuing operations was $51.0 million or $0.17 per share, a QoQ increase of $0.02. Results include the impact of $0.04 per share from a $6.3 million increase in share-based compensation (“SBC”) expense, due to the rise in share price, and a $7.4 million FX loss Adjusted EBITDA margin 1 was 52%, compared to 56% in Q2 2025. QoQ, excluding the impact of higher SBC and FX gains/losses, the EBITDA margin improved from 55% to 58%

Operational

Gold equivalent production (“GEO”) of 72,462 ounces from continuing operations 2 Consolidated cash cost per GEO 1 from continuing operations of $942, compared to $929 in Q2 2025 Consolidated AISC per GEO 1 from continuing operations of $1,987 compared to $1,932 in Q2 2025. AISC includes a one-time impact of $80 related to a higher SBC expense Year-to-date TRIFR of 0.86 reflects continued strong safety performance; zero lost time injuries in the quarter

Growth and Business Development

Completed a Preliminary Economic Assessment (“PEA”) for the Diamba Sud Gold Project, confirming robust project economics for the development of an open-pit mine and conventional carbon-in-leach processing plant. Refer to Fortuna news release dated October 15, 2025, “ Fortuna delivers robust PEA for Diamba Sud Gold Project in Senegal: After-tax IRR of 72% and NPV5% of US$563 million using US$2,750 per ounce ” Advancing the Diamba Sud project towards a Definitive Feasibility Study and a construction decision in the first half of 2026 Cautionary Statement: The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves; as such, there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 3

1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures 2 Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $3,467/oz Au, $39.4/oz Ag, $1,962/t Pb and $2,815/t Zn for Q3 2025; $2,498/oz Au, $29.2/oz Ag, $2,040/t Pb and $2,782/t Zn for Q3 2024; $3,306/oz Au, $33.8/oz Ag, $1,945/t Pb, and $2,640/t Zn for Q2 2025 3 Refer to the table on page 26 of this news release for a summary of the key assumptions, operational parameters and economic results and values from the PEA

Third Quarter 2025 Consolidated Results

| | | Three months ended | | Nine months ended September 30, | | | | | | | | | | | ($ Expressed in millions) | | Sept 30, 2025 | | Sept 30, 2024 | | June 30, 2025 | | 2025 | 2024 | | % Change | | | | Total production including discontinued operations (GEO) | | 72,462 | | 110,820 | | 75,950 | | 251,871 | | 339,933 | | (26 | %) | | Production from continuing operations (GEO) | | 72,462 | | 73,123 | | 71,229 | | 214,077 | | 216,801 | | (1 | %) | | | | | | | | | | | | | | | | | Financial Highlights from Continuing Operations | | | | | | | | | | | | | | | Sales | | 251.4 | | 181.7 | | 230.4 | | 676.8 | | 482.0 | | 40 | % | | Mine operating income | | 133.1 | | 64.1 | | 105.0 | | 318.5 | | 164.3 | | 94 | % | | Operating income | | 154.6 | | 50.8 | | 83.7 | | 294.3 | | 110.4 | | 167 | % | | Net income from continuing operations | | 128.2 | | 37.4 | | 47.7 | | 214.8 | | 74.0 | | 190 | % | | Attributable net income from continuing operations | | 123.6 | | 35.5 | | 42.6 | | 201.7 | | 69.8 | | 189 | % | | Attributable earnings per share from continuing operations - basic | | 0.40 | | 0.11 | | 0.14 | | 0.66 | | 0.23 | | 187 | % | | Adjusted attributable net income from continuing operations 1 | | 51.0 | | 32.7 | | 44.7 | | 131.7 | | 57.8 | | 128 | % | | Adjusted attributable net income from continuing operations earnings per share | | 0.17 | | 0.10 | | 0.15 | | 0.43 | | 0.19 | | 126 | % | | Adjusted EBITDA 1 | | 130.8 | | 96.6 | | 127.7 | | 356.6 | | 236.4 | | 51 | % | | Net cash provided by operating activities - continuing operations | | 111.3 | | 67.3 | | 92.7 | | 293.0 | | 136.5 | | 115 | % | | Free cash flow from ongoing operations 1 | | 73.4 | | 34.0 | | 57.4 | | 197.5 | | 51.5 | | 283 | % | | Cash cost ($/oz GEO) 1 | | 942 | | 906 | | 929 | | 915 | | 831 | | 10 | % | | AISC continuing ops($/oz GEO)1,2 | | 1,987 | | 1,638 | | 1,932 | | 1,896 | | 1,558 | | 22 | % | | AISC including discontinued ops($/oz GEO) 1,2,3 | | 1,987 | | 1,669 | | 1,899 | | 1,822 | | 1,593 | | 14 | % | | Capital expenditures 2 | | | | | | | | | | | | | | | Sustaining | | 31.2 | | 33.7 | | 31.4 | | 85.2 | | 81.4 | | 5 | % | | Sustaining leases | | 6.5 | | 2.9 | | 6.0 | | 17.4 | | 10.7 | | 63 | % | | Growth capital | | 17.4 | | 7.3 | | 15.6 | | 48.4 | | 28.1 | | 72 | % | | | | | | | | | | Sept 30, 2025 | | Dec 31, 2024 | | % Change | | | Cash and cash equivalents and short-term investments | | 438.3 | | 231.3 | | 89 | % | | | | | | | | Net liquidity position (excluding letters of credit) | | | | | | | | 588.3 | | 381.3 | | 54 | % | | Shareholder's equity attributable to Fortuna shareholders | | | | | | | | 1,618.9 | | 1,403.9 | | 15 | % | | 1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. | | | | | | | | | | | | | | | 2 Capital expenditures are presented on a cash basis | | | | | | | | | | | | | | | 3 Year to date 2025 AISC reflects production and costs for Yaramoko from April 1 to April 14, 2025, being the date that the Company agreed to the assumed handover of operations to the purchaser. AISC per ounce of gold equivalent sold for the aforementioned period has been estimated at $1,410 which is comparable to the AISC per ounce of gold equivalent sold at Yaramoko for Q1 2025 of $1,411 | | | | | | | | | | | | | | | Figures may not add due to rounding | | | | | | | | | | | | | | | Contribution from discontinued operations, the Yaramoko and San Jose mines which were disposed of in the second quarter of 2025, have been removed where applicable | | | | | | | | | | | | | |

