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Fortuna Mining — fsm Q2 2026 FS Filing (company IR deck)
Fortuna Mining (FSM) · 28 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All FSM deck slides
Slide 1 — CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended June 30, 2026 and 2025 (UNAUDITED)
Slide 2 — Fortuna Mining Corp.
Fortuna Mining Corp. Condensed Interim Consolidated Statements of Income (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 1 Three months ended June 30, Six months ended June 30, Note 2026 $ 2025 $ 2026 $ 2025 $ Sales 17 318,413 230,419 660,884 425,456 Cost of sales 18 (134,949) (125,390) (265,584) (240,085) Mine operating income 183,464 105,029 395,300 185,371 General and administration 19 (18,673) (21,575) (46,466) (45,476) Foreign exchange (loss) gain (6,284) 2,325 (8,354) 2,518 Write-off of mineral properties – (1,997) – (1,997) Other expenses (1,599) (59) (3,463) (749) (26,556) (21,306) (58,283) (45,704) Operating income 156,908 83,723 337,017 139,667 Investment gains 230 1,679 372 2,998 Interest and finance costs, net 20 (2,106) (3,423) (4,039) (6,467) Loss on derivatives (257) (622) (257) (569) (2,133) (2,366) (3,924) (4,038) Income before income taxes 154,775 81,357 333,093 135,629 Income taxes Current income tax expense (62,741) (23,848) (104,276) (47,543) Deferred income tax expense (8,286) (9,804) (25,124) (1,497) (71,027) (33,652) (129,400) (49,040) Net income from continuing operations 83,748 47,705 203,693 86,589 Net (loss) income from discontinued operations, net of tax 21 – (3,638) – 22,287 Net income 83,748 44,067 203,693 108,876 Net income from continuing operations attributable to: Fortuna shareholders 75,504 42,629 186,512 78,063 Non-controlling interests 25 8,244 5,076 17,181 8,526 83,748 47,705 203,693 86,589 Net income attributable to: Fortuna shareholders 75,504 37,314 186,512 95,817 Non-controlling interests 25 8,244 6,753 17,181 13,059 83,748 44,067 203,693 108,876 Earnings per share from continuing operations attributable to Fortuna shareholders 16 Basic 0.25 0.14 0.62 0.25 Diluted 0.24 0.14 0.59 0.25 Earnings per share attributable to Fortuna shareholders 16 Basic 0.25 0.12 0.62 0.31 Diluted 0.24 0.12 0.59 0.31 Weighted average number of common shares outstanding ('000s) Basic 301,010 306,960 303,164 306,788 Diluted 328,641 308,957 330,698 308,513 The accompanying notes are an integral part of these interim financial statements.
Slide 3 — Fortuna Mining Corp.
Fortuna Mining Corp. Condensed Interim Consolidated Statements of Comprehensive Income (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 2 Three months ended June 30, Six months ended June 30, Note 2026 $ 2025 $ 2026 $ 2025 $ Net income 83,748 44,067 203,693 108,876 Items that will remain permanently in other comprehensive income: Changes in fair value of investments in equity securities, net of $nil tax (2,197) 506 959 455 Items that are or may subsequently be reclassified to profit or loss: Currency translation adjustment, net of tax (1) – 1,350 – 2,099 Reclassification of translation adjustments on disposal of subsidiaries, net of $nil tax 21 – 1,701 – 1,701 Total other comprehensive (loss) income (2,197) 3,557 959 4,255 Comprehensive income 81,551 47,624 204,652 113,131 Comprehensive income attributable to: Fortuna shareholders 73,307 40,871 187,471 100,072 Non-controlling interests 25 8,244 6,753 17,181 13,059 81,551 47,624 204,652 113,131 (1) For the three and six months ended June 30, 2026, the currency translation adjustment is net of $nil tax (2025 - expense of $960 thousand and $914 thousand, respectively). The accompanying notes are an integral part of these interim financial statements.
Slide 4 — Fortuna Mining Corp.
Fortuna Mining Corp. Condensed Interim Consolidated Statements of Financial Position (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 3 Balance at Note June 30, 2026 $ December 31, 2025 $ ASSETS Current assets Cash and cash equivalents 606,666 553,985 Restricted cash 12,629 – Investments in equity securities 23 7,719 6,760 Trade and other receivables 4 65,115 74,361 Inventories 5 138,871 122,685 Prepaid expenses and other current assets 6 4,457 6,743 835,457 764,534 Non-current assets Restricted cash - non-current 1,021 788 Inventories - non-current 5 65,234 66,754 Mineral properties and property, plant and equipment 7 1,572,217 1,518,676 Advances and prepayments for capital projects 16,518 995 Other non-current assets 8 6,815 8,894 Total assets 2,497,262 2,360,641 LIABILITIES Current liabilities Trade and other payables 9 147,650 153,361 Income taxes payable 99,738 81,816 Lease obligations 11 30,810 21,199 278,198 256,376 Non-current liabilities Debt 12 138,905 134,410 Deferred tax liabilities 144,348 120,310 Closure and reclamation provisions 13 49,559 50,257 Lease obligations - non-current 11 64,451 55,687 Restricted share units 14 2,894 8,283 Total liabilities 678,355 625,323 SHAREHOLDERS' EQUITY Share capital 15 1,089,015 1,125,215 Reserves 65,216 63,694 Retained earnings 612,725 488,125 Equity attributable to Fortuna shareholders 1,766,956 1,677,034 Equity attributable to non-controlling interests 25 51,951 58,284 Total equity 1,818,907 1,735,318 Total liabilities and shareholders' equity 2,497,262 2,360,641 Contingencies and Capital Commitments (Note 26) The accompanying notes are an integral part of these interim financial statements. /s/ Jorge Ganoza Durant /s/ Kylie Dickson Jorge Ganoza Durant Kylie Dickson Director Director
Slide 5 — Fortuna Mining Corp.
