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

Q3 2025 highlights

• Gold equivalent production of 72,462 ounces⁴ compared to 73,123 gold equivalent ounces (GEO) in Q3 2024^1,2 and 71,229 GEO in Q2 2025^1,3
• Consolidated GEO production for the first nine months of 2025, including the Yaramoko Mine, totaled 251,871 ounces

Fortuna reiterates its updated annual production guidance for 2025 in the range of 309,000 to 339,000 GEO.

Q3 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 October 10, 2024, “Fortuna reports solid production of 110,820 gold equivalent ounces for the third quarter of 2024”
3. Refer to Fortuna news release dated July 9, 2025, “Fortuna delivers production of 71,229 gold equivalent ounces from ongoing operations for the second quarter of 2025”
4. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,467/oz Au, $39.35/oz Ag, $1,962/t Pb and $2,815/t Zn or Au:Ag = 1:88.10, Au:Pb = 1:1.77, Au:Zn = 1:1.23
5. 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”
6. 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: Solid quarter-on-quarter performance, on track to exceed upper end of guidance

Note:

1. Production includes doré only

Mining

Mine production for the quarter 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.

During the quarter, the Company successfully obtained permit approvals for the Sunbird, Kingfisher, Badior, and other satellite open pits. Preparation activities for mining at the Sunbird open pit will start during the fourth quarter, in line with the mine plan.

Successful exploration conducted in 2025 at the Sunbird underground (UG) project and the Kingfisher Deposit has provided additional options to further optimize the mine plan. Drilling will continue in the fourth quarter to potentially expand these resources.

Processing

Séguéla produced 38,799 ounces of gold for the quarter at an average head grade of 3.01 g/t Au, representing a 1 percent increase in ounces produced at an equivalent grade compared to the second quarter of 2025. Gold recoveries declined slightly during the quarter, attributed to planned maintenance on the carbon-in-leach processing tanks.

Project updates

• Tailings storage facility expansion completed, providing tailings storage capacity at current throughput rates until August 2029.
• Relocation of communication towers to allow for the mining of the Sunbird Deposit is on track and expected to be completed in the fourth quarter.
• Delivery of materials commenced for the construction of the solar power plant.

Year-to-Date Production

Séguéla produced a total of 115,484 ounces of gold in the first nine months of 2025 and is on target to exceed the upper end of guidance.

Latin America Region

Lindero Mine, Argentina: Highest quarterly production year to date

Note:

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

Mining

Mining operations delivered the highest quarterly production of the year, in line with management’s annual mine plan. Lindero mined 1.50 million tonnes of ore, maintaining a low strip ratio of 1.9:1. A total of 1.70 million tonnes of ore were placed on the leach pad at an average head grade of 0.60 g/t Au, containing an estimated 32,775 ounces of gold. Total ounces placed on the leach pad this quarter are comparable to the previous quarter, reflecting stable production levels.

Processing

Lindero produced 24,417 ounces of gold during the quarter, including 23,001 ounces in doré bars, 1,325 ounces in rich fine carbon, and 91 ounces in copper precipitate.

The 4 percent increase in production compared to the second quarter was driven by a 5 percent higher gold grade and recovery of inventory from the leach pad. Production remains in line with the planned mining and stacking sequence.

Project updates

• Optimization of the crushing circuit led to an average throughput of 1,061 tonnes per hour (tph), 8 percent above 2024 average. In June, average throughput peaked at 1,093 tph.

Year-to-Date Production

Lindero produced a total of 68,288 ounces of gold in the first nine months of 2025.

Caylloma Mine, Peru: Strong quarterly operational performance

Notes:

1. Refer to Refer to Fortuna news release dated July 9, 2025, “Fortuna delivers production of 71,229 gold equivalent ounces from ongoing operations for the second quarter of 2025”
2. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
3. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $3,467/oz Au, $39.35/oz Ag, $1,962/t Pb and $2,815/t Zn or Au:Ag = 1:88.10, Au:Pb = 1:1.77, Au:Zn = 1:1.23

Mining

Mine production for the quarter totaled 146,885 tonnes of ore with 77 percent mined from the Animas vein by overhand cut and fill method, and 21 percent mined primarily by sub-level stoping method from the Cimoide ASNE vein.

Processing

Caylloma produced 233,612 ounces of silver in the quarter at an average head grade of 63 g/t Ag, maintaining production levels consistent with the previous quarter.

Zinc and lead production totaled 12.0 million and 8.5 million pounds, respectively, with average head grades of 4.27 % Zn and 3.01 % Pb. Base metal production exhibited a decline when compared to the previous quarter, with a decrease of 7 and 5 percent in zinc and lead, respectively. This decline is consistent with the planned mining sequence for the period and the resource model.

Project updates

• A concept testing project was carried out at the Ramal Carolina vein outcrop. Extraction included 3,300 tonnes, with an average head grade of 110 g/t Ag and 3.73 g/t Au. Ore was blended with Animas’ vein production and processed.

Year-to-Date Production

Caylloma produced a total of 9,246 GEO in the third quarter and 30,305 GEO for the first nine months 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.