FSM

Interested in Fortuna Mining Corp.? Here are five stocks we like better. Strong second-quarter financial performance: Fortuna Mining reported $380 million in sales, $200 million in adjusted EBITDA and $85.7 million in free cash flow. Adjusted attributable earnings rose 77% year over year to $75.5 million, or $0.25 per share, although profits and cash flow declined from the first quarter amid lower gold prices, higher taxes and increased costs. West African growth projects advanced: The company approved a $109 million expansion of its Séguéla plant and is progressing toward a potential second-half 2026 investment decision at Diamba Sud. Together, the projects are expected to increase annual production by approximately 60% to more than 500,000 gold ounces by mid-2028. Capital returns remain substantial but may moderate: Fortuna ended the quarter with $606.7 million in cash and repurchased $82 million of shares during the quarter, bringing year-to-date buybacks to $106 million. Management expects future repurchases to be more measured as it prioritizes organic growth, exploration and project development. Did You Miss the Gold Rush? Try These 2 Silver Stocks Fortuna Mining (NYSE:FSM) reported second-quarter 2026 results marked by $380 million in sales, $200 million in adjusted EBITDA and $85.7 million in free cash flow from ongoing operations, while advancing its Séguéla expansion in Côte d’Ivoire and Diamba Sud development project in Senegal. The company produced 72,217 gold equivalent ounces during the quarter and 145,089 gold equivalent ounces during the first half, which President and Chief Executive Officer Jorge Alberto Ganoza said keeps Fortuna on track to meet its full-year production guidance. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Is silver more precious in 2024 as gold loses luster? Fortuna reported adjusted attributable net income of $75.5 million, or $0.25 per share, up 77% from $42.6 million in the second quarter of 2025. The result was below the record $111 million, or $0.36 per share, reported in the first quarter, reflecting lower realized gold prices, a higher effective tax rate and higher cash costs per gold equivalent ounce. Average realized gold prices were $4,447 per ounce, up 34% year over year but down from $4,884 per ounce in the first quarter. Consolidated cash costs were $1,034 per gold equivalent ounce, compared with $951 per ounce in the prior quarter, while all-in sustaining costs, or AISC, rose to $2,157 per ounce from $2,107 per ounce. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Management said the Séguéla plant expansion and Diamba Sud project are expected to provide the basis for approximately 60% growth in annual production by mid-2028, supporting Fortuna’s objective of producing gold at an annual rate exceeding 500,000 ounces. At Diamba Sud, Chief Operating Officer for West Africa David Whittle said the feasibility study outlines average annual gold production of 158,000 ounces during the first four years of operations and a 9.4-year mine life. The project’s environmental and social impact assessment has been approved, and discussions with the Senegalese government are continuing as Fortuna works toward final permitting. → No Hangover: Revisiting Microsoft One Week After Earnings Whittle said the feasibility study supports a potential final investment decision in the second half of 2026. Chief Executive Officer Ganoza said the company is also pursuing additional landholdings around Diamba Sud, which he described as a district-scale opportunity in a prolific West African gold belt. Fortuna’s board approved a $109 million, 30% process-plant expansion at Séguéla. Together with the Somba underground project, the expansion is expected to support average annual production of more than 200,000 ounces of gold over the next decade, according to Whittle. The expansion will increase annual plant capacity from 1.75 million tonnes to 2.3 million tonnes. The initial $48 million underground budget covers portal preparation, equipment purchases, team development and related facilities, Ganoza said. It does not include later mine-development spending. Underground development is expected to begin in the second quarter of 2027, while the broader plant expansion is expected to be delivered in the second or third quarter of 2028. Séguéla produced 41,683 ounces of gold during the second quarter, in line with its mine plan. Cash costs were $676 per ounce and AISC was $1,765 per ounce, broadly consistent with the previous quarter. The mine commissioned a six-megawatt solar plant and is evaluating an expansion of solar capacity to 10 megawatts with no capital-cost implication to Fortuna, Whittle said. At the Lindero mine in Argentina, Fortuna produced 20,129 ounces of gold in the quarter, broadly in line with first-quarter output. Chief Operating Officer for Latin America Cesar Velasco said ore placement, average gold grade and contained gold ounces placed on the leach pad improved from the first quarter. Lindero’s cash costs increased to $1,459 per ounce from $1,208 per ounce in the first quarter, driven by temporary crusher-related costs, equipment rentals, alternative crushing arrangements, Argentine inflation and a stronger peso. AISC rose to $2,265 per ounce from $1,783 per ounce. Velasco said the second quarter represented the expected AISC peak at Lindero. With most reliability work completed, improved crusher availability, higher stacking rates and higher scheduled grades are expected to support better production and lower unit costs in the second half. The operation’s solar facility supplied about 26% of Lindero’s power requirements during the first half, reducing diesel consumption by approximately 2.2 million liters and providing an estimated $3.2 million in energy savings at average costs, according to the company. Caylloma in Peru produced 9,700 gold equivalent ounces during the quarter, up from the first quarter as throughput improved. Cash costs declined to $27.80 per silver equivalent ounce from $30.30, while AISC was $44.90 per silver equivalent ounce, similar to the prior quarter. The tailings storage facility expansion was 28% complete as of June 30, management said. Fortuna ended the quarter with $606.7 million in cash and cash equivalents and a net cash position of $434.2 million after financial debt. Total liquidity was approximately $756 million, Ganoza said. The company spent $82 million repurchasing shares during the quarter under its normal course issuer bid. Year to date, Fortuna has repurchased 10.8 million shares for $106 million, representing about 41% of free cash flow from ongoing operations. Ganoza said the second-quarter buyback level was a historical peak and that future repurchases would likely be more measured while the company prioritizes organic growth projects and exploration. Free cash flow from ongoing operations declined from $174 million in the first quarter to $85.7 million, primarily because Fortuna paid $79.3 million in income taxes during the quarter and increased capital expenditures to $67.9 million. Of that spending, $36.6 million was sustaining capital and $31.3 million was directed toward growth initiatives. Chief Financial Officer Luis Dario Ganoza said AISC included roughly $115 per ounce of one-time costs related to primary crusher refurbishment at Lindero and contractor mobilization at Séguéla. Management said those costs are not expected to continue into the second half, with lower costs anticipated particularly in the third quarter. However, the company identified diesel prices, royalties tied to metal prices and macroeconomic conditions in Argentina as external factors that could affect full-year costs. Fortuna also disclosed a fatal accident involving a contractor truck operator at Séguéla during the quarter. Ganoza said the company has renewed its focus on heavy mobile-equipment controls, contractor management and field verification of critical controls. Fortuna Mining Corp. engages in the precious and base metal mining in Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire. It operates through Mansfield, Sanu, Sango, Cuzcatlan, Bateas, and Corporate segments. The company primarily explores for silver, lead, zinc, and gold. Its flagship project is the Séguéla gold mine, which consists of approximately 62,000 hectares and is located in the Worodougou Region of the Woroba District, Côte d'Ivoire. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Fortuna Mining Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) Fortuna Delivers Strong Q2 Results; Positioned To Deliver Our Next Phase of Growth VANCOUVER, British Columbia, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the second quarter of 2026.