Fortuna Reports Results for the Third Quarter of 2025

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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
Inventory net realizable value adjustment	–	–	–	–	–
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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	Continuing Operations							Discontinued Ops		Total
AISC Per Gold Equivalent Ounce Sold – Q3 2024	Lindero		Séguéla	Caylloma	Corporate	GEO AISC		Yaramoko	San Jose	GEO AISC
Cash cost applicable per gold equivalent ounce sold	27,492		22,158	16,959	–	66,609		27,253	23,875	117,737
Inventory net realizable value adjustment	–		–	–	–	–		–	–	–
Royalties and taxes	89		6,143	366	–	6,598		5,480	639	12,717
Worker’s participation	–		–	472	–	472		–	–	472
General and administration	2,935		2,945	1,246	6,275	13,401		550	1,802	15,753
Total cash costs	30,516		31,246	19,043	6,275	87,080		33,283	26,316	146,679
Sustaining capital¹	21,264		8,511	6,817	–	36,592		5,166	198	41,956
Blue chips gains (investing activities)¹	(3,162	)	–	–	–	(3,162	)	–	–	(3,162	)
All-in sustaining costs	48,618		39,757	25,860	6,275	120,510		38,449	26,514	185,473
Gold equivalent ounces sold	26,393		33,816	13,343	–	73,553		27,995	9,597	111,145
All-in sustaining costs per ounce	1,842		1,176	1,938	–	1,638		1,373	2,763	1,669
_{Gold equivalent was calculated using the realized prices for gold of $2,333/oz Au, $28.5/oz Ag, $2,157/t Pb and $2,835/t Zn for Q3 2024}
_{Figures may not add due to rounding}
_{¹Presented on a cash basis}

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	Continuing Operations							Discontinued Ops	Total
AISC Per Gold Equivalent Ounce Sold – Year to Date 2025	Lindero		Séguéla	Caylloma	Corporate	GEO AISC		Yaramoko	GEO AISC
Cash cost applicable per gold equivalent ounce sold	76,216		77,234	38,418	–	191,868		39,960	231,828
Inventory net realizable value adjustment	–		–	–	–	–		–	–
Royalties and taxes	270		33,439	822	–	34,531		8,830	43,361
Worker’s participation	–		–	2,276	–	2,276		–	2,276
General and administration	7,937		8,255	4,957	46,712	67,861		1,602	69,463
Total cash costs	84,423		118,928	46,473	46,712	296,536		50,392	346,928
Sustaining capital¹	33,523		60,426	8,578	–	102,527		2,813	105,340
Blue chips gains (investing activities)¹	(1,319	)	–	–	–	(1,319	)	–	(1,319	)
All-in sustaining costs	116,627		179,354	55,051	46,712	397,744		53,205	450,949
Gold equivalent ounces sold	67,087		115,386	27,315	–	209,788		37,734	247,522
All-in sustaining costs per ounce	1,738		1,554	2,015	–	1,896		1,410	1,822
_{Gold equivalent was calculated using the realized prices for gold of $3,231/oz Au, $34.9/oz Ag, $1,960/t Pb and $2,768/t Zn for Year to Date 2025}
_{Figures may not add due to rounding}
_{¹Presented on a cash basis}

