Slide 1: Q4 - FY 2025 Financial and Operational Results Webcast
We envision. We deliver. Q4 - FY 2025 Financial and Operational Results Webcast February 19, 2026 NYSE: FSM | TSX: FVI We envision. We deliver.
Slide 2: Q4 - FY 2025 Highlights
Q4 - FY 2025 Highlights FY 2025 record free cash flow from ongoing operations4 of $330 million Balance Sheet Strength Cash Flow & Margins Delivering Growth Séguéla, Côte d’Ivoire $704.0 M $381.5 M Record FCF from Operations1,4 Mineral Reserves increased by 31% in liquidity net cash position $132.3
Slide 3: Q4 Operations and Projects
Q4 Operations and Projects FY25 production of 317,001 GEO1; achieved annual guidance of 309 to 339 thousand GEO Operating Mines Growth Séguéla Mine Lindero Mine Caylloma Mine Diamba Sud Gold Project CÔTE D’IVOIRE ARGENTINA PERU SENEGAL Gold Production (oz) Gold Production (oz) Silver Production (oz)
Slide 4: Financial Overview
Financial Overview Caylloma Mine, Peru We envision. We deliver. Fortuna Fortuna Mining Mining Corp.Corp. | Q4 -| Q3 FY 2025 Financial and Operational Results Webcast 4
Slide 5: Q4 2025 Sales
Q4 2025 Sales 38% YoY increase for continuing operations Realized Precious Metals Prices1 Precious metals contribution2 $4,166 92% 3,900 3,400 2,900 86% 2,400 Gold ($/oz) Q4 sales 1,900 $270.2 M Gold 1,400 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 5% Silver 1% Copper 5% Zinc $55.97 3% 52
Slide 6: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights $147.6 M net cash from operating activities before changes in working capital or $0.48/share % Q4 Q3 Q4 ($ M, except in earnings per share figure) Change 2025 2025 2024 / YoY Adjusted EPS increased 35% QoQ and 280% YoY, reflecting higher realized Au Sales 270.2 251.4 195
Slide 7: Q4 2025 Capex Spent
Q4 2025 Capex Spent 2025 mine site capital + projects & Greenfield exploration of $178 million Capex Spent US$ M 51.5 47.0 48.5 42.0 4.3 44.5 40.7 8.1 3.5 38.0 9.1 5.8 10.0 9.9 6.2 27.0 4.5 47.2 38.5 37.9 40.4 35.0 34.6 34.5 31.7 22.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 M
Slide 8: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Available liquidity of $704 M from higher prices and expanding margins Cash Undrawn credit facility 704 537 588 459 150 Available liquidity 381 150 150 increased to $704 M 150 150 554 387 438 231 309 Positive net cash position Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 of $
Slide 9: Appendix
Appendix Caylloma Mine, Peru We envision. We deliver. Fortuna Fortuna Mining Mining Corp.Corp. | Q4 -| Q3 FY 2025 Financial and Operational Results Webcast 9
Slide 10: Notes
Appendix Notes 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 2025 results and comparative figures, unless otherwise disclosed, as they were disposed of during t
Slide 11: Consolidated Sales Metrics
Appendix Consolidated Sales Metrics Q4 2025 Q4 2024 % Change Metal Sold Au (oz) 56,393 63,224 (11%) Ag (oz) 252,807 249,419 1% Pb ('000 lb) 8,465 9,198 (8%) Zn ('000 lb) 12,083 13,932 (13%) Realized Price Au ($/oz) 4,166 2,659 57% Ag ($/oz) 55.97 31.27 79% Pb ($/lb) 0.89 0.91 (2%) Zn ($/lb) 1.44 1.3
Slide 12: 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
Slide 13: 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 14: 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 since its inception. David joined Fortuna in July 2021 and held the position of Vi
Slide 15: Cautionary Statement On Forward Looking Statements
Appendix Cautionary Statement On Forward Looking Statements This webcast presentation contains forward looking statements which constitute “forward-looking information” within the meaning regulatory requirements and actions by governmental authorities, including changes in government policy, governm
Slide 16: Non-IFRS Financial Measures
Appendix Non-IFRS Financial Measures Fortuna’s consolidated financial statements for the years ended December 31, 2025 and 2024 (the “2025 Financial Statements") These non-IFRS financial measures are widely reported in the mining industry as benchmarks for performance and are used by Management to m
Slide 17: 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 18: 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 19: Contact
CONTACT CARLOS BACA Vice President, Investor Relations info@fmcmail.com | fortunamining.com NYSE: FSM | TSX: FVI @fortunamining @fortunamining @fortunamining