Fortuna Mining (FVI) Investor presentation summary

Strategic positioning and growth

• Positioned for high-value growth with a focus on West Africa and Latin America, targeting ~500,000 oz Au per year in the long term.

• Returned $20 million to shareholders via Q1 2026 share buybacks and maintains a net cash position exceeding $380 million at 2025 year-end.

• Built five mines across key jurisdictions, with significant mineral reserves and resources totaling 3.0 Moz GEO reserves and 2.2 Moz measured & indicated.

• 2026 consolidated production guidance is 281,000–305,000 GEO at an AISC of $1,830–$1,975 per GEO.

Operational performance and financials

• Achieved strong FY2025 results: $947.1M sales, $455.4M net cash from operations, $330M free cash flow, and $203.1M adjusted net income.

• Maintains a fortress balance sheet with liquidity rising to $704M and net cash at $459M by Q4 2025.

• Q1 2026 production from ongoing operations reached 72,872 GEO, on track for annual guidance.

• Divestitures of San Jose and Yaramoko mines in 2025 streamlined the portfolio and focused growth.

Key assets and project pipeline

• Séguéla Mine (Côte d'Ivoire): 2026E production of 160,000–170,000 oz Au, AISC $1,630–$1,730/oz, 1.6 Moz Au reserves, 9-year LOM; plant expansion study due mid-2026, targeting 200,000+ oz Au/year.

• Diamba Sud Project (Senegal): Indicated resources up 73% to 1.25 Moz Au; PEA shows after-tax NPV5% of $563M, IRR 72%, AISC $904/oz for initial 3 years; construction decision expected mid-2026.

• Lindero Mine (Argentina): 2026E production 92,000–102,000 oz Au, AISC $1,520–$1,655/oz, 1.1 Moz Au reserves, 9-year LOM; ongoing infill drilling to extend mine life.

• Caylloma Mine (Peru): 2026E 0.8–1.0 Moz Ag, 25–28 Mlbs Pb, 39–43 Mlbs Zn, 3.5-year LOM; 100% renewable energy supply.