FSM Fortuna Mining Corp.

NYSE
$10.67

Fortuna Reports Results for the Fourth Quarter and Full Year 2025

Wednesday, February 18, 2026 · 10:43 PM ET GlobeNewswire

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

Record quarterly and annual free cash flow1 of $132.3 million and $330.0 million as Fortuna delivers on its operational plan and achieves production guidance

VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the fourth quarter and full year of 2025.
(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 continuing results, along with the comparative figures, due to the classification of the assets as discontinued as at December 31, 2025 unless otherwise disclosed.)
        
Jorge A. Ganoza President and CEO of Fortuna, commented, “Q4 was a strong end to the year as we delivered record free cash flow from operations of $132.3 million and returned $12.1 million to our shareholders.” Mr. Ganoza continued “We finished the year in line with production guidance but at a higher AISC due to the impact of rising metal prices on royalties, gold equivalent ratios and share based compensation expenses. Adjusting for these items our AISC would have been under $1,700 an ounce.” Mr. Ganoza concluded “2025 was a transition year for Fortuna as we streamlined our portfolio by divesting non-core assets and positioned the Company for its next phase of growth at Diamba Sud and the Séguéla plant expansion. All this is underpinned by one of the best balance sheets in our peer group with $704 million in liquidity and $381 million in net cash.”

Fourth Quarter and Full Year 2025 Highlights

Cash and Cash Flow

  • Record free cash flow1 from ongoing operations of $132.3 million; $330.0 million for 2025
  • $147.6 million of net cash from operating activities before changes in working capital or $0.48 per share; $455.4 million for the year or $1.48 per share
  • Liquidity increased to $704.0 million, and the net cash1 position strengthened to $381.5 million, from $58.8 million at the end of 2024, a YoY increase of $322.7 million
  • Quarter-end cash balance of $554.0 million, an increase of $115.7 million QoQ and $322.7 million YoY

Profitability

  • Record adjusted attributable net income1 from continuing operations was $71.3 million or $0.23 basic EPS; $203.1 million or $0.66 basic EPS for 2025. Results for the quarter were impacted by lower production at Lindero due to downtime of the HPGR in December
  • Attributable net income from continuing operations of $68.1 million or $0.22 basic EPS; $269.7 million or $0.88 basic EPS for 2025

Return to Shareholders

  • In 2025, the Company returned $16.2 million to shareholders through its share buyback program with an additional $5.0 million in early 2026

Operational

  • Gold equivalent production (“GEO”) of 65,130 ounces; 317,001 GEOs in 2025 meeting annual guidance
  • Consolidated cash cost per GEO1 of $971; $944 for 2025 in line with guidance
  • Consolidated AISC per GEO1 of $2,054 for Q4 2025 and $1,870 for full year 2025. Excluding the impact of rising gold prices on royalties ($60/ounce), gold equivalent ratios ($54/ounce) and the value of the Company’s shares increasing share based compensation expenses ($60/ounce) AISC was $1,696 and within guidance.
  • Total recordable injury frequency rate for the year was 0.74 which reflects continued strong safety performance; and zero lost time injuries in the quarter

Growth and Business Development

  • Expanded Mineral Reserves at Séguéla by 31% and extending the mine life to over 9 years. Refer to the news release dated January 20, 2026 “Fortuna Expands Mineral Reserve Gold Ounces by 31% and Extends Life of Mine to Over 9 Years at the Séguéla Mine, Côte d’Ivoire”
  • Commissioned a feasibility study to expand the plant throughput at Séguéla by 15 to 40% with results expected in the second quarter of 2026. Refer to the news release dated December 3, 2025 “Fortuna Awards the Séguéla Mine Plant Expansion Study, Côte d’Ivoire”
  • At the Diamba Sud Gold Project, supported by robust PEA economics (Refer to the news release dated October 15, 2025, “Fortuna delivers robust PEA for Diamba Sud Gold Project in Senegal: After-tax IRR of 72% and NPV5% of US$563 million using US$2,750 per ounce”) the Company has allocated approximately $67 million to advance early works and the order of critical equipment to de-risk construction. A construction decision is targeted for mid 2026.
    Cautionary Statement: The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves; as such, there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.5

Fourth Quarter 2025 Consolidated Results

  Three months ended Years ended December 31,
(in millions of US dollars) Dec. 31, 2025 Dec. 31, 2024 Sep. 30, 2025 20252024 % Change
OPERATING STATISTICS            
Total production including discontinued operations (GEO) 65,130 116,358 72,462 317,001 455,958 (30%)
Production from continuing operations (GEO) 65,130 75,562 72,462 279,207 292,169 (4%)
Cash cost continuing ops($/oz GEO) (1)(2) 971 918 942 928 855 9%
Cash cost ($/oz GEO) (1)(2) 971 1,015 942 944 987 (4%)
AISC continuing ops($/oz GEO) (1)(2)(3) 2,054 1,842 1,987 1,933 1,634 18%
AISC including discontinued ops($/oz GEO) (1)(2)(3) 2,054 1,772 1,987 1,870 1,640 14%
FINANCIAL HIGHLIGHTS            
Sales 270.2 195.2 251.4 947.1 677.2 40%
Attributable net income from continuing operations 68.1 14.7 123.6 269.7 84.5 219%
Attributable earnings per share from continuing operations - basic 0.22 0.05 0.40 0.88 0.27 226%
Adjusted attributable net income from continuing operations (1) 71.3 19.4 51.0 203.1 77.5 162%
Adjusted attributable net income from continuing operations earnings per share 0.23 0.06 0.17 0.66 0.25 164%
Adjusted EBITDA (1) 157.2 94.9 130.8 514.0 331.1 55%
CASH FLOW AND CAPEX            
Net cash provided by operating activities - continuing operations 162.3 99.2 111.3 455.4 235.7 93%
Free cash flow from ongoing operations (1) 132.3 51.1 73.4 330.0 102.6 222%
Capital expenditures (4)            
Sustaining 23.9 41.0 31.2 109.0 122.5 (11%)
Sustaining leases 6.6 4.6 6.5 24.0 15.3 57%
Growth capital 20.6 10.5 17.4 69.0 38.6 79%
             
        Dec. 31, 2025 Dec. 31, 2024 % Change
Cash and cash equivalents and short-term investments 554.0 231.3 140%
Net liquidity position (excluding letters of credit)       704.0 381.3 85%
Shareholder's equity attributable to Fortuna shareholders       1,677.0 1,403.9 19%
             
(1) Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
(2) Gold equivalent was calculated using the realized prices for gold of $3,452/oz Au, $40.2/oz Ag, $1,962/t Pb and $2,864/t Zn for Year 2025. Gold equivalent was calculated using the realized prices for gold of $2,404/oz Au, $27.9/oz Ag, $2,072/t Pb and $2,786/t Zn for Year 2024.
(3) Year to date 2025 AISC reflects production and costs for Yaramoko from January 1 to April 14, 2025, being the date that the Company agreed to the assumed handover of operations to the purchaser.
(4) Capital expenditures are presented on a cash basis
(5) Refer to the table on page 30 of this news release for a summary of the key assumptions, operational parameters and economic results and values from the PEA
Figures may not add due to rounding
Contribution from discontinued operations, the Yaramoko and San Jose mines which were disposed of in the second quarter of 2025, have been removed where applicable
  

Fourth Quarter 2025 Results

Q4 2025 vs Q3 2025

Cash cost per ounce and AISC
Cash cost per GEO sold from continuing operations was $971 in Q4 2025, representing a marginal increase from $942 in Q3 2025.

