Slides
Page 1
We envision. We deliver. NYSE: FSM | TSX: FVI January 20, 2026 We envision. We deliver. Investor Presentation
Page 2
We envision. We deliver.We envision. We deliver. Why Invest in Fortuna? 2 1. 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” 2. Refer to slide 43 for Mineral Reserves and Mineral Resources | Inferred resources are exclusive of reserves 3. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” | AISC is a non-IFRS measure | Refer to slides 44 and 45 for more information on non-IFRS measures I Refer to slide 29 Strategically positioned to capture high value growth opportunities Prudent capital allocation strategy Fortress balance sheet Diamba Sud build decision expected in H1 2026. PEA completed in October 20251 Proven mine developers and operators within our regions Significant reserves & resources GEO Reserves2 3.1 Moz GEO Inferred Resources2 2.3 Moz Costs 2026E Consolidated AISC / GEO3 $1,830 - $1,975 Fortuna Mining - Investor Presentation
Page 3
We envision. We deliver.We envision. We deliver. Growth in Gold Equivalent Production 1. 2026E Au Eq production based on the following metal prices: $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb and $2,750/t Zn or Au:Ag = 1:83.30, Au:Pb = 1:1.93, Au:Zn = 1:1.36 2. 2025 Au Eq production based on the following price ratios: Au:Ag = 1:85.82, Au:Pb = 1:1.76, Au:Zn = 1:1.21 3. Historical Au Eq production based on the following price ratios: Au:Ag = 83.33 | Pb:Au = 1:1.93 | Zn:Au = 1:1.36 4. Refer to Fortuna news release dated April 14, 2025, “Fortuna completes sale of non-core San Jose Mine, Mexico” 5. Refer to Fortuna news release dated May 13, 2025, “Fortuna Completes Divestiture of Yaramoko Mine and Provides Updated 2025 Production and Cost Guidance” Three operating mines and exploration activities in Argentina, Côte d’Ivoire, Mexico, and Peru, as well as the PEA stage Diamba Sud Gold Project located in Senegal PERU MEXICO ARGENTINA BURKINA FASO CÔTE D’IVOIRE SENEGAL GEO (000) 3Fortuna Mining - Investor Presentation 16 21 36 38 49 80 89 127 137 157 180 183 178 183 321 366 425 441 317 293 0 50 100 150 200 250 300 350 400 450 500 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Base metals Ag Au Decrease in GEO result of the San Jose and Yaramoko mines divestitures4,5 in 2025 281 - 305
Page 4
We envision. We deliver.We envision. We deliver. Growing in Premier Mining Jurisdictions Regional focus provides a strong competitive advantage 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb and $2,750/t Zn or Au:Ag = 1:83.30, Au:Pb = 1:1.93, Au:Zn = 1:1.36 3. All-in sustaining cost I This is a non-IFRS measure I refer to slides 45 and 46 for more information on non-IFRS measures. Refer to slide 33, “Consolidated Cash Cost and AISC Guidance” 4Fortuna Mining - Investor Presentation West Africa Head Office Abidjan, Côte d'Ivoire Séguéla Mine, Côte d’Ivoire 160,000 - 170,000 oz Au Mines & Projects Exploration Offices Tongon North Awalé Odienné Séguéla Mine Guiglo Cerro Lindo, Argentina Arizaro, Argentina Caylloma Mine, Peru 800,000 - 1,000,000 oz Ag 25 - 28 Mlbs Pb 39 - 43 Mlbs Zn Lindero Mine, Argentina 92,000 - 102,000 oz Au Latin America Head Office Lima, Peru La Carmen, Mexico Centauro, Mexico Corporate Office Vancouver, Canada 2026E Production 281,000 to 305,000 GEO1,2 2026E AISC3 $1,830 - 1,975/ GEO Diamba Sud Gold Project, Senegal Construction decision expected by mid -2026
Page 5
We envision. We deliver.We envision. We deliver. Q4 2025 Production from Ongoing Operations GEO production of 65,1301,2; output impacted by temporary Lindero crushing downtime, resolved in December 2025 1. Refer I Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,453/oz Au, $40.2/oz Ag, $1,962/t Pb and $2,864/t Zn or Au:Ag = 1:85.8, Au:Pb = 1:1.76, Au:Zn = 1:1.21 56.1 63.2 Q4 2025 Q3 2025 GOLD1 (koz) 0.2 0.2 Q4 2025 Q3 2025 SILVER1 (Moz) 8.4 8.5 Q4 2025 Q3 2025 LEAD1 (Mlbs) 12.1 12.0 Q4 2025 Q3 2025 ZINC1 (Mlbs) Q4 2025 Gold Production 56,143 oz1 5Fortuna Mining - Investor Presentation
Page 6
We envision. We deliver.We envision. We deliver. 2025 Production from Ongoing Operations GEO production of 317,001, achieving annual guidance range of 309,000 to 339,000 GEO1,2 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,453/oz Au, $40.24/oz Ag, $1,962/t Pb, and $2,864/t Zn or Au:Ag = 1:85.8, Au:Pb = 1:1.76, Au:Zn = 1:1.21 FY 2025 Gold Production 239,915 oz1 50.8 52.0 FY 25 FY 24 ZINC1 (Mlbs) 34.7 39.6 FY 25 FY 24 LEAD1 (Mlbs) 0.97 1.18 FY 25 FY 24 SILVER1 (Moz) 240.0 235.1 FY 2025 FY 2024 GOLD1 (koz) 6Fortuna Mining - Investor Presentation
Page 7
We envision. We deliver.We envision. We deliver. Q3 2025 Consolidated Financial Highlights3 1. Refer to Fortuna news release datedNovember 5, 2025, “Fortuna reports results for the third quarter of 2025” 2. These are non-IFRS measures | Refer to slides 45 and 46 for more information on non-IFRS measures 3. Metrics are presented excluding discontinued operations Q3 2025 251.4 230.4 Q3 2025 Q2 2025 SALES1 ($ M) 130.8 127.7 Q3 2025 Q2 2025 ADJUSTED EBITDA1,2 ($ M) 73.4 57.4 Q3 2025 Q2 2025 FREE CASH FLOW FROM OPERATIONS1,2 ($ M) 51.0 44.7 Q3 2025 Q2 2025 ADJUSTED ATTRIBUTABLE NET INCOME1,2 ($ M) 87% 3% 5% 1% 4% Q3 Sales $251.4 M1 Gold Copper Lead Silver Zinc 7Fortuna Mining - Investor Presentation
Page 8
We envision. We deliver.We envision. We deliver. 9-Month 2025 Financial Highlights3 1. Refer to Fortuna news release datedNovember 5, 2025, “Fortuna reports results for the third quarter of 2025” 2. These are non-IFRS measures | Refer to slides 45 and 46 for more information on non-IFRS measures 3. Metrics are presented excluding discontinued operations 9-Month 2025 676.8 482.0 9-month 2025 9-month 2024 SALES1 ($ M) 356.6 236.4 9-month 2025 9-month 2024 ADJUSTED EBITDA1,2 ($ M) 197.5 51.5 9-month 2025 9-month 2024 FREE CASH FLOW FROM OPERATIONS1,2 ($ M) 131.7 57.8 9-month 2025 9-month 2024 ADJUSTED ATTRIBUTABLE NET INCOME1,2 ($ M) 9-month Sales $676.8 M1 40% higher than 9-month 20241 8Fortuna Mining - Investor Presentation
Page 9
We envision. We deliver.We envision. We deliver. Capturing Benefit of Rising Gold Price3 1. Refer to Fortuna “Management’s Discussion and Analysis for the three and nine months ended September 30, 2025” 2. Cash cost are non-IFRS measures I Refer to slides 45 and 46 for more information on non-IFRS measures. 3. Metrics are presented excluding discontinued operations Realized Sale Price (Au)1 $2,498 $3,307 $3,467 Q3 2024 Q2 2025 Q3 2025 $67 M $93 M $111 M $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 0 20 40 60 80 100 120 Q3 2024 Q2 2025 Q3 2025 Net Cash from Operations1 Gold Price1 Cash Costs1,2 9Fortuna Mining - Investor Presentation
Page 10
We envision. We deliver.We envision. We deliver. Fortress Balance Sheet3 1. Refer to Fortuna news release datedNovember 5, 2025, “Fortuna reports results for the third quarter of 2025” 2. Effective October 31, 2024, the Company amended its Revolving Credit Facility to $150 million. The credit facility would have stepped down to $175 million in November 2024 3. Metrics are presented excluding discontinued operations $59 M $137 M $215 M $266 M 0 50 100 150 200 250 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $381 M $459 M $537 M $588 M 0 150 300 450 600 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Cash Position1 Liquidity1,2 10Fortuna Mining - Investor Presentation
Page 11
