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Fortuna Mining (FSM) · 46 slides · Filed Oct 29, 2026
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Slide 1 — Targeting ~500,000 GEO
We envision. We deliver. Investor Presentation October 21, 2026 Targeting ~500,000 GEO annual production rate from H2 2028 NYSE: FSM | TSX: FVI We envision. We deliver.
Slide 2 — In our strongest position ever to deliver growth
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation In our strongest position ever to deliver growth Established production base Three operating mines with long life of mine4 Financial strength $756.7 M of liquidity and $435 M3 net cash at June 30, 2026, funding growth with capital discipline1 Séguéla Mine expansion, Côte d’Ivoire Capex $110 M 30% increase in plant capacity underway, positioning Séguéla to produce >200,000 oz Au annually Diamba Sud Gold Project, Senegal Capex $400 M Per feasibility study, ~160,000 oz Au average annual production during the first four years. Mining permit and FID pending Two growth engines Séguéla expansion and Diamba Sud are the two drivers toward ~500,000 GEO per year from H2 2028 Mineral Reserves & Mineral Resources (GEOs) P&P2 4.11 Moz M&I2 1.02 Moz Inferred2 2.16 Moz Proven execution Five mines successfully built in 5 countries across West Africa and Latin America Return to shareholders $106.6 M returned to shareholders through share buybacks YTD 20261 Producing today Funded and disciplined Path to ~500,000 GEO annual production rate from H2 2028 Cash generation $259.7 M3 of free cash flow in H1 20261 1. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 2. Refer to slide 43 3. These are non-IFRS measures I Refer to slide 45 for more information on non-IFRS measures 4. Refer to slide 4 2
Slide 3 — Two growth projects.
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Three operating mines. Two growth projects. Strong exploration pipeline. 2026E Production (GEO)1 281,000 - 305,000 2026E AISC ($/ GEO)1 $1,830 - $1,975 Latin America Caylloma Mine, Peru Lindero Mine, Argentina West Africa Séguéla Mine, Côte d’Ivoire | Plant expansion ongoing Diamba Sud Gold Project, Senegal | Mining permit & FID pending Bambadji Property, Senegal | Drilling underway 56% 44% Quartzstone Project, Guyana | First-pass mapping 2026E production split 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” | AISC is a non-IFRS measure I Refer to slide 45 for more information on non-IFRS measures 3
Slide 4 — 214,754 GEO9
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation • ~160,000 oz Au over first 4 years • AISC: $1,056/oz Au over first 4 years • Reserves: 1.15 Moz Au • LOM: 9.4 years • $400 M Capex • $1 billion after-tax NPV5% • 60% IRR • 1-year payback Development & Expansion Operating Mines Strong operating base powers future production increases Séguéla Mine, Côte d’Ivoire Diamba Sud Project, Senegal Séguéla Mine, Côte d’Ivoire Lindero Mine, Argentina Caylloma Mine, Peru Reserves: 9 years2,5 160,000 - 170,000 oz Au1 AISC: $1,630 - $1,730/oz Au1,6 92,000 - 102,000 oz Au1 AISC: $1,520 - $1,655/oz Au1,6 Reserves: 9 years3,5 29,000 - 33,000 GEO1 AISC: $31.3 - $35.6/oz AgEq1 Reserves: 4 years3,5 9-month 2026: 117,443 oz Au9 9-month 2026: 68,398 oz Au9 9-month 2026: 28,913 GEO9 214,754 GEO9 9-month GEO Production Targeting >200,000 oz Au from H2 20288 Targeting first gold in Q2 2028, mining permit & FID pending4,7 • 30% plant expansion approved in July 2026; construction underway • $110 M Capex • Processing capacity to increase from 1.75 Mtpa to 2.3 Mtpa • Projected payback period of ~2.5 years Diamba Sud @ $3,500/oz Au 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to Fortuna 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” | refer to slide 18 3. Refer to Fortuna news release dated April 23, 2026, “Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla” | refer to slides 18 4. Refer to Fortuna news release dated June 29, 2026, “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz” | refer to slide 46 5. Life of mine reported as of March 31, 2026 6. AISC is a non-IFRS measure I Refer to slide 45 for more information on non-IFRS measures 7. Refer to Fortuna news release dated July 13, 2026, "Fortuna Files Feasibility Study Technical Report for the Diamba Sud Gold Project, Senegal" 8. Refer to Fortuna news release dated July 29, 2026, "Fortuna Approves 30% Capacity Expansion of the Séguéla Gold Mine in Côte d’Ivoire“ 9. Refer to Fortuna news release dated October 7, 2026 "Fortuna reports third quarter 2026 production of 69,665 gold equivalent ounces and advances key growth initiatives" 2026E 4
Slide 5 — Targeting 60% growth to ~500,000 GEO annual
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Targeting 60% growth to ~500,000 GEO annual production rate from H2 2028 49 81 90 127 137 158 180 183 179 183 321 365 426 442 317 0 50 100 150 200 250 300 350 400 450 500 550 600 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027 2028 2029 Caylloma Mine San Jose Mine Lindero Mine Yaramoko Mine Séguéla Mine Base metals Ag Au + expansion Diamba Sud Years in production GEO (000) Portfolio reshaped around three core mines 5 281- 305
Slide 6 — 93×
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Two decades of delivering shareholder value A proven track record positions Fortuna for its next phase of growth 6 2007 - 2025 operating and financial performance Metric 2007 2025 Change GEO production koz 14.2 317 22x GEO production / share GEO / 1,000 shares 0.2 1.0 5x Adjusted EBITDA1 $ M 5.5 514 93x EPS2 $/share -0.04 0.88 +0.92 Cash flow per share $/share 0.15 1.48 10x 93× Adjusted EBITDA growth 22× GEO production growth 10× Cash flow per share growth Caylloma Mine Lindero Mine Séguéla Mine Diamba Sud Gold Project 1. Adjusted EBITDA is a non-IFRS measure I Refer to slide 45 for more information on non-IFRS measures 2. Basic EPS, continuing operations. Growth multiples rounded
Slide 7 — Q3 2026 production from ongoing operations
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Q3 2026 production from ongoing operations On track to achieve annual guidance of 281,000 to 305,000 GEO1 59.8 62.5 Q3 2026 Q2 2026 0.25 0.23 Q3 2026 Q2 2026 8.4 7.8 Q3 2026 Q2 2026 11.4 12.0 Q3 2026 Q2 2026 Q3 2026 Q3 GEO Production 69,665 oz2 Gold2 (koz) Silver2 (Moz) Lead2 (Mlbs) Zinc2 (Mlbs) 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 Outlook.” 2. Refer to Fortuna news release dated October 7, 2026 "Fortuna reports third quarter 2026 production of 69,665 gold equivalent ounces and advances key growth initiatives" 9-month GEO Production 214,754 oz2 7
Slide 8 — Q2 2026 financial performance1
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Q2 2026 financial performance1 Quarterly free cash flow2 of $85.7 million and adjusted attributable net income2 of $75.5 million Sales1 ($ M) Net Cash from Operations1 ($ M) Free Cash Flow from ongoing Operations1,2 ($ M) Adjusted Attributable Net income1,2 ($ M) 31 8.4 34 2.5 Q2 2026 Q1 2026 13 8.3 20 9.4 Q2 2026 Q1 2026 85. 7 17 4.0 Q2 2026 Q1 2026 75. 5 11 1.0 Q2 2026 Q1 2026 1. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 2. These are non-IFRS measures I Refer to slide 45 for more information on non-IFRS measures 3. Metrics are presented excluding discontinued operations 8
Slide 9 — Free cash flow more than doubled in H1 20261
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Sales1 ($ M) Net Cash from Operations1 ($ M) Free Cash Flow from ongoing Operations1,2 ($ M) Adjusted Attributable Net income1,2 ($ M) 66 0.9 42 5.5 H1 2026 H1 2025 34 7.6 19 3.7 H1 2026 H1 2025 25 9.7 12 4.1 H1 2026 H1 2025 18 6.5 80. 4 H1 2026 H1 2025 1. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 2. These are non-IFRS measures I Refer to slide 45 for more information on non-IFRS measures 3. Metrics are presented excluding discontinued operations Free cash flow more than doubled in H1 20261 Sales up 55% and adjusted attributable net income up 132% YoY +55% YoY +79% YoY +109% YoY +132% YoY 9
Slide 10 — Fortress balance sheet; $106.6 M of share buybacks YTD
