Fortuna Delivers Free Cash Flow From Operations of $90.8 million In The Third Quarter;
Positioned To Achieve Annual Production Guidance

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

^{(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures as they were disposed of during the second quarter of 2025.)}

Jorge Ganoza, CEO of Fortuna, commented, “Fortuna delivered 69,665 gold equivalent ounces in the quarter and remains on track to achieve our annual production guidance. Despite operational issues at Séguéla contained within the quarter and lower metal prices, our business generated strong operating cash flow of $126.7 million before working capital changes and $90.8 million in free cash flow from operations. While AISC increased during the quarter and is tracking above guidance, it is primarily due to the impact of external factors, including share-based compensation and elevated diesel prices, together with a short disruption of operations in July at Séguéla. We expect a strong end to the year with higher production and expanded margins as Séguéla moves beyond the previous quarter’s challenges and Lindero continues to perform.”

Mr. Ganoza continued “We achieved exciting milestones for our growth projects, that target 60% growth in our annual gold production from mid-2028, including a final investment decision for the Séguéla Expansion and the issuance of the Diamba Sud Notice of Admissibility for our exploitation permit application, a key step before final grant of the permit. We also completed the acquisition of the Bambadji exploration project, immediately adjacent to our Diamba Sud project, allowing us to consolidate a highly prospective and large land package in one of the most productive gold belts in West Africa.”

Third Quarter Highlights

Cash and Cash Flow

• Free cash flow¹ from ongoing operations of $90.8 million; a QoQ increase of $5.1 million, mostly due to timing of tax payments and lower sustaining capital
• $126.7 million of net cash from operating activities before changes in working capital or $0.43 per share; comparable to Q2 2026, mostly due to timing of tax payments
• Liquidity of $593.3 million and a net cash position of $259.9 million

Profitability

• Adjusted attributable net income¹ of $51.2 million or $0.17 basic EPS; a QoQ decrease of $0.08 per share, due to lower gold prices and volume sold, and higher non-cash costs for share based compensation and depletion per ounce due to pit sequencing
• Adjusted EBITDA¹ of $165.0 million with margins of 56%; a QoQ decrease of $35.8 million primarily due to lower gold prices, lower volume sold, higher share based compensation and higher cash costs

Operational

• Gold equivalent production² of 69,665 ounces and the Company remains on track to achieve its annual production guidance
• Consolidated cash cost per gold equivalent ounce (“GEO”)¹ sold of $1,244, up from $1,034 in the previous quarter
• Consolidated AISC per GEO¹ sold of $2,286 for Q3 2026, up from $2,157 in the previous quarter. Higher AISC QoQ was the result of lower production and higher share based compensation of $10.9 million compared to a recovery of $0.3 million in the prior quarter.
• Compared to the assumptions in our annual guidance, AISC contains an impact of approximately $220/oz from external factors, consisting primarily of $116/oz of share based compensation, $45/oz due to macro-economic factors impacting Argentine Peso denominated costs at Lindero, and $42/oz from increases in consumable prices. The quarter was also impacted by a temporary stoppage at Séguéla which contributed approximately $45/oz to AISC.
• Total recordable injury frequency rate for the third quarter was 1.20 per million hours worked.

Growth and Business Development

• On August 10, 2026, the Company announced the acquisition of the 190 km² Bambadji gold exploration project in Senegal, through the purchase of certain Senegalese subsidiaries held by Barrick Mining Corporation and IAMGOLD Corporation. Located adjacent to Fortuna’s feasibility-stage Diamba Sud Gold Project, Bambadji consolidates approximately 60 kilometers of prospective strike along the Senegal-Mali Shear Zone, a Tier-1 gold corridor hosting several world-class mines. Consideration paid was $200.0 million in cash and a 0.5% net smelter return royalty was granted to the sellers on the first 1.75 million ounces of gold produced from the Bambadji Nord property.
• On November 2, 2026, the Company announced it had received a Notice of Admissibility for the Diamba Sud Exploitation Permit application from Senegal’s Ministry of Mines and Geology. The notice is an important final step towards the grant of the Exploitation Permit. The Company is also at an advanced stage of negotiations with the State of Senegal on a new Mining Convention for the Diamba Sud project based on Senegal’s 2016 Mining Code. The Company expects the Government’s internal approval process for the final Exploitation Permit and the finalization and signing of the Mining Convention to be completed during the fourth quarter of 2026.