Third Quarter 2025 Results

Q3 2025 vs Q2 2025

Cash cost per ounce and AISC Cash cost per GEO sold from continuing operations was $942 in Q3 2025, representing a marginal increase from the $929 recorded in Q2 2025.

All-in sustaining costs per GEO from continuing operations was $1,987 in Q3 2025 representing a $55 increase from the $1,932 recorded in Q2 2025. The rise was primarily driven by a one-time increase of $80 per GEO in share-based compensation. This expense resulted from the revaluation of cash-settled share units due to the higher share price during the quarter. The impact was partially offset by higher ounces sold.

Attributable Net Income and Adjusted Net Income Attributable net income from continuing operations for the period was $123.6 million, compared to $42.6 million in Q2 2025. Net income reflects the reversal of an impairment charge of $52.7 million and a reversal of a previous write-down of $16.7 million of low-grade stockpiles at Lindero as a result of an increase in medium and long-term gold price projections

After adjusting for impairment reversals and other non-recurring items, adjusted attributable net income was $51.0 million or $0.17 per share compared to $44.7 million or $0.15 per share in Q2 2025. The increase was explained mainly by higher gold prices and higher gold sales volume, as well as a lower effective tax rate. The realized gold price in Q3 2025 was $3,467 per ounce compared to $3,307 in Q2 2025. The increase in gold sales volume was due to higher gold production at Lindero. The effective tax rate in Q3 2025 over adjusted net income was 30% compared to 40% in Q2 2025 due to the timing on recognition of withholding taxes related to dividend approvals in Côte d’Ivoire. This was partially offset by a foreign exchange loss of $7.4 million in Q3 compared to a gain of $2.3 million in Q2, and higher stock-based compensation of $10.8 million in Q3 compared to $4.5 million in Q2 related to the revaluation of cash-settled units from a higher share price.

Foreign exchange loss In Q3 2025, the Company recorded a foreign exchange charge of $7.4 million compared to a gain of $2.3 million in Q2 2025. The main driver for this charge was a foreign exchange loss of $5.6 million at our Argentinean operations related to a 14% devaluation of the peso in the quarter. Year-to-date, the peso has devalued 32% generating a cumulative loss of $10 million. Over half of this year-to-date loss relates to cash accumulated in-country in the first half of 2025; however, this loss was fully offset by interest, investment, and derivative gains throughout the year. In early Q3 the Company was able to restart the repatriation of funds from Argentina, allowing us to keep local cash balances at a minimum.

