Fortuna Mining (NYSE: FSM) doubles Q1 earnings and boosts cash with strong gold sales

Rhea-AI Filing Summary

Fortuna Mining Corp. delivered a sharply stronger first quarter of 2026 from continuing operations. Sales rose to $342.5 million from $195.0 million, driven mainly by higher gold prices and increased volumes at the Lindero and Séguéla mines. Net income from continuing operations increased to $119.9 million, with basic earnings per share attributable to shareholders of $0.36, up from $0.12. Adjusted EBITDA reached $218.8 million, more than double the prior year period. Free cash flow from ongoing operations was $174.0 million, supporting a cash balance of $665.9 million and debt of $136.6 million as of March 31, 2026. The company repurchased 2.2 million shares for $20.4 million and renewed its normal course issuer bid. Fortuna also entered a staged earn-in to acquire up to a 70% interest in the Quartzstone gold project in Guyana, committing to extensive drilling and a potential feasibility study.

Insights

Mining equity analyst

Q1 2026 shows a step-change in profitability, cash generation, and balance sheet strength.

Fortuna posted Q1 2026 sales of $342.5M, up from $195.0M, as Lindero and Séguéla benefited from higher gold prices and solid volumes. Mine operating income rose to $211.8M and operating income to $180.1M, reflecting strong site-level margins.

Net income from continuing operations increased to $119.9M, with basic EPS at $0.36 versus $0.12. Adjusted EBITDA of $218.8M more than doubled, and free cash flow from ongoing operations was $174.0M. Cash reached $665.9M against debt of $136.6M, while the $150.0M revolving credit facility remained undrawn.

The company repurchased 2.2M shares for $20.4M under its NCIB and renewed authority to buy up to 15.2M shares. It also agreed to an earn-in for up to a 70% interest in the Quartzstone Project in Guyana, paying a $5.0M option premium and committing to 60,000 meters of drilling over four years. Future filings will show how this exploration spend and higher sustaining capital at Séguéla and Caylloma translate into longer-term production.

Key Figures

Sales: $342.5M Net income from continuing operations: $119.9M Adjusted EBITDA: $218.8M +5 more

8 metrics

Sales $342.5M Three months ended March 31, 2026

Net income from continuing operations $119.9M Three months ended March 31, 2026

Adjusted EBITDA $218.8M Three months ended March 31, 2026

Free cash flow from ongoing operations $174.0M Three months ended March 31, 2026

Cash and cash equivalents $665.9M As of March 31, 2026

Debt (2024 Convertible Notes) $136.6M Carrying amount as of March 31, 2026

Consolidated AISC per gold equivalent ounce $2,107/oz Three months ended March 31, 2026

Gold production 63,561 oz Three months ended March 31, 2026, continuing operations

Key Terms

all-in sustaining cash cost, adjusted EBITDA, normal course issuer bid, earn-in agreement, +2 more

6 terms

all-in sustaining cash cost financial

"Consolidated AISC per gold equivalent ounce (“GEO”) sold from continuing operations for the first quarter of 2026 was $2,107"

All-in sustaining cash cost is a per-unit measure used in mining that adds routine operating expenses to the ongoing replacement and upkeep spending needed to keep production running, expressed as cost per ounce, ton or unit produced. It matters to investors because it reveals the real, long-term cash cost to sustain output—like a household budget that includes both daily bills and regular maintenance—helping compare profitability and forecast future cash flow.

adjusted EBITDA financial

"After adjusting for items that are not indicative of future operating earnings, adjusted EBITDA was $218.8 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

normal course issuer bid financial

"the Company acquired under its normal course issuer bid program (“NCIB”) and cancelled 2,200,693 common shares"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

earn-in agreement financial

"the Company entered into an earn-in agreement with Qstone Inc."

An earn-in agreement is a contract where one company gradually gains ownership in a project or business by meeting agreed milestones, usually through funding, completing work, or making payments. It matters to investors because it spreads risk and cost over time, like paying for a car in installments only if it runs as promised, and signals future ownership shifts and potential dilution or value creation for current shareholders.

net smelter returns royalty financial

"the Quartzstone Project is subject to a 4.5% net smelter returns royalty in favour of a prior owner"

A net smelter returns (NSR) royalty is a contractual right to receive a percentage of the revenue generated from mined minerals after the ore has been processed and sold, with common deductions for refining, smelting and transport costs. Think of it like a landlord taking a slice of a tenant’s monthly sales after the tenant pays basic operating bills. Investors care because an NSR affects the future cash flow and valuation of a mining project and shifts some upside and downside risk away from the operator to the royalty holder.

free cash flow from ongoing operations financial

"Free cash flow from ongoing operations was 174.0"

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 6-K

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REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR

15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

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For the month of May 2026

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Commission File Number 001-35297

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Fortuna Mining Corp.

(Translation of registrant’s name into English)

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1111 Melville Street, Suite 820, Vancouver, British Columbia, Canada V6E 3V6

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

FORM 20-F   ¨ FORM 40-F  þ

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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​ ​ ​ Date: May 7, 2026 Fortuna Mining Corp. (Registrant) ​ By:  /s/  "Jorge Ganoza Durant"   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​Jorge Ganoza Durant   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​President and CEO   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Exhibits:

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​	​	​
99.1	​ ​ ​	Interim Financial Statements for the period ended March 31, 2026
99.2	​	Management’s Discussion and Analysis for the period ended March 31, 2026
99.3	​	CEO Certification
99.4	​	CFO Certification
99.5	​	News release dated May 6, 2026

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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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For the three months ended

March 31, 2026 and 2025

(UNAUDITED)

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Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Income

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

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​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
​	Note	​ ​ ​	​	2026 $	​ ​ ​	​	2025 (1) $
Sales	17	​	​	342,471	​	​	195,037
Cost of sales	18	​	​	(130,635)	​	​	(114,694)
Mine operating income	​	​	​	211,836	​	​	80,343
​	​	​	​	​	​	​	​
General and administration	19	​	​	(27,793)	​	​	(23,902)
Foreign exchange (loss) gain	​	​	​	(2,070)	​	​	193
Other expenses	​	​	​	(1,864)	​	​	(689)
​	​	​	​	(31,727)	​	​	(24,398)
​	​	​	​	​	​	​	​
Operating income	​	​	​	180,109	​	​	55,945
​	​	​	​	​	​	​	​
Investment gains	​	​	​	142	​	​	1,319
Interest and finance costs, net	20	​	​	(1,933)	​	​	(3,046)
Gain on derivatives	​	​	​	–	​	​	53
​	​	​	​	(1,791)	​	​	(1,674)
​	​	​	​	​	​	​	​
Income before income taxes	​	​	​	178,318	​	​	54,271
​	​	​	​	​	​	​	​
Income taxes	​	​	​	​	​	​	​
Current income tax expense	​	​	​	(41,535)	​	​	(23,695)
Deferred income tax (expense) recovery	​	​	​	(16,838)	​	​	8,307
​	​	​	​	(58,373)	​	​	(15,388)
Net income from continuing operations	​	​	​	119,945	​	​	38,883
​	​	​	​	​	​	​	​
Net income from discontinued operations, net of tax	21	​	​	–	​	​	25,925
Net income	​	​	​	119,945	​	​	64,808
​	​	​	​	​	​	​	​
Net income from continuing operations attributable to:	​	​	​	​	​	​	​
Fortuna shareholders	​	​	​	111,008	​	​	35,434
Non-controlling interests	25	​	​	8,937	​	​	3,449
​	​	​	​	119,945	​	​	38,883
Net income attributable to:	​	​	​	​	​	​	​
Fortuna shareholders	​	​	​	111,008	​	​	58,503
Non-controlling interests	25	​	​	8,937	​	​	6,305
​	​	​	​	119,945	​	​	64,808
​	​	​	​	​	​	​	​
Earnings per share from continuing operations attributable to Fortuna shareholders	16	​	​	​	​	​	​
Basic	​	​	​	0.36	​	​	0.12
Diluted	​	​	​	0.35	​	​	0.12
​	​	​	​	​	​	​	​
Earnings per share attributable to Fortuna shareholders	16	​	​	​	​	​	​
Basic	​	​	​	0.36	​	​	0.19
Diluted	​	​	​	0.35	​	​	0.19
​	​	​	​	​	​	​	​
Weighted average number of common shares outstanding ('000s)	​	​	​	​	​	​	​
Basic	​	​	​	305,342	​	​	306,614
Diluted	​	​	​	332,778	​	​	308,065

(1) Comparative information has been restated due to discontinued operations (Note 21).

The accompanying notes are an integral part of these interim financial statements.

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Page | 1

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Comprehensive Income

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

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​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
​	Note	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Net income	​	​	​	119,945	​	​	64,808
​	​	​	​	​	​	​	​
Items that will remain permanently in other comprehensive income:	​	​	​	​	​	​	​
Changes in fair value of investments in equity securities, net of $nil tax	​	​	​	3,156	​	​	(51)
Items that are or may subsequently be reclassified to profit or loss:	​	​	​	​	​	​	​
Currency translation adjustment, net of tax (1)	​	​	​	–	​	​	749
Total other comprehensive income	​	​	​	3,156	​	​	698
Comprehensive income	​	​	​	123,101	​	​	65,506
​	​	​	​	​	​	​	​
Comprehensive income attributable to:	​	​	​	​	​	​	​
Fortuna shareholders	​	​	​	114,164	​	​	59,201
Non-controlling interests	25	​	​	8,937	​	​	6,305
​	​	​	​	123,101	​	​	65,506

(1) For the three months ended March 31, 2026, the currency translation adjustment is net of $nil tax (2025 - recovery of $46 thousand).

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The accompanying notes are an integral part of these interim financial statements.

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Page | 2

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

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Balance at	Note	​ ​ ​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
ASSETS	​	​	​	​	​	​	​
Current assets	​	​	​	​	​	​	​
Cash and cash equivalents	​	​	​	665,905	​	​	553,985
Restricted cash	​	​	​	12,516	​	​	–
Trade and other receivables	4	​	​	72,996	​	​	74,361
Inventories	5	​	​	121,063	​	​	122,685
Other current assets	6	​	​	19,434	​	​	13,503
​	​	​	​	891,914	​	​	764,534
Non-current assets	​	​	​	​	​	​	​
Restricted cash - non-current	​	​	​	1,026	​	​	788
Mineral properties and property, plant and equipment	7	​	​	1,519,923	​	​	1,518,676
Other non-current assets	8	​	​	79,706	​	​	76,643
Total assets	​	​	​	2,492,569	​	​	2,360,641
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LIABILITIES	​	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​	​
Trade and other payables	9	​	​	139,681	​	​	153,361
Income taxes payable	​	​	​	119,984	​	​	81,816
Lease obligations	11	​	​	21,461	​	​	21,199
​	​	​	​	281,126	​	​	256,376
Non-current liabilities	​	​	​	​	​	​	​
Debt	12	​	​	136,604	​	​	134,410
Deferred tax liabilities	​	​	​	132,791	​	​	120,310
Closure and reclamation provisions	13	​	​	48,048	​	​	50,257
Lease obligations - non-current	11	​	​	51,334	​	​	55,687
Restricted share units	14	​	​	2,437	​	​	8,283
Total liabilities	​	​	​	652,340	​	​	625,323
​	​	​	​	​	​	​	​
SHAREHOLDERS' EQUITY	​	​	​	​	​	​	​
Share capital	15	​	​	1,120,663	​	​	1,125,215
Reserves	​	​	​	65,467	​	​	63,694
Retained earnings	​	​	​	586,878	​	​	488,125
Equity attributable to Fortuna shareholders	​	​	​	1,773,008	​	​	1,677,034
Equity attributable to non-controlling interests	25	​	​	67,221	​	​	58,284
Total equity	​	​	​	1,840,229	​	​	1,735,318
Total liabilities and shareholders' equity	​	​	​	2,492,569	​	​	2,360,641

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Contingencies and Capital Commitments (Note 26)

Subsequent Events (Note 15)

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The accompanying notes are an integral part of these interim financial statements.

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​ /s/ Jorge Ganoza Durant	​ ​ ​	/s/ Kylie Dickson
Jorge Ganoza Durant	​	Kylie Dickson
Director	​	Director

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Page | 3

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Cash Flows

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

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​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
​	Note	​	​	2026 $	​ ​ ​	​	2025 $
​	​	​	​	​	​	​	​
OPERATING ACTIVITIES	​	​	​	​	​	​	​
Net income from continuing operations	​	​	​	119,945	​	​	38,883
Items not involving cash:	​	​	​	​	​	​	​
Depletion and depreciation	​	​	​	45,913	​	​	44,787
Accretion expense	20	​	​	2,097	​	​	1,756
Income taxes	​	​	​	58,373	​	​	15,388
Interest (income) expense, net	20	​	​	(164)	​	​	1,290
Share-based payments, net of cash settlements	14	​	​	(8,197)	​	​	2,861
Unrealized foreign exchange gains	​	​	​	(364)	​	​	(1,176)
Investment gains	​	​	​	(142)	​	​	(1,319)
Other	​	​	​	1,332	​	​	1,361
Changes in working capital	24	​	​	(3,955)	​	​	(7,980)
Cash provided by operating activities	​	​	​	214,838	​	​	95,851
Income taxes paid	​	​	​	(9,568)	​	​	(9,367)
Interest paid	​	​	​	(519)	​	​	(526)
Interest received	​	​	​	4,608	​	​	3,060
Net cash provided by operating activities - continuing operations	​	​	​	209,359	​	​	89,018
Net cash provided by operating activities - discontinued operations	21	​	​	–	​	​	37,361
​	​	​	​	​	​	​	​
INVESTING ACTIVITIES	​	​	​	​	​	​	​
Increase in restricted cash	​	​	​	(12,762)	​	​	(232)
Additions to mineral properties and property, plant and equipment	7	​	​	(45,281)	​	​	(37,953)
Purchases of investments	​	​	​	–	​	​	(14,376)
Proceeds from sale of marketable securities and investment maturities	​	​	​	142	​	​	11,352
Net movements in long-term assets	​	​	​	(586)	​	​	2,326
Other investing activities	​	​	​	(5,104)	​	​	–
Cash used in investing activities - continuing operations	​	​	​	(63,591)	​	​	(38,883)
Cash used in investing activities - discontinued operations	21	​	​	–	​	​	(1,606)
​	​	​	​	​	​	​	​
FINANCING ACTIVITIES	​	​	​	​	​	​	​
Transaction costs on credit facility	12	​	​	–	​	​	(107)
Repurchase of common shares	15	​	​	(24,453)	​	​	(4,165)
Payments of lease obligations	11	​	​	(6,863)	​	​	(4,997)
Cash used in financing activities - continuing operations	​	​	​	(31,316)	​	​	(9,269)
Cash used in financing activities - discontinued operations	21	​	​	–	​	​	(1,004)
​	​	​	​	​	​	​	​
Effect of exchange rate changes on cash and cash equivalents	​	​	​	(2,532)	​	​	1,163
Increase in cash and cash equivalents during the period - continuing operations	​	​	​	111,920	​	​	42,029
Increase in cash and cash equivalents during the period - discontinued operations	21	​	​	–	​	​	34,751
​	​	​	​	​	​	​	​
Cash and cash equivalents, beginning of the period	​	​	​	553,985	​	​	231,328
Cash and cash equivalents, end of the period	​	​	​	665,905	​	​	308,108
​	​	​	​	​	​	​	​
Cash and cash equivalents consist of:	​	​	​	​	​	​	​
Cash	​	​	​	648,133	​	​	273,376
Cash equivalents	​	​	​	17,772	​	​	34,732
Cash and cash equivalents, end of the period	​	​	​	665,905	​	​	308,108

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Segment totals for the discontinued operations are disclosed in Note 21

Supplemental cash flow information (Note 24)

The accompanying notes are an integral part of these interim financial statements.