All-in sustaining costs per GEO from continuing operations was $2,054 in Q4 2025 representing a $67 increase from the $1,987 recorded in Q3 2025. The rise was primarily driven by lower ounces sold at Lindero and higher royalties of $55, partially offset by lower AISC at Séguéla resulting from a decrease in strip ratio quarter over quarter.

Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations for the period was $68.1 million in Q4 2025, compared to $123.6 million in Q3 2025. Net income in Q3 2025 included the reversal of an impairment charge of $52.7 million and the reversal of a previous write-down of $16.7 million of low-grade stockpiles at Lindero as a result of an increase in medium and long-term gold price assumptions.

After adjusting for impairment reversals and other non-recurring items, adjusted attributable net income was $71.3 million or $0.23 per share compared to $51.0 million or $0.17 per share in Q3 2025. The increase was primarily driven by higher realized gold prices, partially offset by lower gold sales volume, and a modestly higher effective tax rate. The realized gold price in Q4 2025 was $4,166 per ounce compared to $3,467 in Q3 2025. Lower gold sales were mainly attributable to lower production at Lindero related to a 12-day stoppage of the HPGR tertiary crusher in December.

Foreign Exchange
In Q4 2025, the Company recorded a foreign exchange loss of $2.9 million compared to a loss of $7.4 million in Q3 2025.

For the full year, the Company recorded a foreign exchange loss of $7.8 million, comprised of a $13.8 million realized loss and a $6.0 million unrealized gain. The foreign exchange realized loss was primarily related to the Company’s Argentine operations, where the peso devalued 41% during 2025. Of the realized loss, over $6.0 million relates to cash accumulated in-country in the first half of 2025; however, this loss was fully offset by interest, investment, and derivative gains throughout the year. In early Q3 2025 the Company was able to restart the repatriation of funds from Argentina, allowing local cash balances to be minimized. Foreign exchange losses of $3.4 million were incurred as part of the cost of repatriations during the year through the "Blue-Chip Swap Market”.

Cash Flow
Net cash generated by operations before changes in working capital totaled $147.6 million or $0.48 per share. After adjusting for working capital, net cash generated by operations for the quarter was $162.3 million compared to $111.3 million in Q3 2025. This increase was driven by higher sales, lower income tax payments, and a favorable swing in working capital, which contributed $14.8 million in Q4 compared to an outflow of $2.6 million in the prior quarter. Income taxes paid decreased to $20.8 million in Q4 2025 (including $14.4 million of withholding taxes from fund repatriation), down from $34.7 million in Q3 2025. The Q3 figure included $13.6 million in withholding taxes paid related to the repatriation of funds from Argentina and Côte d’Ivoire.

Free cash flow from ongoing operations in Q4 2025 was $132.3 million, an increase of $58.9 million compared to $73.4 million in Q3 2025 reflecting higher cash from operating activities and a reduction in sustaining capital expenditures from $31.2 million in the prior quarter to $23.9 million.

In Q4 2025, the Company invested $20.6 million in non-sustaining capital expenditures, comprising of $10.7 million in mine site exploration and other items, and $10.1 million at the Diamba Sud project.

Q4 2025 vs Q4 2024

Cash cost per ounce and AISC
Consolidated cash cost per GEO increased to $971 in Q4 2025, representing a $53 increase compared to $918 recorded in Q4 2024. The increase was mainly due to higher stripping ratios at Séguéla and Lindero, as per the mine plan.

All-in sustaining costs per gold equivalent ounce from continuing operations increased $212 to $2,054 in Q4 2025 from $1,842 in Q4 2024. This increase primarily resulted from higher royalties of $139, the impact of higher gold prices on the GEO calculation at Caylloma of $74, and $77 related to higher share-based compensation. This was partially offset by a decrease in AISC at Lindero explained by lower capital expenditures in 2025.

Attributable Net Income and Adjusted Net Income
Attributable net income from continuing operations was $68.1 million, or $0.22 per share, compared to $11.4 million, or $0.05 per share, in Q4 2024.

After adjusting for reversals of impairments and stockpile write-downs and other non-recurring items, adjusted attributable net income from continuing operations was $71.3 million or $0.23 per share compared to $19.4 million or $0.06 per share in Q4 2024. The increase was primarily due to higher realized gold prices, which averaged $4,166 per ounce in Q4 2025 compared to $2,659 per ounce in Q4 2024. This was partially offset by lower production and higher share-based compensation expense of $6.9 million compared to $1.6 million in Q4 2024.

Depreciation and Depletion
Depreciation and depletion decreased by $2.3 million to $44.9 million compared to $47.2 million Q4 2024. Despite the lower expense, depletion per ounce increased by $60. This was primarily due to higher depletion rates at Lindero following the impairment reversal of $52.7 million recorded in Q3 2025. This increase was partially offset by lower depletion per ounce at Seguela, which benefitted from the addition of low discovery-cost ounces.

Depreciation and depletion in the period included $16.2 million (FY 2025: $71.4 million) related to the purchase price allocation from the 2021 Roxgold acquisition.

Cash Flow
Net cash generated by operations for the quarter was $162.3 million compared to $99.2 million in Q4 2024. The increase was primarily driven by higher gold prices and favourable changes in working capital in Q4 2025 compared to Q4 2024.

Free cash flow from ongoing operations in Q4 2025 was $132.3 million, compared to $51.1 million reported in Q4 2024. The increase was mainly due to higher prices as discussed above, and lower sustaining capital expenditures of $17.1 million year over year.

Séguéla Mine, Côte d’Ivoire

  Three months ended December 31,  Years ended December 31,
  2025  2024  2025  2024
Mine production           
Tonnes milled 410,014  430,117  1,718,973  1,561,800
Average tonnes crushed per day 4,506  4,727  4,709  4,279
            
Gold           
Grade (g/t) 3.16  2.95  2.98  2.95
Recovery (%) 92  92  92  93
Production (oz) 36,942  35,244  152,426  137,781
Metal sold (oz) 36,998  36,384  152,384  137,753
Realized price ($/oz) 4,162  2,658  3,450  2,399
            
Unit costs           
Cash cost ($/oz Au) (1) 710  653  679  584
All-in sustaining cash cost ($/oz Au) (1) 1,576  1,376  1,560  1,153
            
Capital expenditures ($000's) (2)           
Sustaining 9,053  14,049  57,085  35,184
Sustaining leases 4,070  3,347  16,463  10,381
Growth capital 6,870  5,021  29,509  19,458
            
(1) Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.
(2) Capital expenditures are presented on a cash basis.
 

Quarterly Operating and Financial Highlights

During the fourth quarter of 2025, mine production totaled 340,464 tonnes of ore, averaging 3.71 g/t Au, and containing an estimated 40,614 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes mined were lower than tonnes milled during the quarter, in line with the mine plan and the strategy to reduce surface stockpiles. A total of 3,920,293 tonnes of waste was moved during the period, resulting in a strip ratio of 11.5:1.