(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures as they were disposed of during the second quarter of 2025.) Jorge Ganoza, President and CEO of Fortuna, commented, “Fortuna delivered another strong quarter of production, generating $85.7 million of free cash flow from ongoing operations and $200.8 million in adjusted EBITDA, with a robust EBITDA margin of 63%. The second quarter is expected to be our peak AISC for the year and trend down in the second half with the completion of key capital projects at Lindero. At the same time, we are monitoring cost pressures from external factors, including royalties linked to gold prices, fuel costs, inflation, and macroeconomic conditions in Argentina, and the potential impact to our cost guidance for the year.” Mr. Ganoza continued, “We also achieved key milestones for our organic growth projects with the delivery of the Diamba Sud Feasibility Study and a construction decision for the Séguéla Plant Expansion. Combined, these two projects will grow our production by 60% to over 500,000 ounces per year.” Mr. Ganoza concluded, “The quarter also demonstrated the strength of our portfolio as we funded our growth projects, maintained a strong balance sheet, and still generated sufficient excess cash to return $82.1 million to shareholders through share buy-backs.” Second Quarter Highlights Cash and Cash Flow Free cash flow1 from ongoing operations of $85.7 million; a QoQ decrease of $88.3 million, mostly due to timing of tax payments $123.7 million of net cash from operating activities before changes in working capital or $0.41 per share; a QoQ decrease of $89.6 million, mostly due to timing of tax payments Liquidity of $756.7 million and a net cash position of $435 million; strong balance sheet supports concurrent construction of the Séguéla Plant Expansion and Diamba Sud Project Profitability Adjusted attributable net income1 of $75.5 million or $0.25 basic EPS; a QoQ decrease of $0.11 per share, due to lower gold price and higher effective tax rate Adjusted EBITDA1 of $200.8 million with margins of 63%; a QoQ decrease of $18.0 million primarily due to lower gold prices Return to Shareholders Year to date the Company has returned $106.6 million to shareholders ($82.1 million in Q2 2026) via the repurchase of 10.8 million shares Operational Gold equivalent production2 of 72,217 ounces and the Company remains on track to achieve its annual production guidance Consolidated cash cost per gold equivalent ounce (“GEO”)1 of $1,034, up from $951 in the previous quarter Consolidated AISC per GEO1 of $2,157 for Q2 2026, up from $2,107 in the previous quarter. Compared to the assumptions in our annual guidance, AISC contains a $49 impact from external factors, and $115 of one-time operational items. We expect AISC to trend down in the second half of the year. Excluding external factors, we expect unit costs within our control to downtrend within our full year guidance range. External cost factors, including metal price-linked royalties, macroeconomic factors in Argentina and diesel prices, remain potential impacts to our full-year outlook. Total recordable injury frequency rate for the quarter was 1.21. Growth and Business Development Delivered the Diamba Sud feasibility study, confirming an economically robust project to anchor our next phase of growth. Refer to the News Release dated June 29, 2026 “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz”. Provided a final investment decision for the Séguéla Plant Expansion to unlock the potential of the mine and provide a pathway to production of over 200,000 ounces per year. Refer to the News Release dated July 29, 2026 “Fortuna Approves 30% Capacity Expansion of the Séguéla Gold Mine in Côte d’Ivoire”. On July 28, 2026, the Company acquired 5,695,312 common shares of Awalé Resources Limited (“Awalé”), a mineral exploration company in Côte d’Ivoire, for $3.4 million, thereby increasing the Company’s investment to 20,732,905 common shares of Awalé and maintaining Fortuna’s ownership interest in Awalé at approximately 14.7% Management Promotions Effective September 1, Luis Dario Ganoza will be promoted to President from his current role as Chief Financial Officer, and Kevin O’Reilly will be promoted to Chief Financial Officer from his current role as Vice President, Finance and Accounting. Luis and Kevin have been with Fortuna for 20 and 5 years, respectively, and these promotions reflect the Company’s next phase of growth as it prepares to advance construction of the Diamba Sud Project, execute the Séguéla mine expansion, and continue pursuing its broader growth ambitions. Second Quarter 2026 Consolidated Results Second Quarter 2026 Results Q2 2026 vs First Quarter 2026 (“Q1 2026”) Cash cost per ounce and AISCCash cost per GEO sold from continuing operations was $1,034 in Q2 2026, representing an $83 increase compared to $951 recorded in Q1 2026 and All-in sustaining costs per GEO from continuing operations was $2,157 representing a $49 increase from the $2,107 recorded in the prior quarter. Compared to underlying annual guidance projections AISC contains a $49 impact from external factors and approximately $115 of one-time operational items; external factors consisted mainly of $41 from the appreciation of the Argentine peso at our Lindero mine, $37 higher royalties due to gold prices, $24 from higher diesel prices and inflationary effects on contractor unit prices, partially offset by $48 from a decrease in share-based compensation. Internal factors were mainly related to the primary crusher refurbishment shutdown at Lindero and mobilization costs of an added mining contractor at Séguéla. Attributable Net Income and Adjusted Net Income Attributable net income from continuing operations for the period was $75.5 million in Q2 2026, compared to $111.0 million in Q1 2026. After adjusting for non-recurring items, adjusted attributable net income was $75.5 million or $0.25 per share compared to $111.0 million or $0.36 per share in Q1 2026. The decrease was primarily due to lower realized gold prices, a higher effective tax rate of 46% compared to 33% in Q1 2026 and a higher cost per GEO. The realized gold price in Q2 2026 was $4,447 per ounce compared to $4,884 in Q1 2026. The higher effective tax rate was mostly the result of higher deferred taxes at Lindero resulting from the devaluation of the Argentine peso. Higher cost per GEO was mostly due to the impact of increased costs at Lindero due to real appreciation of the Argentine peso and one-time items in the quarter and higher royalties at Séguéla. Foreign ExchangeIn Q2 2026, the Company recorded a foreign exchange loss of $6.3 million compared to a loss of $2.1 million in Q1 2026. The foreign exchange loss was due to the purchase of US dollars in Argentina for repatriation and movement in the Euro and the impact on cash and VAT balances in Côte d’Ivoire held in West African Francs. Cash FlowNet cash generated by operations before changes in working capital totaled $123.7 million or $0.41 per share. After adjusting for working capital, net cash generated by operations for the quarter was $138.3 million, a decrease of $71.1 million compared to $209.4 million in Q1 2026. The decrease was driven primarily by lower sales, and higher taxes paid of $69.7 million due to timing of installments, partially offset by positive changes in working capital of $14.7 million in Q2 2026 compared to negative $4.0 million in Q1 2026. Free cash flow from ongoing operations in Q2 2026 was $85.7 million, a decrease of $88.3 million compared to $174.0 million in Q1 2026 reflecting lower cash from operating activities and higher sustaining capital expenditures and advances to contractors. In Q2 2026, the Company’s total capital expenditures were $67.9 million of which $36.6 million were classified as sustaining and $31.3 million as non-sustaining. Non-sustaining capital expenditures were comprised primarily of $10.9 million at the Diamba Sud project, $10.6 million in brownfields and greenfields exploration, and $5 million related to the earn-in agreement on the Quartzstone project in Guyana. Q2 2026 vs Q2 2025 Cash cost per ounce and AISC Consolidated cash cost per GEO increased to $1,034 in Q2 2026, representing a $105 increase compared to $929 recorded in Q2 2025. The increase was due to higher costs at Lindero and the effect of higher silver prices on the calculation of GEOs at Caylloma. Higher costs at Lindero were driven mostly by real appreciation of the Argentine peso, higher diesel costs, lower gold volume produced and higher operating expenses related to maintenance activities during the planned 30-day shut-down of the primary crusher. All-in sustaining costs per GEO from continuing operations increased $225 