We envision. We deliver.We envision. We deliver. Asset Portfolio 2026E total mineral exploration budget of $55.0 million1 Greenfields Exploration Côte d’Ivoire $3.7 million exploration budget Advance exploration work at Guiglo and Tongon North, including: • ~ 19,000 meters of auger drilling • ~ 17,000 meters of RC drilling Mexico $3.1 million exploration budget Senegal $3.7 million exploration budget Continued target generation, including: • ~ 12,000 meters of auger drilling • ~ 10,000 meters of RC drilling Argentina $5 million exploration budget Cerro Lindo • Extensive reconnaissance program, including ~ 7,000 meters of DD drilling Regional generative targets, including: • ~ 3,000 meters of DD drilling Production, Development & Brownfields Exploration 11Fortuna Mining - Investor Presentation 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” Lindero Mine Argentina 2026E PRODUCTION1 92,000 - 102,000 oz Au 2026E EXPLORATION • $3.7 million budget • ~ 11,000 meters of exploration drilling at Arizaro • ~ 6,000 meters of infill drilling at Lindero, test inferred resources below ultimate pit shell Caylloma Mine Peru 2026E PRODUCTION1 0.8 - 1.0 Moz Ag 25 - 28 Mlbs Pb 39 - 43 Mlbs Zn 2026E EXPLORATION • $3.8 million budget • ~ 12,000 meters of drilling, including: • Targeting extensions to ore shoots at Animas • Continued exploration of near mine anomalies Séguéla Mine Côte d’Ivoire 2026E PRODUCTION1 160,000 - 170,000 oz Au 2026E EXPLORATION • $12.2 million budget • ~ 69,000 meters of drilling, including: • Resource upgrade drilling at Sunbird UG • Expansion drilling at Kingfisher • Continued target generation Diamba Sud Project Senegal 2026E EXPLORATION1 • $8.8 million budget • ~ 35,000 meters of drilling, including: • Resource upgrade drilling • Continued target generation DEVELOPMENT1 Advancing toward a construction decision in mid-2026
Page 12
We envision. We deliver.We envision. We deliver. Séguéla Mine, Côte d’Ivoire 12Fortuna Mining - Investor Presentation Exploration success leads to production expansion opportunities Kingfisher open pit Mineral Reserves6: 3.5 Mt averaging 2.28 g/t Au containing 257,000 Au Sunbird UG Mineral Reserves1,3, first time estimation:3.5 Mt averaging 3.60 g/t Au, containing 401,000 Au Sunbird UG Inferred Resource1,3: 2.1 Mt averaging 3.94 g/t Au containing 268,000 Au Plant expansion study initiated to evaluate potential to increase throughput beyond current capacity of 1.75 Mtpa to a range of 2.0 to 2.5 Mtpa; study expected to be completed in Q2 20261 2026 capital investments estimated at $90.2 million2, including: • $61.7 million, sustaining capital expenditures • $14.5 million, growth CapEx • $14.0 million, Brownfield exploration programs Production and AISC Q4 20252 FY 20252 2026E2 Gold production (oz) 36,942 152,426 160,000 - 170,000 AISC4 ($/oz Au) -5 -5 1,630 - 1,730 Reserves: Life of mine: 16.0 Mt @ 3.01 g/t Au containing 1.5 Moz Au1,3 9 years1,3 Séguéla Mine, Côte d’Ivoire 1. 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” | Reported as of December 31, 2025 2. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 3. Refer to Slide 39 4. All-in sustaining cost | This is a non-IFRS measure | Refer to slides 45 and 46 for more information on non-IFRS measures 5. AISC figures will be disclosed in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025 6. Refer to Fortuna news release dated November 18, 2025, “Fortuna Expands Mineral Reserves and Mineral Resources for the Séguéla Mine, Côte d’Ivoire”
Page 13
We envision. We deliver.We envision. We deliver. 1. Refer to Fortuna release dated August 18, 2025 "Fortuna drills 4.5 g/t Au over 37.4 meters at Kingfisher and 11.2 g/t Au over 5.6 meters at Sunbird, Séguéla Mine, Côte d’Ivoire" Highly prospective with a relatively immature exploration profile and a history of new discoveries – Kingfisher the most recent Deposits are characterized by high grade, coarse gold, quartz vein hosted systems which are supportive of robust economics Séguéla Mine, Côte d’Ivoire Regional exploration: Continuing success1 13 Strong exploration pipeline with > 30 highly prospective targets untested with continuous target generation and testing High grade deposits remain open at depth below current pits at Koula, Ancien, Sunbird, and Kingfisher; Sunbird Underground Indicated Resource is 3.6 Mt averaging 4.34 g/t Au containing 502 koz Au and remains open down plunge. Fortuna Mining - Investor Presentation
Page 14
We envision. We deliver.We envision. We deliver. Séguéla Mine, Côte d’Ivoire Kingfisher is newest emerging mineral deposit on the property 14 1. Refer to Fortuna news release dated December 10, 2024, “Fortuna updates Mineral Reserves and Mineral Resources for the Séguéla Mine, Côte d’Ivoire 2. Refer to Fortuna news release dated August 18, 2025, Fortuna drills 4.5 g/t Au over 37.4 meters at Kingfisher and 11.2 g/t Au over 5.6 meters at Sunbird, Séguéla Mine, Côte d’Ivoire 1-kilometer east of Sunbird, “blind deposit” identified through subtle soil anomaly Hosted along the contact of moderately sheared basalts and dolerites, and in the same package as the Boulder and Agouti deposits 1 and 3 kilometers to the north Drill tested 1.9-kilometer strike length to date, remains open at depth and along strike to the north and south Kingfisher prospect long-section (looking west)2 Fortuna Mining - Investor Presentation
Page 15
We envision. We deliver.We envision. We deliver. High grade (> 20 grams x meter) core extending at least 0.8 kilometer beyond Underground Indicated Resource boundary Sunbird long section (looking west)1 Remains open beyond 700 meters below surface (SGRD2215) Clear structural control on high grade core, three dominant, parallel vein sets Coarse gold hosted in quartz veins within sheared basalt package New shallow Footwall Zone intersected 180 meters from core Sunbird mineralization during step-out drilling; 400-meter strike length to date and remains open in all directions Séguéla Mine, Côte d’Ivoire Sunbird Deposit: Drilling continues to expand underground mining potential1 15 1. Refer to Fortuna news release dated August 18, 2025, Fortuna drills 4.5 g/t Au over 37.4 meters at Kingfisher and 11.2 g/t Au over 5.6 meters at Sunbird, Séguéla Mine, Côte d’Ivoire Fortuna Mining - Investor Presentation
Page 16
We envision. We deliver.We envision. We deliver. Lindero Mine, Argentina 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to Fortuna news release dated March 12, 2025, “Fortuna reports updated Mineral Reserves and Mineral Resources” | Reported as of December 31, 2024 | Refer to slide 40 3. All-in sustaining cost | This is a non-IFRS measure | Refer to slides 45 and 46 for more information on non-IFRS measures 4. AISC figures will be disclosed in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025 16Fortuna Mining - Investor Presentation Sustained cost discipline supports lower costs Lindero Mine: ~ 6,000 meters of infill drilling planned to target Inferred Mineral Resources located below the ultimate pit shell, with the objective of converting additional resources to reserves and extending the life of mine Arizaro Deposit: Exploration drilling focused on further testing and extending 2.5-kilometer strike potential to the southwest and at depth Mechanical downtime at primary crusher and HPGR resolved in December 2025; quarter production impacted1 2026 capital investments estimated at $41.0 million1, including: • $22.4 million, capitalized stripping • $14.0 million, sustaining capital • $4.6 million, Brownfields exploration programs Waste stripping ratio planned to reduce from 2.2:1 in 2025 to an average of 1.5:1 in 2026; in line with life of mine design1 Production and AISC Q4 20251 FY 20251 2026E1 Gold production (oz) 19,201 87,489 92,000 - 102,000 AISC3 ($/oz Au) -4 -4 $1,520 - $1,655 Reserves: Life of mine: 69.2 Mt @ 0.54 g/t Au containing 1.2 Moz Au2 9 years2 Lindero Mine, Argentina