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Page | 4

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Changes in Equity

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

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Share capital

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Reserves

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​

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​

​

Note

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Number of  common shares

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Amount $

​ ​ ​

​

Share units reserve $

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​

Equity component of convertible debt $

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Other reserves $

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Retained earnings $

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Non-controlling interests $

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Total equity $

Balance at December 31, 2025

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​

305,760,679

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​

1,125,215

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​

27,236

​

​

37,050

​

​

(592)

​

​

488,125

​

​

58,284

​

​

1,735,318

Net income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

111,008

​

​

8,937

​

​

119,945

Other comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

3,156

​

​

–

​

​

–

​

​

3,156

Total comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

3,156

​

​

111,008

​

​

8,937

​

​

123,101

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transactions with owners of the Company

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Repurchase of common shares

15

​

(2,200,693)

​

​

(8,099)

​

​

–

​

​

–

​

​

–

​

​

(12,255)

​

​

–

​

​

(20,354)

Shares issued on vesting of share units

14

​

997,401

​

​

3,547

​

​

(3,547)

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

Share-based payments

14

​

–

​

​

–

​

​

2,164

​

​

–

​

​

–

​

​

–

​

​

–

​

​

2,164

​

​

​

(1,203,292)

​

​

(4,552)

​

​

(1,383)

​

​

–

​

​

–

​

​

(12,255)

​

​

–

​

​

(18,190)

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at March 31, 2026

15

​

304,557,387

​

​

1,120,663

​

​

25,853

​

​

37,050

​

​

2,564

​

​

586,878

​

​

67,221

​

​

1,840,229

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at December 31, 2024

​

​

306,928,189

​

​

1,129,709

​

​

26,701

​

​

37,050

​

​

(5,979)

​

​

216,384

​

​

62,208

​

​

1,466,073

Net income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

58,503

​

​

6,305

​

​

64,808

Other comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

698

​

​

–

​

​

–

​

​

698

Total comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

698

​

​

58,503

​

​

6,305

​

​

65,506

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transactions with owners of the Company

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Repurchase of common shares

15

​

(916,900)

​

​

(4,165)

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

(4,165)

Shares issued on vesting of share units

14

​

948,697

​

​

3,294

​

​

(3,294)

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

Share-based payments

14

​

–

​

​

–

​

​

1,308

​

​

–

​

​

–

​

​

–

​

​

–

​

​

1,308

​

​

​

31,797

​

​

(871)

​

​

(1,986)

​

​

–

​

​

–

​

​

–

​

​

–

​

​

(2,857)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at March 31, 2025

​

​

306,959,986

​

​

1,128,838

​

​

24,715

​

​

37,050

​

​

(5,281)

​

​

274,887

​

​

68,513

​

​

1,528,722

The accompanying notes are an integral part of these interim financial statements.

​

Page | 5

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

1.   NATURE OF OPERATIONS

​

Fortuna Mining Corp. (the “Company”) is a publicly traded company incorporated and domiciled in British Columbia, Canada.

​

The Company is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. The Company operates the open pit Lindero gold mine (“Lindero”) in northern Argentina, the open pit Séguéla gold mine (“Séguéla”) in southwestern Côte d’Ivoire, and the underground Caylloma silver, lead, and zinc mine (“Caylloma”) in southern Peru, and is developing the Diamba Sud gold project in Senegal.

​

The Company’s common shares are listed on the New York Stock Exchange (the “NYSE”) under the trading symbol FSM and on the Toronto Stock Exchange (the “TSX”) under the trading symbol FVI.

​

The Company’s registered and head offices are located at Suite 820, 1111 Melville Street, Vancouver, British Columbia, V6E 3V6, Canada.

​

​

2.   BASIS OF PRESENTATION

​

Statement of Compliance

​

These unaudited condensed interim consolidated financial statements (“interim financial statements”) have been prepared by management of the Company in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, including IAS 34 Interim Financial Reporting. They do not include all the information required for full annual financial statements. These interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, which include information necessary for understanding the Company’s business and financial presentation.

​

Other than as described below, the same accounting policies and methods of computation are followed in these interim financial statements as compared with the most recent annual financial statements.

​

These unaudited condensed interim financial statements were approved and authorized for issuance by the Company's Board of Directors on May 6, 2026.

​

Basis of Measurement

​

These financial statements have been prepared on a going concern basis under the historical cost basis, except for those assets and liabilities that are measured at fair value (Note 23) at the end of each reporting period.

​

Adoption of new and future accounting standards

​

The Company adopted various amendments to IFRS, which were effective for accounting periods beginning on or after January 1, 2026. These include amendments to IFRS 7 and IFRS 9, Classification and Measurement of Financial Instruments. The impacts of adoption were not material to the Company's interim financial statements.

​

Page | 6

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

In April 2024, the IASB issued new IFRS 18, Presentation and Disclosure in Financial Statements. This standard, effective for annual periods beginning on or after January 1, 2027, replaces IAS 1, Presentation of Financial Statements. The standard introduces new classification categories and mandatory subtotals in the statement of income, as well as new disclosure requirements for management-defined performance measures and it may affect what the Company reports as its operating profit or loss. The Company is advancing its assessment of the standard's impacts and is currently reviewing its internal reporting structures to align with the new presentation requirements.

​

​

3.   USE OF ESTIMATES, ASSUMPTIONS, AND JUDGEMENTS

​

The preparation of these interim financial statements requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

​

The impact of such judgements and estimates are pervasive throughout the interim financial statements, and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

​

In preparing these interim financial statements for the three months ended March 31, 2026, the Company applied the critical estimates, assumptions and judgements as disclosed in Note 4 of its audited consolidated financial statements for the year ended December 31, 2025.

​

4.   TRADE AND OTHER RECEIVABLES

​

​	​	​	​	​	​	​
​	​ ​ ​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
Trade receivables from doré and concentrate sales	​	​	17,111	​	​	20,761
Advances and other receivables	​	​	12,591	​	​	8,248
Value added tax receivables	​	​	43,294	​	​	45,352
Trade and other receivables	​	​	72,996	​	​	74,361

​

The Company’s trade receivables from concentrate and doré sales are expected to be collected in accordance with the terms of the existing concentrate and doré sales contracts with its customers. No amounts were past due as at March 31, 2026 and December 31, 2025.

​

As at March 31, 2026, current Value Added Tax (“VAT”) receivables include $27.8 million (December 31, 2025 - $30.9 million) for Séguéla; and $12.4 million (December 31, 2025 - $11.9 million) for Lindero. An additional $6.5 million (December 31, 2025 - $7.7 million) of VAT receivable is classified as non-current (refer to Note 8).

​

Page | 7

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

5.   INVENTORIES

​

​	​	​	​	​	​	​	​
​	Note	​ ​ ​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
Ore stockpiles	​	​	​	107,091	​	​	109,035
Materials and supplies	​	​	​	45,520	​	​	46,032
Leach pad and gold-in-circuit	​	​	​	33,313	​	​	31,550
Doré bars	​	​	​	3,187	​	​	2,396
Concentrate stockpiles	​	​	​	2,453	​	​	426
Total inventories	​	​	​	191,564	​	​	189,439
Less: non-current portion	8	​	​	(70,501)	​	​	(66,754)
Current inventories	​	​	​	121,063	​	​	122,685

​

During the three months ended March 31, 2026, the Company expensed $107.4 million of inventories to cost of sales (March 31, 2025 - $101.7 million).

6.   OTHER CURRENT ASSETS

​

​	​	​	​	​	​	​	​
​	​	​ ​ ​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
Prepaid expenses	​	​	​	9,394	​	​	6,619
Investments in equity securities	​	​	​	9,916	​	​	6,760
Other	​	​	​	124	​	​	124
Other current assets	​	​	​	19,434	​	​	13,503

​

​

​

​

​

As at March 31, 2026, prepaid expenses include $4.7 million (December 31, 2025 - $2.5 million) related to deposits and advances to contractors.

​

​

​

7.   MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mineral properties - depletable $

​

​

Mineral properties - non-depletable $

​

​

Construction in progress $

​

​

Property, plant & equipment $

​

​

Total $

COST

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2025

​

​

​

1,270,610

​

​

184,341

​

​

32,280

​

​

876,909

​

​

2,364,140

Additions

​

​

​

20,565

​

​

20,300

​

​

7,123

​

​

3,065

​

​

51,053

Changes in closure and reclamation provision

​

​

​

(2,188)

​

​

–

​

​

–

​

​

(590)

​

​

(2,778)

Transfers

​

​

​

6,639

​

​

(3,718)

​

​

(7,663)

​

​

4,742

​

​

–

Balance as at March 31, 2026

​

​

​

1,295,626

​

​

200,923

​

​

31,740

​

​

884,126

​

​

2,412,415

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACCUMULATED DEPLETION AND IMPAIRMENT

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2025

​

​

​

500,991

​

​

–

​

​

–

​

​

344,473

​

​

845,464

Depletion and depreciation

​

​

​

27,274

​

​

–

​

​

–

​

​

19,754

​

​

47,028

Balance as at March 31, 2026

​

​

​

528,265

​

​

–

​

​

–

​

​

364,227

​

​

892,492

Net book value as at March 31, 2026

​

​

​

767,361

​

​

200,923

​

​

31,740

​

​

519,899

​

​

1,519,923

​

As at March 31, 2026, non-depletable mineral properties include $121.4 million of exploration and evaluation assets (December 31, 2025 - $111.9 million).

​

Page | 8

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

As at March 31, 2026, property, plant and equipment include right-of-use assets with a net book value of $72.5 million (December 31, 2025 - $75.9 million). Related depletion and depreciation for the three months ended March 31, 2026, was $4.8 million (March 31, 2025 - $4.9 million).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mineral properties - depletable $

​

​

Mineral properties - non-depletable $

​

​

Construction in progress $

​

​

Property, plant & equipment $

​

​

Total $

COST

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2024

​

​

​

1,619,651

​

​

269,345

​

​

73,892

​

​

1,017,240

​

​

2,980,128

Additions

​

​

​

81,365

​

​

52,355

​

​

45,048

​

​

39,266

​

​

218,034

Changes in closure and reclamation provision

​

​

​

2,668

​

​

–

​

​

–

​

​

(469)

​

​

2,199

Disposals and write-offs

​

​

​

–

​

​

(5,038)

​

​

(375)

​

​

(6,908)

​

​

(12,321)

Sale of discontinued operations (1)

​

​

​

(549,210)

​

​

(15,953)

​

​

(55)

​

​

(258,682)

​

​

(823,900)

Transfers

​

​

​

116,136

​

​

(116,368)

​

​

(86,230)

​

​

86,462

​

​

–

Balance as at December 31, 2025

​

​

​

1,270,610

​

​

184,341

​

​

32,280

​

​

876,909

​

​

2,364,140

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACCUMULATED DEPLETION AND IMPAIRMENT

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2024

​

​

​

901,599

​

​

–

​

​

49

​

​

539,293

​

​

1,440,941

Disposals and write-offs

​

​

​

–

​

​

–

​

​

–

​

​

(6,115)

​

​

(6,115)

Sale of discontinued operations (1)

​

​

​

(507,347)

​

​

–

​

​

(49)

​

​

(245,781)

​

​

(753,177)

Reversal of impairment

​

​

​

(22,369)

​

​

–

​

​

–

​

​

(30,376)

​

​

(52,745)

Depletion and depreciation

​

​

​

130,039

​

​

–

​

​

–

​

​

86,521

​

​

216,560

Balance as at December 31, 2025

​

​

​

500,991

​

​

–

​

​

–

​

​

344,473

​

​

845,464

Net book value as at December 31, 2025

​

​

​

769,619

​

​

184,341

​

​

32,280

​

​

532,436

​

​

1,518,676

​

(1) Represents the net book value of mineral properties and property, plant and equipment of Cuzcatlan (as defined herein) and the Sanu Entities (as defined herein) that were sold during the second quarter of 2025. Refer to Note 21 for details.

​

​

8.   OTHER NON-CURRENT ASSETS

​

​	​	​	​	​	​	​	​
​	Note	​ ​ ​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
Ore stockpiles	5	​	​	70,501	​	​	66,754
Value added tax receivables	4	​	​	6,479	​	​	7,665
Unamortized transaction costs	​	​	​	819	​	​	949
Other	​	​	​	1,907	​	​	1,275
Total other non-current assets	​	​	​	79,706	​	​	76,643

​

​

As at March 31, 2026, ore stockpiles include $65.3 million (December 31, 2025 - $60.0 million) at Lindero and $5.2 million (December 31, 2025 - $6.8 million) at Séguéla.

​

As at March 31, 2026, non-current VAT receivables include $6.5 million (December 31, 2025 - $7.7 million) for Séguéla.

​

​

​

Page | 9

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

9.   TRADE AND OTHER PAYABLES

​

​	​	​	​	​	​	​	​
​	Note	​ ​ ​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
Trade accounts payable	​	​	​	75,050	​	​	77,927
Payroll and related payables	​	​	​	19,714	​	​	27,790
Mining royalty payable	​	​	​	17,046	​	​	14,317
Share units payable	14(a)(b)	​	​	20,955	​	​	25,471
Other payables	​	​	​	6,916	​	​	7,856
Total trade and other payables	​	​	​	139,681	​	​	153,361

​

​

10.  RELATED PARTY TRANSACTIONS

​

During the three months ended March 31, 2026 and 2025, the Company was charged for consulting services by Mario Szotlender, a director of the Company.

​

Other than transactions in the normal course of business and those noted above, with the Board of Directors and key management personnel, the Company had no transactions between related parties during the three months ended March 31, 2026 and 2025.

​

​

11.  LEASE OBLIGATIONS

​

The Company’s lease obligations are primarily related to embedded leases in mining services and onsite power generation equipment contracts. A maturity analysis of the Company's lease obligations from its leased equipment contracts as at March 31, 2026 and December 31, 2025, were as follows:

​

​	​	​	​	​	​	​
​	​	​	Minimum lease payments
​	​ ​ ​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
Less than one year	​	​	28,146	​	​	27,715
Between one and five years	​	​	48,682	​	​	53,222
More than five years	​	​	12,266	​	​	13,658
​	​	​	89,094	​	​	94,595
Less: future finance charges	​	​	(16,299)	​	​	(17,709)
Present value of lease obligations	​	​	72,795	​	​	76,886
Less: current portion	​	​	(21,461)	​	​	(21,199)
Non-current portion	​	​	51,334	​	​	55,687

​

​

Page | 10

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

The reconciliation of the changes in the carrying amount of the Company’s lease obligations is presented below:

​

​	​	​	​	​	​	​
​	​	​	March 31, 2026 $	​ ​ ​	​	December 31, 2025 $
Balance, beginning of the period	​	​	76,886	​	​	67,977
Payments of lease obligations	​	​	(6,863)	​	​	(24,374)
Additions	​	​	1,416	​	​	31,110
Accretion	​	​	1,521	​	​	5,660
Foreign exchange	​	​	(165)	​	​	521
Disposals and terminations	​	​	–	​	​	(4,008)
Balance, end of the period	​	​	72,795	​	​	76,886

​

​

12.  DEBT

​

(a) 2024 Convertible Notes

​

The following table summarizes the changes in debt:

​

​	​	​	​
​	​	​	2024 Convertible Notes $
Balance as at December 31, 2024	​	​	126,031
Amortization of discount and transaction costs	​	​	8,379
Balance as at December 31, 2025	​	​	134,410
Amortization of discount and transaction costs	​	​	2,194
Balance as at March 31, 2026	​	​	136,604
Non-current portion	​	​	136,604

​

(b) Credit Facility

​

The Company maintains a $150.0 million revolving credit facility (the “Credit Facility”) with an uncommitted accordion option of $75.0 million. The Credit Facility is subject to certain conditions and covenants customary for a facility of this nature. The Company is required to comply with certain financial covenants which include among others: maintaining an interest coverage ratio (calculated on a rolling four fiscal quarter basis) of not less than 4.00:1.00; a Net Total Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 4.00:1.00; and a Net Senior Secured Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 2.25:1.00. As at March 31, 2026, the Company was in compliance with all of the covenants under the Credit Facility.

​

The Company has pledged significant assets, including those of its principal operating subsidiaries, as collateral for the Credit Facility.

​

As at March 31, 2026, the Credit Facility remained undrawn.

​

​

​

​

Page | 11

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

13.  CLOSURE AND RECLAMATION PROVISIONS

​

The following table summarizes the changes in closure and reclamation provisions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

​

Caylloma $

​ ​ ​

​

Lindero $

​

​ ​ ​

Séguéla $

​

​

Total $

Balance as at December 31, 2025

​

​

​

14,668

​

​

17,977

​

​

17,612

​

​

50,257

Changes in estimate

​

​

​

(924)

​

​

(290)

​

​

(1,564)

​

​

(2,778)

Reclamation expenditures

​

​

​

(7)

​

​

–

​

​

–

​

​

(7)

Accretion

​

​

​

191

​

​

212

​

​

173

​

​

576

Balance as at March 31, 2026

​

​

​

13,928

​

​

17,899

​

​

16,221

​

​

48,048

Non-current portion

​

​

​

13,928

​

​

17,899

​

​

16,221

​

​

48,048

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Caylloma $

​ ​ ​

​

Lindero $

​

​ ​ ​

Séguéla $

​

​

San Jose(1) $

​

​

Yaramoko(1) $

​

​

Total $

Balance as at December 31, 2024

​

​

​

15,356

​

​

15,470

​

​

15,110

​

​

14,677

​

​

14,724

​

​

75,337

Changes in estimate (2)

​

​

​

(1,033)

​

​

1,747

​

​

1,860

​

​

460

​

​

(375)

​

​

2,659

Reclamation expenditures

​

​

​

(452)

​

​

–

​

​

–

​

​

(143)

​

​

–

​

​

(595)

Accretion

​

​

​

797

​

​

760

​

​

642

​

​

341

​

​

156

​

​

2,696

Effect of changes in foreign exchange rates

​

​

​

–

​

​

–

​

​

–

​

​

(35)

​

​

–

​

​

(35)

Disposals

​

​

​

–

​

​

–

​

​

–

​

​

(15,300)

​

​

(14,505)

​

​

(29,805)

Balance as at December 31, 2025

​

​

​

14,668

​

​

17,977

​

​

17,612

​

​

–

​

​

–

​

​

50,257

Non-current portion

​

​

​

14,668

​

​

17,977

​

​

17,612

​

​

–

​

​

–

​

​

50,257

(1) Represents the closure and reclamation provisions of Cuzcatlan and Sanu, which were sold during the second quarter of 2025. Refer to Note 21 for details.

