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

Q1 2025 highlights

• Gold production of 91,893 ounces; compared to 89,678 oz Au in Q1 2024² and 95,993 oz Au in Q4 2024³
• Gold equivalent production of 103,459 ounces¹; compared to 112,543 Au Eq oz (GEOs) in Q1 2024² and 116,358 GEOs in Q4 2024³
• The Lindero leach pad expansion project was completed in Q1 and delivered to operations on time and within budget at a total cost of $51.8 million. The expansion provides sufficient capacity for an additional 10 years of production.
• Repurchased 916,900 common shares at an average price of $4.53 per share for a total of $4,155,539

Fortuna reiterates its 2025 annual production guidance range of 334,000 to 373,000 ounces of gold and 0.9 to 1.0 million ounces of silver or between 380,000 and 422,000 GEOs, including lead and zinc by-products (refer to Fortuna news release dated January 21, 2025). All amounts expressed in this news release are in US dollars unless otherwise stated.

Q1 2025 Consolidated GEO production

^{Notes:
1.  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
2.  Refer to Fortuna news release dated April 8, 2024, “Fortuna reports strong gold equivalent production of 112,543 ounces in the first quarter of 2024”
3.  Refer to Fortuna news release dated January 21, 2025, “Fortuna reports record production of 455,958 Au Eq ounces for 2024 and provides 2025 outlook.”
4.  GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $2,087/oz Au, $23.43/oz Ag, $2,084/t Pb and $2,450/t Zn or Au:Ag = 1:89.08, Au:Pb = 1:1.00, Au:Zn = 1:0.85
5.  GEO includes gold, silver, lead, and zinc and is calculated using the following metal prices: $2,500/oz Au, $30.0/oz Ag, $2,100/t Pb and $2,700/t Zn or Au:Ag = 1:83.30, Au:Pb = 1:1.19, Au:Zn = 1:0.93
6.  The San Jose Mine was placed on care and maintenance on December 24, 2024 as the Company decided to enter a strategic process to divest of the non-core asset. Refer to news release dated March 12, 2025.}

West Africa Region

Séguéla Mine, Côte d’Ivoire: Continued strong production

^{Note:
1.  Production includes doré only}

Mining

Mine production totaled 477,333 tonnes of ore, averaging 2.53 g/t Au, containing an estimated 38,869 ounces of gold from the Antenna, Ancien, and Koula pits. Movement of waste during the quarter totaled 5,467,358 tonnes, for a strip ratio of 11.5:1. Mining continued to be focused on the Antenna, Koula, and Ancien Pits.

Resource upgrade drilling continued successfully, as well as permitting and project study work at the Kingfisher, and the Sunbird underground deposits with the intention of integrating them into the life of mine plan later this year.

Processing

In the first quarter of 2025, Séguéla produced 38,500 ounces of gold at an average head grade of 2.76 g/t Au, a 9 percent increase and 6 percent decrease, respectively, compared to the fourth quarter in 2024. Recoveries increased compared to the previous quarter as operational performance improved following the rise in throughput achieved in previous quarters. Mill throughput averaged 216 t/hr for the quarter, 40 percent above name plate capacity.

Yaramoko Mine, Burkina Faso: Maintaining targeted production

^{Note:
1.  Production includes doré only}

In the first quarter of 2025, 134,692 tonnes of ore were treated at an average head grade of 7.81 g/t Au, producing 33,073 ounces of gold. This represents a 15 percent decrease in grade, and a 12 percent increase in production, compared to the fourth quarter in 2024. Grades were lower due to planned changes in stope sequencing but were offset by higher tonnes milled due to increased production from underground mining activities. Mining commenced at the 109 Zone open pit with ore and waste movement exceeding planned quantities.

A total of 143,771 tonnes were mined at an average grade of 7.06 g/t Au, of which 90,625 tonnes were mined averaging 8.67 g/t Au from 55 Zone, 21,695 tonnes averaging 8.99 g/t Au from QV Prime, and 31,452 tonnes of ore averaging 1.06 g/t Au from the 109 Zone open pit.

Latin America Region

Lindero Mine, Argentina: Leach pad expansion completed

^{Note:
1.  Lindero production includes doré, gold-in-carbon, and gold in copper concentrate}

During the first quarter of 2025, 1.46 million tonnes of ore were mined, with a stripping ratio of 1.8:1 in line with the plan for the year. A total of 1.75 million tonnes of ore were placed on the leach pad averaging 0.55 g/t Au, containing an estimated 30,943 ounces of gold. Tonnes of ore placed on the leach pad was similar to the previous quarter.

Lindero’s gold production for the quarter was 20,320 ounces, comprised of 18,983 ounces in doré bars, 615 ounces contained in rich fine carbon, 39 ounces contained in copper precipitate, and 963 ounces contained in precipitated sludge. The 24 percent decrease in production compared to the previous quarter is explained by the 8 percent lower ore grade placed on the pad since December 2024 and timing in the leaching of gold from the pad. This is in line with the planned mining sequence and expected kinetics for the period.

The leach pad expansion project was completed at the end of the first quarter, with minor close-out activities and demobilization now taking place. This expansion will serve the mine for the next decade.

The 14.5 MWh photovoltaic plant project is approximately 76 percent complete, with earthworks and hydraulic works both finished. Installation of trackers, panels, and electric works are ongoing, and the project remains on schedule to be completed by the third quarter of 2025.

Caylloma Mine, Peru: Continues to outperform

^{Note:
1.  Metallurgical recovery for silver is calculated based on silver content in lead concentrate}

In the first quarter of 2025, Caylloma produced 242,993 ounces of silver at an average head grade of 67 g/t Ag, achieving similar production to the previous quarter.

Zinc and lead production was 13.8 and 8.8 million pounds, respectively, with average head grades of 5.01 % Zn and 3.21 % Pb, consistent production when compared to the preceding quarter, and is in line with the planned mining sequence for the period.

Gold equivalent production for the first quarter totaled 11,566 ounces.

Qualified Person

Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration Number 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 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.