Slide 1: Targeting ~500,000 GEO per year from H2 2028
We envision. We deliver. Targeting ~500,000 GEO per year from H2 2028 NYSE: FSM | TSX: FVI Investor Presentation September 24, 2026 We envision. We deliver.
Slide 2: Growth funded by existing liquidity and cash flow
Growth funded by existing liquidity and cash flow Producing today Funded and disciplined Path to ~500,000 GEO from H2 2028 Established production base Financial strength Two growth engines Three operating mines across West Africa and Latin $756.7 M of liquidity and $435 M3 net cash at June 30, Ségué
Slide 3: Three operating mines, six assets, two regions
Three operating mines, six assets, two regions 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, Guyana | First-pass mappin
Slide 4: Séguéla and Diamba Sud: ~500,000 GEO from H2 2028
Séguéla and Diamba Sud: ~500,000 GEO from H2 2028 2026E GEO Production Growth Séguéla Mine, Lindero Mine, Caylloma Mine, Diamba Sud Project, Séguéla Mine, Côte d’Ivoire Argentina Peru Senegal Côte d’Ivoire 160,000 - 170,000 oz Au1 92,000 - 102,000 oz Au1 29,000 - 33,000 GEO1 Targeting first gold Tar
Slide 5: Strategically positioned in West Africa's greenstone belts
Strategically positioned in West Africa's greenstone belts DeSoto Resources, Awale Resources, exploration alliance3 3 4 16.3% equity Mauritania Senegal Mali Bambadji Property, Tongon 2 5 Gambia 1 adjacent to Diamba Sud 2 North2 Guinea-Bissau Gambi Guinea Burkina Faso a 3 5 4 Sierra Leone 6 Côte d'Iv
Slide 6: Portfolio reshaped around three core mines
Portfolio reshaped around three core mines 1. This assumes successful completion and ramp-up of the Séguéla Mine expansion and commissioning and ramp-up of the Diamba Sud Project, subject to a positive final investment decision. Refer to slide 46 - Cautionary Statement on Forward Looking Statements
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: 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 11: 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 12: $620 M of operating cash flow in four quarters
$620 M of operating cash flow in four quarters 250 $6,000 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 Gold Price 111 $2,000 $4,447/oz 50 $1,000 942 971 951 1034 0 $0 Cash Costs1,2,3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $1,034/oz Au 1.
Slide 13: Exploration Portfolio
Exploration Portfolio 2026E total mineral exploration budget of $63.0 million1,2 | ~ 252,000 meters of drilling 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 budge
Slide 14: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal In a corridor that hosts tier-1 deposits We envision. We deliver. Fortuna Mining - Investor Presentation 14
Slide 15: Diamba Sud Gold Project, Senegal
Diamba Sud Gold Project, Senegal $1.0 billion NPV5%, 60% IRR, and one-year payback over a 9.4-year mine life at $3,500/oz Au3 • Gold price = $3,500/oz Mineral Reserve2 • Discount rate = 5% Key model == assumptions • Government royalty = 3% (After-Tax 100% • Local contribution royalty = 0.5% 1.15 Moz
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 $894 1,000 67 57 60 40 500 20 4 - - Year 1 Year 2 Year 3 Year 4 Year
Slide 17: Diamba Sud Gold Project, Senegal: Sensitivities
Diamba Sud Gold Project, Senegal Sensitivities1 Gold Price ($/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 Initial Mineral Reserves; significant exploration upside Southern Arc deposit - Section 675NE2 Probable Mineral Reserves1 20.5 Mt averaging 1.75 g/t Au, containing 1.2 Moz Au • Reserves reported at $2,900/oz Au • 92% of Indicated Mineral Resource converted to Probabl
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 genera
Slide 21: Séguéla Mine, Sunbird Deposit, Côte d’Ivoire
Séguéla Mine, Sunbird Deposit, Côte d’Ivoire Drilling continues to expand underground mining potential 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 control
Slide 22: Séguéla Mine, Kingfisher Deposit, Côte d’Ivoire
Séguéla Mine, Kingfisher Deposit, Côte d’Ivoire 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
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 Mine Resource Expansion
Lindero Mine Resource Expansion Mineralization open below reserve pit shell 6,000 meters of infill drilling to add resources below the pit bottom We envision. We deliver. Fortuna Mining - Investor Presentation 24
Slide 25: Lindero Mine, Arizaro Deposit, Argentina
Lindero Mine, Arizaro Deposit, Argentina Potential to contribute to Lindero’s future production1 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 dated December 9, 2021, “Fortu
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 Extension NE & Oreshoot 2 3 1 Expansion of existing resources and current mining 5 Don Luis I & II veins 2 Extension of historical high-level Au/Ag high-grade resources San Pedro & Parelela veins 2 4 3 Maiden drilling of large historical working
Slide 28: 2026 ESG Ratings
2026 ESG Ratings Continuously achieving top tier performance We envision. We deliver. Fortuna Mining - Investor Presentation 28
Slide 29: Sustainability Performance
Sustainability Performance Prioritized corporate sustainability KPIs Q2 20265 2026 Targets Total Recordable Injury Frequency Rate (TRIFR)1 1.21 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 30: 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 31: 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 32: 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 33: 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. 33
Slide 34: Appendices
Appendices We envision. We deliver. 34
Slide 35: 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 36: 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 37: The West Africa Opportunity
Appendix Mauritania Senegal Mali Gambia Diamba Sud Guinea- Burkina Faso Gold Project Bissau 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 38: The West Africa Opportunity
Appendix Mauritania Did you know? Senegal France compared to West Africa Gambia Mali Niger Guinea- Burkina Faso Bissau Guinea Benin The West Africa Sierra Togo Leone Côte d’Ivoire Ghana Opportunity Liberia West Africa is among the quickest timelines from Séguéla Mine Fortuna acquisition, feasibility
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 47 for more information on non-IFRS measures Gold price $/oz 3,500 3. Averag