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Fortress balance sheet; $106.6 M of share buybacks YTD 10 266 382 493 435 0 100 200 300 400 500 Q3 2025 Q4 2025 Q1 2026 Q2 2026 588 704 816 757 0 100 200 300 400 500 600 700 800 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Cash Position up 64% since Q3 20251,2,3 $ M $ M Net Cash Position ($ M) Liquidity ($ M) 1. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 2. Metrics are presented excluding discontinued operations 3. These are non-IFRS measures I Refer to slide 45 for more information on non-IFRS measures
Slide 11 — $620 M of operating cash flow in four quarters
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation $620 M of operating cash flow in four quarters 11 111 162 209 138 3,467 4,166 4,884 4,447 942 971 951 1,034 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 0 50 100 150 200 250 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $ M $/oz Au Q2 Gold Price Q2 Net Cash from Operations1,2 Q2 Cash Costs1,2,3 $138 M $4,447/oz $1,034/oz Au 1. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 2. Metrics are presented excluding discontinued operations 3. These are non-IFRS measures I Refer to slide 45 for more information on non-IFRS measures
Slide 12 — Pipeline of quality, geographically diversified projects
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Pipeline of quality, geographically diversified projects 2026E total mineral exploration budget of $70.3 million | ~ 252,000 meters of drilling Brownfields Exploration $45.6 M Greenfields Exploration $24.7 M Diamba Sud Project Senegal Séguéla Mine Côte d’Ivoire Lindero Mine Argentina Caylloma Mine Peru $12.2 million budget1 ~ 35,000 meters of drilling, including: • Resource upgrade drilling • Continued target generation Côte d’Ivoire $4.2 million budget Advance exploration work at Guiglo and Tongon North, including: ~ 19,000 meters of auger drilling ~ 17,000 meters of RC drilling Senegal Argentina Guyana $9.3 million budget, including $7.5 million for the Bambadji Project2 $6.4 million budget Cerro Lindo Extensive reconnaissance program, including ~ 7,000 meters of DD drilling Regional generative targets, including: ~ 3,000 meters of DD drilling $5.5 million budget Quartzstone Project Entered into an earn-in agreement in April 2026, pursuant to which Fortuna may earn up to a 70% interest in the project Note: a proportion of the total budget is not attributable to Greenfields exploration $22.8 million budget ~ 69,000 meters of drilling, including: • Resource upgrade drilling at Sunbird UG • Expansion drilling at Kingfisher • Continued target generation $4.6 million budget ~ 11,000 meters of drilling at Arizaro ~ 6,000 meters of infill drilling at Lindero, test inferred resources below ultimate pit shell $6.0 million budget ~ 12,000 meters of drilling, including: • Targeting extensions to ore shoots at Animas • Continued exploration of near mine anomalies 12
Slide 13 — Positioned in West Africa’s productive greenstone belts
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Positioned in West Africa’s productive greenstone belts 13 1. Fortuna owns approximately 16.3 percent of Awalé Resources, which is advancing its 100 percent-owned Odienné Project in Côte d’Ivoire. Refer to Fortuna news release dated June 11, 2025, “Fortuna Completes Strategic Investment in Awalé Resources Limited and Files Early Warning Report” 2. Fortuna holds its interest in the Tongon North Property through a property option agreement entered into on March 1, 2024 3. Refer to Fortuna news release dated October 2, 2025, “Fortuna expands West African presence, forms exploration alliance in Guinea with DeSoto Resources” 4. Refer to June 6, 2023, S&P Global Market Intelligence Report, by Paul Manalo: “Discovery to production averages 15.7 years for 127 mines” 1 2 3 Séguéla Mine Fortuna acquisition, feasibility to first gold pour 3 years 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Houndé Mine Endeavour’s acquisition to first gold pour 5 years Sanbrado Mine Western African Resources’ feasibility to first gold pour 3 years Global average is approximately 15.7 years4 Côte d’Ivoire returned the lowest average lead time of mines from discovery to production 2002-20234 Accelerating cash flow generation
Slide 14 — Diamba Sud Gold Project, Senegal
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Diamba Sud Gold Project, Senegal Immediately contiguous Bambadji properties Acquired the 190 km² advanced gold exploration project from Barrick Mining and IAMGOLD in 2026 for $200 million Consolidated approximately 60 kilometers of strike along a highly prospective Tier-1 gold corridor Six drill rigs operating at Kabewest, the most advanced target; ~2.3 km from the proposed Diamba Sud plant site 14
Slide 15 — Diamba Sud Gold Project, Senegal
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Diamba Sud Gold Project, Senegal Final investment decision expected in Q4 2026 upon receipt of mining permit $1.0 BILLION AFTER-TAX NPV5% ($3,500/oz Au) 60% AFTER-TAX IRR ($3,500/oz Au) $398 MILLION INITIAL CAPITAL (Including withholding tax, duties, and levies) 1 YEAR AFTER-TAX PAYBACK ($3,500/oz Au) 1.1 Moz Au LOM RECOVERED OUNCES (9.4-year mine life) 116,000 oz/year GOLD PRODUCTION (Average production for years 1-4: 158,000 oz/year) $1,332/oz Au LOM AISC2 (AISC of $1,056/oz over first 4 years at $3,500/oz Au) $1.4 BILLION AFTER-TAX PROJECT CF ($3,500/oz Au) • Gold price = $3,500/oz • Discount rate = 5% • Government royalty = 3% • Local contribution royalty = 0.5% • Capital investment tax credit = 40% of project capital expenditure, available for only 5 years postproduction start and subject to a cap of 50% of taxable income Mineral Reserve1 = 1.15 Moz @ 1.75 g/t Au within $2,900/oz Au pit shell = Key model assumptions (After-Tax 100% project basis): 1. Refer to slide 42 for Mineral Reserves and Mineral Resources 2. Refer to Fortuna news release dated June 29, 2026, “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz”; refer to slide 46 15
Slide 16 — Diamba Sud Gold Project, Senegal
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Diamba Sud Gold Project, Senegal Production and cost profile1 184 149 169 131 93 101 98 67 57 4 $894 $1,188 $999 $1,207 $1,670 $1,742 $1,465 $2,097 $1,964 $2,033 - 500 1,000 1,500 2,000 2,500 - 20 40 60 80 100 120 140 160 180 200 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 AISC1 ($/oz Au) Gold Production (koz) Au production AISC 1. Refer to Fortuna news release dated June 29, 2026, “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz”; refer to slide 46 16
Slide 17 — Diamba Sud Gold Project, Senegal
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Diamba Sud Gold Project, Senegal Significant exploration upside Southern Arc deposit - Section 375NE1 Drilling program adjacent to Southern Arc and Kassasoko deposits has continued to return encouraging results beyond current pit designs Successfully identified depth and strike extensions to the NE and SW, and parallel structures to the SE; mineralization remains open 1. Refer to Fortuna news release dated October 13, 2026, “Fortuna intersects 7.8 g/t gold over 12.8 meters at Southern Arc, Diamba Sud, and advances exploration at Bambadji, Senegal” 17
Slide 18 — Séguéla Mine, Côte d’Ivoire
