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We envision. We deliver. NYSE: FSM | TSX: FVI Q4 - FY 2025 Financial and Operational Results Webcast February 19, 2026 We envision. We deliver.
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We envision. We deliver.We envision. We deliver. Cash Flow & Margins Q4 - FY 2025 Highlights FY 2025 record free cash flow from ongoing operations4 of $330 million 2 Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast See appendix for notes. Where applicable metrics are presented excluding discontinued operations Balance Sheet Strength Delivering Growth Production $704.0 M in liquidity $381.5 M net cash position Safety Cash Cost & AISC Record FCF from Operations1,4 $132.3 M Q3 2025: $73.4 M Operating cash flow before working capital of $147.6 M or $0.48/share2 EBITDA margin of 58%4 FY 2025: 317,001 GEO; within guidance range of 309 to 339 koz GEO Q4 2025: 65,130 GEO; production impacted by HPGR mechanical downtime at Lindero; resolved in December 0.74 TRIFR Zero lost time injuries Cash cost / GEO1,4,5 FY 2025: $944;within guidance Q4 2025: $971 AISC $/GEO1,4,5 FY 2025: $1,870;6% above guidance Q4 2025: $2,054 Lindero Mine, Argentina Mineral Reserves increased by 31% LoM > 9 years FS underway for a plant expansion of 15% to 40% Séguéla, Côte d’Ivoire Diamba Sud, Senegal Indicated Mineral Resources gold ounces increased by 73% to 1.25 Moz (26.0 Mt averaging 1.50 g/t Au)3
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We envision. We deliver.We envision. We deliver. Q4 Operations and Projects FY25 production of 317,001 GEO1; achieved annual guidance of 309 to 339 thousand GEO 3Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast See appendix for notes Séguéla Mine CÔTE D’IVOIRE Lindero Mine ARGENTINA Caylloma Mine PERU Diamba Sud Gold Project SENEGAL Gold Production (oz) 36,942 Q3 2025: 38,799 Gold Production (oz) 19,201 Q3 2025: 24,417 Silver Production (oz) 248,882 Q3 2025: 233,612 Construction decision targeted for mid-2026 Exploitation permit application submitted in February 2026 ESIA filed in October 2025 Cash Cost2 ($/oz Au) $710 Q3 2025: $688 Cash Cost2 ($/oz Au) $1,117 Q3 2025: $1,117 Zinc (000 lbs) 12,150 Q3 2025: 11,989 Lead (000 llbs) 8,444 Q3 2025: 8,492 AISC2 ($/oz Au) $1,576 Q3 2025: $1,738 AISC2 ($/oz Au) $1,639 Q3 2025: $1,570 Cash Cost2 ($/oz Ag Eq) $23.74 Q3 2025: $17.92 AISC2 ($/oz Ag Eq) $46.27 Q3 2025: $25.17 Séguéla Mine COTE D’IVOIRE Mineral Reserves gold ounces increased by 31% to 1.54 Moz (16 Mt averaging 3.01 g/t Au); including 401 koz Au planned for underground mining at the Sunbird deposit3 Operating Mines Growth
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4 Fortuna Mining Corp. | Q3 2025 Financial and Operational Results Webcast Financial Overview We envision. We deliver. Caylloma Mine, Peru Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast
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We envision. We deliver.We envision. We deliver. Q4 2025 Sales 38% YoY increase for continuing operations 5 Totals may not add due to rounding Realized Precious Metals Prices1 Silver ($/oz) Gold ($/oz) Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast 5% 86% 3% 5% 1% Q4 sales $270.2 M Lead Zinc Silver 92% Precious metals contribution2 Gold Copper 12.00 22.00 32.00 42.00 52.00 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 $55.97 1,400 1,900 2,400 2,900 3,400 3,900 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 $4,166
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We envision. We deliver.We envision. We deliver. Q4 2025 Financial Highlights $147.6 M net cash from operating activities before changes in working capital or $0.48/share 6Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast See appendix for notes and non-IFRS measures. Where applicable, metrics are presented excluding discontinued operations. ($ M, except in earnings per share figure) Q4 2025 Q3 2025 Q4 2024 % Change / YoY Sales 270.2 251.4 195.2 38% Operating income 114.1 154.6 45.7 150% Attributable net income from continuing operations 68.1 123.6 14.7 497% EPS from continuing operations, basic 0.22 0.40 0.05 340% Adjusted attributable net income1 71.3 51.0 19.4 268% Adjusted EPS from continuing operations 0.23 0.17 0.06 283% Adjusted EBITDA1 157.2 130.8 94.9 66% Net cash provided by operating activities 162.3 111.3 99.2 64% Free cash flow from ongoing operations1 132.3 73.4 51.1 159% Adjusted EPS increased 35% QoQ and 280% YoY, reflecting higher realized Au prices of 20% and 57% respectively EBITDA margin1 over sales of 58% vs 52% in Q3 2025, and 49% in Q4 2024 Free cash flow from ongoing operations1 totaled $132.3 M, or 84% of EBITDA; a quarterly high supported by lower sustaining capex, reduced taxes, and positive working capital movements.