(2) The change in estimate for the San Jose mine of $0.5 million was included in net income from discontinued operations, net of tax in the Company's consolidated statements of income for the year ended December 31, 2025.

​

The following table summarizes certain key inputs used in determining the present value of reclamation costs related to mine and development sites:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Caylloma $

​

​

Lindero $

​

​

Séguéla $

​

​

Total $

Undiscounted uninflated estimated cash flows

​

​

​

19,639

​

​

18,406

​

​

19,550

​

​

57,595

Discount rate

​

​

​

5.69%

​

​

4.91%

​

​

4.30%

​

​

​

Inflation rate

​

​

​

3.00%

​

​

3.11%

​

​

2.33%

​

​

​

​

The Company is expecting to incur progressive reclamation costs throughout the life of its mines.

​

​

Page | 12

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

14.  SHARE-BASED PAYMENTS

​

During the three months ended March 31, 2026, the Company recognized share-based payments of $7.8 million (March 31, 2025 - $9.1 million), related to the amortization of deferred, restricted and performance share units.

​

(a) Deferred Share Units

​

​	​	​	​	​	​
​	​ ​ ​	Cash Settled
​	​	Number of DSUs	​	​	Fair Value $
Outstanding, December 31, 2024	​	1,183,816	​	​	5,076
Granted	​	83,992	​	​	387
Changes in fair value	​	–	​	​	6,978
Outstanding, December 31, 2025	​	1,267,808	​	​	12,441
Granted	​	41,041	​	​	448
Changes in fair value	​	–	​	​	97
Outstanding, March 31, 2026	​	1,308,849	​	​	12,986

​

(b) Restricted Share Units

​

​	​	​	​	​	​
​	​	Cash Settled
​	​	Number of RSUs	​ ​ ​	​	Fair Value $
Outstanding, December 31, 2024	​	3,548,993	​	​	8,987
Granted	​	1,354,613	​	​	–
Units paid out in cash	​	(1,401,895)	​	​	(7,448)
Forfeited or cancelled	​	(172,296)	​	​	(391)
Changes in fair value and vesting	​	–	​	​	20,165
Outstanding, December 31, 2025	​	3,329,415	​	​	21,313
Granted	​	618,051	​	​	–
Units paid out in cash	​	(1,466,793)	​	​	(16,280)
Changes in fair value and vesting	​	–	​	​	5,373
Outstanding, March 31, 2026	​	2,480,673	​	​	10,406
Less: current portion	​	​	​	​	(7,969)
Non-current portion	​	​	​	​	2,437

​

RSUs granted during the three months ended March 31, 2026, had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62).

​

(c)    Performance Share Units

​

​	​	​	​	​	​
​	​	​	​	​	Equity Settled
​	​	​	​ ​ ​	​	Number of PSUs
Outstanding, December 31, 2024	​	​	​	​	2,054,962
Granted	​	​	​	​	743,709
Vested and paid out in shares	​	​	​	​	(802,164)
Outstanding, December 31, 2025	​	​	​	​	1,996,507
Granted	​	​	​	​	345,245
Vested and paid out in shares	​	​	​	​	(882,348)
Outstanding, March 31, 2026	​	​	​	​	1,459,404

​

Page | 13

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

PSUs granted during the three months ended March 31, 2026, had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62).

​

During the three months ended March 31, 2026, PSUs vested and were settled in shares. Based on agreed performance outcomes, a weighted average multiplier of 113% (December 31, 2025 - 118%) was applied, resulting in the issuance of 997,401 (December 31, 2025 - 948,697) common shares upon vesting.

​

(d)    Stock Options

​

The Company’s Stock Option Plan, as amended and approved from time to time, permits the Company to issue up to 12,200,000 stock options. As at March 31, 2026, a total of 2,950,529 stock options are available for issuance under the plan. As at March 31, 2026, no stock options were outstanding (December 31, 2025 - none).

​

​

15.  SHARE CAPITAL

​

Authorized Share Capital

​

The Company has an unlimited number of common shares without par value authorized for issue.

​

During the three months ended March 31, 2026, the Company acquired under its normal course issuer bid program (“NCIB”) and cancelled 2,200,693 common shares (March 31, 2025 - 916,900) at an average cost of $9.24 per share (March 31, 2025 - $4.53), excluding brokerage fees, for a total cost of $20.4 million (March 31, 2025 - $4.2 million).

​

On April 17, 2026, the Company announced the renewal of its NCIB program to purchase up to 15,227,869 common shares, being 5% of its outstanding common shares as at April 10, 2026. Under the NCIB, purchases of common shares may be made through the facilities of the NYSE. The share repurchase program started on May 4, 2026 and will end on the earlier of May 3, 2027; the date the Company acquires the maximum number of common shares allowable under the NCIB; or the date the Company otherwise decides not to make any further repurchases under the NCIB.

​

​

16.  EARNINGS PER SHARE

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Basic:	​	​	​	​	​	​
Net income from continuing operations attributable to Fortuna shareholders	​	​	111,008	​	​	35,434
Net income attributable to Fortuna shareholders	​	​	111,008	​	​	58,503
​	​	​	​	​	​	​
Weighted average number of shares ('000s)	​	​	305,342	​	​	306,614
Earnings per share from continuing operations - basic	​	​	0.36	​	​	0.12
Earnings per share - basic	​	​	0.36	​	​	0.19

​

Page | 14

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Diluted:	​	​	​	​	​	​
Net income from continuing operations attributable to Fortuna shareholders	​	​	111,008	​	​	35,434
Add: finance costs on convertible debt, net of $nil tax	​	​	3,812	​	​	–
Diluted net income from continuing operations for the period	​	​	114,820	​	​	35,434
Net income attributable to Fortuna shareholders	​	​	111,008	​	​	58,503
Add: finance costs on convertible debt, net of $nil tax	​	​	3,812	​	​	–
Diluted net income for the period	​	​	114,820	​	​	58,503
​	​	​	​	​	​	​
Weighted average number of shares ('000s)	​	​	305,342	​	​	306,614
Incremental shares from dilutive potential shares	​	​	27,436	​	​	1,451
Weighted average diluted number of shares ('000s)	​	​	332,778	​	​	308,065
Earnings per share from continuing operations - diluted	​	​	0.35	​	​	0.12
Earnings per share - diluted	​	​	0.35	​	​	0.19

​

The incremental shares from dilutive potential shares primarily consist of share units and, for the three months ended March 31, 2026, potential common shares issuable on conversion of the 2024 Convertible Notes. For the three months ended March 31, 2025, an aggregate of 26,172,045 potential common shares issuable on conversion of the 2024 Convertible Notes were excluded from the diluted earnings per share calculation as their effect would have been anti-dilutive. The Company's average share price exceeded the conversion price of the 2024 Convertible Notes during the three months ended March 31, 2026 (March 31, 2025 - below the conversion price).

​

17.  SALES

​

The Company’s geographical analysis of revenue from contracts with customers attributed to the location of its products produced, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2026

​

​

​

Argentina $

​

​

Côte d'Ivoire $

​

​

Peru $

​

​

Total $

Gold doré

​

​

101,503

​

​

206,324

​

​

–

​

​

307,827

Silver-lead concentrates

​

​

–

​

​

–

​

​

22,293

​

​

22,293

Zinc concentrates

​

​

–

​

​

–

​

​

11,854

​

​

11,854

Provisional pricing adjustments

​

​

–

​

​

–

​

​

497

​

​

497

Sales to external customers

​

​

101,503

​

​

206,324

​

​

34,644

​

​

342,471

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

​

​

Argentina $

​

​

Côte d'Ivoire $

​

​

Peru $

​

​

Total $

Gold doré

​

​

53,154

​

​

110,998

​

​

–

​

​

164,152

Silver-lead concentrates

​

​

–

​

​

–

​

​

15,680

​

​

15,680

Zinc concentrates

​

​

–

​

​

–

​

​

15,136

​

​

15,136

Provisional pricing adjustments

​

​

–

​

​

–

​

​

69

​

​

69

Sales to external customers

​

​

53,154

​

​

110,998

​

​

30,885

​

​

195,037

​

​

​

​

Page | 15

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

18.  COST OF SALES

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​	​	2026 $	​ ​ ​	​	2025 $
Direct mining, processing and other costs	​	​	47,643	​	​	41,978
Depletion and depreciation	​	​	44,675	​	​	44,478
Salaries and benefits	​	​	18,543	​	​	16,994
Royalties and other taxes	​	​	18,923	​	​	10,467
Workers' participation	​	​	851	​	​	777
Cost of sales	​	​	130,635	​	​	114,694

​

For the three months ended March 31, 2026, depletion and depreciation includes $4.5 million of depreciation related to right-of-use assets (March 31, 2025 - $3.9 million).

​

19.  GENERAL AND ADMINISTRATION

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​	​	2026 $	​ ​ ​	​	2025 $
General and administration	​	​	7,591	​	​	7,191
Salaries, wages and benefits	​	​	12,012	​	​	7,552
Workers' participation	​	​	422	​	​	30
​	​	​	20,025	​	​	14,773
Share-based payments	​	​	7,768	​	​	9,129
General and administration	​	​	27,793	​	​	23,902

​

​

​

​

​

20.  INTEREST AND FINANCE COSTS, NET

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Interest income	​	​	4,624	​	​	3,060
2024 Convertible Notes interest	​	​	(1,617)	​	​	(1,617)
Amortization of discount and transaction costs	​	​	(2,324)	​	​	(2,091)
Bank stand-by, commitment fees and other interest	​	​	(519)	​	​	(642)
Accretion expense	​	​	(576)	​	​	(562)
Accretion of lease liabilities	​	​	(1,521)	​	​	(1,194)
​	​	​	(1,933)	​	​	(3,046)

​

​

​

​

Page | 16

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

21.   DISCONTINUED OPERATIONS

​

On April 11, 2025, the Company completed the sale of its 100% interest in Compania Minera Cuzcatlan S.A. de C.V. (“Cuzcatlan”), which owns the San Jose silver and gold mine in southern Mexico (“San Jose”).

​

On May 12, 2025, the Company completed the sale of all of its interest in Roxgold SANU S.A. (“Sanu”), which owns and operates the underground and open pit Yaramoko gold mine in southwestern Burkina Faso (“Yaramoko”), and 100% of three other Burkina Faso subsidiaries (collectively with Sanu, the “Sanu Entities”), and ceased all operations in Burkina Faso.

​

Results of Discontinued Operation – Cuzcatlan

​

The following table presents the results of Cuzcatlan for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
​	​	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Sales	​	​	​	–	​	​	149
Cost of sales	​	​	​	–	​	​	(149)
Mine operating income	​	​	​	–	​	​	–
​	​	​	​	​	​	​	​
General and administration	​	​	​	–	​	​	(638)
Foreign exchange loss	​	​	​	–	​	​	(12)
Other expenses	​	​	​	–	​	​	(2,192)
Operating loss	​	​	​	–	​	​	(2,842)
​	​	​	​	​	​	​	​
Interest and finance costs, net	​	​	​	–	​	​	(325)
Loss before income taxes	​	​	​	–	​	​	(3,167)
​	​	​	​	​	​	​	​
Income tax recoveries	​	​	​	–	​	​	1
Net loss from operating activities and loss from discontinued operation, net of tax	​	​	​	–	​	​	(3,166)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Loss per share from discontinued operation attributable to Fortuna shareholders	​	​	​	​	​	​	​
Basic	​	​	​	–	​	​	(0.01)
Diluted	​	​	​	–	​	​	(0.01)

​

​

Page | 17

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

Results of Discontinued Operation – Sanu Entities

​

The following table presents the results of the Sanu Entities for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
​	​	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Sales	​	​	​	–	​	​	95,108
Cost of sales	​	​	​	–	​	​	(59,577)
Mine operating income	​	​	​	–	​	​	35,531
​	​	​	​	​	​	​	​
General and administration	​	​	​	–	​	​	(1,394)
Foreign exchange gain	​	​	​	–	​	​	1,870
Other expenses	​	​	​	–	​	​	(89)
Operating income	​	​	​	–	​	​	35,918
​	​	​	​	​	​	​	​
Interest and finance costs, net	​	​	​	–	​	​	18
Income before income taxes	​	​	​	–	​	​	35,936
​	​	​	​	​	​	​	​
Income taxes	​	​	​	–	​	​	(6,845)
Net income from operating activities and income from discontinued operation, net of tax	​	​	​	–	​	​	29,091
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Income from discontinued operation, net of tax attributable to:	​	​	​	​	​	​	​
Fortuna shareholders	​	​	​	–	​	​	26,235
Non-controlling interest	​	​	​	–	​	​	2,856
​	​	​	​	–	​	​	29,091
​	​	​	​	​	​	​	​
Income per share from discontinued operation attributable to Fortuna shareholders	​	​	​	​	​	​	​
Basic	​	​	​	–	​	​	0.09
Diluted	​	​	​	–	​	​	0.09

​

Page | 18

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

Cash Flows of Discontinued Operations

​

The following table summarizes the cash flows attributable to Cuzcatlan and the Sanu Entities for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
​	​	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Cuzcatlan	​	​	​	–	​	​	(9,897)
Sanu Entities	​	​	​	–	​	​	47,258
Net cash provided by operating activities	​	​	​	–	​	​	37,361
​	​	​	​	​	​	​	​
Cuzcatlan	​	​	​	–	​	​	(89)
Sanu Entities	​	​	​	–	​	​	(1,517)
Cash used in investing activities	​	​	​	–	​	​	(1,606)
​	​	​	​	​	​	​	​
Cuzcatlan	​	​	​	–	​	​	(22)
Sanu Entities	​	​	​	–	​	​	(982)
Cash used in financing activities	​	​	​	–	​	​	(1,004)
Net cash flows from discontinued operations	​	​	​	–	​	​	34,751

​

​

​

​

Page | 19

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

22.  SEGMENTED INFORMATION

​

The Company’s operating segments are based on the reports reviewed by the senior management group that are used to make strategic decisions. The Chief Executive Officer, as chief operating decision maker, considers the business from a geographic perspective when considering the performance of the Company’s business units.