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Séguéla Mine, Côte d’Ivoire Ongoing 30% plant capacity expansion; $110 M Capex7 Kingfisher Open pit Reserves4: 3.5 Mt @ 2.28 g/t Au containing 257,000 oz Au Sunbird UG: Reserves3: 4.4 Mt @ 3.80 g/t Au, containing 539,000 oz Au Plant expansion • Targeted ramp-up of plant in H2 2028 with increase from 1.75 Mtpa to 2.3 Mtpa; average gold recovery expected to reach 94% • Expected to support average annual gold production of >200,000 ounces Sunbird Underground (UG) Project ESIA has been approved; permit expected in Q4 20261 • Project team recruited; advancing pre-development and operational readiness activities • Portal construction and development are expected to commence in Q2 2027 Production and AISC Q3 20261 Q2 20266 2026E2 Gold production (oz) 33,744 41,683 160,000 - 170,000 AISC5 ($/oz Au) -8 1,765 1,630 - 1,730 Séguéla Mine, Côte d’Ivoire 1. Refer to Fortuna news release dated October 7, 2026 "Fortuna reports third quarter 2026 production of 69,665 gold equivalent ounces and advances key growth initiatives" 2. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 3. Refer to Fortuna news release dated April 23, 2026, “Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla” | Reported as of March 31, 2026 | Refer to Slide 39 4. Refer to Fortuna news release dated November 18, 2025, “Fortuna Expands Mineral Reserves and Mineral Resources for the Séguéla Mine, Côte d’Ivoire” 5. All-in sustaining cost | This is a non-IFRS measure | Refer to slide 45 for more information on non-IFRS measures 6. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 7. Refer to Fortuna news release dated July 29, 2026, “Fortuna Approves 30% Capacity Expansion of the Séguéla Gold Mine in Côte d’Ivoire” 8. AISC figure will be disclosed in the Company’s Management's Discussion and Analysis for the three and nine months ended September 30, 2026 Reserves: Reserves life of mine: 16.4 Mt @ 3.01 g/t Au containing 1.6 Moz Au3 9 years3 18
Slide 19 — Séguéla Mine, Côte d’Ivoire
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation 1. Refer to Fortuna release dated August 18, 2025 "Fortuna drills 4.5 g/t Au over 37.4 meters at Kingfisher and 11.2 g/t Au over 5.6 meters at Sunbird, Séguéla Mine, Côte d’Ivoire" Séguéla Mine, Côte d’Ivoire Regional exploration: Continuing success1 Deposits are characterized by high grade, coarse gold, quartz vein hosted systems which are supportive of robust economics High grade deposits remain open at depth below current pits at Koula, Ancien, Sunbird, and Kingfisher 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 generation and testing 19
Slide 20 — Séguéla Mine, Sunbird Deposit, Côte d’Ivoire
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Séguéla Mine, Sunbird Deposit, Côte d’Ivoire Drilling continues to expand UG mining potential Sunbird long section (looking west) High grade (>20 grams x meter) core extending at least 0.8 kilometer beyond UG Indicated Resource boundary Clear structural control on high grade core, three dominant, parallel vein sets Remains open beyond 700 meters below surface (SGRD2215) 1. Refer to Fortuna news release dated February 12, 2026, “Fortuna Extends High Grade Gold Mineralization at Sunbird, Including 6.1 g/t Au over 18.9 meters, Séguéla Mine, Côte d’Ivoire” 20
Slide 21 — Séguéla Mine, Kingfisher Deposit, Côte d’Ivoire
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Séguéla Mine, Kingfisher Deposit, Côte d’Ivoire Newest emerging mineral deposit on the property Kingfisher prospect long-section (looking west) 1-km east of Sunbird, “blind deposit” identified through subtle soil anomaly Drill tested 1.9-kilometer strike length to date, remains open at depth and along strike to the north and south Hosted along the contact of moderately sheared basalts and dolerites; in the same package as Boulder and Agouti deposits 1 and 3-km to the north 1. Refer to Fortuna news release dated August 18, 2025, “Fortuna drills 4.5 g/t Au over 37.4 meters at Kingfisher and 11.2 g/t Au over 5.6 meters at Sunbird, Séguéla Mine, Côte d’Ivoire” 21
Slide 22 — Lindero Mine, Argentina
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Lindero Mine, Argentina Q3 2026 gold production increases 25% quarter-over-quarter Production and AISC Q3 20261 Q2 20266 2026E2 Gold production (oz) 26,024 20,829 92,000 - 102,000 AISC4 ($/oz Au) -7 2,265 $1,520 - $1,655 1. Refer to Fortuna news release dated October 7, 2026, "Fortuna reports third quarter 2026 production of 69,665 gold equivalent ounces and advances key growth initiatives" 2. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 3. Refer to Fortuna news release dated April 23, 2026, “Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla” | Refer to slide 40 4. All-in sustaining cost | This is a non-IFRS measure | Refer to slide 45 for more information on non-IFRS measures 5. Reported as of December 31, 2025 6. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 7. AISC figure will be disclosed in the Company’s Management's Discussion and Analysis for the three and nine months ended September 30, 2026 Reserves: Reserves life of mine: 64.4 Mt @ 0.54 g/t Au containing 1.1 Moz Au3 9 years5 Q2 2026 represented the expected peak AISC. Unit costs anticipated to trend lower through the remainder of the year7 Major plant capital projects completed leading to improved mechanical availability, supporting higher crushing and stacking rates1 Lindero Mine6: Completed drilling to test Inferred Mineral Resources and open mineralization areas below the ultimate Mineral Reserve pit shell Arizaro Deposit: Inferred Resources: 32.9 Mt @ 0.38 g/t Au, containing 402,000 oz Au3 Lindero Mine, Argentina 22
Slide 23 — Lindero Mine Resource Expansion
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Lindero Mine Resource Expansion Mineralization open below reserve pit shell LDH-259: 0.85 g/t Au over a drilled length of 236 meters from surface1 LDH-272: 0.96 g/t Au over a drilled length of 350 meters from surface1 1. Refer to Fortuna news release dated October 20, 2026, “Fortuna intersects 0.96 g/t gold over 350 meters at the Lindero Mine, Argentina” 2026 infill drilling program returned multiple intersections with gold grades consistent with or higher than the corresponding grades estimated in the block model Program will support a revised LOM plan and an updated Mineral Reserve estimate for Lindero 23
Slide 24 — Caylloma Mine, Peru
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Caylloma Mine, Peru On track to exceed annual production guidance 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to Fortuna news release dated October 7, 2026 "Fortuna reports third quarter 2026 production of 69,665 gold equivalent ounces and advances key growth initiatives" 3. Refer to Fortuna news release dated April 23, 2026, “Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla” | Refer to slide 41 4. Reported as of December 31, 2025 5. All-in sustaining cost | This is a non-IFRS measure | Refer to slide 45 for more information on non-IFRS measures 6. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 7. AISC figure will be disclosed in the Company’s Management's Discussion and Analysis for the three and nine months ended September 30, 2026 As of September 30, 2026, the project to expand the capacity of the tailings storage facility #3 is 64% complete and is progressing according to plan2 100% of current and future energy requirements through the national power grid is supplied entirely from renewable sources, no need for supplemental diesel- based power generation Production and AISC Q3 20262 Q2 20266 2026E1 Silver production (Moz) 0.25 0.23 0.8 - 1.0 Gold production (koz) - - - Lead production (Mlbs) 8.4 7.8 25 - 28 Zinc production (Mlbs) 11.4 12.0 39 - 43 GEO production 9,897 9,705 29 - 33 AISC ($/oz Ag Eq)5 -7 44.89 31.3 - 35.6 Reserves: Reserves life of mine4: 2.3 Mt @ 89 g/t Ag, 0.28 g/t Au, 2.42% Pb and 3.50% Zn3 4 years Caylloma Mine, Peru Q3 2026 performance reflects steady plant operations, consistent throughput, and continued strong contribution from base metal production 24
Slide 25 — Caylloma Mine, Peru
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Caylloma Mine, Peru Long history, bright future Animas Extension NE & Oreshoot 2 Expansion of existing resources and current mining 1 Don Luis I & II veins Extension of historical high-level Au/Ag high-grade resources 2 San Pedro & Parelela veins Maiden drilling of large historical workings in Ag/Pb/Zn dominant epithermal veins 3 4 San Cristóbal vein Extension of historical, Ag-dominant resources in epithermal veins 5 Ramal Piso Carolina vein Extension and development of high-grade, near surface, Au/Ag dominant epithermal veins 1 2 3 4 5 25
Slide 26 — discoveries.
