Fortuna Reports Results for the Fourth Quarter and Full Year 2025

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Reconciliation of cost of sales to cash cost per ounce of GEO sold for the three months ended September 30, 2025 and the three and twelve months ended December 31, 2025 and 2024

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Cash Cost Per Gold Equivalent Ounce Sold – Q3 2025	Lindero		Séguéla		Caylloma		GEO Cash Costs
Cost of sales	28,366		70,549		19,317		118,234
Depletion, depreciation, and amortization	(15,594	)	(31,716	)	(5,199	)	(52,509	)
Royalties and taxes	(83	)	(12,154	)	(287	)	(12,524	)
By-product credits	(1,264	)	–		–		(1,264	)
Other	16,675		–		(668	)	16,007
Treatment and refining charges	–		–		416		416
Cash cost applicable per gold equivalent ounce sold	28,100		26,679		13,579		68,358
Ounces of gold equivalent sold	25,157		38,803		8,601		72,561
Cash cost per ounce of gold equivalent sold ($/oz)	1,117		688		1,579		942
_{Gold equivalent was calculated using the realized prices for gold of $3,467/oz Au, $39.4/oz Ag, $1,962/t Pb and $2,815/t Zn for Q3 2025}
_{Figures may not add due to rounding}

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Cash cost per gold equivalent ounce sold – Q4 2025
(in thousands of US dollars, except ounces sold)	Lindero		Séguéla		Caylloma		GEO cash costs
Cost of sales	35,966		67,202		18,675		121,845
Depletion, depreciation, and amortization	(13,003	)	(26,599	)	(3,964	)	(43,566	)
Royalties and taxes	(82	)	(14,339	)	(330	)	(14,751	)
By-product credits	(1,097	)	–		–		(1,097	)
Other	(473	)	–		(832	)	(1,305	)
Treatment and refining charges	–		–		1,744		1,744
Cash cost applicable per gold equivalent ounce sold	21,311		26,264		15,293		62,868
Ounces of gold equivalent sold	19,073		36,998		8,652		64,723
Cash cost per ounce of gold equivalent sold ($/oz)	1,117		710		1,768		971
_{Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025.}
_{Figures may not add due to rounding.}

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Cash cost per gold equivalent ounce sold – Q4 2024
(in thousands of US dollars, except ounces sold)	Lindero		Séguéla		Caylloma		GEO cash costs
Cost of sales	47,380		58,956		19,866		126,202
Depletion, depreciation, and amortization	(13,314	)	(28,828	)	(4,295	)	(46,437	)
Royalties and taxes	(79	)	(6,377	)	(222	)	(6,678	)
By-product credits	(973	)	–		–		(973	)
Other	(4,704	)	–		(1,624	)	(6,328	)
Treatment and refining charges	–		–		2,965		2,965
Cash cost applicable per gold equivalent ounce sold	28,310		23,751		16,690		68,751
Ounces of gold equivalent sold	26,629		36,384		11,882		74,896
Cash cost per ounce of gold equivalent sold ($/oz)	1,063		653		1,405		918
_{Gold equivalent was calculated using the realized prices for gold of $2,659/oz Au, $31.3/oz Ag, $2,009/t Pb and $3,046/t Zn for Q4 2024.}
_{Figures may not add due to rounding.}

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Cash cost per gold equivalent ounce sold – Year 2025	Continuing operations								Discontinued ops		Total
(in thousands of US dollars, except ounces sold)	Lindero		Séguéla		Caylloma		GEO cash costs		Yaramoko		GEO cash costs
Cost of sales	137,076		269,835		73,248		480,161		68,097		548,258
Depletion, depreciation, and amortization	(51,726	)	(118,559	)	(17,799	)	(188,084	)	(19,307	)	(207,391	)
Royalties and taxes	(352	)	(47,778	)	(1,152	)	(49,282	)	(8,830	)	(58,112	)
By-product credits	(3,853	)	–		–		(3,853	)	–		(3,853	)
Other	16,384		–		(2,823	)	13,561		–		13,561
Treatment and refining charges	–		–		2,238		2,238		–		2,238
Cash cost applicable per gold equivalent ounce sold	97,529		103,498		53,712		254,739		39,960		294,699
Ounces of gold equivalent sold	86,163		152,383		35,973		274,519		37,734		312,253
Cash cost per ounce of gold equivalent sold ($/oz)	1,132		679		1,493		928		1,059		944
_{Gold equivalent was calculated using the realized prices for gold of $3,452/oz Au, $40.2/oz Ag, $1,962/t Pb and $2,864/t Zn for Year 2025.}
_{Figures may not add due to rounding.}