Fortuna Mining Corp. Condensed Interim Consolidated Statements of Cash Flows (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 4 Three months ended June 30, Six months ended June 30, Note 2026 $ 2025 $ 2026 $ 2025 $ OPERATING ACTIVITIES Net income from continuing operations 83,748 47,705 203,693 86,589 Items not involving cash: Depletion and depreciation 44,016 48,342 89,929 93,129 Accretion expense 20 1,969 1,903 4,066 3,657 Income taxes 71,027 33,652 129,400 49,040 Interest expense (income), net 20 137 1,520 (27) 2,810 Share-based payments, net of cash settlements 14 (561) 3,345 (8,758) 6,206 Write-off of mineral properties – 1,997 – 1,997 Unrealized foreign exchange losses (gains) 2,309 (2,536) 1,945 (3,712) Investment gains (230) (1,679) (372) (2,998) Other 10 99 1,342 1,460 Changes in working capital 24 14,527 (4,196) 10,572 (12,176) Cash provided by operating activities 216,952 130,152 431,790 226,002 Income taxes paid (79,259) (36,394) (88,828) (45,761) Interest paid (3,814) (3,582) (4,333) (4,108) Interest received 4,402 2,507 9,010 5,567 Net cash provided by operating activities - continuing operations 138,281 92,683 347,639 181,700 Net cash (used in) provided by operating activities - discontinued operations 21 – (25,377) – 11,984 INVESTING ACTIVITIES Increase in restricted cash – – (12,762) (232) Investments in equity securities 23 – (6,045) – (6,045) Additions to mineral properties and property, plant and equipment 7 (67,877) (47,015) (113,158) (84,968) Purchases of investments – (4,428) – (18,804) Proceeds from sale of marketable securities and investment maturities 230 1,194 372 12,546 (Increase) decrease in advances and prepayments for capital projects (13,800) 2,025 (14,386) 4,351 Other investing activities – – (5,104) – Cash used in investing activities - continuing operations (81,447) (54,269) (145,038) (93,152) Cash provided by investing activities - discontinued operations 21 – 73,286 – 71,680 FINANCING ACTIVITIES Transaction costs on credit facility – – – (107) Repurchase of common shares 15 (82,134) – (106,587) (4,165) Payments of lease obligations 11 (8,959) (6,114) (15,822) (11,112) Dividend payment to non-controlling interests 25 (23,514) – (23,514) – Cash used in financing activities - continuing operations (114,607) (6,114) (145,923) (15,384) Cash used in financing activities - discontinued operations 21 – (11,875) – (12,879) Effect of exchange rate changes on cash and cash equivalents (1,466) 1,996 (3,997) 3,151 (Decrease) increase in cash and cash equivalents during the period - continuing operations (59,239) 34,296 52,681 76,315 Increase in cash and cash equivalents during the period - discontinued operations 21 – 36,034 – 70,785 Cash and cash equivalents, beginning of the period 665,905 308,092 553,985 231,322 Cash and cash equivalents, end of the period 606,666 378,422 606,666 378,422 Cash and cash equivalents consist of: Cash 580,845 190,297 580,845 190,297 Cash equivalents 25,821 188,125 25,821 188,125 Cash and cash equivalents, end of the period 606,666 378,422 606,666 378,422 Segment totals for the discontinued operations are disclosed in Note 21 Supplemental cash flow information (Note 24) The accompanying notes are an integral part of these interim financial statements.
Slide 6 — Fortuna Mining Corp.
Fortuna Mining Corp. Condensed Interim Consolidated Statements of Changes in Equity (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 5 Share capital Reserves Note Number of common shares Amount $ Share units reserve $ Equity component of convertible debt $ Other reserves $ Retained earnings $ Non- controlling interests $ Total equity $ Balance at December 31, 2025 305,760,679 1,125,215 27,236 37,050 (592) 488,125 58,284 1,735,318 Net income – – – – – 186,512 17,181 203,693 Other comprehensive income – – – – 959 – – 959 Total comprehensive income – – – – 959 186,512 17,181 204,652 Transactions with owners of the Company Reclassification on derecognition of investments in equity securities – – – – 1,050 (1,050) – – Dividend declared and paid to non-controlling interests 25 – – – – – – (23,514) (23,514) Repurchase of common shares 15 (10,800,693) (39,747) – – – (60,862) – (100,609) Shares issued on vesting of share units 14 997,401 3,547 (3,547) – – – – – Share-based payments 14 – – 3,060 – – – – 3,060 (9,803,292) (36,200) (487) – 1,050 (61,912) (23,514) (121,063) Balance at June 30, 2026 295,957,387 1,089,015 26,749 37,050 1,417 612,725 51,951 1,818,907 Balance at December 31, 2024 306,928,189 1,129,709 26,701 37,050 (5,979) 216,384 62,208 1,466,073 Net income – – – – – 95,817 13,059 108,876 Other comprehensive income – – – – 4,255 – – 4,255 Total comprehensive income – – – – 4,255 95,817 13,059 113,131 Transactions with owners of the Company Sale of Roxgold SANU S.A. 21 – – – – – – (10,250) (10,250) Dividend declared and paid to non-controlling interests 25 – – – – – – (24,539) (24,539) Repurchase of common shares 15 (916,900) (4,165) – – – – – (4,165) Shares issued on vesting of share units 14 948,697 3,294 (3,294) – – – – – Issuance of shares to non-controlling interests 25 – – – – – (7,270) 7,270 – Share-based payments 14 – – 2,143 – – – – 2,143 31,797 (871) (1,151) – – (7,270) (27,519) (36,811) Balance at June 30, 2025 306,959,986 1,128,838 25,550 37,050 (1,724) 304,931 47,748 1,542,393 The accompanying notes are an integral part of these interim financial statements.
Slide 7 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 6 1. NATURE OF OPERATIONS Fortuna Mining Corp. (the “Company”) is a publicly traded company incorporated and domiciled in British Columbia, Canada. The Company is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, Peru, and Senegal. The Company operates the open pit Lindero gold mine (“Lindero”) in northern Argentina, the open pit Séguéla gold mine (“Séguéla”) in southwestern Côte d’Ivoire, and the underground Caylloma silver, lead, and zinc mine (“Caylloma”) in southern Peru, and is developing the Diamba Sud gold project in Senegal. The Company’s common shares are listed on the New York Stock Exchange (the “NYSE”) under the trading symbol FSM and on the Toronto Stock Exchange (the “TSX”) under the trading symbol FVI. The Company’s registered and head offices are located at Suite 820, 1111 Melville Street, Vancouver, British Columbia, V6E 3V6, Canada. 2. BASIS OF PRESENTATION Statement of Compliance These unaudited condensed interim consolidated financial statements (“interim financial statements”) have been prepared by management of the Company in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, including IAS 34 Interim Financial Reporting. They do not include all the information required for full annual financial statements. These interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, which include information necessary for understanding the Company’s business and financial presentation. Other than as described below, the same accounting policies and methods of computation are followed in these interim financial statements as compared with the most recent annual financial statements. Certain comparative figures have been reclassified to conform to the presentation adopted in the current period. These unaudited condensed interim financial statements were approved and authorized for issuance by the Company's Board of Directors on August 5, 2026. Basis of Measurement These financial statements have been prepared on a going concern basis under the historical cost basis, except for those assets and liabilities that are measured at fair value (Note 23) at the end of each reporting period. Adoption of new and future accounting standards The Company adopted various amendments to IFRS, which were effective for accounting periods beginning on or after January 1, 2026. These include amendments to IFRS 7 and IFRS 9, Classification and Measurement of Financial Instruments. The impacts of adoption were not material to the Company's interim financial statements.