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Quartzstone Project, Guyana Establishing a presence in the Guiana Shield, a highly prospective region with a strong history of gold discoveries. 26
Slide 27 — 2026 ESG Ratings
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation 2026 ESG Ratings Continuously achieving top tier performance 27
Slide 28 — Sustainability Performance
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Sustainability Performance 1. TRIFR per one million workhours 2. Energy use per tonne of processed ore intensity (GJ/t) 3. Volume of water consumed per tonne of processed ore intensity (m3/t) 4. Greenhouse gas (GHG) emissions intensity per gold equivalent ounces (tCO2eq /Au eq oz) 5. Data subject to internal data quality review. Final results to be disclosed in the 2026 Sustainability Report Prioritized corporate sustainability KPIs Q3 20265 2026 Targets Total Recordable Injury Frequency Rate (TRIFR)1 1.23 1.37 Significant disputes with local communities 0 0 Significant strikes and lockouts 0 0 Significant incidents associated with waste and hazardous materials 0 0 Energy efficiency2 0.20 0.20 Water consumption intensity3 0.16 0.19 GHG emissions intensity4 0.48 0.47 Target achieved Close to target (+90%) Needs improvement 28
Slide 29 — Pay-for-performance
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Short-term cash incentives (STI) are aligned to the achievement of annual, pre-defined corporate financial, operational, growth and ESG metrics. CEO’s share ownership guideline requires a minimum ownership of 3 times the annual base salary. Long-term incentives (LTIs) are awarded in the form of equity (RSUs2 and PSUs3) which vests over a 3-year period. 50 % of the award value is subject to Company performance modifiers. CEO is subject to the Incentive Compensation Clawback Policy, which allows for the clawback of incentive compensation paid in excess in the event of downward adjusted financial and operational results. 78% of CEO’s compensation is at-risk pay Base Salary LTIs 56% 22% 22% 1. Relates to fiscal 2025 2. Restricted Share Unit 3. Performance Share Unit STIs Pay-for-performance CEO’s pay-for-performance1 compensation structure aligned with the long-term interests of shareholders 29
Slide 30 — Capital Structure and Ownership
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Capital Structure and Ownership 1. Outstanding shares as of October 9, 2026 | 52-week range and 3-month average volume per day sourced from NYSE Connect: September 24, 2026 2. Source: NYSE Connect as of September 24, 2026 Outstanding shares (OS)1 296.0 M NYSE: FSM1 52-week range (Hi - Lo) $13.85 - 7.69 3-month average volume per day 5.0 million shares TSX: FVI1 52-week range (Hi - Lo) C$18.99 - 10.78 3-month average volume per day 0.7 million shares 28 1 71 Share ownership2 (%) Institutional Insiders Unknown³ 27 26 5 7 6 Institutional ownership2 (%) NYC Boston Toronto London Others 30
Slide 31 — 2026E Annual Guidance
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Refer to slide 35 | AISC is a non-IFRS measure. Refer to slide 45 for more information on non-IFRS measures Consolidated Production AISC 1,2 252 - 272 koz Gold 0.8 - 1.0 Moz Silver 25 - 28 Mlbs Lead 39 - 43 Mlbs Zinc Caylloma Mine PERU $31.3 - 35.6 ($/oz Ag Eq) Lindero Mine ARGENTINA $1,520 - 1,655 ($/oz Au) Séguéla Mine CÔTE D’IVOIRE $1,630 - 1,730 ($/oz Au) 2026E Annual Guidance 281,000 to 305,000 GEO1 production at an estimated AISC of between $1,830 and $1,975/GEO1,2 31
Slide 32 — CARLOS BACA
We envision. We deliver. CARLOS BACA Vice President, Investor Relations [email protected] | fortunamining.com CONTACT NYSE: FSM | TSX: FVI @fortunamining @fortunamining @fortunamining @fortunamining @fortunamining 32
Slide 33 — Appendices
We envision. We deliver. We envision. We deliver. Appendices 33
Slide 34 — Financial Performance4
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Appendix Financial Performance4 Where applicable, the Company has presented operating and financial results based on its continuing operations. Contributions from the San Jose and Yaramoko mines have been removed from all figures as they were divested during the second quarter of 2025. $ M unless otherwise stated Q2 20261 Q2 20251 Change 2025 2024 Change OPERATIONS Gold production (oz) 62,512 61,736 1% 239,915 235,620 2% Silver production (Moz) 0.23 0.24 (4%) 1.0 1.2 (18%) GEO 72,2174 71,2293 1% 279,2073 292,1693 (4%) Net sales (M) 318.4 230.4 38% 947.1 677.2 40% AISC ($/oz GEO)2 2,157 1,932 12% 1,933 1,634 18% EARNINGS Attributable net income 75.5 42.6 77% 269.7 84.5 219% Attributable earnings per share (EPS) 0.25 0.14 79% 0.88 0.27 226% Adjusted attributable net income2 75.5 44.7 69% 203.1 77.5 162% Adjusted EBITDA2 200.8 133.3 51% 514.0 331.1 55% CASH FLOW Free cash flow from ongoing operations2 85.7 57.4 49% 330.0 102.6 222% Cash flow per share5 0.41 0.32 28% 1.48 0.95 56% 1. Refer to Fortuna “Management’s Discussion and Analysis for the three and six months ended June 30, 2026” 2. These are non-IFRS measures. Refer to slide 45 for more information on non-IFRS measures 3. Refer to Fortuna news release dated August 5, 2026, “Fortuna Reports Results for the Second Quarter 2026” 4. Where applicable, metrics are presented excluding discontinued operations 5. Before working capital changes 34
Slide 35 — 2026E Consolidated Cash Cost and AISC Guidance1,2
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation 2026E Consolidated Cash Cost and AISC Guidance1,2 Appendix 2026E Guidance Séguéla 735 - 815 Lindero 975 - 1,140 Caylloma 1,440 - 1,590 Consolidated cash cost 895 - 1,000 2026E Guidance Séguéla 1,630 - 1,730 Lindero 1,520 - 1,655 Caylloma 2,610 - 2,965 Corporate G&A 138 Consolidated AISC 1,830 - 1,975 Cash Cost Guidance ($/GEO) AISC Guidance ($/GEO) 1. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” 2. Cash cost includes production cash cost and for Lindero, is net of copper by-product credit. AISC includes sustaining capital expenditures, worker’s participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary G&A and Brownfields exploration and is estimated at metal prices of $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb, and $2,750/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12. 35
Slide 36 — The West Africa Opportunity
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation 36 Senegal Mauritania Mali Ghana Côte d’Ivoire Liberia Sierra Leone Guinea- Bissau Gambia Burkina Faso Guinea Togo Ahafo | Ghana FY25 production: 734 koz Au1 Siguiri | Guinea FY25 production: 289 koz Au1 Diamba Sud Gold Project | Bambadji Project Séguéla Mine FY25 production: 152 koz Au2 Obuasi | Ghana FY25 production: 266 koz Au1 Fekola | Mali FY25 production: 531 koz Au1 Sabodala | Senegal FY25 production: 274 koz Au1 Fortuna Mining - Investor Presentation We envision. We deliver. 1. 2025 full year (FY) production sourced from company’s annual MD&A or 20-F report: Fortuna (the Séguéla Mine is subject to a 10% carried interest held by the State of Côte d'Ivoire) | B2Gold | AngloGold Ashanti (reflects 85% ownership stake in Siguiri) | Newmont 2. Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and issues 2026 Outlook” The West Africa Opportunity A mining-friendly, favorable jurisdiction to do business Significant geological potential Host to numerous “Tier 1” gold mines with considerable annual production Appendix 36
Slide 37 — Board of Directors
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Board of Directors Appendix David Laing Board Chair | Independent Director Mining Engineer With 40 Years Of Experience In The Industry. David Is An Independent Mining Consultant. He Was Formerly The COO Of Both Equinox Gold And True Gold Mining. He Was Also COO And Executive VP, Quintana Resources Capital, A Base Metals Streaming Company. David Was Also One Of The Original Executives Of Endeavour Mining. Chair of the Sustainability Committee and a member of the Compensation Committee Mario Szotlender Director Co-founder Of Fortuna. Financier, Businessman And Director Of Atico Mining, Endeavour Silver, and Radius Gold. Member of the Sustainability Committee Jorge A. Ganoza Chief Executive Officer and Director Jorge is a geological engineer and co-founder of Fortuna, where he has led the Company since its inception. With more than 30 years of experience, he has overseen the full lifecycle of multiple underground and open-pit mining operations across Latin America and West Africa, from exploration and discovery through construction and commissioning. He has also spearheaded the financing of these projects, successfully securing capital through multiple market cycles to advance and deliver complex mining developments. Jorge holds a degree in Geological Engineering from the New Mexico Institute of Mining and Technology. Kate Harcourt Independent Director Sustainability Professional With Over 30 Years Of Experience, Principally In The Mining Industry. Kate Has Worked With A Number Of Mining Companies And As A Consultant For International Finance Corp. Member of the Sustainability Committee David Farrell Independent Director A Corporate Director, With Over 25 Years Of Corporate And Mining Experience. Negotiated, Structured And Closed More Than $25 Billion Worth Of M&A And Structured Financing Transactions For Natural Resource Companies. Previously, President Of Davisa Consulting, A Private Consulting Firm Working With Global Mining Companies. Chair of the Compensation Committee, Chair of the Corporate Governance and Nominating Committees and member of the Audit Committee Alfredo Sillau Independent Director Managing Partner, CEO And Director Of Faro Capital, An Investment Management Firm That Manages Private Equity And Real Estate Funds. Member of the Audit and Compensation Committees Kylie Dickson Independent Director Executive With Over 14 Years Of Experience In The Mining Industry. Kylie Has Worked With Companies At Various Stages Of The Mining Lifecycle Including Playing A Key Role In Multiple Financings And M&A. Kylie Was Most Recently The VP, Business Development At Equinox Gold. Chair of the Audit Committee and member of the Corporate Governance and Nominating Committee Salma Seetaroo Independent Director Executive With Over 16 Years’ Experience Working On Debt, Equity And Special Situations Investments In Africa. Co-founder And CEO Of Cashew Coast, An Integrated Cashew Business Located In Côte D’ivoire. Director Of Goviex Uranium Inc., A Canadian TSX.V Listed Company. Member of the Sustainability and Corporate Governance and Nominating Committees 37