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We envision. We deliver.We envision. We deliver. Q4 2025 Capex Spent 2025 mine site capital + projects & Greenfield exploration of $178 million See appendix for notes Capex Spent US$ M Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast 7 22.5 35.0 38.5 47.2 31.7 37.9 40.4 34.5 4.5 5.8 3.5 4.3 6.2 9.1 8.1 10.0 27.0 40.7 42.0 51.5 38.0 47.0 48.5 44.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Mine Site Capital Projects and Greenfield Exploration 34.6 9.9
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We envision. We deliver.We envision. We deliver. Q4 2025 Financial Highlights Available liquidity of $704 M from higher prices and expanding margins 8Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast See appendix for notes and non-IFRS measures Séguéla Mine, Côte d’Ivoire Total Liquidity 381 459 537 588 704 Total Debt 173 173 173 173 173 Senior secured debt 0 0 0 0 0 Convertible debenture 173 173 173 173 173 Total Net Cash (Debt)1 59 137 215 266 382 Numbers in the table have been rounded and are expressed in millions of dollars Available liquidity increased to $704 M Positive net cash position of $382 M, after debt Cash Undrawn credit facility 231 309 387 438 554150 150 150 150 150381 459 537 588 704 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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We envision. We deliver. 9Fortuna Mining Corp. | Q3 2025 Financial and Operational Results Webcast Appendix Caylloma Mine, Peru We envision. We deliver. Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast
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We envision. We deliver.We envision. We deliver. Where applicable, the Company has presented operating and financial results based on its continuing operations. Contributions from the San Jose and Yaramoko mines have been removed from 2025 results and comparative figures, unless otherwise disclosed, as they were disposed of during the second quarter of 2025. Notes Appendix 10 1. Refer to Fortuna news release dated February 18, 2026, “Fortuna Reports Results for the Fourth Quarter and Full Year 2025” 2. Before working capital changes 3. Refer to Fortuna news release dated February 19, 2026, “Fortuna expands Indicated Mineral Resource by 73% to 1.25 million gold ounces, Diamba Sud Project, Senegal”; refer to slide 18 4. Non-IFRS measures | Refer to slide 16 for non-IFRS measures details 5. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices for Q4 2025: $4,166/oz Au, $55.97/oz Ag, $1,969/t Pb and $3,166/t Zn or Au:Ag = 1:74.43, Au:Pb = 1:2.12, Au:Zn = 1:1.32 1. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices for Q4 2025: $4,166/oz Au, $55.97/oz Ag, $1,969/t Pb and $3,166/t Zn or Au:Ag = 1:74.43, Au:Pb = 1:2.12, Au:Zn = 1:1.32 and the following metal prices for Q3 2025: $3,467/oz Au, $39.35/oz Ag, $1,962/t Pb and $2,815/t Zn or Au:Ag = 1:88.10, Au:Pb = 1:1.77, Au:Zn = 1:1.23 2. Non-IFRS measures | Refer to slide 16 for non-IFRS measures details. Caylloma all-in sustaining cash cost per payable ounce of silver equivalent sold is calculated using the following metal prices: $55.99/oz Ag, $0.89/lb Pb and $1.44/lb Zn. 3. Refer to Fortuna news release dated January 20, 2026,”Fortuna Expands Mineral Reserve Gold Ounces by 31% and Extends Life of Mine to Over 9 Years at the Séguéla Mine, Côte d’Ivoire”; refer to slide 17 Slide 3Slide 2 Slide 5 1. Q4 2025 realized prices on provisional sales before adjustments; refer to slide 11 2. Contribution based on net sales. Totals may not add due to rounding Slide 6 1. Non-IFRS measures | Refer to slide 16 for non- IFRS measures details 2. Where applicable, metrics are presented excluding discontinued operations Slide 7 1. Refer to the "Investing Activities" section in Fortuna’s MD&A for the year ended December 31, 2025; pages 19 to 20 Slide 8 1. Non-IFRS measures | Refer to slides 16 for non-IFRS measures details Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast
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We envision. We deliver.We envision. We deliver. Consolidated Sales Metrics Appendix 11 1. Realized prices based on provisional sales before final price adjustments 2. Table reflects production from continuing operations Q4 2025 Q4 2024 % Change Metal Sold Au (oz) 56,393 63,224 (11%) Ag (oz) 252,807 249,419 1% Pb ('000 lb) 8,465 9,198 (8%) Zn ('000 lb) 12,083 13,932 (13%) Realized Price Au ($/oz) 4,166 2,659 57% Ag ($/oz) 55.97 31.27 79% Pb ($/lb) 0.89 0.91 (2%) Zn ($/lb) 1.44 1.38 4% Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast
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We envision. We deliver.We envision. We deliver. 2025 Consolidated Cash Cost and AISC Guidance Appendix 12 2025 Guidance Lindero 1,600 - 1,720 Caylloma 1,810 - 2,060 Yaramoko - 1,410 - Séguéla 1,500 - 1,600 Corporate G&A 116 Consolidated AISC 1,670 - 1,765 AISC Guidance ($/GEO)Cash Cost Guidance ($/GEO) 2025 Guidance Lindero 1,060 - 1,235 Caylloma 1,250 - 1,385 Yaramoko - 1,060 - Séguéla 680 - 750 Consolidated AISC 895 - 1,015 Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast
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We envision. We deliver.We envision. We deliver. Board of Directors Appendix 13 David Laing Board Chair | Independent Director Mining Engineer With 40 Years Of Experience In The Industry. David Is An Independent Mining Consultant. He Was Formerly The COO Of Both Equinox Gold And True Gold Mining. He Was Also COO And Executive VP, Quintana Resources Capital, A Base Metals Streaming Company. David Was Also One Of The Original Executives Of Endeavour Mining. Chair Of The Sustainability Committee And A Member Of The Compensation Committee Jorge A. Ganoza President, CEO And Director Jorge is a geological engineer and co-founder of Fortuna, where he has led the Company since its inception. With more than 30 years of experience, he has overseen the full lifecycle of multiple underground and open-pit mining operations across Latin America and West Africa, from exploration and discovery through construction and commissioning. He has also spearheaded the financing of these projects, successfully securing capital through multiple market cycles to advance and deliver complex mining developments. Jorge holds a degree in Geological Engineering from the New Mexico Institute of Mining and Technology. David Farrell Independent Director A Corporate Director, With Over 25 Years Of Corporate And Mining Experience. Negotiated, Structured And Closed More Than $25 Billion Worth Of M&A And Structured Financing Transactions For Natural Resource Companies. Previously, President Of Davisa Consulting, A Private Consulting Firm Working With Global Mining Companies. Chair Of The Compensation Committee, Chair Of The Corporate Governance And Nominating Committees And Member Of The Audit Committee Kylie Dickson Independent Director Executive With Over 14 Years Of Experience In The Mining Industry. Kylie Has Worked With Companies At Various Stages Of The Mining Lifecycle Including Playing A Key Role In Multiple Financings And M&A. Kylie Was Most Recently The VP, Business Development At Equinox Gold. Chair Of The Audit Committee And Member Of The Corporate Governance And Nominating Committee Mario Szotlender Director Co-founder Of Fortuna. Financier, Businessman And Director Of Atico Mining, Endeavour Silver, And Radius Gold. Member Of The Sustainability Committee Kate Harcourt Independent Director Sustainability Professional With Over 30 Years Of Experience, Principally In The Mining Industry. Kate Has Worked With A Number Of Mining Companies And As A Consultant For International Finance Corp. Member Of The Sustainability Committee Alfredo Sillau Independent Director Managing Partner, CEO And Director Of Faro Capital, An Investment Management Firm That Manages Private Equity And Real Estate Funds. Member Of The Audit And Compensation Committees Salma Seetaroo Independent Director Executive With Over 16 Years’ Experience Working On Debt, Equity And Special Situations Investments In Africa. Co-founder And CEO Of Cashew Coast, An Integrated Cashew Business Located In Côte D’ivoire. Director Of Goviex Uranium Inc., A Canadian TSX.V Listed Company. Member Of The Sustainability And Corporate Governance And Nominating Committees Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast
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We envision. We deliver.We envision. We deliver. Executive Leadership Team Appendix 14 Jorge A. Ganoza President, CEO And Director Jorge is a geological engineer and co-founder of Fortuna, where he has led the Company since its inception. With more than 30 years of experience, he has overseen the full lifecycle of multiple underground and open-pit mining operations across Latin America and West Africa, from exploration and discovery through construction and commissioning. He has also spearheaded the financing of these projects, successfully securing capital through multiple market cycles to advance and deliver complex mining developments. Jorge holds a degree in Geological Engineering from the New Mexico Institute of Mining and Technology. Linda Desaulniers Corporate Counsel And Chief Compliance Officer Over 20 years of legal experience