Cash flow Net cash generated by operations before changes in working capital was $113.9 million or $0.37 per share. After adjusting for changes in working capital, net cash generated by operations for the quarter was $111.3 million compared to $92.7 million in Q2 2025 driven by higher sales. Income taxes of $34.7 million were comparable to the $36.4 million paid in Q2 2025 due to a final installment payment of $15.4 million at Séguéla as well as $13.6 million in withholding taxes paid for the repatriation of funds from Argentina and Côte d’Ivoire.

Free cash flow from ongoing operations in Q3 2025 was $73.4 million, an increase of $16.0 million over the $57.4 million reported in Q2 2025 reflecting higher sales and cash from operating activities. Sustaining capital expenditures for the quarter were $31.2 million, broadly in line with Q2 2025.

In Q3 2025 the Company invested $17.4 million in non-sustaining capital expenditures; primarily consisting of $9.8 million in mine site exploration, $1.1 million in other mine site projects, and $6.5 million at the Diamba Sud Gold Project.

Q3 2025 vs Q3 2024

Cash cost per ounce and AISC Consolidated cash cost per GEO increased to $942 in Q3 2025, representing a $36 increase compared the $906 recorded in Q3 2024. This increase was mainly due to higher mine stripping ratios at Séguéla and Lindero, as per the mine plan, and lower gold equivalent ounces at Caylloma due to an increase in the gold price and the impact on gold equivalent ounces.

All-in sustaining costs per gold equivalent ounce from continuing operations increased to $1,987 in Q3 2025 from $1,638 in Q3 2024. This increase primarily resulted from the higher cash cost per ounce discussed above and higher capital leases, higher share-based compensation expense from the impact of the rise in our share price in Q3 2025, and increased royalties due to the higher gold price. Additionally, the previous period also benefited from ($43)/oz related to blue chip swaps in Argentina, compared to $nil in Q3 2025.

Attributable Net Income and Adjusted Net Income Attributable net income from continuing operations for the period was $123.6 million, or $0.40 per share, compared to $35.5 million, or $0.11 per share, in Q3 2024. After adjusting for reversals of impairments and stockpile write-downs of $69.4 million at Lindero and other non-recurring items, adjusted attributable net income was $51.0 million or $0.17 per share compared to $32.7 million or $0.10 per share in Q3 2024. The increase was primarily due to higher realized gold prices, which averaged $3,467 per ounce in Q3 2025 compared to $2,498 per ounce in Q3 2024 and higher sales volumes at Séguéla driven by higher processes ore and grades. This was partially offset by higher stock-based compensation and a $7.4 million foreign exchange loss (see discussion above) compared to a $1.1 million gain in Q3 2024.

Depreciation and Depletion Depreciation and depletion increased by $7.2 million to $53.0 million compared to $45.8 million in the comparable period of 2024. The increase was primarily due to higher ounces sold at Séguéla and an increase in the depletion per ounce at Lindero due to added depletion from the leach pad expansion project and the construction of the solar plant. Depreciation and depletion in the period included $18.7 million related to the purchase price allocation from the Roxgold acquisition in 2021.

Cash Flow Net cash generated by operations for the quarter was $111.3 million compared to $67.3 million in Q3 2024. The increase is mainly explained by higher gold prices and higher gold volume sold at Séguéla, and a lower negative change in working capital in Q3 2025 compared to Q3 2024.

Free cash flow from ongoing operations in Q3 2025 was $73.4 million, compared to $30.4 million reported in Q3 2024. The increase was mainly due to higher prices and metal sold as discussed above. Sustaining capital expenditures for the quarter were $31.2 million, mostly consistent with Q3 2024.