Slide 8 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 7 In April 2024, the IASB issued new IFRS 18, Presentation and Disclosure in Financial Statements. This standard, effective for annual periods beginning on or after January 1, 2027, replaces IAS 1, Presentation of Financial Statements and requires retrospective application. The standard introduces new classification categories and mandatory subtotals in the statement of income, as well as new disclosure requirements for management-defined performance measures (“MPM”), and it may affect what the Company reports as its operating profit or loss. The Company is currently assessing the detailed implications of applying the new standard on the financial statements and the following potential impacts, among others, have been identified based on the Company’s preliminary assessment: • The Company has performed an initial assessment of the non-IFRS financial measures and other subtotals of income and expenses that it currently uses in its public communications outside the financial statements and the Company believes the following will meet the MPM definition: adjusted net income; adjusted attributable net income; and adjusted EBITDA; • Income and expenses will be classified into defined categories, including operating, investing, and financing. Consequently, some income and expense items may move to different sections of the statement of income compared to the current presentation; • The Company will be required to present specific subtotals, including operating profit and profit before financing and income taxes in the statement of income; • The Company will be required to provide additional note disclosures regarding the nature of certain operating expenses; and • The starting point for the indirect method of reporting cash flows from operating activities will change to operating profit (currently, net income from continuing operations). 3. USE OF ESTIMATES, ASSUMPTIONS, AND JUDGEMENTS The preparation of these interim financial statements requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates. The impact of such judgements and estimates are pervasive throughout the interim financial statements, and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively. In preparing these interim financial statements for the three and six months ended June 30, 2026, the Company applied the critical estimates, assumptions and judgements as disclosed in Note 4 of its audited consolidated financial statements for the year ended December 31, 2025.
Slide 9 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 8 4. TRADE AND OTHER RECEIVABLES June 30, 2026 $ December 31, 2025 $ Trade receivables from doré and concentrate sales 12,666 20,761 Advances and other receivables 12,219 8,248 Value added tax receivables 40,230 45,352 Trade and other receivables 65,115 74,361 The Company’s trade receivables from concentrate and doré sales are expected to be collected in accordance with the terms of the existing concentrate and doré sales contracts with its customers. No amounts were past due as at June 30, 2026 and December 31, 2025. As at June 30, 2026, the current Value Added Tax (“VAT”) receivables include $25.6 million (December 31, 2025 - $30.9 million) for Séguéla; and $11.4 million (December 31, 2025 - $11.9 million) for Lindero. An additional $5.9 million (December 31, 2025 - $7.7 million) of VAT receivable is classified as non-current (refer to Note 8). 5. INVENTORIES June 30, 2026 $ December 31, 2025 $ Ore stockpiles 111,307 109,035 Materials and supplies 48,713 46,032 Leach pad and gold-in-circuit 38,837 31,550 Doré bars 4,584 2,396 Concentrate stockpiles 664 426 Total inventories 204,105 189,439 Less: non-current portion (65,234) (66,754) Current inventories 138,871 122,685 As at June 30, 2026, non-current portion of inventories include $61.9 million (December 31, 2025 - $60.0 million) at Lindero and $3.3 million (December 31, 2025 - $6.8 million) at Séguéla. During the three and six months ended June 30, 2026, the Company expensed $112.9 million and $220.3 million, respectively, of inventories to cost of sales (June 30, 2025 - $111.3 million and $213.0 million, respectively). 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS June 30, 2026 $ December 31, 2025 $ Prepaid expenses 4,333 6,619 Other current assets 124 124 Prepaid expenses and other current assets 4,457 6,743 As at June 30, 2026, prepaid expenses include $1.6 million (December 31, 2025 - $2.5 million) related to deposits and advances to contractors.
Slide 10 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 9 7. MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT Mineral properties - depletable $ Mineral properties - non- depletable $ Construction in progress $ Property, plant & equipment $ Total $ COST Balance as at December 31, 2025 1,270,610 184,341 32,280 876,909 2,364,140 Additions 50,443 41,176 31,432 31,261 154,312 Changes in closure and reclamation provision (1,413) – – (412) (1,825) Disposals and write-offs – – – (83) (83) Transfers 5,991 (672) (24,384) 19,065 – Balance as at June 30, 2026 1,325,631 224,845 39,328 926,740 2,516,544 ACCUMULATED DEPLETION AND IMPAIRMENT Balance as at December 31, 2025 500,991 – – 344,473 845,464 Disposals and write-offs – – – (83) (83) Depletion and depreciation 58,446 – – 40,500 98,946 Balance as at June 30, 2026 559,437 – – 384,890 944,327 Net book value as at June 30, 2026 766,194 224,845 39,328 541,850 1,572,217 As at June 30, 2026, non-depletable mineral properties include $137.6 million of exploration and evaluation assets (December 31, 2025 - $111.9 million). As at June 30, 2026, property, plant and equipment include right-of-use assets with a net book value of $96.4 million (December 31, 2025 - $75.9 million). Related depletion and depreciation for the three and six months ended June 30, 2026, was $5.3 million and $10.1 million, respectively (June 30, 2025 - $4.6 million and $9.5 million, respectively).