In the fourth quarter of 2025, Séguéla processed 410,014 tonnes of ore, producing 36,942 ounces of gold, at an average head grade of 3.16 g/t Au, a 5% decrease in tonnes of ore and 7% increase in average head grade, compared to the same period of the previous year. Lower tonnes milled during the quarter were primarily due to downtime caused by a failure of the SAG mill motor cooling system in October 2025 and other planned maintenance activities.

Gold production in 2025 totaled 152,426 ounces, above the upper end of the annual guidance range. An 11% increase in ounces of gold produced during the year was mainly due to the realization of throughput optimization projects through 2024 increasing ore processed, and a 19-day loss of time in 2024 as a result of power shedding from the national grid supplier.

Cash cost per gold ounce sold was $710 for the fourth quarter and $679 for the full year of 2025, compared to $653 for the fourth quarter and $584 for the full year of 2024. Cash costs were higher due to an increase in mining costs from higher stripping requirements in line with the mine plan and higher processing costs due to an increase of onsite power generation.

All-in sustaining cash cost per gold ounce sold was $1,576 for the fourth quarter of 2025 and $1,560 for the full year of 2025, compared to $1,376 for the fourth quarter and $1,153 for the full year of 2024. The increase for the quarter and for the year was primarily a result of higher cash cost per ounce sold, higher sustaining capital from capitalized stripping and higher royalties due to higher gold prices and a 2% increase in the royalty rate effective January 10, 2025.

The site finished the year in line with the AISC guidance range of $1,500 to $1,600 per ounce.

Lindero Mine, Argentina

  Three months ended December 31,  Years ended December 31,
  2025  2024  2025  2024
Mine production           
Tonnes placed on the leach pad 1,191,030  1,757,290  6,471,573  6,367,505
            
Gold           
Grade (g/t) 0.63  0.60  0.58  0.62
Production (oz) 19,201  26,806  87,489  97,287
Metal sold (oz) 19,062  26,840  86,495  96,726
Realized price ($/oz) 4,173  2,659  3,451  2,411
            
Unit costs           
Cash cost ($/oz Au) (1) 1,117  1,063  1,132  1,051
All-in sustaining cash cost ($/oz Au) (1) 1,639  1,873  1,716  1,793
            
Capital expenditures ($000's) (2)           
Sustaining 5,625  19,240  36,496  65,876
Sustaining leases 1,519  629  4,171  2,400
Growth capital 2,581  1,448  5,889  2,016
1 Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
2 Capital expenditures are presented on a cash basis.
 

Quarterly Operating and Financial Highlights

In the fourth quarter of 2025, a total of 1,191,030 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.63 g/t, containing an estimated 24,040 ounces of gold. Ore mined was 1.41 million tonnes, with a stripping ratio of 1.5:1.

Lindero’s gold production for the quarter was 19,201 ounces compared to 26,806 ounces in the previous period. Lindero experienced unplanned downtime of the primary crusher in late September. The primary crusher was returned to full service on December 19, 2025. During the downtime period, Management implemented several mitigation measures, including the use of a portable jaw crusher and direct run-of-mine ore screening, which offset the impact of the primary crusher interruption.

On December 8, 2025, the HPGR tertiary crusher experienced abnormal vibration originating from one of its two cardan shafts, resulting in a 12-day full stoppage. A spare cardan shaft was installed, and the HPGR circuit was restarted on December 20, 2025. The production loss associated with the HPGR repair could not be mitigated. Consequently, gold production for December, and cumulative production for the fourth quarter, were below Management’s plan, resulting in Lindero not achieving its annual production guidance. See Fortuna news release dated January 15, 2026, which is available under the Company’s profile at www.sedarplus.ca.

Following an engineering assessment of the primary crusher and its supporting foundations, Management has approved a planned 30-day replacement of the steel foundations starting in March 2026, at an estimated capital cost of $2.2 million. Mining operations will continue ahead of the scheduled work, with ore being stockpiled to support uninterrupted stacking on the leach pad during the foundation replacement period.

Lindero produced a total of 87,489 ounces of gold in 2025, 10% lower compared to 2024, mainly as a result of the twelve day full stoppage described above.

The cash cost per ounce of gold for the quarter was $1,117 compared to $1,063 in the same period of 2024. For the year ended December 31, 2025, the cash cost per ounce was $1,132, an increase from $1,051 in 2024. The increase in cash costs for both the quarter and the full year was primarily driven by lower production volumes.

AISC per gold ounce sold decreased in both Q4 2025 and the full year 2025, dropping to $1,639 and $1,716, respectively (Q4 2024: $1,873; full year 2024: $1,793). The decrease in both periods was primarily driven by lower sustaining capital expenditures as the leach pad expansion was under construction in the comparable periods and lower capitalized stripping. These cost reductions were partially offset by the lower ounces sold and a reduction in gains from cross-border Argentine Peso bond trades. (2025: $nil in Q4 and $1.3 million for the year; compared to 2024: $1.4 million in Q4 and $9.7 million for the year).

The site finished the year within AISC guidance which was from $1,600 to $1,770 per ounce.

Caylloma Mine, Peru

  Three months ended December 31,  Years ended December 31,
  2025  2024  2025  2024
Mine production           
Tonnes milled 139,977  139,761  555,649  551,430
Average tonnes milled per day 1,556  1,553  1,556  1,549
            
Silver           
Grade (g/t) 65  67  65  80
Recovery (%) 85  83  83  83
Production (oz) 248,882  249,238  966,108  1,176,543
Metal sold (oz) 249,255  247,441  985,494  1,179,260
Realized price ($/oz) 55.99  31.27  40.22  27.88
            
Lead           
Grade (%) 2.95  3.36  3.10  3.57
Recovery (%) 93  92  91  91
Production (000's lbs) 8,444  9,500  34,696  39,555
Metal sold (000's lbs) 8,465  9,198  35,475  39,378
Realized price ($/lb) 0.89  0.91  0.89  0.94
            
Zinc           
Grade (%) 4.32  4.94  4.55  4.71
Recovery (%) 91  91  91  91
Production (000's lbs) 12,150  13,874  50,761  51,906
Metal sold (000's lbs) 12,083  13,932  50,451  52,518
Realized price ($/lb) 1.44  1.38  1.30  1.26
            
Unit costs           
Cash cost ($/oz Ag Eq) (1,2) 23.74  16.53  17.38  14.12
All-in sustaining cash cost ($/oz Ag Eq) (1,2) 46.27  28.10  27.46  21.72
            
Capital expenditures ($000's) (3)           
Sustaining 9,198  7,715  15,459  21,403
Sustaining leases 1,020  623  3,337  2,494
Growth capital 1,455  –  2,712  –
1 Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.
2 Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s financial statements filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
3 Capital expenditures are presented on a cash basis.
 

Quarterly Operating and Financial Highlights

In the fourth quarter of 2025, the Caylloma Mine produced 248,882 ounces of silver at an average head grade of 65 g/t, comparable to the same period of 2024.

Lead and zinc production for the quarter was 8.4 million pounds and 12.2 million pounds, respectively. Head grades averaged 2.95% Pb and 4.32% Zn, a 12% and 13% decrease, respectively, when compared to the same quarter in 2024. Production was lower due to lower head grades and was in line with the mine plan.

