Fortuna Mining Corp. Increases Gold Reserves at Séguéla Mine

Fortuna Mining Corp. Reports Expanded Gold Resources at Séguéla Mine

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is excited to unveil updated mineral reserves and mineral resources for its renowned Séguéla Mine. The latest exploration efforts have identified more than 500,000 ounces of new inferred gold resources, showcasing an impressive growth in potential yield as Fortuna moves forward.

2024 Exploration Successes

Jorge A. Ganoza, the President and CEO of Fortuna, expressed enthusiasm over the recent successes in their exploration initiatives for 2024. These efforts have augmented the inferred resources at Séguéla to a total of 677,000 ounces of gold, thanks to four newly discovered mineral deposits. Ganoza emphasized that these resources are part of a growing pipeline intended for further development and exploration drilling, slated for action in 2025 as part of the company's ongoing commitment to optimize production.

Key Highlights of Mineral Reserves and Resources

Here are the crucial updates regarding mineral reserves and resources that Fortuna has reported:

• Proven and Probable Mineral Reserves now contain 1.0 million ounces of gold.
• Measured and Indicated Resources, which exclude the mineral reserves, amount to 396,000 ounces of gold.
• The Inferred Mineral Resources total 677,000 ounces of gold, with notable contributions from the Kingfisher deposit (294,000 ounces) and the Badior deposit (61,000 ounces), alongside 141,000 ounces from the underground Sunbird deposit.
• The mineral reserves and resources changes are primarily driven by production-related depletion but enhanced with new discoveries from continued exploration drilling.

Prospects for Future Growth

Paul Weedon, Senior Vice President of Exploration at Fortuna, indicated the significant growth potential of the Kingfisher deposit, which remains open for further exploration along strike and at depth. The team is keen to pursue various prioritization drills on additional exploration targets, tapping into their vast property package that spans 62,000 hectares.

Details on New Mineral Deposits

Recent estimates reveal that the Kingfisher deposit hosts an inferred mineral resource of 4.0 million tonnes at an average grade of 2.29 g/t gold, translating to 294,000 ounces of gold held. Meanwhile, the Badior deposit is estimated to have 470,000 tonnes with an average grade of 4.05 g/t gold, resulting in approximately 61,000 ounces. It's important to note that these new inferred mineral resource estimates do not significantly alter the existing resource estimates at Séguéla Mine.

Comprehensive Overview of Mineral Reserves

Mineral reserves have highlighted several key areas, found within the overall resource report:

• Total Proven and Probable Reserves: 9.4 million tonnes containing 1.0 million ounces of gold.
• Measured and Indicated Resources: 3.4 million tonnes with 396,000 ounces of gold.
• Inferred Resources: 7.3 million tonnes showing considerable improvement up to 677,000 ounces.

Implications of Findings

From the end of 2023 to late 2024, changes in mineral reserve quantities reflect a decrease of 20%, alongside an increase in gold grade by 11%. However, contained gold ounces fell by 12%. This is attributed to various factors, including 123,000 ounces depletion from active mining operations, optimization of pit designs, and the adjustment in reporting cut-off grades reflecting higher operational costs. Notably, certain deposits also saw re-evaluation attributes from prior artisanal mining activities impacting the total estimates.

Drilling and Geological Insights

Recent activities and geological insights reveal the diverse structure of metallic deposits across the site. The Kingfisher deposit, known for its quartz veins located near essential structural units, serves as one of the primary focuses for potential growth. The drill data encompasses thousands of meters of exploration facilitated by Fortuna since 2021, confirming substantial foundational resources at these locations.

Compliance and Safety Measures in Exploration

All mineral assessments adhere to the 2014 CIM Definition Standards for Mineral Reserves and Resources, ensuring high compliance with regulatory expectations. Fortuna observes stringent protocols in gathering data from extensive exploration sites to facilitate accurate mining operations while ensuring environmental protection.

Commitment to Sustainable Mining

Fortuna Mining Corp. is firmly committed to conducting mining operations that respect ecological balance and address community needs. The establishment of sustainable and responsible mining practices remains at the core of their operational philosophy.

Frequently Asked Questions

What are the recent updates for the Séguéla Mine?

Fortuna Mining Corp. has announced significant new inferred resources totaling 677,000 ounces of gold and an increase in mineral reserves at the Séguéla Mine.

Who is the CEO of Fortuna Mining Corp.?

The CEO of Fortuna Mining Corp. is Jorge A. Ganoza, who has emphasized the successful exploration initiatives boosting the company's resource base.

What factors contribute to changes in mineral reserves?

Changes in reserves are influenced by production-related depletion, new discoveries from exploration efforts, and adjustments in reported cut-off grades due to operational costs.

What is Fortuna's exploration focus for the future?

Fortuna aims to expand its exploration activities at the Kingfisher and Sunbird deposits, particularly focusing on depth and strike extensions at these sites.

How does Fortuna address sustainable mining practices?

Fortuna Mining Corp. integrates environmental protection and community engagement into its operations, ensuring a balance between sustainable practices and mining activities.

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