Fortuna reports a fatal accident at its Séguéla Mine, Côte d’Ivoire

Rhea-AI Summary

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) reported a fatal accident at its Séguéla Mine in Côte d'Ivoire on February 24, 2025. An employee of Mapa Protection Incendie (MPI), a service provider to mine contractor Mota Engil, died following an explosion while refilling fire extinguishers at the light vehicle maintenance workshop.

The victim received immediate assistance from the mine's emergency team and was evacuated to Séguéla City Hospital, where he later succumbed to his injuries. No other individuals were injured in the incident.

Government authorities have been notified, and senior corporate leadership is traveling to the site. An investigation into the cause of the accident is underway. Jorge A. Ganoza, President, CEO and Director of Fortuna, expressed condolences and emphasized the company's commitment to workplace safety and conducting a thorough investigation to prevent future incidents.

Positive

• None.

Negative

• Fatal accident at Séguéla Mine involving a contractor's employee
• Potential regulatory scrutiny and investigation following the fatal incident
• Possible operational disruptions during investigation
• Potential reputational impact affecting investor confidence

Insights

Mining Safety Analyst

The fatal accident at Fortuna's Séguéla Mine in Côte d'Ivoire represents a significant safety incident that warrants investor attention, though its financial impact may be contained unless the investigation reveals broader systemic issues.

This tragedy occurred during routine maintenance activities involving a contractor's employee, not during core mining operations. The distinction is important as it suggests direct impact on production capabilities. Séguéla is a relatively new asset in Fortuna's portfolio, having commenced commercial production in 2023, and represents an important growth driver for the company with expected annual production of approximately 133,000 ounces of gold.

From a regulatory perspective, fatal accidents in West African mining operations typically trigger government investigations that could result in temporary work stoppages in affected areas. However, since the incident occurred in a maintenance workshop rather than in active mining zones, any operational pause would likely be to specific maintenance activities rather than affecting the entire mine.

Financial implications include:

• Potential short-term disruption to maintenance schedules
• Possible regulatory fines, though these are typically not material to a company of Fortuna's size
• Insurance claims and potential premium increases upon renewal
• Costs associated with implementing any required safety improvements

The swift response from management, including the immediate mobilization of senior leadership to the site, demonstrates appropriate crisis management protocols. This approach aligns with industry best practices and may help mitigate reputational damage.

For context, Fortuna has generally maintained acceptable safety standards across its operations, though like most mining companies, incidents do occur. The market typically views isolated accidents as unfortunate but inherent risks in mining operations, with long-term stock price impact unless they reveal deeper operational or management failures.

Investors should monitor the investigation's findings and any resulting operational changes, but based on the available information, this tragic event is unlikely to materially affect Fortuna's financial performance or long-term outlook unless the investigation reveals more significant safety deficiencies.

VANCOUVER, British Columbia, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) regrets to report that a fatal accident occurred yesterday at the Séguéla Mine. The tragic incident took place while an employee of Mapa Protection Incendie (MPI), a specialized service provider to the mine contractor Mota Engil, was conducting a planned refilling of fire extinguishers. The accident took place at the contractor’s light vehicle maintenance workshop where an explosion took place while handling a fire extinguisher. The MPI employee was immediately aided by the mine’s emergency and rescue team and evacuated to the Séguéla City Hospital where he unfortunately passed away from sustained injuries. No other people were injured in the incident. The appropriate government and local authorities have been notified, senior corporate leadership of the Company is mobilizing to site, and an investigation to determine the cause of the accident is underway.

Jorge A. Ganoza, President, CEO and Director of Fortuna, commented, “It is with a heavy heart that I address this tragic accident. Our deepest sympathies are with the family, friends, and colleagues of the deceased.” Mr. Ganoza continued, “The safety and well-being of the entire workforce is our top priority, and we are committed to conducting a thorough investigation to understand how this happened, and to prevent such incidents in the future.”

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru, as well as the preliminary economic assessment stage Diamba Sud Gold Project in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long- term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.

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

A PDF accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/ae64f838-85d3-4d19-9041-835e7eb897c9

FAQ

What happened at Fortuna Mining's Séguéla Mine on February 24, 2025?

A fatal accident occurred at Fortuna Mining's (FSM) Séguéla Mine in Côte d'Ivoire when an explosion took place while a contractor's employee was refilling fire extinguishers, resulting in one death.

Who was the victim of the fatal accident at Fortuna's Séguéla Mine?

The victim was an employee of Mapa Protection Incendie (MPI), a specialized service provider to Fortuna Mining's (FSM) mine contractor Mota Engil, who was conducting fire extinguisher maintenance.

How is Fortuna Mining (FSM) responding to the fatal accident at Séguéla?

Fortuna Mining is mobilizing senior corporate leadership to the site, cooperating with government authorities, and conducting an investigation to determine the cause of the accident.

Were there any other injuries in the Fortuna Mining (FSM) Séguéla Mine accident?

No other people were injured in the incident at Fortuna Mining's Séguéla Mine.

What caused the explosion at Fortuna Mining's Séguéla Mine?

The exact cause of the explosion that occurred while handling a fire extinguisher at Fortuna Mining's (FSM) Séguéla Mine is currently under investigation.