Slide 1: Discovery driving growth towards ~500,000 oz Au per year
We envision. We deliver. Discovery driving growth towards ~500,000 oz Au per year NYSE: FSM | TSX: FVI Investor Presentation August 10, 2026 We envision. We deliver.
Slide 2: Why Invest in Fortuna?
Why Invest in Fortuna? Strategically positioned to deliver Return to shareholders1 Fortress balance sheet: Q2 2026 60% gold production growth by H2 2028 $82.1 M through 10.8 million shares in Q2 2026 net cash position of $435 million1 $20.3 M through 2.2 million shares in Q1 2026 $12.1 M through 1.2
Slide 3: Growing in Premier Mining Regions
Growing in Premier Mining Regions Regional focus provides a strong competitive advantage 2026E 2026E 281,000 to 305,000 GEO1,2 $1,830 - 1,975/ GEO Production AISC3 Latin America West Africa4 Caylloma Mine, Peru Séguéla Mine, Côte d’Ivoire 800,000 - 1,000,000 oz Ag 160,000 - 170,000 oz Au 25 - 28 Mlb
Slide 4: Mines and key projects driving short term growth
Mines and key projects driving short term growth MINES GROWTH Séguéla Mine, Lindero Mine, Caylloma Mine, Diamba Sud Project, Séguéla Mine, Côte d’Ivoire Argentina Peru Senegal Côte d’Ivoire Advancing toward Targeting >200,000 oz Au 2026E Outlook 2026E Outlook 2026E Outlook construction decision by m
Slide 5: Rapidly expanding in key jurisdictions of West Africa
Rapidly expanding in key jurisdictions of West Africa Mauritania 1 Awale Resources 15% ownership Senegal 2 Diamba Sud Gold Project Gambia Mali 2 Guinea-Bissau 3 Tongon North2 Guinea Burkina Faso 5 3 1 Sierra Leone 4 Séguéla Mine 4 Côte d'Ivoire Ghana Liberia Greenstone Belts 5 DeSoto Resources allia
Slide 6: Growth in Gold Equivalent Production
Growth in Gold Equivalent Production Base metals Ag Au 500 Decrease in GEO 441 result of the San 450 425 Jose and Yaramoko mines divestitures4,5 400 366 in 2025 GEO (000) 350 321 317 281 - 305 293 300 250 180 183 178 183 200 157 127 137 150 80 89 100 38 49 36 50 16 21 0 2007 2008 2009 2010 2011 2012
Slide 7: Q2 2026 production from ongoing operations
Q2 2026 production from ongoing operations On track to achieve annual guidance of 281,000 to 305,000 GEO1 Q2 2026 GOLD2 SILVER2 LEAD2 ZINC2 (koz) (Moz) (Mlbs) (Mlbs) 62.5 63.6 0.3 8.2 12.0 11.5 Q2 GEO Production 0.2 7.8 72,217 oz2 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Q2 2026 Q1 2026 1. Re
Slide 8: H1 2026 production from ongoing operations
H1 2026 production from ongoing operations On track to achieve annual guidance of 281,000 to 305,000 GEO1 H1 2026 GOLD2 SILVER2 LEAD2 ZINC2 (koz) (Moz) (Mlbs) (Mlbs) 126.1 0.49 17.8 26.6 120.6 0.48 H1 GEO Production 16.0 23.6 145,089 oz2 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 202
Slide 9: Q2 2026 financial performance
Q2 2026 financial performance1 Quarterly free cash flow2 of $85.7 million and adjusted attributable net income2 of $75.5 million 342.5 209.4 174.0 111.0 318.4 138.3 75.5 85.7 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Net Cash from Free Cash Flow from Adjusted Attributable Sales
Slide 10: H1 2026 financial performance
H1 2026 financial performance1 Free cash flow2 of $259.7 million and adjusted attributable net income2 of $186.5 million 347.6 259.7 186.5 660.9 425.5 193.7 124.1 80.4 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Net Cash from Free Cash Flow from Adjusted Attributable Sales1 ($ M)
Slide 11: Fortress Balance Sheet
Fortress Balance Sheet1 Supports concurrent construction of the Séguéla plant expansion and Diamba Sud Gold Project 493 816 500 800 757 435 704 700 400 382 588 600 300 500 266 400 $M $M 200 300 200 100 100 0 0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Cash Position1,2,3 Liq
Slide 12: Maximizing benefit of rising gold price