  The Board of Directors of the Company has today authorized Management to enter into contractual commitments totaling $250 million over the life of the project to maintain the timeline for the construction of Diamba Sud. This authorization enables Management to execute critical contracts, secure equipment and sustain development and construction prior to the grant of the Exploitation Permit, expected in Q4 2026.

Third Quarter 2026 Consolidated Results

Third Quarter 2026 Results

Q3 2026 vs Second Quarter 2026 (“Q2 2026”)

Cash cost per ounce and AISC
Cash cost per GEO sold from continuing operations was $1,244 in Q3 2026, representing a $210 increase compared to $1,034 recorded in Q2 2026 and All-in sustaining costs per GEO from continuing operations was $2,286 representing a $129 increase from the $2,157 recorded in the prior quarter. The increase in AISC was primarily the result of lower production due to operational issues at Séguéla due to mechanical availability of a mine contractor and a temporary site-wide stoppage, as well as an additional $160/oz due to higher share based compensation.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations for the period was $47.8 million in Q3 2026, compared to $75.5 million in Q2 2026.

After adjusting for non-recurring items, adjusted attributable net income was $51.2 million or $0.17 per share compared to $75.5 million or $0.25 per share in Q2 2026. The decrease was primarily due to lower sales due to lower production and lower realized gold prices of $4,281 compared to $4,447 in Q2 2026. The quarter was also impacted by a share-based compensation expense of $10.9 million compared to a recovery of $0.3 million, higher depletion due to planned mine sequencing as Séguéla mined from higher stripping areas at Ancien and Koula and higher cash costs due to higher cyanide consumption at Lindero and higher waste movement at Séguéla.

Foreign Exchange

In Q3 2026, the Company recorded a foreign exchange loss of $2.5 million compared to a loss of $6.3 million in Q2 2026. The foreign exchange loss was due to the purchase of US dollars to repatriate funds out of Argentina and a devaluation of foreign currencies relative to the US dollar.

Cash Flow

Net cash generated by operations before changes in working capital totaled $126.7 million or $0.43 per share. After adjusting for working capital, net cash generated by operations for the quarter was $112.4 million, a decrease of $25.9 million compared to $138.3 million in Q2 2026. The decrease was driven primarily by lower sales and a negative change in working capital of $14.3 million compared to a positive working capital movement of $14.5 million in Q2 2026 and partially offset by lower taxes paid. The negative working capital change in the quarter was primarily due to timing with year to date movements being mostly neutral.

Free cash flow from ongoing operations in Q3 2026 was $90.8 million compared to $85.7 million, an increase of $5.1 million compared Q2 2026 as a result of lower sustaining capital expenditures offsetting lower operating cash flows.

In Q3 2026, the Company’s total capital expenditures were $50.6 million, of which $20.1 million were classified as sustaining and $30.5 million was classified as non-sustaining. Non-sustaining capital primarily consists of $13.8 million in spend at the Diamba Sud project and $10.0 million in brownfields and greenfields exploration.

Q3 2026 vs Q3 2025

Cash cost per ounce and AISC

Consolidated cash cost per GEO increased to $1,244 in Q3 2026, representing a $302 increase compared to $942 recorded in Q3 2025. Higher cash costs in the period were the result of lower production, higher mining costs at Séguéla due to waste movement in accordance with plan and higher Argentine Peso denominated costs at Lindero due to macro-economic factors.