Page 17
We envision. We deliver.We envision. We deliver. Lindero Mine, Argentina Arizaro has the potential to contribute to Lindero’s future production1 17 Lindero Arizaro2.8 km Arizaro 2024/25 Soil geochemistry program highlights Au-Cu porphyry potential mineralization (red) 1. For full details of drill holes ARD-42 to ARD-47 refer to Fortuna news release dated December 9, 2021, “Fortuna drills 16.5 g/t gold over 6.3 meters at Séguéla and provides exploration update” Fortuna Mining - Investor Presentation
Page 18
We envision. We deliver.We envision. We deliver. Lindero Mine, Argentina High value exploration opportunities 18 Lindero - Arizaro Cross Section Fortuna Mining - Investor Presentation
Page 19
We envision. We deliver.We envision. We deliver. Caylloma Mine, Peru 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to Fortuna news release dated March 12, 2025, “Fortuna reports updated Mineral Reserves and Mineral Resources” | Reported as of December 31, 2024 | Refer to slide 41 3. All-in sustaining cost | This is a non-IFRS measure | Refer to slides 45 and 46 for more information on non-IFRS measures 4. AISC figures will be disclosed in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025 19Fortuna Mining - Investor Presentation A consistent record of strong operating performance Decrease in GEO production with respect to 2025 guidance reflects the significant rise in gold prices through 2025 resulting in changes to the gold-to-base-metal ratios used in the GEO calculation. 100% of current and future energy requirements through the national power grid is supplied entirely from renewable sources, no need for supplemental diesel- based power generation 2026 capital investments estimated at $29.9 million1, including: • $22.2 million, sustaining capital • $1.6 million, non-sustaining capital • $6.0 million, Brownfields exploration programs Production and AISC Q4 20251 FY 20251 2026E1 Silver Production (Moz) 0.25 0.97 0.8 - 1.0 Gold Production (koz) - - - Lead Production (Mlbs) 8.4 34.7 25 - 28 Zinc Production (Mlbs) 12.1 50.8 39 - 43 GEO production 8,987 39,292 29 - 33 AISC ($/oz Ag Eq)3 -4 -4 31.3 - 35.6 Reserves: Life of mine: 2.4 Mt @ 82 g/t Ag, 0.15 g/t Au, 2.73 % Pb and 4.15 % Zn2 5 years2 Caylloma Mine, Peru
Page 20
We envision. We deliver.We envision. We deliver. Caylloma Mine, Peru Long history, bright future 20 6 7 2 1 4 3 5 La Plata / Corona Antimonio veins Follow-up drilling of Animas-style Ag/Au epithermal veins 4 Antacollo High-level Au-Ag epithermal veins 5 Animas vein NE and oreshoots 1, 3, and 4 Expansion of existing resources and current mining 1 San Cristóbal vein Extension of historic, Ag-dominant resources in epithermal veins 2 Zona Norte Extensions of multiple Ag/Au Inferred resources in epithermal veins 6 Pisacca Project Maiden drilling of high-level, high sulfidation Au-Ag epithermal veins 3 Huarracco-Cuchilladas Multiple Ag-dominant epithermal veins spaced over 1.8 kilometer x strike length up to 800 meters 7 Fortuna Mining - Investor Presentation
Page 21
We envision. We deliver.We envision. We deliver. Caylloma Mine, Peru Continued exploration success; open at depth 21 1. For full details of the 10,121-meter drill program refer to Fortuna news release dated December 9, 2021, “Fortuna drills 16.5 g/t gold over 6.3 meters at Séguéla and provides exploration update” ANIM086321: ANIM084321: ANIM084721: ANIM085521: Previous drill highlights include1: 60 g/t Ag, 5.51% Pb and 6.22% Zn over an estimated true width of 7.2 meters 51 g/t Ag, 2.94% Pb and 5.23% Zn over an estimated true width of 5.8 meters 106 g/t Ag, 2.34% Pb and 3.13% Zn over an estimated true width of 11.8 meters 159 g/t Ag, 2.92% Pb and 1.44% Zn over an estimated true width of 6.1 meters Fortuna Mining - Investor Presentation
Page 22
We envision. We deliver.We envision. We deliver. 1. 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 2. AISC is a non-IFRS measure I Refer to slides 45 and 46 for more information on non-IFRS measures 3. Refer to slide 47 Diamba Sud Gold Project, Senegal PEA completed in October 20251 22 The PEA is preliminary in nature, and it 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, and, 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. At $2,750/oz Au, the PEA returns: • After-tax NPV5% of $563 million • After-tax IRR of 72 percent • 10-month payback period Initial 3-year average production: • 147,000 oz Au • AISC of $904/oz2 Construction capital costs: • Estimated at $283.2 M • Funding derisked by strength of balance sheet and cash flow generation Fortuna Mining - Investor Presentation
Page 23
We envision. We deliver.We envision. We deliver. 1. Refer to Fortuna news release dated August 5, 2025, Fortuna Advances Diamba Sud Gold Project in Senegal with Updated Mineral Resources; PEA Completion Targeted for Q4 2025 2. See slide 42 for Diamba Sud Gold Project Mineral Resources Diamba Sud Gold Project, Senegal Advancing early works toward a mid-2026 construction decision 69,100 hectares of tenements over the highly prospective Kedougou-Kinieba Inlier (KKI), a world class mining district Hosted in the same structural corridor (the SMSZ) as Barrick’s Loulo Complex and Gounkoto mine, B2 Gold’s Fekola mine, and Managem’s Boto Complex Diamba Sud associated with fertile splays off the Senegal- Mali Shear Zone (SMSZ) Seven shallow gold deposits identified to date supporting: Indicated Mineral Resource of 724,000 oz Inferred Mineral Resource of 285,000 oz1,2 Structurally complex, highlighting regional prospectivity Infill drilling continues at Southern Arc and Moungoundi to increase geologic certainty, with several additional prospects identified for first pass exploration drilling 23Fortuna Mining - Investor Presentation
Page 24
We envision. We deliver.We envision. We deliver. 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to Fortuna news release dated August 5, 2025, “Fortuna Advances Diamba Sud Gold Project in Senegal with Updated Mineral Resources; PEA Completion Targeted for Q4 2025” 3. Refer to Fortuna news release dated August 13, 2025, “Fortuna drills 22.7 g/t gold over 21.6 meters at Southern Arc, Diamba Sud Gold Project, Senegal” Diamba Sud Gold Project, Senegal Brownfields exploration program of $8.8 million: 35,000 meters of exploration drilling1 24 Allied Gold Corp. Sadiola Diamba Sud is associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) Southern Arc maiden Inferred Resource of 3.9 Mt averaging 1.57 g/t Au containing 194 koz of gold2 Additional drilling post Southern Arc resource model data cutoff includes3: • 21.6 m @ 22.7 g/t Au from 53 m (DSDD488) • 20.8 m @ 9.7 g/t Au from 117 m (DSDD462) • 22.4 m @ 7.8 g/t Au from 31 m (DSDD487) Recent discoveries highlight extensive regional potential • Barrick Gold: Kabewest, immediately east of Diamba Sud • Afrigold: Karakaene, immediately west of Diamba Sud Fortuna Mining - Investor Presentation
Page 25
We envision. We deliver.We envision. We deliver. 1. Refer to Fortuna news release dated August 5, 2025, “Fortuna Advances Diamba Sud Gold Project in Senegal with Updated Mineral Resources; PEA Completion Targeted for Q4 2025” Diamba Sud Gold Project, Senegal Drilling focused on expanding mineral resource base1 25 Maintain aggressive exploration pipeline via phased approach: Phase 01 Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D and Karakara, plus drill to test for extensions to the existing historic resource Phase 02 Advance prospects and deposits, such as Moungoundi, Western Splay, Kassasoko, Southern Arc Phase 03 Scout drill emerging anomalies: Gamba Gamba North, Bondala Phase 04 Generate new anomalies through geochemistry, geophysics and regional prospecting Fortuna Mining - Investor Presentation
