Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) reports production results for the second quarter of 2025 from its three operating mines located in West Africa and Latin America.

Q2 2025 highlights

• Gold production from ongoing operations of 61,736 ounces; compared to 56,000 oz Au in Q2 2024^1,2 and 58,820 oz Au in Q1 2025^1,3
• Gold equivalent production from ongoing operations of 71,229 ounces⁴ compared to 71,368 gold equivalent ounces (GEO) in Q2 2024^1,2 and 70,386 GEO in Q1 2025^1,3
• San Jose Mine sale successfully completed in April 2025⁵; Yaramoko Mine sale successfully completed in May 2025⁷

Consolidated GEO production for the first six months of 2025, including the Yaramoko Mine, totaled 179,409 ounces, inclusive of lead and zinc by-product credits. Fortuna reiterates its updated annual production guidance for 2025 in the range of 309,000 to 339,000 GEO. All figures presented in this news release are expressed in U.S. dollars unless otherwise indicated.

Q2 2025 consolidated GEO production

Notes:

1. Consolidated production excludes divested operations of the San Jose and Yaramoko mines
2. Refer to Fortuna news release dated July 9, 2024, “Fortuna reports solid production of 116,570 gold equivalent ounces for the second quarter of 2024”
3. Refer to Fortuna news release dated April 10, 2025, “Fortuna reports solid production of 103,459 gold equivalent ounces for the first quarter of 2025”
4. 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
5. Refer to Fortuna news release dated April 14, 2025, “Fortuna completes sale of non-core San Jose Mine, Mexico”
6. Figures reported as of April 14, 2025, being the date the Company and Soleil Resources International Ltd. agreed to the assumed handover of operations. See “Management’s Discussion and Analysis for the three months ended March 31, 2025”
7. Refer to Fortuna news release dated May 13, 2025, “Fortuna Completes Divestiture of Yaramoko Mine and Provides Updated 2025 Production and Cost Guidance”

West Africa Region

Séguéla Mine, Côte d’Ivoire: On track to achieve upper end of guidance

Note:

1. Production includes doré only

Mining

Mine production for the quarter totaled 340,426 tonnes of ore, averaging 3.3 g/t Au, and containing an estimated 36,482 ounces of gold from the Antenna, Ancien, and Koula pits. A total of 5,194,192 tonnes of waste was moved during the period, resulting in a strip ratio of 15.3:1.

Processing

In the second quarter of 2025, Séguéla produced 38,186 ounces of gold at an average head grade of 3.0 g/t Au, representing a 0.8 percent decrease in ounces produced and an 8.6 percent increase in grade compared to the first quarter of 2025.

Gold recoveries and mill throughput declined slightly during the quarter, attributed to maintenance on one of the carbon-in-leach processing tanks in June. Despite this, mill throughput averaged 210 tonnes per hour, exceeding nameplate capacity by 36 percent.

Year-to-Date Production

Séguéla produced a total of 76,686 ounces of gold in the first half of 2025, in line with the upper end of annual production guidance.

Yaramoko Mine, Burkina Faso: Sale completed in May 2025¹

Notes:

1. Refer to Fortuna news release dated May 13, 2025, “Fortuna Completes Divestiture of Yaramoko Mine and Provides Updated 2025 Production and Cost Guidance”
2. Figures reported as of April 14, 2025, being the date the Company and Soleil Resources International Ltd. agreed to an assumed handover of operations. See Management’s Discussion and Analysis for the three months ended March 31, 2025.
3. Production includes doré only

In May 2025, Fortuna leveraged favorable precious metals market conditions and continued to optimize its asset portfolio with the completion of the sale of the Yaramoko Mine, which had approximately one year of mineral reserves remaining. As a result, the Company no longer has any operations in Burkina Faso.

As part of the agreement for the sale of the Company’s Burkinabe assets with Soleil Resources, the assumed handover of operations at the Yaramoko Mine was effective April 14, 2025. As of this date, 20,666 tonnes of ore were treated at an average head grade of 7.28 g/t Au, producing 4,721 ounces of gold. Mining was focused at the 55 Zone, QV Prime, and the 109 Zone open pit.

As of April 14, 2025, Yaramoko had produced a total of 37,794 ounces of gold year to date.

Latin America Region

Lindero Mine, Argentina: On track to meet annual production guidance

Note:

1. Lindero production includes doré, gold-in-carbon, and gold in copper concentrate

Mining

Mining operations delivered another quarter of strong and consistent performance in the second quarter of 2025, aligning with management’s annual mine plan. Lindero mined 1.32 million tonnes of ore with an efficient strip ratio of 2.3:1. Furthermore, 1.83 million tonnes of ore were placed on the leach pad, a 4 percent increase over the previous quarter, with an average head grade of 0.57 g/t Au, containing an estimated 33,219 ounces of gold.

Processing

Lindero produced 23,550 ounces of gold during the quarter, including 21,153 ounces in doré bars, 1,214 ounces in rich fine carbon, 72 ounces in copper precipitate, and 1,111 ounces in precipitated sludge.

The 16 percent increase in production compared to the first quarter was driven by a 4 percent higher gold grade, 4 percent more ore placed on the pad, and recovery of non-leached inventory stacked in the previous quarter. Production remains in line with the planned mining and stacking sequence.

Energy Efficiency and Cost Optimization

The 14.5 MWh photovoltaic plant was successfully completed and commissioned on schedule. In June 2025, it generated 1 million kWh, supplying 26 percent of Lindero’s power demand. The plant’s performance means Lindero was able to eliminate the need for 286,300 liters of diesel, which is equivalent to 35 percent of the operation’s typical monthly diesel consumption, contributing to both cost efficiency and reduced greenhouse gas emissions.

Plant Performance with crushing capacity significantly enhanced at Lindero, achieving new milestones

During the first half of 2025, the project to increase crushing plant capacity was consolidated, achieving an average throughput of 1,050 tonnes per hour (tph) in the second quarter, 11 percent above the 2024 average. In June, a record average throughput of 1,109 tph was achieved. This performance places Lindero on track to meet annual production guidance.

Year-to-Date Production

Lindero produced a total of 43,870 ounces of gold in the first half of 2025.
Caylloma Mine, Peru: Continued strong operational performance

Notes:

1. GEO production 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
2. Refer to Fortuna news release dated April 10, 2025, “Fortuna reports solid production of 103,459 gold equivalent ounces for the first quarter of 2025”
3. Metallurgical recovery for silver is calculated based on silver content in lead concentrate

Mining

Mine production for the quarter totaled 136,078 tonnes of ore with 75 percent mined from the Animas vein by overhand cut and fill, and 25 percent mined by primarily by sub-level stoping from the Cimoide ASNE vein.

Processing

In the second quarter of 2025, Caylloma produced 240,621 ounces of silver at an average head grade of 64 g/t Ag, maintaining production levels consistent with the previous quarter.

Zinc and lead production totaled 12.9 million and 8.9 million pounds, respectively, with average head grades of 4.63% Zn and 3.23% Pb. Base metal production remained in line with the prior quarter and aligned with the planned mining sequence for the period.

Year-to-Date Production

Caylloma produced a total of 9,493 gold equivalent ounces (GEO) in the second quarter and 21,059 GEO for the first half of 2025.

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, Mexico, 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.