Slide 1: Investor Presentation
We envision. We deliver. Investor Presentation March 5, 2026 NYSE: FSM | TSX: FVI We envision. We deliver.
Slide 2: Why Invest in Fortuna?
Why Invest in Fortuna? Strategically positioned to Prudent capital Fortress capture high value growth allocation strategy balance sheet opportunities Diamba Sud Proven Indicated Mineral Resources mine developers and gold ounces increased by 73% operators within our to 1.25 Moz regions (26.0 Mt avera
Slide 3: Growth in Gold Equivalent Production
Growth in Gold Equivalent Production Base metals Ag Au Decrease in GEO result 500 441 of the San Jose and 425 450 Yaramoko mines 366 divestitures4,5 in 2025 400 321 317 350 281293 - 305 GEO (000) 300 250 180 183 178 183 200 157 127 137 150 89 80 100 38 49 21 36 50 16 0 2007 2008 2009 2010 2011 2012
Slide 4: Growing in Premier Mining Jurisdictions
Growing in Premier Mining Jurisdictions Regional focus provides a strong competitive advantage 2026E 2026E 281,000 to 305,000 GEO1,2 $1,830 - 1,975/ GEO Production AISC3 Tongon North Corporate Office Vancouver, Canada Awalé Odienné Centauro, Mexico Séguéla Mine La Carmen, Mexico Guiglo Latin America
Slide 5: Q4 2025 Production from Ongoing Operations
Q4 2025 Production from Ongoing Operations GEO production of 65,1301,2; output impacted by temporary Lindero crushing downtime, resolved in December 2025 Q4 GOLD1 SILVER1 LEAD1 ZINC1 (koz) (Moz) (Mlbs) (Mlbs) 2025 63.2 56.1 0.2 0.2 12.1 12.0 8.4 8.5 Gold Production 56,143 oz1 Q4 2025 Q3 2025 Q4 2025
Slide 6: Q4 2025 Consolidated Financial Highlights
Q4 2025 Consolidated Financial Highlights1 SALES2 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE Q4 ($ M) EBITDA2,3 FROM OPERATIONS2,3 NET INCOME2,3 2025 ($ M) ($ M) ($ M) 270.2 157.2 251.4 132.3 71.3 130.8 86% Q4 Sales 5% $270.2 M1 51.0 1% 73.4 5% 3% Gold Lead Zinc Copper Silver Q4 2025 Q3 2025 Q4 2
Slide 7: 2025 Production from Ongoing Operations
2025 Production from Ongoing Operations GEO production of 317,0011, achieving annual guidance range of 309,000 to 339,000 GEO2,3 FY GOLD2 SILVER2 LEAD2 ZINC2 2025 (koz) (Moz) (Mlbs) (Mlbs) 1.18 52.0 50.8 39.6 240.0 235.1 0.97 34.7 Gold Production 239,915 oz2 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 F
Slide 8: FY 2025 Financial Highlights
FY 2025 Financial Highlights1 FY SALES2 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE ($ M) EBITDA2,3 FROM OPERATIONS2,3 NET INCOME2,3 2025 ($ M) ($ M) ($ M) 947.1 330.0 514.0 203.1 677.2 FY 2025 Sales 331.1 $947.1 M2 77.5 102.6 40% higher than FY 20242 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 202
Slide 9: Capturing Benefit of Rising Gold Price
Capturing Benefit of Rising Gold Price3 $4,500 160 $4,000 140 $3,500 120 $3,000 100 $4,166 $2,500 $3,467 80 $2,000 $2,659 $99 M $111 M $162 M 60 $1,500 40 $1,000 20 $500 Q4 2024 Q3 2025 Q4 2025 0 $0 Q4 2024 Q3 2025 Q4 2025 Realized Sale Price (Au)1 Net Cash from Operations1 Gold Price1 Cash Costs1,2
Slide 10: Fortress Balance Sheet
Fortress Balance Sheet1 600 $554 M $704 M 700 500 $588 M 600 $438 M $537 M $387 M 400 500 $459 M $309 M $381 M 400 300 $231 M 300 200 200 100 100 0 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Cash Position2 Liquidity2,3 1. Metrics are presented excluding dis
Slide 11: Asset Portfolio
Asset Portfolio 2026E total mineral exploration budget of $55.0 million1 Greenfields Exploration Production, Growth & Brownfields Exploration Mexico $3.1 million exploration budget Séguéla Mine Lindero Mine Caylloma Mine Diamba Sud Project Côte d’Ivoire Argentina Peru Senegal Côte d’Ivoire $3.7 mill
Slide 12: Séguéla Mine, Côte d'Ivoire
Séguéla Mine, Côte d’Ivoire Exploration success leads to production expansion opportunities Plant expansion study initiated to evaluate 2026 capital investments estimated at $90.2 million2, including: potential to increase throughput beyond • $61.7 million, sustaining capital expenditures current ca
Slide 13: Séguéla Mine, Côte d'Ivoire
Séguéla Mine, Côte d’Ivoire Regional exploration: Continuing success1 Highly prospective with a relatively Strong exploration pipeline with immature exploration profile and a > 30 highly prospective targets history of new discoveries – untested with continuous target Kingfisher the most recent gener
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 deposi
Slide 15: 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 16: Lindero Mine, Argentina
Lindero Mine, Argentina Sustained cost discipline supports lower costs Mechanical downtime at primary Waste stripping ratio planned to 2026 capital investments estimated at $41.0 crusher and HPGR resolved in reduce from 2.2:1 in 2025 to an million1, including: December 2025; quarter average of 1.5:1
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 We envision. We deliver. Fortuna Mining - Investor Presentation 18
Slide 19: Caylloma Mine, Peru
Caylloma Mine, Peru A consistent record of strong operating performance 100% of current and future energy 2026 capital investments estimated at $29.9 million1, including: requirements through the national power • $22.2 million, sustaining capital grid is supplied entirely from renewable • $1.6 milli
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 San Cristóbal vein 2 Extension of historic, Ag-dominant resources 7 in epithermal veins Pisacca Project 3 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: 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 22: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal PEA completed in October 20251 At $2,750/oz Au, Initial 3-year Construction the PEA returns: average production: capital costs: • After-tax NPV5% of $563 • 147,000 oz Au • Estimated at $283.2 M million • AISC of $904/oz2 • Funding derisked by • After-tax IRR of 72 pe