Page 26
We envision. We deliver.We envision. We deliver. 2024 ESG Ratings Continuously achieving top tier performance 26 Fortuna Mining - Investor Presentation
Page 27
We envision. We deliver.We envision. We deliver. 1. TRIFR per one million workhours 2. Energy use per tonne of processed ore intensity (GJ/t) 3. Volume of water consumed per tonne of processed ore intensity (m3/t) 4. Greenhouse gas (GHG) emissions intensity per gold equivalent ounces (tCO2eq /Au eq oz) Sustainability Performance 27 Prioritized corporate sustainability KPIs Q3 2025 2025 Targets Total Recordable Injury Frequency Rate (TRIFR)1 0.86 1.47 Significant disputes with local communities 0 0 Significant strikes and lockouts 0 0 Significant incidents associated with waste and hazardous materials 0 0 Energy efficiency2 0.20 0.21 Water consumption intensity3 0.17 0.24 GHG emissions intensity 4 0.41 0.46 Target achieved Close to target (+90%) Needs improvement Fortuna Mining - Investor Presentation
Page 28
We envision. We deliver.We envision. We deliver. 1. Relates to fiscal 2024 2. Restricted Share Unit 3. Performance Share Unit) Pay-For-Performance 28 CEO’s pay-for-performance1 compensation structure aligned with the long-term interests of shareholders Short-term cash incentives (STI) are aligned to the achievement of annual, pre-defined corporate financial, operational, growth and ESG metrics. CEO’s share ownership guideline requires a minimum ownership of 3 times the annual base salary. Long-term incentives (LTIs) are awarded in the form of equity (RSUs2 and PSUs3) which vests over a 3-year period. 50 % of the award value is subject to Company performance modifiers. CEO is subject to the Incentive Compensation Clawback Policy, which allows for the clawback of incentive compensation paid in excess in the event of downward adjusted financial and operational results. 78% of CEO’s compensation is at-risk pay Base Salary STIs LTIs 56% 22% 22% Fortuna Mining - Investor Presentation
Page 29
We envision. We deliver.We envision. We deliver. 1. Outstanding shares as of January 18, 2026 | 52-week range and 3-month average volume per day sourced from NYSE Connect : January 19, 2026 2. Source: NYSE Connect (FactSet) as of January 19, 2026 3. Value represents difference between shares held by Institutions and Insiders and shares outstanding | Individual [retail] investors who have not crossed a disclosure threshold | Mutual funds not covered due to non-disclosure laws e.g., Cayman Islands | Institutional investors in US managing less than $100 million and do not file 13F | Institutional investors outside the US who disregard 13F requirements or manage less than $100 million Capital Structure and Ownership 29 Outstanding shares (OS)1 305.3 M NYSE: FSM1 52-week range (Hi - Lo) $10.81 - 4.13 3-month average volume per day 9.2 million shares TSX: FVI1 52-week range (Hi - Lo) C$15.00 - 5.99 3-month average volume per day 1.3 million shares 24 1 75 Share Ownership2 (%) Institutional Insiders Unknown³ Fortuna Mining - Investor Presentation 25 30 3 6 5 Institutional Ownership2 (%) NYC Boston Toronto Milwaukee Others
Page 30
We envision. We deliver.We envision. We deliver. 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to slide 34 | AISC is a non-IFRS measure. Refer to slides 45 and 46 for more information on non-IFRS measures 2026E Annual Guidance 30 281,000 to 305,000 GEO1 production at an estimated AISC of between $1,830 and $1,975/GEO1,2 Consolidated Production AISC 1,2 252 - 272 koz Gold 0.8 - 1.0 Moz Silver 25 - 28 Mlbs Lead 39 - 43 Mlbs Zinc Caylloma Mine PERU $31.3 - 35.6 ($/oz Ag Eq) Lindero Mine ARGENTINA $1,520 - 1,655 ($/oz Au) Séguéla Mine CÔTE D’IVOIRE $1,630 - 1,730 ($/oz Au) Fortuna Mining - Investor Presentation
Page 31
We envision. We deliver. 31 @fortunamining @fortunamining @fortunamining CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com CONTACT NYSE: FSM | TSX: FVI | FSE: F4S0
Page 32
We envision. We deliver. @fortunamining @fortunamining @fortunamining Appendices 32
Page 33
We envision. We deliver.We envision. We deliver. Financial Performance7 Appendix 33 $ M unless otherwise stated Q3 20251 Q3 20241 Change 20242 20232 Change OPERATIONS Gold production (oz) 63,216 59,474 6% 369,637 326,638 13% Silver production (Moz) 0.2 0.3 (24%) 3.7 5.9 (37%) GEO 72,4624 73,1234 (1%) 455,9586 452,3896 1% Net sales (M) 251.4 181.7 38% 1,062.0 842.4 26% AISC ($/oz GEO)3 1,987 1,638 21% 1,640 1,480 11% EARNINGS Attributable net income 123.6 35.5 248% 128.7 (50.8) 353% Attributable income per share 0.40 0.11 264% 0.42 (0.17) 347% Adjusted attributable net income3 51.0 32.7 56% 144.0 64.9 122% Adjusted EBITDA3 130.8 96.6 35% 476.9 335.1 42% CASH FLOW Free cash flow from ongoing operations3 73.4 34.0 116% 202.9 153.5 32% 1. Refer to Fortuna “Management’s Discussion and Analysis for the three and nine months ended September 30, 2025” 2. Refer to Fortuna’s Management’s Discussion and Analysis for the year ended December 31, 2024 3. These are non-IFRS measures. Refer to slides 45 and 46 for more information on non -IFRS measures | The composition of AISC was revised in Q2 2024 and the comparative periods were adjusted to reflect the change 4. Refer to Fortuna news release dated November 5, 2025, “Fortuna reports results for the third quarter of 2025” 5. Refer to Fortuna news release dated April 8, 2024, “ Fortuna reports strong gold equivalent production of 112,543 ounces in the first quarter of 2024 ” 6. Refer to Fortuna news release dated January 21, 2025, “ Fortuna reports record production of 455,958 Au Eq ounces for 2024 and provides 2025 outlook ” 7. Where applicable, metrics are presented excluding discontinued operations Where applicable, the Company has presented operating and financial results based on its continuing operations. Contributions from the San Jose and Yaramoko mines have been removed from Q3 2025 quarterly and Q3 2024 figures as they were disposed of during the second quarter of 2025. Fortuna Mining - Investor Presentation
Page 34
We envision. We deliver.We envision. We deliver. 2026E Consolidated Cash Cost and AISC Guidance1,2 Appendix 34 2026E Guidance Lindero 975 - 1,140 Caylloma 1,440 - 1,590 Séguéla 735 - 815 Consolidated cash cost 895 - 1,000 2026E Guidance Lindero 1,520 - 1,655 Caylloma 2,610 - 2,965 Séguéla 1,630 - 1,730 Corporate G&A 138 Consolidated AISC 1,830 - 1,975 Cash Cost Guidance ($/GEO) AISC Guidance ($/GEO) Fortuna Mining - Investor Presentation 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Cash cost includes production cash cost and for Lindero, is net of copper by-product credit. AISC includes sustaining capital expenditures, worker’s participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary G&A and Brownfields exploration and is estimated at metal prices of $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb, and $2,750/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.
Page 35