to $2,157 in Q2 2026 from $1,932 in Q2 2025. This increase primarily resulted from higher cash costs as described above, higher CAPEX and sustaining leases, and higher royalties because of higher gold prices. This was partially offset by higher GEOs sold. Attributable Net Income and Adjusted Net Income Attributable net income from continuing operations was $75.5 million, or $0.25 per share, compared to $42.6 million, or $0.14 per share, in Q2 2025. After adjusting for non-recurring items, adjusted attributable net income from continuing operations was $75.5 million or $0.25 per share compared to $44.7 million or $0.15 per share in Q2 2025. The increase was primarily due to higher realized gold prices and slightly higher gold volume sold, partially offset by higher cash cost per GEO, as discussed above, and higher royalty payments associated with higher gold prices. Gold averaged $4,447 per ounce in Q2 2026 compared to $3,307 per ounce in Q2 2025. Other items with an offsetting impact on higher sales were a foreign exchange loss of $6.3 million compared to a gain of $2.3 million in the comparable period, and a higher effective tax rate of 46% compared to 41% in Q2 2025. Depreciation and DepletionDepreciation and depletion decreased by $4.3 million to $44.0 million compared to $48.3 million Q2 2025. Depletion per GEO decreased primarily due to the increase in Mineral Reserves at Séguéla and partially offset by higher depletion per GEO at Lindero due to an impairment reversal of $52.7 million recorded in Q3 2025. Depreciation and depletion in the period included $11.5 million related to the purchase price allocation from the 2021 Roxgold acquisition. Cash Flow Net cash generated by operations for the quarter was $138.3 million, an increase of $45.6 million compared to $92.7 million reported in Q2 2025. The increase was primarily driven by higher sales, and positive working capital of $14.5 million compared to negative $4.2 million in Q2 2025, offset by higher taxes paid in Q2 2026 of $42.9 million. Free cash flow from ongoing operations in Q2 2026 was $85.7 million, an increase of $28.3 million compared to $57.4 million reported in Q2 2025. The increase was mainly due to higher cash flow from operations as discussed above partially offset by higher sustaining capital expenditures. Séguéla Mine, Côte d’Ivoire Quarterly Operating and Financial Highlights During the second quarter of 2026, Séguéla mined a total of 433,231 tonnes of ore, averaging 3.06 g/t Au and containing an estimated 42,555 ounces of gold from the Antenna, Ancien, Koula, and Sunbird pits. A total of 5,902,142 tonnes of waste was mined during the period, resulting in a strip ratio of 13.6:1. Additionally, 731,647 tonnes of waste were mined during the quarter at Sunbird South to gain access to the underground portal position. In the second quarter of 2026, Séguéla processed 421,464 tonnes of ore, producing 41,683 ounces of gold, at an average head grade of 3.46 g/t Au, a 2% decrease in tonnes of ore and 15% increase in average head grade, compared to the same period of the previous year. Tonnes milled were slightly lower than in the previous quarter, reflecting a planned mill reline during the period. Cash cost per gold ounce sold was $676, comparable to $670 for the second quarter of 2025 as higher operating costs were offset by increased production. All-in sustaining cash cost per gold ounce sold was $1,765 for the second quarter of 2026 compared to $1,634 for the second quarter of 2025. The increase was primarily a result of higher royalties due to an increase in realized gold prices. Lindero Mine, Argentina Quarterly Operating and Financial Highlights In the second quarter of 2026, a total of 1,558,750 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.64 g/t, containing an estimated 32,008 ounces of gold. Ore mined was 1.38 million tonnes, with a stripping ratio of 1.81:1. During the first half of 2026, Lindero placed on the leach pad approximately 95% of the ounces planned for the period required to achieve the midpoint of its annual production guidance. Lindero’s gold production for the quarter was 20,829 ounces compared to 23,550 ounces in the comparable period. Lower production was due to Lindero completing key capital projects aimed at improving comminution reliability and availability, which required a planned 30-day shutdown of the primary crusher to replace its steel foundations. The cash cost per ounce of gold for the quarter was $1,459 compared to $1,148 in the same period of 2025. The increase in cash costs was primarily driven by lower gold production and higher maintenance costs associated with the 30-day shutdown of the primary crusher as well as real appreciation of the Argentine Peso increasing costs in US dollar terms and rising diesel prices. In the second quarter of 2026, AISC per gold ounce sold increased to $2,265 compared to $1,783 in the comparable period of 2025. The increase in AISC was due to lower payable ounces sold and higher production cash costs. Caylloma Mine, Peru Quarterly Operating and Financial Highlights In the second quarter of 2026, the Caylloma Mine produced 231,294 ounces of silver at an average head grade of 62 g/t, a 4% decrease when compared to the same period of 2025. Lead and zinc production for the quarter was 7.8 million pounds and 12.0 million pounds, respectively. Head grades averaged 2.76% Pb and 4.26% Zn, a 15% and 8% decrease, respectively, when compared to the same quarter in 2025. Lower head grades were in line with the mine plan. The cash cost per silver equivalent ounce sold in the second quarter of 2026 was $27.77 compared to $15.16 during the second quarter of 2025. The higher cost per ounce for the quarter was primarily the result of higher realized silver prices and the impact on the calculation of silver equivalent ounces sold. The all-in sustaining cash cost per ounce of payable silver equivalent in the second quarter of 2026 increased 107% to $44.89 compared to $21.73 for the same period of 2025. The increase for the quarter was the result of higher cash costs per ounce, an increase in treatment charges from concentrate sales, lower silver equivalent ounces due to higher silver prices, and an increase in spend on capital projects. As of June 30, 2026, the project to expand the capacity of tailings storage facility No. 3 at the Caylloma Mine was 28% complete and progressing according to plan. Conference Call and Webcast A conference call to discuss the financial and operational results will be held on Thursday, August 6, 2026, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, David Whittle, Chief Operating Officer - West Africa, and Cesar Velasco, Chief Operating Officer - Latin America. Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at https://www.webcaster5.com/Webcast/Page/1696/54329 or over the phone by dialing in just prior to the starting time. Conference call details: Date: Thursday, August 6, 2026Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time Dial in number (Toll Free): +1.888.506.0062Dial in number (International): +1.973.528.0011Access code: 233185 Replay number (Toll Free): +1.877.481.4010Replay number (International): +1.919.882.2331Replay passcode: 54329 Playback of the earnings call will be available until August 20, 2026. Playback of the webcast will be available until Friday, August 6, 2027. In addition, a transcript of the call will be archived on the Company’s website. About Fortuna Mining Corp.Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website at www.fortunamining.com ON BEHALF OF THE BOARD Jorge A. GanozaPresident, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | [email protected] | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok Qualified Person Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data. Non-IFRS Financial Measures The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: all-in costs; cash cost per ounce of gold sold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA, adjusted EBITDA margin and working capital. These non-IFRS financial measures and non-IFRS ratios 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 and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis for the three and six months ended June 30, 2026 (“Q2 2026 MDA”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor. The Q2 2026 MD&A may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar under the Company’s profile. The Company has calculated these measures consistently for all periods presented with the exception of the following: The calculation of Adjusted EBITDA was revised to no longer include right of use payments. Management elected to make the change to simplify the calculation and to better align with our peers to improve comparability Reconciliation of Debt to total net debt as at June 30, 2026 Income to attributable adjusted net income for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025 Reconciliation of net income to adjusted EBITDA for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025 Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025 Reconciliation of cost of sales to cash cost per GEO sold for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025 Reconciliation of cost of sales to all-in sustaining cash cost per GEO sold from continuing operations for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025 Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025 Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025 Additional information regarding the Company’s financial results and ongoing activities is available in the unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and 2025 and accompanying Q2 2026 MD&A. These documents can be accessed on Fortuna’s website at www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgarwww.sec.gov/edgar. Forward-looking Statements This news release 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 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 news release include, without limitation, statements about the Company's plans for its mines and mineral properties; the Company’s expectation that it is on track to deliver its 2026 production guidance; statements regarding the Company’s anticipated areas of growth, including the Séguéla expansion project which anticipates an increase in annual production at the mine; the anticipated construction of the Diamba Sud project and statements regarding the economics of the project as presented in the project’s feasibility study; expectations regarding increased consolidated production resulting from the Séguéla plant expansion project and the proposed construction of a mine at the Diamba Sud project; expectations that the Company’s operating costs will trend downwards from the second quarter of 2026 to come within cost guidance by the end of the year; changes in Senior Management of the Company effective September 1, 2026 the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “expected”, “anticipated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “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 news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. 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 the Company and its business and properties. These projections are provided to describe the prospective performance of the Company's business. 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, operational risks relating to mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; occupational health and safety hazards; hazards and risks relating to tailings, heap leach and waste rock facilities; critical infrastructure failures; uncertainties relating to new mining operations; uncertainties relating to the timing of obtaining permits for new projects, such as the exploitation permit for the Diamba Sud project, or for the expansion of existing projects, such as the environmental permit for underground operations at the Sunbird deposit at the Séguéla mine; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including maintaining, obtaining or renewing environmental permits and potential liability claims; inability to meet sustainability, environmental, diversity or safety targets, goals, and strategies (including greenhouse gas emissions reduction targets); risks associated 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; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, Iran – Israel and US, and Israel – Hamas conflicts, and the impact they may have on global economic activity which may have impacts on the Company’s operational and capital expenditure budgets, including for the Diamba Sud project and the expansion of the Séguéla processing plant; risks relating to the termination of the Company’s mining concessions in certain circumstances; risks related to International Labor Organization (“ILO”) Convention 169 compliance; developing and maintaining good 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 obtain adequate financing for planned exploration and development activities and expansion projects such as the expansion of the Séguéla processing plant; substantial reliance on the Séguéla Mine and the Lindero Mine for revenues; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; reliance on key personnel; uncertainty relating to potential conflicts of interest involving the Company’s directors and officers; risks associated with the Company’s reliance on local counsel and advisors and the experience of its management and board of directors in foreign jurisdictions; adequacy of insurance coverage; operational safety and security risks; risks related to the Company’s compliance with the United States Sarbanes-Oxley Act; risks related to the foreign corrupt practices regulations and anti-bribery laws; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to pandemics, epidemics and public health crises; and the impact they might have on the Company’s business, operations and financial condition; the Company’s ability to access its supply chain; the ability of the Company to transport its products; and impacts on the Company’s employees and local communities all of which may affect the Company’s ability operate; competition; fluctuations in metal prices; regulations and restrictions with respect to imports; the imposition of trade tariffs and the effect that they might have on the Company’s operations; high rates of inflation; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and restrictions on foreign exchange and currencies; failure to meet covenants under its credit facility, or an event of default which may reduce the Company’s liquidity and adversely affect its business; tax audits and reassessments; risks relating to hedging; uncertainty 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; uncertainty relating to nature and climate change conditions; 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; risks related to the volatility of the trading price of the Company’s common shares; dilution from further equity or convertible debenture financings; risks related to future insufficient liquidity resulting from a decline in the price of the Company’s common shares; uncertainty relating to the Company’s ability to pay dividends in the future; risks relating to the market for the Company’s securities; risks relating to the convertible notes of the Company; and uncertainty relating to the enforcement of any U.S. judgments which may be brought against the Company; as well as those factors referred to in the “Risks and Uncertainties” section in this MD&A and in the “Risk Factors” section in our Annual Information Form for the financial year ended December 31, 2025 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar.shtml. 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 not to be as 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; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations, the ability to meet current and future obligations 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 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. Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources Reserve and resource estimates included in this news release 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 from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/9eddae4e-34d4-43a2-b875-b14aeae0faea

