Fortuna Mining Corp. · TSX:FVI
Fortuna Mining — Investor Presentation (May 2025)
40 slides from Fortuna Mining's investor presentation, May 30, 2025
Slide 1: Investor Presentation
MAY 30, 2025 Investor Presentation NYSE: FSM | TSX: FVI
Slide 2: Cautionary Statement on Forward Looking Statements
Cautionary Statement on Forward Looking Statements This corporate presentation contains forward looking statements which constitute “forward-looking information” within the meaning of are subject to disruption, damage, failure and risks with implementation and integration; risks associated with clim
Slide 3: Financial Information: Non-IFRS Financial Measures
Financial Information NON-IFRS FINANCIAL MEASURES Fortuna’s condensed interim consolidated financial statements of the Company for the three months ended March 31, 2025 and 2024 (the “Q1 from the 2024 MD&A that were subsequently adjusted to remove contributions from the San Jose Mine, as it was cons
Slide 4: Why Invest in Fortuna?
Why Invest in Fortuna? Prudent Fortress Positioned to capture high value capital allocation balance sheet growth opportunities strategy in two premier mining regions Proven High value mine developers and organic growth in portfolio operators within our regions Fortuna Significant reserves & resource
Slide 5: Growth in Gold Equivalent Production
Growth in Gold Equivalent Production 500 456 440 Decrease in GEO 450 result of divestiture of Yaramoko Mine4 400 378 Base Metals Ag Au 333 309 - 339 350 (GEO 000) 300 250 191 194 190 195 200 169 134 146 150 86 96 100 44 46 56 50 22 27 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201
Slide 6: Growing in Premier Mining Jurisdictions
Growing in Premier Mining Jurisdictions Regional focus provides a strong competitive advantage 2025E PRODUCTION Gold Equivalent 309 to 339 koz1,2 or Gold 265 to 290 koz + Silver 0.9 to 1.0 Moz 2025E AISC $1,670 – 1,7653 1. Refer to Fortuna news release dated May 13, 2025, “Fortuna Completes Divestit
Slide 7: Fortuna's Value Upside Relative to Peers
Fortuna’s Value Upside Relative to Peers1 Séguéla hitting its stride after first full year of production; benefits emerging since Q3 2023 EV/EBITDA2 P/CF2 FORTUNA 5.3x 6.1x PEERS 4.4x 4.7x 4.8x 3.6x 3.7x 4.3x 2025E 2026E 2025E 2026E 1. Peers: Allied Gold Corporation, Aris Mining Corporation, Calibre
Slide 8: Q1 2025 Consolidated Production
Q1 2025 Consolidated Production Solid gold equivalent production of 103,459 ounces1,2 Q1 GOLD1 SILVER1 LEAD1 ZINC1 2025 (koz) (Moz) (Mlbs) (Mlbs) 13.8 13.9 96.0 92.0 0.2 9.5 0.2 8.8 Gold Production 91,893 oz1 Q1 202 5 Q4 202 4 Q1 202 5 Q4 202 4 Q1 202 5 Q4 202 4 Q1 202 5 Q4 202 4 1. Refer to Fortuna
Slide 9: Q1 2025 Consolidated Financial Highlights
Q1 2025 Consolidated Financial Highlights3 Q1 2025 SALES1 ADJUSTED FREE CASH FLOW ADJUSTED ATTRIBUTABLE ($ M) EBITDA1,2 FROM OPERATIONS1,2 NET INCOME1,2 ($ M) ($ M) ($ M) 290.1 274.0 150.1 111.3 62.1 136.0 Sales 85.5 $290.1 M1 37.9 6% higher than Q4 20241 Q1 202 5 Q4 202 4 Q1 202 5 Q4 202 4 Q1 202 5
Slide 10: Asset Portfolio
Asset Portfolio 2025 exploration budget: $41.0 M | $21.6 M for Brownfields and $19.3 M for Greenfields EXPLORATION PRODUCTION Diamba Sud Senegal 2025 Exploration Budget: $8.3 M Kingfisher Séguéla Mine, Côte d’Ivoire Sunbird Séguéla Mine, Côte d’Ivoire Séguéla Mine Yaramoko Mine Lindero Mine Caylloma
Slide 11: Séguéla Mine, Côte d'Ivoire
Séguéla Mine, Côte d’Ivoire Optimizing Séguéla’s potential through 2026 and beyond Gold Production and AISC Q1 20255 Q4 20244 Gold Production (oz) 38,500 35,244 AISC ($/oz Au) 1,290 1,376 • Mill throughput averaged 216 t/hr in Q1 2025; 40 percent above original design capacity5 • Brownfields explora
Slide 12: Séguéla Mine: Regional exploration: Continuing success
Séguéla Mine, Côte d’Ivoire Regional exploration: Continuing success1 • Highly prospective with a relatively immature exploration profile and a history of new discoveries – Kingfisher the most recent • Strong exploration pipeline with >30 highly prospective targets untested with continuous target ge
Slide 13: Séguéla Mine: Kingfisher newest emerging deposit