We envision. We deliver.We envision. We deliver. 35 The West Africa Opportunity A mining-friendly, favorable jurisdiction to do business APPENDIX Significant geological potential Host to numerous “Tier 1” Gold Mines with Considerable Annual Production Senegal Mauritania Mali Ghana Côte d’Ivoire Liberia Sierra Leone Guinea- Bissau Gambia Burkina Faso Guinea Togo Loulo-Gounkoto | Mali FY24 production: 578 koz Au1 Ahafo | Ghana FY24 production: 798 koz Au1 Siguiri | Guinea FY24 production: 273 koz Au1 Diamba Sud Gold Project Séguéla Mine FY24 production: 138 koz Au2 Obuasi | Ghana FY24 production: 221 koz Au1 Fekola | Mali FY24 production: 393 koz Au1 Sabodala | Senegal FY24 production: 229 koz Au1 1. 2024 full year (FY) production sourced from company’s annual MD&A or 20- F report: Fortuna (the Séguéla Mine is subject to a 10% carried interest held by the State of Côte d'Ivoire) | Barrick (reflects 80% ownership stake in Loulo-Gounkoto)| Endeavour | B2Gold | AngloGold Ashanti (reflects 85% ownership stake in Siguiri) | Newmont | please refer to slide 45 for notes on market and industry data 2. Refer to Fortuna news release dated January 21, 2025, “Fortuna reports record production of 455,958 Au Eq ounces for 2024 and provides 2025 outlook Fortuna Mining - Investor PresentationWe envision. We deliver. Appendix
Page 36
We envision. We deliver.We envision. We deliver. 36 The West Africa Opportunity West Africa is among the quickest timelines from discovery to production APPENDIX Refer to June 6, 2023, S&P Global Market Intelligence Report, by Paul Manalo: “Discovery to production averages 15.7 years for 127 mines”| Please refer to slide 45 for notes on market and industry data Global average is approximately 15.7 years1 Côte d’Ivoire returned the lowest average lead time of mines from discovery to production 2002-20231 Senegal Mauritania Mali Niger Benin GhanaCôte d’Ivoire Liberia Sierra Leone Guinea- Bissau Gambia Guinea Togo Burkina Faso Séguéla Mine FMC acquisition, feasibility to first gold pour 3 years 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Houndé Mine Endeavour’s acquisition to first gold pour 5 years Sanbrado Mine Western African Resources’ feasibility to first gold pour 3 years Did you know? France compared to Western Africa Fortuna Mining - Investor PresentationWe envision. We deliver. Appendix
Page 37
We envision. We deliver.We envision. We deliver. Board of Directors Appendix 37 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 - Investor Presentation
Page 38
We envision. We deliver.We envision. We deliver. Executive Leadership Team Appendix 38 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 - Investor Presentation
Page 39
We envision. We deliver.We envision. We deliver. Séguéla Mine, Côte d’Ivoire Mineral Reserves and Mineral Resources Appendix 39 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
Page 40
We envision. We deliver.We envision. We deliver. Lindero Mine, Argentina Mineral Reserves and Mineral Resources Appendix 40 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral Reserves and Mineral Resources are as defined by 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 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 5. Mineral Resources and Mineral Reserves are reported as of December 31, 2024 6. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.26 g/t Au, recovery 75.4 %; Met type 2 cut-off 0.25 g/t Au, recovery 78.2 %; Met type 3 cut-off 0.25 g/t Au, recovery 78.5 %; and Met type 4 cut-off 0.29 g/t Au, recovery 68.5 %. Mining recovery is estimated to average 100 % and mining dilution 0 % having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of $1,880/oz, estimated base mining costs of $1.39 per tonne of material, total processing and G&A costs of $10.28 per tonne of ore, and refinery costs net of pay factor of $13.44 per ounce gold. Reported Proven Reserves include 9.9 Mt averaging 0.41 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15 % upside in metal prices. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional $0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; 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 procedures Deposit Classification Tonnes (000) Au (g/t) Cu (%) Contained Metal Au (koz) Lindero Proven & Probable Reserves 69,174 0.54 0.09 1,206 Measured & Indicated Resources 30,724 0.43 0.10 421 Inferred Resources 30,364 0.46 0.11 449 Arizaro Inferred Resources 32,400 0.37 0.14 389 Fortuna Mining - Investor Presentation
Page 41
We envision. We deliver.We envision. We deliver. Caylloma Mine, Peru Mineral Reserves and Mineral Resources Appendix 41 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral Reserves and Mineral Resources are as defined by 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 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 5. Mineral Resources and Mineral Reserves are reported as of December 31, 2024 6. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.26 g/t Au, recovery 75.4 %; Met type 2 cut-off 0.25 g/t Au, recovery 78.2 %; Met type 3 cut-off 0.25 g/t Au, recovery 78.5 %; and Met type 4 cut-off 0.29 g/t Au, recovery 68.5 %. Mining recovery is estimated to average 100 % and mining dilution 0 % having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of $1,880/oz, estimated base mining costs of $1.39 per tonne of material, total processing and G&A costs of $10.28 per tonne of ore, and refinery costs net of pay factor of $13.44 per ounce gold. Reported Proven Reserves include 9.9 Mt averaging 0.41 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15 % upside in metal prices. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional $0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; 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 procedures Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) Contained Metal GEOs (000) Proven & Probable Reserves 2,441 82 0.15 2.73 4.15 307 Measured & Indicated Resources 1,000 86 0.21 1.31 2.38 89 Inferred Resources 3,794 106 0.55 2.13 3.10 480 Fortuna Mining - Investor Presentation
Page 42
We envision. We deliver.We envision. We deliver. Diamba Sud Gold Project, Senegal Mineral Resources Appendix 42 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral Reserves and Mineral Resources are as defined by 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 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 5. Mineral Resources and Mineral Reserves are reported as of December 31, 2024 6. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.26 g/t Au, recovery 75.4 %; Met type 2 cut-off 0.25 g/t Au, recovery 78.2 %; Met type 3 cut-off 0.25 g/t Au, recovery 78.5 %; and Met type 4 cut-off 0.29 g/t Au, recovery 68.5 %. Mining recovery is estimated to average 100 % and mining dilution 0 % having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of $1,880/oz, estimated base mining costs of $1.39 per tonne of material, total processing and G&A costs of $10.28 per tonne of ore, and refinery costs net of pay factor of $13.44 per ounce gold. Reported Proven Reserves include 9.9 Mt averaging 0.41 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15 % upside in metal prices. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional $0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; 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 procedures Classification Tonnes (000) Au (g/t) Contained Metal Au (koz) Indicated Resources 14,153 1.59 724 Inferred Resources 6,171 1.44 285
Page 43