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Fortuna Mining Corp (NYSE:FSM) delivered strong financial results in Q2 2026, with adjusted attributable net income of $75 million and a robust adjusted EBITDA margin of 63%. The company generated significant free cash flow of $85.7 million in Q2, bringing the first-half total to $260 million, and maintained a strong balance sheet with a net cash position of approximately $435 million. Fortuna Mining Corp (NYSE:FSM) is executing on its growth strategy, with the Diamba Sud feasibility study confirming a robust project and the board approving a 30% plant expansion at Seguela, supporting a path to exceed 500,000 ounces of annual gold production by mid-2028. The company returned $82 million to shareholders through share buybacks in Q2, demonstrating a disciplined capital allocation strategy that balances growth funding with shareholder returns. Operational performance remained on track, with year-to-date production of 145,089 gold equivalent ounces keeping the company aligned with its annual production guidance, and the Seguela mine delivered a solid quarter with production in line with the mine plan. Fortuna Mining Corp (NYSE:FSM) experienced a fatal accident at the Seguela mine involving a contractor truck operator, highlighting ongoing safety risks and the need for renewed focus on heavy equipment controls and contractor management. Consolidated all-in sustaining costs (AISC) increased to $2,157 per ounce in Q2, up from Q1, driven by one-time expenses including primary crusher refurbishment at Lindero and contractor mobilization costs at Seguela. The company faces external cost pressures, including royalties linked to metal prices, Argentina's macroeconomic conditions (including peso appreciation), and diesel and consumable inflation, which could impact full-year AISC guidance. Lindero's Q2 AISC rose to $2,265 per ounce due to temporary crusher-related costs, equipment rentals, and inflationary pressures in Argentina, although the company expects costs to trend lower in the second half. The effective tax rate increased to 46% in Q2, primarily due to higher deferred tax expenses at Lindero, and the company expects these deferred tax charges to continue for the remainder of 2026. Warning! GuruFocus has detected 7 Warning Signs with OTF. Is FSM fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more color on the Diambassou project and whether you believe this could be the first mine in a much larger mining district in Senegal?A: Jorge Canosa (President and CEO) confirmed that Diambassou sits at the core of one of the most prolific gold districts in West Africa. He highlighted the proximity to major operations like the Loulo-Gounkoto complex in Mali (over 20 million ounces produced historically) and Mana Mine in Burkina Faso, all on the same geological belt. He described Diambassou as a "beachhead" in a district-scale opportunity, with the company actively looking to expand its land holdings in the area. Q: With $435 million in net cash and identified capital needs of around $400 million for Diambassou, $100 million for Seguela, and another $100 million in Argentina, can you fund all these development projects without going back to the market?A: Jorge Canosa (President and CEO) gave a definitive "yes," stating that the company's cash position, liquidity, and cash flows generated by the business at different price scenarios support funding all capital projects without issuing a single share. He reiterated the capital allocation priorities: funding organic growth (60% production increase by mid-2028), funding exploration (budget expanded to $60-65 million), maintaining a strong balance sheet, and returning capital via share buybacks. Q: Regarding the cost guidance, are the $115 per ounce one-time operational items (contractor mobilization at Seguela and crusher work at Lindero) fully completed in Q2, or will they continue into Q3?A: Jorge Canosa (President and CEO) confirmed these are one-time charges that will not carry into the third quarter. He clarified the Seguela contractor is an earthmoving contractor assigned to one of the pits, not the underground contractor. The crusher refurbishment work at Lindero is also complete, with costs expected to trend down in the second half. Q: You mentioned Q2 is the peak for ASIC and H2 should be lower. Is that a sequential decrease where Q4 is better than Q3, or is it similar across Q3 and Q4?A: Jorge Canosa (President and CEO) stated that based on projections, they expect a pronounced decline in ASIC at the Lindero mine in Q3, leveling off into Q4. Internal factors should keep ASIC within guidance, though external factors like Argentina macroeconomics remain a wild card. He noted the $2,000 per ounce range is plausible for the second half, with performance potentially tracking below that if external factors normalize. Q: For the Seguela plant expansion, how much of the production increase is driven by the underground expansion, and what's the split between open pit and underground mining tonnage?A: David Will (Chief Operating Officer, West Africa) explained the expansion increases throughput from 1.75 million tons per annum to 2.3 million tons per annum. The underground, once in full production, will contribute approximately 0.5 million tons per year at the initial stage, representing roughly 20% of the expanded throughput. Q: You've been accelerating share repurchases over the past few quarters. What should we expect as the run rate going forward? Is the Q2 level a good number to model?A: Jorge Canosa (President and CEO) noted Q1 purchases were around $20 million, while Q2 was approximately $80 million, representing the highest level of repurchases historically executed in a quarter. He indicated that $80 million appears to be a peak, and investors should expect a more measured pace going forward, balancing buybacks against liquidity requirements for expanding needs and market conditions. Q: Is it fair to assume the $115 per ounce external factor or one-time operational items impact will be removed in the second half, trending closer to $2,000 per ounce on an ASIC basis?A: Jorge Canosa (President and CEO) confirmed that adjusting for external factors, the company is tracking to perform below $2,000 per ounce. The one-time items from Lindero (crusher refurbishment rentals) and Seguela (contractor mobilization) are complete and will not carry forward. He stated the $2,000 level is reasonable given today's environment, with the main risk being Argentina macroeconomics. Q: For the Seguela plant expansion capital budget of $109 million and the $48 million underground development budget, over what period will this capital be spent?A: Jorge Canosa (President and CEO) explained the $48 million underground budget covers portal preparation, mining fleet purchases, and building the underground team, with most spent this year and into early 2027. This budget does not include development, which will be presented in the 2027 budget cycle. The $109 million expansion capital will be spent throughout the period until project delivery in mid-2028 (Q2 or Q3), though the company is still developing the quarterly spend plan. Q: You increased your stake in Awale. Any updates on how you're viewing that investment?A: Jorge Canosa (President and CEO) stated the company exercised a top-up option in the initial agreement. They continue to view Awale's development positively, as it represents geology they are comfortable withan extension of the belt they understand. Fortuna maintains approximately a 14-15% stake in the company. Q: Regarding the Guyana investment at Quartz Ridge, have you had a chance to get in there and what are your impressions of operating in the country?A: Jorge Canosa (President and CEO) expressed excitement about the opportunity, noting Guyana uses natural resources as a strategy for development, with a constructive view on mining. The company likes the geology at Quartz Ridge and sees tremendous discovery potential. They are in the final stages of building a local team and expect to begin initial drilling toward the start of Q4. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Fortuna Mining (TSX:FVI) has set August 5, 2026, after market close, for the release of its second quarter financial statements and MD&A, followed by a management-hosted conference call on August 6. See our latest analysis for Fortuna Mining. At a latest share price of CA$12.09, Fortuna Mining’s 1 day and 7 day share price returns of 2.20% and 5.68% suggest near term momentum. This is set against a 1 year total shareholder return of 29.17% and a very large 3 year total shareholder return that points to a strong longer term story. If this earnings update has you looking beyond a single stock, it could be a good moment to see what other precious metal producers are doing through our curated list of 33 elite gold producer stocks. After Fortuna Mining’s recent bounce, some investors may see momentum while others prefer to wait for a cooler entry. How does the current share price compare with its estimated value and recent performance profile? Compared with Fortuna Mining’s last close at CA$12.09, the most followed narrative sees fair value at CA$18.65, anchored on higher future earnings and margins. Read the complete narrative. There is a full earnings roadmap behind that CA$18.65 figure. It ties richer margins to much larger profit and a tighter share count. Curious which assumptions really move the dial? Result: Fair Value of CA$18.65 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this Fortuna Mining narrative could be challenged if high all in sustaining costs persist, or if Diamba Sud and Séguéla expansion timelines or permits slip. Find out about the key risks to this Fortuna Mining narrative. With optimism around Fortuna Mining's potential rewards already on display, this may be a good moment to act promptly and review the data for yourself using the 3 key rewards. If Fortuna Mining has sharpened your focus, do not stop here. The next smart move is lining up a few more quality ideas before the market gets ahead of you. Target dependability with 6 dividend fortresses that aim to combine income potential with staying power when markets get choppy. Hunt for mispriced opportunities using the 5 high quality undervalued stocks built to surface stocks where fundamentals and price tell different stories. Spot tomorrow’s standouts early through the screener containing 10 high quality undiscovered gems before wider attention starts closing the gap between perception and potential. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FVI.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

