Slide 1: Investor Presentation
APRIL 11, 2025 Investor Presentation NYSE: FSM | TSX: FVI
Slide 2: Cautionary Statement on Forward Looking Statements
Cautionary Statement on Forward Looking Statements This corporate presentation contains forward looking statements which constitute “forward-looking information” within the meaning of entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange r
Slide 3: Financial Information
Financial Information Dollar amounts expressed in US dollars, unless otherwise indicated. Totals may not add throughout presentation due to rounding. NON-IFRS FINANCIAL MEASURES Fortuna’s consolidated financial statements of the Company for the years ended December 31, 2024 and 2023 (the “2024 Finan
Slide 4: Why Invest in Fortuna?
Why Invest in Fortuna? Prudent Fortress Positioned to capture high value capital allocation balance sheet growth opportunities strategy in two premier mining regions Proven High value mine developers and organic growth in portfolio operators within our regions Fortuna Significant reserves & resource
Slide 5: Growth in Gold Equivalent Production
Growth in Gold Equivalent Production 500 456 440 380 - 422 450 Base Metals Ag Au 378 400 333 350 300 250 (koz) 191 194 190 195 200 169 134 146 150 86 96 100 56 27 44 46 50 22 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E SENEGAL CÔTE D’IVOIRE BURKI
Slide 6: Growing in Premier Mining Jurisdictions
Growing in Premier Mining Jurisdictions Regional focus provides a strong competitive advantage 2025E PRODUCTION Gold Equivalent 380 to 422 koz1,2 or Gold 334 to 373 koz + Silver 0.9 to 1.0 Moz 2025E AISC $1,550 – 1,6803 1. Refer to Fortuna news release dated January 21, 2025, “Fortuna reports record
Slide 7: Fortuna’s Value Upside Relative to Peers
Fortuna’s Value Upside Relative to Peers1 Séguéla hitting its stride after first full year of production; benefits emerging since Q3 2023 EV/EBITDA2 P/CF2 FORTUNA 5.3x PEERS 5.0x 4.8x 4.4x 4.2x 4.2x 4.0x 3.4x 2025E 2026E 2025E 2026E 1. Peers: Allied Gold Corporation, Aris Mining Corporation, Calibre
Slide 8: Q1 2025 Consolidated Production
Q1 2025 Consolidated Production Solid gold equivalent production of 103,459 ounces1,2 Q1 GOLD1 SILVER1 LEAD1 ZINC1 2025 (koz) (Moz) (Mlbs) (Mlbs) 13.8 13.9 96.0 92.0 0.2 9.5 0.2 8.8 Gold Production 91,893 oz1 Q1 2025 Q4 2024 Q1 2025 Q4 2024 Q1 2025 Q4 2024 Q1 2025 Q4 2024 1. Refer to Fortuna news re
Slide 9: 2024 Consolidated Production
2024 Consolidated Production Record gold equivalent production of 455,958 oz Au Eq1,2 2024 GOLD1 SILVER1 LEAD1 ZINC1 (koz) (Moz) (Mlbs) (Mlbs) 369.6 40.9 5.9 39.6 55.1 51.9 Record Gold Production 326.6 369,637 oz1 3.7 Silver Production 3.7 Moz1 2024 2023 2024 2023 2024 2023 2024 2023 1. Refer to For
Slide 10: 2024 Consolidated Financial Highlights
2024 Consolidated Financial Highlights 2024 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 1,062.0 202.9 476.9 144.0 842.4 Record 153.5 sales 335.1 $1.1 B1 64.9 26% higher than 20231 2024 2023 2024 2023 2024 2023 2024 2023 1. R
Slide 11: Asset Portfolio
Asset Portfolio 2025 exploration budget: $41.0 M | $21.6 M for Brownfields and $19.3 M for Greenfields EXPLORATION PRODUCTION Diamba Sud Senegal 2025 Exploration Budget: $8.3 M Kingfisher Séguéla Mine, Côte d’Ivoire Sunbird Séguéla Mine, Côte d’Ivoire Séguéla Mine Yaramoko Mine Lindero Mine Caylloma
Slide 12: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Optimizing Séguéla’s potential through 2026 and beyond Gold Production and AISC Q1 20255 20244 Gold Production (oz) 38,500 137,781 - AISC ($/oz Au) 1,153 • Mill throughput averaged 216 t/hr in Q1 2025; 40 percent above original design capacity5 • Brownfields exploration b