Séguéla Mine, Côte d’Ivoire Kingfisher is newest emerging mineral deposit on the property • 1-kilometer east of Sunbird, “blind deposit” identified through subtle soil anomaly • Hosted along the contact of moderately sheared basalts and dolerites, and in the same package as the Boulder and Agouti de
Slide 14: Séguéla Mine: Sunbird Deposit drilling
Séguéla Mine, Côte d’Ivoire Sunbird Deposit: Drilling continues to expand underground mining potential1 Sunbird long section - looking west • High grade (>20 grams x meter) core extending at least 1 kilometer beyond final pit design • Clear structural control on high grade core, three dominant, para
Slide 15: Lindero Mine, Argentina
Lindero Mine, Argentina Leach pad expansion completed in Q1 2025 Gold Production and AISC Q1 20255 Q4 20244 Gold Production (oz) 20,320 26,806 AISC ($/oz Au) 1,911 1,873 • Leach pad expansion delivered to operations on time and within budget, providing sufficient capacity for an additional 10 years
Slide 16: Lindero Mine: Arizaro potential
Lindero Mine, Argentina Arizaro has the potential to contribute to Lindero’s future production1 Lindero Arizaro 2.8 km Arizaro 2024/25 Soil geochemistry program highlights Au-Cu porphyry potential mineralization (red) 1. For full details of drill holes ARD-42 to ARD-47 refer to Fortuna news release
Slide 17: Caylloma Mine, Peru
Caylloma Mine, Peru Continues to outperform Metals Production and AISC4 Q1 20255 Q4 20244 Silver Production (oz) 242,993 249,238 Lead Production (Mlbs) 8.8 9.5 Zinc Production (Mlbs) 13.8 13.9 AISC ($/oz Ag Eq) 18.74 28.10 • Brownfields exploration budget of $4.8 million: - $2.2 million for 9,000 me
Slide 18: Caylloma Mine: Continued exploration success
Caylloma Mine, Peru Continued exploration success; open at depth Previous drill highlights include1: ANIM086321: 60 g/t Ag, 5.51% Pb and 6.22% Zn over an estimated true width of 7.2 meters ANIM084321: 51 g/t Ag, 2.94% Pb and 5.23% Zn over an estimated true width of 5.8 meters ANIM084721: 106 g/t Ag,
Slide 19: Caylloma Mine: Long history, bright future
Caylloma Mine, Peru Long history, bright future Animas vein NE and oreshoots 1, 3, and 4 1 Expansion of existing resources and current mining 6 2 San Cristóbal vein Extension of historic, Ag-dominant resources in epithermal veins 7 3 Pisacca Project Maiden drilling of high-level, high sulfidation Au
Slide 20: Diamba Sud Gold Project: Prospective geology
Diamba Sud Gold Project, Senegal Prospective geology • 69,100 hectares of tenements over the highly prospective Kedougou- Kinieba Inlier (KKI), a world class mining district • Diamba Sud associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) • Structurally complex, highlighting region
Slide 21: Diamba Sud Gold Project: Exploration program
Diamba Sud Gold Project, Senegal Brownfields exploration program of $8.3 million: 35,000 meters of drilling1 • 69,100 hectares of tenements over the highly prospective Kedougou-Kinieba Inlier (KKI) • Diamba Sud: associated with fertile splays off the Senegal-Mali Shear Zone (SMSZ) (Diamba Sud teneme
Slide 22: Diamba Sud Gold Project: Drilling focus
Diamba Sud Gold Project, Senegal Drilling focused on growing historic resource base Build and maintain exploration pipeline via phased approach1: Phase 1: Conduct selected confirmatory drilling to improve resource confidence at Area A, Area D and Karakara, plus drill to test for extensions to the ex
Slide 23: 2024 ESG Ratings
2024 ESG RATINGS Continuously achieving top tier performance Fortuna Mining - Investor Presentation 23
Slide 24: ESG Corporate KPIs Performance
ESG Corporate KPIs Performance Prioritized corporate KPIs Q1 2025 2025 Targets Fatalities 1 0 LTIFR 0.38 0.41 Significant spills 0 0 Energy efficiency 1 0.22 0.26 Freshwater use intensity2 0.16 0.24 3 GHG emissions intensity 15.18 19.30 Significant disputes with communities 0 0 Employee-related KPIs
Slide 25: Pay-For-Performance
Pay-For-Performance CEO’s pay-for-performance1 compensation structure aligned with the long-term interests of shareholders Short-term cash incentives (STI) are aligned to the 78% of CEO’s compensation is at-risk pay achievement of annual, pre-defined corporate financial, operational, growth and ESG
Slide 26: Capital Structure and Ownership