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Cash cost per gold equivalent ounce sold – Year 2024
(in thousands of US dollars, except ounces sold)	Lindero		Séguéla		Caylloma		GEO cash costs
Cost of sales	159,788		211,062		73,030		443,880
Depletion, depreciation, and amortization	(50,114	)	(107,039	)	(15,942	)	(173,095	)
Royalties and taxes	(537	)	(23,622	)	(1,172	)	(25,331	)
By-product credits	(3,232	)	–		–		(3,232	)
Other	(4,930	)	–		(2,583	)	(7,513	)
Treatment and refining charges	–		–		8,732		8,732
Cash cost applicable per gold equivalent ounce sold	100,975		80,401		62,065		243,441
Ounces of gold equivalent sold	96,059		137,753		51,005		284,817
Cash cost per ounce of gold equivalent sold ($/oz)	1,051		584		1,217		855
_{Gold equivalent was calculated using the realized prices for gold of $2,404/oz Au, $27.9/oz Ag, $2,072/t Pb and $2,786/t Zn for Year 2024.}
_{Figures may not add due to rounding.}

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Reconciliation of cost of sales to all-in sustaining cash cost per GEO sold from continuing operations for the three months ended September 30, 2025 and the three and twelve months ended December 31, 2025 and 2024

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For 2025 AISC reflects production and costs for Yaramoko from January 1 to April 14, 2025, being the date that the Company agreed to the assumed handover of operations to the purchaser. AISC per ounce of gold equivalent sold for the aforementioned period has been estimated at $1,410 which is comparable to the AISC per GEO sold at Yaramoko for Q1 2025 of $1,411.

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AISC Per Gold Equivalent Ounce Sold – Q3 2025	Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold	28,100	26,679	13,579	–	68,358
Royalties and taxes	83	12,154	287	–	12,524
Worker’s participation	–	–	777	–	777
General and administration	2,880	2,993	830	18,163	24,866
Total cash costs	31,063	41,826	15,473	18,163	106,525
Sustaining capital¹	8,432	25,625	3,604	–	37,661
Blue chips gains (investing activities)¹	–	–	–	–	–
All-in sustaining costs	39,495	67,451	19,077	18,163	144,186
Gold equivalent ounces sold	25,157	38,803	8,601	–	72,561
All-in sustaining costs per ounce	1,570	1,738	2,218	–	1,987
_{Gold equivalent was calculated using the realized prices for gold of $3,467/oz Au, $39.4/oz Ag, $1,962/t Pb and $2,815/t Zn for Q3 2025}
_{Figures may not add due to rounding}
_{¹Presented on a cash basis}

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AISC per gold equivalent ounce sold – Q4 2025
(in thousands of US dollars, except ounces sold)	Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold	21,311	26,264	15,293	–	62,868
Inventory net realizable value adjustment	–	–	–	–	–
Royalties and taxes	82	14,339	330	–	14,751
Worker’s participation	–	–	965	–	965
General and administration	2,727	4,573	3,002	13,575	23,877
Total cash costs	24,120	45,176	19,590	13,575	102,461
Sustaining capital⁽¹⁾	7,144	13,123	10,218	–	30,485
Blue chips gains (investing activities)⁽¹⁾	–	–	–	–	–
All-in sustaining costs	31,264	58,299	29,808	13,575	132,946
Gold equivalent ounces sold	19,073	36,998	8,652	–	64,723
All-in sustaining costs per ounce	1,639	1,576	3,445	–	2,054
_{Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025.}
_{Figures may not add due to rounding.}
_{(1) Presented on a cash basis.}

