Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) reports production results for the first quarter of 2026 from its three operating mines in West Africa and Latin America. All figures presented in this news release are expressed in U.S. dollars, unless otherwise indicated.

Q1 2026 highlights

Production

• Production totaled 72,872 gold equivalent ounces¹, compared to 70,386 GEO in Q1 2025^2,3,4 and 65,130 GEO in Q4 2025^2,5,6

Growth Initiatives

• Séguéla processing plant expansion studies are advancing according to plan and are expected to be completed in May 2026. The studies are evaluating an expansion scenario of approximately 28%, targeting between 2.0 to 2.5 million tonnes per year.
• Following successful infill drilling of the Sunbird deposit at the Séguéla Mine, the Company expects to publish updated Mineral Resource and Mineral Reserve estimates by May 2026.
• Diamba Sud feasibility study progressing as planned with delivery expected by mid-2026. Front end engineering design is well advanced with initial purchase orders placed for critical path equipment packages.

Return to shareholders

• Repurchased an aggregate of 2.2 million common shares during the first quarter of 2026 at an average price of $9.24 per share, for total consideration of $20.3 million.

Safety

• The Company recorded no lost-time injuries (“LTI”) in the quarter.

Fortuna reiterates its annual production guidance for 2026 of 281,000 to 305,000 GEO⁴.

Q1 2026 consolidated GEO production

Notes:

1. GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,874/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn or Au:Ag = 1:58.94, Au:Pb = 1:2.54, Au:Zn = 1:1.50
2. Consolidated production excludes divested operations of the San Jose and Yaramoko mines
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: $2,885/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn or Au:Ag = 1:90.82, Au:Pb = 1:1.46, Au:Zn = 1:1.02
5. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 Outlook”
6. GEO includes gold, silver, lead, and zinc and are calculated using the following metal prices: $3,453 /oz Au, $40.24/oz Ag, $1,962/t Pb and $2,864/t Zn or the following ratios: Au:Ag = 1:85.8, Au:Pb = 1:1.76, Au:Zn = 1:1.21

West Africa Region

Séguéla Mine, Côte d’Ivoire: Advancing Growth Initiatives

Notes:

1. Refer to Fortuna news releas e dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 Outlook”
2. Production includes doré only

Mining

Séguéla mined a total of 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. Tonnes of ore mined were lower than tonnes of ore milled during the quarter, in line with the mine plan and the Company’s strategy to reduce surface stockpiles. A total of 5,461,098 tonnes of waste was mined 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.

The Company has elected to accelerate mining at the Sunbird pit to establish the portal location for the Sunbird underground mine, eliminating the need for a dedicated box-cut access. While this design change is expected to increase total mined quantities and the strip ratio in 2026, it is also expected to reduce underground development costs by approximately $4 million.

Processing

Séguéla produced 42,016 ounces of gold during the quarter at an average head grade of 3.21 g/t Au. The 13.7% increase in ounces produced compared to the fourth quarter of 2025 was driven by a 5.1% increase in tonnes milled and a 1.6% increase in average head grade.

Projects implemented during 2025 are now delivering results, with gold recovery increasing to 93.4% from 92.1% in the previous quarter. Reductions in mill grinding media consumption and liner wear are also being achieved. Additional projects are expected to b e completed later this year to further enhance processing plant performance.

Project Updates

Initial process plant expansion concepts prepared by Lycopodium were received and assessed. Detailed studies will now focus on an expansion scenario targeting between 2.0 to 2.5 million tonnes per year. This is expected to be achieved through the addition of a ball mill, together with increased pre-leach thickening, leaching, and gravity circuit capacity. This option offers several advantages, including no new process additions to the circuit, while minimizing commissioning downtime and capital requirements. Lycopodium is expected to submit its final report at the end of May 2026, allowing for an investment decision shortly thereafter.

The Sunbird Underground Project continued to advance during the quarter. An initial Mineral Reserve was declared at the Sunbird deposit based on drilling completed as at the end o f June 2025, with drilling ongoing since this date with several drill rigs (refer to Fortuna news release dated January 20, 2026). An updated Mineral Reserve and Mineral Resource estimate for the Sunbird deposit incorporating the more recent drilling is expected by May 2026. Séguéla expanded its 2026 capital budget by approximately $10 million for the procurement of long-lead underground mining equipment and infrastructure, and recruitment of the operating team is commencing.