Slide 38 — Executive Leadership Team
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Executive Leadership Team Appendix Jorge A. Ganoza Chief Executive Officer and Director Jorge is a geological engineer and co-founder of Fortuna, where he has led the Company since its inception. With more than 30 years of experience, he has overseen the full lifecycle of multiple underground and open-pit mining operations across Latin America and West Africa, from exploration and discovery through construction and commissioning. He has also spearheaded the financing of these projects, successfully securing capital through multiple market cycles to advance and deliver complex mining developments. Jorge holds a degree in Geological Engineering from the New Mexico Institute of Mining and Technology. Luis D. Ganoza President Luis D. Ganoza has served as President of Fortuna Mining Corp. since September 2026, following 20 years as the Company’s Chief Financial Officer. He has over 25 years of experience in the mining industry, spanning operations, corporate finance, and financial management. Prior to joining Fortuna in 2006, Luis served as Controller and Treasurer of Minera Atacocha, one of Peru’s largest publicly traded mining companies, which was subsequently acquired by Votorantim Group. Cesar Velasco Chief Operating Officer - Latin America A skilled executive with over 28 years of global experience in the mining and manufacturing industry, Cesar has been with Fortuna since 2018 and was the designated leader for the Fortuna - Roxgold integration. David Whittle Chief Operating Officer - West Africa David joined Fortuna in July 2021 and held the position of Vice President Operations – West Africa until September 2022. He has over 30 years of mining operations experience across several commodities and locations around the world. David was responsible since 2019 for the operational performance of the Yaramoko Mine in Burkina Faso and has implemented strategies to lower costs and improve efficiency. Eric Chapman Senior Vice President, Technical Services A geologist with over 20 years of experience who has provided technical guidance to Fortuna since 2011. Previously Eric was a senior consultant to Snowden Mining Industry Consultants working on a variety of mine and exploration projects in Africa and the Americas. Julien Baudrand Senior Vice President, Sustainability More than 15 years of experience in social and environmental management in the mining industry in Africa and he spent his first 10 years in the public sector or in consulting. Paul Weedon Senior Vice President, Exploration Over 30 years of international mining industry experience in exploration, development and production in Africa and Australia spanning junior to major mining companies. Linda Desaulniers Corporate Counsel And Chief Compliance Officer Over 20 years of legal experience in private practice acting for a broad range of Canadian and foreign public companies, primarily in the mining industry; Specializing in corporate finance, corporate and commercial law. Kevin O’Reilly Chief Financial Officer Kevin O’Reilly has served as Chief Financial Officer of Fortuna Mining Corp. since September 2026, following his previous role as Vice President, Finance and Accounting. He is an accomplished finance executive with over 15 years of experience in the mining industry and professional services. Prior to joining Fortuna, Kevin spent nine years at Newmont-Goldcorp, where he held increasingly senior positions across finance and accounting, internal audit, operations, and projects. He began his career at Ernst & Young, working with a variety of clients in both assurance and advisory roles. 38
Slide 39 — Séguéla Mine, Côte d’Ivoire
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Séguéla Mine, Côte d’Ivoire Mineral Reserves and Mineral Resources Appendix Classification Tonnes (000) Au (g/t) Contained Metal Au (koz) Proven & Probable Reserves 16,356 3.01 1,616 Measured & Indicated Resources 5,651 2.58 469 Inferred Resources 9,989 2.74 879 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI - 43-101: 1. Mineral Reserves and Mineral Resources are defined in accordance with 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 have demonstrated economic viability. 4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate; and Roxgold Sango obtaining Ministerial approval to include underground mining as a mining method and obtaining approval to update its Environmental and Social Impact Assessment permit to include underground mining at the Séguéla Mine 5. Mineral Resources and Mineral Reserves are reported as of March 31, 2026. 6. Mineral Reserves are reported on a 100% ownership basis and estimated using incremental gold grade cut-offs for open pit mining of 0.73 g/t Au for Antenna and Koula, 0.74 g/t Au for Sunbird, 0.75 g/t Au for Boulder and Kingfisher, 0.76 g/t Au for Agouti, and 0.83 g/t Au for the Ancien and Badior deposits, and for underground mining of 2.14 g/t for Sunbird. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93.5%, except for Badior at 91.5%, surface mining costs ranging from $3.09/t to $5.74/t based on the pit location relative to the run-of-mine pad, underground mining cost of $84.56/t, processing costs of $21.28/t, general and administrative (G&A) costs of $16.21/t. Only Proven and Probable Mineral Reserves within the final pit designs are reported. Antenna, Ancien, Koula, Badior and Kingfisher pits were designed with inter-ramp angles of 30.6° to 40.7° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. Sunbird pit was designed with inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. For underground mining, a dilution factor of 0.5-meter skin has been applied on both the hanging wall and footwall for longhole stoping. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery through regularization of block models to an appropriate Selective Mining Unit (SMU) block size. Mineral Resources for the Séguéla Mine are reported at gold grade cut-offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher; 0.68 g/t Au for Agouti; and 0.73 g/t Au for Ancien and Badior. These estimates are based on an assumed gold price of $2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within optimized stope shapes based on a longhole stoping mining method at cut-off grades of 1.89 g/t Au for Sunbird, 2.32 g/t Au for Koula and Kingfisher, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d’Ivoire. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; and Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves, both being employees of Fortuna Mining Corp. 8. Totals may not add due to rounding. 39
Slide 40 — Lindero Mine, Argentina
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Lindero Mine, Argentina Mineral Reserves and Mineral Resources Appendix Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 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 have demonstrated economic viability 4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate 5. Mineral Resources and Mineral Reserves are reported as of December 31, 2025 6. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.25 g/t Au, recovery 75.4%; Met type 2 cut-off 0.24 g/t Au, recovery 78.2%; Met type 3 cut-off 0.24 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.28 g/t Au, recovery 68.5%. Mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$2,300/oz, estimated base mining costs of US$2.07 per tonne of material, total processing and G&A costs of US$12.29 per tonne of ore, and refinery costs net of pay factor of US$16.70 per ounce gold. Reported Proven Reserves include 8.9 Mt averaging 0.38 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a gold prices of US$2,600/oz. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional US$0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves; both being employees of Fortuna Mining Corp. 8. Totals may not add due to rounding procedures Deposit Classification Tonnes (000) Au (g/t) Cu (%) Contained Metal Au (koz) Lindero Proven & Probable Reserves 64,355 0.54 0.09 1,108 Measured & Indicated Resources 28,668 0.44 0.10 403 Inferred Resources 29,330 0.46 0.11 434 Arizaro Inferred Resources 32,900 0.38 0.15 402 40
Slide 41 — Caylloma Mine, Peru
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Caylloma Mine, Peru Mineral Reserves and Mineral Resources Appendix Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves 2. Mineral Resources are exclusive of Mineral Reserves 3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability 4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate 5. Mineral Resources and Mineral Reserves are reported as of December 31, 2025 6. Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at US$ 85.71/t; mechanized (Uppers) at US$ 69.66/t; sub-level stoping at US$81.33/t;and a conventional method at US$157.77/t; using assumed metal prices of US$27/oz Ag, US$2,300/oz Au, US$2,000/t Pb and US$2,700/t Zn; metallurgical recovery rates of 82 or 86% for Ag, 21 or 58% for Au, 90 or 88% for Pb and 90 or 89% for Zn. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2024 through June 2025. Mining recovery is estimated to average 95% with average total mining dilution of 17% depending on the mining method. Mineral Resources are reported at an NSR cut-off grade of US$58/t to US$71/t, depending on mining methodology, for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$132/t for veins classified as narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices. 7. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves; both being employees of Fortuna Mining Corp. 8. Totals may not add due to rounding procedures Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) Contained Metal GEOs (000) Proven & Probable Reserves 2,275 89 0.28 2.42 3.50 238 Measured & Indicated Resources 321 95 0.20 1.03 2.19 25 Inferred Resources 3,901 96 0.38 1.83 2.81 381 41
