Fortuna Reports Results for the Second Quarter of 2025

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) VANCOUVER, British Columbia, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the second quarter of 2025.(Results from the Company’s San Jose and Yaramoko assets have been excluded from its Q2 2025 continuing results, along with the comparative figures, due to the classification of the assets as discontinued as at June 30, 2025.) Jorge A. Ganoza, President and CEO of Fortuna, commented, “Fortuna completed the second quarter with liquidity of more than half a billion dollars. Our strong balance sheet positions the Company to pursue growth opportunities under our control including the guided production expansion at the Séguéla Mine in 2026 and advancing to a construction decision at the Diamba Sud project in Senegal by the first half of 2026 following the completion of a PEA later this year.” Mr. Ganoza continued, “We delivered a total of 75,950 gold equivalent ounces1, keeping us firmly on track to meet annual production guidance. Higher realized gold prices in the quarter contributed to a record EBITDA1 margin of 55%. The higher consolidated AISC1 of $1,932 per ounce of gold in the quarter was primarily driven by the timing of capital expenditures and peak mine waste stripping at Séguéla during the second quarter and into the third. These investments are critical to achieving our annual target of 160 to 180 thousand gold ounces in 2026.” Mr. Ganoza concluded, “Looking into the second half of the year, we expect our mines to remain within annual AISC1 guidance. At Séguéla, AISC1, is projected to trend higher through the year due to planned mine waste stripping to access higher-grade material, but the full-year average is expected to remain well within guidance. In contrast, Lindero’s AISC1, is expected to trend lower in the second half of the year as the leach pad expansion is now complete and peak stripping is behind us.” Second Quarter 2025 Highlights Cash and Cashflow Free cash flow1 from ongoing operations of $57.4 million in Q2, and net cash from operating activities before working capital changes of $96.9 million or $0.32 per shareLiquidity was $537.3 million, and the Company increased its positive net cash1 position to $214.8 million (including short-term investments), from $136.9 million in Q1 2025Quarter-end cash and short-term investments of $387.3 million, a quarter over quarter (“QoQ“) increase of $78.0 millionSubsequent to June 30, 2025 the Company took advantage of the relaxing of capital controls and a favourable spread on exchange rates to repatriate $50.0 million from Argentina Profitability Attributable net income from continuing operations of $42.6 million or $0.14 per share, a QoQ increase of $0.03. Net Income was impacted by the recognition of $17.5 million in withholding taxes due to the timing of an annual dividend approval in Côte d'IvoireHigher realized gold prices contributed to expanding Adjusted EBITDA1 margins to a record 55% compared to 50% in Q1 2025Attributable adjusted net income1 of $44.7 million or $0.15 per share, a QoQ increase of $0.04 per share Operational Gold equivalent production (“GEO”) of 71,229 from continuing operations ounces2 in Q2. GEO production was 75,950 including discontinued operations.Consolidated cash cost per GEO1 from continuing operations of $929 in Q2, compared to $866 in Q1 2025Consolidated AISC per GEO1 from continuing operations of $1,932 for Q2 compared to $1,752 in Q1 2025.Safety performance indicator for TRIFR down to 0.87 compared to 0.98 in Q1 2025. The Company had zero lost time injuries in the quarter. Growth and Business Development On August 5th the Company published an updated in-pit mineral resource estimation for the Diamba Sud project in Senegal, reporting an Indicated Mineral Resource of 724,000 gold ounces, and an Inferred Mineral Resource of 285,000 gold ounces (Indicated Mineral Resource of 14.2 Mt averaging 1.59 g/t Au containing 724,000 gold ounces, and Inferred Mineral Resource of 6.2 Mt averaging 1.44 g/t Au containing 285,000 gold ounces), reflecting 53 and 93 percent increase in resources for the project respectively since year-end 2024. This estimate incorporates initial resources from the newly discovered mineralization at the Southern Arc prospect. The Company is advancing the Diamba Sud project with parallel activities on environmental permits, engineering studies, and continued mineral exploration working towards a preliminary economic assessment in the fourth quarter of 2025. Refer to our news release “Fortuna Advances Diamba Sud Gold Project in Senegal with Updated Mineral Resources; PEA Completion Targeted for Q4 2025” dated August 5, 2025.The Company acquired 15% of Awale Resources who owns the Odienne project and other permits in a geologic corridor that is of interest to Fortuna in Côte d'Ivoire. Refer to our news release “Fortuna Completes Strategic Investment in Awalé Resources Limited and Files Early Warning Report” dated June 11, 2025. Yaramoko and San Jose DivestmentThe Company received $83.8 million in gross proceeds during the quarter related to the divestment of our two short-life mines as part of an initiative to streamline the asset portfolio. Taken together, these two sales allow the Company to reallocate approximately $50.0 million in capital and management focus away from mine closures and toward higher-value opportunities that align more closely with our long-term strategy. 