Communicators

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

Vancouver, November 5, 2025: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”)  (“Fortuna” or the “Company”) - https://www.commodity-tv.com/ondemand/companies/profil/fortuna-mining-inc/ - today reported its financial and operating results for the third quarter of 2025.

(Results from the Company’s San Jose and Yaramoko assets have been excluded from its Q3 2025 continuing results, along with the comparative figures, due to the classification of the assets as discontinued as at June 30, 2025.)

Jorge A. Ganoza President and CEO of Fortuna, commented, “Fortuna delivered a strong third quarter, keeping us on track to meet our annual production guidance. Higher gold prices and consistent mine performance generated $73.4 million in free cash flow from operations—up $16.0 million from Q2.” Mr. Ganoza continued, “Cash costs remained below $1,000/oz, and AISC at our mines is tracking within guidance. Lindero’s AISC is trending lower, and we expect similar improvements at Séguéla as it completes key investments to support 2026 production of 160,000–180,000 ounces.” Mr. Ganoza concluded, “Our balance sheet continues to strengthen, with nearly $600 million in liquidity and $265.8 million in net cash. This positions us to fund high-impact growth initiatives, including Diamba Sud, unlocking the full potential of the Séguéla Mine, and expanding exploration across West Africa and Latin America.”

Third Quarter 2025 Highlights

Cash and Cashflow

-          Free cash flow1 from ongoing operations of $73.4 million, and net cash from operating activities before changes in working capital of $113.9 million or $0.37 per share. The quarter included $13.6 million in withholding taxes paid related to the repatriation of $118.2 million from Argentina and Côte d’Ivoire

-          Liquidity increased to $588.3 million, and the net cash1 position strengthened to $265.8 million, from $214.8 million in Q2 2025

-          Quarter-end cash balance of $438.3 million, an increase of $51.0 million QoQ

Profitability

-          Attributable net income from continuing operations of $123.6 million or $0.40 per share, a QoQ increase of $0.26

-          Adjusting for impairment reversals at Lindero, attributable adjusted net income1 from continuing operations was $51.0 million or $0.17 per share, a QoQ increase of $0.02. Results include the impact of $0.04 per share from a $6.3 million increase in share-based compensation (“SBC”) expense, due to the rise in share price, and a $7.4 million FX loss

-          Adjusted EBITDA margin1 was 52%, compared to 56% in Q2 2025. QoQ, excluding the impact of higher SBC and FX gains/losses, the EBITDA margin improved from 55% to 58%

Operational

-          Gold equivalent production (“GEO”) of 72,462 ounces from continuing operations2  

-          Consolidated cash cost per GEO1 from continuing operations of $942, compared to $929 in Q2 2025

-          Consolidated AISC per GEO1 from continuing operations of $1,987 compared to $1,932 in Q2 2025. AISC includes a one-time impact of $80 related to a higher SBC expense

-          Year-to-date TRIFR of 0.86 reflects continued strong safety performance; zero lost time injuries in the quarter

Growth and Business Development

-          Completed a Preliminary Economic Assessment (“PEA”) for the Diamba Sud Gold Project, confirming robust project economics for the development of an open-pit mine and conventional carbon-in-leach processing plant. Refer to Fortuna news release dated October 15, 2025, “Fortuna delivers robust PEA for Diamba Sud Gold Project in Senegal: After-tax IRR of 72% and NPV5% of US$563 million using US$2,750 per ounce”

-          Advancing the Diamba Sud project towards a Definitive Feasibility Study and a construction decision in the first half of 2026

Cautionary Statement: The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves; as such, there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.3

Third Quarter 2025 Consolidated Results

Third Quarter 2025 Results

Q3 2025 vs Q2 2025

Cash cost per ounce and AISC

Cash cost per GEO sold from continuing operations was $942 in Q3 2025, representing a marginal increase from the $929 recorded in Q2 2025.

All-in sustaining costs per GEO from continuing operations was $1,987 in Q3 2025 representing a $55 increase from the $1,932 recorded in Q2 2025. The rise was primarily driven by a one-time increase of $80 per GEO in share-based compensation. This expense resulted from the revaluation of cash-settled share units due to the higher share price during the quarter.   The impact was partially offset by higher ounces sold.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations for the period was $123.6 million, compared to $42.6 million in Q2 2025. Net income reflects the reversal of an impairment charge of $52.7 million and a reversal of a previous write-down of $16.7 million of low-grade stockpiles at Lindero as a result of an increase in medium and long-term gold price projections

After adjusting for impairment reversals and other non-recurring items, adjusted attributable net income was $51.0 million or $0.17 per share compared to $44.7 million or $0.15 per share in Q2 2025. The increase was explained mainly by higher gold prices and higher gold sales volume, as well as a lower effective tax rate. The realized gold price in Q3 2025 was $3,467 per ounce compared to $3,307 in Q2 2025.  The increase in gold sales volume was due to higher gold production at Lindero.  The effective tax rate in Q3 2025 over adjusted net income was 30% compared to 40% in Q2 2025 due to the timing on recognition of withholding taxes related to dividend approvals in Côte d’Ivoire.  This was partially offset by a foreign exchange loss of $7.4 million in Q3 compared to a gain of $2.3 million in Q2, and higher stock-based compensation of $10.8 million in Q3 compared to $4.5 million in Q2 related to the revaluation of cash-settled units from a higher share price.

