Fortuna Mining Corp. · TSX:FVI
Fortuna Mining — Investor Presentation (November 2025)
47 slides from Fortuna Mining's investor presentation, Nov 24, 2025
Slide 1: Investor Presentation
NOVEMBER 24, 2025 Investor Presentation NYSE: FSM | TSX: FVI
Slide 2: Why Invest in Fortuna?
Why Invest in Fortuna? Strategically positioned to Prudent Fortress capture high value capital allocation balance sheet growth opportunities strategy Diamba Sud Proven build decision expected in mine developers and H1 2026. PEA completed in operators within our October 2025. regions Significant rese
Slide 3: Growth in Gold Equivalent Production
Growth in Gold Equivalent Production 500 456 440 Decrease in GEO result 450 of the San Jose and Yaramoko divestitures4 400 378 Base Metals Ag Au 333 309 - 339 350 300 (GEO 000) 250 191 194 190 195 200 169 134 146 150 86 96 100 44 46 56 50 22 27 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 4: Growing in Premier Mining Jurisdictions
Growing in Premier Mining Jurisdictions Regional focus provides a strong competitive advantage Tongon North 2025E PRODUCTION Awalé Odienné Gold Equivalent 309 to 339 koz1,2 Séguéla or Guiglo Gold 265 to 290 koz + Silver 0.9 to 1.0 Moz 2025E AISC $1,670 – 1,7653 1. Refer to Fortuna news release dated
Slide 5: Q3 2025 production from ongoing operations
Q3 2025 production from ongoing operations Gold equivalent production of 72,462 ounces1,2 Q3 GOLD1 SILVER1 LEAD1 ZINC1 2025 (koz) (Moz) (Mlbs) (Mlbs) 63.2 61.7 0.2 12.9 0.2 8.9 12.0 8.5 Gold Production 63,216 oz1 +2% - -4% -7% Q3 2025 Q2 2025 Q3 2025 Q2 2025 Q3 2025 Q2 2025 Q3 2025 Q2 2025 1. Refer
Slide 6: 9-month 2025 production from ongoing operations
9-month 2025 production from ongoing operations Gold equivalent production of 214,077 ounces1,2 9-month GOLD1 SILVER1 LEAD1 ZINC1 2025 (koz) (Moz) (Mlbs) (Mlbs) 38.6 38.0 183.8 0.9 30.1 173.4 26.2 0.7 Gold Production 183,772 oz1 +6% -23% -13% +2% 9-month 2025 9-month 2024 9-month 2025 9-month 2024 9
Slide 7: Q3 2025 Consolidated Financial Highlights
Q3 2025 Consolidated Financial Highlights3 Q3 2025 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 251.4 130.8 127.7 73.4 51.0 230.4 Gold 87% 44.7 57.4 Q3 Sales +9% +2% +28% +14% Silver 4% $251.4 M1 Copper 1% Zinc 5% Lead 3% Q3
Slide 8: 9-month Financial Highlights
9-month Financial Highlights3 9-month 2025 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 676.8 356.6 197.5 131.7 9-month Sales 482.0 $676.8 M1 +51% 236.4 +283% +128% +40% 57.8 40% higher than 9-month 20241 51.5 9-month 2025 9-
Slide 9: Capturing benefit of rising gold price
Capturing benefit of rising gold price3 $3,467 $3,307 120 $4,000 $3,500 100 $2,498 $3,000 80 $2,500 $M 60 $2,000 $111 M $1,500 40 $93 M $67 M $1,000 20 $500 0 $0 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 Realized Sale Price (Au)1 Net Cash from Operations1 Gold Price1 Cash Costs1,2 1. Refer to
Slide 10: Fortress Balance Sheet
Fortress Balance Sheet3 $266 M $588 M 600 $537 M 250 $215 M $459 M 200 450 $381 M 150 $137 M 300 $M $M 100 $59 M 150 50 0 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Cash Position1 Liquidity1,2 1. Refer to Fortuna news release dated November 5, 2025, “Fortuna reports result
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: $8.3 M Kingfisher Séguéla Mine, Côte d’Ivoire Sunbird Séguéla Mine, Côte d’Ivoire Tongon North Séguéla Mine Yaramoko Mine Lindero
Slide 12: Séguéla Mine, Côte d'Ivoire
Séguéla Mine, Côte d’Ivoire 2026 production expansion on time and on budget Gold Production and AISC Q3 20254 Q2 20255 Gold Production (oz) 38,799 38,186 AISC ($/oz Au) 1,738 1,634 Sunbird underground Indicated Resources: 3.6 Mt averaging 4.34 g/t Au containing 502 koz Au; evaluation work in progres
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 0.8 kilometer beyond Underground Indicated Resource boundary • Remains open beyond 700 meters below sur
Slide 16: Lindero Mine, Argentina
Lindero Mine, Argentina Leach pad expansion completed in Q1 2025 Gold Production and AISC Q3 20254 Q2 20255 Gold Production (oz) 24,417 23,550 AISC ($/oz Au) 1,570 1,783 Optimization of the crushing circuit led to an average throughput of 1,061 tonnes per hour (tph), 8 percent above 2024 average. In
Slide 17: Lindero Mine, Argentina
Lindero Mine, Argentina Arizaro has the potential to contribute to Lindero’s future production1 Lindero Arizaro 2.8 km Arizaro 2024/25 Soil geochemistry program highlights Au-Cu porphyry potential mineralization (red) 1. For full details of drill holes ARD-42 to ARD-47 refer to Fortuna news release
Slide 18: Lindero Mine, Argentina
Lindero Mine, Argentina High value exploration opportunities Lindero – Arizaro Cross Section Arizaro Fortuna Mining - Investor Presentation 18
Slide 19: Caylloma Mine, Peru
Caylloma Mine, Peru Continued strong operational performance Metals Production and AISC4 Q3 20254 Q2 20255 Silver Production (oz) 233,612 240,621 Lead Production (Mlbs) 8.5 8.9 Zinc Production (Mlbs) 12.0 12.9 AISC ($/oz Ag Eq) 25.17 21.73 Brownfields exploration budget of $4.8 million: $2.2 million
Slide 20: 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 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: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Targeting construction decision in H1 2026 • 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 comple