Slide 13: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Regional exploration: Continuing success1 • Highly prospective with a relatively immature exploration profile and a history of new discoveries – Kingfisher the most recent • Strong exploration pipeline with >30 highly prospective targets untested with continuous target ge
Slide 14: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Kingfisher is newest emerging mineral deposit on the property • 1-kilometer east of Sunbird, “blind deposit” identified through subtle soil anomaly • Hosted along the contact of moderately sheared basalts and dolerites, and in the same package as the Boulder and Agouti de
Slide 15: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Sunbird Deposit: Drilling continues to expand underground mining potential1 Sunbird long section - looking west • High grade (>20 grams x meter) core extending at least 1 kilometer beyond final pit design • Clear structural control on high grade core, three dominant, para
Slide 16: Yaramoko Mine, Burkina Faso
Yaramoko Mine, Burkina Faso Maintains guidance in last year of production Gold Production and AISC Q1 20255 20244 Gold Production (oz) 33,073 116,206 - AISC ($/oz Au) 1,359 On April 11, 2025, Fortuna announced the sale of the Yaramoko mine, expected to be completed in Q2 20256 Reserves: 0.6 Mt @ 7.4
Slide 17: Yaramoko Mine, Burkina Faso
Yaramoko Mine, Burkina Faso Successful expansion of mineralization beyond 2022 resource boundary DD-550 NSI DD-548 NSI GCDD-202 2022 Dec MRMR 2.5 m @ 12.9 g/t Au Recent intercept DD-547 GCDD-184 • Drilling to the west has intersected new 3.8 m @ 3.4 g/t Au GCDD-200 2.0 m @ 9.8 g/t Au 5.5 m @ 9.6 g/t
Slide 18: Lindero Mine, Argentina
Lindero Mine, Argentina Leach pad expansion completed in Q1 2025 Gold Production and AISC Q1 20255 20244 Gold Production (oz) 20,320 97,287 - AISC ($/oz Au) 1,793 • Leach pad expansion delivered to operations on time and within budget, providing sufficient capacity for an additional 10 years of prod
Slide 19: Lindero Mine, Argentina
Lindero Mine, Argentina Arizaro has the potential to contribute to Lindero’s future production1 Lindero Arizaro 2.8 km Arizaro 2024/25 Soil geochemistry program highlights Au-Cu porphyry potential mineralization (red) 1. For full details of drill holes ARD-42 to ARD-47 refer to Fortuna news release
Slide 20: Caylloma Mine, Peru
Caylloma Mine, Peru Continues to outperform Metals Production and AISC4 Q1 20255 20244 Silver Production (oz) 242,993 1,176,543 Lead Production (Mlbs) 8.8 39.6 Zinc Production (Mlbs) 13.8 51.9 AISC ($/oz Ag Eq) - 21.72 • Brownfields exploration budget of $4.8 million: - $2.2 million for 9,000 meters
Slide 21: Caylloma Mine, Peru
Caylloma Mine, Peru Continued exploration success; open at depth Previous drill highlights include1: ANIM086321: 60 g/t Ag, 5.51% Pb and 6.22% Zn over an estimated true width of 7.2 meters ANIM084321: 51 g/t Ag, 2.94% Pb and 5.23% Zn over an estimated true width of 5.8 meters ANIM084721: 106 g/t Ag,
Slide 22: Caylloma Mine, Peru
Caylloma Mine, Peru Long history, bright future Animas vein NE and oreshoots 1, 3, and 4 1 Expansion of existing resources and current mining 6 2 San Cristóbal vein Extension of historic, Ag-dominant resources in epithermal veins 7 3 Pisacca Project Maiden drilling of high-level, high sulfidation Au
Slide 23: San Jose Mine, Mexico
San Jose Mine, Mexico 2024 production from the tail end of reserves Metals Production and AISC4 Q4 2024 2024 Silver Production (oz) 594,373 2,548,402 Gold Production (oz) 4,239 17,811 AISC ($/oz Ag Eq)3 29.94 28.22 • San Jose Mine placed on care and maintenance on December 24, 2024 M&I Resources: 1.