Slide 11 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 10 Mineral properties - depletable $ Mineral properties - non- depletable $ Construction in progress $ Property, plant & equipment $ Total $ COST Balance as at December 31, 2024 1,619,651 269,345 73,892 1,017,240 2,980,128 Additions 81,365 52,355 45,048 39,266 218,034 Changes in closure and reclamation provision 2,668 – – (469) 2,199 Disposals and write-offs – (5,038) (375) (6,908) (12,321) Sale of discontinued operations (1) (549,210) (15,953) (55) (258,682) (823,900) Transfers 116,136 (116,368) (86,230) 86,462 – Balance as at December 31, 2025 1,270,610 184,341 32,280 876,909 2,364,140 ACCUMULATED DEPLETION AND IMPAIRMENT Balance as at December 31, 2024 901,599 – 49 539,293 1,440,941 Disposals and write-offs – – – (6,115) (6,115) Sale of discontinued operations (1) (507,347) – (49) (245,781) (753,177) Reversal of impairment (22,369) – – (30,376) (52,745) Depletion and depreciation 130,039 – – 86,521 216,560 Transfers (931) – – 931 – Balance as at December 31, 2025 500,991 – – 344,473 845,464 Net book value as at December 31, 2025 769,619 184,341 32,280 532,436 1,518,676 (1) Represents the net book value of mineral properties and property, plant and equipment of Cuzcatlan (as defined herein) and the Sanu Entities (as defined herein) that were sold during the second quarter of 2025. Refer to Note 21 for details. 8. OTHER NON-CURRENT ASSETS Note June 30, 2026 $ December 31, 2025 $ Value added tax receivables 4 5,850 7,665 Unamortized transaction costs 690 949 Other 275 280 Total other non-current assets 6,815 8,894 As at June 30, 2026, non-current VAT receivables include $5.9 million (December 31, 2025 - $7.7 million) for Séguéla.
Slide 12 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 11 9. TRADE AND OTHER PAYABLES Note June 30, 2026 $ December 31, 2025 $ Trade accounts payable 81,813 77,927 Payroll and related payables 25,005 27,790 Mining royalty payable 15,300 14,317 Share units payable 14(a)(b) 19,042 25,471 Other payables 6,490 7,856 Total trade and other payables 147,650 153,361 As at June 30, 2026, other payables include $2.4 million (December 31, 2025 - $nil) related to 628 ounces (December 31, 2025 - none) of gold sold at Lindero under an advanced sales contract but not yet delivered. Although consideration was received, the related ounces had not yet been poured and did not meet the criteria for revenue recognition. 10. RELATED PARTY TRANSACTIONS During the three and six months ended June 30, 2026 and 2025, the Company was charged for consulting services by Mario Szotlender, a director of the Company. Other than transactions in the normal course of business and those noted above, with the Board of Directors and key management personnel, the Company had no transactions between related parties during the three and six months ended June 30, 2026 and 2025. 11. LEASE OBLIGATIONS The Company’s lease obligations are primarily related to embedded leases in mining services and onsite power generation equipment contracts. A maturity analysis of the Company's lease obligations from its leased equipment contracts as at June 30, 2026 and December 31, 2025, were as follows: Minimum lease payments June 30, 2026 $ December 31, 2025 $ Less than one year 39,310 27,715 Between one and five years 63,303 53,222 More than five years 11,288 13,658 113,901 94,595 Less: future finance charges (18,640) (17,709) Present value of lease obligations 95,261 76,886 Less: current portion (30,810) (21,199) Non-current portion 64,451 55,687
Slide 13 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 12 The reconciliation of the changes in the carrying amount of the Company’s lease obligations is presented below: June 30, 2026 $ December 31, 2025 $ Balance, beginning of the period 76,886 67,977 Payments of lease obligations (15,822) (24,374) Additions 31,325 31,110 Accretion 2,908 5,660 Foreign exchange (36) 521 Disposals and terminations – (4,008) Balance, end of the period 95,261 76,886 12. DEBT (a) 2024 Convertible Notes The following table summarizes the changes in debt: June 30, 2026 $ December 31, 2025 $ Balance, beginning of the period 134,410 126,031 Amortization of discount and transaction costs 4,495 8,379 Balance, end of the period 138,905 134,410 Non-current portion 138,905 134,410 (b) Credit Facility The Company maintains a $150.0 million revolving credit facility (the “Credit Facility”) with an uncommitted accordion option of $75.0 million. The Credit Facility is subject to certain conditions and covenants customary for a facility of this nature. In order to be able to draw on the Credit Facility, the Company is required to comply with certain financial covenants which include among others: maintaining an interest coverage ratio (calculated on a rolling four fiscal quarter basis) of not less than 4.00:1.00; a Net Total Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 4.00:1.00; and a Net Senior Secured Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 2.25:1.00. The Company has pledged significant assets, including those of its principal operating subsidiaries, as collateral for the Credit Facility. As at June 30, 2026, the Credit Facility remained undrawn.
Slide 14 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 13 13. CLOSURE AND RECLAMATION PROVISIONS The following table summarizes the changes in closure and reclamation provisions: Caylloma $ Lindero $ Séguéla $ Total $ Balance as at December 31, 2025 14,668 17,977 17,612 50,257 Changes in estimate (600) 310 (1,535) (1,825) Reclamation expenditures (31) – – (31) Accretion 383 427 348 1,158 Balance as at June 30, 2026 14,420 18,714 16,425 49,559 Non-current portion 14,420 18,714 16,425 49,559 Caylloma $ Lindero $ Séguéla $ San Jose(1) $ Yaramoko(1) $ Total $ Balance as at December 31, 2024 15,356 15,470 15,110 14,677 14,724 75,337 Changes in estimate (2) (1,033) 1,747 1,860 460 (375) 2,659 Reclamation expenditures (452) – – (143) – (595) Accretion 797 760 642 341 156 2,696 Effect of changes in foreign exchange rates – – – (35) – (35) Disposals – – – (15,300) (14,505) (29,805) Balance as at December 31, 2025 14,668 17,977 17,612 – – 50,257 Non-current portion 14,668 17,977 17,612 – – 50,257 (1) Represents the closure and reclamation provisions of Cuzcatlan and Sanu, which were sold during the second quarter of 2025. Refer to Note 21 for details. (2) The change in estimate for the San Jose mine of $0.5 million was included in net income from discontinued operations, net of tax in the Company's consolidated statements of income for the year ended December 31, 2025. The following table summarizes certain key inputs used in determining the present value of reclamation costs related to mine and development sites: Caylloma $ Lindero $ Séguéla $ Total $ Undiscounted uninflated estimated cash flows 19,302 18,793 19,902 57,997 Discount rate 5.53% 4.94% 4.44% Inflation rate 3.00% 3.20% 2.28% The Company is expecting to incur progressive reclamation costs throughout the life of its mines.
