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

Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) reported its financial and operating results for the first quarter of 2026.

^{(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures, due to the classification of the assets as discontinued in the previous period.)}

“Fortuna delivered new quarterly record results with free cash flow of $174.0 million and adjusted attributable earnings of $111.0 million while producing 72,872 gold equivalent ounces which keeps us on track to deliver our 2026 production guidance.” said Jorge A. Ganoza President and CEO of Fortuna. “At Séguéla, changes in the mine plan to accelerate the development of the Sunbird underground access portal from a pit wall are expected to push AISC to the higher end of the guidance range. This will reduce underground development costs and provide optionality for future production plans.” Mr. Ganoza concluded, ⍊ On April 23, we announced that we successfully expanded our mineral reserves by 15% year over year, which lends support to our next phase of growth. We also anticipate making key investment decisions regarding the Diamba Sud project and the Séguéla plant expansion by mid-year.”

First Quarter Highlights

Cash and Cash Flow

• Record free cash flow¹ from ongoing operations of $174.0 million; a QoQ increase of $41.7 million
• $213.3 million of net cash from operating activities before changes in working capital or $0.70 per share; a QoQ increase of $65.7 million
• Liquidity increased to $815.9 million, and the cash position strengthened to $665.9 million, from $554.0 million at the end of 2025, an increase of $111.9 million

Profitability

• Record adjusted attributable net income¹ was $111.0 million or $0.36 basic EPS; a QoQ increase of $0.14 per share
• Attributable net income of $111.0 million or $0.36 basic EPS

Return to Shareholders

• Year to date the Company has returned $40.0 million to shareholders via the repurchase of 4.2 million shares at an average price of $9.53 per share

Operational

• Gold equivalent production² (“GEO”) of 72,872 ounces
• Consolidated cash cost per GEO¹ of $951, down from $971 in the previous quarter
• Consolidated AISC per GEO¹ of $2,107 for Q1 2026, up from $2,054 in the previous quarter. The slight increase from the previou s quarter is primarily due to the impact of higher metal prices on royalties and higher CAPEX
• Total recordable injury frequency rate for the quarter was 1.16 and zero lost time injuries, which reflects continued strong safety performance

Growth and Business Development

• Established a presence in a highly prospective district in the Guyana Shield through an earn-in agreement for the Quartzstone gold project. Refer to the news release dated April 20, 2026 “Fortuna Establishes Presence in the Guyana Shield Through Quartzstone Earn-In Agreement”
• Reported a 15% year over year increase in consolidated Mineral Reserves with significant growth at Sunbird underground. Refer to the news release dated April 23, 2026 “Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla ”
• The Séguéla plant expansion and Diamba Sud project remain on track for final investment decisions by mid-year

First Quarter 2026 Consolidated Results

First Quarter 2026 Results

Q1 2026 vs Fourth Quarter 2025

Cash cost per ounce and AISC

Cash cost per GEO sold from continuing operations was $951 in Q1 2026, representing a marginal decrease from $971 in Q4 2025.

All-in sustaining costs per GEO from continuing operations was $2,107 in Q1 2026 representing a $53 increase from the $2,054 recorded in Q4 2025. The rise was primarily driven by higher CAPEX and royalties derived from higher metal prices and partially offset by an increase in metal sold.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations for the period was $111.0 million in Q1 2026, compared to $68.1 million in Q4 2025.

After adjusting for non-recurring items, adjusted attributable net income was $111.0 million or $0.36 per share compared to $71.3 million or $0.23 per share in Q4 2025. The increase was primarily due to higher realized gold prices and gold sales volume. The realized gold price in Q1 2026 was $4,884 per ounce compared to $4,166 in Q4 2025. Higher gold sales were driven by higher gold production at Séguéla and Lindero.

Foreign Exchange

In Q1 2026, the Company recorded a foreign exchange loss of $2.1 million compared to a loss of $2.9 million in Q4 2025. 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 Africa Francs.

Cash Flow

Net cash generated by operations before changes in working capital totaled $213.3 million or $0.70 per share. After adjusting for working capital, net cash generated by operations for the quarter was $209.4 million, an increase of $47.1 million compared to $162.3 million in Q4 2025. The increase was driven primarily by higher sales, partially offset by positive changes in working capital of $14.7 million in Q4 2025 compared to negative $4.0 million in Q1 2026.

Free cash flow from ongoing operations in Q1 2026 was $174.0 million, an increase of $41.7 million compared to $132.3 million in Q4 2025 reflecting higher cash from operating activities partially offset by higher sustaining capital expenditures.

In Q1 2026, the Company’s total capital expenditures were $45.3 million of which $27.9 million were classified as sustaining and $17. 4 million as non-sustaining. Non-sustaining capital expenditures were comprised primarily of $8.8 million at the Diamba Sud project and $8.6 million in brownfields and greenfields exploration.