​

The following summary describes the operations of each reportable segment:

● Mansfield Minera S.A. (“Mansfield”) – operates the Lindero gold mine

● Roxgold SANGO S.A. (“Sango”) – operates the Séguéla gold mine

● Minera Bateas S.A.C. (“Bateas”) – operates the Caylloma silver, lead, and zinc mine

● Corporate – corporate stewardship and projects outside other segments

​

Discontinued operations:

● Cuzcatlan – operates the San Jose silver-gold mine

● Sanu – operates the Yaramoko gold mine

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2026

​

​

​

Mansfield $

​

​

Sango $

​ ​ ​

​

Bateas $

​

​

Corporate $

​ ​ ​

​

Total $

Revenues from external customers

​

​

101,503

​

​

206,324

​

​

34,644

​

​

–

​

​

342,471

Cost of sales before depreciation and depletion

​

​

(26,745)

​

​

(46,905)

​

​

(12,310)

​

​

–

​

​

(85,960)

Depreciation and depletion in cost of sales

​

​

(14,933)

​

​

(26,099)

​

​

(3,643)

​

​

–

​

​

(44,675)

General and administration

​

​

(3,062)

​

​

(4,788)

​

​

(1,342)

​

​

(18,601)

​

​

(27,793)

Other (expenses) income

​

​

(1,193)

​

​

(8,631)

​

​

467

​

​

5,423

​

​

(3,934)

Finance items

​

​

(934)

​

​

(356)

​

​

(131)

​

​

(370)

​

​

(1,791)

Segment income (loss) before taxes

​

​

54,636

​

​

119,545

​

​

17,685

​

​

(13,548)

​

​

178,318

Income tax expense

​

​

(8,615)

​

​

(29,312)

​

​

(6,127)

​

​

(14,319)

​

​

(58,373)

Segment income (loss) after taxes from continuing operations

​

​

46,021

​

​

90,233

​

​

11,558

​

​

(27,867)

​

​

119,945

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended March 31, 2025

​

​

​

Mansfield $

​

​

Sango $

​ ​ ​

​

Bateas $

​

​

Corporate $

​ ​ ​

​

Total $

Revenues from external customers

​

​

53,154

​

​

110,998

​

​

30,885

​

​

–

​

​

195,037

Cost of sales before depreciation and depletion

​

​

(22,005)

​

​

(35,116)

​

​

(13,095)

​

​

–

​

​

(70,216)

Depreciation and depletion in cost of sales

​

​

(9,799)

​

​

(30,310)

​

​

(4,369)

​

​

–

​

​

(44,478)

General and administration

​

​

(2,498)

​

​

(2,602)

​

​

(2,573)

​

​

(16,229)

​

​

(23,902)

Other expenses

​

​

(1,390)

​

​

1,482

​

​

(345)

​

​

(243)

​

​

(496)

Finance items

​

​

2,387

​

​

(986)

​

​

(122)

​

​

(2,953)

​

​

(1,674)

Segment income (loss) before taxes

​

​

19,849

​

​

43,466

​

​

10,381

​

​

(19,425)

​

​

54,271

Income tax expense

​

​

(1,221)

​

​

(8,133)

​

​

(3,133)

​

​

(2,901)

​

​

(15,388)

Segment income (loss) after taxes from continuing operations

​

​

18,628

​

​

35,333

​

​

7,248

​

​

(22,326)

​

​

38,883

​

​

Page | 20

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at March 31, 2026

​

​

Mansfield $

​

​

Sango $

​

​

Bateas $

​

​

Corporate $

​

​

Total $

Total assets

​

​

665,996

​

​

1,132,299

​

​

166,318

​

​

527,956

​

​

2,492,569

Total liabilities

​

​

72,585

​

​

320,927

​

​

53,154

​

​

205,674

​

​

652,340

Capital expenditures (1)

​

​

11,496

​

​

25,673

​

​

3,485

​

​

10,399

​

​

51,053

(1) Capital expenditures are on an accrual basis for the three months ended March 31, 2026.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31, 2025

​

​

Mansfield $

​

​

Sango $

​

​

Bateas $

​

​

Corporate $

​

​

Cuzcatlan $

​

​

Sanu $

​ ​ ​

​

Total $

Total assets

​

​

649,052

​

​

1,011,605

​

​

162,163

​

​

537,821

​

​

–

​

​

–

​

​

2,360,641

Total liabilities

​

​

66,829

​

​

293,762

​

​

56,364

​

​

208,368

​

​

–

​

​

–

​

​

625,323

Capital expenditures (1)

​

​

64,073

​

​

99,849

​

​

22,535

​

​

31,036

​

​

89

​

​

452

​

​

218,034

(1) Capital expenditures are on an accrual basis for the year ended December 31, 2025.

​

​

Page | 21

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

23.  FAIR VALUE MEASUREMENTS

(a) Financial Assets and Financial Liabilities by Category

​

The carrying amounts of the Company’s financial assets and financial liabilities by category are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at March 31, 2026

​ ​ ​

​

Fair value through OCI $

​ ​ ​

​

Fair value through profit or loss $

​

​

Amortized cost $

​

​

Total $

Financial assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

​

–

​

​

–

​

​

665,905

​

​

665,905

Restricted cash

​

​

–

​

​

–

​

​

13,542

​

​

13,542

Trade receivables - concentrate sales

​

​

–

​

​

12,142

​

​

–

​

​

12,142

Trade receivables - doré sales

​

​

–

​

​

–

​

​

4,969

​

​

4,969

Investments in equity securities (1)

​

​

9,916

​

​

–

​

​

–

​

​

9,916

Other receivables

​

​

–

​

​

–

​

​

12,591

​

​

12,591

Total financial assets

​

​

9,916

​

​

12,142

​

​

697,007

​

​

719,065

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Trade payables

​

​

–

​

​

–

​

​

(75,050)

​

​

(75,050)

Payroll payable

​

​

–

​

​

–

​

​

(19,714)

​

​

(19,714)

Share units payable

​

​

–

​

​

(23,392)

​

​

–

​

​

(23,392)

2024 Convertible Notes

​

​

–

​

​

–

​

​

(136,604)

​

​

(136,604)

Other payables

​

​

–

​

​

–

​

​

(94,998)

​

​

(94,998)

Total financial liabilities

​

​

–

​

​

(23,392)

​

​

(326,366)

​

​

(349,758)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31, 2025

​ ​ ​

​

Fair value through OCI $

​ ​ ​

​

Fair value through profit or loss $

​

​

Amortized cost $

​

​

Total $

Financial assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

​

–

​

​

–

​

​

553,985

​

​

553,985

Restricted cash

​

​

–

​

​

–

​

​

788

​

​

788

Trade receivables - concentrate sales

​

​

–

​

​

15,279

​

​

–

​

​

15,279

Trade receivables - doré sales

​

​

–

​

​

–

​

​

5,482

​

​

5,482

Investments in equity securities (1)

​

​

6,760

​

​

–

​

​

–

​

​

6,760

Other receivables

​

​

–

​

​

–

​

​

7,460

​

​

7,460

Total financial assets

​

​

6,760

​

​

15,279

​

​

567,715

​

​

589,754

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Trade payables

​

​

–

​

​

–

​

​

(77,927)

​

​

(77,927)

Payroll payable

​

​

–

​

​

–

​

​

(27,790)

​

​

(27,790)

Share units payable

​

​

–

​

​

(33,754)

​

​

–

​

​

(33,754)

2024 Convertible Notes

​

​

–

​

​

–

​

​

(134,410)

​

​

(134,410)

Other payables

​

​

–

​

​

–

​

​

(97,300)

​

​

(97,300)

Total financial liabilities

​

​

–

​

​

(33,754)

​

​

(337,427)

​

​

(371,181)

(1) As at March 31, 2026, investments in equity securities include $9.8 million (December 31, 2025 - $6.7 million) representing the fair value of the Company's investment in Awalé Resources Limited, a mineral exploration company in Côte d’Ivoire. The fair value was determined based on quoted prices in active markets, a Level 1 fair value measurement, with changes in fair value recorded in other comprehensive income.

​

Page | 22

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

(b) Fair Values of Financial Assets and Financial Liabilities

​

During the three months ended March 31, 2026 and 2025, there were no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy. The fair values of the Company’s financial assets and financial liabilities that are measured at fair value, including their levels in the fair value hierarchy are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at March 31, 2026

​ ​ ​

​

Level 1 $

​ ​ ​

​

Level 2 $

​ ​ ​

​

Level 3 $

​ ​ ​

​

Total $

Trade receivables - concentrate sales

​

​

–

​

​

12,142

​

​

–

​

​

12,142

Investments in equity securities

​

​

9,916

​

​

–

​

​

–

​

​

9,916

Share units payable

​

​

–

​

​

(23,392)

​

​

–

​

​

(23,392)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31, 2025

​ ​ ​

​

Level 1 $

​ ​ ​

​

Level 2 $

​ ​ ​

​

Level 3 $

​ ​ ​

​

Total $

Trade receivables - concentrate sales

​

​

–

​

​

15,279

​

​

–

​

​

15,279

Investments in equity securities

​

​

6,760

​

​

–

​

​

–

​

​

6,760

Share units payable

​

​

–

​

​

(33,754)

​

​

–

​

​

(33,754)

​

(c) Financial Assets and Financial Liabilities Not Already Measured at Fair Value

​

The table below presents the estimated fair values of the Company’s financial liabilities, categorized within Level 2 of the fair value hierarchy, not measured at fair value where amortized cost does not reasonably approximate fair value.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

​

December 31, 2025

​

​

​

Carrying amount $

​

​

Fair value $

​

​

Carrying amount $

​

​

Fair value $

2024 Convertible Notes (1)

​

​

(136,604)

​

​

(299,719)

​

​

(134,410)

​

​

(293,681)

​

(1) The carrying amounts of the 2024 Convertible Notes represents the liability components (Note 12), while the fair value represents the liability and equity components. The fair value of the 2024 Convertible Notes is based on the quoted prices in markets that are not active for the underlying securities.

​

​

​

24.  SUPPLEMENTAL CASH FLOW INFORMATION

​

Changes in working capital for the three months ended March 31, 2026 and 2025 are as follows:

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​	​	2026 $	​ ​ ​	​	2025 $
Trade and other receivables	​	​	7,899	​	​	(3,699)
Prepaid expenses	​	​	(1,703)	​	​	1,729
Inventories	​	​	(1,573)	​	​	(6,675)
Trade and other payables	​	​	(8,578)	​	​	665
Total changes in working capital	​	​	(3,955)	​	​	(7,980)

​

Page | 23

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

The significant non-cash financing and investing transactions during the three months ended March 31, 2026 and 2025 are as follows:

​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
​	​	​ ​ ​	​	2026 $	​ ​ ​	​	2025 $
Mineral properties, plant and equipment changes in closure and reclamation provision	​	​	​	2,778	​	​	2,140
Additions to right-of-use assets	​	​	​	1,416	​	​	6,606
Share units allocated to share capital upon settlement	​	​	​	3,547	​	​	3,294

​

​

25.  NON-CONTROLLING INTERESTS

​

As at March 31, 2026, the non-controlling interest (“NCI”) of the State of Côte d’Ivoire, which represents a 10% interest in Sango, totaled $67.2 million. The income attributable to the NCI for the three months ended March 31, 2026, totaling $8.9 million, is based on net income for Séguéla.

​

​

​

​

26.  CONTINGENCIES AND CAPITAL COMMITMENTS

​

(a)    Caylloma Letter of Guarantee

​

The Caylloma mine closure plan, as amended, that was in effect in September 2024, includes total undiscounted closure costs of $18.2 million, which consisted of progressive closure activities of $2.4 million, final closure activities of $13.5 million, and post closure activities of $2.3 million pursuant to the terms of the Mine Closing Law of Peru.

Under the terms of the current Mine Closing Law, the Company is required to provide the Peruvian Government with a guarantee in respect of the Caylloma mine closure plan as it relates to final closure activities and post-closure activities and related taxes. As at March 31, 2026, the Company provided a bank letter guarantee of $17.6 million to the Peruvian Government in respect of such closure costs and taxes.

​

(b)    Other Commitments

​

Argentina

​

As at March 31, 2026, the Company had capital commitments of $4.9 million, for civil work, equipment purchases and other services at the Lindero mine, which are expected to be expended within one year.

​

Page | 24

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

Côte d’Ivoire

​

The Company entered into an agreement with a service provider at the Séguéla mine wherein if the Company terminates the agreement prior to the end of its term, in May 2028, the Company would be required to make an early termination payment, which is reduced monthly over 66 months. If the Company had terminated the agreement on March 31, 2026, and elected not to purchase the service provider’s equipment, it would have been subject to an early termination payment of $15.3 million. If the Company elected to purchase the service provider’s equipment, the early termination amount would be adjusted to exclude equipment depreciation and demobilization of equipment, and only include the portion of the monthly management fees and demobilization of personnel.

​

Additional early termination payments may apply under certain other service agreements, amounting to a cumulative fee of approximately $3.6 million as at March 31, 2026.

​

In addition, as at March 31, 2026, the Company had outstanding bank guarantees totaling $6.8 million, primarily securing obligations related to environmental rehabilitation, supplier contracts, and disputed tax assessments.

​

(c)    Tax Contingencies

​

The Company is, from time to time, involved in various tax assessments arising in the ordinary course of business. The Company cannot reasonably predict the likelihood or outcome of these actions. The Company has recognized tax provisions with respect to current assessments received from the tax authorities in the various jurisdictions in which the Company operates, and from any uncertain tax positions identified. For those amounts recognized related to current tax assessments received, the provision is based on management's best estimate of the outcome of those assessments, based on the validity of the issues in the assessment, management's support for their position, and the expectation with respect to any negotiations to settle the assessment. Management re-evaluates the outstanding tax assessments regularly to update their estimates related to the outcome for those assessments taking into account the criteria above.

​

(d)    Other Contingencies

​

The Company is subject to various investigations and other claims; and legal, labour, and tax proceedings covering matters that arise in the ordinary course of business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved unfavourably for the Company. Certain conditions may exist as of the date these financial statements are issued that may result in a loss to the Company. None of these matters is expected to have a material effect on the results of operations or financial condition of the Company.

Page | 25

​

​

​

​

​

​

​

​

​

​

MANAGEMENT’S DISCUSSION AND ANALYSIS

​

​

​

For the three months ended March 31, 2026

​

​

​

​

​

​

​

​

​

​

​

As of May 6, 2026

​

​

​

​

​

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

This Management’s Discussion and Analysis (“MD&A”) of the financial position and results of operations for Fortuna Mining Corp. (the “Company” or “Fortuna”) (TSX: FVI and NYSE: FSM) should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024 (the “2025 Financial Statements”), and the unaudited condensed interim consolidated financial statements of the Company for the three months ended March 31, 2026 and 2025 (the “Q1 2026 Financial Statements”) and the related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). For further information on the Company, reference should be made to its public filings, including its annual information form, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

​

This MD&A is prepared by management and approved by the Board of Directors as of May 6, 2026. The information and discussion provided in this MD&A covers the three months ended March 31, 2026 and 2025, and where applicable, the subsequent period up to the date of issuance of this MD&A. Unless otherwise noted, all dollar amounts in this MD&A are expressed in United States (“US”) dollars. References to "$" or "US$" in this MD&A are to US dollars and references to C$ are to Canadian dollars.

​

Fortuna has a number of direct and indirect subsidiaries which own and operate assets and conduct activities in different jurisdictions. The terms "Fortuna" or the "Company" are used in this MD&A for simplicity of the discussion provided herein and may include references to subsidiaries that have an affiliation with Fortuna, without necessarily identifying the specific nature of such affiliation.

​

This MD&A contains forward-looking statements. Readers are cautioned as to the risks and uncertainties related to the forward-looking statements, the risks and uncertainties associated with investing in the Company’s securities and the technical and scientific information under National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”) concerning the Company’s material properties, including information about mineral reserves and resources, which classifications differ from the requirements required by the U.S. Securities and Exchange Commission (“SEC”) as set out in the cautionary note on page 32 of this MD&A. All forward-looking statements are qualified by cautionary notes in this MD&A as well as risks and uncertainties discussed in the Company’s Annual Information Form for fiscal 2025 dated March 23, 2026 and its Management Information Circular dated May 1, 2025, which are available on SEDAR+ and EDGAR.

​

This MD&A uses certain Non-IFRS financial measures and ratios that are not defined under IFRS, including but not limited to: all-in costs, cash cost per ounce of gold; cash cost per ounce of gold equivalent;  all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; cash cost per payable ounce of silver equivalent; all-in sustaining cash cost per payable ounce of silver equivalent sold; sustaining capital, growth capital; all-in cash cost per payable ounce of silver equivalent sold; free cashflow and free cashflow from ongoing operations; adjusted net income; adjusted attributable net income, adjusted EBITDA, EBITDA margin, net debt, total net debt to adjusted EBITDA ratio and working capital which are used by the Company to manage and evaluate operating performance at each of the Company’s mines and are widely reported in the mining industry as benchmarks for performance. Non-IFRS financial measures and non-IFRS ratios do not have a standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Non-IFRS measures are further discussed in the “Non-IFRS Measures” section on page 20 of this MD&A.

​

Where applicable, the Company has presented operating and financial results for the previous financial periods based on its continuing operations. Contributions from the San Jose and Yaramoko Mines have been removed as they were disposed of during the second quarter of 2025.

​

​

Fortuna | 2

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

​

CONTENTS

​	​
​	​
​	​
Business Overview	4
Highlights	4
Financial Results	7
Results of Operations	10
Quarterly Information	15
Exploration and Evaluation	16
Liquidity and Capital Resources	17
Financial Instruments	18
Share Position & Outstanding Options & Equity Based Share Units	19
Related Party Transactions	19
Non-IFRS Financial Measures	20
Risks and Uncertainties	29
Critical Accounting Estimates, Assumptions, and Judgements	30
Controls and Procedures	31
Cautionary Statement on Forward-Looking Statements	32
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources	34

​

​

​

Fortuna | 3

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

BUSINESS OVERVIEW

​

Fortuna is a growth focused Canadian precious metals mining company with operations and projects in South America and West Africa. The Company produces gold, silver, and base metals and generates shared value over the long-term through efficient production, environmental protection, and social responsibility. As at the date of the MD&A, the Company has three operating mines and exploration activities in Argentina, Côte d'Ivoire, Peru, Guyana, Guinea and Mexico as well as the Diamba Sud gold project in Senegal.

​

The Company operates the open pit Lindero gold mine (“Lindero” or the “Lindero Mine”) located in northern Argentina, the underground Caylloma silver, lead, and zinc mine (“Caylloma” or the “Caylloma Mine”) located in southern Peru, and the open pit Séguéla gold mine (“Séguéla” or the “Séguéla Mine”) located in southwestern Côte d’Ivoire. Each of the Company's producing mines is considered to be a separate reportable segment, along with the Company's corporate stewardship segment.