1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures 2 Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $3,306/oz Au, $33.8/oz Ag, $1,945/t Pb, and $2,640/t Zn for Q2 2025.; $2,333/oz Au, $28.5/oz Ag, $2,157/t Pb, and $2,835/t Zn for Q2 2024; $2,882/oz Au, $31.8/oz Ag, $1,971/t Pb, and $2,841/t Zn for Q1 2025 Second Quarter 2025 Consolidated Results Three months ended Six months ended June 30, ($ Expressed in millions) June 30, 2025 June 30, 2024 March 31, 2025 20252024 % ChangeTotal Production Including Discontinued Operations (GEO) 75,950 116,570 103,459 179,409 229,113 (22%)Production from Continuing Operations (GEO) 71,229 71,368 70,386 141,615 143,679 (1%) Financial Highlights from Continuing Operations Sales 230.4 156.3 195.2 425.5 300.3 42%Mine operating income 105.0 52.6 80.3 185.4 100.2 85%Operating income 83.7 30.8 55.9 139.7 59.6 134%Net income from continuing operations 47.7 22.2 36.6 86.6 36.6 137%Attributable net income from continuing operations 42.6 21.3 35.4 78.1 34.3 128%Attributable earnings per share from continuing operations - basic 0.14 0.07 0.11 0.25 0.11 127%Adjusted attributable net income from continuing operations1 44.7 9.3 35.7 80.4 23.1 248%Adjusted attributable net income from continuing operations earnings per share 0.15 0.03 0.11 0.26 0.08 225%Adjusted EBITDA1 127.7 72.5 98.2 225.9 139.7 62%Net cash provided by operating activities - continuing operations 92.7 37.4 89.0 181.7 69.2 163%Free cash flow from ongoing operations1 57.4 10.2 66.7 124.1 17.5 609%Cash cost ($/oz GEO)1 929 842 866 899 791 14%All-in sustaining cash cost continuing ops($/oz GEO)1,2 1,932 1,641 1,752 1,846 1,513 22%AISC including discontinued ops($/oz GEO)1,2,3 1,899 1,633 1,640 1,752 1,553 13%Capital expenditures2 Sustaining 31.4 26.2 22.6 54.0 47.7 13%Sustaining leases 6.0 4.0 4.9 10.9 7.8 40%Growth capital 15.6 14.4 15.4 31.0 19.9 56% June 30, 2025 December 31, 2024 % ChangeCash and cash equivalents and short-term investments 387.3 231.3 67%Net liquidity position (excluding letters of credit) 537.3 381.3 41%Shareholder's equity attributable to Fortuna shareholders 1,494.6 1,403.9 6%1 Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis 3 For Q2 2025 and year to date 2025 AISC reflects production and costs for Yaramoko from April 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 ounce of gold equivalent sold at Yaramoko for Q1 2025 of $1,411Figures may not add due to rounding Discontinued operations have been removed where applicable Second Quarter 2025 Results Q2 2025 vs Q1 2025 Cash cost per ounce and AISCCash cost per GEO sold from continuing operations was $929 in Q2 2025, an increase compared to $866 in Q1 2025. The increase in cash costs was mostly related to lower gold equivalent ounces at Caylloma due to an increase in the gold price and the impact on the GEO calculation. All-in sustaining costs per GEO from continuing operations was $1,932 in Q2 2025 compared to $1,752 in Q1 2025. The higher AISC is explained by the increase in cash cost as described above, higher capitalized stripping at Séguéla and timing of capital expenditure payments. Attributable Net Income and Adjusted Net Income Attributable net income from continuing operations for the period was $42.6 million compared to $35.4 million in Q1 2025. After adjusting for impairment charges and other non-recurring items, adjusted attributable net income was $44.7 million or $0.15 per share compared to $35.7 million or $0.11 per share in Q1 2025. The increase was explained mainly by higher gold prices and higher gold sales volume. The realized gold price in Q2 2025 was $3,307 per ounce compared to $2,880 in Q1 2025. The increase in gold sales volume was due to higher gold production at Lindero. This was partially offset by the recognition of $17.5 million in withholding taxes related to the timing of local Board approvals for the repatriation of funds out of Côte d'Ivoire Cash flowNet cash generated by operations before working capital adjustments was $96.9 million or $0.32 per share. After adjusting for changes in working capital, net cash generated by operations for the quarter was $92.7 million compared to $89.0 million in Q1 2025, as higher sales in Q2 2025 as described above were partially offset by income tax payments of $36.4 million compared to $9.4 million in Q1 2025. Free cash flow from ongoing operations in Q2 2025 was $57.4 million, a decrease of $9.3 million over the $66.7 million reported in Q1 2025. The decrease was due to higher tax payments described above and higher sustaining capital expenditures of $7.6 million. Q2 2025 vs Q2 2024 Cash cost per ounce and AISC Consolidated cash cost per GEO increased to $929, compared to $842 in Q2 2024. This increase was