Slide 42 — Diamba Sud Gold Project, Senegal
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Diamba Sud Gold Project, Senegal Mineral Reserves and Mineral Resources Appendix Classification Tonnes (000) Au (g/t) Contained Metal Au (koz) Probable Mineral Reserves 20,500 1.75 1,151 Indicated Mineral Resources 3,364 1.12 121 Inferred Resources 1,632 1.31 68 Mineral Reserve and Mineral Resource estimates prepared in accordance with NI - 43-101: 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 have demonstrated economic viability. 4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include: changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate; Boya SA obtaining an exploitation permit. 5. Mineral Reserves and Mineral Resources are reported as at April 10, 2026. The State of Senegal is entitled to a 10% free-carried ownership interest in the operating entity when an exploitation permit is granted, and has the right to acquire up to an additional 25% contributory interest in the operating entity at a “fair price” as determined through an independent valuation. 6. Mineral Reserves have been estimated using incremental gold cut-off grades for open-pit oxide and transitional material as follows: 0.38 g/t Au for Area A, Moungoundi, and Western Splay; 0.37 g/t Au for Kassassoko and Southern Arc; 0.36 g/t Au for Karakara; and 0.35 g/t Au for Area D. For fresh material, the applied cut-off grades are 0.40 g/t Au for Karakara and Kassassoko, 0.42 g/t Au for Area A, 0.43 g/t Au for Southern Arc, 0.45 g/t Au for Moungoundi, 0.46 g/t Au for Area D, and 0.49 g/t Au for the Western Splay deposit. The cut-off grades were derived using a gold price assumption of $2,900/oz, metallurgical recovery rates ranging from 72% to 97% depending on grade and material type by deposit, and surface mining costs of $5.77/t for Area A, $5.26/t for Area D, $5.28/t for Karakara, $6.27/t for Western Splay, $6.09/t for Kassassoko, $6.18/t for Moungoundi, and $6.27/t for Southern Arc. Average processing and general and administrative (G&A) costs are estimated at $24.92/t milled for oxide and transitional material and $30.23/t for fresh material. Refining and selling costs are estimated at $5.50/oz of gold, with an applicable royalty rate of 3.5%. Pit slope angles of 32° for weathered material and 46° for fresh rock have been applied in the pit optimization. Metallurgical recoveries have been estimated using grade–recovery relationship models developed for oxide and transitional material across all deposits, with deposit- specific recovery models applied to fresh rock across the seven deposits. 7. Mineral Resources for Diamba Sud are reported constrained within a pit shell at selective mining unit block sizes and at incremental gold cut-off grades for open-pit oxide and transitional material of 0.33 g/t Au for Area A, Southern Arc, Moungoundi, and Western Splay; 0.32 g/t Au for Kassassoko; and 0.31 g/t Au for Karakara and Area D. For fresh material, the applied cut-off grades are 0.35 g/t Au for Karakara and Kassassoko; 0.37 g/t Au for Area A; 0.38 g/t Au for Southern Arc; 0.41 g/t Au for Area D; and 0.42 g/t Au for Moungoundi and Western Splay. The cut-off grades were derived in accordance with estimated average mining costs of $5.77/t for Area A, $5.26/t for Area D, $5.28/t for Karakara, $6.27/t for Western Splay, $6.09/t for Kassassoko, $6.18/t for Moungoundi, and $6.27/t for Southern Arc, average processing and G&A costs of $24.92/t milled, and sales and transportation costs of $5.50/oz of gold. Pit slope angles applied are 32° for weathered material and 46° for fresh rock. The long-term gold price was $3,300/oz. Metallurgical recoveries ranging from 72% to 97% are estimated using grade versus recovery relationship formulae developed for oxide/transition rock (all deposits) and separate formulae for fresh rock in each of the seven deposits A royalty of 3.5% has been considered in the generation of the pit shell and cut-off grade determination. 8. Eric Chapman is the Qualified Person responsible for Mineral Resources, and is a full-time employee of Fortuna, Raul Espinoza is the Qualified Person responsible for Mineral Reserves, and is a full-time employee of Fortuna. 9. Totals may not add due to rounding procedures. 42
Slide 43 — Consolidated Mineral Reserves and Mineral Resources
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Consolidated Mineral Reserves and Mineral Resources Appendix Mineral Reserve and Mineral Resource estimates prepared in accordance with NI 43-101: 1. Mineral Reserves and Mineral Resources are reported using the 2014 CIM Definition Standards. 2. Mineral Resources are exclusive of Mineral Reserves. 3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 4. Factors that could materially affect the reported Mineral Resources or Mineral Reserves include: changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate; Roxgold Sango obtaining Ministerial approval to include underground mining as a mining method and obtaining approval to update its Environmental and Social Impact Assessment permit to include underground mining at the Séguéla Mine; Boya SA obtaining an exploitation permit for the Diamba Sud Project. For the Diamba Sud Project, the State of Senegal is entitled to a 10% free-carried ownership interest in the operating entity when an exploitation permit is granted, and has the right to acquire up to an additional 25% contributory interest in the operating entity at a “fair price” as determined through an independent valuation. 5. Mineral Resources and Mineral Reserves are reported as at December 31, 2025, except the Diamba Sud Project that is reported as at April 10, 2026 and the Séguéla Mine that is reported as at March 31, 2026. 6. Mineral Reserves for the Séguéla Mine are reported on a 100% ownership basis and estimated using incremental gold grade cut-offs for open pit mining of 0.73 g/t Au for Antenna and Koula, 0.74 g/t Au for Sunbird, 0.75 g/t Au for Boulder and Kingfisher, 0.76 g/t Au for Agouti, and 0.83 g/t Au for the Ancien and Badior deposits, and for underground mining of 2.14 g/t for Sunbird. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93.5%, except for Badior at 91.5%, surface mining costs ranging from $3.09/t to $5.74/t based on the pit location relative to the run-of-mine pad, underground mining cost of $84.56/t, processing costs of $21.28/t, general and administrative (G&A) costs of $16.21/t. Only Proven and Probable Mineral Reserves within the final pit designs are reported. Antenna, Ancien, Koula, Badior and Kingfisher pits were designed with inter-ramp angles of 30.6° to 40.7° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. Sunbird pit was designed with inter- ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. For underground mining, a dilution factor of 0.5-meter skin has been applied on both the hanging wall and footwall for longhole stoping. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery through regularization of block models to an appropriate Selective Mining Unit (SMU) block size. Mineral Resources for the Séguéla Mine are reported at gold grade cut-offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher; 0.68 g/t Au for Agouti; and 0.73 g/t Au for Ancien and Badior. These estimates are based on an assumed gold price of $2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within optimized stope shapes based on a longhole stoping mining method at cut-off grades of 1.89 g/t Au for Sunbird, 2.32 g/t Au for Koula and Kingfisher, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d’Ivoire. 7. Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.25 g/t Au, recovery 75.4%; Met type 2 cut-off 0.24 g/t Au, recovery 78.2%; Met type 3 cut-off 0.24 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.28 g/t Au, recovery 68.5%. Mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$2,300/oz, estimated base mining costs of US$2.07 per tonne of material, total processing and G&A costs of US$12.29 per tonne of ore, and refinery costs net of pay factor of US$16.70 per ounce gold. Reported Proven Reserves include 8.9 Mt averaging 0.38 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a gold prices of US$2,600/oz. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional US$0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit. 8. Mineral Reserves for the Caylloma Mine are reported above NSR breakeven cut-off values based on underground mining methods including; mechanized (breasting) at US$ 85.71/t; mechanized (Uppers) at US$ 69.66/t; sub-level stoping at US$81.33/t;and a conventional method at US$157.77/t; using assumed metal prices of US$27/oz Ag, US$2,300/oz Au, US$2,000/t Pb and US$2,700/t Zn; metallurgical recovery rates of 82 or 86% for Ag, 21 or 58% for Au, 90 or 88% for Pb and 90 or 89% for Zn. Mining, processing and administrative costs used to determine NSR cut-off values were estimated based on actual operating costs incurred from July 2024 through June 2025. Mining recovery is estimated to average 95% with average total mining dilution of 17% depending on the mining method. Mineral Resources are reported at an NSR cut-off grade of US$58/t to US$71/t, depending on mining methodology, for veins classified as wide (Animas, Animas NE, Nancy, San Cristobal) and US$132/t for veins classified as narrow (all other veins) based on the same parameters used for Mineral Reserves, and a 15% upside in metal prices. 