Fortuna Mining (FVI) investor relations material

Growth strategy and production outlook

• Annual gold production is set to grow from 300,000 to over 500,000 ounces through two portfolio projects, not reliant on new discoveries or acquisitions.

• The company operates three mines, two development projects, and holds 7 million ounces in mineral inventories, with 4 million in reserves.

• Divestment of non-strategic assets in 2025 allowed focus on growth opportunities and resource allocation.

• Séguéla mine expansion and Diamba Sud development are expected to drive a 60% increase in annual production, with first gold from Séguéla expansion targeted for mid-2028.

• Free cash flow from operations is robust, with $260 million generated in H1 and annualized operating cash flow of $500–600 million.

Project development and exploration

• Séguéla mine in Côte d'Ivoire is expanding throughput by 30%, increasing annual output to over 200,000 ounces, with underground mining at Sunbird to begin post-permitting.

• Diamba Sud in Senegal is in late-stage permitting, expected to produce 160,000 ounces annually with a decade-long mine life and significant exploration upside.

• Recent $200 million cash acquisition of Bambadji from Barrick and IAMGOLD consolidates land position in a prolific West African gold belt.

• Active exploration programs are ongoing in Côte d'Ivoire, Senegal, Argentina, Guyana, and Peru, with $60 million invested annually and over 250,000 meters drilled.

• Lindero mine in Argentina has a life of mine exceeding a decade, with new drilling planned at the Arizaro porphyry.

Financial position and capital allocation

• Maintains a strong balance sheet with $750 million in liquidity and a net cash position.

• Growth is self-funded, with no need for equity dilution or over-leveraging.

• Over $100 million returned to shareholders via share buybacks in the first half of the year.

• EBITDA margins exceed 50–60%, supporting continued investment and shareholder returns.

• Proven track record of prudent capital allocation and successful mine builds in multiple jurisdictions.