Fortuna Mining Reports Major Reserve Expansion and Strong Future Outlook for Séguéla Gold Project

January 20, 2026 – Vancouver, British Columbia – Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has released a significant update for its flagship gold operation, the Séguéla Mine in Côte d’Ivoire, revealing a substantial expansion of mineral reserves and a meaningful extension of the mine’s projected operational life.

According to the company’s press release, the updated Mineral Reserves estimate as of December 31, 2025 now totals approximately 1.54 million ounces of gold, representing a 31 % increase in contained gold compared with the prior estimate reported in October 2025. This expanded reserve base is expected to support mine operations for over nine years at the current mining rate.

Strategic Growth Through Underground Reserves

A key driver of the reserve expansion was the inclusion of, for the first time, underground mineral reserves from the Sunbird deposit, a newly reviewed underground portion of the Séguéla property. This addition accounts for an estimated 401,000 ounces of gold contained in ore planned for underground mining, adding new depth and flexibility to the mine’s production profile.

The Sunbird deposit now forms an integral part of the life-of-mine plan, complementing the mine’s existing open pit operations and helping extend the overall mining horizon. At a time when many gold operations are facing declining reserves, Fortuna’s ability to identify substantial underground ounces reflects strong exploration success and geological confidence.

Mine Life Extended Beyond Previous Expectations

With these latest reserve additions, the Séguéla Mine’s life is now estimated to exceed nine years at the existing processing rate of roughly 1.75 million tonnes per annum (Mtpa). This represents a notable extension compared with earlier projections and provides visibility for long-term production planning.

Fortuna’s President and CEO, Jorge A. Ganoza, commented on the update, emphasizing the company’s strong exploration performance and operational execution. He noted that results from recent drilling campaigns — especially those carried out in the latter part of 2025 — have unveiled promising mineralization that has not yet been fully incorporated into the current geological models. This, he suggested, could represent further upside to future resource and reserve estimates.

Breakdown of Updated Mineral Reserves

The updated Mineral Reserves are supported by a total of 16.0 million tonnes of ore at an average grade of approximately 3.01 grams per tonne (g/t) gold, indicating robust ore quality relative to many other gold operations in West Africa and globally.

Reserve tonnage and gold content at Séguéla are divided between open pit and underground classifications. The open pit operations remain the foundation of the mine plan, while the underground Sunbird component introduces deeper ore accessibility and supports high-grade extraction that enhances overall project economics.

Detailed reserve figures include:

• Open Pit Proven and Probable Reserves: Majority of the tonnage and contained ounces.
• Underground (Sunbird) Probable Reserves: 3.5 million tonnes averaging approximately 3.60 g/t gold, containing around 401,000 ounces.

This diversified reserve base enhances operational flexibility and positions Séguéla to benefit from both surface and underground mining techniques over the extended life of the project.

Future Production Outlook and Plant Expansion Study

In addition to the reserve update, Fortuna announced progress toward a processing plant expansion study that could further accelerate production and unlock incremental annual output. The study is evaluating the technical and economic feasibility of increasing Séguéla’s processing capacity from its current rate of approximately 1.75 Mtpa to between 2.0 and 2.5 Mtpa.

If successful, this expansion could enable the mine to produce more than 200,000 ounces of gold per year, a meaningful uplift compared with previous guidance ranges and a potential driver of higher annual revenue. Completion of the study is expected during the second quarter of 2026, with further decisions to follow based on technical outcomes and capital considerations.

Management views the plant expansion as a strategic initiative to enhance overall project value, improve operational efficiency, and capitalize on existing geological potential at Séguéla and nearby satellite deposits.

Exploration Success and Resource Definition

Fortuna also highlighted the results of extensive exploration drilling undertaken across multiple targets within the Séguéla land package. Drilling results indicate that mineralization remains open at depth and along strike in several deposit areas, including Kingfisher, Koula, and Ancien, suggesting that additional inferred resources could be converted to reserves in future updates.

This exploration-driven approach aligns with industry best practices, where continuous resource definition and reserve conversion help mining companies sustain long-term production and replace mined ounces with newly defined ones.

Economic and Regional Impact

An extended mine life and increased gold reserves are not just positive from a corporate perspective — they also carry economic implications for Côte d’Ivoire. The mining sector represents an increasingly important contributor to the country’s economic diversification strategy, creating employment, generating export revenue, and supporting local supply chains.

With Séguéla’s continued success, the mine is likely to remain a focal point for investment and development in the West African mining landscape, reinforcing Fortuna’s role as a key operator in the region.

Operational Highlights and Recent Performance

Fortuna’s strong operational performance in recent years has been underscored by production results that met or exceeded guidance, contributing to investor confidence in the company’s long-term strategy. Séguéla itself produced more gold in 2025 than previously targeted, showcasing operational strength and reserve growth potential.

Overall, Fortuna operates multiple mines across the Americas and West Africa, with Séguéla emerging as a cornerstone asset given its expanding reserves and extended life of mine. As the company continues to refine its geological understanding and optimize processing capability, Séguéla is well positioned to deliver value to shareholders and stakeholders alike.

Management Commentary

CEO Jorge A. Ganoza reiterated that the reserve growth reflects Fortuna’s disciplined exploration strategy and its commitment to long-term value creation. He highlighted that the underground potential at Sunbird and other deposit areas represents a meaningful new chapter for the Séguéla project.

“We are pleased with the continued growth in Séguéla’s resource and reserve inventory, which supports an extended mine life well beyond nine years. Our focus now turns to further optimizing the operation through both plant capacity expansion and ongoing exploration,” Mr. Ganoza stated.

Outlook and Next Steps

Looking forward, Fortuna plans to:

• Complete the plant expansion study by Q2 2026.
• Incorporate new drilling results into updated resource models.
• Evaluate additional underground reserve opportunities.
• Continue optimizing mine planning and production scheduling.

These next steps are expected to further refine Séguéla’s value proposition and support long-term sustainable production.

Conclusion

Fortuna Mining’s announcement of a 31 % increase in gold reserves at the Séguéla Mine and the extension of mine life to over nine years mark a significant milestone for the company and its stakeholders. With strong exploration results, expanding underground reserve potential, and ongoing studies to boost production capacity, Séguéla is poised to remain a cornerstone of Fortuna’s production portfolio for years to come.

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