Slide 23: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal PEA completed in October 20251 At $2,750/oz Au, the PEA returns: • After-tax NPV5% of $563 million • After-tax IRR of 72 percent • 10-month payback period Initial 3-year average production: • 147,000 oz Au • AISC of $904/oz2 Construction capital costs: • Estimated at
Slide 24: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Brownfields exploration program of $8.3 million: 35,000 meters of drilling1 • Diamba Sud is associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) • Southern Arc maiden Inferred Resource of 3.9 Mt Allied Gold Corp. Sadiola averaging 1.57 g/t Au contain
Slide 25: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Drilling focused on expanding mineral resource base1 Maintain aggressive exploration pipeline via phased approach: 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
Slide 26: 2024 ESG Ratings
2024 ESG RATINGS Continuously achieving top tier performance Fortuna Mining - Investor Presentation 26
Slide 27: Sustainability Performance
Sustainability Performance Prioritized corporate sustainability KPIs Q3 2025 2025 Targets Total Recordable Injury Frequency Rate (TRIFR)1 0.86 1.47 Significant disputes with local communities 0 0 Significant strikes and lockouts 0 0 Significant incidents associated with waste and hazardous materials
Slide 28: 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 29: Capital Structure and Ownership
Capital Structure and Ownership Outstanding shares (OS)1 307.0 M NYSE: FSM1 TSX: FVI1 52-week range (Hi - Lo) $9.81 - 4.13 52-week range (Hi - Lo) C$13.77 - 5.99 3-month average volume per day 17.3 M shares 3-month average volume per day 1.4 M shares Share Ownership2 Institutional Ownership2 (%) (%)
Slide 30: 2025 Annual Guidance
2025 Annual Guidance 309 to 339 GEO; at an estimated AISC of between $1,670 and $1,765/GEO1,3 Consolidated Production Gold3 Silver Lead Zinc 265 - 290 koz 0.9 - 1.0 Moz 29 - 32 Mlbs 45 - 49 Mlbs AISC1,2 Séguéla Mine Lindero Mine Caylloma Mine CÔTE D’IVOIRE ARGENTINA PERU $1,500 - 1,600 $1,600 - 1,72
Slide 31: Contact
CONTACT CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com NYSE: FSM | TSX: FVI | FSE: F4S0 @fortunamining @fortunamining @fortunamining 31
Slide 32: Appendices
Fortuna Mining Appendices
Slide 33: Financial Performance
APPENDIX Financial Performance7 Where applicable, the Company has presented operating and financial results based on its continuing operations. Contributions from the San Jose and Yaramoko mines have been removed from Q3 2025 quarterly and Q3 2024 figures as they were disposed of during the second q
Slide 34: 2025 Consolidated Cash Cost and AISC Guidance
APPENDIX 2025 Consolidated Cash Cost and AISC Guidance Cash Cost Guidance ($/GEO) AISC Guidance ($/GEO) 2025 Guidance 2025 Guidance Lindero 1,060 - 1,235 Lindero 1,600 - 1,720 Caylloma 1,250 - 1,385 Caylloma 1,810 - 2,060 Yaramoko 1,060 Yaramoko - 1,410 - Séguéla 680 - 750 Séguéla 1,500 - 1,600 Cons
Slide 35: 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 Significant geological potential Guinea- Gold Project Burkina Faso Host to numerous “Tier 1” Gold Mines wit
Slide 36: 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 • Global average is approximately 15.7 years1 Burkina Faso • Côte d’Ivoire returned the lowest average lead Guinea- Bissau time of mines from discovery t
Slide 37: 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 38: 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 39: 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 13,016 2.81 1,177 Measured & Indicated Resources 7,270 3.40 794 Inferred Resources 8,779 2.52 712 Mineral Reserve and Mineral Resource
Slide 40: 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 41: 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 42: Diamba Sud Gold Project, Senegal
APPENDIX Diamba Sud Gold Project, Senegal Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Indicated Resources 14,153 1.59 724 Inferred Resources 6,171 1.44 285 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral Resources a
Slide 43: 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
Slide 44: 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 price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option c
Slide 45: Financial Information
Financial Information NON-IFRS FINANCIAL MEASURES Fortuna’s condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, These non-IFRS financial measures are widely reported in the mining industry as benchmarks for performance and are used by
Slide 46: Financial Information
Financial Information NON-IFRS FINANCIAL MEASURES Adjusted EBITDA Adjusted Attributable Net Income The following table presents a reconciliation of Adjusted EBITDA from net income, the most directly comparable IFRS The following table presents a reconciliation of Adjusted Attributable Net Income fro
Slide 47: PEA Key Highlights
APPENDIX PEA Key Highlights Metrics Units Results Gold price $/oz 2,750 Life of mine year 8.1 Total mineralized material mined1 Mt 17.75 Contained gold in mineralized material mined1 koz 932 Strip ratio Waste: mineralized material 5.5:1 Throughput initial 3 years (primarily oxide) Mtpa 2.5 Throughpu
Fortuna Mining — Investor Presentation (November 2025) on 6ix