Slide 15 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 14 14. SHARE-BASED PAYMENTS During the three and six months ended June 30, 2026, the Company recognized share-based recoveries of $0.3 million and expenses of $7.5 million, respectively (June 30, 2025 - expenses of $4.5 million and $13.7 million, respectively), related to the amortization of deferred, restricted and performance share units. (a) Deferred Share Units Cash Settled Number of DSUs Fair Value $ Outstanding, December 31, 2024 1,183,816 5,076 Granted 83,992 387 Changes in fair value – 6,978 Outstanding, December 31, 2025 1,267,808 12,441 Granted 41,041 448 Changes in fair value – (1,845) Outstanding, June 30, 2026 1,308,849 11,044 (b) Restricted Share Units Cash Settled Number of RSUs Fair Value $ Outstanding, December 31, 2024 3,548,993 8,987 Granted 1,354,613 – Units paid out in cash (1,401,895) (7,448) Forfeited or cancelled (172,296) (391) Changes in fair value and vesting – 20,165 Outstanding, December 31, 2025 3,329,415 21,313 Granted 618,051 – Units paid out in cash (1,471,993) (16,428) Forfeited or cancelled (5,332) (30) Changes in fair value and vesting – 6,037 Outstanding, June 30, 2026 2,470,141 10,892 Less: current portion (7,998) Non-current portion 2,894 RSUs granted during the six months ended June 30, 2026 had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62).
Slide 16 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 15 (c) Performance Share Units Equity Settled Number of PSUs Outstanding, December 31, 2024 2,054,962 Granted 743,709 Vested and paid out in shares (802,164) Outstanding, December 31, 2025 1,996,507 Granted 345,245 Vested and paid out in shares (882,348) Outstanding, June 30, 2026 1,459,404 PSUs granted during the six months ended June 30, 2026 had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62). During the six months ended June 30, 2026, PSUs vested and were settled in shares. Based on agreed performance outcomes, a weighted average multiplier of 113% (December 31, 2025 - 118%) was applied, resulting in the issuance of 997,401 (December 31, 2025 - 948,697) common shares upon vesting. (d) Stock Options The Company’s Stock Option Plan, as amended and approved from time to time, permits the Company to issue up to 12,200,000 stock options. As at June 30, 2026, a total of 2,950,529 stock options are available for issuance under the plan. As at June 30, 2026, no stock options were outstanding (December 31, 2025 - none). 15. SHARE CAPITAL Authorized Share Capital The Company has an unlimited number of common shares without par value authorized for issue. During the six months ended June 30, 2026, the Company acquired under its normal course issuer bid program (“NCIB”) and cancelled 10,800,693 common shares (June 30, 2025 - 916,900) at an average cost of $9.31 per share (June 30, 2025 - $4.53), excluding brokerage fees, for a total cost of $100.6 million (June 30, 2025 - $4.2 million). On April 17, 2026, the Company announced the renewal of its NCIB program to purchase up to 15,227,869 common shares, being 5% of its outstanding common shares as at April 10, 2026. Under the NCIB, purchases of common shares may be made through the facilities of the NYSE. The share repurchase program started on May 4, 2026 and will end on the earlier of May 3, 2027; the date the Company acquires the maximum number of common shares allowable under the NCIB; or the date the Company otherwise decides not to make any further repurchases under the NCIB. Of the 10,800,693 common shares repurchased during the six months ended June 30, 2026, 6,800,000 were acquired under the current NCIB program. As at June 30, 2026, 8,427,869 common shares remain available for repurchase under this current NCIB.
Slide 17 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 16 16. EARNINGS PER SHARE Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Basic: Net income from continuing operations attributable to Fortuna shareholders 75,504 42,629 186,512 78,063 Net income attributable to Fortuna shareholders 75,504 37,314 186,512 95,817 Weighted average number of shares ('000s) 301,010 306,960 303,164 306,788 Earnings per share from continuing operations - basic 0.25 0.14 0.62 0.25 Earnings per share - basic 0.25 0.12 0.62 0.31 Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Diluted: Net income from continuing operations attributable to Fortuna shareholders 75,504 42,629 186,512 78,063 Add: finance costs on convertible debt, net of $nil tax 3,918 – 7,730 – Diluted net income from continuing operations for the period 79,422 42,629 194,242 78,063 Net income attributable to Fortuna shareholders 75,504 37,314 186,512 95,817 Add: finance costs on convertible debt, net of $nil tax 3,918 – 7,730 – Diluted net income for the period 79,422 37,314 194,242 95,817 Weighted average number of shares ('000s) 301,010 306,960 303,164 306,788 Incremental shares from dilutive potential shares 27,631 1,997 27,534 1,725 Weighted average diluted number of shares ('000s) 328,641 308,957 330,698 308,513 Earnings per share from continuing operations - diluted 0.24 0.14 0.59 0.25 Earnings per share - diluted 0.24 0.12 0.59 0.31 The incremental shares from dilutive potential shares primarily consist of share units and, for the three and six months ended June 30, 2026, potential common shares issuable on conversion of the 2024 Convertible Notes. For the three and six months ended June 30, 2025, an aggregate of 26,172,045 potential common shares issuable on conversion of the 2024 Convertible Notes were excluded from the diluted earnings per share calculation as their effect would have been anti-dilutive. The Company's average share price exceeded the conversion price of the 2024 Convertible Notes during the three and six months ended June 30, 2026 (June 30, 2025 - below the conversion price).