​

Fortuna is a publicly traded company incorporated and domiciled in British Columbia, Canada. Its common shares are listed on the New York Stock Exchange (“NYSE”) under the trading symbol FSM and on the Toronto Stock Exchange (“TSX”) under the trading symbol FVI.

​

​

​

​

​

​

​

​

CORPORATE DEVELOPMENTS

​

Fortuna Establishes Presence in the Guyana Shield

​

On April 16, 2026, the Company entered into an earn-in agreement with Qstone Inc. (“Qstone”), a private Guyanese company, pursuant to which Fortuna may earn up to a 70% interest in the Quartzstone Project, a large land package comprising 29,600 hectares located in the greenstone belt of north central Guyana. Refer to the News Release dated April 20, 2026 “Fortuna Establishes Presence in the Guyana Shield Through Quartzstone Earn-In Agreement”.

​

Fortuna may earn an initial 51% interest in the Quartzstone Project by completing a minimum of 60,000 meters of drilling within four years, while paying all license fees and funding all related expenditures. Upon exercise of the first option, Fortuna will form a joint venture with Qstone.

​

Fortuna may earn an additional 19% interest in the Quartzstone Project, for an aggregate 70% interest, by solely funding a feasibility study within three years of exercising the first option and continuing to pay all license fees. Upon signing the Earn-In Agreement, the Company paid Qstone a non-refundable cash option premium of $5.0 million.

​

In addition to royalties payable to the State on gold production, the Quartzstone Project is subject to a 4.5% net smelter returns royalty in favour of a prior owner, which may be repurchased at a price to be determined by the parties at any time.

​

HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2026

​

Financial

● Sales were $342.5 million, an increase of 76% from the $195.0 million reported in the three months ended March 31, 2025 (“Q1 2025”)

● Mine operating income was $211.8 million, an increase of 164% from the $80.3 million reported in Q1 2025

● Operating income was $180.1 million, an increase of $124.2 million from the $55.9 million in operating income reported in Q1 2025

Fortuna | 4

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

● Attributable net income from continuing operations was $111.0 million or $0.36 per share, an increase from attributable net income of $35.4 million or $0.12 per share reported in Q1 2025

● Adjusted net income (refer to Non-IFRS Financial Measures) was $119.9 million compared to $39.1 million in Q1 2025, representing a 207% increase

● Adjusted EBITDA (refer to Non-IFRS Financial Measures) was $218.8 million compared to $102.6 million reported in Q1 2025, representing a 113% increase

● Free cash flow from ongoing operations (refer to Non-IFRS Financial Measures) was $174.0 million compared to $66.7 million reported in Q1 2025, representing a 161% increase

● Net cash provided by operating activities from continuing operations was $209.4 million, an increase of 135% from the $89.0 million reported in Q1 2025

​

Operating

● Gold production of 63,561 ounces, an 8% increase from Q1 2025

● Silver production of 257,603 ounces, a 6% increase from Q1 2025

● Lead production of 8,174,740 pounds, a 7% decrease from Q1 2025

● Zinc production of 11,525,766 pounds, a 16% decrease from Q1 2025

● Consolidated All-in Sustaining Costs (“AISC”) of $2,107 per ounce on a gold equivalent sold basis compared to $1,752 per ounce for Q1 2025. See “Non-IFRS Measures - All-in Sustaining Cash Cost per Ounce of Gold Equivalent Sold” for additional information

​

Health & Safety

​

During the first quarter of 2026, the Company recorded zero lost time injuries, one restricted work injury, and two medical treatment injuries over 2.6 million hours worked. As a result, the lost time injury frequency rate at the end of the quarter was zero per million hours worked, equivalent to Q1 2025. The total recordable injury frequency rate was 1.16 per million hours worked, compared to 0.96 in Q1 2025.

​

Environment

​

No serious environmental incidents, no incidents of non-compliance related to water permits, standards, and regulations and no material environmental fines were recorded during the first quarter of 2026.

​

Community Engagement

​

During the first quarter of 2026, there were no material disputes at any of our sites. The Company recorded 226 local stakeholder engagement activities during the period, including consultation meetings with local administration and community leaders, participation in ceremonies and courtesy visits.

Fortuna | 5

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Operating and Financial Highlights From Continuing Operations

​

A summary of the Company’s consolidated financial and operating results for the three months ended March 31, 2026 and 2025 is presented below:

​

​	​	​	​	​	​	​
​	​	Three months ended March 31,
Consolidated Metrics	​	2026	​	2025	​	% Change
Selected highlights	​	​	​	​	​	​
​	​	​	​	​	​	​
Gold	​	​	​	​	​	​
Metal produced (oz)	​	63,561	​	58,820	​	8%
Metal sold (oz)	​	63,423	​	57,094	​	11%
Realized price ($/oz)	​	4,884	​	2,884	​	69%
​	​	​	​	​	​	​
Silver	​	​	​	​	​	​
Metal produced (oz)	​	257,603	​	242,993	​	6%
Metal sold (oz)	​	203,433	​	251,810	​	(19%)
Realized price ($/oz)	​	82.69	​	31.77	​	160%
​	​	​	​	​	​	​
Lead	​	​	​	​	​	​
Metal produced (000's lbs)	​	8,175	​	8,836	​	(7%)
Metal sold (000's lbs)	​	7,039	​	9,199	​	(23%)
​	​	​	​	​	​	​
Zinc	​	​	​	​	​	​
Metal produced (000's lbs)	​	11,526	​	13,772	​	(16%)
Metal sold (000's lbs)	​	11,017	​	13,826	​	(20%)
​	​	​	​	​	​	​
Unit costs	​	​	​	​	​	​
Cash cost ($/oz Au Eq) (1)(2)	​	951	​	866	​	10%
All-in sustaining cash cost ($/oz Au Eq) (1)(2)	​	2,107	​	1,752	​	20%
​	​	​	​	​	​	​
Mine operating income	​	211.8	​	80.3	​	164%
Operating income	​	180.1	​	55.9	​	222%
Net income from continuing operations	​	119.9	​	38.9	​	208%
Attributable net income from continuing operations	​	111.0	​	35.4	​	214%
Attributable income from continuing operations per share - basic	​	0.36	​	0.12	​	200%
Attributable net income	​	111.0	​	58.5	​	90%
Attributable income per share - basic	​	0.36	​	0.19	​	89%
Adjusted attributable net income from continuing operations (1)	​	111.0	​	35.6	​	212%
Adjusted EBITDA (1)	​	218.8	​	102.6	​	113%
Net cash provided by operating activities - continuing operations	​	209.4	​	89.0	​	135%
Free cash flow from ongoing operations (1)	​	174.0	​	66.7	​	161%
Capital Expenditures (3)	​	​	​	​	​	​
Sustaining	​	27.9	​	22.6	​	23%
Sustaining leases	​	6.8	​	4.9	​	39%
Growth capital	​	17.4	​	15.4	​	13%
​	​	​	​	​	​	​
(in millions of US dollars, except percentages)	​	March 31, 2026	​	December 31, 2025	​	% Change
Cash and cash equivalents	​	665.9	​	554.0	​	20%
Total assets	​	2,492.6	​	2,360.6	​	6%
Debt	​	136.6	​	134.4	​	2%
Equity attributable to Fortuna shareholders	​	1,773.0	​	1,677.0	​	6%
(1) Refer to Non-IFRS financial measures.
(2) Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn for Q1 2026. Gold equivalent was

Fortuna | 6

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn for Q1 2025.

(3) Capital expenditures are presented on a cash basis.

Figures may not add due to rounding.

Discontinued operations have been removed where applicable.

​

​

FINANCIAL RESULTS FROM CONTINUING OPERATIONS

​

Sales

​

​	​	​	​	​	​	​
(in millions of US dollars,	​	Three months ended March 31,
except percentages)	​ ​ ​	2026	​	2025	​	% Change
Provisional sales	​	​	​	​	​	​
Lindero	​	101.5	​	53.2	​	91%
Séguéla	​	206.3	​	111.0	​	86%
Caylloma	​	34.1	​	30.6	​	11%
Adjustments (1)	​	0.6	​	0.2	​	200%
Total sales	​	342.5	​	195.0	​	76%
​	​	​	​	​	​	​
(1) Adjustments consist of mark to market, final price and assay adjustments.
Based on provisional sales before final price adjustments. Net after payable metal deductions, treatment, and refining charges.
Treatment charges are allocated to base metals at Caylloma.
Discontinued operations have been removed.

​

First Quarter 2026 vs First Quarter 2025

​

Consolidated sales from continuing operations for the three months ended March 31, 2026 were $342.5 million, a 76% increase from the $195.0 million reported in the same period in 2025. Sales by reportable segment for the three months ended March 31, 2026 were as follows:

● Lindero recognized sales of $101.5 million from the sale of 21,183 ounces of gold, a 91% increase from the comparable period in 2025. Sales increased at Lindero as a result of higher realized metal prices of $4,837 per gold ounce compared to $2,877 and higher ounces sold. See "Results of Operations – Lindero Mine, Argentina" for additional information.

● Séguéla recognized sales of $206.3 million from the sale of 42,054 ounces of gold, an increase of 86% over the comparable period. Higher sales at Séguéla were the result of higher production from higher grades as well as higher realized metal prices of $4,906 per gold ounce compared to $2,888 in the comparable period. See "Results of Operations – Séguéla Mine, Côte d’Ivoire" for additional information.

● Caylloma recognized sales of $34.1 million compared to $30.6 million reported in the same period in 2025. Increased sales were driven by higher realized silver prices of $82.69 per ounce compared to $31.77 per ounce in the comparable period. The increase was partially offset by lower base metal production. See "Results of Operations – Caylloma Mine, Peru" for additional information.

​

Fortuna | 7

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Operating Income (Loss) and Adjusted EBITDA

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026	​ ​ ​	% (1)	​ ​ ​	​	2025	​ ​ ​	% (1)
Operating income (loss)	​	​	​	​	​	​	​	​	​	​
Lindero	​	​	55.6	​	55%	​	​	17.5	​	33%
Séguéla	​	​	119.9	​	58%	​	​	44.5	​	40%
Caylloma	​	​	17.8	​	51%	​	​	10.5	​	34%
Corporate	​	​	(13.2)	​	​	​	​	(16.6)	​	​
Total	​	​	180.1	​	53%	​	​	55.9	​	29%
​	​	​	​	​	​	​	​	​	​	​
Adjusted EBITDA (2)	​	​	​	​	​	​	​	​	​	​
Lindero	​	​	70.5	​	69%	​	​	28.7	​	54%
Séguéla	​	​	144.7	​	70%	​	​	75.1	​	68%
Caylloma	​	​	21.3	​	62%	​	​	15.0	​	48%
Corporate	​	​	(17.7)	​	​	​	​	(16.2)	​	​
Total	​	​	218.8	​	64%	​	​	102.6	​	53%
​	​	​	​	​	​	​	​	​	​	​
(1) As a percentage of sales.
(2) Refer to Non-IFRS Financial Measures.
Figures may not add due to rounding.	​	​	​	​	​	​	​	​	​	​
Discontinued operations have been removed.	​	​	​	​	​	​	​	​	​	​

​

First Quarter 2026 vs First Quarter 2025

​

Operating income for the three months ended March 31, 2026 was $180.1 million, an increase of $124.2 million over the same period in 2025 which was primarily due to:

● Higher operating income at the Lindero Mine was primarily the result of higher sales as described above. This was partially offset by higher depletion per ounce due to an impairment reversal in Q3 2025 and higher Argentine peso denominated costs due to macroeconomic factors.

● The Séguéla Mine recognized operating income of $119.9 million in the first quarter compared to $44.5 million in the comparable period. The increase in operating income was a result of higher sales and lower depletion per ounce due to an increase in reserves partially offset by higher royalties. Operating income for the first quarter of 2026 included $11.6 million in depletion related to the purchase price of Roxgold Inc. in 2021.

● Operating income at the Caylloma Mine for the first quarter of 2026 increased by $7.3 million compared to 2025 as a result of higher silver sales.

​

After adjusting for items that are not indicative of future operating earnings, adjusted EBITDA (refer to Non-IFRS Financial Measures) was $218.8 million for the three months ended March 31, 2026, an increase of $116.2 million over the same period in 2025. Higher adjusted EBITDA was primarily the result of higher sales.

​

The most comparable IFRS measure to the Non-IFRS measure adjusted EBITDA is net income from continuing operations. Net income from continuing operations for the three months ended March 31, 2026 was $119.9 million, an $81.0 million increase from the $38.9 million reported in the comparable period. Refer to the discussion above and to the section entitled “Non-IFRS Measures” for more detailed information.

​

​

​

​

​

​

​

Fortuna | 8

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

All-in Sustaining Cost (“AISC”)

​

First Quarter 2026 vs First Quarter 2025

​

Consolidated AISC per gold equivalent ounce (“GEO”) sold from continuing operations for the first quarter of 2026 was $2,107 compared to $1,752 for the comparable quarter. Factors that contributed to higher AISC for the period were:

● An $84/oz increase due to higher cash costs

● A $114/oz increase from royalties as a result of higher realized metal prices

● $43/oz from higher G&A primarily due to timing of expenses

● $87/oz for higher sustaining capital due to capitalized stripping at Séguéla

● The comparable period included a ($20)/oz benefit related to the gain on blue chip swaps in Argentina

● The impact of high gold prices on the calculation of GEOs at Caylloma

​

General and Administrative (“G&A”) Expenses

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	Three months ended March 31,
(in millions of US dollars except percentages)	​	​	​	2026	​	​	2025	​	% Change
Mine G&A	​	​	​	8.6	​	​	7.5	​	15%
Corporate G&A	​	​	​	11.0	​	​	7.3	​	51%
Share-based payments	​	​	​	7.8	​	​	9.1	​	(14)%
Workers' participation	​	​	​	0.4	​	​	–	​	100%
Total	​	​	​	27.8	​	​	23.9	​	16%
​	​	​	​	​	​	​	​	​	​

​

G&A expenses for the three months ended March 31, 2026 increased 18% to $27.8 million compared to $23.9 million reported in the same period in 2025. The increase was primarily due to the timing of the spending.

​

Foreign Exchange

​

Foreign exchange loss for the three months ended March 31, 2026 was $2.1 million compared to a $0.2 million gain reported in the same period in 2025. The higher foreign exchange loss in the quarter was due to the purchase of US dollars in Argentina to repatriate funds and a devaluation of the Euro relative to the US Dollar and the impact on cash and VAT balances in Côte d’Ivoire held in West African Francs.

​

Income Tax Expense

​

Income tax expense for the three months ended March 31, 2026 was $58.4 million compared to $15.4 million reported in the same period in 2025. The $43.0 million increase in income tax expense was due to higher net income before taxes as well as the accrual of $12.4 million in withholding taxes primarily for repatriation of cash from subsidiaries.

​

The effective tax rate (“ETR”) for the three months ended March 31, 2026 was 33% compared to 28% for the same period in 2025. The increase in the ETR for Q1 2026 was primarily due to a higher deferred tax expense as a result of the accrual of withholding taxes and the impact of foreign exchange rates on tax balances in local currency.

​

The Company is subject to tax in various jurisdictions, including Peru, Mexico, Argentina, Côte d’Ivoire, Senegal, Australia, and Canada. There are a number of factors that can significantly impact the Company’s ETR including the geographic distribution of income, variations in our income before income taxes, varying rates in different jurisdictions, the non-recognition of tax assets, local inflation rates, fluctuation in the value of the United States dollar and foreign currencies, changes in tax laws, and the impact of specific transactions and assessments. As a result of the number of factors that can

Fortuna | 9

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

potentially impact the ETR and the sensitivity of the tax provision to these factors, the ETR will fluctuate, sometimes significantly. This trend is expected to continue in future periods.

​

​

​

RESULTS OF OPERATIONS

​

Lindero Mine, Argentina

The Lindero Mine is an open pit gold mine located in Salta Province in northern Argentina. Its commercial product is gold doré. The table below shows the key metrics used to measure the operating performance of the mine: tonnes placed on the leach pad, grade, production, and unit costs:

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026	​ ​ ​	​	2025
Mine production	​	​	​	​	​	​
Tonnes placed on the leach pad	​	​	1,525,826	​	​	1,753,016
​	​	​	​	​	​	​
Gold	​	​	​	​	​	​
Grade (g/t)	​	​	0.62	​	​	0.55
Production (oz)	​	​	21,545	​	​	20,320
Metal sold (oz)	​	​	21,183	​	​	18,655
Realized price ($/oz)	​	​	4,837	​	​	2,877
​	​	​	​	​	​	​
Unit costs	​	​	​	​	​	​
Cash cost ($/oz Au) (1)	​	​	1,208	​	​	1,147
All-in sustaining cash cost ($/oz Au) (1)	​	​	1,783	​	​	1,911
​	​	​	​	​	​	​
Capital expenditures ($000's) (2)	​	​	​	​	​	​
Sustaining	​	​	7,669	​	​	12,362
Sustaining leases	​	​	1,397	​	​	582
Growth capital	​	​	715	​	​	307
​	​	​	​	​	​	​
(1) Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.	​	​	​	​	​	​

(2) Capital expenditures are presented on a cash basis.