Full year silver production of 966,108 ounces was in line with guidance of 900,000 to 1,000,000 ounces. Lead and zinc production exceeded guidance of 29 to 32 million pounds of lead and 45 to 49 million pounds of zinc.

The cash cost per silver equivalent ounce sold in the fourth quarter of 2025 was $23.74 and $17.38 for the full year of 2025, compared to $16.53 in the fourth quarter of 2024 and $14.12 for the full year of 2024. The higher cost per ounce for the quarter and for the full year was primarily the result of higher realized silver prices and the impact on the calculation of silver equivalent ounces sold and lower silver production.

The all-in sustaining cash cost per ounce of payable silver equivalent in the fourth quarter of 2025 increased 65% to $46.27 compared to $28.10 for the same period in 2024. The all-in sustaining cash cost per ounce of payable silver equivalent in 2025 increased 26% to $27.46 compared to $21.72 for the same period in 2024. The increase for the quarter and for the full year was the result of higher cash costs per ounce and lower silver equivalent ounces due to higher silver prices. For the full year, the increase in silver prices had a $6.40 per ounce impact on AISC.

AISC guidance for the year was $21.7 to $24.7 per ounce based on a silver price of $30/oz. AISC for the year exceeded guidance due to elevated silver prices lowering the silver equivalent production from base metals as production costs were in line with plan for the year.

Conference Call and Webcast

A conference call to discuss the financial and operational results will be held on Thursday, February 19, 2026, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, David Whittle, Chief Operating Officer - West Africa, and Cesar Velasco, Chief Operating Officer - Latin America.

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at https://www.webcaster5.com/Webcast/Page/1696/53601 or over the phone by dialing in just prior to the starting time.

Conference call details:

Date: Thursday, February 19, 2026
Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time

Dial in number (Toll Free): +1.888.506.0062
Dial in number (International): +1.973.528.0011
Access code: 128834

Replay number (Toll Free): +1.877.481.4010
Replay number (International): +1.919.882.2331
Replay passcode: 53601

Playback of the earnings call will be available until Thursday, March 5, 2026. Playback of the webcast will be available until Friday, February 19, 2027. In addition, a transcript of the call will be archived on the Company’s website.

About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.

Investor Relations:

Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok

Fourth Quarter Unaudited and Annual Audited Income Statement and Cash Flow

Income Statement

  Three months ended December 31,  Years ended December 31,
  2025
$		  2024 (1)
$		  2025
$		  2024 (1)
$
Sales 270,241   195,217   947,059   677,243 
Cost of sales 121,844   126,204   480,161   443,882 
Mine operating income 148,397   69,013   466,898   233,361 
            
General and administration 25,961   17,532   97,740   68,087 
Foreign exchange loss 2,934   4,537   7,784   7,557 
Reversal of impairment of mineral properties, plant and equipment –   –   (52,745)  – 
Write-off of mineral properties 3,041   –   5,038   – 
Other expenses 2,333   1,207   690   1,570 
  34,269   23,276   58,507   77,214 
            
Operating income 114,128   45,737   408,391   156,147 
            
Investment gains 56   1,405   3,364   9,716 
Interest and finance costs, net (2,656)  (5,768)  (12,278)  (24,129)
Gain on derivatives –   –   698   – 
  (2,600)  (4,363)  (8,216)  (14,413)
            
Income before income taxes 111,528   41,374   400,175   141,734 
            
Income taxes           
Current income tax expense 43,989   23,995   125,095   76,957 
Deferred income tax recovery (6,449)  1,093   (13,697)  (25,541)
  37,540   25,088   111,398   51,416 
Net income from continuing operations 73,988   16,286   288,777   90,318 
            
Net income from discontinued operations, net of tax –   (1,205)  22,287   51,588 
Net income 73,988   15,081   311,064   141,906 
            
Net income from continuing operations attributable to:           
Fortuna shareholders 68,062   14,719   269,714   84,493 
Non-controlling interests 5,926   1,567   19,063   5,825 
  73,988   16,286   288,777   90,318 
Net income attributable to:           
Fortuna shareholders 68,062   11,344   287,469   128,735 
Non-controlling interests 5,926   3,737   23,595   13,171 
  73,988   15,081   311,064   141,906 
            
Earnings per share from continuing operations attributable to Fortuna shareholders           
Basic 0.22   0.05   0.88   0.27 
Diluted 0.21   0.05   0.85   0.27 
            
Earnings per share attributable to Fortuna shareholders           
Basic 0.22   0.04   0.94   0.42 
Diluted 0.21   0.04   0.90   0.41 
            
Weighted average number of common shares outstanding (000's)           
Basic 306,910   310,380   306,862   308,885 
Diluted 335,079   312,435   334,896   310,747 
                

Statement of Cash Flow

  Three months ended December 31,  Years ended December 31,
  2025
$		  2024
$		  2025
$		  2024
$
            
OPERATING ACTIVITIES           
Net income from continuing operations 73,988   16,286   288,777   90,318 
Items not involving cash:           
Depletion and depreciation 44,850   47,175   191,019   175,516 
Accretion expense 2,077   1,738   7,827   5,921 
Income taxes 37,540   25,088   111,398   51,416 
Interest expense, net 600   3,914   4,677   17,561 
Share-based payments, net of cash settlements 6,782   1,468   23,757   8,012 
Reversal of impairment of mineral properties, plant and equipment –   –   (52,745)  – 
Inventory net realizable value adjustments –   4,693   (16,651)  4,693 
Write-off of mineral properties 3,041   –   5,038   – 
Unrealized foreign exchange gains (978)  3,747   (5,857)  (1,157)
Investment gains (54)  (1,406)  (3,364)  (9,716)
Other 386   228   (1,596)  488 
Changes in working capital 14,772   3,874   (15)  (57,035)
Cash provided by operating activities 183,004   106,805   552,265   286,017 
Income taxes paid (20,849)  (4,893)  (101,269)  (38,953)
Interest paid (4,150)  (4,027)  (9,504)  (15,052)
Interest received 4,315   1,329   13,874   3,684 
Net cash provided by operating activities - continuing operations 162,320   99,214   455,366   235,696 
Net cash provided by operating activities - discontinued operations –   51,104   11,984   129,981 
            
INVESTING ACTIVITIES           
Investments in equity securities –   –   (6,110)  – 
Additions to mineral properties and property, plant and equipment (44,488)  (51,533)  (178,004)  (161,080)
Purchases of investments –   (10,284)  (18,804)  (35,857)
Proceeds from sale of marketable securities and investment maturities 54   11,690   22,839   45,573 
Receipts (deposits) on long-term assets (40)  379   3,497   (1,769)
Other investing activities 10,000   (265)  14,768   (472)
Cash used in investing activities - continuing operations (34,474)  (50,013)  (161,814)  (153,605)
Cash provided by (used in) investing activities - discontinued operations –   (10,278)  71,680   (40,835)
            