We envision. We deliver.We envision. We deliver. Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral Reserves and Mineral Resources are as defined by 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 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. 5. Mineral Resources and Mineral Reserves are reported as of December 31, 2024, except Diamba Sud that is reported as of July 7, 2025 and Séguéla that is reported as of October 31, 2025. 6. Mineral Reserves for the Séguéla Mine are reported on a 100% ownership basis using incremental gold grade cut-offs of 0.73 g/t Au for Antenna and Koula, 0.76 g/t Au for Agouti, 0.75 g/t Au for Boulder and Kingfisher, 0.83 g/t Au for Ancien and Badior, and 0.74 g/t Au for Sunbird deposit. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93.5% (except for Badior at 91.5%), ex-pit mining costs ranging from $3.09/t to $5.74/t, haul incremental ranging from $3.62/t to $10.06/t based on the pit’s geographical location in relation to the ROM pad, processing costs of $21.28/t, general and administrative (G&A) costs of $16.21/t, and sustaining capital of $4.37/t. Only Proven and Probable categories within the final pit designs are reported. Pit designs for Antenna, Ancien, Koula, Badior, and Kingfisher were developed using inter-ramp angles ranging from 30.6° to 38.3° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. The Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh rock. The Sunbird pit design applied inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery, represented by regularization of the 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 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 the optimized stope shapes based on a Longhole Stoping mining method at cut-off grades of 2.32 g/t Au for Sunbird and Koula, 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. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.26 g/t Au, recovery 75.4%; Met type 2 cut-off 0.25 g/t Au, recovery 78.2%; Met type 3 cut-off 0.25 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.29 g/t Au, recovery 68.5%. Mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of $1,880/oz, estimated base mining costs of $1.39 per tonne of material, total processing and G&A costs of $10.28 per tonne of ore, and refinery costs net of pay factor of $13.44 per ounce gold. Reported Proven Reserves include 9.9 Mt averaging 0.41 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional $0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit. Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at $91.85/t; mechanized (Uppers) at $73.33/t; semi-mechanized at $93.05/t; sub-level stoping at $82.77/t; and a conventional method at $153.40/t; using assumed metal prices of $23/oz Ag, $1,880/oz Au, $2,000/t Pb and $2,700/t Zn; metallurgical recovery rates of 82 or 86% for Ag, 22 or 58% for Au, 90 or 88% for Pb and 89 or 87% for Zn. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2023 through June 2024. Mining recovery is estimated to average 95% with average total mining dilution of 17% depending on the mining method. Mineral Resources are reported at an NSR cut-off grade of US$75/t for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and $130/t for veins classified as narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices. 9. Mineral Resources for Diamba Sud are reported pit constrained on a 100% ownership basis at selective mining unit block sizes and at an incremental gold cutoff grade for oxide/transitional material of 0.31 g/t Au, with fresh material reported based on a cutoff of 0.35 g/t Au for Area A, 0.42 g/t Au for Area D, 0.35 g/t Au for Karakara, 0.41 g/t Au for Western Splay, 0.35 g/t Au for Kassassoko, 0.37 g/t Au for Southern Arc, and 0.39 g/t Au for Moungoundi in accordance with the varying ore differential parameters and varying metallurgical recoveries for oxide, transitional and fresh rock within pit shell optimizations, assuming a long-term gold metal price of $2,600/oz and metallurgical recoveries based on metallurgical testwork. 10. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves; both being employees of Fortuna Mining Corp. ("Fortuna"). 11. Gold equivalent calculated using metal prices of $1,880/oz for Au, $23/oz for Ag, $2,000/t for Pb, and $2,700/t for Zn. 12. Totals may not add due to rounding procedures. 13. All dollar amounts refer to United States dollars. 14. N/A = Not Applicable. Consolidated Mineral Reserves and Mineral Resources Appendix 43 Mineral Reserves – Proven and Probable Mineral Resources – Inferred Fortuna Mining - Investor Presentation Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Au Eq (koz) Caylloma, Peru Inferred 3,794 106 0.55 2.13 3.10 N/A 480 Total Inferred 3,794 106 0.55 2.13 3.10 N/A 480 Lindero, Argentina Inferred 30,364 N/A 0.46 N/A N/A 0.11 449 Seguela, Ivory Coast Inferred 9,171 N/A 2.49 N/A N/A N/A 736 Total Inferred 39,535 N/A 0.93 N/A N/A N/A 1,185 Arizaro, Argentina Inferred 32,400 N/A 0.37 N/A N/A N/A 389 Diamba Sud, Senegal Inferred 6,171 N/A 1.44 N/A N/A N/A 285 Total Inferred 38,571 N/A 0.54 N/A N/A N/A 674 2,339 Total Silver Mines Inferred Property Gold Mines Gold Projects Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Au Eq (koz) Caylloma, Peru Proven + Probable 2,441 82 0.15 2.73 4.15 N/A 307 Total Proven + Probable 2,441 82 0.15 N/A N/A N/A 307 Lindero, Argentina Proven + Probable 69,174 N/A 0.54 N/A N/A 0.09 1,206 Seguela, Ivory Coast Proven + Probable 15,960 N/A 3.01 N/A N/A N/A 1,543 Total Proven + Probable 85,134 N/A 1.00 N/A N/A N/A 2,748 3,055 Total Property Gold Mines Proven + Probable Silver Mines Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Au Eq (koz) Caylloma, Peru Measured + Indicated 1,000 86 0.21 1.31 2.38 N/A 89 Total Measured + Indicated 1,000 86 0.21 1.31 2.38 N/A 89 Lindero, Argentina Measured + Indicated 30,724 N/A 0.43 N/A N/A 0.10 421 Seguela, Ivory Coast Measured + Indicated 5,156 N/A 2.79 N/A N/A N/A 462 Total Measured + Indicated 35,880 N/A 0.77 N/A N/A N/A 883 Gold Project Diamba Sud, Senegal Measured + Indicated 14,153 N/A 1.59 N/A N/A N/A 724 1,695 Property Silver Mines Gold Mines Total Measured + Indicated Mineral Resources – Measured and Indicated
Page 44
We envision. We deliver.We envision. We deliver. Cautionary Statement on Forward Looking Statements Appendix 44 This corporate 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 corporate presentation include, without limitation, statements about the Company’s busine ss strategy, outlook and plans; its plans for its mines and mineral properties, including 2026 exploration budgets and 2026 capital investments; the Company’s anticipated financial and operatio nal performance in 2026; estimated production forecasts for 2026; estimated cash costs and all -in sustaining cash costs (“AISC”) and expenditures for 2026; statements that recent discoveries at the Diamba Sud Gold Project highlight extensive regional potential; statements regarding underground mining potential at the Séguéla Mine; expectations regarding the Company's production, cash costs and AISC (on a consolidated and on a segmented basis), proposed capital investments and Brownfields and Greenfields exploration programs; environmental, social and governance targets; forecast metal production, mineral reserves, mineral resources, metal grades, and recoveries; the projected life of mine of the Séguéla, Caylloma, and Lindero Mines and the Diamba Sud Gold Project; the Company’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects; statements that a cons truction decision is expected at the Diamba Sud Gold Project in mid- 2026; the projected economics at the Diamba Sud Gold Project, including average annual production, the net present value, the internal rate of return, the projected payb ack period, AISC, cash costs, and annual earnings before taxes, interest, depreciation, and amortization; the Company's objectives in respect of the drill program at the Diamba Sud Gold Project; estimated mineral reserves and mineral resources; the expectation that the completion of the Caylloma Mine’s power grid enhancement project wil l enable it to meet 100% of its current and future energy requirements from the national power grid; expectations regarding the expansion of processing plant capacity and a potential increase in annual gold production at Séguéla; statements regarding planned reduction of waste stripping ratio at the Lindero Mine; statements pertaining to converting resources to reserves and extending the life of mine at Lindero; the Company's liquidity and debt levels, future plans and objectives based on forecasts of future operational or financial results; and the estimates of expec ted 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. 