Maximizing benefit of rising gold price 250 $6,000 4,884 $5,000 200 4,166 4,447 209 $4,000 150 162 $/oz Au $3,000 $M 100 138 $2,000 50 $1,000 971 951 1034 0 $0 Q4 2025 Q1 2026 Q2 2026 Net Cash from Operations1,2 Gold Price Cash Costs1,2,3 1. Refer to Fortuna news release dated August 5, 2026, “Fortu
Slide 13: Exploration Portfolio
Exploration Portfolio 2026E total mineral exploration budget of $63.0 million1,2 | ~ 252,000 meters Greenfields Exploration Brownfields Exploration Diamba Sud Project Séguéla Mine Lindero Mine Caylloma Mine Côte d’Ivoire Senegal Côte d’Ivoire Argentina Peru $3.7 million exploration budget Advance ex
Slide 14: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Geology hosts tier-1 deposits 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to Fortuna news release dated February 19, 2026, “Fortuna expands Indicated Mi
Slide 15: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Feasibility Study completed in June 20263 • Gold price = $3,500/oz Mineral Reserve2 • Discount rate = 5% = • Government royalty = 3% Key Model • Local contribution royalty = 0.5% Assumptions 1.2 Moz @ 1.75 g/t Au within • Capital investment tax credit = 40% of projec
Slide 16: Gold Production (koz)
Diamba Sud Gold Project, Senegal Production and cost profile1 200 2,500 184 180 169 $2,097 $2,033 $1,964 160 149 2,000 Gold Production (koz) $1,742 131 $1,670 140 $1,465 AISC1 ($/oz Au) 120 1,500 $1,188 $1,207 101 98 100 93 $999 80 $894 1,000 67 57 60 40 500 20 4 - - Year 1 Year 2 Year 3 Year 4 Year
Slide 17: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Sensitivities1 Gold Price ($/oz) $2,500 $2,750 $3,000 $3,250 $3,500 $3,750 $4,000 $4,250 $4,500 Pre-Tax NPV5% ($ M) 601 796 990 1,185 1,379 1,574 1,768 1,963 2,157 Pre-Tax IRR (%) 40 48 56 63 70 77 83 89 95 After-Tax NPV5% ($ M) 442 587 731 870 1,009 1,148 1,287 1,42
Slide 18: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Maiden Mineral Reserves; significant exploration upside Probable Mineral Reserves1 20.5 Mt averaging 1.75 g/t Au, containing 1.2 M oz Au • Reserves reported at $2,900/oz Au • 92% of Indicated Mineral Resource converted to Probable Mineral Reserves Indicated Mineral R
Slide 19: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Advancing growth initiatives • 30% capacity expansion approved in July 20268 • Sunbird Underground Project ESIA has been filed; permit expected to be received in Q4 20261 • Increase from 1.75 Mtpa to 2.3 Mtpa, with average gold recovery expected to reach 94.5% • 2026 capi
Slide 20: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Regional exploration: Continuing success1 Highly prospective with a relatively immature Strong exploration pipeline with > 30 highly exploration profile and a history of new prospective targets untested with continuous discoveries – Kingfisher the most recent target gener
Slide 21: Séguéla Mine, Côte d’Ivoire
Séguéla Mine, Côte d’Ivoire Sunbird Deposit: Drilling continues to expand underground mining potential1 High grade (> 20 grams x meter) core extending at least 0.8 kilometer beyond Underground Indicated Resource boundary Remains open beyond 700 meters below surface (SGRD2215) Clear structural contro
Slide 22: 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 deposi
Slide 23: Lindero Mine, Argentina
Lindero Mine, Argentina Positioned for stronger production and lower AISC in H2 2026 Q2 2026 represented the Major plant capital projects 2026 capital investments estimated at $41.0 expected peak AISC. Unit costs completed leading to improved million2, including: anticipated to trend lower through m
Slide 24: Lindero Resource Expansion
Lindero Resource Expansion Mineralization open below reserve pit shell Lindero pit cross section 6,000 meters of infill drilling to add resources below the pit bottom Operative- Operative- Pit Pit Resource category Au g/t Measured >=0.25 <0.42 Indicated >=0.42 <0.70 Inferred Pit shell Resources >=0.