mainly driven by higher cash costs at Séguéla and lower gold equivalent ounces at Caylloma due to an increase in the gold price and the impact on gold equivalent ounces. The increase in cash cost at Séguéla was primarily due to lower head grade and higher stripping costs, consistent with the mine plan. All-in sustaining costs per gold equivalent ounce from continuing operations increased to $1,932 in Q2 2025 from $1,641 in Q2 2024. This increase primarily resulted from the higher cash cost per ounce discussed above, increased royalties due to the higher gold price and higher sustaining capital expenditures. Attributable Net Income and Adjusted Net Income Attributable net income from continuing operations for the period was $42.6 million or $0.14 per share, compared to $21.3 million or $0.07 per share in Q2 2024. After adjusting for impairment charges and other non-recurring items, adjusted attributable net income was $44.7 million or $0.15 per share compared to $9.3 million or $0.03 per share in Q2 2024. The increase was primarily due to higher realized gold prices, which averaged $3,307 per ounce in Q2 2025 compared to $2,334 per ounce in Q2 2024, and higher sales volumes at Séguéla (up 15%) and Lindero (up 9%), driven by increased processed ore at both mines. Other factors influencing adjusted net income compared to Q2 2024 included the recognition of $17.5 million in withholding taxes related to the timing of local board approvals for the repatriation of funds from Côte d'Ivoire. Depreciation and DepletionDepreciation and depletion increased by $5.4 million to $48.3 million compared to $42.9 million in the comparable period of 2024. The increase was primarily due to higher ounces sold at Séguéla. Depreciation and depletion in the period included $18.1 million related to the purchase price allocation from the Roxgold acquisition. Cash Flow Net cash generated by operations for the quarter was $92.7 million compared to $37.4 million in Q2 2024. The increase is mainly explained by higher gold prices and higher gold volume sold at Séguéla and Lindero, and a lower negative change in working capital in Q2 2025 compared to Q2 2024. Free cash flow from ongoing operations in Q2 2025 was $57.4 million, compared to $10.2 million reported in Q2 2024. The increase was mainly due to higher prices and metal sold as discussed above. Séguéla Mine, Côte d’Ivoire Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024Mine Production Tonnes milled 429,184 318,457 873,188 713,294Average tonnes crushed per day 4,665 3,461 4,798 3,898 Gold Grade (g/t) 3.00 3.47 2.88 3.09Recovery (%) 93 94 93 94Production (oz) 38,186 32,983 76,686 67,539Metal sold (oz) 38,144 33,102 76,583 67,552Realized price ($/oz) 3,315 2,332 3,101 2,211 Unit Costs Cash cost ($/oz Au)1 670 564 660 511All-in sustaining cash cost ($/oz Au)1 1,634 1,097 1,461 1,021 Capital Expenditures ($000's)2 Sustaining 18,065 6,968 26,678 14,891Sustaining leases 4,484 2,437 8,123 4,702Growth capital 5,538 8,605 14,745 9,6401 Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.2 Capital expenditures are presented on a cash basis Quarterly Operating and Financial Highlights During the second quarter of 2025, mine production totaled 340,426 tonnes of ore, averaging 3.33 g/t Au, and containing an estimated 36,482 ounces of gold from the Antenna, Ancien, and Koula pits. Movement of waste during the quarter totaled 5,194,192 tonnes, for a strip ratio of 15.3:1. Mining continued to be focused on the Antenna, Koula, and Ancien pits. In the second quarter of 2025, Séguéla processed 429,184 tonnes of ore, producing 38,186 ounces of gold, at an average head grade of 3.00 g/t Au, a 16% increase and a 13.5% decrease, respectively, compared to the second quarter of 2024. Higher gold production was the result of higher tonnes processed due to, in part, intermittent power outages from April to early-July 2024, which resulted in the loss of 19 days of operating time for the mill. Mill throughput during the second quarter of 2025 averaged 210 t/hr, 36% above name plate capacity. Cash cost per gold ounce sold was $670 for the second quarter of 2025 compared to $564 for the second quarter of 2024. The increase in cash costs was a result of higher mining costs due to higher stripping requirements in line with the mine plan, and higher processing costs incurred. All-in sustaining cash cost per gold ounce sold was $1,634 for the second quarter of 2025 compared to $1,097 in the same period of the previous year. The increase for the quarter was primarily the result of higher cash costs and higher sustaining capital from higher capitalized stripping, higher sustaining leases from an increase in the mine fleet under contract, and advancement of the stage 3 tailings lift to support higher production at Séguéla, as well as higher royalties due to higher gold prices and a 2% increase in the royalty rate effective January 10, 2025. Lindero Mine, Argentina Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024Mine Production Tonnes placed on the leach pad 1,828,520 1,408,791 3,581,536 2,956,114 Gold Grade (g/t) 0.57 0.61 