Slide 24: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Prospective geology • 69,100 hectares of tenements over the highly prospective Kedougou- Kinieba Inlier (KKI), a world class mining district • Diamba Sud associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) • Structurally complex, highlighting region
Slide 25: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Brownfields exploration program of $8.3 million: 35,000 meters of drilling1 • 69,100 hectares of tenements over the highly prospective Kedougou-Kinieba Inlier (KKI) • Diamba Sud: associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) (Diamba Sud teneme
Slide 26: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Drilling focused on growing historic resource base Build and maintain exploration pipeline via phased approach1: Phase 1: Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D and Karakara, plus drill to test for extensions to the ex
Slide 27: 2024 ESG Ratings
2024 ESG RATINGS Continuously achieving top tier performance Fortuna Mining - Investor Presentation 27
Slide 28: ESG Corporate KPIs Performance
ESG Corporate KPIs Performance Prioritized corporate KPIs 2024 Performance 2024 Targets Fatalities 0 0 LTIFR 0.48 0.71 Significant spills 0 0 Energy efficiency 1 0.23 0.24 Freshwater use intensity2 0.23 0.25 3 GHG emissions intensity 17.07 20.67 Significant disputes with communities 0 0 Employee-rel
Slide 29: Pay-For-Performance
Pay-For-Performance CEO’s pay-for-performance1 compensation structure aligned with the long-term interests of shareholders Short-term cash incentives (STI) are aligned to the 78% of CEO’s compensation is at-risk pay achievement of annual, pre-defined corporate financial, operational, growth and ESG
Slide 30: Capital Structure and Ownership
Capital Structure and Ownership Outstanding shares (OS)1 307.0M NYSE: FSM1 TSX: FVI1 52-week range (Hi - Lo) $6.36 - 2.93 52-week range (Hi - Lo) C$8.68 - 3.95 3-month average volume per day 12.7 M shares 3-month average volume per day 0.7 M shares Share Ownership2 Institutional Ownership2 (%) (%) I
Slide 31: 2025 Annual Guidance
2025 Annual Guidance 380 to 422 koz Au Eq; at an estimated AISC of between $1,550 and $1,680/oz Au Eq1 Consolidated Production1 Gold Silver Lead Zinc 334 - 373 koz 0.9 - 1.0 Moz 29 - 32 Mlbs 45 - 49 Mlbs AISC1,2 Séguéla Mine Yaramoko Mine Lindero Mine Caylloma Mine CÔTE D’IVOIRE BURKINA FASO ARGENTI
Slide 32: Contact
CONTACT CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com NYSE: FSM | TSX: FVI | FSE: F4S0 @fortunamining @fortunamining @fortunamining 32
Slide 33: Appendices
Fortuna Mining Appendices
Slide 34: Financial Performance
APPENDIX Financial Performance $ M unless otherwise stated Q4 20241 Q3 20241 Change 20241 20231 Change OPERATIONS Gold production (oz) 95,993 91,251 5% 369,637 326,638 13% Silver production (Moz) 0.8 0.8 - 3.7 5.9 (37%) Gold equivalent production (oz) 116,3583 110,8203 5% 455,9583 452,3893 1% Net sa
Slide 35: 2025 Consolidated Cash Cost and AISC Guidance
APPENDIX 2025 Consolidated Cash Cost and AISC Guidance Cash Cost Guidance ($/oz Au Eq) AISC Guidance ($/Au Eq) 2025 Guidance 2025 Guidance Lindero $1,060 - $1,235 Lindero $1,600 - $1,770 Caylloma 1,250 - 1,385 Caylloma 1,810 - 2,060 Yaramoko 880 - 1,000 Yaramoko 1,165 - 1,320 Séguéla 680 - 750 Ségué
Slide 36: The West Africa Opportunity
APPENDIX Mauritania The West Africa Loulo-Gounkoto | Mali Opportunity Senegal FY24 production: 578 koz Au1 A mining-friendly, favorable Mali Niger Gambia jurisdiction to do business Diamba Sud Yaramoko Mine Significant geological potential Guinea- Gold Project FY24 production: 116 koz Au2 Host to nu