9. Mineral Reserves have been estimated using incremental gold cut-off grades for open-pit oxide and transitional material as follows: 0.38 g/t Au for Area A, Moungoundi, and Western Splay; 0.37 g/t Au for Kassassoko and Southern Arc; 0.36 g/t Au for Karakara; and 0.35 g/t Au for Area D. For fresh material, the applied cut-off grades are 0.40 g/t Au for Karakara and Kassassoko, 0.42 g/t Au for Area A, 0.43 g/t Au for Southern Arc, 0.45 g/t Au for Moungoundi, 0.46 g/t Au for Area D, and 0.49 g/t Au for the Western Splay deposit. The cut-off grades were derived using a gold price assumption of $2,900/oz, metallurgical recovery rates ranging from 72% to 97% depending on grade and material type by deposit, and surface mining costs of $5.77/t for Area A, $5.26/t for Area D, $5.28/t for Karakara, $6.27/t for Western Splay, $6.09/t for Kassassoko, $6.18/t for Moungoundi, and $6.27/t for Southern Arc. Average processing and general and administrative (G&A) costs are estimated at $24.92/t milled for oxide and transitional material and $30.23/t for fresh material. Refining and selling costs are estimated at $5.50/oz of gold, with an applicable royalty rate of 3.5%. Pit slope angles of 32° for weathered material and 46° for fresh rock have been applied in the pit optimization. Metallurgical recoveries have been estimated using grade–recovery relationship models developed for oxide and transitional material across all deposits, with deposit-specific recovery models applied to fresh rock across the seven deposits. Mineral Resources for Diamba Sud are reported constrained within a pit shell at selective mining unit block sizes and at incremental gold cut-off grades for open-pit oxide and transitional material of 0.33 g/t Au for Area A, Southern Arc, Moungoundi, and Western Splay; 0.32 g/t Au for Kassassoko; and 0.31 g/t Au for Karakara and Area D. For fresh material, the applied cut-off grades are 0.35 g/t Au for Karakara and Kassassoko; 0.37 g/t Au for Area A; 0.38 g/t Au for Southern Arc; 0.41 g/t Au for Area D; and 0.42 g/t Au for Moungoundi and Western Splay. The cut-off grades were derived using the same costs, pit slope angles, metallurgical recoveries, and royalty rate used to estimate reserves and a long-term gold price of $3,300/oz. 10.Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves; both being employees of Fortuna Mining Corp. 11.Gold equivalent calculated using metal prices of $2,300/oz for Au, $27/oz for Ag, $2,000/t for Pb, and $2,700/t for Zn. 12.Totals may not add due to rounding procedures. 13.All dollar amounts refer to United States dollars. 14.N/A = Not Applicable. Mineral Reserves - Proven and Probable Contained Metal Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) GEOs (000) Gold Mines Séguéla, Côte d’Ivoire Proven 588 N/A 1.60 N/A N/A 30 Probable 15,768 N/A 3.13 N/A N/A 1,586 Proven + Probable 16,356 N/A 3.01 N/A N/A 1,616 Lindero, Argentina Proven 22,291 N/A 0.54 N/A N/A 390 Probable 42,064 N/A 0.53 N/A N/A 718 Proven + Probable 64,355 N/A 0.54 N/A N/A 1,108 Total Proven + Probable 80,711 N/A 1.04 N/A N/A 2,724 Silver Mine Caylloma, Peru Proven 171 114 0.38 2.80 2.77 19 Probable 2,104 86 0.27 2.39 3.56 218 Proven + Probable 2,275 89 0.28 2.42 3.50 238 Total Proven + Probable 2,275 89 0.28 2.42 3.50 238 Gold Project Diamba Sud, Senegal Proven 0 N/A - N/A N/A 0 Probable 20,500 N/A 1.75 N/A N/A 1,151 Proven + Probable 20,500 N/A 1.75 N/A N/A 1,151 Total Proven + Probable 20,500 N/A 1.75 N/A N/A 1,151 Total Proven + Probable 4,112 Mineral Resources – Measured and Indicated Contained Metal Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) GEOs (000) Gold Mines Séguéla, Côte d’Ivoire Measured 0 N/A - N/A N/A 0 Indicated 5,651 N/A 2.58 N/A N/A 469 Measured + Indicated 5,651 N/A 2.58 N/A N/A 469 Lindero, Argentina Measured 1,692 N/A 0.53 N/A N/A 29 Indicated 26,975 N/A 0.43 N/A N/A 375 Measured + Indicated 28,668 N/A 0.44 N/A N/A 403 Total Measured + Indicated 34,318 N/A 0.79 N/A N/A 873 Silver Mine Caylloma, Peru Measured 39 99 0.31 1.30 2.27 3 Indicated 282 95 0.18 1.00 2.18 21 Measured + Indicated 321 95 0.20 1.03 2.19 25 Total Measured + Indicated 321 95 0.20 1.03 2.19 25 Gold Project Diamba Sud, Senegal Measured 0 N/A - N/A N/A 0 Indicated 3,364 N/A 1.12 N/A N/A 121 Measured + Indicated 3,364 N/A 1.12 N/A N/A 121 Total Measured + Indicated 3,364 N/A 1.12 N/A N/A 121 Total Measured + Indicated 1,018 Mineral Resources – Inferred Contained Metal Property Classification Tonnes (000) Ag (g/t) Au (g/t) Pb (%) Zn (%) GEOs (000) Gold Mines Séguéla, Côte d’Ivoire Inferred 9,989 N/A 2.74 N/A N/A 879 Lindero, Argentina Inferred 29,330 N/A 0.46 N/A N/A 434 Total Inferred 39,319 N/A 1.04 N/A N/A 1,313 Silver Mine Caylloma, Peru Inferred 3,901 96 0.38 1.83 2.81 381 Total Inferred 3,901 96 0.38 1.83 2.81 381 Gold Projects Arizaro, Argentina Inferred 32,900 N/A 0.38 N/A N/A 402 Diamba Sud, Senegal Inferred 1,632 N/A 1.31 N/A N/A 68 Total Inferred 34,532 N/A 0.42 N/A N/A 470 Total Inferred 2,164 43
Slide 44 — Cautionary Statement on Forward Looking Statements
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Cautionary Statement on Forward Looking Statements Appendix This corporate presentation 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 United States 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 corporate presentation include, without limitation, statements about the Company’s business strategy, outlook and plans; statements regarding production of approximately 500,000 GEO per year from H2 2028; its plans for its mines and mineral properties, including 2026 exploration budgets and 2026 capital investments; the Company’s anticipated financial and operational performance in 2026; estimated production forecasts for 2026; estimated cash costs and all-in sustaining cash costs (“AISC”) and expenditures for 2026; statements regarding underground mining potential at the Sunbird deposit, including expected timing for receipt of a permit, commencement of portal construction and development, and underground mining; expectations regarding the Company's production, cash costs and AISC (on a consolidated and on a segmented basis), proposed capital investments and Brownfields and Greenfields exploration programs; environmental, social and governance targets; forecast metal production, Mineral Reserves, Mineral Resources, metal grades, and recoveries; the projected life of mine of the Séguéla, Caylloma, and Lindero Mines and the Diamba Sud Gold Project; the Company’s ability to achieve the exploration, production, cost and development expectations for its respective operations and projects; statements that a construction decision is advancing at the Diamba Sud Gold Project; the projected economics at the Diamba Sud Gold Project, including average annual production, the net present value, the internal rate of return, the projected payback period, AISC, and cash costs; the Company’s expectations regarding timing of first gold pour at the Diamba Sud Project; statements that the Company is on track to achieve annual guidance and that Caylloma is on track to exceed annual production guidance; the expectation that the completion of the Caylloma Mine’s power grid enhancement project will enable it to meet 100% of its current and future energy requirements from the national power grid; expectations regarding the expansion of processing plant capacity at Séguéla, including statements regarding increased annual gold production, average gold recovery and payback period; statements pertaining to a revised life of mine plan and an updated Mineral Reserve estimate at Lindero; expected benefits of completed major plant capital projects at Lindero; statements that the tailings storage facility expansion is progressing according to plan; the Company's liquidity and debt levels, future plans and objectives based on forecasts of future operational or financial results; and the estimates of expected or anticipated economic returns from the Company’s mining operations including future sales of metals, gold doré, concentrate or other products produced by the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “scheduled”, “anticipated”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “expected”, “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 corporate presentation also include financial outlooks and other forward-looking metrics relating to Fortuna and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance, anticipated future financial performance and anticipated production, costs and other metrics. 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 Fortuna and its business and properties. These projections are provided to describe the prospective performance of the Company's business and operations. 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, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to development projects and new mining operations, including the possibility that actual capital and operating costs and economic returns will differ significantly from those estimated for such projects prior to production; risks relating to the Company’s ability to replace its Mineral Reserves; capital and currency controls in foreign jurisdictions; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, Israel – Hamas, and Israel – Iran and United States conflicts, and the impact they may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; assessment of the carrying value of the Company’s assets, including the ongoing potential for material impairment and/or write downs of such assets; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; the imposition of trade tariffs; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; 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)); labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the fiscal year ended December 31, 2025. 