Séguéla Mine, Côte d’Ivoire

| | | | Three months ended September 30, | | | Nine months ended September 30, | | | | | | | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | Mine Production | | | | | | | | | | | | | | Tonnes milled | | | 435,770 | | | 418,390 | | | 1,308,958 | | | 1,131,684 | | Average tonnes crushed per day | | | 4,737 | | | 4,548 | | | 4,777 | | | 4,115 | | | | | | | | | | | | | | | | Gold | | | | | | | | | | | | | | Grade (g/t) | | | 3.01 | | | 2.69 | | | 2.92 | | | 2.94 | | Recovery (%) | | | 91 | | | 92 | | | 92 | | | 93 | | Production (oz) | | | 38,799 | | | 34,998 | | | 115,485 | | | 102,537 | | Metal sold (oz) | | | 38,803 | | | 33,816 | | | 115,386 | | | 101,369 | | Realized price ($/oz) | | | 3,462 | | | 2,494 | | | 3,222 | | | 2,305 | | | | | | | | | | | | | | | | Unit Costs | | | | | | | | | | | | | | Cash cost ($/oz Au) 1 | | | 688 | | | 655 | | | 669 | | | 559 | | All-in sustaining cash cost ($/oz Au) 1 | | | 1,738 | | | 1,176 | | | 1,554 | | | 1,073 | | | | | | | | | | | | | | | | Capital Expenditures ($000's) 2 | | | | | | | | | | | | | | Sustaining | | | 21,355 | | | 6,209 | | | 48,033 | | | 21,100 | | Sustaining leases | | | 4,270 | | | 2,332 | | | 12,393 | | | 7,034 | | Growth capital | | | 7,893 | | | 4,797 | | | 22,638 | | | 14,437 | | 1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures. | | | | | | | | | | | | | | 2 Capital expenditures are presented on a cash basis | | | | | | | | | | | | |

_ Quarterly Operating and Financial Highlights _

During the third quarter of 2025, mine production totaled 272,396 tonnes of ore, averaging 3.66 g/t Au, and containing an estimated 32,074 ounces of gold from the Antenna, Ancien, and Koula pits. The lower ore tonnes mined compared to milled tonnes are in line with the mine plan and strategy to reduce surface stockpiles. A total of 4,433,994 tonnes of waste was moved during the period, resulting in a strip ratio of 16.3:1.

In the third quarter of 2025, Séguéla processed 435,770 tonnes of ore, producing 38,799 ounces of gold, at an average head grade of 3.01 g/t Au, an 11% and a 12% increase, respectively, compared to the third quarter of 2024. Higher gold production was the result of higher tonnes processed and higher grades.

Cash cost per gold ounce sold was $688 for the third quarter of 2025 compared to $655 for the third quarter of 2024. Cash costs were aligned as higher ounces sold offset an increase in mining costs from higher stripping requirements in line with the mine plan.

All-in sustaining cash cost per gold ounce sold was $1,738 for the third quarter of 2025 compared to $1,176 in the same period of the previous year. The increase for the quarter was primarily the result of higher sustaining capital from capitalized stripping and higher royalties due to higher gold prices and a 2% increase in the royalty rate effective January 10, 2025.

Lindero Mine, Argentina

| | | | Three months ended September 30, | | | Nine months ended September 30, | | | | | | | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | Mine Production | | | | | | | | | | | | | | Tonnes placed on the leach pad | | | 1,699,007 | | | 1,654,101 | | | 5,280,543 | | | 4,610,215 | | | | | | | | | | | | | | | | Gold | | | | | | | | | | | | | | Grade (g/t) | | | 0.60 | | | 0.66 | | | 0.57 | | | 0.62 | | Production (oz) | | | 24,417 | | | 24,345 | | | 68,287 | | | 70,481 | | Metal sold (oz) | | | 25,290 | | | 26,655 | | | 67,433 | | | 69,886 | | Realized price ($/oz) | | | 3,476 | | | 2,503 | | | 3,246 | | | 2,316 | | | | | | | | | | | | | | | | Unit Costs | | | | | | | | | | | | | | Cash cost ($/oz Au) 1 | | | 1,117 | | | 1,042 | | | 1,136 | | | 1,047 | | All-in sustaining cash cost ($/oz Au) 1 | | | 1,570 | | | 1,842 | | | 1,738 | | | 1,762 | | | | | | | | | | | | | | | | Capital Expenditures ($000's) 2 | | | | | | | | | | | | | | Sustaining | | | 7,153 | | | 20,678 | | | 30,871 | | | 46,636 | | Sustaining leases | | | 1,279 | | | 586 | | | 2,652 | | | 1,771 | | Growth capital | | | 1,174 | | | 219 | | | 3,308 | | | 568 | | 1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures. | | | | | | | | | | | | | | 2 Capital expenditures are presented on a cash basis. | | | | | | | | | | | | |