0.56 0.60Production (oz) 23,550 22,874 43,870 46,136Metal sold (oz) 23,487 21,511 42,142 43,230Realized price ($/oz) 3,293 2,335 3,108 2,201 Unit Costs Cash cost ($/oz Au)1 1,148 1,092 1,147 1,050All-in sustaining cash cost ($/oz Au)1,3 1,783 1,916 1,839 1,712 Capital Expenditures ($000's)2 Sustaining 11,356 16,151 23,718 25,958Sustaining leases 791 587 1,373 1,185Growth Capital 1,827 195 2,134 3491 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.2 Capital expenditures are presented on a cash basis. Quarterly Operating and Financial Highlights In the second quarter of 2025, a total of 1,828,520 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.57 g/t, containing an estimated 33,219 ounces of gold. Ore mined was 1.32 million tonnes, with a stripping ratio of 2.3:1. Lindero’s gold production for the quarter was 23,550 ounces, comprised of 21,153 ounces in doré bars, 1,214 ounces contained in rich fine carbon, 72 ounces contained in copper precipitate, and 1,111 ounces contained in precipitated sludge. The increase in production during the second quarter of 2025 compared to the same period in 2024 was due to increase in ore placed on the pad; partially offset by lower grades. The cash cost per ounce of gold for the quarter was $1,148 compared to $1,092 in the same period of 2024. The increase in cash costs was primarily due to higher fuel and explosive costs and additional rehandling to increase the tonnes placed on the pad. AISC per gold ounce sold during Q2 2025 was $1,783 compared to $1,916 in Q2 2024. Lower AISC was primarily due to lower sustaining capital expenditures as the leach pad expansion was under construction in the previous quarter. The previous quarter also benefited from $2.5 million of investment gains from cross border Argentine pesos denominated bond trades compared to $nil in the current quarter. As of June 30, 2025, the leach pad expansion project was completed, with minor close-out activities and demobilization now taking place. Caylloma Mine, Peru Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024Mine Production Tonnes milled 138,471 136,543 275,130 273,639Average tonnes milled per day 1,556 1,552 1,555 1,546 Silver Grade (g/t) 64 83 65 85Recovery (%) 84 84 83 83Production (oz) 240,621 306,398 483,614 621,858Metal sold (oz) 247,429 267,569 497,713 593,051Realized price ($/oz) 33.76 28.55 32.76 25.69 Lead Grade (%) 3.23 3.83 3.22 3.66Recovery (%) 90 91 91 91Production (000's lbs) 8,924 10,525 17,760 20,055Metal sold (000's lbs) 9,183 9,422 18,382 19,247Realized price ($/lb) 0.88 0.98 0.89 0.96 Zinc Grade (%) 4.63 4.80 4.82 4.63Recovery (%) 91 90 91 90Production (000's lbs) 12,851 13,040 26,623 25,223Metal sold (000's lbs) 12,283 12,710 26,109 25,175Realized price ($/lb) 1.20 1.29 1.25 1.20 Unit Costs Cash cost ($/oz Ag Eq)1,2 15.16 13.94 13.92 12.66All-in sustaining cash cost ($/oz Ag Eq)1,2 21.73 19.87 20.17 18.38 Capital Expenditures ($000's)3 Sustaining 1,988 3,127 3,602 6,862Sustaining leases 741 974 1,372 1,880Growth Capital 305 – 554 -1 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.3 Capital expenditures are presented on a cash basis. Quarterly Operating and Financial Highlights In the second quarter of 2025, the Caylloma Mine produced 240,621 ounces of silver at an average head grade of 64 g/t, a 21% decrease when compared to the same period in 2024. Lead and zinc production for the quarter was 8.9 million pounds and 12.9 million pounds, respectively. Head grades averaged 3.23% and 4.63%, a 16% decrease and a 3.5% decrease, respectively, when compared to the same quarter in 2024. Production was lower due to lower head grades and was in line with the mine plan. The cash cost per silver equivalent ounce sold in the first quarter of 2025, was $15.16 compared to $13.94 in the same period in 2024. The higher cost per ounce for the quarter was primarily the result of lower silver production and the impact of higher realized silver prices on the calculation of silver equivalent ounce sold. The all-in sustaining cash cost per ounce of payable silver equivalent in the second quarter of 2025, increased 9% to $21.73, compared to $19.87 for the same period in 2024. The increase for the quarter was the result of higher cash costs per ounce and lower silver equivalent ounces due to higher silver prices and higher workers’ participation costs. 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. Non-IFRS Financial Measures The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: all-in costs; cash cost per ounce of gold sold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA and working capital. These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis for the three months and six ended June 30, 2025 (“Q2 2025 MDA”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor. The Q2 2025 MD&A may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar under the Company’s profile. The Company has calculated these measures consistently for all periods presented with the exception of the following: The calculation of All-in Sustaining Costs was adjusted in Q4 2024 to include blue-chip swaps in Argentina. Please refer to pages 28 and 29 of the Company’s management’s discussion and analysis for the year ended December 31, 2024 for details of the change.The calculations of Adjusted Net Income and Adjusted Attributable Net Income were revised to no longer remove the income statement impact of right of use amortization and accretion and add back the right of use payments from the cash flow statement. Management elected to make this change to simplify the reconciliation from net income to adjusted net income to improve transparency and because the net impact was immaterial.Where applicable the impact of discontinued operations have been removed from the comparable figures. The method of calculation has not been changed except as described above. Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio for June 30, 2025 (Expressed in millions except Total net debt to Adjusted EBITDA ratio)As at June 30, 20252024 Convertible Notes172.5 Less: Cash and Cash Equivalents and Short-term Investments(387.3)Total net debt1(214.8)Adjusted EBITDA (last four quarters)545.7 Total net debt to adjusted EBITDA ratio(0.4):1 1 Excluding letters of credit Reconciliation of net income to adjusted attributable net income for the three months ended March 31, 2025, and for the three and six months ended June 30, 2025 and 2024 Three months ended Six months ended June 30,Consolidated (in millions of US dollars) June 30, 2025 June 30, 2024 March 31, 2025 2025 2024 Net income attributable to shareholders 37.3 40.6 58.5 95.8 66.9 Adjustments, net of tax: Discontinued operations 3.6 (21.1) (25.9) (22.3) (35.8)Write off of mineral properties 2.0 – – 2.0 – Income tax, convertible debentures – (12.0) – – (12.0)Inventory adjustment – 0.2 (0.1) (0.2) 0.2 Other non-cash/non-recurring items 1.8 1.6 0.5 5.1 3.8 Attributable Adjusted Net Income 44.7 9.3 33.0 80.4 23.1 Figures may not add due to rounding Reconciliation of net income to adjusted EBITDA for the three months ended March 31, 2025 and the three and six months ended June 30, 2025 and 2024 Three months ended Six months ended June 30,Consolidated (in millions of US dollars) June 30, 2025 June 30, 2024 March 31, 2025 2025 2024 Net income 44.1 43.3 64.8 108.8 72.4 Adjustments: Community support provision and accruals - (0.1) (0.2) (0.2) (0.4)Discontinued operations 3.6 (21.1) (25.9) (22.3) (35.8)Net finance items 3.4 6.4 3.1 6.5 11.9 Depreciation, depletion, and amortization 42.5 42.9 50.5 93.0 82.5 Income taxes 33.7 4.5 15.3 49.0 15.8 Investment income (1.7) - - (1.7) - Other non-cash/non-recurring items 2.1 (3.4) (9.4) (7.2) (6.7)Adjusted EBITDA 127.7 72.5 98.2 225.9 139.7 Sales 230.4 156.3 195.2 425.5 300.3 EBITDA margin 55% 46% 50% 53% 47%Figures may not add due to rounding Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended March 31, 2025 and the three and six months ended June 30, 2025 and 2024 Three months ended Six months ended June 30,Consolidated (in millions of US dollars) June 30, 2025 June 30, 2024 March 31, 2025 2025 2024 Net cash provided by operating activities 67.3 73.6 126.40 193.7 122.5 Additions to mineral properties, plant and equipment (47.0) (50.4) (39.6) (86.6) (91.7)Payments of lease obligations (6.4) (5.7) (6.0) (12.4) (10.6)Free cash flow 13.9 17.5 80.8 94.7 20.2 Growth capital 15.6 14.4 15.4 31.0 19.9 Discontinued operations 26.2 (25.2) (33.9) (7.7) (26.6)Gain on blue chip swap investments - 2.5 1.3 1.3 5.1 Other adjustments 1.7 1.0 3.1 4.8 (1.1)Free cash flow from ongoing operations 57.4 10.2 66.7 124.1 17.5 Figures may not add due to rounding Reconciliation of cost of sales to cash cost per ounce of gold equivalent sold for the three months ended March 31, 2025 and the three and six months ended June 30, 2025 and 2024 Cash Cost Per Gold Equivalent Ounce Sold - Q1 2025 Lindero Séguéla Caylloma GEO Cash Costs Cost of sales 31,805 65,425 17,463 114,695 Depletion, depreciation, and amortization (9,799) (30,310) (4,369) (44,478)Royalties and taxes (94) (10,133) (240) (10,467)By-product credits (731) - - (731)Other 123 - (659) (536)Treatment and refining charges - - 50 50 Cash cost applicable per gold equivalent ounce sold 21,304 24,982 12,245 58,531 Ounces of gold equivalent sold 18,580 38,439 10,542 67,561 Cash cost per ounce of gold equivalent sold ($/oz) 1,147 650 1,162 866 Gold equivalent was calculated using the realized prices for gold of $2,882/oz Au, $31.8/oz Ag, $1,971/t Pb, and $2,841/t Zn for Q1 2025.Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Q2 2025 Lindero Séguéla Caylloma GEO Cash Costs Cost of sales 40,939 66,660 17,793 125,394 Depletion, depreciation, and amortization (13,331) (29,934) (4,268) (47,533)Royalties and taxes (92) (11,152) (295) (11,539)By-product credits (762) - - (762)Other 59 - (663) (604)Treatment and refining charges - - 28 28 Cash cost applicable per gold equivalent ounce sold 26,813 25,574 12,595 64,982 Ounces of gold equivalent sold 23,350 38,144 8,484 69,978 Cash cost per ounce of gold equivalent sold ($/oz) 1,148 670 1,485 929 Gold equivalent was calculated using the realized prices for gold of $3,306/oz Au, $33.8/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Q2 2024 Lindero Séguéla Caylloma GEO Cash Costs Cost of sales 36,010 51,430 16,239 103,679 Depletion, depreciation, and amortization (11,580) (27,130) (3,358) (42,068)Royalties and taxes (116) (5,629) (229) (5,974)By-product credits (704) - - (704)Other (227) - (350) (577)Treatment and refining charges - - 2,287 2,287 Cash cost applicable per gold equivalent ounce sold 23,383 18,671 14,589 56,643 Ounces of gold equivalent sold 21,409 33,102 12,799 67,310 Cash cost per ounce of gold equivalent sold ($/oz) 1,092 564 1,140 842 Gold equivalent was calculated using the realized prices for gold of $2,333/oz Au, $28.5/oz Ag, $2,157/t Pb and $2,835/t Zn for Q2 2024Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Year to Date 2025 Lindero Séguéla Caylloma GEO Cash Costs Cost of sales 72,744 132,085 35,256 240,087 Depletion, depreciation, and amortization (23,130) (60,245) (8,637) (92,012)Royalties and taxes (187) (21,285) (535) (22,007)By-product credits (1,493) - - (1,493)Other 182 - (1,322) (1,140)Treatment and refining charges - - 78 78 Cash cost applicable per gold equivalent ounce sold 48,116 50,555 24,840 123,511 Ounces of gold equivalent sold 41,931 76,583 18,833 137,347 Cash cost per ounce of gold equivalent sold ($/oz) 1,147 660 1,319 899 Gold equivalent was calculated using the realized prices for gold of $3,103/oz Au, $32.8/oz Ag, $1,958/t Pb and $2,747/t Zn for YTD 2025Figures may not add due to rounding Cash Cost Per Gold Equivalent Ounce Sold - Year to Date 2024 Lindero Séguéla Caylloma GEO Cash Costs Cost of sales 70,058 96,640 33,344 200,042 Depletion, depreciation, and amortization (23,160) (51,046) (7,182) (81,388)Royalties and taxes (369) (11,101) (583) (12,053)By-product credits (1,127) - - (1,127)Other (228) - (681) (909)Treatment and refining charges - - 3,518 3,518 Cash cost applicable per gold equivalent ounce sold 45,174 34,493 28,416 108,083 Ounces of gold equivalent sold 43,036 67,552 26,122 136,710 Cash cost per ounce of gold equivalent sold ($/oz) 1,050 511 1,088 791 Gold equivalent was calculated using the realized prices for gold of $2,207/oz Au, $25.7/oz Ag, $2,120/t Pb and $2,644/t Zn for YTD 2024Figures may not add due to rounding Reconciliation of cost of sales to all-in sustaining cash cost per ounce of gold equivalent sold from continuing operations for the three months ended March 31, 2025 and the three and six months ended June 30, 2025 and 2024 For Q2 2025 and year to date 2025 AISC reflects production and costs for Yaramoko from April 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 ounce of gold equivalent sold at Yaramoko for Q1 2025 of $1,411. Continuing Operations Discontinued Ops TotalAISC Per Gold Equivalent Ounce Sold - Q1 2025 Lindero Séguéla Caylloma Corporate GEO AISC Yaramoko GEO AISC Cash cost applicable per gold equivalent ounce sold 21,304 24,982 12,245 - 58,531 34,948 93,479 Royalties and taxes 94 10,133 240 - 10,467 7,729 18,196 Worker's participation - - 739 - 739 - 739 General and administration 2,480 2,224 2,455 15,374 22,533 1,394 23,927 Total cash costs 23,878 37,339 15,679 15,374 92,270 44,071 136,341 Sustaining capital1 12,944 12,252 2,246 - 27,442 2,499 29,941 Blue chips gains (investing activities)1 (1,319) - - - (1,319) - (1,319)All-in sustaining costs 35,503 49,591 17,925 15,374 118,393 46,570 164,963 Gold equivalent ounces sold 18,580 38,439 10,542 - 67,561 33,013 100,574 All-in sustaining costs per ounce 1,911 1,290 1,700 - 1,752 1,411 1,640 Gold equivalent was calculated using the realized prices for gold of $2,882/oz Au, $31.8/oz Ag, $1,971/t Pb, and $2,841/t Zn for Q1 2025. Figures may not add due to rounding 1 Presented on a cash basis Continuing Operations Discontinued Ops Total AISC Per Gold Equivalent Ounce Sold - Q2 2025 Lindero Séguéla Caylloma Corporate GEO AISC Yaramoko GEO AISC Cash cost applicable per gold equivalent ounce sold 26,813 25,574 12,595 - 64,982 5,000 69,982 Royalties and taxes 92 11,152 295 - 11,539 1,105 12,644 Worker's participation - - 760 - 760 - 760 General and administration 2,577 3,038 1,672 13,175 20,462 238 20,700 Total cash costs 29,482 39,764 15,322 13,175 97,743 6,343 104,086 Sustaining capital1 12,147 22,549 2,729 - 37,425 314 37,739 Blue chips gains (investing activities)1 - - - - - - - All-in sustaining costs 41,629 62,313 18,051 13,175 135,168 6,657 141,825 Gold equivalent ounces sold 23,350 38,144 8,484 - 69,978 4,721 74,699 All-in sustaining costs per ounce 1,783 1,634 2,128 - 1,932 1,410 1,899 Gold equivalent was calculated using the realized prices for gold of $3,306/oz Au, $33.8/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025 Figures may not add due to rounding 1 Presented on a cash basis Continuing Operations Discontinued Ops TotalAISC Per Gold Equivalent Ounce Sold - Q2 2024 Lindero Séguéla Caylloma Corporate GEO AISC Yaramoko San Jose GEO AISC Cash cost applicable per gold equivalent ounce sold 23,382 18,671 14,589 - 56,642 28,194 25,276 110,112 Royalties and taxes 116 5,629 229 - 5,974 1,777 867 8,618 Worker's participation - - 472 - 472 6,009 - 6,481 General