Fortuna expands West African presence, forms exploration alliance in Guinea with DeSoto Resources
Fortuna Mining (NYSE: FSM) has entered into a strategic exploration alliance with DeSoto Resources Limited to explore the Siguiri Basin in Guinea. The partnership establishes a joint venture company focused on identifying and developing gold deposits in this highly prospective region.
Under the agreement terms, once a significant discovery is made, Fortuna will hold a 70% stake in the joint venture, with DeSoto holding the remaining 30%. Fortuna commits to solely funding exploration for three years or until $12.5 million in cumulative expenditure is reached across successful projects. The initial project generation phase spans 36 months.
Fortuna Mining (NYSE: FSM) ha avviato un'alleanza strategica di esplorazione con DeSoto Resources Limited per esplorare il bacino di Siguiri in Guinea. La partnership prevede la costituzione di una joint venture mirata a identificare e sviluppare giacimenti auriferi in questa regione ad alto potenziale.
Secondo i termini dell'accordo, una volta effettuata una scoperta significativa, Fortuna deterrà una partecipazione del 70% nella joint venture, mentre DeSoto avrà il restante 30%. Fortuna si impegna a finanziare esclusivamente le attività di esplorazione per tre anni o finché non siano raggiunti 12,5 milioni di dollari di spesa cumulativa sui progetti avviati. La fase iniziale di generazione dei progetti dura 36 mesi.
Fortuna Mining (NYSE: FSM) ha suscrito una alianza estratégica de exploración con DeSoto Resources Limited para explorar la cuenca de Siguiri en Guinea. La asociación crea una empresa conjunta enfocada a identificar y desarrollar yacimientos de oro en esta región altamente prospectiva.
Según los términos del acuerdo, una vez que se realice un hallazgo significativo, Fortuna poseerá un 70% de la empresa conjunta, y DeSoto el 30%. Fortuna se compromete a financiar exclusivamente la exploración durante tres años o hasta que se alcance un gasto acumulado de $12.5 millones en proyectos exitosos. La fase inicial de generación de proyectos dura 36 meses.
Fortuna Mining (NYSE: FSM)은 DeSoto Resources Limited와 전략적 탐사 동맹을 체결해 기니의 시구리 분지(Siguiri Basin)를 탐사합니다. 이 파트너십은 이 고잠재 지역에서 금광을 식별하고 개발하는 것을 목표로 하는 합작투자 회사를 설립합니다.
합의 조건에 따라 상당한 발견이 이루어지면 Fortuna는 합작투자 지분의 70%를 보유하고 DeSoto는 남은 30%를 보유합니다. Fortuna는 성공 프로젝트에 걸쳐 탐사를 3년 동안 또는 누적 지출 1250만 달러에 도달할 때까지 단독으로 자금을 지원하기로 약속합니다. 초기 프로젝트 생성 단계는 36개월입니다.
Fortuna Mining (NYSE: FSM) a conclu une alliance stratégique d'exploration avec DeSoto Resources Limited pour explorer le bassin de Siguiri, en Guinée. Ce partenariat crée une société de joint-venture dédiée à l'identification et au développement de gisements d'or dans cette région extrêmement prolifique.
Selon les termes de l'accord, dès qu'une découverte significative est faite, Fortuna détiendra une participation de 70% dans la coentreprise, et DeSoto les 30% restants. Fortuna s'engage à financer exclusivement l'exploration pendant trois ans ou jusqu'à ce que 12,5 millions de dollars aient été dépensés de manière cumulée sur les projets couronnés de succès. La phase initiale de génération de projets dure 36 mois.
Fortuna Mining (NYSE: FSM) hat eine strategische Explorationsallianz mit DeSoto Resources Limited geschlossen, um das Siguiri-Becken in Guinea zu erkunden. Die Partnerschaft schafft eine Joint-Venture-Gesellschaft, die darauf abzielt, Goldvorkommen in dieser stark aussichtsreichen Region zu identifizieren und zu entwickeln.