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 s tatements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. The forward-looking statements in this corporate 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 financia l 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 applic able 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 provide d 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 uncertainti es and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to mineral resource and mineral reserve estimates; uncert ainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to development projects and new mining operations, including the possibility that act ual capital and operating costs and economic returns will differ significantly from those estimated for such projects prior to production; risks relating to the Company’s ability to replace its mineral reserves; capital and currency controls in foreign jurisdictions; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a res ult of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks a ssociated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business, including relating to the newly elected government in Argentina; risks associated with war, ho stilities or other conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impact they may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web -based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtai n adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; asses sment of the carrying value of the Company’s assets, including the ongoing potential for material impairment and/or write downs of such assets; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward a nd option contracts for base metals production; the imposition of trade tariffs; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; unc ertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; laws and regulations regardi ng 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)); labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the fiscal year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those d escribed 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, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company ’s activities will be conducted in accordance with the Company’s public statements and stated goals; exchange rate and annual infla tion rate assumptions in respect of cash cost and AISC guidance; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and reco very rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo -political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and cur rency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on accepta ble terms; the preliminary economic assessment in respect of the Diamba Sud Project; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. The Company also notes that, under Senegalese mining legislation, the Government is entitled to a 10% free-carried interest and may elect to purchase an additional 25% interest in t he Diamba Sud Gold Project at a “fair price” determined through an independent valuation upon the granting of an exploitation permit. F orward- 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 these 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 C AD$ are to Canadian dollars. CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF RESERVES AND RESOURCES All reserve and resource estimates included in this corporate presentation have been prepared in accordance with National Ins trument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleu m 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. 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 Secur ities and Exchange Commission, and mineral reserve and resource information included in this corporate presentation may not be comparable to similar information disclosed by U.S. companies. TECHNICAL INFORMATION 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 tec hnical information contained in this presentation pertaining to the Caylloma, Lindero, and Séguéla mines, and for the mineral resour ces at the Diamba Sud Gold Project. The Qualified Persons responsible for current mineral reserve and resource estimates are detailed as footnotes under the applicable tables in the appendices to this Presentation. See the Company’s Annual Information Form dated March 20, 2025, available at www.sedarplus.ca for further information on the Company’s material mineral properties as at December 31, 2024, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods use d by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of the Company’ s mineral reserves and resources. Paul Weedon, Senior Vice President of Exploration for the Company, is a Qualified Person as d efined 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 the Séguéla Mine and the Diamba Sud Gold Project. Fortuna Mining - Investor Presentation
Page 45
We envision. We deliver.We envision. We deliver. Financial Information Non-IFRS Financial Measures Appendix 45 Fortuna Mining - Investor Presentation Fortuna’s condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2025 and 2024 (the “Q3 2025 Financial Statements") which are referred to in this 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 Q3 2025 Financial Statements and that are derived from the Company’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 (the “Q3 2025 MD&A”),including but not limited to: adjusted attributable net income; adjusted EBITDA; 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 nine months ended September 30, 2025 and September 30, 2024, are set out in the table below. In addition, this corporate presentation includes certain financial measures and ratios that are not defined under IFRS and that are derived from the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024 (the “2024 MD&A”), and are not disclosed in Company’s consolidated financial statements for the years ended December 31, 2024 and 2023 (the “2024 Financial Statements”). These measures include: all-in sustaining cash cost per ounce of gold equivalent sold, adjusted attributable net income, adjusted EBITDA, 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 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 months ended June 30, 2025 and which have been subsequently adjusted to remove contributions from the San Jose Mine and the Yaramoko Mine, as they were disposed of during the second quarter of 2025, and are not disclosed in the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2025 and 2024 (“Q2 2025 Financial Statements”). These measures include: adjusted attributable net income; adjusted EBITDA; 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 June 30, 2025 (“Q2 2025 MD&A”), 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. 