Fortuna Advances Diamba Sud Gold Project Permitting in Senegal
Early works and equipment commitments are advancing, while full construction still requires the exploitation permit and investment approval.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Fortuna Mining (NYSE: FSM; TSX: FVI) received a Notice of Admissibility for its Diamba Sud Exploitation Permit application in Senegal. The notice confirms completion of the documentation review and compliance with regulatory requirements; it is not the final permit. Fortuna expects the Government’s internal approval process to finish in Q4 2026. Environmental approval is already in place.
Fortuna is advancing early works and equipment commitments toward targeted first gold in mid-2028. Full construction requires the permit, Board approval of a final investment decision and local construction approvals. Plant detailed engineering is 15% complete. Together with the Séguéla expansion, Diamba Sud underpins Fortuna’s target of approximately 60% growth in annual gold production to an annualized 500,000 ounces from mid-2028. A proposed Mining Convention includes a ten-year fiscal stability framework but awaits finalization and Government approvals.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Fortuna targets approximately 60% annual gold production growth to an annualized 500,000 ounces from mid-2028.
- Moderate pointEnvironmental decree received approves Diamba Sud’s Environmental and Social Impact Assessment.
- Moderate pointCritical long-lead equipment orders placed and down payments made for the mill, crusher and tank plate work.
- Moderate pointConstruction packages awarded include process-plant earthworks, water and tailings storage, power station and fuel storage.
- Minor pointNotice of Admissibility received confirms Diamba Sud’s application documentation meets regulatory requirements.
11 minor points
- Minor pointFront-end engineering and design completed; processing plant detailed engineering is 15% complete.
- Minor pointSENET selected as engineering, procurement and construction management contractor, with a limited early-works order awarded.
- Minor pointLight fuel oil generators passed factory acceptance testing and shipped; heavy fuel oil generators are in manufacturing.
- Minor pointAccommodation camp earthworks are 80% complete and civil works 40% complete; buried services are nearing completion.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fortuna plans Q4 2026 critical-path construction and all long-lead orders, conditional on permit and investment approval in 2026.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fortuna plans Q1 2027 accommodation camp completion and light fuel oil generator delivery under the conditional schedule.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fortuna plans Q2 2027 mining contract award, water-dam completion and first process-plant concrete under the conditional schedule.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fortuna plans Q3 2027 mining contractor mobilization and heavy fuel oil generator arrival under the conditional schedule.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fortuna plans Q4 2027 pre-production mining and grinding mill arrival and installation under the conditional schedule.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fortuna plans Q1 2028 power commissioning and tailings storage completion under the conditional schedule.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fortuna plans Q2/Q3 2028 plant commissioning, first gold and ramp-up to nameplate throughput under the conditional schedule.
Negative
- Moderate pointFinal Exploitation Permit remains pending; Fortuna expects the Government’s internal approval process to finish in Q4 2026.
- Minor pointFull construction remains conditional on Board investment approval and local customary construction approvals, alongside the permit.
- Minor pointMining Convention remains unfinished; its proposed ten-year fiscal stability framework requires finalization and Government approvals.
Key Figures
- Expected final permit approval
- Q4 2026
- Government internal approval process for the Diamba Sud Exploitation Permit
- Fiscal stability framework
- 10 years
- Proposed term in the Mining Convention, subject to finalization and Government approvals
- Detailed engineering progress
- 15%
- Processing plant
- Accommodation camp earthworks
- 80% complete
- Diamba Sud early works
- Accommodation camp civil works
- 40% complete
- Diamba Sud early works
- First gold target
- Mid-2028
- Diamba Sud project schedule
- After-tax IRR
- 60%
- Feasibility study; using US$3,500/oz gold price
- NPV5%
- US$1 billion
- Feasibility study; using US$3,500/oz gold price
Historical Context
-
Diamba Sud FID remained targeted for Q4 as tax-stability negotiations continued.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
environmental and social impact assessment regulatory
final investment decision financial
front-end engineering and design technical
factory acceptance testing technical
semi-autogenous grinding technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, British Columbia, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to provide an update on its progress at the Diamba Sud gold project, Senegal.
Jorge A. Ganoza, CEO and Director of Fortuna, commented, “Following our July final investment decision on the
Permits
Fortuna is pleased to report that it received the Notice of Admissibility for its Diamba Sud Exploitation Permit application from Senegal’s Ministry of Mines and Geology on November 2, 2026, following initiation of the application process in February 2026. The notice confirms that the Ministry has completed the review of the application documentation, and the file complies with all regulatory requirements, marking an important final step toward the granting of the Exploitation Permit. The Company and the Ministry have worked constructively to advance the application to this stage. With this milestone completed, the Company now expects the Government´s internal approval process for the final Exploitation Permit to be completed during the fourth quarter of 2026.
The project has already received the environmental decree from Senegal’s Ministry of Environment and Ecological Transition approving its Environmental and Social Impact Assessment, as announced on June 15, 2026. Fortuna is advancing early works and committing capital to protect the project schedule and its target of first gold in mid-2028. The Company anticipates making a formal final investment decision (“FID”) upon receipt of the Exploitation Permit.
Mining Convention
Fortuna is at an advanced stage of negotiations with the State of Senegal on a new Mining Convention for the Diamba Sud project based on Senegal’s 2016 Mining Code, together with additional provisions intended to establish a fiscal stability framework for a ten-year period. The Convention remains subject to finalization and the required Government approvals.