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 to differ from those 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; successful completion and ramp-up of the Séguéla Mine expansion and commissioning and ramp-up of the Diamba Sud Project, subject to a positive final investment decision; exchange rate and annual inflation rate assumptions in respect of cash cost and AISC guidance; that there will be no material adverse change affecting the Company, its properties or its 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); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; 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 and such other assumptions as set out herein. The Company also notes that, under Senegalese mining legislation, the Government is entitled to a 10% free-carried interest and may elect to purchase an additional 25% interest in the Diamba Sud Gold Project at a “fair price” determined through an independent valuation upon the granting of an exploitation permit. 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. All dollar amounts in this presentation are expressed in US dollars, unless otherwise indicated. All references to C$ or to CAD$ are to Canadian dollars. Cautionary Note to United States Investors Concerning Mineral Resources and Mineral Reserves Technical disclosure regarding the Company’s properties included herein has 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. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and information included herein may not be comparable to similar information disclosed by U.S. companies. Technical Information Eric N. Chapman, P.Geo, M.Sc., Senior Vice-President of Technical Services for the Company, a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and approved the scientific and technical information contained in this presentation pertaining to the Caylloma, Lindero, and Séguéla mines, and for the Mineral Resources at the Diamba Sud Gold Project. The Qualified Persons responsible for current Mineral Reserve and Resource estimates are detailed as footnotes under the applicable tables in the appendices to this Presentation. See the Company’s Annual Information Form dated March 23, 2026, available at www.sedarplus.ca for further information on the Company’s material mineral properties as at December 31, 2025, including information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of the Company’s Mineral Reserves and resources. Paul Weedon, Senior Vice President of Exploration for the Company, is a Qualified Person as defined by NI 43-101, being a member of the Australian Institute for Geoscientists (Membership #6001) and has reviewed and approved the exploration and scientific information contained in this presentation for the Séguéla Mine and the Diamba Sud Gold Project. 44
Slide 45 — Financial Information
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Financial Information Non-IFRS Financial Measures Appendix These non-IFRS financial measures 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 should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. The Company has calculated these measures consistently for all periods presented, other than as disclosed in the Q2 2026 MD&A and the Q1 2026 MD&A. To facilitate a better understanding of these measures and ratios as calculated by the Company, please see the sections entitled “non-IFRS Financial Measures” in the Q2 2026 MD&A on pages 21 to 34 and the Q1 2026 MD&A on pages 20 to 29, which sections are incorporated by reference in this presentation (other than those financial measures and ratios that are not defined under IFRS and that are derived from the Q2 2026 and the Q1 2026 MD&A that were subsequently adjusted to remove contributions from the San Jose Mine and the Yaramoko Mine, as they were sold in the second quarter of 2025). The aforementioned sections provide additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this presentation, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor and the additional purposes, if any, for which management of Fortuna uses such measures and ratios; and a qualitative reconciliation of each non-IFRS financial measure to the most directly comparable financial measure that is disclosed in the Q2 2026 Financial Statements and the Q1 2026 Financial Statements. The Q2 2026 Financial Statements, Q1 2026 Financial Statements, Q2 2026 MD&A and the Q1 2026 MD&A may be accessed on SEDAR+ at www.sedarplus.ca under the Company’s profile, Fortuna Mining Corp. Market and Industry Data Slides 13 and 36 of this presentation include market and industry data that has been obtained from third party sources, including industry publications. Fortuna believes that its industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Fortuna’s condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and 2025 (the “Q2 2026 Financial Statements") which are referred to in this presentation have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. However, this presentation includes certain financial measures and ratios that are not defined under IFRS and are not disclosed in the Q2 2026 Financial Statements and that are derived from the Company’s Management’s Discussion and Analysis for the three and six months ended June 30, 2026 (the “Q2 2026 MD&A”), including but not limited to: adjusted attributable net income; adjusted EBITDA; all-in sustaining cash cost per ounce of gold equivalent sold; and free cash flow from ongoing operations. Accordingly, the most directly comparable IFRS financial measures to these aforementioned non-IFRS measures, and the results from the three and six months ended June 30, 2026 and June 30, 2025, are set out in the table below. In addition, this presentation includes certain financial measures and ratios that are not defined under IFRS and that are derived from the Management’s Discussion and Analysis for the three months ended March 31, 2026 (the “Q1 2026 MD&A”) and are not disclosed in the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 and 2025 (the “Q1 2026 Financial Statements”). These measures include: adjusted attributable net income; adjusted EBITDA; all-in sustaining cash cost per ounce of gold equivalent sold; and free cash flow from ongoing operations. The most directly comparable IFRS financial measures to these aforementioned non-IFRS measures, and the results from the three months ended March 31, 2026, are set out in the table below. The Company has presented operating and financial results based on its continuing operations for Q2 2025 and year to date. Contributions from the San Jose and Yaramoko Mines have been removed from quarterly, year to date and comparative figures as these mines were disposed of during the second quarter of 2025. Non-IFRS Measure (Expressed in $ millions) Most Directly Comparable IFRS Measure 3 months ended June 30, 2026 (IFRS Measure) 3 months ended March 31, 2026 (IFRS Measure) 3 months ended Dec. 31, 2025 (IFRS Measure) 3 months ended Sept 30, 2025 (IFRS Measure) Cash costs Cost of Sales 134.9 130.6 121.8 118.2 Free cash flow from ongoing operations Net cash provided by operating activities 138.3 209.4 162.3 111.3 Adjusted EBITDA Net income from continuing operations 83.7 119.9 74.0 128.2 Adjusted attributable net income Net income from continuing operations 83.7 119.9 74.0 128.2 AISC Cost of Sales 134.9 130.6 121.8 118.2 Net Cash Debt 138.9 136.6 134.4 132.2 45
Slide 46 — Diamba Sud Feasibility Summary Table
We envision. We deliver. We envision. We deliver. Fortuna Mining - Investor Presentation Diamba Sud Feasibility Summary Table Metrics Units Results Gold price $/oz 3,500 Life of mine year 9.4 Total ore mined1 Mt 20.5 Contained gold in ore mined1 koz 1,151 Strip ratio w:o 6.3:1 Throughput (oxide) Mtpa 2.5 Throughput (fresh) Mtpa 2.0 Head grade g/t Au 1.75 Recovery % 91% Gold production Total production over LOM koz 1,053 Average annual production, LOM koz 116 Average annual production, first 4 years koz 158 Per unit costs over LOM Total mining costs $/t, mined $4.8 Processing $/t, processed $16.1 G&A $/t, processed $8.6 Cash costs 2 Average operating cash costs2, LOM $/oz $1,146 Average operating cash costs2, first 4 years $/oz $856 AISC2 Average AISC2, LOM $/oz $1,332 Average AISC2, first 4 years $/oz $1,056 Capital costs Initial capital expenditure $ M $398 Sustaining capital, operations + Infrastructure (includes closure costs) $ M $79 NPV5%, pre-tax (100% project basis) $ M $1,379 Pre-tax IRR % 70% NPV5%, after-tax (100% project basis) $ M $1,009 After-tax IRR % 60% Payback period years 1 Annual EBITDA 2 Average EBITDA2 over LOM $ M $258 Average EBITDA2 over first 4 years $ M $398 1. The pit optimization shells used for the Mineral Reserves were generated using a gold price of $2,900/oz. 2. This is a non-IFRS measure I Refer to slide 45 for more information on non-IFRS measures 3. Average operating cash costs and average AISCrepresent costs for projected production for the LOM at the time of gold sales. 4. The FS is presented on a 100% project basis. However, upon the granting of the exploitation permit, the StateofSenegal will be entitled to a 10% free-carried interest in the Project, with the right for the State to acquire an additional contributory interest of up to 25%. 5. The economic analysis was carried out using a discounted cash flow approach on a pre-tax and after-tax basis, based on a gold price of $3,500/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%. 8. The FS assumes that the percentage of certain royalties and taxes payable to the State, the percentage of the investment tax credit available to Boya S.A. 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. Appendix 46