Slide 18 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 17 17. SALES The Company’s geographical analysis of revenue from contracts with customers attributed to the location of its products produced, is as follows: Three months ended June 30, 2026 Argentina $ Côte d'Ivoire $ Peru $ Total $ Gold doré 90,259 185,719 – 275,978 Silver-lead concentrates – – 30,604 30,604 Zinc concentrates – – 14,162 14,162 Provisional pricing adjustments – – (2,331) (2,331) Sales to external customers 90,259 185,719 42,435 318,413 Three months ended June 30, 2025 Argentina $ Côte d'Ivoire $ Peru $ Total $ Gold doré 75,681 126,454 – 202,135 Silver-lead concentrates – – 15,771 15,771 Zinc concentrates – – 12,628 12,628 Provisional pricing adjustments – – (115) (115) Sales to external customers 75,681 126,454 28,284 230,419 Six months ended June 30, 2026 Argentina $ Côte d'Ivoire $ Peru $ Total $ Gold doré 191,762 392,043 – 583,805 Silver-lead concentrates – – 52,896 52,896 Zinc concentrates – – 26,016 26,016 Provisional pricing adjustments – – (1,833) (1,833) Sales to external customers 191,762 392,043 77,079 660,884 Six months ended June 30, 2025 Argentina $ Côte d'Ivoire $ Peru $ Total $ Gold doré 128,835 237,452 – 366,287 Silver-lead concentrates – – 31,451 31,451 Zinc concentrates – – 27,764 27,764 Provisional pricing adjustments – – (46) (46) Sales to external customers 128,835 237,452 59,169 425,456
Slide 19 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 18 18. COST OF SALES Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Direct mining, processing and other costs 55,012 46,545 102,656 88,522 Depletion and depreciation 43,036 47,533 87,711 92,012 Salaries and benefits 18,904 19,255 37,447 36,249 Royalties and other taxes 17,234 11,539 36,156 22,007 Workers' participation 763 518 1,614 1,295 Cost of sales 134,949 125,390 265,584 240,085 For the three and six months ended June 30, 2026, depletion and depreciation includes $5.1 million and $9.6 million, respectively, of depreciation related to right-of-use assets (June 30, 2025 - $4.2 million and $8.1 million, respectively). 19. GENERAL AND ADMINISTRATION Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ General and administration 10,025 7,851 17,616 15,041 Salaries, wages and benefits 8,807 9,086 20,819 16,638 Workers' participation 157 111 579 141 18,989 17,048 39,014 31,820 Share-based (recoveries) payments (316) 4,527 7,452 13,656 General and administration 18,673 21,575 46,466 45,476 20. INTEREST AND FINANCE COSTS, NET Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Interest income 4,516 3,083 9,140 6,143 2024 Convertible Notes interest (1,617) (1,617) (3,234) (3,234) Amortization of discount and transaction costs (2,430) (2,181) (4,754) (4,272) Bank stand-by, commitment fees and other interest (606) (805) (1,125) (1,447) Accretion of closure and reclamation provisions (582) (528) (1,158) (1,090) Accretion of lease liabilities (1,387) (1,375) (2,908) (2,567) (2,106) (3,423) (4,039) (6,467)
Slide 20 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 19 21. DISCONTINUED OPERATIONS On April 11, 2025, the Company completed the sale of its 100% interest in Compania Minera Cuzcatlan S.A. de C.V. (“Cuzcatlan”), which owns the San Jose silver and gold mine in southern Mexico (“San Jose”). On May 12, 2025, the Company completed the sale of all of its interest in Roxgold SANU S.A. (“Sanu”), which owns and operates the underground and open pit Yaramoko gold mine in southwestern Burkina Faso (“Yaramoko”), and 100% of three other Burkina Faso subsidiaries (collectively with Sanu, the “Sanu Entities”), and ceased all operations in Burkina Faso. Results of Discontinued Operation – Cuzcatlan The following table presents the results of Cuzcatlan for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Sales – 19 – 168 Cost of sales – (138) – (287) Mine operating loss – (119) – (119) General and administration – – – (638) Foreign exchange loss – (178) – (190) Other expenses – (10) – (2,202) Operating loss – (307) – (3,149) Interest and finance costs, net – – – (325) Loss before income taxes – (307) – (3,474) Income tax recovery – – – 1 Net loss from operating activities, net of tax – (307) – (3,473) Gain on sale of discontinued operation – 7,646 – 7,646 Income from discontinued operation, net of tax – 7,339 – 4,173 Income per share from discontinued operation attributable to Fortuna shareholders Basic – 0.02 – 0.01 Diluted – 0.02 – 0.01
Slide 21 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 20 Results of Discontinued Operation – Sanu Entities The following table presents the results of the Sanu Entities for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Sales – 32,951 – 128,059 Cost of sales – (22,816) – (82,393) Mine operating income – 10,135 – 45,666 General and administration – 14 – (1,380) Foreign exchange gain – 2,384 – 4,254 Other expenses – (3,128) – (3,217) Operating income – 9,405 – 45,323 Interest and finance costs, net – 26 – 44 Income before income taxes – 9,431 – 45,367 Income taxes – (3,295) – (10,140) Net income from operating activities, net of tax – 6,136 – 35,227 Loss on sale of discontinued operation – (11,360) – (11,360) Tax expense on sale of discontinued operation – (4,052) – (4,052) Release of OCI on sale of discontinued operation – (1,701) – (1,701) (Loss) income from discontinued operation, net of tax – (10,977) – 18,114 (Loss) income from discontinued operation, net of tax attributable to: Fortuna shareholders – (12,654) – 13,581 Non-controlling interest – 1,677 – 4,533 – (10,977) – 18,114 (Loss) income per share from discontinued operation attributable to Fortuna shareholders Basic – (0.04) – 0.04 Diluted – (0.04) – 0.04
Slide 22 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 21 Cash Flows of Discontinued Operations The following table summarizes the cash flows attributable to Cuzcatlan and the Sanu Entities for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Cuzcatlan – (1,303) – (11,200) Sanu Entities – (24,074) – 23,184 Net cash (used in) provided by operating activities – (25,377) – 11,984 Cuzcatlan – 11,827 – 11,738 Sanu Entities – 61,459 – 59,942 Cash provided by investing activities – 73,286 – 71,680 Cuzcatlan – – – (22) Sanu Entities – (11,875) – (12,857) Cash used in financing activities – (11,875) – (12,879) Net cash flows from discontinued operations – 36,034 – 70,785