Foreign exchange loss

In Q3 2025, the Company recorded a foreign exchange charge of $7.4 million compared to a gain of $2.3 million in Q2 2025.  The main driver for this charge was a foreign exchange loss of $5.6 million at our Argentinean operations related to a 14% devaluation of the peso in the quarter.  Year-to-date, the peso has devalued 32% generating a cumulative loss of $10 million.  Over half of this year-to-date loss relates to cash accumulated in-country in the first half of 2025; however, this loss was fully offset by interest, investment, and derivative gains throughout the year.  In early Q3 the Company was able to restart the repatriation of funds from Argentina, allowing us to keep local cash balances at a minimum. 

Cash flow

Net cash generated by operations before changes in working capital was $113.9 million or $0.37 per share. After adjusting for changes in working capital, net cash generated by operations for the quarter was $111.3 million compared to $92.7 million in Q2 2025 driven by higher sales. Income taxes of $34.7 million were comparable to the $36.4 million paid in Q2 2025 due to a final installment payment of $15.4 million at Séguéla as well as $13.6 million in withholding taxes paid for the repatriation of funds from Argentina and Côte d’Ivoire.

Free cash flow from ongoing operations in Q3 2025 was $73.4 million, an increase of $16.0 million over the $57.4 million reported in Q2 2025 reflecting higher sales and cash from operating activities.  Sustaining capital expenditures for the quarter were $31.2 million, broadly in line with Q2 2025.

In Q3 2025 the Company invested $17.4 million in non-sustaining capital expenditures; primarily consisting of $9.8 million in mine site exploration, $1.1 million in other mine site projects, and $6.5 million at the Diamba Sud Gold Project.

Q3 2025 vs Q3 2024

Cash cost per ounce and AISC

Consolidated cash cost per GEO increased to $942 in Q3 2025, representing a $36 increase compared the $906 recorded in Q3 2024. This increase was mainly due to higher mine stripping ratios at Séguéla and Lindero, as per the mine plan, and lower gold equivalent ounces at Caylloma due to an increase in the gold price and the impact on gold equivalent ounces.

All-in sustaining costs per gold equivalent ounce from continuing operations increased to $1,987 in Q3 2025 from $1,638 in Q3 2024. This increase primarily resulted from the higher cash cost per ounce discussed above and higher capital leases, higher share-based compensation expense from the impact of the rise in our share price in Q3 2025, and increased royalties due to the higher gold price.  Additionally, the previous period also benefited from ($43)/oz related to blue chip swaps in Argentina, compared to $nil in Q3 2025.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations for the period was $123.6 million, or $0.40 per share, compared to $35.5 million, or $0.11 per share, in Q3 2024. After adjusting for reversals of impairments and stockpile write-downs of $69.4 million at Lindero and other non-recurring items, adjusted attributable net income was $51.0 million or $0.17 per share compared to $32.7 million or $0.10 per share in Q3 2024. The increase was primarily due to higher realized gold prices, which averaged $3,467 per ounce in Q3 2025 compared to $2,498 per ounce in Q3 2024 and higher sales volumes at Séguéla driven by higher processes ore and grades.  This was partially offset by higher stock-based compensation and a $7.4 million foreign exchange loss (see discussion above) compared to a $1.1 million gain in Q3 2024.

Depreciation and Depletion

Depreciation and depletion increased by $7.2 million to $53.0 million compared to $45.8 million in the comparable period of 2024. The increase was primarily due to higher ounces sold at Séguéla and an increase in the depletion per ounce at Lindero due to added depletion from the leach pad expansion project and the construction of the solar plant. Depreciation and depletion in the period included $18.7 million related to the purchase price allocation from the Roxgold acquisition in 2021. 

Cash Flow

Net cash generated by operations for the quarter was $111.3 million compared to $67.3 million in Q3 2024. The increase is mainly explained by higher gold prices and higher gold volume sold at Séguéla, and a lower negative change in working capital in Q3 2025 compared to Q3 2024. 

Free cash flow from ongoing operations in Q3 2025 was $73.4 million, compared to $30.4 million reported in Q3 2024.  The increase was mainly due to higher prices and metal sold as discussed above. Sustaining capital expenditures for the quarter were $31.2 million, mostly consistent with Q3 2024.

Séguéla Mine, Côte d’Ivoire

Quarterly Operating and Financial Highlights

During the third quarter of 2025, mine production totaled 272,396 tonnes of ore, averaging 3.66 g/t Au, and containing an estimated 32,074 ounces of gold from the Antenna, Ancien, and Koula pits. The lower ore tonnes mined compared to milled tonnes are in line with the mine plan and strategy to reduce surface stockpiles. A total of 4,433,994 tonnes of waste was moved during the period, resulting in a strip ratio of 16.3:1.