Capital Structure and Ownership Outstanding shares (OS)1 307.0M NYSE: FSM1 TSX: FVI1 52-week range (Hi - Lo) $6.78 - 3.86 52-week range (Hi - Lo) C$9.36 - 5.62 3-month average volume per day 15.6 M shares 3-month average volume per day 1.0 M shares Share Ownership2 Institutional Ownership2 (%) (%) I
Slide 27: 2025 Annual Guidance
2025 Annual Guidance 309 to 339 GEO; at an estimated AISC of between $1,670 and $1,765/GEO1,3 Consolidated Production Gold3 Silver Lead Zinc 265 - 290 koz 0.9 - 1.0 Moz 29 - 32 Mlbs 45 - 49 Mlbs AISC1,2 Séguéla Mine Lindero Mine Caylloma Mine CÔTE D’IVOIRE ARGENTINA PERU $1,500 - 1,600 $1,600 - 1,72
Slide 28: Contact
CONTACT CARLOS BACA Vice President, Investor Relations [email protected] | fortunamining.com NYSE: FSM | TSX: FVI | FSE: F4S0 @fortunamining @fortunamining @fortunamining 28
Slide 29: Appendices
Appendices 29
Slide 30: Financial Performance
APPENDIX Financial Performance7 $ M unless otherwise stated Q1 20251 Q1 20241 Change 20242 20232 Change OPERATIONS Gold production (oz) 91,893 85,145 8% 369,637 326,638 13% Silver production (Moz) 0.2 0.3 (23%) 3.7 5.9 (37%) GEO 103,4594 112,5435 (8%) 455,9586 452,3896 1% Net sales (M) 290.1 201.0 4
Slide 31: 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 Cons
Slide 32: The West Africa Opportunity
APPENDIX Mauritania The West Africa Loulo-Gounkoto | Mali Opportunity Senegal FY24 production: 578 koz Au1 A mining-friendly, favorable Mali Niger Gambia jurisdiction to do business Diamba Sud Significant geological potential Guinea- Gold Project Burkina Faso Host to numerous “Tier 1” Gold Mines wit
Slide 33: The West Africa Opportunity: Discovery to production timelines
APPENDIX Mauritania The West Africa Opportunity Senegal West Africa is among the quickest Mali Gambia Niger timelines from discovery to production • Global average is approximately 15.7 years1 Burkina Faso • Côte d’Ivoire returned the lowest average lead Guinea- Bissau time of mines from discovery t
Slide 34: Board of Directors
APPENDIX Board of Directors DAVID LAING MARIO SZOTLENDER Board Chair | Independent Director Mining engineer with 40 years of experience in the industry. David is an independent mining Director Co-founder of Fortuna. Financier, businessman and Director of Atico consultant. He was formerly the COO of
Slide 35: Executive Leadership Team
APPENDIX Executive Leadership Team DAVID WHITTLE JORGE A. GANOZA Chief Operating Officer – West Africa President, CEO and Director David joined Fortuna in July 2021 and held the position of Vice President Co-founder of Fortuna. Peruvian geological engineer with over 25 years of experience in mineral
Slide 36: Séguéla Mine: Mineral Reserves and Mineral Resources
APPENDIX Séguéla Mine, Côte d’Ivoire Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Proven & Probable Reserves 9,751 3.38 1,061 Measured & Indicated Resources 3,438 3.59 396 Inferred Resources 6,765 2.84 618 Mineral Reserve and Mineral Resource e
Slide 37: Lindero Mine: Mineral Reserves and Mineral Resources
APPENDIX Lindero Mine, Argentina Mineral Reserves and Mineral Resources Contained Metal Tonnes Au Cu Au Deposit Classification (000) (g/t) (%) (koz) Lindero Proven & Probable Reserves 69,174 0.54 0.09 1,206 Measured & Indicated Resources 30,724 0.43 0.10 421 Inferred Resources 30,364 0.46 0.11 449 A
Slide 38: Caylloma Mine: Mineral Reserves and Mineral Resources
APPENDIX Caylloma Mine, Peru Mineral Reserves and Mineral Resources Contained Metal Tonnes Ag Au Pb Zn GEOs Classification (000) (g/t) (g/t) (%) (%) (000) Proven & Probable Reserves 2,441 82 0.15 2.73 4.15 307 Measured & Indicated Resources 1,000 86 0.21 1.31 2.38 89 Inferred Resources 3,794 106 0.5
Slide 39: Diamba Sud Gold Project: Mineral Resources
APPENDIX Diamba Sud Gold Project, Senegal Mineral Resources Contained Metal Tonnes Au Au Classification (000) (g/t) (koz) Measured & Indicated Resources 7,751 1.90 473 Inferred Resources 3,133 1.47 148 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral R
Slide 40: Mineral Reserves – Proven and Probable
APPENDIX Mineral Reserves – Proven and Probable 1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves 2. Mineral Resources are exclusive of Mineral Reserves 3. Mineral Resources that are not Mineral Reserves do not ha