Fortuna Mining Corp. Q1 FY2026 earnings call

· First quarter of 2026 was exceptionally strong with record sales ($342 million), adjusted net income ($111 million), adjusted EBITDA ($219 million), and free cash flow from ongoing operations ($174 million). · Work to deliver ~60% growth in annual gold production over next 24 months via Seguela mine expansion and Diambasut project. · Proven and probable mineral reserves increased by 15% to 3 million gold ounces, indicated resources by 56% to 2.1 million, inferred by 4% to 2.2 million. · Near-term milestones: Diambasud feasibility study and Seguel expansion study expected in May, environmental approval for AMBA suit imminent. · Strong cash generation with $816 million total liquidity, $493 million net cash, and returned $40 million to shareholders via share repurchase. · All in sustaining cost in Q1 $2,107 per gold equivalent ounce, with ~$122 per ounce due to external factors not reflective of underlying operating execution.

Seguela: Produced 42,016 ounces of gold in the first quarter, with cash cost of $679 per ounce and all-in sustaining cost of $1,760 per ounce. Latin America - Lindero: Generated $101.5 million in sales, EBITDA margin of 69% of sales, cash costs of $1,208 per ounce and AISC of $1,783 per ounce. Cayoma: Generated sales of $34.6 million, maintaining a solid EBITDA margin of 62% of sales.

· Based on performance year to date and current operating conditions, well positioned to meet full year 2026 guidance. · 2026 capital expenditure $330 million, 56% allocated to growth and exploration. · Year to date returned $40 million via share repurchase, $20 million in the quarter representing 11% of free cash flow from operations.

· Geopolitical risk in frontier regions where operations are conducted, but offset by quick time to cash flow in some projects like Senegal where environmental approval expected imminently.

Q: About Seguela's cash cost below guidance, color on cost output.

A: Drivers include increased gold output, accounting aspect of stripping, and lower stripping ratio in the quarter.

Q: Status of Senegalese government permit for AMBA sub.

A: ESIA submitted end of last year, expecting approval imminently, export rotation permit expected mid-year.

Q: Cyber due diligence in M&A.

A: Current M&A mandate focused on pre-development stage opportunities, no formal cyber due diligence framework for that level.

Q: Attraction to Guyana region.

A: Familiar geologic setting to West Africa, Quartzstone Auction Agreement is exciting entry point, looking to expand presence in Guyana and Suriname.

Q: Exploration activities and greenfields vs equity stakes.

A: Greenfields exploration focused in regions like Cote d'Ivoire, Guinea, Senegal, Argentina, Peru; equity investments by appointment based on geology and team; view frontier business with higher geopolitical risk offset by quick time to cash flow in some projects.