In the third quarter of 2025, Séguéla processed 435,770 tonnes of ore, producing 38,799 ounces of gold, at an average head grade of 3.01 g/t Au, an 11% and a 12% increase, respectively, compared to the third quarter of 2024. Higher gold production was the result of higher tonnes processed and higher grades.

Cash cost per gold ounce sold was $688 for the third quarter of 2025 compared to $655 for the third quarter of 2024. Cash costs were aligned as higher ounces sold offset an increase in mining costs from higher stripping requirements in line with the mine plan.

All-in sustaining cash cost per gold ounce sold was $1,738 for the third quarter of 2025 compared to $1,176 in the same period of the previous year. The increase for the quarter was primarily the result of higher sustaining capital from capitalized stripping and higher royalties due to higher gold prices and a 2% increase in the royalty rate effective January 10, 2025.

Lindero Mine, Argentina

1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

2 Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

In the third quarter of 2025, a total of 1,699,007 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.60 g/t, containing an estimated 32,775 ounces of gold. Ore mined was 1.50 million tonnes, with a stripping ratio of 1.9:1.

Lindero’s gold production for the quarter was 24,417 ounces, comprised of 23,001 ounces in doré bars, 1,325 ounces contained in rich fine carbon and 91 ounces contained in copper precipitate. Gold production remained comparable to the third quarter of 2024, as the slight increase in tonnes placed on the leach pad was offset by lower ore mined and lower gold grade in the third quarter of 2025.

The cash cost per ounce of gold for the quarter was $1,117 compared to $1,042 in the same period of 2024. The increase in cash costs was primarily driven by lower ounces sold.

AISC per gold ounce sold during Q3 2025 was $1,570 compared to $1,842 in Q3 2024. Lower AISC was primarily due to lower sustaining capital expenditures as the leach pad expansion was under construction in the comparable quarter. The comparable quarter also benefited from $3.2 million of investment gains from cross border Argentine pesos denominated bond trades compared to $nil in the current quarter.

On September 27, 2025, the primary crusher experienced an unplanned, immediate shutdown. The cause was determined to be a mechanical failure involving high amperage and overheating of the pitman shaft, specifically traced to the premature wear of the primary wear parts: the bushings and bearings.

Replacement wear parts have been successfully sourced. Management’s current assessment indicates that the early failure of the bushings and bearings was likely caused by a misalignment of structural components. This issue is being fully addressed and corrected prior to the reassembly and commissioning of the crusher. The primary crusher is anticipated to be operational by the second half of November 2025.

Despite this unexpected downtime, Management does not anticipate an impact to the annual production guidance for the Lindero Mine. Immediate mitigating measures have been implemented to maintain throughput, including bypassing the primary crusher entirely with the deployment of a portable jaw crusher, and direct Run-of-Mine ore screening.

Caylloma Mine, Peru

1 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.

2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

3 Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

In the third quarter of 2025, the Caylloma Mine produced 233,612 ounces of silver at an average head grade of 63 g/t, a 24% decrease when compared to the same period in 2024.

Lead and zinc production for the quarter was 8.5 million pounds and 12.0 million pounds, respectively. Head grades averaged 3.01% Pb and 4.27% Zn, a 7% and 8% decrease, respectively, when compared to the same quarter in 2024. Production was lower due to lower head grades and was in line with the mine plan.

The cash cost per silver equivalent ounce sold in the third quarter of 2025 was $17.92 compared to $14.88 in the same period in 2024. The higher cost per ounce for the quarter was primarily the result of lower silver production and the impact of higher realized silver prices on the calculation of silver equivalent ounce sold.

The all-in sustaining cash cost per ounce of payable silver equivalent in the third quarter of 2025 increased 11% to $25.17 compared to $22.69 for the same period in 2024. The increase for the quarter was the result of higher cash costs per ounce and lower silver equivalent ounces due to higher silver prices.

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 nine months ended September 30, 2025 (“Q3 2025 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 Q3 2025 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 All-in Sustaining Costs was adjusted in Q4 2024 to include blue-chip swaps in Argentina. Please refer to pages 28 and 29 of the Company’s management’s discussion and analysis for the year ended December 31, 2024 for details of the change.

-          The calculations of Adjusted Net Income and Adjusted Attributable Net Income were revised to no longer remove the income statement impact of right of use amortization and accretion and add back the right of use payments from the cash flow statement. Management elected to make this change to simplify the reconciliation from net income to adjusted net income to improve transparency and because the net impact was immaterial.

-          Where applicable the impact of discontinued operations have been removed from the comparable figures. The method of calculation has not been changed except as described above.

Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio for September 30, 2025

Reconciliation of net income to attributable adjusted net income for the three months ended June 30, 2025, and for the three and nine months ended September 30, 2025 and 2024

Reconciliation of net income to adjusted EBITDA for the three months ended June 30, 2025 and the three and nine months ended September 30, 2025 and 2024

Figures may not add due to rounding

Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended June 30, 2025 and the three and nine months ended September 30, 2025 and 2024

Figures may not add due to rounding

Reconciliation of cost of sales to cash cost per ounce of gold equivalent sold for the three months ended June 30, 2025 and the three and nine months ended September 30, 2025 and 2024