VANCOUVER, British Columbia, July 09, 2026 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reports production results for the second quarter and first half of 2026 from its three operating mines in West Africa and Latin America, and provides updates on growth initiatives, capital allocation, safety, and key operating activities across its portfolio. All figures presented in this news release are expressed in U.S. dollars, unless otherwise indicated. Q2 2026 highlights Production Production totaled 72,217 gold equivalent ounces (“GEO”)1,2 in the second quarter of 2026, broadly in line with 72,872 GEO in Q1 20262,5,6 and slightly above 71,229 GEO in Q2 20252,3,4. First-half production totaled 145,089 GEO, positioning the Company to achieve its 2026 annual production guidance of 281,000 to 305,000 GEO7. Growth initiatives Séguéla process plant expansion studies were completed in late June by Lycopodium. The proposed expansion would increase processing capacity to approximately 2.3 million tonnes per annum and is currently being evaluated for a construction decision expected in the coming weeks. Diamba Sud advanced toward a final investment decision following the receipt of the Environmental and Social Impact Assessment (ESIA), and the publication of feasibility study (FS) results. The FS highlighted a robust project with an after-tax NPV5% of $1.0 billion, an IRR of 60%, and a one-year payback period at a gold price of $3,500 per ounce8. Return to shareholders Returned $80.2 million to shareholders through the repurchase of 8.6 million common shares under the Company’s normal course issuer bid during the second quarter of 2026, at an average price of $9.32 per share. This follows $20.3 million of share repurchases in Q1 2026, and $12.1 million in Q4 2025. Safety It is with deep regret that we report a fatal accident involving an employee of one of our mining contractors at the Séguéla Mine. The accident involved a haul truck. Following the accident, a comprehensive investigation was completed and resulting learnings have been incorporated into the Company’s ongoing safety and operational controls. Total Recordable Injury Frequency Rate (TRIFR) for Q2 2026 was 1.23, compared to 1.16 in Q1 2026 per million hours worked. Q2 and H1 2026 consolidated GEO production Notes: Gold equivalent ounces (“GEO”) include gold, silver, lead, and zinc and are calculated using the following metal prices: $4,446/oz Au, $75.21/oz Ag, $1,930/t Pb, and $3,464/t Zn, or Au:Ag = 1:59.11, Au:Pb = 1:2.30, Au:Zn = 1:1.28. Consolidated production excludes the divested operations of the San Jose and Yaramoko mines. Refer to Fortuna news release dated July 9, 2025, “Fortuna delivers production of 71,229 gold equivalent ounces from ongoing operations for the second quarter of 2025.” GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,306/oz Au, $33.77/oz Ag, $1,945/t Pb and $2,640/t Zn, or Au:Ag = 1:97.90, Au:Pb = 1:1.70, Au:Zn = 1:1.25. Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and provides a business update.” GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,874/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn, or Au:Ag = 1:58.94, Au:Pb = 1:2.54, Au:Zn = 1:1.50. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 Outlook.” Refer to Fortuna news release dated June 29, 2026, “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz.” West Africa region Séguéla Mine, Côte d’Ivoire: Advancing growth initiatives Notes: Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and provides a business update” Production includes doré only Mining Séguéla mined a total of 433,231 tonnes of ore, averaging 3.06 g/t Au and containing an estimated 42,555 ounces of gold from the Antenna, Ancien, Koula, and Sunbird pits. A total of 5,902,142 tonnes of waste was mined during the period, resulting in a strip ratio of 13.6:1. Additionally, 731,647 tonnes of waste was mined during the quarter at Sunbird South to gain access to the underground portal position. Processing Séguéla produced 41,683 ounces of gold during the quarter at an average head grade of 3.46 g/t Au, broadly in line with the previous quarter and slightly ahead of the mine plan. Tonnes milled were slightly lower than in the previous quarter, reflecting a planned mill reline during the period. Project updates Process plant expansion study Process plant expansion studies were completed during the quarter by Lycopodium, including requirements for supporting infrastructure. The proposed expansion would increase processing capacity to approximately 2.3 million tonnes per annum and is designed to improve recoveries through increased residence time in the leach circuit. The scope primarily includes the addition of a ball mill and increased thickener, leach, and gravity circuit capacity, with existing primary crushing capacity determined to be sufficient for the proposed throughput. Estimated project capital is approximately $100 million, including additional backup power generation capacity and supporting infrastructure. The project is currently being evaluated for a construction decision. Sunbird Underground Project The Sunbird Underground Project continued to advance. During the quarter, Fortuna announced a 34% increase in estimated Mineral Reserve gold ounces and a 55% increase in Inferred Mineral Resource gold ounces for the Sunbird Underground deposit. Drilling continues to infill Inferred Mineral Resources and test down-dip and strike extensions. In parallel, the Company approved a $48 million budget for underground equipment, infrastructure, and the establishment of an owner-operator team, with orders already placed for long-lead items. The ESIA for the Sunbird Underground Project has been filed with the government of Côte d’Ivoire and is at an advanced stage of review, with the permit expected to be received in Q4 2026. Solar power plant The 6 MW photovoltaic solar power plant has been commissioned. In light of the expected advancement of the process plant expansion and Sunbird Underground Project, the Company is evaluating an expansion of the solar plant to 10 MW. No upfront capital investment by Fortuna would be required for this expansion, as the contractor would incorporate the related capital cost into its fee. Exploration activities During the quarter, two additional drill rigs were mobilized to Séguéla, increasing the total number of rigs on site to seven. Two rigs remain active at Sunbird, while the remaining five are focused on upgrading Kingfisher Inferred Mineral Resources to Indicated status and testing further extensions of the Kingfisher deposit. Year-to-date production Séguéla produced a total of 83,699 ounces of gold in the first half of 2026 and remains on track to achieve annual production guidance, while advancing key growth initiatives including the process plant expansion study and Sunbird Underground Project. Diamba Sud Gold Project, Senegal: Advancing toward final investment decision During the second quarter of 2026, the Diamba Sud Gold Project advanced toward a final investment decision following the receipt of the ESIA and publication of feasibility study results. The related NI 43-101 Technical Report is expected to be filed on SEDAR+ within the required 45-day period. Early works and procurement activities continued to support project readiness, including construction of the new site access road and installation of additional temporary accommodation and office facilities for the owner’s project and pre-production teams. The contract for a new 320-person camp has been awarded, and tendering for other major construction packages is well advanced. Letters of award have been issued for the project’s critical path contracts, including the process plant and power station, securing the delivery schedule for the heavy fuel oil generators, the project’s longest-lead item, which are expected in mid-2027. In addition, tenders for all process plant long-lead equipment, including