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AISC per gold equivalent ounce sold – Q4 2024	Continuing operations							Discontinued ops			Total
(in thousands of US dollars, except ounces sold)	Lindero		Séguéla	Caylloma	Corporate	GEO AISC		Yaramoko		San Jose	GEO AISC
Cash cost applicable per gold equivalent ounce sold	28,309		23,751	16,690	–	68,750		23,968		24,476	117,194
Inventory net realizable value adjustment	–		–	–	–	–		(829	)	1,366	537
Royalties and taxes	79		6,377	222	–	6,678		5,346		801	12,825
Worker’s participation	–		–	1,733	–	1,733		–		–	1,733
General and administration	3,026		2,549	1,391	9,666	16,632		503		1,364	18,499
Total cash costs	31,414		32,677	20,036	9,666	93,793		28,988		28,007	150,788
Sustaining capital⁽¹⁾	19,869		17,396	8,338	–	45,603		9,430		171	55,204
Blue chips gains (investing activities)⁽¹⁾	(1,406	)	–	–	–	(1,406	)	–		–	(1,406	)
All-in sustaining costs	49,877		50,073	28,374	9,666	137,990		38,418		28,178	204,586
Gold equivalent ounces sold	26,629		36,384	11,882	–	74,896		29,509		11,051	115,455
All-in sustaining costs per ounce	1,873		1,376	2,388	–	1,842		1,302		2,550	1,772
_{Gold equivalent was calculated using the realized prices for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for Q4 2024.}
_{Figures may not add due to rounding.}
_{(1) Presented on a cash basis.}

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AISC per gold equivalent ounce sold – Year 2025	Continuing operations							Discontinued ops	Total
(in thousands of US dollars, except ounces sold)	Lindero		Séguéla	Caylloma	Corporate	GEO AISC		Yaramoko	GEO AISC
Cash cost applicable per gold equivalent ounce sold	97,529		103,498	53,712	–	254,739		39,960	294,699
Inventory net realizable value adjustment	–		–	–	–	–		–	–
Royalties and taxes	352		47,778	1,152	–	49,282		8,830	58,112
Worker’s participation	–		–	3,241	–	3,241		–	3,241
General and administration	10,663		12,828	7,959	60,287	91,737		1,602	93,339
Total cash costs	108,544		164,104	66,064	60,287	398,999		50,392	449,391
Sustaining capital⁽¹⁾	40,667		73,549	18,796	–	133,012		2,813	135,825
Blue chips gains (investing activities)⁽¹⁾	(1,319	)	–	–	–	(1,319	)	–	(1,319	)
All-in sustaining costs	147,892		237,653	84,860	60,287	530,692		53,205	583,897
Gold equivalent ounces sold	86,163		152,383	35,973	–	274,519		37,734	312,253
All-in sustaining costs per ounce	1,716		1,560	2,359	–	1,933		1,410	1,870
_{Gold equivalent was calculated using the realized prices for gold of $3,452/oz Au, $40.2/oz Ag, $1,962/t Pb and $2,864/t Zn for Year 2025.}
_{Figures may not add due to rounding.}
_{(1) Presented on a cash basis.}