Slide 23 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 22 22. SEGMENTED INFORMATION The Company’s operating segments are based on the reports reviewed by the senior management group that are used to make strategic decisions. The Chief Executive Officer, as chief operating decision maker, considers the business from a geographic perspective when considering the performance of the Company’s business units. The following summary describes the operations of each reportable segment: • Mansfield Minera S.A. (“Mansfield”) – operates the Lindero gold mine • Roxgold SANGO S.A. (“Sango”) – operates the Séguéla gold mine • Minera Bateas S.A.C. (“Bateas”) – operates the Caylloma silver, lead, and zinc mine • Corporate – corporate stewardship and projects outside other segments Discontinued operations: • Cuzcatlan – operates the San Jose silver-gold mine • Sanu – operates the Yaramoko gold mine Three months ended June 30, 2026 Mansfield $ Sango $ Bateas $ Corporate $ Total $ Revenues from external customers 90,259 185,719 42,435 – 318,413 Cost of sales before depreciation and depletion (31,279) (44,854) (15,780) – (91,913) Depreciation and depletion in cost of sales (15,155) (23,406) (4,475) – (43,036) General and administration (3,086) (4,133) (2,258) (9,196) (18,673) Other (expenses) income (4,284) 2,392 (193) (5,798) (7,883) Finance items (695) (270) (116) (1,052) (2,133) Segment income (loss) before taxes 35,760 115,448 19,613 (16,046) 154,775 Income tax expense (16,837) (32,602) (6,566) (15,022) (71,027) Segment income (loss) after taxes from continuing operations 18,923 82,846 13,047 (31,068) 83,748 Three months ended June 30, 2025 Mansfield $ Sango $ Bateas $ Corporate $ Total $ Revenues from external customers 75,681 126,454 28,284 – 230,419 Cost of sales before depreciation and depletion (27,608) (36,726) (13,523) – (77,857) Depreciation and depletion in cost of sales (13,331) (29,934) (4,268) – (47,533) General and administration (2,595) (3,382) (1,810) (13,788) (21,575) Other (expenses) income (3,064) 5,620 61 (2,348) 269 Finance items 774 (1,078) (136) (1,926) (2,366) Segment income (loss) before taxes 29,857 60,954 8,608 (18,062) 81,357 Income tax expense (1,874) (27,080) (4,480) (218) (33,652) Segment income (loss) after taxes from continuing operations 27,983 33,874 4,128 (18,280) 47,705
Slide 24 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 23 Six months ended June 30, 2026 Mansfield $ Sango $ Bateas $ Corporate $ Total $ Revenues from external customers 191,762 392,043 77,079 – 660,884 Cost of sales before depreciation and depletion (58,023) (91,757) (28,093) – (177,873) Depreciation and depletion in cost of sales (30,088) (49,506) (8,117) – (87,711) General and administration (6,148) (8,921) (3,599) (27,798) (46,466) Other (expenses) income (5,477) (6,239) 273 (374) (11,817) Finance items (1,630) (626) (247) (1,421) (3,924) Segment income (loss) before taxes 90,396 234,994 37,296 (29,593) 333,093 Income tax expense (25,452) (61,914) (12,693) (29,341) (129,400) Segment income (loss) after taxes from continuing operations 64,944 173,080 24,603 (58,934) 203,693 Six months ended June 30, 2025 Mansfield $ Sango $ Bateas $ Corporate $ Total $ Revenues from external customers 128,835 237,452 59,169 – 425,456 Cost of sales before depreciation and depletion (49,613) (71,841) (26,619) – (148,073) Depreciation and depletion in cost of sales (23,130) (60,245) (8,637) – (92,012) General and administration (5,094) (5,984) (4,383) (30,015) (45,476) Other (expenses) income (4,454) 7,101 (284) (2,591) (228) Finance items 3,162 (2,064) (258) (4,878) (4,038) Segment income (loss) before taxes 49,706 104,419 18,988 (37,484) 135,629 Income tax expense (3,095) (35,213) (7,613) (3,119) (49,040) Segment income (loss) after taxes from continuing operations 46,611 69,206 11,375 (40,603) 86,589 As at June 30, 2026 Mansfield $ Sango $ Bateas $ Corporate $ Total $ Total assets 655,855 1,179,485 168,249 493,673 2,497,262 Total liabilities 94,015 326,493 52,729 205,118 678,355 Capital expenditures (1) 30,344 83,312 10,612 30,044 154,312 (1) Capital expenditures are on an accrual basis for the six months ended June 30, 2026. As at December 31, 2025 Mansfield $ Sango $ Bateas $ Corporate $ Cuzcatlan $ Sanu $ Total $ Total assets 649,052 1,011,605 162,163 537,821 – – 2,360,641 Total liabilities 66,829 293,762 56,364 208,368 – – 625,323 Capital expenditures (1) 64,073 99,849 22,535 31,036 89 452 218,034 (1) Capital expenditures are on an accrual basis for the year ended December 31, 2025.
Slide 25 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 24 23. FAIR VALUE MEASUREMENTS (a) Financial Assets and Financial Liabilities by Category The carrying amounts of the Company’s financial assets and financial liabilities by category are as follows: As at June 30, 2026 Fair value through OCI $ Fair value through profit or loss $ Amortized cost $ Total $ Financial assets Cash and cash equivalents – – 606,666 606,666 Restricted cash – – 13,650 13,650 Trade receivables - concentrate sales – 9,221 – 9,221 Trade receivables - doré sales – – 3,445 3,445 Investments in equity securities (1) 7,719 – – 7,719 Other receivables – – 12,219 12,219 Total financial assets 7,719 9,221 635,980 652,920 Financial liabilities Trade accounts payable – – (81,813) (81,813) Payroll payable – – (25,005) (25,005) Share units payable – (21,936) – (21,936) 2024 Convertible Notes – – (138,905) (138,905) Other payables – – (117,051) (117,051) Total financial liabilities – (21,936) (362,774) (384,710) As at December 31, 2025 Fair value through OCI $ Fair value through profit or loss $ Amortized cost $ Total $ Financial assets Cash and cash equivalents – – 553,985 553,985 Restricted cash – – 788 788 Trade receivables - concentrate sales – 15,279 – 15,279 Trade receivables - doré sales – – 5,482 5,482 Investments in equity securities (1) 6,760 – – 6,760 Other receivables – – 7,460 7,460 Total financial assets 6,760 15,279 567,715 589,754 Financial liabilities Trade accounts payable – – (77,927) (77,927) Payroll payable – – (27,790) (27,790) Share units payable – (33,754) – (33,754) 2024 Convertible Notes – – (134,410) (134,410) Other payables – – (97,300) (97,300) Total financial liabilities – (33,754) (337,427) (371,181) (1) As at June 30, 2026, investments in equity securities include $7.6 million (December 31, 2025 - $6.7 million) representing the fair value of the Company's investment in Awalé Resources Limited, a mineral exploration company in Côte d’Ivoire. The fair value was determined based on quoted prices in active markets, a Level 1 fair value measurement, with changes in fair value recorded in other comprehensive income. The remaining balance consists of investments in other publicly traded exploration companies.