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	Continuing Operations							Discontinued Ops		Total
AISC Per Gold Equivalent Ounce Sold – Year to Date 2024	Lindero		Séguéla	Caylloma	Corporate	GEO AISC		Yaramoko	San Jose	GEO AISC
Cash cost applicable per gold equivalent ounce sold	72,664		56,651	45,374	–	174,689		75,890	72,761	323,340
Inventory net realizable value adjustment	–		–	–	–	–		1,777	–	1,777
Royalties and taxes	458		17,244	949	–	18,651		15,782	2,210	36,643
Worker’s participation	–		–	1,361	–	1,361		–	–	1,361
General and administration	9,095		6,716	3,871	29,262	48,944		1,282	4,850	55,076
Total cash costs	82,217		80,611	51,555	29,262	243,645		94,731	79,821	418,197
Sustaining capital¹	48,407		28,134	15,559	–	92,100		24,724	675	117,499
Blue chips gains (investing activities)¹	(8,311	)	–	–	–	(8,311	)	–	–	(8,311	)
All-in sustaining costs	122,313		108,745	67,114	29,262	327,434		119,455	80,496	527,385
Gold equivalent ounces sold	69,430		101,369	39,399	–	210,198		86,621	34,218	331,037
All-in sustaining costs per ounce	1,762		1,073	1,703	–	1,558		1,379	2,352	1,593
_{Gold equivalent was calculated using the realized prices for gold of $2,307/oz Au, $27.1/oz Ag, $2,091/t Pb, and $2,692/t Zn for Year to Date 2024.}
_{Figures may not add due to rounding}
_{¹Presented 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 June 30, 2025 and for the three and nine months ended September 30, 2025 and 2024

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Cash Cost Per Silver Equivalent Ounce Sold – Q2 2025	Caylloma
Cost of sales	17,793
Depletion, depreciation, and amortization	(4,268	)
Royalties and taxes	(295	)
Other	(663	)
Treatment and refining charges	28
Cash cost applicable per silver equivalent sold	12,595
Ounces of silver equivalent sold¹	830,824
Cash cost per ounce of silver equivalent sold ($/oz)	15.16
_{¹Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.}
_{²Silver 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 – 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
_{¹Silver 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.}
_{²Silver 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 – Q3 2024	Caylloma
Cost of sales	19,820
Depletion, depreciation, and amortization	(4,465	)
Royalties and taxes	(366	)
Other	(279	)
Treatment and refining charges	2,249
Cash cost applicable per silver equivalent sold	16,959
Ounces of silver equivalent sold^1,2	1,139,823
Cash cost per ounce of silver equivalent sold ($/oz)	14.88
_{¹Silver equivalent sold is calculated using a silver to gold ratio of 85.9:1, silver to lead ratio of 1:31.6 pounds, and silver to zinc ratio of 1:23.2 pounds.}
_{²Silver 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 to Date 2025	Caylloma
Cost of sales	54,573
Depletion, depreciation, and amortization	(13,836	)
Royalties and taxes	(822	)
Other	(1,991	)
Treatment and refining charges	494
Cash cost applicable per silver equivalent sold	38,418
Ounces of silver equivalent sold^1,2	2,529,394
Cash cost per ounce of silver equivalent sold ($/oz)	15.19
_{¹Silver equivalent sold is calculated using a silver to gold ratio of 95.9:1, silver to lead ratio of 1:39.3 pounds, and silver to zinc ratio of 1:27.8 pounds.}
_{²Silver 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 to Date 2024	Caylloma
Cost of sales	53,164
Depletion, depreciation, and amortization	(11,647	)
Royalties and taxes	(949	)
Other	(960	)
Treatment and refining charges	5,766
Cash cost applicable per silver equivalent sold	45,374
Ounces of silver equivalent sold^1,2	3,372,741
Cash cost per ounce of silver equivalent sold ($/oz)	13.45
_{¹Silver equivalent sold is calculated using a silver to gold ratio of 82.8:1, silver to lead ratio of 1:28.4 pounds, and silver to zinc ratio of 1:22.1 pounds.}
_{²Silver 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 June 30, 2025 and for the three and nine months ended September 30, 2025 and 2024

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AISC Per Silver Equivalent Ounce Sold – Q2 2025		Caylloma
Cash cost applicable per silver equivalent ounce sold		12,595
Royalties and taxes		295
Worker’s participation		760
General and administration		1,672
Total cash costs		15,322
Sustaining capital³		2,729
All-in sustaining costs		18,051
Silver equivalent ounces sold¹		830,824
All-in sustaining costs per ounce²		21.73
_{¹Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.}
_{²Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices}
_{³Presented on a cash basis}

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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
_{¹Silver 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.}
_{²Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices}
_{³Presented on a cash basis}