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AISC per gold equivalent ounce sold – Year 2024	Continuing operations							Discontinued ops		Total
(in thousands of US dollars, except ounces sold)	Lindero		Séguéla	Caylloma	Corporate	GEO AISC		Yaramoko	San Jose	GEO AISC
Cash cost applicable per gold equivalent ounce sold	100,975		80,401	62,065	–	243,441		99,858	97,235	440,534
Inventory net realizable value adjustment	–		–	–	–	–		948	1,366	2,314
Royalties and taxes	537		23,622	1,172	–	25,331		21,128	3,011	49,470
Worker’s participation	–		–	3,094	–	3,094		–	–	3,094
General and administration	12,121		9,266	5,263	38,928	65,578		1,785	6,213	73,576
Total cash costs	113,633		113,289	71,594	38,928	337,444		123,719	107,825	568,988
Sustaining capital⁽¹⁾	68,276		45,565	23,897	–	137,738		34,154	846	172,738
Blue chips gains (investing activities)⁽¹⁾	(9,716	)	–	–	–	(9,716	)	–	–	(9,716	)
All-in sustaining costs	172,193		158,854	95,491	38,928	465,466		157,873	108,671	732,010
Gold equivalent ounces sold	96,059		137,753	51,005	–	284,817		116,130	45,136	446,083
All-in sustaining costs per ounce	1,793		1,153	1,872	–	1,634		1,359	2,408	1,641
_{Gold equivalent was calculated using the realized prices for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for Year 2024.}
_{Figures may not add due to rounding.}
_{(1) Presented on a cash basis.}

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Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended September 30, 2025 and for the three and twelve months ended December 31, 2025 and 2024

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Cash Cost Per Silver Equivalent Ounce Sold – Q3 2025	Caylloma
Cost of sales	19,317
Depletion, depreciation, and amortization	(5,199	)
Royalties and taxes	(287	)
Other	(668	)
Treatment and refining charges	416
Cash cost applicable per silver equivalent sold	13,579
Ounces of silver equivalent sold^1,2	757,797
Cash cost per ounce of silver equivalent sold ($/oz)	17.92
_{¹ Silver equivalent sold is calculated using a silver to gold ratio of 85.1:1, silver to lead ratio of 1:44.2 pounds, and silver to zinc ratio of 1:30.8 pounds.}
_{² Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices}
_{Figures may not add due to rounding}

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Cash cost per silver equivalent ounce sold – Q4 2025
(in thousands of US dollars, except ounces sold)	Caylloma
Cost of sales	18,675
Depletion, depreciation, and amortization	(3,964	)
Royalties and taxes	(330	)
Other	(832	)
Treatment and refining charges	1,744
Cash cost applicable per silver equivalent sold	15,293
Ounces of silver equivalent sold^(1,2)	644,249
Cash cost per ounce of silver equivalent sold ($/oz)	23.74
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{Figures may not add due to rounding.}

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Cash cost per silver equivalent ounce sold – Q4 2024
(in thousands of US dollars, except ounces sold)	Caylloma
Cost of sales	19,866
Depletion, depreciation, and amortization	(4,295	)
Royalties and taxes	(222	)
Other	(1,624	)
Treatment and refining charges	2,965
Cash cost applicable per silver equivalent sold	16,690
Ounces of silver equivalent sold^(1,2)	1,009,804
Cash cost per ounce of silver equivalent sold ($/oz)	16.53
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{Figures have been restated to remove Right of Use.}
_{Figures may not add due to rounding.}

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Cash cost per silver equivalent ounce sold – Year 2025
(in thousands of US dollars, except ounces sold)	Caylloma
Cost of sales	73,248
Depletion, depreciation, and amortization	(17,799	)
Royalties and taxes	(1,152	)
Other	(2,823	)
Treatment and refining charges	2,238
Cash cost applicable per silver equivalent sold	53,712
Ounces of silver equivalent sold^(1,2)	3,090,518
Cash cost per ounce of silver equivalent sold ($/oz)	17.38
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 98.3:1, silver to lead ratio of 1:45.2 pounds, and silver to zinc ratio of 1:31.0 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{Figures may not add due to rounding.}

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Cash cost per silver equivalent ounce sold – Year 2024
(in thousands of US dollars, except ounces sold)	Caylloma
Cost of sales	73,030
Depletion, depreciation, and amortization	(15,942	)
Royalties and taxes	(1,172	)
Other	(2,583	)
Treatment and refining charges	8,732
Cash cost applicable per silver equivalent sold	62,065
Ounces of silver equivalent sold^(1,2)	4,396,445
Cash cost per ounce of silver equivalent sold ($/oz)	14.12
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{Figures have been restated to remove Right of Use.}
_{Figures may not add due to rounding.}