Q1 2026 vs Q1 2025

Cash cost per ounce and AISC

Consolidated cash cost per GEO increased to $951 in Q1 2026, representing a $85 increase compared to $866 recorded in Q1 2025. The increase was primarily due to the impact of higher gold prices on the calculation of GEOs at Caylloma. Lindero and Séguéla had modest increases in cash costs per ounce of $61 and $28 respectively.

All-in sustaining costs per GEO from continuing operations increased $355 to $2,107 in Q1 2026 from $1,752 in Q1 2025. This increase primarily resulted from higher royalties of $114, higher cash costs as described above and higher CAPEX and sustaining leases. This was partially offset by higher GEOs sold.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations was $111.0 million, or $0.36 per share, compared to $35.4 million, or $0.12 per share, in Q1 2025.

After adjusting for non-recurring items, adjusted attributable net income from continuing operations was $111.0 million or $0.36 per share compared to $35.6 million or $0.12 per share in Q1 2025. The increase was primarily due to higher realized gold prices and 10% higher gold volume sold. Gold averaged $4,884 per ounce in Q1 2026 compared to $2,884 per ounce in Q1 2025. The higher gold volume sold was explained by higher gold production both at Séguéla and Lindero.

Depreciation and Depletion

Depreciation and depletion increased by $1.1 million to $45.9 million compared to $44.8 million Q1 2025. Depletion per GEO decreased primarily due to the increase in 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 $11.6 million related to the purchase price allocation from the 2021 Roxgold acquisition.

Cash Flow

Net cash generated by operations for the quarter was $209.4 million, an increase of $120.4 million compared to $89.0 million reported in Q1 2025. The increase was primarily driven by higher gold prices.

Free cash flow from ongoing operations in Q1 2026 was $174.0 million, an increase of $107.3 million compared to $66.7 million reported in Q1 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 first quarter of 2026, mine production totaled 392,728 tonnes of ore, averaging 3.69 g/t Au, and containing an estimated 46,640 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes mined were lower than tonnes milled during the quarter, in line with the mine plan and the strategy to reduce surface stockpiles. A total of 5,461,098 tonnes of waste was moved during the period, resulting in a strip ratio of 13.9:1. Stripping activities also commenced at the Sunbird pit, where 1,393,130 tonnes of waste were mined.

In the first quarter of 2026, Séguéla processed 430,953 tonnes of ore, producin g 42,016 ounces of gold, at an average head grade of 3.21 g/t Au, a 3% decrease in tonnes of ore and 16% increase in average head grade, compared to the same period of the previous year.

Cash cost per gold ounce sold was $678 in the current quarter, comparable to the $650 for the first quarter of 2025 as higher operating costs were offset by increased production.

All-in sustaining cash cost per gold ounce sold was $1,760 for the first quarter of 2026 compared to $1,290 for the first quarter of 2025. The increase was primarily a result of higher sustaining capital from capitalized stripping and royalties due to higher gold prices and partially offset by the increase in ounces sold.

Lindero Mine, Argentina

Quarterly Operating and Financial Highlights

In the first quarter of 2026, a total of 1,525,826 tonnes of ore were pl aced on the heap leach pad, with an average gold grade of 0.62 g/t, containing an estimated 30,538 ounces of gold. Ore mined was 1.7 million tonnes, with a stripping ratio of 1.35:1.

Lindero’s gold production for the quarter was 21,545 ounces compared to 20,320 ounces in the previous period. Higher production was mainly due to higher head grade and improved mining sequence. In late-March 2026, Lindero commenced a planned 30-day replacement of the primary crusher steel foundations. Mining operations continued in advance of the scheduled work, with ore being stockpiled to support uninterrupted stacking on the leach pad during the foundation replacement period. Replacement of the primary crusher steel foundations was successfully completed on May 1, 2026 and the mine resumed full operations.

The cash cost per ounce of gold for the current quarter was $1,208 compared to $1,147 in the same period of 2025. The increase in cash costs was pr imarily driven by higher processing costs and macroeconomic factors increasing peso denominated costs and partially offset by higher production.

In the first quarter of 2026, AISC per gold ounce sold decreased to $1,783 compared to $1,911 in the previous period. The decrease was primarily driven by lower sustaining capital expenditures as the leach pad expansion was under construction in the comparable period. This was partially offset by higher cash costs.

Caylloma Mine, Peru

Quarterly Operating and Financial Highlights

In the first quarter of 2026, the Caylloma Mine produced 257,603 ounces of silver at an average head grade of 72 g/t, a 6% increase when compared to the same period of 2025.

Lead and zinc production for the current quarter was 8.2 million pounds and 11.5 million pounds, respectively. Head grades averaged 2.99% Pb and 4.21% Zn, a 7% and 16% decrease, respectively, when compared to the same quarter in 2025. 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 first quarter of 2026 was $30.26 compared to $12.80 during the first quarter of 2025. The higher cost per ounce for the current 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 first quarter of 2026 increased 137% to $44.36 compared to $18.74 for the same period of 2025. The increase for the current quarter was the result of lower silver equivalent ounces due to higher silver prices.

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.