1 The composition of AISC was revised in Q4 2024. Refer to “Non-IFRS Financial Measures - all-in Sustaining Cost Per Gold Equival ent Ounce Sold” starting on page 28 of the 2024 MD&A for a description of the calculation and the reason for the change Non-IFRS Measure (Expressed in $ millions) Most Directly Comparable IFRS Measure 3 months ended Jun 30, 2025 (IFRS Measure) 3 months ended Dec 31, 2024 (IFRS Measure) 3 months ended Sep 30, 2025 (IFRS Measure) 3 months ended Sep 30, 2024 (IFRS Measure) 9 months ended Sep 30, 2025 (IFRS Measure) Cash costs Cost of Sales 125.4 195.4 118.2 117.6 358.3 Free cash flow from ongoing operations Net cash provided by operating activities 92.7 150.3 111.3 67.3 293.0 Adjusted EBITDA Net income from continuing operations 47.7 24.8 128.2 37.4 214.8 Adjusted attributable net income Net income from continuing operations 47.7 24.8 128.2 37.4 214.8 AISC1 Cost of Sales 125.4 166.8 118.2 117.6 358.3 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 Q3 2025 MD&A, the Q2 2025 MD&A and the 2024 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 2024 MD&A on pages 28 to 40, in the Q2 2025 MD&A on pages 24 to 35, and in the Q3 MD&A on pages 23 to 34, which sections are incorporated by reference in this webcast presentation (other than those financial measures and ratios that are not defined under IFRS and that are derived from the 2024 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 Q3 2025 Financial Statements, the Q2 2025 Financial Statements, and the 2024 Financial Statements. The Q3 2025 Financial Statements, the Q2 2025 Financial Statements, and the 2024 Financial Statements and the Q3 2025 MD&A, the Q2 2025 MD&A and the 2024 MD&A may be accessed on SEDAR+ at www.sedarplus.ca under the Company’s profile, Fortuna Mining Corp.
Page 46
We envision. We deliver.We envision. We deliver. Financial Information Non-IFRS Financial Measures Appendix 46 Market And Industry Data Slides 34 and 35 of this presentation include market and industry data that has been obtained from third party sources, including industry publications. Fortuna believes that its industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Consolidated (in millions of US dollars) June 30, 2025 Net income 44.1 Adjustments: Community support provision and accruals 3.6 Discontinued operations 3.4 Net finance items 42.5 Depreciation, depletion, and amortization 33.7 Income taxes (1.7) Investment income 2.1 Other non-cash/non-recurring items 127.7 Adjusted EBITDA 230.4 Sales 55% EBITDA margin 44.1 Adjusted EBITDA The following table presents a reconciliation of Adjusted EBITDA from net income, the most directly comparable IFRS measure, for the three months ended June 30, 2025: Consolidated (in millions of US dollars) June 30, 2025 Net cash provided by operating activities 67.30 Additions to mineral properties, plant and equipment (47.0) Payments of lease obligations (6.4) Free cash flow 13.9 Growth capital 15.6 Discontinued operations 26.2 Gain on blue chip swap investments - Other adjustments 1.7 Free cash flow from ongoing operations 57.4 Free Cash Flow and Free Cash Flow from Ongoing Operations The following table presents a reconciliation of free cash flow and free cash flow from ongoing operations to net cash provided by operating activities, the most directly comparable IFRS measure, for the three months ended June 30, 2025: Consolidated (in millions of US dollars) June 30, 2025 Net income attributable to shareholders 37.7 Adjustments, net of tax: Discontinued operations 3.6 Write off of mineral properties 2.0 Income tax, convertible debentures – Inventory adjustment - Other non-cash/non-recurring items 1.8 Attributable Adjusted Net Income 44.7 Adjusted Attributable Net Income The following table presents a reconciliation of Adjusted Attributable Net Income from attributable net income, the most directly comparable IFRS measure, for the three months ended June 30, 2025: Fortuna Mining - Investor Presentation
Page 47
We envision. We deliver. We envision. We deliver. PEA Key Highlights Appendix 47 Metrics Units Results Gold price $/oz 2,750 Life of mine year 8.1 Total mineralized material mined1 Mt 17.75 Contained gold in mineralized material mined1 koz 932 Strip ratio Waste: mineralized material 5.5:1 Throughput initial 3 years (primarily oxide) Mtpa 2.5 Throughput after 3 years (primarily fresh) Mtpa 2.0 Head grade g/t Au 1.63 Recoveries % 90% Gold production Total Production over LOM koz 840 Average annual production, LOM koz 106 Average annual production, first 3 years koz 147 Per unit costs over LOM Total mining costs $/t, mined $4.82 Processing $/t, processed $13.91 G&A $/t, processed $6.70 Cash costs1 Average operating cash costs2, LOM $/oz $1,081 Average operating cash costs2, first 3 years $/oz $759 AISC1 Average AISC2, LOM $/oz $1,238 Average AISC2, first 3 years $/oz $904 Capital costs Initial capital expenditure $ M $283 Sustaining capital, operations + Infrastructure (includes closure costs) $ M $48 NPV5%, pre-tax (100% project basis) $M $772 Pre-tax IRR % 86% NPV5%, after-tax (100% project basis) $M $563 After-tax IRR % 72% Payback period year 0.8 Annual EBITDA 2 Average EBITDA2 over LOM $ M $167 Average EBITDA2 over first 3 years $ M $277 1. The pit optimization shells used for the mining inventory were generated using a gold price of $2,300 per ounce. 2. These are non-IFRS measures I Refer to slides 43 and 44 for more information on non-IFRS measures. 3. Average operating cash costs and average AISC represent costs for projected production for the LOM at the time of gold sales. 4. The PEA is presented on a 100 percent project basis. However, upon the granting of the exploitation permit, the Senegalese Government will be entitled to a 10 percent free-carried interest in the Project, with the right for the State to acquire an additional contributory interest of up to 25 percent. 5. The economic analysis was carried out using a discounted cash flow approach on a pre-tax and after-tax basis, based on the gold price of $2,750/oz. 6. The IRR on total investment that is presented in the economic analysis was calculated assuming a 100% ownership in Diamba Sud. 7. The NPV was calculated from the after-tax cash flow generated by the Project, based on a discounted rate of 5% and an effective date of October 10, 2025. 8. The PEA assumes that the percentage of certain royalties and taxes payable to the State, the percentage of the investment tax credit available to the company and the percentage payable to the social development fund will be in accordance with the provisions of the Mining Convention between Boya S.A. and the State of Senegal dated April 8, 2015. There can be no assurance that such provisions will not be renegotiated by the State as part of the exploitation permit approval process. 9. The PEA is preliminary in nature, and it 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, and, as such, there is no certainty that the PEA results will be realized. 10. Further information regarding the PEA referenced in this presentation, including details on data verification, key assumptions, parameters, opportunities, risks, and other factors, will be contained in the technical report. 11. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Fortuna Mining - Investor Presentation