FINANCING ACTIVITIES           
Transaction costs on credit facility –   (1,963)  (107)  (1,963)
Repayment of 2019 Convertible Debentures –   –   –   (9,649)
Proceeds from credit facility –   –   –   68,000 
Repayment of credit facility –   –   –   (233,000)
Convertible notes issued –   –   –   172,500 
Cost of financing - 2024 Convertible Notes –   (10)  –   (6,488)
Repurchase of common shares (6,102)  (30,593)  (10,267)  (34,128)
Payments of lease obligations (6,677)  –   (24,374)  (15,773)
Dividend payment to non-controlling interests –   (4,720)  (12,978)  – 
Cash used in financing activities - continuing operations (12,779)  (37,286)  (47,726)  (60,501)
Cash used in financing activities - discontinued operations –   (1,171)  (12,879)  (5,634)
            
Effect of exchange rate changes on cash and cash equivalents 638   (793)  6,046   (1,922)
Increase in cash and cash equivalents during the year - continuing operations 115,705   11,122   251,872   19,668 
Increase in cash and cash equivalents during the year - discontinued operations –   39,655   70,785   83,512 
            
Cash and cash equivalents, beginning of the period 438,280   180,551   231,328   128,148 
Cash and cash equivalents, end of the year 553,985   231,328   553,985   231,328 
            
Cash and cash equivalents consist of:           
Cash 405,559   184,840   405,559   184,840 
Cash equivalents 148,426   46,488   148,426   46,488 
Cash and cash equivalents, end of the year 553,985   231,328   553,985   231,328 
                

Qualified Person

Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

Non-IFRS Financial Measures

The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: all-in costs; cash cost per ounce of gold sold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA, adjusted EBITDA margin and working capital.

These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS.

To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis for the year ended December 31, 2025 (“2025 MDA”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor. The 2025 MD&A may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar under the Company’s profile.

The Company has calculated these measures consistently for all periods presented with the exception of the following:

  • The calculation of All-in Sustaining Costs was adjusted in Q4 2024 to include blue-chip swaps in Argentina. Please refer to pages 28 and 29 of the Company’s management’s discussion and analysis for the year ended December 31, 2024 for details of the change.
  • The calculations of Adjusted Net Income and Adjusted Attributable Net Income were revised to no longer remove the income statement impact of right of use amortization and accretion and add back the right of use payments from the cash flow statement. Management elected to make this change to simplify the reconciliation from net income to adjusted net income to improve transparency and because the net impact was immaterial.
  • Where applicable the impact of discontinued operations have been removed from the comparable figures. The method of calculation has not been changed except as described above.

Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio for December 31, 2025

(in millions of US dollars, except Total net debt to adjusted EBITDA ratio) December 31,
2025
2024 Convertible Notes 172.5 
Less: cash and cash equivalents and short-term investments (554.0)
Total net debt (381.5)
   

Reconciliation of net income to attributable adjusted net income for the three months ended September 30, 2025, and for the three and twelve months ended December 31, 2025 and 2024

  Three months ended Years ended December 31,
Consolidated (in millions of US dollars) Dec. 31, 2025 Dec. 31, 2024 Sep. 30, 2025 2025 2024
Net income attributable to shareholders 68.1  11.4  123.6  287.5  128.7 
Adjustments, net of tax:            
Discontinued operations –  1.2  –  (22.3) (51.6)
Write off of mineral properties 2.3  –  –  4.3  – 
Reversal of impairment of mineral properties, plant and equipment –  –  (52.7) (52.7) – 
Inventory adjustment 0.5  4.7  (16.7) (16.4) 4.9 
Other non-cash/non-recurring items 0.4  2.1  (3.2) 2.7  (4.5)
Attributable adjusted net income 71.3  19.4  51.0  203.1  77.5 
Figures may not add due to rounding            
             

Reconciliation of net income to adjusted EBITDA for the three months ended September 30, 2025 and the three and twelve months ended December 31, 2025 and 2024

  Three months ended Years ended December 31,
Consolidated (in millions of US dollars) Dec. 31, 2025 Dec. 31, 2024 Sep. 30, 2025 2025 2024
Net income 74.0  15.1  128.2  311.1  141.9 
Adjustments:          
Community support provision and accruals –  (0.1) –  –  (0.6)
Discontinued operations –  1.2  –  (22.3) (51.6)
Inventory adjustment 0.5  –  (16.7) (16.4) – 
Net finance items 2.7  5.7  3.2  12.3  23.5 
Depreciation, depletion, and amortization 38.0  47.2  47.1  185.6  175.5 
Income taxes 37.5  25.1  24.8  111.4  51.4 
Reversal of impairment of mineral properties, plant and equipment –  –  (52.7) (52.7) – 
Investment income (0.1) –  (0.3) (2.0) – 
Other non-cash/non-recurring items 4.6  0.7  (2.8) (13.0) (9.0)
Adjusted EBITDA 157.2  94.9  130.8  514.0  331.1 
Sales 270.2  195.2  251.4  947.1  677.2 
EBITDA margin 58%  49%  52%  54%  49% 
Figures may not add due to rounding
                

Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended September 30, 2025 and the three and twelve months ended December 31, 2025 and 2024

  Three months ended Years ended December 31,
Consolidated (in millions of US dollars) Dec. 31, 2025 Dec. 31, 2024 Sep. 30, 2025 2025 2024
Net cash provided by operating activities 162.3  150.3  111.3  467.4  365.7 
Additions to mineral properties, plant and equipment (44.5) (61.9) (48.5) (179.6) (203.8)
Payments of lease obligations (6.7) (5.9) (6.6) (25.7) (20.7)
Free cash flow 111.1  82.5  56.2  262.1  141.2 
Growth capital 20.6  10.5  17.4  69.0  38.6 
Discontinued operations –  (39.5) –  (7.7) (82.4)
Closure and rehabilitation provisions –  –  0.1  –  – 
Gain on blue chip swap investments –  1.4  –  1.3  9.7 
Other adjustments 0.6  (3.8) (0.3) 5.3  (4.5)
Free cash flow from ongoing operations 132.3  51.1  73.4  330.0  102.6 
Figures may not add due to rounding
                

Reconciliation of cost of sales to cash cost per ounce of GEO sold for the three months ended September 30, 2025 and the three and twelve months ended December 31, 2025 and 2024

Cash Cost Per Gold Equivalent Ounce Sold - Q3 2025 Lindero Séguéla Caylloma GEO Cash Costs
Cost of sales 28,366  70,549  19,317  118,234 
Depletion, depreciation, and amortization (15,594) (31,716) (5,199) (52,509)
Royalties and taxes (83) (12,154) (287) (12,524)
By-product credits (1,264) -  -  (1,264)
Other 16,675  -  (668) 16,007 
Treatment and refining charges -  -  416  416 
Cash cost applicable per gold equivalent ounce sold 28,100  26,679  13,579  68,358 
Ounces of gold equivalent sold 25,157  38,803  8,601  72,561 
Cash cost per ounce of gold equivalent sold ($/oz) 1,117  688  1,579  942 
Gold equivalent was calculated using the realized prices for gold of $3,467/oz Au, $39.4/oz Ag, $1,962/t Pb and $2,815/t Zn for Q3 2025
Figures may not add due to rounding
         


Cash cost per gold equivalent ounce sold - Q4 2025        
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma GEO cash costs
Cost of sales 35,966  67,202  18,675  121,845 
Depletion, depreciation, and amortization (13,003) (26,599) (3,964) (43,566)
Royalties and taxes (82) (14,339) (330) (14,751)
By-product credits (1,097) –  –  (1,097)
Other (473) –  (832) (1,305)
Treatment and refining charges –  –  1,744  1,744 
Cash cost applicable per gold equivalent ounce sold 21,311  26,264  15,293  62,868 
Ounces of gold equivalent sold 19,073  36,998  8,652  64,723 
Cash cost per ounce of gold equivalent sold ($/oz) 1,117  710  1,768  971 
Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025.
Figures may not add due to rounding.
         