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Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended September 30, 2025 and for the three and twelve months ended December 31, 2025 and 2024

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AISC Per Silver Equivalent Ounce Sold – Q3 2025		Caylloma
Cash cost applicable per silver equivalent ounce sold		13,579
Royalties and taxes		287
Worker’s participation		777
General and administration		830
Total cash costs		15,473
Sustaining capital³		3,604
All-in sustaining costs		19,077
Silver equivalent ounces sold^1,2		757,797
All-in sustaining costs per ounce		25.17
_{¹ Silver equivalent sold is calculated using a silver to gold ratio of 85.1:1, silver to lead ratio of 1:44.2 pounds, and silver to zinc ratio of 1:30.8 pounds.}
_{² Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices}
_{³ Presented on a cash basis}

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AISC per silver equivalent ounce sold – Q4 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		15,293
Royalties and taxes		330
Worker’s participation		965
General and administration		3,002
Total cash costs		19,590
Sustaining capital⁽³⁾		10,218
All-in sustaining costs		29,808
Silver equivalent ounces sold^(1,2)		644,249
All-in sustaining costs per ounce		46.27
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{(3) Presented on a cash basis.}

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AISC per silver equivalent ounce sold – Q4 2024
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		16,690
Royalties and taxes		222
Worker’s participation		1,733
General and administration		1,391
Total cash costs		20,036
Sustaining capital⁽³⁾		8,338
All-in sustaining costs		28,374
Silver equivalent ounces sold^(1,2)		1,009,804
All-in sustaining costs per ounce		28.10
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{(3) Presented on a cash basis.}

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AISC per silver equivalent ounce sold – Year 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		53,712
Royalties and taxes		1,152
Worker’s participation		3,241
General and administration		7,959
Total cash costs		66,064
Sustaining capital⁽³⁾		18,796
All-in sustaining costs		84,860
Silver equivalent ounces sold^(1,2)		3,090,518
All-in sustaining costs per ounce		27.46
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 98.3:1, silver to lead ratio of 1:45.2 pounds, and silver to zinc ratio of 1:31.0 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{(3) Presented on a cash basis.}

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AISC per silver equivalent ounce sold – Year 2024
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		62,065
Royalties and taxes		1,172
Worker’s participation		3,094
General and administration		5,263
Total cash costs		71,594
Sustaining capital⁽³⁾		23,897
All-in sustaining costs		95,491
Silver equivalent ounces sold^(1,2)		4,396,445
All-in sustaining costs per ounce		21.72
_{(1) Silver equivalent sold is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.}
_{(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices.}
_{(3) Presented on a cash basis.}

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Additional information regarding the Company’s financial results and ongoing activities is available in the audited consolidated financial statements for years ended December 31, 2025 and 2024 and accompanying 2025 MD&A. These documents can be accessed on Fortuna’s website at www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgarwww.sec.gov/edgar.

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Forward-looking Statements

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This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company’s plans for its mines and mineral properties; expansion of mineral reserves at Séguéla extending the life of mine to over nine years; the Company’s expectations regarding the feasibility study to expand plant throughput at Séguéla; the next phase of growth at the Diamba Sud project including the amount to be allocated for the early works program, to order critical equipment and for further exploration activities; the making and timing of a construction decision at the Diamba Sud project; the Company’s expectation that the replacement of the foundations for the primary crusher at the Lindero Mine will be completed on budget within a 30 day period starting in March 2026;
the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “expected”, “anticipated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

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The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company’s business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.