The 6 MW photovoltaic solar power plant is scheduled to be commissioned during April. In light of the expected advancement of the process plant expansion and Sunbird Underground Project, the Company is also evaluating an expansion of the solar plant to 10 MW capa city. No additional capital investment by Fortuna would be required for this expansion, as it had been previously contemplated and supporting infrastructure was installed to accommodate the additional capacity.

Exploration Activities

Five exploration drill rigs are currently allocated to Séguéla, including three at Sunbird and two at Kingfisher. In response to continued drilling success and ongoing drilling requirements at other Séguéla deposits, additional rigs are being mobilized to site.

Diamba Sud Gold Project, Senegal: Feasibility Study on Track for Mid-2026 Completion

In the first quarter of 2026, the Diamba Sud Gold Project continued to make steady progress across development, early works, and procurement activities. The feasibility study remains on schedule for completion in the second quarter of 2026.

Early works are underway, including construction of the new site access road and installation of additional temporary accommodation and office facilities to support the owner’s project and pre‑production teams. The contract for a new 320‑person camp has been awarded, and tendering for other major construction packages is well advanced, with letters of award issued for the water storage dam (“WSD”), bulk earthworks program, and power station. This has secured the delivery schedule for the Heavy Fuel Oil generators, the project’s longest-lead item, expected in mid‑2027.

Procurement activities are advancing as planned, with orders placed for the WSD High-Density-Polyethylene liner and perimeter fencing. At the same time, tenders for all process plant long-lead equipment, including the SAG mill and jaw crusher, have been launched, together with the overall process plant EPC(M) tender, which closed at the end of March and is currently under adjudication.

With the exploitation permit application submitted, the project remains positioned for a mid‑year final investment decision, supporting continued momentum toward first gold production in mid-2028.

Latin America Region

Lindero Mine, Argentina: Positioned for a Stronger H2 2026

Notes:

1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 Outlook”
2. Production includes doré, gold-in-carbon, and gold in copper concentrate

Mining

During the first quarter, Lindero mined 1.7 million tonnes of ore, maintaining a low strip ratio of 1.35:1. A total of 1.5 million tonnes of ore was placed on the leach pad at an average head grade of 0.62 g/t Au, containing an estimated 30,538 ounces of gold. The increase in tonnes of ore placed on the leach pad compared to the previous quarter is aligned with the mining plan for the period.

Processing

Lindero produced a total of 21,545 ounces of gold during the quarter, representing a 12% increase compared to the fourth quarter of 2025. As previously disclosed in the Company’s news release dated February 18, 2026, Lindero commenced a planned 30-day replacement of the primary crusher steel foundations in late March with completion expected by the end of April 2026. 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.

Exploration activities

Two brownfields exploration drill rigs are currently located at Lindero to target Inferred Mineral Resources located below the ultimate Mineral Reserve pit shell.

Drilling at the Cerro Lindo gold prospect, located 70 kilomet ers from the Lindero Mine in the Province of Salta, initiated in late March, as part of the 7,000-meter exploration program.

Caylloma Mine, Peru: Continued strong operational performance

Notes:

1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 Outlook”
2. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
3. GEO production includes gold, silver, lead, and zinc and is calculated using the following metal prices: $4,874/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn or Au:Ag = 1:58.94, Au:Pb = 1:2.54, Au:Zn = 1:1.50
4. GEO includes gold, silver, lead, and zinc and are calculated using the following metal prices: $3,453 /oz Au, $40.24/oz Ag, $1,962/t Pb and $2,864/t Zn or the following ratios: Au:Ag = 1:85.8, Au:Pb = 1:1.76, Au:Zn = 1:1.21

Mining

Mine production totaled 133,055 tonnes of ore in the first quarter, predominantly mined using overhand cut and fill mining (71 percent), with an additional 29 percent extracted through sub-level stoping.

Processing

Caylloma produced 257,603 ounces of silver at an average head grade of 72 g/t Ag, representing a 4 percent increase over the previous quarter.

Zinc and lead production totaled 11.5 million and 8.2 million pounds, respectively, at average head grades of 4.21% Zn and 2.99% Pb. Base metal production was modestly lower quarter over quarter, reflecting the planned mining sequence executed during the period and in line with expectations.

Project Update

As of March 31, 2026, the project to expand the capacity of tailings storage facility #3 at the Caylloma Mine is 22% complete and is progressing according to plan.

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 a nd 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.