and administration 3,281 2,603 1,406 12,338 19,628 182 1,590 21,400 Total cash costs 26,779 26,903 16,696 12,338 82,716 36,162 27,733 146,611 Sustaining capital1 16,738 9,406 4,101 - 30,245 7,525 216 37,986 Blue chips gains (investing activities)1 (2,501) - - - (2,501) - - (2,501)All-in sustaining costs 41,016 36,309 20,797 12,338 110,460 43,687 27,949 182,096 Gold equivalent ounces sold 21,409 33,102 12,799 - 67,310 31,455 12,670 111,435 All-in sustaining costs per ounce 1,916 1,097 1,625 - 1,641 1,389 2,206 1,634 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 Q2 2024 Figures may not add due to rounding 1 Presented on a cash basis Continuing Operations Discontinued Ops TotalAISC 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 48,116 50,555 24,840 - 123,511 39,960 163,471 Royalties and taxes 187 21,285 535 - 22,007 8,830 30,837 Worker's participation - - 1,499 - 1,499 - 1,499 General and administration 5,057 5,262 4,127 28,548 42,994 1,602 44,596 Total cash costs 53,360 77,102 31,001 28,548 190,011 50,392 240,403 Sustaining capital1 25,091 34,801 4,974 - 64,866 2,813 67,679 Blue chips gains (investing activities)1 (1,319) - - - (1,319) - (1,319)All-in sustaining costs 77,132 111,903 35,975 28,548 253,558 53,205 306,763 Gold equivalent ounces sold 41,931 76,583 18,833 - 137,347 37,734 175,081 All-in sustaining costs per ounce 1,839 1,461 1,910 - 1,846 1,410 1,752 Gold equivalent was calculated using the realized prices for gold of $3,103/oz Au, $32.8/oz Ag, $1,958/t Pb and $2,747/t Zn for YTD 2025 Figures may not add due to rounding 1 Presented on a cash basis Continuing Operations Discontinued Ops TotalAISC 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 45,174 34,493 28,416 - 108,083 48,637 48,885 205,605 Royalties and taxes 369 11,101 583 - 12,053 1,777 1,571 15,401 Worker's participation - - 889 - 889 10,302 - 11,191 General and administration 6,160 3,771 2,625 22,987 35,543 732 3,048 39,323 Total cash costs 51,703 49,365 32,513 22,987 156,568 61,448 53,504 271,520 Sustaining capital1 27,143 19,593 8,742 - 55,478 19,558 477 75,513 Blue chips gains (investing activities)1 (5,149) - - - (5,149) - - (5,149)All-in sustaining costs 73,697 68,958 41,255 22,987 206,897 81,006 53,981 341,884 Gold equivalent ounces sold 43,036 67,552 26,122 - 136,710 58,627 24,719 220,056 All-in sustaining costs per ounce 1,712 1,021 1,579 - 1,513 1,382 2,184 1,554 Gold equivalent was calculated using the realized prices for gold of $2,207/oz Au, $25.7/oz Ag, $2,120/t Pb and $2,644/t Zn for YTD 2024 Figures may not add due to rounding 1 Presented on a cash basis Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended March 31, 2025 and for the three and six months ended June 30, 2025 and 2024 Cash Cost Per Silver Equivalent Ounce Sold - Q1 2025 Caylloma Cost of sales 17,463 Depletion, depreciation, and amortization (4,369)Royalties and taxes (240)Other (659)Treatment and refining charges 50 Cash cost applicable per silver equivalent sold 12,245 Ounces of silver equivalent sold1 956,640 Cash cost per ounce of silver equivalent sold ($/oz) 12.80 1 Silver 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.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures may not add due to rounding 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 ($/oz) 15.16 1 Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures may not add due to rounding Cash Cost Per Silver Equivalent Ounce Sold - Q2 2024 Caylloma Cost of sales 16,239 Depletion, depreciation, and amortization (3,358)Royalties and taxes (229)Other (350)Treatment and refining charges 2,287 Cash cost applicable per silver equivalent sold 14,589 Ounces of silver equivalent sold1 1,046,393 Cash cost per ounce of silver equivalent sold ($/oz) 13.94 1 Silver equivalent sold is calculated using a silver to gold ratio of 86.8:1, silver to lead ratio of 1:24.7 pounds, and silver to zinc ratio of 1:21.0 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures have been restated to remove Right of UseFigures may not add due to rounding Cash Cost Per Silver Equivalent Ounce Sold - Year to Date 2025 Caylloma Cost of sales 35,256 Depletion, depreciation, and amortization (8,637)Royalties and taxes (535)Other (1,322)Treatment and refining charges 78 Cash cost applicable per silver equivalent sold 24,840 Ounces of silver equivalent sold1 1,783,961 Cash cost per ounce of silver equivalent sold ($/oz) 13.92 1 Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures may not add due to rounding Cash Cost Per Silver Equivalent Ounce Sold - Year to Date 2024 Caylloma Cost of sales 33,344 Depletion, depreciation, and amortization (7,182)Royalties and taxes (583)Other (681)Treatment and refining charges 3,518 Cash cost applicable per silver equivalent sold 28,416 Ounces of silver equivalent sold1 2,244,876 Cash cost per ounce of silver equivalent sold ($/oz) 12.66 1 Silver equivalent sold is calculated using a silver to gold ratio of 86.8:1, silver to lead ratio of 1:24.7 pounds, and silver to zinc ratio of 1:21.0 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized PricesFigures have been restated to remove Right of UseFigures may not add due to rounding Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended March 31, 2025 and for the three and six months ended June 30, 2025 and 2024 AISC Per Silver Equivalent Ounce Sold - Q1 2025 Caylloma Cash cost applicable per silver equivalent ounce sold 12,245 Royalties and taxes 240 Worker's participation 739 General and administration 2,455 Total cash costs 15,679 Sustaining capital3 2,246 All-in sustaining costs 17,925 Silver equivalent ounces sold1 956,640 All-in sustaining costs per ounce2 18.74 1 Silver 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.