Diamba Sud Feasibility Study Underscores FVI's West African Growth Outlook

Research evidence excerpt

Diamba Sud Feasibility Study Underscores FVI's West African Growth Outlook

June 29, 2026 | 21:18 ET~

Fortuna Mining

FVI-TSX Rating Price: Jun-29 Target Total Rtn Gold

Outperform $11.89 $18.50 56%

Kevin O'Halloran, CFA Analyst

kevin.ohalloran@bmo.com (416) 278-7023

Jacob Pinter, P.Geo Associate

Diamba Sud Feasibility Study Underscores FVI's West jacob.pinter@bmo.com (437) 230-2798

Legal Entity: BMO Nesbitt Burns Inc.African Growth Outlook

2YR Price Volume Chart

Bottom Line: 20

Diamba Sud's feasibility study is slightly better than our prior forecast, with higher 18 16

production and mine life (116kozpa over 9.4 years), partly offset by capex and AISC 14

that were also slightly higher. Overall, our Diamba NAV rises by 12% to $896M, 17% of 12 87

10 6

our FVI project NAV. Permits are expected imminently, construction beginning Q4, and 8 54

first production in Q2/28; combined with the Seguela expansion (construction decision 6 321

expected near-term), the two projects represent substantial production growth in West 4 Dec Jun Dec Jun 0

Africa, fully funded by FVI's $666M treasury. We reiterate our Outperform rating. LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Company Data in C$

Key Points Dividend $0.00 Shares O/S (mm) 303.0

Diamba Sud feasibility outlines 116kozpa over 9.4 years, including 158kozpa in Yield 0.0% Market Cap (mm) $3,602

the first 4 years. The study contemplates a 2.2Mtpa (6.1ktpd) operation with a series NAV 16.69 P/NAV 0.5x

of open pits feeding blended oxide and fresh ore to a centralized CIL processing plant. BMO Estimates in $

Average head grade is 1.75g/t, including a front-loaded grade profile, and the strip ratio (FY-Dec.) 2024A 2025A 2026E 2027E

averages 6.3:1. Initial capex is $398M, with low cash costs and AISC averaging $1,146/