​

Quarterly Operating and Financial Highlights

​

In the first quarter of 2026, a total of 1,525,826 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.62 g/t, containing an estimated 30,538 ounces of gold. Ore mined was 1.7 million tonnes, with a stripping ratio of 1.35:1.

​

Lindero’s gold production for the quarter was 21,545 ounces compared to 20,320 ounces in the previous period. Higher production was mainly due to higher head grade and improved mining sequence. In late March 2026, Lindero commenced a planned 30-day replacement of the primary crusher steel foundations. Mining operations continued in advance of the scheduled work, with ore being stockpiled to support uninterrupted stacking on the leach pad during the foundation replacement period. Replacement of the primary crusher steel foundations was successfully completed on May 1, 2026 and the mine has resumed full operations.

​

Fortuna | 10

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

The cash cost per ounce of gold for the quarter was $1,208 compared to $1,147 in the same period of 2025. The increase in cash costs was primarily driven by higher processing costs and macroeconomic factors increasing Argentine peso denominated costs and partially offset by higher production.

​

In the first quarter of 2026, AISC per gold ounce sold decreased to $1,783 compared to $1,911 in the comparable period of 2025. The decrease was primarily driven by lower sustaining capital expenditures as the expansion of the leach pad was under construction in the comparable period. This was partially offset by higher cash costs.

Séguéla Mine, Côte d’Ivoire

​

The Séguéla Mine is located in the Woroba District of Côte d’Ivoire. The operation consists of an open pit mine, feeding ore to a single stage crushing circuit, with crushed ore being fed to a SAG mill followed by conventional carbon-in-leach and gravity recovery circuits prior to electro winning and smelting of gold doré. The table below shows the key metrics used to measure the operating performance of the mine: tonnes milled, grade, production, and unit costs:

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026	​ ​ ​	​	2025
Mine production	​	​	​	​	​	​
Tonnes milled	​	​	430,953	​	​	444,004
Average tonnes crushed per day	​	​	4,788	​	​	4,933
​	​	​	​	​	​	​
Gold	​	​	​	​	​	​
Grade (g/t)	​	​	3.21	​	​	2.76
Recovery (%)	​	​	93	​	​	93
Production (oz)	​	​	42,016	​	​	38,500
Metal sold (oz)	​	​	42,054	​	​	38,439
Realized price ($/oz)	​	​	4,906	​	​	2,888
​	​	​	​	​	​	​
Unit costs	​	​	​	​	​	​
Cash cost ($/oz Au) (1)	​	​	678	​	​	650
All-in sustaining cash cost ($/oz Au) (1)	​	​	1,760	​	​	1,290
​	​	​	​	​	​	​
Capital expenditures ($000's) (2)	​	​	​	​	​	​
Sustaining	​	​	18,017	​	​	8,613
Sustaining leases	​	​	4,264	​	​	3,639
Growth capital	​	​	6,644	​	​	9,207
​	​	​	​	​	​	​
(1) Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.
(2) Capital expenditures are presented on a cash basis.

​

Quarterly Operating and Financial Highlights

​

During the first quarter of 2026, mine production totaled 392,728 tonnes of ore, averaging 3.69 g/t Au, and containing an estimated 46,640 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes mined were lower than tonnes milled during the quarter, in line with the mine plan and the strategy to reduce surface stockpiles. A total of 5,461,098 tonnes of waste were moved during the period, resulting in a strip ratio of 13.9:1. Stripping activities also commenced at the Sunbird pit, where 1,393,130 tonnes of waste were mined.

​

In the first quarter of 2026, Séguéla processed 430,953 tonnes of ore, producing 42,016 ounces of gold, at an average head grade of 3.21 g/t Au, a 3% decrease in tonnes of ore and 16% increase in average head grade, compared to the same period of the previous year.

​

Fortuna | 11

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Cash cost per gold ounce sold was $678, comparable to $650 for the first quarter of 2025 as higher operating costs were offset by increased production.

​

All-in sustaining cash cost per gold ounce sold was $1,760 for the first quarter of 2026 compared to $1,290 for the first quarter of 2025. The increase was primarily a result of higher sustaining capital from capitalized stripping and royalties due to higher gold prices and partially offset by the increase in ounces sold.

Fortuna | 12

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Caylloma Mine, Peru

​

Caylloma is an underground silver, lead, and zinc mine located in the Arequipa Department in southern Peru. Its commercial products are silver-lead and zinc concentrates. The table below shows the key metrics used to measure the operating performance of the mine: tonnes milled, grade, recovery, silver, lead, and zinc production and unit costs:

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026	​ ​ ​	​	2025
Mine production	​	​	​	​	​	​
Tonnes milled	​	​	136,701	​	​	136,659
Average tonnes milled per day	​	​	1,553	​	​	1,553
​	​	​	​	​	​	​
Silver	​	​	​	​	​	​
Grade (g/t)	​	​	72	​	​	67
Recovery (%)	​	​	82	​	​	83
Production (oz)	​	​	257,603	​	​	242,993
Metal sold (oz)	​	​	200,349	​	​	250,284
Realized price ($/oz)	​	​	82.69	​	​	31.77
​	​	​	​	​	​	​
Lead	​	​	​	​	​	​
Grade (%)	​	​	2.99	​	​	3.21
Recovery (%)	​	​	91	​	​	91
Production (000's lbs)	​	​	8,175	​	​	8,836
Metal sold (000's lbs)	​	​	7,039	​	​	9,199
Realized price ($/lb)	​	​	0.87	​	​	0.89
​	​	​	​	​	​	​
Zinc	​	​	​	​	​	​
Grade (%)	​	​	4.21	​	​	5.01
Recovery (%)	​	​	91	​	​	91
Production (000's lbs)	​	​	11,526	​	​	13,772
Metal sold (000's lbs)	​	​	11,017	​	​	13,826
Realized price ($/lb)	​	​	1.47	​	​	1.29
​	​	​	​	​	​	​
Unit costs	​	​	​	​	​	​
Cash cost ($/oz Ag Eq) (1,2)	​	​	30.26	​	​	12.80
All-in sustaining cash cost ($/oz Ag Eq) (1,2)	​	​	44.36	​	​	18.74
​	​	​	​	​	​	​
Capital expenditures ($000's) (3)	​	​	​	​	​	​
Sustaining	​	​	2,240	​	​	1,615
Sustaining leases	​	​	1,134	​	​	631
Growth capital	​	​	77	​	​	249
​	​	​	​	​	​	​
(1) Cash cost silver equivalent and All-in sustaining cash cost silver equivalent are calculated using realized metal prices for each period respectively.
(2) Cash cost silver equivalent, and All-in sustaining cash cost silver equivalent are Non-IFRS Financial Measures, refer to Non-IFRS Financial Measures.
(3) Capital expenditures are presented on a cash basis.

Fortuna | 13

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Quarterly Operating and Financial Highlights

​

In the first quarter of 2026, the Caylloma Mine produced 257,603 ounces of silver at an average head grade of 72 g/t, a 6% increase when compared to the same period of 2025.

​

Lead and zinc production for the quarter was 8.2 million pounds and 11.5 million pounds, respectively. Head grades averaged 2.99% Pb and 4.21% Zn, a 7% and 16% decrease, respectively, when compared to the same quarter in 2025. Production was lower due to lower head grades and was in line with the mine plan.

​

The cash cost per silver equivalent ounce sold in the first quarter of 2026 was $30.26 compared to $12.80 during the first quarter of 2025. The higher cost per ounce for the quarter was primarily the result of higher realized silver prices and the impact on the calculation of silver equivalent ounces sold.

​

The all-in sustaining cash cost per ounce of payable silver equivalent in the first quarter of 2026 increased 137% to $44.36 compared to $18.74 for the same period of 2025. The increase for the quarter was the result of higher cash costs per ounce and lower silver equivalent ounces due to higher silver prices.

​

Fortuna | 14

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

QUARTERLY INFORMATION

​

The following table provides information for the last eight fiscal quarters up to March 31, 2026:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Q1 2026

​ ​ ​

Q4 2025

​ ​ ​

Q3 2025

​ ​ ​

Q2 2025

​ ​ ​

Q1 2025

​ ​ ​

Q4 2024

​ ​ ​

Q3 2024

​ ​ ​

Q2 2024

Sales

​

342.5

​

270.2

​

251.4

​

230.4

​

195.0

​

195.2

​

181.7

​

156.3

Mine operating income

​

211.8

​

148.4

​

133.1

​

105.0

​

80.3

​

69.0

​

64.1

​

52.6

Operating income

​

180.1

​

114.1

​

154.6

​

83.7

​

55.9

​

45.7

​

50.8

​

30.8

Net income

​

119.9

​

74.0

​

128.2

​

44.1

​

64.8

​

15.1

​

54.4

​

43.3

Attributable net income

​

111.0

​

68.1

​

123.6

​

37.3

​

58.5

​

11.3

​

50.5

​

40.6

Attributable net income from continuing operations

​

111.0

​

68.1

​

123.6

​

42.6

​

35.4

​

14.7

​

35.5

​

21.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Attributable earnings per share from continuing operations - basic

​

0.36

​

0.22

​

0.40

​

0.14

​

0.12

​

0.05

​

0.11

​

0.07

Attributable earnings per share from continuing operations - diluted

​

0.35

​

0.21

​

0.38

​

0.14

​

0.12

​

0.05

​

0.11

​

0.07

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

2,492.6

​

2,360.6

​

2,240.9

​

2,138.3

​

2,210.3

​

2,115.5

​

2,083.6

​

2,024.8

Debt

​

136.6

​

134.4

​

132.2

​

130.0

​

128.0

​

126.0

​

124.1

​

167.2

​

Figures may not add due to rounding.

Amounts have been restated to reflect the impact of discontinued operations.

​

The Company’s results over the past several quarters have primarily been influenced by fluctuations in the gold price, input costs, changes in gold equivalent production and foreign exchange rates.

​

Significant events that have impacted continuing operations from previous quarters include:

● An impairment reversal of $52.7 million on mineral properties and the reversal of a previously recorded write-down of low grade stockpiles of $16.7 million at Lindero in Q3 2025

● The recognition of $17.5 million in withholding taxes in Q2 2025 related to the timing of local Board approvals for the repatriation of cash balances in Côte d’Ivoire

● The recognition of a deferred tax recovery of $12.0 million to offset the deferred tax liability from the issuance of the Convertible Notes in Q2 2024

​

​

​

Fortuna | 15

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

EXPLORATION AND EVALUATION

​

The Company capitalizes the cost of acquiring, maintaining its interest, and exploring mineral properties as exploration and evaluation assets until such time as the properties are placed into development, abandoned, sold, or considered to be impaired in value. Sustaining capital expenditures primarily consists of exploration activities to expand a known mineral reserve. Growth capital primarily consists of exploration activities to make new discoveries or convert a discovery to a mineral reserve. Exploration and evaluation expenditures for which the Company does not have title or rights are expensed when incurred.

​

​	​	​	​	​	​	​
Exploration by region	​	​	Three months ended March 31,
(in millions of US dollars)	​ ​ ​	​	2026	​ ​ ​	​	2025
Mine site	​	​	6.2	​	​	5.9
Argentina	​	​	0.4	​	​	–
Côte d’Ivoire	​	​	0.5	​	​	0.5
Senegal	​	​	0.1	​	​	0.2
Diamba Sud	​	​	3.7	​	​	2.7
Mexico	​	​	1.0	​	​	0.7
Total exploration	​	​	12.0	​	​	10.0
Sustaining	​	​	0.6	​	​	0.1
Growth	​	​	11.3	​	​	9.7
​	​	​	​	​	​	​
Figures may not add due to rounding.
Accrual basis.	​	​	​	​	​	​
Discontinued operations removed.
​	​	​	​	​	​	​

Mine site exploration at Séguéla for the three months ending March 31, 2026 continued to focus on resource expansion of the Sunbird underground and Kingfisher open pit resources with 18 diamond drill holes for 12,383 meters, and 20 reverse circulation drill (“RC”) holes for 6,007 meters for a total of 18,390 meters.  Drilling at Caylloma continued during the period with five diamond drill holes for 3,232 meters at Animas.  Preparatory work at Arizaro in Argentina was also completed ahead of resource expansion drilling which commenced on April 29.  

​

Greenfields activities were dominated by drilling at Diamba Sud with a total of 70 diamond drill holes for 13,865 meters, and 51 RC holes for 6,944 meters, with drilling focused primarily on Southern Arc, Western Splay and Kassasoko deposits. Auger drilling for target delineation also continued across the adjacent Bondala permit. Greenfields exploration at the Centauro project in Mexico completed four diamond drill holes for 2,285 meters. Preparation for drilling in April at Cerro Lindo in Argentina was also completed.

​

​

​

​

Fortuna | 16

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

LIQUIDITY AND CAPITAL RESOURCES

​

Cash and Cash Equivalents

​

The Company had cash and cash equivalents of $665.9 million at March 31, 2026 compared to $554.0 million at the end of 2025. The increase in cash and cash equivalents was the result of higher metal prices driving higher cash flow from operations. Significant cash flow movements for the first quarter of 2026 are described below.

​

Operating Activities

​

Operating cash flow for the quarter was $209.4 million compared to $89.0 million in Q1 2025. Higher operating cash flow was driven by higher realized metal prices for gold of $4,884 in Q1 2026 compared to $2,884 in Q1 2025 and higher gold ounces sold.

​

Investing Activities

​

The Company invested $45.3 million in Q1 2026 compared to $37.9 million in Q1 2025 as outlined in the table below.

​

​	​	​	​	​	​	​
Capital investments	​	​	Three months ended March 31,	​	​	​
(in millions of US dollars)	​ ​ ​	​	2026	​ ​ ​	​	2025
Lindero	​	​	8.0	​	​	12.7
Séguéla	​	​	23.6	​	​	17.2
Caylloma	​	​	2.3	​	​	1.9
Mine site capital	​	​	33.9	​	​	31.7
Projects and other	​	​	9.9	​	​	5.6
Greenfields	​	​	1.5	​	​	0.6
Total capital	​	​	45.3	​	​	37.9
Sustaining	​	​	27.9	​	​	22.6
Growth	​	​	17.4	​	​	15.4
​	​	​	​	​	​	​
Figures may not add due to rounding.
Accrual basis.	​	​	​	​	​	​
​
​	​	​	​	​	​	​

The increase in the capital spend for the quarter was primarily due to higher capitalized stripping at Séguéla and project expenditures at Diamba Sud and partially offset by lower expenditures at Lindero.

​

During the first quarter of 2026, the Company also moved $12.5 million to restricted cash to issue a standby letter of credit and advanced a deposit of $5.0 million as part of securing long lead items for the Diamba Sud project.

​

Financing Activities

​

Financing cash flows for the quarter primarily consisted of $24.4 million for shares purchased under the Company’s Normal Course Issuer Bid program and $6.9 million in right of use payments.

​

Capital Resources

​

The Company maintains a $150.0 million secured revolving credit facility (the “Credit Facility”) with an uncommitted accordion option of $75.0 million. The Credit Facility matures on October 31, 2028, and accrues interest on USBR Loans at the applicable US base rate plus an applicable margin of between 1.25% and 2.25% across all levels of the margin grid, and

Fortuna | 17

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

on Benchmark Loans at the adjusted term SOFR rate for the applicable term plus the applicable margin of between 2.25% and 3.25% across all levels of the margin grid.

​

As at May 6, 2026, the Credit Facility remains undrawn.