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis 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 1 Silver 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.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis AISC Per Silver Equivalent Ounce Sold - Q2 2024 Caylloma Cash cost applicable per silver equivalent ounce sold 14,589 Royalties and taxes 229 Worker's participation 472 General and administration 1,406 Total cash costs 16,696 Sustaining capital3 4,101 All-in sustaining costs 20,797 Silver equivalent ounces sold1 1,046,393 All-in sustaining costs per ounce2 19.87 1 Silver equivalent sold is calculated using a silver to gold ratio of 86.8:1, silver to lead ratio of 1:24.7 pounds, and silver to zinc ratio of 1:21.0 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis AISC Per Silver Equivalent Ounce Sold - Year to Date 2025 Caylloma Cash cost applicable per silver equivalent ounce sold 24,840 Royalties and taxes 535 Worker's participation 1,499 General and administration 4,127 Total cash costs 31,001 Sustaining capital3 4,974 All-in sustaining costs 35,975 Silver equivalent ounces sold1 1,783,961 All-in sustaining costs per ounce2 20.17 1 Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis AISC Per Silver Equivalent Ounce Sold - Year to Date 2024 Caylloma Cash cost applicable per silver equivalent ounce sold 28,416 Royalties and taxes 583 Worker's participation 889 General and administration 2,625 Total cash costs 32,513 Sustaining capital3 8,742 All-in sustaining costs 41,255 Silver equivalent ounces sold1 2,244,876 All-in sustaining costs per ounce2 18.38 1 Silver equivalent sold is calculated using a silver to gold ratio of 86.8:1, silver to lead ratio of 1:24.7 pounds, and silver to zinc ratio of 1:21.0 pounds.2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices3 Presented on a cash basis Additional information regarding the Company’s financial results and ongoing activities is available in the unaudited condensed interim financial statements for the three and six months ended June 30, 2025 and 2024 and accompanying Q2 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. Conference Call and Webcast A conference call to discuss the financial and operational results will be held on Thursday, August 7, 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, David Whittle, Chief Operating Officer – West Africa and Cesar Velasco, Chief Operating Officer – Latin America. Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: https://www.webcaster4.com/Webcast/Page/1696/52740 or over the phone by dialing in just prior to the starting time. Conference call details: Date: Thursday, August 7, 2025 Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time Dial in number (Toll Free): +1.888.506.0062 Dial in number (International): +1.973.528.0011 Access code: 238089 Replay number (Toll Free): +1.877.481.4010 Replay number (International): +1.919.882.2331 Replay passcode: 52740 Playback of the earnings call will be available until Thursday, August 21, 2025. Playback of the webcast will be available until Friday, August 7, 2026. In addition, a transcript of the call will be archived on the Company’s website at fortunamining.com. 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 ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and Director Fortuna Mining Corp. Investor Relations: Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube Forward-looking Statements 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, including the proposed timing of a construction decision and the completion of a preliminary economic assessment in respect of the Diamba Sud project; the Company’s expectations regarding meeting annual production guidance and annual AISC guidance; statements that Lindero Mine’s AISC is expected to continue trending downward into H2; the Company’s expectation of submitting an EIA for approval in respect of Diamba Sud later in the year; 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. 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. 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. 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. Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources 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. PDF available: http://ml.globenewswire.com/Resource/Download/6bba5a2e-aed9-448f-a24b-cbb470ea78f1

Fortuna Reports Results for the Second Quarter of 2025

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