Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its exploration programs at the Séguéla Mine in Côte d’Ivoire.

Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Exploration drilling at Kingfisher has moved to infilling and improving the resource confidence along the 1-kilometer strike length of the current resource pit, with several notable intersections including 7.2 g/t Au over an estimated true width of 31.5 meters in drill hole SGRC2278.” Mr. Weedon continued, “At the Sunbird deposit, deep exploration drilling testing the southern extent has continued to return excellent results, including 4.3 g/t Au over a true width of 23.1 meters from 733 meters in drill hole SGRD2215, representing the deepest intercept to date, with mineralization remaining open at depth and down plunge.”

Kingfisher deposit

Once the infill program and near exploration are successfully completed, we expect to migrate the Kingfisher resources into the Séguéla Mine Mineral Reserves in 2025.

Drilling highlights include:

An additional 100 drill holes, totaling 10,978 meters of a planned 28,000-meter drilling program, have been completed at the Kingfisher deposit (see Figure 1) as part of the resource confidence infill program (see Figure 2). Drilling remains ongoing across the current pit-constrained Inferred Resource and will also extend to test the immediate margins, both at depth and along strike, where late 2024 drilling identified several promising intervals intersected after the initial resource estimate was completed (refer to Fortuna’s news release dated December 16, 2024).

The recent drilling has continued to highlight the widths and grade tenor intersected in the first drilling phase, supporting and refining the geological interpretation. Kingfisher remains open at depth for most of the drilled 2-kilometer strike length, with the deepest drilling testing to only approximately 250 meters below surface (refer to Figure 2).

Figure 1: Séguéla Mine deposit locations

Figure 2: Kingfisher deposit long-section – looking west

Sunbird deposit

Drilling has now extended mineralization approximately 700 meters to the south beyond the limit of the current underground Inferred Resource and some 600 meters below surface.

Drilling highlights include:

Results from a further 10 holes, totaling 5,120 meters of a planned 12,000-meter drilling program have been received, including an interval of 4.3 g/t Au over a true width of 23.1 meters from 733 meters in drill hole SGRD2215, which is the deepest intersection drilled at Séguéla (refer to Figure 3).

The last phase of the current program will step out above and below the current intersection to further refine the geometry and controls on the interpreted mineralized shoot during the second quarter of 2025.

Figure 3: Sunbird long section – looking west

Refer to Appendix 1 for full details of the drill holes and assay results for this drill program at the Séguéla Gold Mine.

Quality Assurance & Quality Control

All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company’s personnel.

All reverse circulation drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5 percent representative sample for submission to the analytical laboratory. The residual 87.5 percent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company-controlled core yard.

All diamond drilling (DD) drill holes started with HQ sized diameter, before reducing to NQ diameter diamond drill bits on intersecting fresh rock. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at the project site. The other half was sampled, catalogued, and placed into sealed bags and securely stored at the site until shipment.

All RC and DD samples were transported to ALS’s preparation laboratory in Yamoussoukro, Côte d’Ivoire, before also being transported via commercial courier to ALS’s facility in Ouagadougou, Burkina Faso. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.

Qualified Person

Paul Weedon, Senior Vice President, Exploration for Fortuna Mining Corp., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, including the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with four operating mines and exploration activities in Argentina, Burkina Faso, Côte d’Ivoire, 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.

Appendix 1

Séguéla Mine drill program details of the drill holes and assay results for the Kingfisher and Sunbird deposits

Kingfisher deposit

Notes:

1. EOH: End of hole
   2. Depths and widths reported to nearest significant decimal place
   3. NSI: No significant intercepts
   4. ETW: Estimated true width
   5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail

Sunbird deposit

Notes:

1. EOH: End of hole
   2. Depths and widths reported to nearest significant decimal place
   3. NSI: No significant intercepts
   4. ETW: Estimated true width
   5. RC: reverse circulation drilling | DD: diamond drilling tail | RCD: reverse circulation drilling with diamond tail