in private practice acting for a broad range of Canadian and foreign public companies, primarily in the mining industry; Specializing in corporate finance, corporate and commercial law. Luis D. Ganoza Chief Financial Officer Over 16 years of experience in the operations and financial management of public mining companies. Luis also serves as Chairman of the board of Atico Mining Corporation. Cesar Velasco Chief Operating Officer – Latin America A skilled executive with 23 years of global experience in the mining and manufacturing industry, Cesar has been with Fortuna since 2018 and was the designated leader for the Fortuna - Roxgold integration. DAVID WHITTLE Chief Operating Officer – West Africa David joined Fortuna in July 2021 and held the position of Vice President Operations – West Africa until September 2022. He has over 30 years of mining operations experience across several commodities and locations around the world. David was responsible since 2019 for the operational performance of the Yaramoko Mine in Burkina Faso and has implemented strategies to lower costs and improve efficiency. PAUL WEEDON Senior Vice President, Exploration Over 30 years of international mining industry experience in exploration, development and production in Africa and Australia spanning junior to major mining companies. ERIC CHAPMAN Senior Vice President, Technical Services A geologist with over 20 years of experience who has provided technical guidance to Fortuna since 2011. Previously Eric was a senior consultant to Snowden Mining Industry Consultants working on a variety of mine and exploration projects in Africa and the Americas. JULIEN BAUDRAND Senior Vice President, Sustainability More than 15 years of experience in social and environmental management in the mining industry in Africa and he spent his first 10 years in the public sector or in consulting. Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast
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We envision. We deliver. 15 This webcast presentation contains forward looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward- looking Statements. The Forward-looking Statements in this webcast presentation include, without limitation, statements about the Company’s business strategy, outlook and plans; its plans for its mines and mineral properties; statements regarding the life of mine at Séguéla; the Company’s expectations regarding the expansion of processing plant capacity at Séguéla; statements that a construction decision at Diamba Sud is targeted for mid-2026; statements regarding underground mining at the Sunbird deposit; Mineral Resource and Mineral Reserve estimates; statements regarding the applications for an exploitation permit and environmental impact assessment permit for the Diamba Sud Gold Project; forecast metal production, mineral reserves, mineral resources, metal grades, recoveries, forecast total cash costs and all-in sustaining costs; the Company’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects; environmental, social and governance targets; estimated mineral reserves and mineral resources; the Company's liquidity and debt levels, future plans and objectives based on forecasts of future operational or financial results; the estimates of expected or anticipated economic returns from the Company’s mining operations including future sales of metals, gold doré, concentrate or other products produced by the Company; and anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “scheduled”, “anticipated”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “expected”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. The forward-looking statements in this webcast presentation also include financial outlooks and other forward-looking metrics relating to Fortuna and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance, anticipated future financial performance and anticipated production, costs and other metrics. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of Fortuna and its business and properties. These projections are provided to describe the prospective performance of the Company's business and operations. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; risks associated with war and other geo-political hostilities such as the Ukrainian – Russian and the Israel – Hamas conflicts, any of which could continue to cause a disruption in global economic activity and impact the Company’s business, operations, financial condition and share price; escalating costs may affect production, development plans and cost estimates for the Company’s mines; adverse changes in prices for gold, silver and other metals; rising input and labor costs; and higher rates of inflation; technological and operational hazards in Fortuna’s mining and mine development activities; market risks related to the sale of the Company’s doré, concentrates and metals; future development risks, risks inherent in mineral exploration and project development and infrastructure; uncertainties inherent in the estimation of Mineral Reserves, Mineral Resources, and metal recoveries; the Company’s ability to replace Mineral Reserves; changes to current estimates of Mineral Reserves and Mineral Resources; changes to production estimates; the Company’s ability to obtain adequate financing on acceptable terms for further exploration and development programs, acquisitions and opportunities; risks relating to water and power availability; fluctuations in currencies and exchange rates; the imposition of capital controls in countries in which the Company operates; governmental and other approvals; recoverability of value added tax and significant delays in the Company’s collection process; claims and legal proceedings, including adverse rulings in litigation against the Company; political or social unrest or instability in countries where Fortuna is active; labor relations issues; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, expropriation of property and assets, adverse changes in environmental, tax and other laws or regulations and the interpretation thereof; environmental matters including obtaining or renewing environmental permits and potential liability claims; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form dated March 20, 2025 and filed on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to all required third party contractual, regulatory and governmental approvals will be obtained and maintained for the exploration, development, construction and production of its properties; there being no significant disruptions affecting operations, whether relating to labor, supply, power, damage to equipment or other matter; there being no material and negative impact to the various contractors, suppliers and subcontractors at the Company’s mine sites as a result of the Ukrainian – Russian conflict and the Israel – Hamas conflict, or otherwise that would impair their ability to provide goods and services; permitting, construction, development, expansion, and production continuing on a basis consistent with the Company’s current expectations; expected trends and specific assumptions regarding metal prices and currency exchange rates; prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining consistent with current levels; production forecasts meeting expectations; any investigations, claims, and legal, labor and tax proceedings arising in the ordinary course of business will not have a material effect on the results of operations or financial condition of the Company; and the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates and such other assumptions as set out herein. Forward- looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. All dollar amounts in this presentation are expressed in US dollars, unless otherwise indicated. All references to C$ or to CAD$ are to Canadian dollars. CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF RESERVES AND RESOURCES Reserve and resource estimates included in this corporate presentation have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included on this website may not be comparable to similar information disclosed by U.S. companies. Eric N. Chapman, P.Geo, M.Sc., Senior Vice-President of Technical Services for the Company, a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and approved the scientific and technical information contained in this presentation pertaining to the Caylloma, Lindero, and Séguéla mines and the Diamba Sud Gold Project. Paul Weedon, Senior Vice President of Exploration for the Company, is a Qualified Person as defined by NI 43-101, being a member of the Australian Institute for Geoscientists (Membership #6001) and has reviewed and approved the exploration and scientific information contained in this presentation for Séguéla Mine. Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast 15 Cautionary Statement On Forward Looking Statements Appendix