Slide 25: Lindero Mine, Argentina
Lindero Mine, Argentina Arizaro has the potential to contribute to Lindero’s future production1 Arizaro Lindero 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 26: Caylloma Mine, Peru
Caylloma Mine, Peru Continued strong operating performance • 100% of current and future energy requirements through the 2026 capital investments estimated at $29.9 million1, including: national power grid is supplied entirely from renewable • $22.2 million, sustaining capital sources, no need for su
Slide 27: 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 San Cristóbal vein 2 Extension of historic, Ag-dominant resources in 7 epithermal veins Pisacca Project 3 Maiden drilling of high-level, high sulfidation Au
Slide 28: Caylloma Mine, Peru
Caylloma Mine, Peru Continued exploration success; open at depth Previous drill highlights include1: ANIM086321: ANIM084321: 60 g/t Ag, 5.51% Pb 51 g/t Ag, 2.94% Pb and 6.22% Zn over an and 5.23% Zn over an estimated true width of estimated true width of 7.2 meters 5.8 meters ANIM084721: ANIM085521:
Slide 29: 2025 ESG Ratings
2025 ESG Ratings Continuously achieving top tier performance We envision. We deliver. Fortuna Mining - Investor Presentation 29
Slide 30: Sustainability Performance
Sustainability Performance Prioritized corporate sustainability KPIs FY 20255 2025 Targets Total Recordable Injury Frequency Rate (TRIFR)1 0.74 1.47 Significant disputes with local communities 0 0 Significant strikes and lockouts 0 0 Significant incidents associated with waste and hazardous 0 0 mate
Slide 31: Pay-For-Performance
Pay-For-Performance CEO’s pay-for-performance1 compensation structure aligned with the long-term interests of shareholders 78% of CEO’s compensation is at-risk pay Short-term cash incentives (STI) are aligned to the achievement of annual, pre-defined corporate financial, operational, growth and ESG
Slide 32: Capital Structure and Ownership
Capital Structure and Ownership 24 Outstanding shares (OS)1 296.0 M Share Ownership2 (%) 1 Institutional Unknown³ NYSE: FSM1 Insiders 75 52-week range (Hi - Lo) $13.85 - 6.17 3-month average volume per day 5.3 million shares 28 Institutional Ownership2 (%) 25 TSX: FVI1 52-week range (Hi - Lo) C$18.9
Slide 33: 2026E Annual Guidance
2026E Annual Guidance 281,000 to 305,000 GEO1 production at an estimated AISC of between $1,830 and $1,975/GEO1,2 Consolidated Production AISC 1,2 Séguéla Mine $1,630 - 1,730 Gold Silver CÔTE D’IVOIRE ($/oz Au) 252 - 272 koz 0.8 - 1.0 Moz Lindero Mine $1,520 - 1,655 ARGENTINA ($/oz Au) Lead Zinc 25
Slide 34: Contact
CONTACT CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com NYSE: FSM | TSX: FVI @fortunamining @fortunamining @fortunamining @fortunamining @fortunamining We envision. We deliver.