Cash cost per gold equivalent ounce sold - Q4 2024        
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma GEO cash costs
Cost of sales 47,380  58,956  19,866  126,202 
Depletion, depreciation, and amortization (13,314) (28,828) (4,295) (46,437)
Royalties and taxes (79) (6,377) (222) (6,678)
By-product credits (973) –  –  (973)
Other (4,704) –  (1,624) (6,328)
Treatment and refining charges –  –  2,965  2,965 
Cash cost applicable per gold equivalent ounce sold 28,310  23,751  16,690  68,751 
Ounces of gold equivalent sold 26,629  36,384  11,882  74,896 
Cash cost per ounce of gold equivalent sold ($/oz) 1,063  653  1,405  918 
Gold equivalent was calculated using the realized prices for gold of $2,659/oz Au, $31.3/oz Ag, $2,009/t Pb and $3,046/t Zn for Q4 2024.
Figures may not add due to rounding.
 


Cash cost per gold equivalent ounce sold - Year 2025 Continuing operations Discontinued ops Total
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma GEO cash costs Yaramoko GEO cash costs
Cost of sales 137,076  269,835  73,248  480,161  68,097  548,258 
Depletion, depreciation, and amortization (51,726) (118,559) (17,799) (188,084) (19,307) (207,391)
Royalties and taxes (352) (47,778) (1,152) (49,282) (8,830) (58,112)
By-product credits (3,853) –  –  (3,853) –  (3,853)
Other 16,384  –  (2,823) 13,561  –  13,561 
Treatment and refining charges –  –  2,238  2,238  –  2,238 
Cash cost applicable per gold equivalent ounce sold 97,529  103,498  53,712  254,739  39,960  294,699 
Ounces of gold equivalent sold 86,163  152,383  35,973  274,519  37,734  312,253 
Cash cost per ounce of gold equivalent sold ($/oz) 1,132  679  1,493  928  1,059  944 
Gold equivalent was calculated using the realized prices for gold of $3,452/oz Au, $40.2/oz Ag, $1,962/t Pb and $2,864/t Zn for Year 2025.
Figures may not add due to rounding.
 


Cash cost per gold equivalent ounce sold - Year 2024        
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma GEO cash costs
Cost of sales 159,788  211,062  73,030  443,880 
Depletion, depreciation, and amortization (50,114) (107,039) (15,942) (173,095)
Royalties and taxes (537) (23,622) (1,172) (25,331)
By-product credits (3,232) –  –  (3,232)
Other (4,930) –  (2,583) (7,513)
Treatment and refining charges –  –  8,732  8,732 
Cash cost applicable per gold equivalent ounce sold 100,975  80,401  62,065  243,441 
Ounces of gold equivalent sold 96,059  137,753  51,005  284,817 
Cash cost per ounce of gold equivalent sold ($/oz) 1,051  584  1,217  855 
Gold equivalent was calculated using the realized prices for gold of $2,404/oz Au, $27.9/oz Ag, $2,072/t Pb and $2,786/t Zn for Year 2024.
Figures may not add due to rounding.
         

Reconciliation of cost of sales to all-in sustaining cash cost per GEO sold from continuing operations for the three months ended September 30, 2025 and the three and twelve months ended December 31, 2025 and 2024

For 2025 AISC reflects production and costs for Yaramoko from January 1 to April 14, 2025, being the date that the Company agreed to the assumed handover of operations to the purchaser. AISC per ounce of gold equivalent sold for the aforementioned period has been estimated at $1,410 which is comparable to the AISC per GEO sold at Yaramoko for Q1 2025 of $1,411.

AISC Per Gold Equivalent Ounce Sold - Q3 2025 Lindero Séguéla Caylloma Corporate GEO AISC
Cash cost applicable per gold equivalent ounce sold 28,100 26,679 13,579 - 68,358
Royalties and taxes 83 12,154 287 - 12,524
Worker's participation - - 777 - 777
General and administration 2,880 2,993 830 18,163 24,866
Total cash costs 31,063 41,826 15,473 18,163 106,525
Sustaining capital1 8,432 25,625 3,604 - 37,661
Blue chips gains (investing activities)1 - - - - -
All-in sustaining costs 39,495 67,451 19,077 18,163 144,186
Gold equivalent ounces sold 25,157 38,803 8,601 - 72,561
All-in sustaining costs per ounce 1,570 1,738 2,218 - 1,987
Gold equivalent was calculated using the realized prices for gold of $3,467/oz Au, $39.4/oz Ag, $1,962/t Pb and $2,815/t Zn for Q3 2025
Figures may not add due to rounding
1 Presented on a cash basis
           


AISC per gold equivalent ounce sold - Q4 2025      
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma Corporate GEO AISC
Cash cost applicable per gold equivalent ounce sold 21,311 26,264 15,293 – 62,868
Inventory net realizable value adjustment – – – – –
Royalties and taxes 82 14,339 330 – 14,751
Worker's participation – – 965 – 965
General and administration 2,727 4,573 3,002 13,575 23,877
Total cash costs 24,120 45,176 19,590 13,575 102,461
Sustaining capital (1) 7,144 13,123 10,218 – 30,485
Blue chips gains (investing activities) (1) – – – – –
All-in sustaining costs 31,264 58,299 29,808 13,575 132,946
Gold equivalent ounces sold 19,073 36,998 8,652 – 64,723
All-in sustaining costs per ounce 1,639 1,576 3,445 – 2,054
Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025.
Figures may not add due to rounding.
(1) Presented on a cash basis.
 


AISC per gold equivalent ounce sold - Q4 2024 Continuing operations Discontinued ops Total
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma Corporate GEO AISC Yaramoko San Jose GEO AISC
Cash cost applicable per gold equivalent ounce sold 28,309  23,751 16,690 – 68,750  23,968  24,476 117,194 
Inventory net realizable value adjustment –  – – – –  (829) 1,366 537 
Royalties and taxes 79  6,377 222 – 6,678  5,346  801 12,825 
Worker's participation –  – 1,733 – 1,733  –  – 1,733 
General and administration 3,026  2,549 1,391 9,666 16,632  503  1,364 18,499 
Total cash costs 31,414  32,677 20,036 9,666 93,793  28,988  28,007 150,788 
Sustaining capital (1) 19,869  17,396 8,338 – 45,603  9,430  171 55,204 
Blue chips gains (investing activities) (1) (1,406) – – – (1,406) –  – (1,406)
All-in sustaining costs 49,877  50,073 28,374 9,666 137,990  38,418  28,178 204,586 
Gold equivalent ounces sold 26,629  36,384 11,882 – 74,896  29,509  11,051 115,455 
All-in sustaining costs per ounce 1,873  1,376 2,388 – 1,842  1,302  2,550 1,772 
Gold equivalent was calculated using the realized prices for gold of $2,661/oz Au, $31.3/oz Ag, $2,009/t Pb, and $3,046/t Zn for Q4 2024.
Figures may not add due to rounding.
(1) Presented on a cash basis.
 