Slide 37: The West Africa Opportunity
APPENDIX Mauritania The West Africa Opportunity Senegal West Africa is among the quickest Mali Gambia Niger timelines from discovery to production Burkina • Global average is approximately 15.7 years1 Faso • Côte d’Ivoire returned the lowest average lead Guinea- Bissau time of mines from discovery t
Slide 38: Investing in West Africa
APPENDIX Investing in West Africa Significant exploration budgets drive potential for future discoveries 2023 Gold Exploration Budgets1 2022 Fraser Investment Attractiveness Index2 ($ M) Canada Côte d'Ivoire 65.6 Australia Burkina Faso 64.6 Santa Cruz, ARG USA Ranked higher $499.1M Ghana than Mexico
Slide 39: Board of Directors
APPENDIX Board of Directors DAVID LAING MARIO SZOTLENDER Board Chair | Independent Director Mining engineer with 40 years of experience in the industry. David is an independent mining Director consultant. He was formerly the COO of both Equinox Gold and True Gold Mining. He was also Co-founder of Fo
Slide 40: Executive Leadership Team
APPENDIX Executive Leadership Team DAVID WHITTLE JORGE A. GANOZA Chief Operating Officer – West Africa President, CEO and Director David joined Fortuna in July 2021 and held the position of Vice President Co-founder of Fortuna. Peruvian geological engineer with over 25 years of experience in mineral
Slide 41: Séguéla Mine, Côte d’Ivoire
APPENDIX Séguéla Mine, Côte d’Ivoire Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Proven & Probable Reserves 9,751 3.38 1,061 Measured & Indicated Resources 3,438 3.59 396 Inferred Resources 6,765 2.84 618 Mineral Reserve and Mineral Resource e
Slide 42: Yaramoko Mine, Burkina Faso
APPENDIX Yaramoko Mine, Burkina Faso Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Proven & Probable Reserves 627 7.49 151 Measured & Indicated Resources 261 4.98 42 Inferred Resources 141 5.83 26 Mineral Reserve and Mineral Resource estimates p
Slide 43: Lindero Mine, Argentina
APPENDIX Lindero Mine, Argentina Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Cu Au Deposit Classification (000) (g/t) (%) (koz) Lindero Proven & Probable Reserves 69,174 0.54 0.09 1,206 Measured & Indicated Resources 30,724 0.43 0.10 421 Inferred Resources 30,364 0.46 0.11 449 A
Slide 44: San Jose Mine, Mexico
APPENDIX San Jose Mine, Mexico Mineral Resources Contained Metal Tonnes Ag Au GEOs Classification (000) (g/t) (g/t) (000) Measured & Indicated Resources 1,001 158 1.17 100 Inferred Resources 1,025 164 1.24 107 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43 - 101: 1.
Slide 45: Caylloma Mine, Peru
APPENDIX Caylloma Mine, Peru Mineral Reserves and Mineral Resources Contained Metal Tonnes Ag Au Pb Zn GEOs Classification (000) (g/t) (g/t) (%) (%) (000) Proven & Probable Reserves 2,441 82 0.15 2.73 4.15 307 Measured & Indicated Resources 1,000 86 0.21 1.31 2.38 89 Inferred Resources 3,794 106 0.5
Slide 46: Diamba Sud Gold Project, Senegal
APPENDIX Diamba Sud Gold Project, Senegal Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Measured & Indicated Resources 7,751 1.90 473 Inferred Resources 3,133 1.47 148 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI
Slide 47: Mineral Reserves – Proven and Probable
APPENDIX Mineral Reserves – Proven and Probable 1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves 2. Mineral Resources are exclusive of Mineral Reserves 3. Mineral Resources that are not Mineral Reserves do not ha