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Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; risks associated with war or other geo-political hostilities, such as the Ukrainian – Russian and the Israel – Hamas conflicts, any of which could continue to cause a disruption in global economic activity; fluctuation in currencies and foreign exchange rates; increases in the rate of inflation; the imposition or any extension of capital controls in countries in which the Company operates; any changes in tax laws in Argentina and the other countries in which we operate; changes in the prices of key supplies; uncertainty relating to nature and climate change conditions; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; technological and operational hazards in Fortuna’s mining and mine development activities; risks related to water and power availability; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; changes in the position of regulatory authorities with respect to the granting of approvals or permits; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form for the financial year ended December 31, 2024 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

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Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company’s operations, the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

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Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

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Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

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PEA Key Highlights

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The following table summarizes the key assumptions, operational parameters, economic results, and AISC values from the PEA.

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Metrics	Units	Results
Gold price	$/oz	2,750
Life of mine	year	8.1
Total mineralized material mined¹	Mt	17.75
Contained gold in mineralized material mined¹	koz	932
Strip ratio	Waste:mineralized material	5.5:1
Throughput initial 3 years (primarily oxide)	Mtpa	2.5
Throughput after 3 years (primarily fresh)	Mtpa	2.0
Head grade	g/t Au	1.63
Recoveries	%	90%
Gold production
Total Production over LOM	koz	840
Average annual production, LOM	koz	106
Average annual production, first 3 years	koz	147
Per unit costs over LOM
Total mining costs	$/t, mined	$4.82
Processing	$/t, processed	$13.91
G&A	$/t, processed	$6.70
Cash costs¹
Average operating cash costs², LOM	$/oz	$1,081
Average operating cash costs², first 3 years	$/oz	$759
AISC¹
Average AISC², LOM	$/oz	$1,238
Average AISC², first 3 years	$/oz	$904
Capital costs
Initial capital expenditure	$ M	$283
Sustaining capital, operations + Infrastructure (includes closure costs)	$ M	$48
NPV5%, pre-tax (100% project basis)	$M	$772
Pre-tax IRR	%	86%
NPV5%, after-tax (100% project basis)	$M	$563
After-tax IRR	%	72%
Payback period	year	0.8
Annual EBITDA²
Average EBITDA² over LOM	$ M	$167
Average EBITDA² over first 3 years	$ M	$277

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^Notes:
^1.	^{The pit optimization shells used for the mining inventory were generated using a gold price of $2,300 per ounce.}
^2.	^{This is a non-IFRS financial measure. The definition and purpose of this non-IFRS financial measure is included in the 2025 MD&A under the heading “Non-IFRS Measures. Non-IFRS financial measures have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.}
^3.	^{Average operating cash costs and average AISC represent costs for projected production for the LOM at the time of gold sales.}
^4.	^{The PEA is presented on a 100 percent project basis. However, upon the granting of the exploitation permit, the Senegalese Government will be entitled to a 10 percent free-carried interest in the Project, with the right for the State to acquire an additional contributory interest of up to 25 percent.}
^5.	^{The economic analysis was carried out using a discounted cash flow approach on a pre-tax and after-tax basis, based on the gold price of $2,750/oz.}
^6.	^{The IRR on total investment that is presented in the economic analysis was calculated assuming a 100% ownership in Diamba Sud.}
^7.	^{The NPV was calculated from the after-tax cash flow generated by the Project, based on a discounted rate of 5% and an effective date of October 10, 2025.}
^8.	^{The PEA assumes that the percentage of certain royalties and taxes payable to the State, the percentage of the investment tax credit available to the company and the percentage payable to the social development fund will be in accordance with the provisions of the Mining Convention between Boya S.A. and the State of Senegal dated April 8, 2015. There can be no assurance that such provisions will not be renegotiated by the State as part of the exploitation permit approval process.}
^9.	^{The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.}

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Further information regarding the PEA referenced in this news release, including details on data verification, key assumptions, parameters, opportunities, risks, and other factors, is contained in the technical report entitled “Diamba Sud Gold Project, Kédougou Region, Senegal” with an effective date of October 15, 2025, filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov/edgar under the Company’s profile on November 26, 2025.

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