the SAG mill and jaw crusher, have been launched, with purchase orders expected early in the third quarter. The project remains positioned for a final investment decision, supporting continued momentum toward first gold production in mid-2028. Latin America region Lindero Mine, Argentina: Positioned for stronger second-half production Notes: Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and provides a business update.” Production includes doré, gold-in-carbon, and gold in copper concentrate. Mining During the first half of 2026, Lindero placed on the leach pad approximately 95% of the ounces planned for the period required to achieve the midpoint of its annual production guidance. With the completion in the second quarter of key capital projects aimed at improving comminution reliability and availability, the operation is well positioned to deliver stronger production and lower sustaining costs in the second half of the year. During the second quarter, Lindero mined 1.38 million tonnes of ore at a strip ratio of 1.81:1. A total of 1.56 million tonnes was stacked on the leach pad at an average gold grade of 0.64 g/t, containing an estimated 32,008 ounces of gold. Gold ounces placed increased by 4.8% compared to the first quarter, in line with the planned mine sequence and supporting anticipated production growth in the remainder of 2026. Processing Lindero produced 20,829 ounces of gold during the second quarter of 2026, broadly consistent with production levels achieved in the first quarter. Looking ahead, with all major plant capital projects now complete, Management expects improved mechanical availability across the processing circuit, supporting higher crushing and stacking rates. Combined with higher ore grades scheduled in the mine plan for the second half of the year, these improvements are expected to drive a significant increase in gold production and support the achievement of Lindero’s 2026 annual guidance. Year-to-date production Lindero produced a total of 42,374 ounces of gold in the first half of 2026 and remains on track to achieve annual production guidance. Exploration activities Brownfields exploration at Lindero continued during the quarter, with two drill rigs focused on testing Inferred Mineral Resources and open mineralization areas below the ultimate Mineral Reserve pit shell. The program is advancing as planned and is expected to be completed during the third quarter of 2026. At the Cerro Lindo gold prospect, drilling is targeting approximately 7,000 metres, with the current campaign expected to be completed by year-end. Caylloma Mine, Peru: Continued strong operating performance Notes: Refer to Fortuna news release dated April 9, 2026, “Fortuna reports production of 72,872 gold equivalent ounces in the first quarter of 2026 and provides a business update.” Metallurgical recovery for silver is calculated based on silver content in lead concentrate. GEO production includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,446/oz Au, $75.21/oz Ag, $1,930/t Pb and $3,464/t Zn, or Au:Ag = 1:59.11, Au:Pb = 1:2.30, Au:Zn = 1:1.28. GEO production includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,874/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn, or Au:Ag = 1:58.94, Au:Pb = 1:2.54, Au:Zn = 1:1.50. MiningMine production totaled 133,940 tonnes of ore in the second quarter, predominantly from overhand cut-and-fill mining, which accounted for 75% of production, with 25% extracted through sub-level stoping. ProcessingCaylloma produced 231,294 ounces of silver during the second quarter at an average head grade of 62 g/t Ag, a 10% decrease compared to the previous quarter, in line with the planned mining sequence for the period. Zinc and lead production totaled 12.0 million pounds and 7.8 million pounds, respectively, at average head grades of 4.26% Zn and 2.76% Pb, reflecting consistent production when compared to the first quarter and in line with the mining sequence. Project updateAs of June 30, 2026, the project to expand the capacity of tailings storage facility No. 3 at the Caylloma Mine was 28% complete and progressing according to plan. Year-to-date productionCaylloma produced 9,705 GEO in the second quarter and 19,016 GEO in the first half of 2026, positioning the mine to achieve its annual production guidance. Qualified Person Eric Chapman, Senior Vice President of Technical Services for Fortuna Mining Corp., is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration No. 36328), and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data. About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Guinea, Guyana, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | [email protected] | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok Forward-looking Statements This news release 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 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 news release include, without limitation, statements about the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations; statements reiterating the Company’s 2026 annual production guidance and the likelihood of the Company meeting such annual production guidance, including that the Lindero Mine is positioned for a stronger second half of 2026 to achieve mid-point of its production guidance; statements relating to the planned underground project at the Séguéla Mine and the anticipated timing for the receipt of the ESIA for the project; the evaluation of an expansion to the solar power plant at the Séguéla Mine and the costs related to same; the evaluation of the results from the processing plant expansion studies at Séguéla and the estimated resulting increase in tonnes milled and improvement in recoveries, the timing of a construction decision for the plant expansion; statements regarding the Company’s brownfields and greenfields exploration activities; statements regarding the development of the Diamba Sud gold project, including the timing of the filing of the feasibility study, delivery of long lead items, final investment decision and first gold pour; statements regarding the completion of certain capital projects with the expectation of improving comminution reliability and availability and improved mechanical availability across the processing circuit; statements regarding the project to increase tailings storage facility at the Caylloma Mine; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; the future financial or operating performance of the Company; the Company’s ability to comply with contractual and permitting or other regulatory requirements; 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,” “projected,” “used,” “detailed,” “has been,” “gain,” “planned,” “reflecting,” “will,” “anticipated,” “estimated,” “containing,” “remaining,” “to be,” or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. 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, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; 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); risks associated 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; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, Israel- – Hamas, and Iran – Israel and United States conflicts, and the impacts such conflicts 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 obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; 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 and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty 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; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. 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 the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery 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; geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms including for the construction of a mine at the Diamba Sud Project and the underground mining method at the Séguéla Mine; that there will be no significant disruptions affecting the Company’s operations 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 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. Cautionary Note to United States Investors Concerning Mineral Resources and Mineral Reserves Technical disclosure regarding the Company’s properties included herein has 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. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and information included herein may not be comparable to similar information disclosed by U.S. companies.GEO production includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,874/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn, or Au:Ag = 1:58.94, Au:Pb = 1:2.54, Au:Zn = 1:1.50. A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/36d0427d-c7d8-486c-b27d-77d9daa84a37.