​

​	​	​	​	​	​	​	​	​	​
(in millions of US dollars)	​	​	March 31, 2026	​ ​ ​	​	December 31, 2025	​	​	Change
Cash and cash equivalents and short-term investments	​	​	665.9	​	​	554.0	​	​	111.9
Credit facility	​	​	150.0	​	​	150.0	​	​	–
Total liquidity available	​	​	815.9	​	​	704.0	​	​	111.9
Amount drawn on credit facility	​	​	–	​	​	–	​	​	–
Net liquidity position	​	​	815.9	​	​	704.0	​	​	111.9
​	​	​	​	​	​	​	​	​	​
Figures may not add due to rounding.	​	​	​	​	​	​	​	​	​

​

Contractual Obligations

​

The expected maturity of our commitments and contractual obligations as at March 31, 2026 are outlined below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expected payments due by year as at March 31, 2026

(in millions of US dollars)

​

​

Less than 1 year

​

​

1 - 3 years

​

​

4 - 5 years

​

​

After 5 years

​

​

Total

Trade and other payables

​

​

139.7

​

​

–

​

​

–

​

​

–

​

​

139.7

Debt

​

​

4.9

​

​

12.9

​

​

175.7

​

​

–

​

​

193.5

Closure and reclamation provisions

​

​

–

​

​

2.2

​

​

13.3

​

​

42.1

​

​

57.6

Income taxes payable

​

​

120.0

​

​

–

​

​

–

​

​

–

​

​

120.0

Lease obligations

​

​

28.1

​

​

37.8

​

​

10.9

​

​

12.3

​

​

89.1

Other liabilities

​

​

–

​

​

2.4

​

​

–

​

​

–

​

​

2.4

Total

​

​

292.7

​

​

55.3

​

​

199.9

​

​

54.4

​

​

602.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Figures may not add due to rounding.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt includes principal and interest payments, except accrued interest which is included in trade and other payables.

​

Off-Balance Sheet Arrangements

​

The Company does not have any off-balance sheet arrangements or commitments that are expected to have a current or future effect on the financial condition, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.

​

FINANCIAL INSTRUMENTS

​

The Company does not utilize complex financial instruments in hedging foreign exchange or interest exposure. Any hedging activity requires approval of the Company’s Board of Directors. The Company will not hold or issue derivative instruments for speculative or trading purposes.

​

Provisionally priced trade receivables of $17.1 million and share units payable of $23.4 million are the Company’s Level 2 fair value assets and liabilities. The Company has no Level 3 fair value assets.

​

Provisionally priced trade receivables are valued using forward London Metal Exchange prices until final prices are settled at a future date. The fair value of the share units payable is calculated using the quoted market value of the Company’s common shares.

Fortuna | 18

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

​

See note 3 (section l) and Note 28 of the 2025 Financial Statements for a discussion of the Company’s use of financial instruments, including a description of liquidity risks associated with such instruments.

​

SHARE POSITION & OUTSTANDING OPTIONS & EQUITY BASED SHARE UNITS

​

The Company has 302,957,387 common shares outstanding as at May 6, 2026. In addition, there were 1,459,404 outstanding equity-settled share-based performance share units.

​

All of the outstanding share-settled performance units are subject to a multiplier ranging from 50% to 200% depending on the achievement level of certain performance targets.

​

On June 10, 2024, the Company issued an aggregate principal amount of $172.5 million of unsecured convertible senior notes (the “2024 Notes”). Subject to earlier redemption or purchase, holders may convert their 2024 Notes at any time until the close of business on the business day immediately preceding June 30, 2029. Upon conversion, holders of the 2024 Notes will receive common shares in the capital of the Company based on an initial conversion rate, subject to adjustment, of 151.7220 common shares per $1,000 principal amount of 2024 Notes. Assuming an initial conversion rate of 151.7220 common shares per $1,000 principal amount of 2024 Notes, a maximum of 26,172,045 common shares are issuable upon conversion of the 2024 Notes as at May 6, 2026.  

​

Normal Course Issuer Bid

​

On April 17, 2026, the Company announced the renewal of its NCIB program to purchase up to 15,227,869 common shares, being 5% of its outstanding common shares as at April 10, 2026. Under the NCIB, purchases of common shares may be made through the facilities of the NYSE. The share repurchase program started on May 4, 2026 and will end on the earlier of May 3, 2027; the date the Company acquires the maximum number of common shares allowable under the NCIB; or the date the Company otherwise decides not to make any further repurchases under the NCIB.

​

During the first quarter of 2026, Company acquired under its normal course issuer bid program and cancelled 2,200,693 common shares at an average cost of $9.24 per share.

​

​

RELATED PARTY TRANSACTIONS

​

Key Management Personnel

​

During the three months ended March 31, 2026 and 2025, the Company was charged for consulting services by Mario Szotlender, a director of the Company.

Other than transactions in the normal course of business and those noted above, and with the Board of Directors and key management personnel, the Company had no transactions between related parties during the three months ended March 31, 2026 and 2025.

​

​

​

​

​

​

​

​

​

Fortuna | 19

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

NON-IFRS FINANCIAL MEASURES

​

The Company has disclosed certain financial measures and ratios in this MD&A which are not defined under IFRS and are not disclosed in the Financial Statements, including but not limited to: all-in costs; cash cost per ounce of gold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining costs per ounce of gold equivalent sold; all in cash cost per ounce of gold sold; cash cost per payable ounce of silver equivalent; all-in sustaining cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; all-in cash cost per payable ounce of silver equivalent sold; free cash flow and free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA; EBITDA margin; net debt and working capital.

​

These non-IFRS financial measures and non-IFRS ratios 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 and non-IFRS ratios 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 with the exception of the following:

● The calculation of Adjusted EBITDA was revised to no longer include right of use payments to better align with the cash flow statement. Management elected to make the change to simplify the calculation and to better align with our peers to improve comparability

​

The following table outlines the non-IFRS financial measures and ratios, their definitions, the most directly comparable IFRS measures and why we use these measures.

​

Non-IFRS Financial Measure or Ratio		Definition	Most Directly Comparable IFRS Measure	Why we use this measure and why it is useful to investors
Silver Equivalent Ounces Sold		Silver equivalent ounces are calculated by converting other metal production to its silver equivalent using relative metal/silver metal prices at realized prices and adding the converted metal production expressed in silver ounces to the ounces of silver production.	Silver Ounces Sold	Management believes this provides a consistent way to measure costs.
Gold Equivalent Ounces Sold		Gold equivalent ounces are calculated by converting other metal production to its gold equivalent using relative metal/gold metal prices at realized prices and adding the converted metal production expressed in gold ounces to the ounces of gold production.	Gold Ounces Sold		​
Cash Costs		Cash costs include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining and processing costs, third-party refining and treatment charges, on-site general and administrative expenses, applicable production taxes and royalties which are not based on sales or taxable income calculations , net of by-product credits, but are exclusive of the impact of non-cash items that are included as part of the cost of sales that is calculated in the consolidated Income Statement including depreciation and depletion, reclamation, capital, development and exploration costs.	Cost of Sales	Management believes that cash cost and AISC measures provide useful information regarding the Company's cost structure, ability to generate free cash flow and evaluate the relative performance of our operations. In addition, the Company believes that each measure provides useful information to our investors to evaluate cash flow generation and the costs necessary to maintain current production levels at an operation.

Fortuna | 20

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Non-IFRS Financial Measure or Ratio		Definition	Most Directly Comparable IFRS Measure	Why we use this measure and why it is useful to investors
Cash Cost Per Ounce		This ratio is calculated by dividing cash costs by gold or silver equivalent ounces sold in the period.	​	​
All-In Sustaining Costs (AISC)		The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted AISC and all-in sustaining cost measures based on guidance published by World Gold Council ("WGC"). The Company conforms its AISC and all-in cash cost definitions to that set out in the guidance and the Company has presented the cash cost figures on a sold ounce basis. We define All-in Sustaining Costs as total production cash costs incurred at the applicable mining operation but excludes mining royalty recognized as income tax within the scope of IAS-12, as well as non-sustaining capital expenditures. Sustaining capital expenditures, corporate selling, general and administrative expenses, gains from blue-chip swaps and brownfield exploration expenditures are added to the cash cost. AISC is estimated at realized metal prices.	​		​
AISC per Ounce Sold		This ratio is calculated by dividing AISC by gold or silver equivalent ounces sold in the period.	​	​
All-In Costs		All-In Costs is calculated consistently with AISC but is inclusive of growth capital.	​	​
Sustaining Capital		Sustaining capital represents the necessary capital investments to maintain current operations at their existing including such as capitalized stripping and underground development.	Additions to Property Plant and Equipment	Management believes that sustaining and growth capital provide useful information to investors regarding the Company’s investment activities to both maintain the existing operations and invest in the future growth of the Company.
Growth Capital		Growth capital represents the capital investments necessary to expand current operations, develop new projects and build significant infrastructure.			​	​
Free Cash Flow From Ongoing Operations		Free cash flow from ongoing operations is defined as net cash provided by operating activities, less sustaining capital expenditures and sustaining lease payments, plus blue-chip swap investments and adjusted for one-time items that the Company does not consider representative of future cash flows such as transaction costs and other non-recurring items.	Net Cash Provided by Operating Activities	This non-IFRS measure is used by the Company and investors to measure the cash flow available from its operations to fund the Company’s growth through investments and capital expenditures.
Free Cash Flow	Free cash flow is defined as net cash provided by operating activities less sustaining and growth capital expenditures and payment of lease obligations.		Net Cash Provided by Operating Activities	This non-IFRS measure is used by the Company to measure cash flow available after funding growth and sustaining capital and lease obligations to fund corporate activities without reliance on additional borrowings.

Fortuna | 21

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Non-IFRS Financial Measure or Ratio		Definition	Most Directly Comparable IFRS Measure	Why we use this measure and why it is useful to investors
Adjusted Net Income and Adjusted Attributable Net Income ​ ​		Adjusted net income and adjusted attributable net income excludes the after-tax and non-controlling interest impact of specific items that are significant, which the Company believes are not reflective of the Company’s underlying performance for the reporting period, which includes but is not limited to: ◾ Acquisition/disposition gains and losses and the fees associated with executing the transaction; ◾ Impairment charges (reversals) related to mineral properties and PP&E; and ◾ Other items that are not indicative of the underlying operating performance of our core mining business	Net Income	Management believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information and information obtained from conventional IFRS measures to evaluate the Company’s performance.
Adjusted EBITDA		Adjusted EBITDA is a non-IFRS measure which is calculated as net income before interest, taxes, depreciation, and amortization, adjusted to exclude specific items that are significant, which the Company believes are not reflective of the Company’s underlying performance for the reporting period, which includes but is not limited to: ◾ Acquisition/disposition gains and losses and the fees associated with executing the transaction; ◾ Impairment charges (reversals) related to mineral properties and PP&E; and ◾ Other items that are not indicative of the underlying operating performance of our core mining business	Net Income	Management believes that adjusted EBITDA provides valuable information as an indicator of the Company’s ability to generate operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Adjusted EBITDA is also a common metric that provides additional information used by investors and analysts for valuation purposes based on an observed or inferred relationship between adjusted EBITDA and market value.
EBITDA Margin		This ratio is calculated by dividing Adjusted EBITDA by Sales	​	​
Working Capital		Working capital is a non-IFRS measure which is calculated by subtracting current liabilities from current assets.	Current Assets, Current Liabilities	Management believes that working capital is a useful indicator of the liquidity of the Company.
Net Debt		Net debt is a Non-IFRS measure which is calculated by adding together current and long term debt and then subtracting cash and cash equivalents.	Current Debt, Long Term Debt, Cash and Cash Equivalents	Management believes that net debt is a useful indicator of the liquidity of the Company.

​

Fortuna | 22

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Cash Cost per GEO Sold

​

The following tables present a reconciliation of cash cost per GEO sold to the cost of sales in the Q1 2026 Financial Statements for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​	​	​
Cash cost per gold equivalent ounce sold - Q1 2026	​ ​ ​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​ ​ ​	GEO cash costs
Cost of sales	​	41,678	​	73,004	​	15,952	​	130,634
Depletion, depreciation, and amortization	​	(14,933)	​	(26,099)	​	(3,643)	​	(44,675)
Royalties and taxes	​	(63)	​	(18,389)	​	(471)	​	(18,923)
By-product credits	​	(1,253)	​	–	​	–	​	(1,253)
Other	​	69	​	–	​	(840)	​	(771)
Treatment and refining charges	​	–	​	–	​	1,899	​	1,899
Cash cost applicable per gold equivalent ounce sold	​	25,498	​	28,516	​	12,897	​	66,911
Ounces of gold equivalent sold	​	21,111	​	42,054	​	7,230	​	70,395
Cash cost per ounce of gold equivalent sold ($/oz)	​	1,208	​	678	​	1,784	​	951
​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn
Figures may not add due to rounding.
​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​
Cash cost per gold equivalent ounce sold - Q1 2025	​ ​ ​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​ ​ ​	GEO cash costs
Cost of sales	​	31,805	​	65,425	​	17,463	​	114,693
Depletion, depreciation, and amortization	​	(9,799)	​	(30,310)	​	(4,369)	​	(44,478)
Royalties and taxes	​	(94)	​	(10,133)	​	(240)	​	(10,467)
By-product credits	​	(731)	​	–	​	–	​	(731)
Other	​	123	​	–	​	(659)	​	(536)
Treatment and refining charges	​	–	​	–	​	50	​	50
Cash cost applicable per gold equivalent ounce sold	​	21,304	​	24,982	​	12,245	​	58,531
Ounces of gold equivalent sold	​	18,580	​	38,439	​	10,539	​	67,558
Cash cost per ounce of gold equivalent sold ($/oz)	​	1,147	​	650	​	1,162	​	866
​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn
Figures may not add due to rounding.
​

Fortuna | 23

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

All-in Sustaining Cash Cost and All-in Cash Cost per GEO Sold

​

The following tables show a breakdown of the all-in sustaining cash cost per GEO sold for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​	​	​	​	​
AISC per gold equivalent ounce sold - Q1 2026	​ ​ ​	​	​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​	Corporate	​	GEO AISC
Cash cost applicable per gold equivalent ounce sold	​	25,498	​	28,516	​	12,897	​	–	​	66,911
Royalties and taxes	​	63	​	18,389	​	471	​	–	​	18,923
Worker's participation	​	–	​	–	​	1,273	​	–	​	1,273
General and administration	​	3,005	​	3,952	​	893	​	17,780	​	25,630
Other	​	–	​	874	​	–	​	–	​	874
Total cash costs	​	28,566	​	51,731	​	15,534	​	17,780	​	113,611
Sustaining capital (1)	​	9,066	​	22,281	​	3,374	​	–	​	34,721
Blue chips gains (investing activities) (1)	​	–	​	–	​	–	​	–	​	–
All-in sustaining costs	​	37,632	​	74,012	​	18,908	​	17,780	​	148,332
Gold equivalent ounces sold	​	21,111	​	42,054	​	7,230	​	–	​	70,395
All-in sustaining costs per ounce	​	1,783	​	1,760	​	2,615	​	–	​	2,107
​	​	​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.
​	​	​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​	​	​
AISC per gold equivalent ounce sold - Q1 2025	​ ​ ​	​	​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​	Corporate	​	GEO AISC
Cash cost applicable per gold equivalent ounce sold	​	21,303	​	24,982	​	12,245	​	–	​	58,530
Royalties and taxes	​	94	​	10,133	​	240	​	–	​	10,467
Worker's participation	​	–	​	–	​	739	​	–	​	739
General and administration	​	2,480	​	2,224	​	2,455	​	15,373	​	22,532
Other	​	–	​	–	​	–	​	–	​	–
Total cash costs	​	23,877	​	37,339	​	15,679	​	15,373	​	92,268
Sustaining capital (1)	​	12,944	​	12,252	​	2,246	​	–	​	27,442
Blue chips gains (investing activities) (1)	​	(1,319)	​	–	​	–	​	–	​	(1,319)
All-in sustaining costs	​	35,502	​	49,591	​	17,925	​	15,373	​	118,391
Gold equivalent ounces sold	​	18,580	​	38,439	​	10,539	​	–	​	67,558
All-in sustaining costs per ounce	​	1,911	​	1,290	​	1,701	​	–	​	1,752
​	​	​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.
​	​	​	​	​	​	​	​	​	​	​

​

​

​

​

Fortuna | 24

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Production Cash Cost per Payable Ounce of Silver Equivalent Sold

​

The following tables present a reconciliation of cash cost per ounce of silver equivalent sold to the cost of sales for the three months ended March 31, 2026 and 2025:

​

​	​	​
Cash cost per silver equivalent ounce sold - Q1 2026	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cost of sales	​	15,952
Depletion, depreciation, and amortization	​	(3,643)
Royalties and taxes	​	(471)
Other	​	(840)
Treatment and refining charges	​	1,899
Cash cost applicable per silver equivalent sold	​	12,897
Ounces of silver equivalent sold (1,2)	​	426,253
Cash cost per ounce of silver equivalent sold ($/oz)	​	30.26
​	​	​
(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.
​
​	​	​

​

​	​	​
Cash cost per silver equivalent ounce sold - Q1 2025	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cost of sales	​	17,463
Depletion, depreciation, and amortization	​	(4,369)
Royalties and taxes	​	(240)
Other	​	(659)
Treatment and refining charges	​	50
Cash cost applicable per silver equivalent sold	​	12,245
Ounces of silver equivalent sold (1,2)	​	956,640
Cash cost per ounce of silver equivalent sold ($/oz)	​	12.80
​	​	​
(1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures have been restated to remove Right of Use.
Figures may not add due to rounding.
​	​	​

All-in Sustaining Cash Cost and All-in Cash Cost per Payable Ounce of Silver Equivalent Sold

​

The following tables show a breakdown of the all-in sustaining cash cost per payable ounce of silver equivalent sold for the three months ended March 31, 2026 and 2025:

​

​

​	​	​
AISC per silver equivalent ounce sold - Q1 2026	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cash cost applicable per silver equivalent ounce sold	​	12,897
Royalties and taxes	​	471
Worker's participation	​	1,273
General and administration	​	893
Total cash costs	​	15,534
Sustaining capital (3)	​	3,374
All-in sustaining costs	​	18,908
Silver equivalent ounces sold (1,2)	​	426,253
All-in sustaining costs per ounce	​	44.36
​	​	​
(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.