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We envision. We deliver. Fortuna’s consolidated financial statements for the years ended December 31, 2025 and 2024 (the “2025 Financial Statements") which are referred to in this webcast presentation have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. However, this presentation includes certain financial measures and ratios that are not defined under IFRS and are not disclosed in the 2025 Financial Statements and that are derived from the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025 (the “2025 MD&A”),including but not limited to: adjusted attributable net income; adjusted EBITDA; adjusted EBITDA margin; total net debt; cash cost, net cash, cash cost per ounce of gold equivalent sold; all-in sustaining cash cost per ounce of gold equivalent sold; and free cash flow from ongoing operations. Accordingly, the most directly comparable IFRS financial measures to these aforementioned non-IFRS measures, and the results from the three and twelve months ended December 31, 2025 and December 31, 2024, are set out in the table below. In addition, this presentation includes certain financial measures and ratios that are not defined under IFRS and that are derived from the Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and are not disclosed in the Company’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 (“Q3 2025 Financial Statements”). These measures include: adjusted attributable net income; adjusted EBITDA; adjusted EBITDA margin; total net debt; cash cost, net cash, cash cost per ounce of gold equivalent sold; all-in sustaining cash cost per ounce of gold equivalent sold; and free cash flow from ongoing operations. The most directly comparable IFRS financial measures to these aforementioned non-IFRS measures, and the results from the three months ended September 30, 2025, are set out in the table below. The Company has presented operating and financial results based on its continuing operations for Q2 2025 and year to date. Contributions from the San Jose and Yaramoko Mines have been removed from quarterly, year to date and comparative figures as these mines were disposed of during the second quarter of 2025. Non-IFRS Measure (Expressed in $ millions) Most Directly Comparable IFRS Measure 3 months ended Dec 31, 2024 (IFRS Measure) 3 months ended Sept 30, 2025 (IFRS Measure) 3 months ended Dec 31, 2025 (IFRS Measure) Fiscal year ended Dec 31, 2025 (IFRS Measure) 3 months ended Mar 31, 2025 (IFRS Measure) 3 months ended June 30, 2025 (IFRS Measure) Free cash flow from ongoing operations Net cash provided by operating activities 99.2 111.3 162.3 455.4 NA NA Adjusted EBITDA Net income from continuing operations 16.2 128.2 74.0 288.8 NA NA Adjusted EBITDA Margin Net income from continuing operations 16.2 128.2 74.0 288.8 NA NA Adjusted attributable net income Net income from continuing operations 16.2 128.2 74.0 288.8 NA NA AISC Cost of Sales 126.2 118.2 121.8 480.2 NA NA Total Net Debt Debt 126.0 132.2 134.4 134.4 128.0 130.0 Cash Cost Cost of Sales 126.2 118.2 121.8 480.2 NA NA Net cash Debt 126.0 132.2 134.4 134.4 128.0 130.0 Fortuna Mining Corp. | Q4 - FY 2025 Financial and Operational Results Webcast 16 Non-IFRS Financial Measures Appendix These non-IFRS financial measures are widely reported in the mining industry as benchmarks for performance and are used by Management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. The Company has calculated these measures consistently for all periods presented, other than as disclosed in the 2025 MD&A and the Company’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 (the “Q3 2025 MD&A). To facilitate a better understanding of these measures and ratios as calculated by the Company, please see the sections entitled “non-IFRS Financial Measures” in the 2025 MD&A on pages 25 to 36 and in the Q3 2025 MD&A on pages 23 to 34, which sections are incorporated by reference in this presentation (other than those financial measures and ratios that are not defined under IFRS and that are derived from the 2025 MD&A and the Q3 2025 MD&A that were subsequently adjusted to remove contributions from the San Jose Mine and the Yaramoko Mine, as they were sold in the second quarter of 2025). The aforementioned sections provide additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this presentation, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor and the additional purposes, if any, for which management of Fortuna uses such measures and ratios; and a qualitative reconciliation of each non-IFRS financial measure to the most directly comparable financial measure that is disclosed in the 2025 Financial Statements and the condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 (the “Q3 2025 Financial Statements”). The 2025 Financial Statements, the Q3 2025 Financial Statements, the 2025 MD&A, and the Q3 2025 MD&A may be accessed on SEDAR+ at www.sedarplus.ca under the Company’s profile, Fortuna Mining Corp.