Nach den Vertragsbedingungen gilt, sobald eine signifikante Entdeckung gemacht wird, Fortuna eine 70%-Beteiligung an der Joint Venture, während DeSoto die restlichen 30% hält. Fortuna verpflichtet sich, die Explorationsfinanzierung drei Jahre lang ausschließlich zu tragen oder bis kumulative Ausgaben von 12,5 Millionen Dollar über erfolgreiche Projekte erreicht sind. Die anfängliche Phase der Projektgenerierung dauert 36 Monate.
Fortuna Mining (NYSE: FSM) أبرمت تحالفاً استراتيجياً للاستكشاف مع DeSoto Resources Limited لاستكشاف حوض سيغويري في غينيا. تؤسس الشراكة شركة مشروع مشترك تركّز على تحديد وتطوير رواسب الذهب في هذه المنطقة الواعدة للغاية.
وفقاً لشروط الاتفاق، بمجرد الكشف عن اكتشاف كبير، ستامتلك Fortuna حصة 70% من المشروع المشترك، وستمتلك DeSoto النسبة المتبقية 30%. تلتزم Fortuna بتمويل الاستكشاف بشكل حصري لمدة ثلاث سنوات أو حتى بلوغ 12.5 مليون دولار إجمالياً عبر المشاريع الناجحة. وتمتد المرحلة الأولية لتوليد المشاريع لمدة 36 شهراً.
Fortuna Mining (NYSE: FSM) 已与DeSoto Resources Limited 签署战略性勘探联盟，合作在几内亚西部的西圭里盆地开展勘探。该伙伴关系将成立一家合资公司，专注于在这一极具潜力的地区识别和开发金矿床。
根据协议条款，一旦取得重大发现，Fortuna将持有合资企业70%的股权，DeSoto持有剩余的30%。Fortuna承诺在三年内或在成功项目的累计支出达到1250万美元之前，独自资助勘探。初始项目生成阶段为36个月。
- None.
- Significant exploration funding commitment of $12.5 million required from Fortuna
- Extended 36-month initial project generation phase before potential returns
- Exploration success not guaranteed in new territory
VANCOUVER, British Columbia, Oct. 02, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce it has executed a binding Heads of Agreement (HOA) with DeSoto Resources Limited, an Australian-listed gold exploration company, to establish an exploration alliance and joint venture across the highly prospective Siguiri Basin in Guinea.
New Exploration Front
Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, “Guinea’s Siguiri Basin has demonstrated potential to host multi-million-ounce gold deposits in a country with a long mining history. This agreement with DeSoto provides Fortuna with an excellent entry into this highly prospective region, alongside a highly qualified and experienced team with a proven track record of discovery across West Africa.”
Key Agreement Terms
- The binding HOA establishes an exploration alliance to apply for and acquire new permits in identified areas of interest.
- A new joint venture company (JVCo) will be formed, with a board of up to four directors, two from each party, with the majority partner holding a casting vote.
- Project Generation Phase: A 36-month period focused on identifying “Go Projects”, meaning significant discoveries warranting further development.
- Joint Venture Phase: Once a Go Project is agreed upon, JVCo will transition into a formal joint venture in which Fortuna will hold 70 percent and DeSoto will hold
30 percent, and Fortuna will solely fund exploration until the later of:- three years; or
- US
$12.5 million in cumulative expenditure across Go Projects.
About DeSoto Resources Limited
DeSoto Resources Limited is an Australian-listed gold exploration company focused on exploration and project generation in Guinea. DeSoto´s founders and management team have a demonstrated track record of success in West African exploration, including credit for the discovery of Predictive Discovery’s 5.4-million-ounce Bankan Gold Project.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. 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
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube
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. The Forward-looking Statements in this news release include, without limitation, statements regarding the potential of Guinea’s Siguiri Basin to host multi-million-ounce gold deposits; the ability of JVCo to acquire new mining permits; statements pertaining to identification of Go Projects and the formation of a joint venture; and the Company’s business strategy, plans and outlook. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
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, changes in general economic conditions and financial markets; changes in prices for gold, silver, and other metals; the timing and success of the Company’s proposed exploration programs; technological and operational hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the financial year ended December 31, 2024. 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, expected trends in mineral prices and currency exchange rates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein.
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 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.
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FAQ
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