Fortuna Mining Corp. · TSX:FVI
Fortuna Mining — Investor Presentation (October 2026)
46 slides from Fortuna Mining's investor presentation, Oct 21, 2026
Slide 1: Targeting ~500,000 GEO annual production rate from H2 2028
We envision. We deliver. Targeting ~500,000 GEO annual production rate from H2 2028 NYSE: FSM | TSX: FVI Investor Presentation October 21, 2026 We envision. We deliver.
Slide 2: In our strongest position ever to deliver growth
In our strongest position ever to deliver growth Producing today Funded and disciplined Path to ~500,000 GEO annual production rate from H2 2028 Established production base Financial strength Two growth engines Séguéla expansion and Diamba Sud are the two Three operating mines with long life of mine
Slide 3: Three operating mines. Two growth projects. Strong exploration pipeline.
Three operating mines. Two growth projects. Strong exploration pipeline. Latin America West Africa Caylloma Mine, Séguéla Mine, Peru Côte d’Ivoire | Plant expansion ongoing Lindero Mine, Diamba Sud Gold Project, Argentina Senegal | Mining permit & FID pending Quartzstone Project, Bambadji Property,
Slide 4: Strong operating base powers future production increases
Strong operating base powers future production increases Operating Mines Development & Expansion Séguéla Mine, Lindero Mine, Caylloma Mine, Diamba Sud Project, Séguéla Mine, Côte d’Ivoire Argentina Peru Senegal Côte d’Ivoire 2026E 160,000 - 170,000 oz Au1 92,000 - 102,000 oz Au1 29,000 - 33,000 GEO1
Slide 5: Targeting 60% growth to ~500,000 GEO annual production rate from H2 2028
Targeting 60% growth to ~500,000 GEO annual production rate from H2 2028 Au Ag Base metals 600 550 500 442 450 426 400 365 350 321 317 GEO (000) 300 250 Portfolio 200 158 180 183 179 183 reshaped 150 127 137 around 100 81 90 three core 49 50 mines 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Slide 6: Two decades of delivering shareholder value
Two decades of delivering shareholder value A proven track record positions Fortuna for its next phase of growth 93× 2007 - 2025 operating and financial performance Metric 2007 2025 Change GEO production Adjusted EBITDA growth 14.2 317 22x 22× koz GEO production / share 0.2 1.0 5x GEO / 1,000 shares
Slide 7: Q3 2026 production from ongoing operations
Q3 2026 production from ongoing operations On track to achieve annual guidance of 281,000 to 305,000 GEO1 Q3 2026 Gold2 Silver2 Lead2 Zinc2 (koz) (Moz) (Mlbs) (Mlbs) 62.5 8.4 12.0 59.8 0.25 11.4 Q3 GEO Production 0.23 7.8 69,665 oz2 9-month GEO Production 214,754 oz2 Q3 2026 Q2 2026 Q3 2026 Q2 2026
Slide 8: 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 9: Free cash flow more than doubled in H1 2026
Free cash flow more than doubled in H1 20261 Sales up 55% and adjusted attributable net income up 132% YoY +55% YoY +79% YoY +109% YoY +132% YoY 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 A
Slide 10: Fortress balance sheet; $106.6 M of share buybacks YTD
Fortress balance sheet; $106.6 M of share buybacks YTD Net Cash Position Liquidity ($ M) ($ M) 500 800 493 816 700 757 400 435 704 600 382 588 300 500 Net Cash $M $M 266 400 Position up 200 300 64% since 200 Q3 20251,2,3 100 100 0 0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1.
Slide 11: $620 M of operating cash flow in four quarters
$620 M of operating cash flow in four quarters 250 $6,000 Q2 Net Cash from Operations1,2 4,884 200 4,447 $5,000 $138 M 4,166 3,467 209 $4,000 150 162 $/oz Au 138 $3,000 $M 100 Q2 Gold Price 111 $2,000 $4,447/oz 50 $1,000 942 971 951 1,034 0 $0 Q2 Cash Costs1,2,3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $1,03
Slide 12: Pipeline of quality, geographically diversified projects
Pipeline of quality, geographically diversified projects 2026E total mineral exploration budget of $70.3 million | ~ 252,000 meters of drilling Diamba Sud Project Séguéla Mine Lindero Mine Caylloma Mine Senegal Côte d’Ivoire Argentina Peru $12.2 million budget1 $22.8 million budget $4.6 million budg
Slide 13: Positioned in West Africa's productive greenstone belts
Positioned in West Africa’s productive greenstone belts Accelerating cash flow generation Global average is approximately 15.7 years4 Côte d’Ivoire returned the lowest average lead time of mines from 3 discovery to production 2002-20234 2 Séguéla Mine Fortuna acquisition, feasibility to first gold p
Slide 14: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Immediately contiguous Bambadji properties Acquired the 190 km² advanced gold exploration project from Barrick Mining and IAMGOLD in 2026 for $200 million Consolidated approximately 60 kilometers of strike along a highly prospective Tier-1 gold corridor Six drill rig
Slide 15: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Final investment decision expected in Q4 2026 upon receipt of mining permit • Gold price = $3,500/oz Mineral Reserve1 • Discount rate = 5% Key model == assumptions • Government royalty = 3% (After-Tax 100% • Local contribution royalty = 0.5% 1.15 Moz @ 1.75 g/t Au wi
Slide 16: Diamba Sud production and cost profile
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: Significant exploration upside