Slide 23: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Advancing early works towards a mid-2026 construction decision Total Indicated Mineral Resources 26.0 Mt averaging 1.50 g/t Au, containing 1.25 Moz Au2 Total Inferred Mineral Resources Allied Gold Corp. Sadiola 2.1 Mt averaging 1.13 g/t Au, containing 77,000 oz Au2 F
Slide 24: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal Drilling focused on expanding mineral resource base Southern Arc deposit - section 700NE1,2 Maintain aggressive exploration pipeline via phased approach: Conduct selected confirmatory drilling to improve resource confidence at Southern Arc and Phase 01 Karakara, plus
Slide 25: 2025 ESG Ratings
2025 ESG RATINGS Continuously achieving top tier performance We envision. We deliver. Fortuna Mining - Investor Presentation 25
Slide 26: 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 material
Slide 27: 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 28: Capital Structure and Ownership
Capital Structure and Ownership 24 Outstanding shares (OS)1 305.3 M Share Ownership2 (%) 1 Institutional Unknown³ NYSE: FSM1 Insiders 75 52-week range (Hi - Lo) $13.85 - 4.29 3-month average volume per day 8.1 million shares 28 Institutional Ownership2 (%) 27 TSX: FVI1 52-week range (Hi - Lo) C$18.9
Slide 29: 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 Cay
Slide 30: Contact
CONTACT CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com NYSE: FSM | TSX: FVI | FSE: F4S0 @fortunamining @fortunamining @fortunamining We envision. We deliver. 30
Slide 31: Appendices
Appendices @fortunamining @fortunamining @fortunamining We envision. We deliver. 31
Slide 32: Financial Performance
Appendix Financial Performance6 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 33: 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 2,610 - 2,965 Caylloma 1,440 - 1,590 Séguéla 1,630 - 1,730 Séguéla 735 - 815 Corporate G&A 138 Consolidated cas
Slide 34: The West Africa Opportunity
Appendix Mauritania Senegal Mali Gambia Guinea- Diamba Sud Burkina Faso Bissau Gold Project APPENDIX Guinea The West Africa Sierra Séguéla Mine Togo Leone FY25 production: 152 koz Au2 Ghana Opportunity Côte d’Ivoire Liberia Sabodala | Senegal FY25 production: 274 koz Au1 A mining-friendly, favorable
Slide 35: The West Africa Opportunity
Appendix Mauritania Did you know? France compared to Western Africa Senegal Mali Niger Gambia Burkina Faso Guinea- Bissau APPENDIX Guinea Benin The West Africa Sierra Togo Leone Côte d’Ivoire Ghana Opportunity Liberia Séguéla Mine West Africa is among the quickest FMC acquisition, feasibility to fir
Slide 36: Board of Directors
Appendix Board of Directors David Laing Mario Szotlender Board Chair | Independent Director Director Mining Engineer With 40 Years Of Experience In The Industry. David Is An Independent Mining Co-founder Of Fortuna. Financier, Businessman And Director Of Atico Mining, Endeavour Silver, And Consultan
Slide 37: Executive Leadership Team
Appendix Executive Leadership Team Jorge A. Ganoza DAVID WHITTLE President, CEO And Director Chief Operating Officer – West Africa Jorge is a geological engineer and co-founder of Fortuna, where he has led the Company David joined Fortuna in July 2021 and held the position of Vice President Operatio
Slide 38: 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 15,961 3.01 1,543 Measured & Indicated Resources 5,155 2.78 461 Inferred Resources 9,171 2.50 736 Mineral Reserve and Mineral Resource
Slide 39: 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 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 40: 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 2,441 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 41: Diamba Sud Gold Project, Senegal
Appendix Diamba Sud Gold Project, Senegal Mineral Resources Contained Metal Tonnes Au Classification (000) (g/t) Au (koz) Indicated Resources 26,027 1.50 1,254 Inferred Resources 2,105 1.13 77 Mineral Resource estimate prepared in accordance with NI 43-101: 1. Mineral Resources are reported using th
Slide 42: Consolidated Mineral Reserves and Mineral Resources
Appendix Consolidated Mineral Reserves and Mineral Resources Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: Mineral Reserves – Proven and Probable 1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resource
Slide 43: 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 looking Forward-looking Statements contained herein
Slide 44: Financial Information
Appendix Financial Information Non-IFRS Financial Measures Fortuna’s consolidated financial statements for the years ended December 31, 2025 and 2024 (the “2025 Financial Statements") which are referred to in this These non-IFRS financial measures are widely reported in the mining industry as benchm
Slide 45: Financial Information
Appendix 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 The following table presents a reconciliation of Adjusted Attributable Net Income from attri
Slide 46: Diamba Sud Gold Project PEA Key Highlights
Appendix Diamba Sud Gold Project PEA Key Highlights Metrics Units Results 1. The pit optimization shells used for the mining inventory were generated using a gold price of $2,300 per ounce. Gold price $/oz 2,750 Life of mine year 8.1 2. These are non-IFRS measures I Refer to slides 43 and 44 for mor