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AISC Per Silver Equivalent Ounce Sold – Q3 2024		Caylloma
Cash cost applicable per silver equivalent ounce sold		16,959
Royalties and taxes		366
Worker’s participation		472
General and administration		1,246
Total cash costs		19,043
Sustaining capital³		6,817
All-in sustaining costs		25,860
Silver equivalent ounces sold^1,2		1,139,823
All-in sustaining costs per ounce		22.69
_{¹Silver equivalent sold is calculated using a silver to gold ratio of 85.9:1, silver to lead ratio of 1:31.6 pounds, and silver to zinc ratio of 1:23.2 pounds.}
_{²Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices}
_{³Presented on a cash basis}

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AISC Per Silver Equivalent Ounce Sold – Year to Date 2025		Caylloma
Cash cost applicable per silver equivalent ounce sold		38,418
Royalties and taxes		822
Worker’s participation		2,276
General and administration		4,957
Total cash costs		46,473
Sustaining capital³		8,578
All-in sustaining costs		55,051
Silver equivalent ounces sold^1,2		2,529,394
All-in sustaining costs per ounce		21.76
_{¹Silver equivalent sold is calculated using a silver to gold ratio of 95.9:1, silver to lead ratio of 1:39.3 pounds, and silver to zinc ratio of 1:27.8 pounds.}
_{²Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices}
_{³Presented on a cash basis}

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AISC Per Silver Equivalent Ounce Sold – Year to Date 2024		Caylloma
Cash cost applicable per silver equivalent ounce sold		45,374
Royalties and taxes		949
Worker’s participation		1,361
General and administration		3,871
Total cash costs		51,555
Sustaining capital³		15,559
All-in sustaining costs		67,114
Silver equivalent ounces sold^1,2		3,372,741
All-in sustaining costs per ounce		19.90
_{¹Silver equivalent sold is calculated using a silver to gold ratio of 82.8:1, silver to lead ratio of 1:28.4 pounds, and silver to zinc ratio of 1:22.1 pounds.}
_{²Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results – Sales and Realized Prices}
_{³Presented on a cash basis}

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Additional information regarding the Company’s financial results and ongoing activities is available in the unaudited condensed interim financial statements for the three and nine months ended September 30, 2025 and 2024 and accompanying Q3 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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Conference Call and Webcast
A conference call to discuss the financial and operational results will be held on Thursday, November 6, 2025, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer – Latin America, and David Whittle, Chief Operating Officer – West Africa.

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Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: https://www.webcaster5.com/Webcast/Page/1696/53144 or over the phone by dialing in just prior to the starting time.

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Conference call details:

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Date: Thursday, November 6, 2025
Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time

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Dial in number (Toll Free): +1.888.506.0062
Dial in number (International): +1.973.528.0011
Access code: 360013

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Replay number (Toll Free): +1.877.481.4010
Replay number (International): +1.919.882.2331
Replay passcode: 53144

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Playback of the earnings call will be available until Thursday, November 20, 2025. Playback of the webcast will be available until Friday, November 6, 2026. In addition, a transcript of the call will be archived on the Company’s website.

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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. For more information, please visit our website at www.fortunamining.com

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ON BEHALF OF THE BOARD

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Jorge A. Ganoza

President, CEO, and Director
Fortuna Mining Corp.

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Investor Relations:

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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, the Company’s expectations regarding meeting annual production guidance and annual AISC guidance; and the estimated annual production guidance for the Séguéla Mine in 2026; the timing for the repair of the primary crusher at the Lindero Mine and that the measures that the Company has put in place to mitigate the risks related to same will be successful and will not have a material impact on the mine’s production guidance for the year; statements relating to the preliminary economic assessment for the Diamba Sud Gold Project, including the development of an open pit mine; the projected economics for the Project, including the net present value of the Project, the internal rate of return on the Project and the Project payback period; advancing the Diamba Sud Gold Project towards a definitive feasibility study and a construction decision in the first half of 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 EBITDA²over LOM	$ M	$167
Average EBITDA²over 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 Q3 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, will be contained in a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov/edgar under the Company’s profile by November 28, 2025.

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