Slide 35: Appendices
Appendices We envision. We deliver. 35
Slide 36: Financial Performance
Appendix Financial Performance4 Where applicable, the Company has presented operating and financial results based on its continuing operations. Contributions from the San Jose and Yaramoko mines have been removed from all figures as they were divested during the second quarter of 2025. $ M unless ot
Slide 37: 2026E Consolidated Cash Cost and AISC Guidance
Appendix 2026E Consolidated Cash Cost and AISC Guidance1,2 Cash Cost Guidance ($/GEO) AISC Guidance ($/GEO) 2026E Guidance 2026E Guidance Lindero 975 - 1,140 Lindero 1,520 - 1,655 Caylloma 1,440 - 1,590 Caylloma 2,610 - 2,965 Séguéla 735 - 815 Séguéla 1,630 - 1,730 Consolidated cash 895 - 1,000 Corp
Slide 38: The West Africa Opportunity
Mauritania Senegal Mali Gambia Diamba Sud Guinea- Burkina Faso Gold Project Bissau APPENDIX Guinea The West Africa Sierra Séguéla Mine Sabodala | Togo Leone FY25 production: Senegal 152 koz Au2 FY25 production: Ghana 274 koz Au1 Opportunity Liberia Côte d’Ivoire A mining-friendly, favorable jurisdic
Slide 39: The West Africa Opportunity
Mauritania Did you know? Senegal France compared to West Africa Gambia Mali Niger Guinea- Burkina Faso Bissau APPENDIX Guinea Benin The West Africa Sierra Togo Leone Côte d’Ivoire Ghana Opportunity Liberia West Africa is among the quickest timelines from Séguéla Mine FMC acquisition, feasibility to
Slide 40: Board of Directors
Appendix Board of Directors David Laing Board Chair | Independent Director Mario Szotlender Director Mining Engineer With 40 Years Of Experience In The Industry. David Is An Independent Mining Consultant. He Was Formerly The COO Of Both Equinox Gold And True Gold Mining. He Was Also COO And Executiv
Slide 41: Executive Leadership Team
Appendix Executive Leadership Team Jorge A. Ganoza President, CEO And Director David Whittle Chief Operating Officer – West Africa Jorge is a geological engineer and co-founder of Fortuna, where he has led the Company since its inception. With more than 30 years of experience, he has overseen the fu
Slide 42: Séguéla Mine, Côte d’Ivoire
Appendix Séguéla Mine, Côte d’Ivoire Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Classification Au (000) (g/t) (koz) Proven & Probable Reserves 16,356 3.01 1,616 Measured & Indicated Resources 5,651 2.58 469 Inferred Resources 9,989 2.74 879 Mineral Reserve and Mineral Resource
Slide 43: Lindero Mine, Argentina
Appendix Lindero Mine, Argentina Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Cu Deposit Classification Au (000) (g/t) (%) (koz) Lindero Proven & Probable Reserves 64,355 0.54 0.09 1,108 Measured & Indicated Resources 28,668 0.44 0.10 403 Inferred Resources 29,330 0.46 0.11 434 A
Slide 44: Caylloma Mine, Peru
Appendix Caylloma Mine, Peru Mineral Reserves and Mineral Resources Contained Metal Tonnes Ag Au Pb Zn Classification (000) (g/t) (g/t) (%) (%) GEOs (000) Proven & Probable Reserves 2,275 89 0.28 2.42 3.50 238 Measured & Indicated Resources 321 95 0.20 1.03 2.19 25 Inferred Resources 3,901 96 0.38 1
Slide 45: Diamba Sud Gold Project, Senegal
Appendix Diamba Sud Gold Project, Senegal Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Classification Au (000) (g/t) (koz) Probable Mineral Reserves 20,500 1.75 1,151 Indicated Mineral Resources 3,364 1.12 121 Inferred Resources 1,632 1.31 68 Mineral Reserve and Mineral Resource
Slide 46: Consolidated Mineral Reserves and Mineral Resources
Appendix Consolidated Mineral Reserves and Mineral Resources Mineral Reserves - Proven and Probable Contained Metal Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) GEOs (000) 1. Mineral Reserve
Slide 47: Cautionary Statement on Forward Looking Statements
Appendix Cautionary Statement on Forward Looking Statements This corporate presentation contains forward looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward Forward-looking Statements contained herein are bas
Slide 48: Financial Information
Appendix Financial Information Non-IFRS Financial Measures Fortuna’s condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and 2025 These non-IFRS financial measures are widely reported in the mining industry as benchmarks for (the “Q2 2026 Financial St
Slide 49: Diamba Sud Feasibility Summary Table
Appendix Diamba Sud Feasibility Summary Table Metrics Units Results 1. The pit optimization shells used for the Mineral Reserves were generated using a gold price of $2,900/oz. 2. This is a non-IFRS measure I Refer to slide 46 for more information on non-IFRS measures Gold price $/oz 3,500 3. Averag