Diamba Sud Gold Project, Senegal Significant exploration upside Drilling program adjacent to Southern Arc and Kassasoko deposits has continued to return encouraging results beyond current pit designs Successfully identified depth and strike extensions to the NE and SW, and parallel structures to the
Slide 18: Séguéla Mine, Côte d'Ivoire
Séguéla Mine, Côte d’Ivoire Ongoing 30% plant capacity expansion; $110 M Capex7 Plant expansion Sunbird Underground (UG) Project ESIA has been approved; permit expected in Q4 20261 • Targeted ramp-up of plant in H2 2028 with increase from 1.75 Mtpa to • Project team recruited; advancing pre-developm
Slide 19: Séguéla Mine: Regional exploration, continuing success
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 genera
Slide 20: Séguéla Mine, Sunbird Deposit, Côte d'Ivoire
Séguéla Mine, Sunbird Deposit, Côte d’Ivoire Drilling continues to expand UG mining potential High grade (>20 grams x meter) core extending at least 0.8 kilometer beyond UG Indicated Resource boundary Remains open beyond 700 meters below surface (SGRD2215) Clear structural control on high grade core
Slide 21: Séguéla Mine, Kingfisher Deposit, Côte d'Ivoire
Séguéla Mine, Kingfisher Deposit, Côte d’Ivoire Newest emerging mineral deposit on the property 1-km east of Sunbird, “blind deposit” identified through subtle soil anomaly Hosted along the contact of moderately sheared basalts and dolerites; in the same package as Boulder and Agouti deposits 1 and
Slide 22: Lindero Mine, Argentina
Lindero Mine, Argentina Q3 2026 gold production increases 25% quarter-over-quarter Q2 2026 represented the expected peak AISC. Unit Major plant capital projects completed leading to costs anticipated to trend lower through the remainder improved mechanical availability, supporting higher of the year
Slide 23: Lindero Mine Resource Expansion
Lindero Mine Resource Expansion Mineralization open below reserve pit shell LDH-259: 0.85 g/t Au over a drilled length of 236 meters from surface1 LDH-272: 0.96 g/t Au over a drilled length of 350 meters from surface1 2026 infill drilling program returned multiple intersections with gold grades Prog
Slide 24: Caylloma Mine, Peru
Caylloma Mine, Peru On track to exceed annual production guidance Q3 2026 performance reflects steady plant 100% of current and future energy requirements through operations, consistent throughput, and continued the national power grid is supplied entirely from strong contribution from base metal pr
Slide 25: Caylloma Mine: Long history, bright future
Caylloma Mine, Peru Long history, bright future Animas Extension NE & Oreshoot 2 3 5 1 Expansion of existing resources and current mining 2 Don Luis I & II veins Extension of historical high-level Au/Ag high-grade resources 2 San Pedro & Parelela veins 4 3 Maiden drilling of large historical working
Slide 26: Quartzstone Project, Guyana
Quartzstone Project, Guyana Establishing a presence in the Guiana Shield, a highly prospective region with a strong history of gold discoveries. We envision. We deliver. Fortuna Mining - Investor Presentation 26
Slide 27: 2026 ESG Ratings
2026 ESG Ratings Continuously achieving top tier performance We envision. We deliver. Fortuna Mining - Investor Presentation 27
Slide 28: Sustainability Performance
Sustainability Performance Prioritized corporate sustainability KPIs Q3 20265 2026 Targets Total Recordable Injury Frequency Rate (TRIFR)1 1.23 1.37 Significant disputes with local communities 0 0 Significant strikes and lockouts 0 0 Significant incidents associated with waste and hazardous 0 0 mate
Slide 29: 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 30: Capital Structure and Ownership
Capital Structure and Ownership 28 Outstanding shares (OS)1 296.0 M Share ownership2 (%) 1 Institutional Unknown³ NYSE: FSM1 Insiders 71 52-week range (Hi - Lo) $13.85 - 7.69 3-month average volume per day 5.0 million shares 27 Institutional ownership2 (%) 26 TSX: FVI1 52-week range (Hi - Lo) C$18.9
Slide 31: 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 32: 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. 32
Slide 33: Appendices
Appendices We envision. We deliver. 33
Slide 34: 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 35: 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 Séguéla 735 - 815 Séguéla 1,630 - 1,730 Lindero 975 - 1,140 Lindero 1,520 - 1,655 Caylloma 1,440 - 1,590 Caylloma 2,610 - 2,965 Consolidated cash cost 895 - 1,000
Slide 36: The West Africa Opportunity
Appendix Mauritania The West Africa Opportunity A mining-friendly, favorable jurisdiction to do business Senegal Mali Gambia Diamba Sud Guinea- Burkina Faso Gold Project | Bissau Bambadji Project Guinea Sierra Séguéla Mine Sabodala | Togo Leone FY25 production: Senegal 152 koz Au2 FY25 production: G
Slide 37: 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 38: Executive Leadership Team
Appendix Executive Leadership Team Jorge A. Ganoza Luis D. Ganoza Chief Executive Officer and Director President Jorge is a geological engineer and co-founder of Fortuna, where he has led the Company since its inception. With more than 30 Luis D. Ganoza has served as President of Fortuna Mining Corp
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 45 for more information on non-IFRS measures 3. Average operating cash costs
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