Slide 26 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 25 (b) Fair Values of Financial Assets and Financial Liabilities During the three and six months ended June 30, 2026 and 2025, there were no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy. The fair values of the Company’s financial assets and financial liabilities that are measured at fair value, including their levels in the fair value hierarchy are as follows: As at June 30, 2026 Level 1 $ Level 2 $ Level 3 $ Total $ Trade receivables - concentrate sales – 9,221 – 9,221 Investments in equity securities 7,719 – – 7,719 Share units payable – (21,936) – (21,936) As at December 31, 2025 Level 1 $ Level 2 $ Level 3 $ Total $ Trade receivables - concentrate sales – 15,279 – 15,279 Investments in equity securities 6,760 – – 6,760 Share units payable – (33,754) – (33,754) (c) Financial Assets and Financial Liabilities Not Already Measured at Fair Value The table below presents the estimated fair values of the Company’s financial liabilities, categorized within Level 2 of the fair value hierarchy, not measured at fair value where amortized cost does not reasonably approximate fair value. June 30, 2026 December 31, 2025 Carrying amount $ Fair value $ Carrying amount $ Fair value $ 2024 Convertible Notes (1) (138,905) (265,219) (134,410) (293,681) (1) The carrying amounts of the 2024 Convertible Notes represents the liability components (Note 12), while the fair value represents the liability and equity components. The fair value of the 2024 Convertible Notes is based on the quoted prices in markets that are not active for the underlying securities. 24. SUPPLEMENTAL CASH FLOW INFORMATION Changes in working capital for the three and six months ended June 30, 2026 and 2025 are as follows: Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Trade and other receivables 6,693 (2,387) 14,591 (6,086) Prepaid expenses 2,812 1,243 1,110 2,972 Inventories (7,960) (394) (9,533) (7,069) Trade and other payables 12,982 (2,658) 4,404 (1,993) Total changes in working capital 14,527 (4,196) 10,572 (12,176)
Slide 27 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 26 The significant non-cash financing and investing transactions during the three and six months ended June 30, 2026 and 2025 are as follows: Three months ended June 30, Six months ended June 30, 2026 $ 2025 $ 2026 $ 2025 $ Mineral properties, plant and equipment changes in closure and reclamation provision (953) (1,636) 1,825 504 Additions to right-of-use assets 29,909 23,708 31,325 30,314 Share units allocated to share capital upon settlement – – 3,547 3,294 25. NON-CONTROLLING INTERESTS As at June 30, 2026, the non-controlling interest (“NCI”) of the State of Côte d’Ivoire, which represents a 10% interest in Sango, totaled $52.0 million. The income attributable to the NCI for the three and six months ended June 30, 2026, totaling $8.2 million and $17.2 million, respectively, is based on net income for Séguéla (June 30, 2025 - $5.1 million and $8.5 million, respectively). During the six months ended June 30, 2026, Sango declared and paid dividends to the State of $23.5 million (June 30, 2025 - declared $12.9 million). 26. CONTINGENCIES AND CAPITAL COMMITMENTS (a) Caylloma Letter of Guarantee The Caylloma mine closure plan, as amended, that was in effect in September 2024, includes total undiscounted closure costs of $18.2 million, which consisted of progressive closure activities of $2.4 million, final closure activities of $13.5 million, and post closure activities of $2.3 million pursuant to the terms of the Mine Closing Law of Peru. Under the terms of the current Mine Closing Law, the Company is required to provide the Peruvian Government with a guarantee in respect of the Caylloma mine closure plan as it relates to final closure activities and post-closure activities and related taxes. As at June 30, 2026, the Company provided a bank letter guarantee of $17.6 million to the Peruvian Government in respect of such closure costs and taxes, issued by Banco BBVA Perú (updated on January 14, 2026, expiring on January 28, 2027). The proposed update to the Mine Closure Plan, submitted to the Peruvian Ministry of Energy and Mines in December 2025, remains under evaluation; the Company is currently responding to observations raised by the Peruvian Government. (b) Other Commitments Argentina As at June 30, 2026, the Company had capital commitments of $3.6 million, for civil work, equipment purchases and other services at the Lindero mine, which are expected to be expended within one year. Senegal As at June 30, 2026, the Company had capital commitments of $21.5 million, for camp construction, civil works, and equipment purchases at the Diamba Sud gold project, which are expected to be expended within one year.
Slide 28 — Fortuna Mining Corp.
Fortuna Mining Corp. Notes to Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts) Page | 27 Côte d’Ivoire The Company entered into an agreement with a service provider at the Séguéla mine wherein if the Company terminates the agreement prior to the end of its term, in May 2028, the Company would be required to make an early termination payment, which is reduced monthly over 66 months. If the Company had terminated the agreement on June 30, 2026, and elected not to purchase the service provider’s equipment, it would have been subject to an early termination payment of $14.1 million. If the Company elected to purchase the service provider’s equipment, the early termination amount would be adjusted to exclude equipment depreciation and demobilization of equipment, and only include the portion of the monthly management fees and demobilization of personnel. Additional early termination payments may apply under certain other service agreements, amounting to a cumulative fee of approximately $3.5 million as at June 30, 2026. In addition, as at June 30, 2026, the Company had outstanding bank guarantees totaling $6.9 million, primarily securing obligations related to environmental rehabilitation, supplier contracts, and disputed tax assessments. Finally, as at June 30, 2026, the Company had capital commitments of $18.0 million, primarily for the purchase of underground primary mining equipment, power plant civil works, camp expansion, and various engineering and feasibility studies at the Séguéla mine, which are expected to be expended within one year. (c) Tax Contingencies The Company is, from time to time, involved in various tax assessments arising in the ordinary course of business. The Company cannot reasonably predict the likelihood or outcome of these actions. The Company has recognized tax provisions with respect to current assessments received from the tax authorities in the various jurisdictions in which the Company operates, and from any uncertain tax positions identified. For those amounts recognized related to current tax assessments received, the provision is based on management's best estimate of the outcome of those assessments, based on the validity of the issues in the assessment, management's support for their position, and the expectation with respect to any negotiations to settle the assessment. Management re-evaluates the outstanding tax assessments regularly to update their estimates related to the outcome for those assessments taking into account the criteria above. (d) Other Contingencies The Company is subject to various investigations and other claims; and legal, and labour proceedings covering matters that arise in the ordinary course of business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved unfavourably for the Company. Certain conditions may exist as of the date these financial statements are issued that may result in a loss to the Company. None of these matters is expected to have a material effect on the results of operations or financial condition of the Company.