AISC per gold equivalent ounce sold - Year 2025 Continuing operations Discontinued ops Total
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma Corporate GEO AISC Yaramoko GEO AISC
Cash cost applicable per gold equivalent ounce sold 97,529  103,498 53,712 – 254,739  39,960 294,699 
Inventory net realizable value adjustment –  – – – –  – – 
Royalties and taxes 352  47,778 1,152 – 49,282  8,830 58,112 
Worker's participation –  – 3,241 – 3,241  – 3,241 
General and administration 10,663  12,828 7,959 60,287 91,737  1,602 93,339 
Total cash costs 108,544  164,104 66,064 60,287 398,999  50,392 449,391 
Sustaining capital (1) 40,667  73,549 18,796 – 133,012  2,813 135,825 
Blue chips gains (investing activities) (1) (1,319) – – – (1,319) – (1,319)
All-in sustaining costs 147,892  237,653 84,860 60,287 530,692  53,205 583,897 
Gold equivalent ounces sold 86,163  152,383 35,973 – 274,519  37,734 312,253 
All-in sustaining costs per ounce 1,716  1,560 2,359 – 1,933  1,410 1,870 
Gold equivalent was calculated using the realized prices for gold of $3,452/oz Au, $40.2/oz Ag, $1,962/t Pb and $2,864/t Zn for Year 2025.
Figures may not add due to rounding.
(1) Presented on a cash basis.


AISC per gold equivalent ounce sold - Year 2024 Continuing operations Discontinued ops Total
(in thousands of US dollars, except ounces sold) Lindero Séguéla Caylloma Corporate GEO AISC Yaramoko San Jose GEO AISC
Cash cost applicable per gold equivalent ounce sold 100,975  80,401 62,065 – 243,441  99,858 97,235 440,534 
Inventory net realizable value adjustment –  – – – –  948 1,366 2,314 
Royalties and taxes 537  23,622 1,172 – 25,331  21,128 3,011 49,470 
Worker's participation –  – 3,094 – 3,094  – – 3,094 
General and administration 12,121  9,266 5,263 38,928 65,578  1,785 6,213 73,576 
Total cash costs 113,633  113,289 71,594 38,928 337,444  123,719 107,825 568,988 
Sustaining capital (1) 68,276  45,565 23,897 – 137,738  34,154 846 172,738 
Blue chips gains (investing activities) (1) (9,716) – – – (9,716) – – (9,716)
All-in sustaining costs 172,193  158,854 95,491 38,928 465,466  157,873 108,671 732,010 
Gold equivalent ounces sold 96,059  137,753 51,005 – 284,817  116,130 45,136 446,083 
All-in sustaining costs per ounce 1,793  1,153 1,872 – 1,634  1,359 2,408 1,641 
Gold equivalent was calculated using the realized prices for gold of $2,401/oz Au, $28.0/oz Ag, $2,072/t Pb, and $2,786/t Zn for Year 2024.
Figures may not add due to rounding.
(1) Presented on a cash basis.
       

Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended September 30, 2025 and for the three and twelve months ended December 31, 2025 and 2024

Cash Cost Per Silver Equivalent Ounce Sold - Q3 2025 Caylloma 
Cost of sales 19,317 
Depletion, depreciation, and amortization (5,199)
Royalties and taxes (287)
Other (668)
Treatment and refining charges 416 
Cash cost applicable per silver equivalent sold 13,579 
Ounces of silver equivalent sold1,2 757,797 
Cash cost per ounce of silver equivalent sold ($/oz) 17.92 
1 Silver equivalent sold is calculated using a silver to gold ratio of 85.1:1, silver to lead ratio of 1:44.2 pounds, and silver to zinc ratio of 1:30.8 pounds.
2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
Figures may not add due to rounding
 


Cash cost per silver equivalent ounce sold - Q4 2025  
(in thousands of US dollars, except ounces sold) Caylloma
Cost of sales 18,675 
Depletion, depreciation, and amortization (3,964)
Royalties and taxes (330)
Other (832)
Treatment and refining charges 1,744 
Cash cost applicable per silver equivalent sold 15,293 
Ounces of silver equivalent sold (1,2) 644,249 
Cash cost per ounce of silver equivalent sold ($/oz) 23.74 
(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.
 


Cash cost per silver equivalent ounce sold - Q4 2024  
(in thousands of US dollars, except ounces sold) Caylloma
Cost of sales 19,866 
Depletion, depreciation, and amortization (4,295)
Royalties and taxes (222)
Other (1,624)
Treatment and refining charges 2,965 
Cash cost applicable per silver equivalent sold 16,690 
Ounces of silver equivalent sold (1,2) 1,009,804 
Cash cost per ounce of silver equivalent sold ($/oz) 16.53 
(1) Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures have been restated to remove Right of Use.
Figures may not add due to rounding.
   


Cash cost per silver equivalent ounce sold - Year 2025  
(in thousands of US dollars, except ounces sold) Caylloma
Cost of sales 73,248 
Depletion, depreciation, and amortization (17,799)
Royalties and taxes (1,152)
Other (2,823)
Treatment and refining charges 2,238 
Cash cost applicable per silver equivalent sold 53,712 
Ounces of silver equivalent sold (1,2) 3,090,518 
Cash cost per ounce of silver equivalent sold ($/oz) 17.38 
(1) Silver equivalent sold is calculated using a silver to gold ratio of 98.3:1, silver to lead ratio of 1:45.2 pounds, and silver to zinc ratio of 1:31.0 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.
 


Cash cost per silver equivalent ounce sold - Year 2024  
(in thousands of US dollars, except ounces sold) Caylloma
Cost of sales 73,030 
Depletion, depreciation, and amortization (15,942)
Royalties and taxes (1,172)
Other (2,583)
Treatment and refining charges 8,732 
Cash cost applicable per silver equivalent sold 62,065 
Ounces of silver equivalent sold (1,2) 4,396,445 
Cash cost per ounce of silver equivalent sold ($/oz) 14.12 
(1) Silver equivalent sold is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures have been restated to remove Right of Use.
Figures may not add due to rounding.
   

Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended September 30, 2025 and for the three and twelve months ended December 31, 2025 and 2024

AISC Per Silver Equivalent Ounce Sold - Q3 2025 Caylloma
Cash cost applicable per silver equivalent ounce sold 13,579
Royalties and taxes 287
Worker's participation 777
General and administration 830
Total cash costs 15,473
Sustaining capital3 3,604
All-in sustaining costs 19,077
Silver equivalent ounces sold1,2 757,797
All-in sustaining costs per ounce 25.17
1 Silver equivalent sold is calculated using a silver to gold ratio of 85.1:1, silver to lead ratio of 1:44.2 pounds, and silver to zinc ratio of 1:30.8 pounds.
2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
3 Presented on a cash basis
   


AISC per silver equivalent ounce sold - Q4 2025  
(in thousands of US dollars, except ounces sold) Caylloma
Cash cost applicable per silver equivalent ounce sold 15,293
Royalties and taxes 330
Worker's participation 965
General and administration 3,002
Total cash costs 19,590
Sustaining capital (3) 10,218
All-in sustaining costs 29,808
Silver equivalent ounces sold (1,2) 644,249
All-in sustaining costs per ounce 46.27
(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
   


AISC per silver equivalent ounce sold - Q4 2024  
(in thousands of US dollars, except ounces sold) Caylloma
Cash cost applicable per silver equivalent ounce sold 16,690
Royalties and taxes 222
Worker's participation 1,733
General and administration 1,391
Total cash costs 20,036
Sustaining capital (3) 8,338
All-in sustaining costs 28,374
Silver equivalent ounces sold (1,2) 1,009,804
All-in sustaining costs per ounce 28.10
(1) Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:34.3 pounds, and silver to zinc ratio of 1:22.6 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
   


AISC per silver equivalent ounce sold - Year 2025  
(in thousands of US dollars, except ounces sold) Caylloma
Cash cost applicable per silver equivalent ounce sold 53,712
Royalties and taxes 1,152
Worker's participation 3,241
General and administration 7,959
Total cash costs 66,064
Sustaining capital (3) 18,796
All-in sustaining costs 84,860
Silver equivalent ounces sold (1,2) 3,090,518
All-in sustaining costs per ounce 27.46
(1) Silver equivalent sold is calculated using a silver to gold ratio of 98.3:1, silver to lead ratio of 1:45.2 pounds, and silver to zinc ratio of 1:31.0 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
   


AISC per silver equivalent ounce sold - Year 2024  
(in thousands of US dollars, except ounces sold) Caylloma
Cash cost applicable per silver equivalent ounce sold 62,065
Royalties and taxes 1,172
Worker's participation 3,094
General and administration 5,263
Total cash costs 71,594
Sustaining capital (3) 23,897
All-in sustaining costs 95,491
Silver equivalent ounces sold (1,2) 4,396,445
All-in sustaining costs per ounce 21.72
(1) Silver equivalent sold is calculated using a silver to gold ratio of 80.1:1, silver to lead ratio of 1:29.7 pounds, and silver to zinc ratio of 1:22.1 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
   

Additional information regarding the Company’s financial results and ongoing activities is available in the audited consolidated financial statements for years ended December 31, 2025 and 2024 and accompanying 2025 MD&A. These documents can be accessed on Fortuna’s website at www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgarwww.sec.gov/edgar.

Forward-looking Statements

This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company's plans for its mines and mineral properties; expansion of mineral reserves at Séguéla extending the life of mine to over nine years; the Company’s expectations regarding the feasibility study to expand plant throughput at Séguéla; the next phase of growth at the Diamba Sud project including the amount to be allocated for the early works program, to order critical equipment and for further exploration activities; the making and timing of a construction decision at the Diamba Sud project; the Company’s expectation that the replacement of the foundations for the primary crusher at the Lindero Mine will be completed on budget within a 30 day period starting in March 2026;  the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company's business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; risks associated with war or other geo-political hostilities, such as the Ukrainian – Russian and the Israel – Hamas conflicts, any of which could continue to cause a disruption in global economic activity; fluctuation in currencies and foreign exchange rates; increases in the rate of inflation; the imposition or any extension of capital controls in countries in which the Company operates; any changes in tax laws in Argentina and the other countries in which we operate; changes in the prices of key supplies; uncertainty relating to nature and climate change conditions; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; technological and operational hazards in Fortuna’s mining and mine development activities; risks related to water and power availability; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; changes in the position of regulatory authorities with respect to the granting of approvals or permits; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the financial year ended December 31, 2024 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations, the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. 

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources  

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. 

PEA Key Highlights

The following table summarizes the key assumptions, operational parameters, economic results, and AISC values from the PEA.

MetricsUnitsResults
 
Gold price$/oz2,750 
Life of mineyear8.1 
Total mineralized material mined1Mt17.75 
Contained gold in mineralized material mined1koz932 
Strip ratioWaste:mineralized material5.5:1 
Throughput initial 3 years (primarily oxide)Mtpa2.5 
Throughput after 3 years (primarily fresh)Mtpa2.0 
Head gradeg/t Au1.63 
Recoveries%90% 
Gold production  
Total Production over LOMkoz840 
Average annual production, LOMkoz106 
Average annual production, first 3 yearskoz147 
Per unit costs over LOM  
Total mining costs$/t, mined$4.82 
Processing$/t, processed$13.91 
G&A$/t, processed$6.70 
Cash costs1  
Average operating cash costs2, LOM$/oz$1,081 
Average operating cash costs2, first 3 years$/oz$759 
AISC1  
Average AISC2, LOM$/oz$1,238 
Average AISC2, first 3 years$/oz$904 
Capital costs  
Initial capital expenditure$ M$283 
Sustaining capital, operations + Infrastructure (includes closure costs)$ M$48 
NPV5%, pre-tax (100% project basis)$M$772 
Pre-tax IRR%86% 
NPV5%, after-tax (100% project basis)$M$563 
After-tax IRR%72% 
Payback periodyear0.8 
Annual EBITDA 2  
Average EBITDA2 over LOM$ M$167 
Average EBITDA2 over first 3 years$ M$277 


Notes:
1.The pit optimization shells used for the mining inventory were generated using a gold price of $2,300 per ounce.
2.This is a non-IFRS financial measure. The definition and purpose of this non-IFRS financial measure is included in the 2025 MD&A under the heading “Non-IFRS Measures. Non-IFRS financial measures have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.
3.Average operating cash costs and average AISC represent costs for projected production for the LOM at the time of gold sales.
4.The PEA is presented on a 100 percent project basis. However, upon the granting of the exploitation permit, the Senegalese Government will be entitled to a 10 percent free-carried interest in the Project, with the right for the State to acquire an additional contributory interest of up to 25 percent.
5.The economic analysis was carried out using a discounted cash flow approach on a pre-tax and after-tax basis, based on the gold price of $2,750/oz.
6.The IRR on total investment that is presented in the economic analysis was calculated assuming a 100% ownership in Diamba Sud.
7.The NPV was calculated from the after-tax cash flow generated by the Project, based on a discounted rate of 5% and an effective date of October 10, 2025.
8.The PEA assumes that the percentage of certain royalties and taxes payable to the State, the percentage of the investment tax credit available to the company and the percentage payable to the social development fund will be in accordance with the provisions of the Mining Convention between Boya S.A. and the State of Senegal dated April 8, 2015. There can be no assurance that such provisions will not be renegotiated by the State as part of the exploitation permit approval process.
9.The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  

Further information regarding the PEA referenced in this news release, including details on data verification, key assumptions, parameters, opportunities, risks, and other factors, is contained in the technical report entitled “Diamba Sud Gold Project, Kédougou Region, Senegal” with an effective date of October 15, 2025, filed on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov/edgar under the Company’s profile on November 26, 2025.

PDF available: http://ml.globenewswire.com/Resource/Download/453116f5-a7d3-4fd9-894a-30b1cbed974b


Primary Logo

Source: Fortuna Mining Corp.
← Back to FSM news