All-in sustaining costs per GEO from continuing operations increased $299 to $2,286 in Q3 2026 from $1,987 in Q3 2025. This increase primarily resulted from higher cash costs as described above, higher royalties due to metal prices and lower GEOs sold, partially offset by lower sustaining capital.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations was $47.8 million, or $0.16 per share, compared to $123.6 million, or $0.40 per share, in Q3 2025.

After adjusting for non-recurring items and impairments, adjusted attributable net income from continuing operations was $51.2 million or $0.17 per share compared to $51.0 million or $0.17 per share in Q3 2025. Net income for the quarter was the result of higher sales due to higher realized gold prices of $4,281 per ounce compared to $3,467 per ounce in the comparable period. Higher sales were offset by higher cash costs as described above and higher depletion and depreciation (see below). Income taxes in the period were higher due to the recognition of deferred tax expenses at Lindero and the accrual of withholding taxes.

Depreciation and Depletion

Depreciation and depletion in cost of sales increased by $5.5 million compared to $52.4 million in Q3 2025. Depletion per GEO increased to $866/GEO compared to $730/GEO in Q3 2025 due to planned mine sequencing at Séguéla as ore was extracted from pits with higher stripping costs and the impact of the impairment reversal at Lindero of $52.7 million which was recorded at the end of Q3 2025. This was partially offset by an increase in Mineral Reserves at Séguéla. Depreciation and depletion in the period included $11.1 million related to the purchase price allocation from the 2021 Roxgold acquisition

Cash Flow

Net cash generated by operations for the quarter was $112.4 million, in line with the $111.3 million reported in Q3 2025. Operating cash flow in the quarter was the result of higher sales due to realized metal prices being offset by higher cash costs, higher taxes paid of $51.1 million and a negative working capital adjustment of $14.3 million.

Free cash flow from ongoing operations in Q3 2026 was $90.8 million, an increase of $17.4 million compared to $73.4 million reported in Q3 2025. The increase was mainly due to lower sustaining capital expenditures.

Séguéla Mine, Côte d’Ivoire

Quarterly Operating and Financial Highlights

During the third quarter of 2026, Séguéla mined a total of 340,714 tonnes of ore, averaging 2.69 g/t gold and containing an estimated 29,516 ounces of gold from the Antenna, Ancien, Koula, and Sunbird pits. A total of 6.5 million tonnes of waste was mined during the period, resulting in a strip ratio of 19.1:1. Additionally, 623,390 tonnes of waste were mined during the quarter at Sunbird South to gain access to the underground portal position.

In the third quarter of 2026, Séguéla processed 402,440 tonnes of ore, producing 33,744 ounces of gold, at an average head grade of 2.67 g/t gold, an 8% decrease in tonnes of ore and 11% decrease in average head grade, compared to the same period of the previous year. Gold recovery was lower in the quarter at 91% attributed to localized metallurgical characteristics of the Koula ore. The site is on track to achieve the lower end of its production guidance.

Mining performance and gold production during the third quarter of 2026 were affected by reduced equipment availability at one of the Company’s mining contractors and a temporary site-wide stoppage due to a blockade caused by artisanal miners operating in the surrounding area. The blockade was lifted following intervention by a government law enforcement agency, and normal operations resumed. These disruptions reduced mining volumes and delayed access to higher-grade ore. Corrective measures were implemented with the mining contractor, and mining volumes returned to planned levels in September. Management continues to monitor the situation and take corrective actions where necessary.

Cash cost per gold ounce sold was $947 for the third quarter of 2026 compared to $688 for the third quarter of 2025. Higher cash costs were the result of higher mining costs due to increased waste movement, higher plant maintenance and the impact of the temporary site wide stoppage.

All-in sustaining cash cost per gold ounce sold was $1,917 for the third quarter of 2026 compared to $1,738 for the third quarter of 2025. The increase was driven by higher cash costs and royalties, partially offset by lower sustaining capital.