Construction Planning and Early Works Advancing
Full-scale construction of the mine remains subject to receipt of the Exploitation Permit, Board approval of the FID and some local level customary construction approvals. The results of the positive feasibility study (“FS”) announced on June 29, 2026 demonstrated the project’s technical and economic viability (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
Early works completed or underway to support the project schedule include:
- Assembly of the owner’s construction team, with a core of professionals largely drawn from the team that successfully delivered Fortuna´s flagship Séguéla mine in Cote d’Ivoire
- Selection of SENET, a leading African project management and engineering company, as the project’s engineering, procurement and construction management contractor, and award of a limited order to proceed to advance early works
- Completion of front-end engineering and design
15% progress on detailed engineering for the processing plant- Purchase orders placed and down payments for critical long-lead equipment, including the semi-autogenous grinding (“SAG”) mill, primary crusher, and carbon-in-leach tank plate work
- Manufacturing of the power station's heavy fuel oil (“HFO”) and light fuel oil (“LFO”) generators with the LFO generators passing factory acceptance testing and shipped
- Tendering and award of key construction packages, including, bulk earthworks for process plant, water storage facility, tailings storage facility, power station, and fuel storage facilities
- New accommodation camp earthworks
80% complete, civil works40% complete and buried services nearing completion - Land compensation and clearing for major infrastructure footprints
Subject to receiving the Exploitation Permit and approval of the FID in 2026, the planned key project milestones are summarized below:
| Timing | Milestone |
| Q4 2026 | FID, commencement of critical-path construction activities, including earthworks for the process plant and power station, and placement of all long-lead equipment orders |
| Q1 2027 | Completion of the 329-person accommodation camp and delivery of the LFO generators |
| Q2 2027 | Award of the mining contract, completion of the water storage dam and water harvest dam, and first concrete placed for the process plant |
| Q3 2027 | Mobilization and site establishment of the mining contractor and arrival of the HFO generators |
| Q4 2027 | Commencement of pre-production mining and arrival and installation of the SAG mill |
| Q1 2028 | Commissioning of the power station, availability of power for process plant commissioning and start-up, and completion of the TSF |
| Q2/Q3 2028 | Process plant commissioning, first gold pour and ramp-up to nameplate plant throughput |
Qualified Person
Eric Chapman, Senior Vice President of Technical Services for Fortuna Mining Corp., is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration No. 36328), and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines in Argentina, Côte d’Ivoire, and Peru, and the feasibility -stage Diamba Sud Gold Project in Senegal. Our exploration portfolio spans our operating jurisdictions as well as Guinea and Guyana. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com
ON BEHALF OF THE BOARD
Jorge A. Ganoza
CEO and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube | Instagram | TikTok
Cautionary Note Regarding Forward-Looking Statements
This news release 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 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. Forward-looking Statements contained in this news release include, without limitation, statements with respect to: the Company’s target of approximately 500,000 GEO of annualized production from mid- 2028 and the contribution of Diamba Sud and the Séguéla plant expansion to that target; the projected economics of the Diamba Sud Project, including the net present value (NPV) of the Project and the internal rate of return (IRR) on the Project; the plans for completing the early works program; the project development timeline to production, including first gold pour in mid-2028; completion of the Ministry’s internal approval process for the Exploitation Permit and the completion of the negotiation and finalization of the Mining Convention both expected during the fourth quarter of 2026; a formal FID in the fourth quarter of 2026 upon receipt of the Exploitation Permit, subject to Board approval and receipt of other required authorizations; the estimated timing of the development, construction, commissioning and production at the Project; the timing of and future prospects for exploration and any expansion of the Project.
These statements are based on information currently available to the Company, and the Company provides no assurance that actual results will meet management's expectations. In certain cases, Forward-looking Statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking Statements contained in this news release are based on certain factors and assumptions regarding, among other things, the FS, the estimation of Mineral Resources and Mineral Reserves and any potential upgrades thereof, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labor and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company’s properties in the short and long-term, the progress of exploration and development activities, and the receipt of necessary regulatory approvals, the timing of the approval of the Exploitation Permit and the finalization of the Mining Convention. Other assumptions relate to currency fluctuations, environmental risks, title disputes or claims, and similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in such Forward-looking Statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the Forward-looking Statements. Factors that could cause actual results to differ materially from those in Forward-looking Statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate Mineral Resources and Mineral Reserves estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions; 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; delays in obtaining the Exploitation Permit or Cabinet approval of the finalized Mining Convention; and changes to the negotiated fiscal terms during the approval process. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the Forward-looking Statements. This list is not exhaustive of the factors that may affect any of the Company's Forward-looking Statements, including the factors included in the Company’s annual information form for the year ended December 31, 2025. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's Forward-looking Statements. 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.
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.
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/ff4c2d14-a552-4721-b9ea-3fe72638fba4
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Has Fortuna received the final Diamba Sud Exploitation Permit?
No. Fortuna received the Notice of Admissibility, confirming that the application documentation review is complete and regulatory requirements are met. The company expects the Government’s internal approval process for the final Exploitation Permit to finish during the fourth quarter of 2026.
When does Fortuna target first gold at Diamba Sud?
Fortuna targets first gold in mid-2028. Its detailed schedule places process-plant commissioning, first gold pour and ramp-up to nameplate throughput in Q2/Q3 2028, subject to receiving the Exploitation Permit and approval of the final investment decision in 2026.
What feasibility study economics did Fortuna report for Diamba Sud?
The Diamba Sud feasibility study reported an after-tax internal rate of return of 60% and a net present value of US$1 billion at a 5% discount rate, using a gold price of US$3,500 per ounce. The study results were announced on June 29, 2026.