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Fortuna Mining (TSX:FVI) reported record financial results for Q1 2026. The Séguéla Mine delivered a standout operating performance during the quarter. The company is working on key growth projects, including a potential plant expansion at Séguéla. Fortuna Mining is also progressing plans for the Diamba Sud project. For investors following gold and silver producers, Fortuna Mining sits at the intersection of operating mines and growth projects. The Q1 2026 update provides additional detail on that story, with Séguéla identified as a key contributor alongside the broader portfolio. The focus now turns to how the company uses this period of strong execution to shape its next phase. The potential plant expansion at Séguéla and advancement of Diamba Sud indicate that management is preparing for larger, longer term decisions. For shareholders, the combination of record quarterly results and active project planning makes this update more than just another earnings release and highlights capital allocation choices that may be important to monitor. Stay updated on the most important news stories for Fortuna Mining by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Fortuna Mining. 📰 Beyond the headline: 0 risks and 5 things going right for Fortuna Mining that every investor should see. Record Q1 2026 figures give you a clearer picture of how Fortuna Mining is turning higher gold prices and better mine performance into earnings. Sales of US$342.47m and net income of US$111.01m for the quarter, compared with US$195.04m and US$58.5m a year earlier, point to stronger profitability, with basic EPS from continuing operations at US$0.36 versus US$0.19. The Séguéla Mine sits at the center of this, with higher production and improved head grade supporting the result and reinforcing Fortuna’s pivot toward West Africa as a core producing region. The strong quarter and Séguéla’s contribution align with the narrative that expansion projects in West Africa can support higher production and new revenue streams over time. The reliance on fewer core assets, including Séguéla and future output from Diamba Sud, underlines the concentration risk that the narrative already flags, especially if project execution or permitting slips. Insider buying by the CEO and active share repurchases add a capital-allocation angle that is not fully reflected in the narrative’s focus on growth projects and cost efficiency. Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Fortuna Mining to help decide what it's worth to you. ⚠️ Fortuna’s heavier dependence on a smaller set of mines can magnify the impact of any operational or regulatory issues at Séguéla or future West African assets. ⚠️ Growth projects such as the potential Séguéla plant expansion and Diamba Sud require ongoing capital, which can pressure free cash flow if costs rise or timelines slip. 🎁 Q1 2026 results show higher sales and earnings, which supports the view that Fortuna can convert operational performance into stronger profitability. 🎁 Progress on Diamba Sud, supported by a defined resource base, gives Fortuna another potential gold source alongside Séguéla for future production mix and cash generation. From here, keep an eye on management’s mid year decisions on the Séguéla plant expansion and the development plan for Diamba Sud, as these will shape Fortuna’s production mix and cost profile for years. Monitor how consistently Séguéla delivers on grade and throughput targets, since that mine currently carries much of the earnings story, and watch any further insider transactions or share repurchases for signals on how management views capital allocation and the company’s prospects. To ensure you're always in the loop on how the latest news impacts the investment narrative for Fortuna Mining, head to the community page for Fortuna Mining to never miss an update on the top community narratives. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FVI.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Avino Silver & Gold Mines Ltd. ASM posted adjusted earnings of 14 cents per share for the first quarter of 2026, topping the Zacks Consensus Estimate of 7 cents. Quarterly revenues came in at a record $39.4 million, surging 109% year over year and surpassing the Zacks Consensus Estimate of $35 million. Results reflected stronger realized metal pricing and an improved operating performance. Including one-time items, the company registered earnings of 9 cents per share compared with earnings of 4 cents in the year-ago quarter. Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote Payable silver-equivalent sold dipped 15% year over year to 483,724 ounces. The company recorded cash costs of $24.46 per silver-equivalent payable ounce, a 94% rise from $12.62 in the year-ago quarter. Consolidated all-in sustaining costs were $34.72 per silver payable equivalent ounce compared with $20.08 in the fourth quarter of 2025. Mine operating income reached $23.4 million, soaring 122% from the year-ago quarter, indicating that the company captured meaningfully higher per-ounce economics even as production metrics were mixed. EBITDA of $25.5 million recorded a 163% year-over-year upsurge, reflecting stronger margins as revenues scaled. Operationally, the company leaned on processing performance. Tons milled increased 11% year over year to 185,497, which management attributed to improved mill throughput tied to targeted upgrades and automation initiatives. Production volumes, however, were mixed. Silver-equivalent ounces produced totaled 568,112, down 10% from the year-ago quarter. Within that, silver ounces produced dipped 1% year over year to 263,057, while gold ounces produced declined 17% to 1,851 and copper pounds produced fell 16% to 1.34 million. Avino Silver highlighted progress at La Preciosa, wherein development production contributed 49,830 silver ounces. The company also reiterated planned drilling activity for 2026, targeting 15,000 meters at La Preciosa with 2,600 meters completed by the quarter-end. Cash generation and liquidity improved materially. Cash provided by operating activities was $13.6 million, a sharp jump from $0.8 million a year ago, reflecting higher profitability and operating cash creation. The balance sheet also strengthened. Cash ended the quarter at $139 million, up from $102 million at the end of 2025. The company reported working capital of $139.7 million, indicating substantial near-term liquidity to support operational needs and investment priorities. Shares of the company have skyrocketed 193.2% over the past year compared with the industry’s 234.7% surge. During this time, the Basic Materials sector has jumped 52.7%, whereas the S&P 500 has grown 31.2%. Image Source: Zacks Investment Research The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Fortuna Mining Corp. FSM produced 72,872 gold-equivalent ounces from ongoing operations in the first quarter of 2026, which marked a 3.5% increase from the year-ago quarter. The reported figure also marked an increase of 11.9% from the fourth quarter of 2025. Fortuna Mining posted adjusted earnings of 35 cents in the first quarter, marking a year-over-year increase of 75%. FSM’s top line came in at $342 million compared with the prior-year quarter’s $290 million. Endeavour Silver Corporation EXK produced 3.3 million silver-equivalent ounces in the first quarter of 2026. This reflected a 78% surge from the year-ago quarter, driven by the addition of the Kolpa operation. Consolidated silver production at Endeavour Silver rose 56% year over year to 1,875,375 ounces. Endeavour Silver’s gold production in the quarter increased 41% year over year to 11,740 ounces. Endeavour Silver posted adjusted earnings of 21 cents in the quarter, beating the Zacks Consensus Estimate of 10 cents. EXK posted break-even earnings in the first quarter of 2025. The company’s top-line surged 228% year over year to $210 million and surpassed the Zacks Consensus Estimate of $150 million. Buenaventura Mining BVN posted adjusted earnings of $1.32 per share in the first quarter, marking a year-over-year rally of 140%. The bottom line also surpassed the Zacks Consensus Estimate of $1.09. Buenaventura Mining posted revenues of $625 million in the first quarter of 2026, surpassing the Zacks Consensus Estimate of $600 million. The top line surged 103% year over year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Buenaventura Mining Company Inc. (BVN) : Free Stock Analysis Report Endeavour Silver Corporation (EXK) : Free Stock Analysis Report Fortuna Mining Corp. (FSM) : Free Stock Analysis Report Avino Silver (ASM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research