Project Updates

Séguéla has two growth projects consisting of the Plant Expansion and the Sunbird Underground. Both projects are on track and are expected to be funded from the site’s operating cash flow.

Séguéla Plant Expansion

During the third quarter, the Board of Directors approved a $109 million budget for a 30% expansion of the Séguéla processing plant. The expansion is expected to increase annual throughput to 2.3 million tonnes, restore gold recoveries to the original design rate of 94%, and support an annual gold production target of over 200,000 ounces from the second half of 2028.

Detailed engineering is underway with Lycopodium, the EPCM contractor. The owner’s project team is 75% onboarded, and vendors have been selected for key equipment and infrastructure packages. Project completion and commissioning are scheduled for the third quarter of 2028.

Sunbird Underground

The Sunbird Underground Project, which is expected to begin supplying mill feed to the expanded plant in 2028, continued to advance during the quarter. The Environmental and Social Impact Assessment has been approved, with final permitting expected in the fourth quarter of 2026.

The underground project team has been recruited and is advancing pre-development and operational readiness activities. Major mining equipment has been ordered for delivery in line with the project schedule, and portal construction and development are expected to commence in the second quarter of 2027.

Lindero Mine, Argentina

Quarterly Operating and Financial Highlights

In the third quarter of 2026, a total of 1,859,731 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.63 g/t, containing an estimated 37,746 ounces of gold. Ore mined was 2.3 million tonnes, with a stripping ratio of 0.85:1. During the first nine months of 2026, Lindero placed on the leach pad approximately 99% of the ounces planned for the period.

Lindero’s gold production for the quarter was 26,024 ounces compared to 24,417 ounces in the comparable period in 2025. Higher production was due to higher tonnes placed on the leach pad and slightly improved gold grades from the comparable period in 2025. The site remains on track to achieve annual production guidance.

The cash cost per ounce of gold for the quarter was $1,449 compared to $1,117 in the comparable period in 2025. The increase in cash costs was primarily due to the impact of Argentine Peso appreciation as a result of macroeconomic factors and higher costs for diesel and explosives.

In the third quarter of 2026, AISC per gold ounce sold increased to $1,845 compared to $1,570 in the comparable period in 2025. The increase in AISC was due to higher production cash costs.

Caylloma Mine, Peru

Quarterly Operating and Financial Highlights

In the third quarter of 2026, the Caylloma Mine produced 247,367 ounces of silver at an average head grade of 66 g/t silver, a 6% increase compared to the same period in 2025.

Lead and zinc production for the quarter were 8.4 million pounds and 11.4 million pounds, respectively. Head grades averaged 2.98% lead and 4.08% zinc, a 1% decrease and 4% decrease, respectively, compared to the comparable period in 2025. The performance for the quarter reflects steady plant operations, consistent throughput, and continued strong contribution from base metal production. The mine is expected to exceed its annual production guidance on a gold equivalent basis.

The cash cost per silver equivalent ounce sold in the third quarter of 2026 was $26.12 compared to $17.92 during the third quarter of 2025. The higher cost per ounce for the 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 third quarter of 2026 increased 72% to $43.19 compared to $25.17 for the same period of 2025. The increase for the quarter was the result of higher cash costs per ounce, an increase in treatment charges from concentrate sales, lower silver equivalent ounces due to higher silver prices, and an increase in spend on capital projects.

As of September 30, 2026, the project to expand the capacity of tailings storage facility No. 3 at the Caylloma Mine was 64% complete and progressing according to plan.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines in Argentina, Côte d’Ivoire, and Peru, and the feasibility-stage Diamba Sud Gold Project located in Senegal. Our exploration portfolio spans our operating jurisdictions as well as Guinea and Guyana. Sustainability is the core of our operations and stakeholder relationships. We produce gold and silver while creating a long-term shared value through efficient production, environmental stewardship, and social responsibility.

Qualified Person

Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.