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We envision. We deliver.We envision. We deliver. Séguéla Mine, Côte d’Ivoire Mineral Reserves and Mineral Resources Appendix 17 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI - 43-101: 1. Mineral Reserves and Mineral Resources are defined in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. 2. Mineral Resources are exclusive of Mineral Reserves. 3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and foreign exchange assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution, and mining recovery; and assumptions regarding continued ability to access the site, retention of mineral and surface rights titles, maintenance of environmental and other regulatory permits, obtaining Ministerial approval to include underground mining as a mining method; and obtaining approval to update its Environmental and Social Impact Assessment permit to include underground mining; and the social license to operate. 5. Mineral Resources and Mineral Reserves are reported as of December 31, 2025. 6. Mineral Reserves are reported on a 100% ownership basis and estimated using incremental gold grade cut-offs for open pit mining of 0.73 g/t Au for Antenna and Koula, 0.74 g/t Au for Sunbird, 0.75 g/t Au for Boulder and Kingfisher, 0.76 g/t Au for Agouti, and 0.83 g/t Au for the Ancien and Badior deposits, and for underground mining of 2.14 g/t for Sunbird. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93.5%, except for Badior at 91.5%, surface mining costs ranging from $3.09/t to $5.74/t based on the pit location relative to the run-of-mine pad, underground mining cost of $84.56/t, processing costs of $21.28/t, general and administrative (G&A) costs of $16.21/t. Only Proven and Probable Mineral Reserves within the final pit designs are reported. Antenna, Ancien, Koula, Badior and Kingfisher pits were designed with inter-ramp angles of 30.6° to 40.7° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. Sunbird pit was designed with inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. For underground mining, a dilution factor of 0.5-meter skin has been applied on both the hanging wall and footwall for longhole stoping. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery through regularization of block models to an appropriate Selective Mining Unit (SMU) block size. Mineral Resources for the Séguéla Mine are reported at gold grade cut-offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher; 0.68 g/t Au for Agouti; and 0.73 g/t Au for Ancien and Badior. These estimates are based on an assumed gold price of $2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within optimized stope shapes based on a longhole stoping mining method at cut-off grades of 1.89 g/t Au for Sunbird, 2.32 g/t Au for Koula and Kingfisher, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d’Ivoire. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; and Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves, both being employees of Fortuna Mining Corp. 8. Totals may not add due to rounding. Classification Tonnes (000) Au (g/t) Contained Metal Au (koz) Proven & Probable Reserves 15,961 3.01 1,543 Measured & Indicated Resources 5,155 2.78 461 Inferred Resources 9,171 2.50 736 Fortuna Mining - Investor Presentation
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We envision. We deliver.We envision. We deliver. Diamba Sud Gold Project, Senegal Mineral Resources Appendix 18 Mineral Resource estimate prepared in accordance with NI 43-101: 1. Mineral Resources are reported using the 2014 CIM Definition Standards. 2. Mineral Resources are reported insitu, on a 100% basis as of January 16, 2026. The Government of Senegal will assume a 10% free-carried ownership interest in the Project when an exploitation permit is granted, and may elect to purchase up to an additional 25% interest in Boya SA at a “fair price” as determined through an independent valuation upon the granting of the exploitation permit. 3. Mineral Resources are reported from a regularized block model derived from the original subblocked model to account for mining dilution. 4. Factors that could materially affect the reported Mineral Resources include changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate. Boya SA has also applied for an exploitation permit and an environmental impact assessment permit for the Project. If the aforementioned permits are not granted, this will have a material impact on the potential development of the Project. 5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 6. Mineral Resources are reported inside constraining pit shells using selective mining unit block sizes and at an incremental gold cutoff grade for oxide/transitional material of 0.26 g/t Au, with fresh material reported based on a cutoff of 0.29 g/t Au for Area A, 0.37 g/t Au for Area D, 0.31 g/t Au for Karakara, 0.33 g/t Au for Western Splay, 0.28 g/t Au for Kassassoko, 0.31 g/t Au for Southern Arc, and 0.33 g/t Au for Moungoundi in accordance estimated average base mining costs of US$4.57/t for all material mined, average processing and G&A costs of US$21.45/t milled, and sales and transportation costs of US$7.00/oz of gold. Pit slope angles applied are 33° for weathered material and 46° for fresh rock. The long-term gold price was US$3,300/oz. Metallurgical recoveries are estimated using grade versus recovery relationship formulas developed for oxide/transition rock (all deposits) and separate formulas for fresh rock in each of the seven deposits A royalty of 3.5% has been considered in the generation of the pit shell and cut-off grade determination. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources, being an employee of Fortuna Mining Corp. 8. Totals may not add due to rounding Classification Tonnes (000) Au (g/t) Contained Metal Au (koz) Indicated Resources 26,027 1.50 1,254 Inferred Resources 2,105 1.13 77
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CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com CONTACT NYSE: FSM | TSX: FVI @fortunamining @fortunamining @fortunamining