Fortuna | 25

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
​	​	​

​

​	​	​
AISC per silver equivalent ounce sold - Q1 2025	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cash cost applicable per silver equivalent ounce sold	​	12,245
Royalties and taxes	​	240
Worker's participation	​	739
General and administration	​	2,455
Total cash costs	​	15,679
Sustaining capital (3)	​	2,246
All-in sustaining costs	​	17,925
Silver equivalent ounces sold (1,2)	​	956,640
All-in sustaining costs per ounce	​	18.74
​	​	​
(1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
​	​	​

Growth and Sustaining Capital Expenditures

The following tables present a reconciliation of growth and sustaining capital expenditures for the three months ended March 31, 2026 and 2025.

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Capital expenditures for AISC - Q1 2026	​ ​ ​	​	​	​	​	​	​	​	​	​
(in thousands of US dollars)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​ ​ ​	Corporate	​ ​ ​	Total
Additions to mineral properties and property, plant, and equipment	​	8,384	​	24,661	​	2,317	​	9,919	​	45,281
Growth capital	​	(715)	​	(6,644)	​	(77)	​	(9,919)	​	(17,355)
Sustaining capital	​	7,669	​	18,017	​	2,240	​	–	​	27,926
Sustaining leases	​	1,397	​	4,264	​	1,134	​	–	​	6,795
Capital expenditures for AISC	​	9,066	​	22,281	​	3,374	​	–	​	34,721
​	​	​	​	​	​	​	​	​	​	​
Figures may not add due to rounding.
​
​	​	​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Capital expenditures for AISC - Q1 2025	​ ​ ​	​	​	​	​	​	​	​	​	​
(in thousands of US dollars)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​ ​ ​	Corporate	​ ​ ​	Total
Additions to mineral properties and property, plant, and equipment	​	12,669	​	17,820	​	1,864	​	5,600	​	37,953
Growth capital	​	(307)	​	(9,207)	​	(249)	​	(5,600)	​	(15,363)
Sustaining capital	​	12,362	​	8,613	​	1,615	​	–	​	22,590
Sustaining leases	​	582	​	3,639	​	631	​	–	​	4,852
Capital expenditures for AISC	​	12,944	​	12,252	​	2,246	​	–	​	27,442
​	​	​	​	​	​	​	​	​	​	​
Figures may not add due to rounding.
​
​	​	​	​	​	​	​	​	​	​	​

​

​

​

​

​

​

Fortuna | 26

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Free Cash Flow and Free Cash Flow from Ongoing Operations

​

The following table presents a reconciliation of free cash flow and free cash flow from ongoing operations to net cash provided by operating activities, the most directly comparable IFRS measure, for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
(in millions of US dollars)	​	​	2026	​ ​ ​	​	2025
​	​	​	​	​	​	​
Net cash provided by operating activities	​	​	209.4	​	​	126.4
Additions to mineral properties, plant and equipment	​	​	(45.3)	​	​	(39.6)
Payments of lease obligations	​	​	(6.9)	​	​	(6.0)
Free cash flow	​	​	157.2	​	​	80.8
Growth capital	​	​	17.4	​	​	15.4
Discontinued operations	​	​	–	​	​	(34.8)
Gain on blue chip swap investments	​	​	–	​	​	1.3
Other adjustments	​	​	(0.6)	​	​	4.0
Free cash flow from ongoing operations	​	​	174.0	​	​	66.7

Figures may not add due to rounding.

​

Adjusted Net Income

​

The following table presents a reconciliation of the adjusted net income from net income, the most directly comparable IFRS measure, for the three months ended March 31, 2026 and 2025:

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
(in millions of US dollars)	​	​	2026	​ ​ ​	​	2025
Net income	​	​	119.9	​	​	64.8
Adjustments, net of tax:	​	​	​	​	​	​
Discontinued operations	​	​	–	​	​	(25.9)
Other non-cash/non-recurring items	​	​	–	​	​	0.2
Adjusted net income	​	​	119.9	​	​	39.1

​

Figures may not add due to rounding.

​

Fortuna | 27

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Adjusted EBITDA

​

The following table presents a reconciliation of Adjusted EBITDA from net income, the most directly comparable IFRS measure, for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
(in millions of US dollars)	​	​	2026	​ ​ ​	​	2025
Net income	​	​	119.9	​	​	64.8
Adjustments:	​	​	​	​	​	​
Discontinued operations	​	​	–	​	​	(25.9)
Inventory adjustment	​	​	(0.1)	​	​	–
Net finance items	​	​	1.9	​	​	3.0
Depreciation, depletion, and amortization	​	​	45.9	​	​	45.1
Income taxes	​	​	58.4	​	​	15.4
Other operating expenses (income)	​	​	(7.0)	​	​	–
Other non-cash/non-recurring items	​	​	(0.2)	​	​	0.2
Adjusted EBITDA	​	​	218.8	​	​	102.6
Sales	​	​	342.5	​	​	195.0
EBITDA margin	​	​	64%	​	​	53%

​

Figures may not add due to rounding.

​

Adjusted Attributable Net Income

​

The following table presents a reconciliation of Adjusted Attributable Net Income from attributable net income, the most directly comparable IFRS measure, for the three months ended March 31, 2026 and 2025:

​

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
(in millions of US dollars)	​	​	2026	​ ​ ​	​	2025
Net income attributable to shareholders	​	​	111.0	​	​	58.5
Adjustments, net of tax:	​	​	​	​	​	​
Discontinued operations	​	​	–	​	​	(25.9)
San Jose ARO adjustment	​	​	–	​	​	0.3
Inventory adjustment	​	​	–	​	​	(0.1)
Other non-cash/non-recurring items	​	​	–	​	​	2.8
Adjusted attributable net income	​	​	111.0	​	​	35.6

​

Figures may not add due to rounding.

​

Net Debt

​

The following table presents a reconciliation of debt to total net debt and total net debt to adjusted EBITDA ratio as at March 31, 2026:

​	​	​	​	​	​	​
​	​	​	​
(in millions of US dollars, except Total net debt to adjusted EBITDA ratio)	​	​		​	​	March 31, 2026
2024 Convertible Notes	​	​	​	​	​	172.5
Less: cash and cash equivalents and short-term investments	​	​	​	​	​	(665.9)
Total net debt	​	​	​	​	​	(493.4)
Adjusted EBITDA (last four quarters)	​	​	​	​	​	634.6
Total net debt to adjusted EBITDA ratio	​	​	​	​	​	(0.8):1
​	​	​	​	​	​	​

Fortuna | 28

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Working Capital

​

The following table presents a calculation of working capital as at March 31, 2026 and 2025:

​

​	​	​	​	​	​	​
(in millions of US dollars)	​	​	March 31, 2026	​ ​ ​	​	March 31, 2025
Current assets	​	​	891.9	​	​	577.4
Current liabilities	​	​	281.1	​	​	283.2
Working capital	​	​	610.8	​	​	294.2
​	​	​	​	​	​	​
Figures may not add due to rounding.	​	​	​	​	​	​

​

Qualified Person

​

Eric Chapman, Senior Vice-President of Technical Services, is a Professional Geoscientist of the Engineers and Geoscientists of British Columbia (Registration Number 36328) and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this MD&A and has verified the underlying data.

​

Other Information, Risks and Uncertainties

​

For further information regarding the Company’s operational risks, please refer to the section entitled “Description of the Business - Risk Factors” in the Company’s most recent Annual Information Form that is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.shtml.

​

RISKS AND UNCERTAINTIES

​

In the exploration, development and mining of mineral deposits, we are subject to various significant risks. Several of these financial and operational risks could have a significant impact on our cash flows and profitability. The most significant risks and uncertainties we face include: operating hazards and risks incidental to mining activities; occupational health and safety hazards; mineral resources, mineral reserves and metal recoveries are estimated; the ability to replace mineral reserves; hazards and risks relating to tailings, heap leach and waste rock facilities; assumptions that the Company must make in determining production schedules, economic returns and costs; exploration projects such as Diamba Sud are uncertain; the substantial capital required for exploration and the development of infrastructure; existing and future environmental regulation; political and economic risk in the jurisdictions in which we operate; uncertainties relating to new mining operations; uncertainties relating to obtaining all permits required for operations; global geopolitical risk; repatriation of funds; government regulations and permit requirements, environmental legislation; abnormal or extreme natural events; climate change and weather; risks related to securing required supplies of power and water; labor relations; taxation changes; potential conflicts in partnerships and joint arrangements; use of outside contractors; imposition of trade tariffs; maintenance of mining concessions, challenges to the Company’s title to its properties; the termination of mining concessions in certain circumstances; risks related to artisanal or informal mining on the Company’s properties; compliance with ILO Convention 169; maintaining relationships with local communities; reputational risk; opposition to the Company’s exploration, development or operational activities; funding for exploration and  development; production risk at our operating mine sites; failure to complete proposed acquisitions or business arrangements; our ability to service and repay our debt; restrictive covenants that impose significant operating and financial restrictions; change of control restrictions; debt service obligations; breach and default under indebtedness; credit ratings; our ability to attract and retain a skilled workforce; critical infrastructure failures; the ability to maintain appropriate and adequate insurance across all jurisdictions; risks relating to conflicts of interests of our directors and officers; our compliance with corruption and antibribery laws and sanctions; risks related to legal proceedings that arise in the ordinary course of business; foreign currency risk; fluctuations in metal prices; our ability to sell to a limited number of

Fortuna | 29

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

smelters and off-takers; tax matters; credit risk on receivables; sufficiency of monies allotted by the Company for mine closure and reclamation obligations; risks relating to operational and governance practices being challenged by activist shareholders and proxy solicitation firms; risks related to the Company’s compliance with the United States Sarbanes-Oxley Act; risks related to information and operation technology systems; results of future legal proceedings and contract settlements; pandemics, epidemics and public health crises; volatility in the market price of the Company’s common shares; risks related to the 2024 Notes; dilution of shareholders from future offerings of the Company’s common shares or securities convertible into common shares; dividends; credit risk through VAT receivables; supply chain disruptions; tax-related risks, including tax and audits and reassessments; risks relating to the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); and competition. These risks are not a comprehensive list of the risks and uncertainties that we face. Risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results of operations and prospects. For a comprehensive discussion on risks and uncertainties, in respect of our business and share price, refer to the section 'Risk Factors' in our current Annual Information Form for the year ended December 31, 2025 as well as the section ‘Risks and Uncertainties’ in the management’s discussion and analysis for the year ended December 31, 2025 (which are available on SEDAR+ at www.sedarplus.ca).

​

Significant changes to our financial, operational and business risks exposure during the three months ended March 31, 2026 and up to the date of this MD&A include the following:

◾ On February 28 2026, the United Stated initiated a military action in Iran which has led to instability in the Middle East and the disruption of global energy markets. Heightened tensions and hostilities in the Middle East increase the risk of escalation, further military action, sanctions, trade disruptions, energy price volatility and broader geopolitical uncertainty. Such conflict may adversely affect global economic conditions, including through disruptions to international trade, capital markets, transportation networks and supply chains, increased inflationary pressures, higher interest rates, currency volatility and reduced investor confidence. Escalation of hostilities in the Middle East has also contributed to volatility in global energy markets, which may result in higher fuel, power and transportation costs. Any sustained increase in such costs could negatively affect the Company’s operating costs, project economics, capital expenditures and margins.

​

CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS

​

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

​

For further information on our significant judgements and accounting estimates, refer to note 4 of the 2025 Financial Statements.

​

Changes in Accounting Policies

​

The Company adopted various amendments to IFRS, which were effective for accounting periods beginning on or after January 1, 2026. These include amendments to IFRS 7 and IFRS 9, Classification and Measurement of Financial Instruments. The impacts of adoption were not material to the Company's interim consolidated financial statements.

​

​

​

Fortuna | 30

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

CONTROLS AND PROCEDURES

​

Evaluation of Disclosure Controls and Procedures

​

Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated to management on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures in accordance with the requirements of National Instrument 52-109 of the Canadian Securities Administrators and as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended.

​

Management’s Report on Internal Control over Financial Reporting

​

The Company’s internal control over financial reporting (“ICFR”) is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external reporting purposes in accordance with IFRS as issued by the International Accounting Standards Board. However, due to its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements and fraud.

​

There have been no changes in the Company’s internal control over financial reporting for the three months ended March

31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over

financial reporting.

​

Fortuna | 31

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

​

This MD&A and any documents incorporated by reference into this MD&A includes certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the United States Securities Exchange Act of 1934, as amended, and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are often, but not always, identified by the use of words such as “anticipates”, “believes”, “plans”, “estimates”, “expects”, “forecasts”, “targets”, “possible”, “potential”, “intends”, “advance”, “goal”, “objective”, “projects”, “budget”, “calculates” or statements that events, “will”, “may”, “could” or “should” occur or be achieved and similar expressions, including negative variations.  The Forward-looking Statements in this MD&A include, without limitation, statements relating to: Mineral Resource and Mineral Reserve estimates as they involve the implied assessment, based on estimates and assumptions that the resources and reserves described exist in the quantities predicted or estimated and can be profitably produced in the future; the Company's plans and expectations for its material properties and future exploration, development and operating activities, including, without limitation, capital expenditure, production and cash cost and all-in sustaining costs (“AISC”) estimates, exploration activities and budgets, forecasts and schedule estimates, as well as their impact on the results of operations or financial condition of the Company; exploration plans; statements establishing sustainability and environmental targets, goals, and strategies, and the ability to meet the same; the future results of exploration activities; statements regarding the ability of the Company to earn an initial 51% interest, and an additional 19% interest, in the Quartzstone Project; statements regarding the purchase of the 4.5% net smelter returns royalty over the Quartzstone Project; that the Company’s exploration activities will be successful and that it will be able to increase its mineral resources at its existing deposits; the ability of the Company to continue to repatriate funds from Argentina; the Company’s expectation that there are no changes in internal controls that are reasonably likely to materially affect the Company’s internal control over financing reporting; expected maturities of the Company’s financial liabilities, lease obligations and other contractual commitments; property permitting and litigation matters; the fluctuation of its effective tax rate in the jurisdictions where the Company does business; and statements regarding the NCIB program.

​

The forward-looking statements in this MD&A 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 and anticipated future financial performance. 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. 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 relating to 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; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; occupational health and safety hazards; hazards and risks relating to tailings, heap leach and waste rock facilities; critical infrastructure failures; uncertainties relating to new mining operations; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including maintaining, obtaining or renewing environmental permits and potential liability claims; inability to meet sustainability, environmental, diversity or safety targets, goals, and strategies (including greenhouse gas emissions reduction targets); risks associated with political

Fortuna | 32

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

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, Iran – Israel and US, and Israel – Hamas 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; risks related to International Labor Organization (“ILO”) Convention 169 compliance; developing and maintaining good 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; substantial reliance on the Séguéla Mine and the Lindero Mine for revenues; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; reliance on key personnel; uncertainty relating to potential conflicts of interest involving the Company’s directors and officers; risks associated with the Company’s reliance on local counsel and advisors and the experience of its management and board of directors in foreign jurisdictions; adequacy of insurance coverage; operational safety and security risks; risks related to the Company’s compliance with the United States Sarbanes-Oxley Act; risks related to the foreign corrupt practices regulations and anti-bribery laws; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to pandemics, epidemics and public health crises; and the impact they might have on the Company’s business, operations and financial condition; the Company’s ability to access its supply chain; the ability of the Company to transport its products; and impacts on the Company’s employees and local communities all of which may affect the Company’s ability operate; competition; fluctuations in metal prices; regulations and restrictions with respect to imports; the imposition of trade tariffs and the effect that they might have on the Company’s operations; high rates of inflation; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and restrictions on foreign exchange and currencies; failure to meet covenants under its credit facility, or an event of default which may reduce the Company’s liquidity and adversely affect its business; tax audits and reassessments; risks relating 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; uncertainty relating to nature and climate change conditions; 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); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; risks related to the volatility of the trading price of the Company’s common shares; dilution from further equity or convertible debenture financings; risks related to future insufficient liquidity resulting from a decline in the price of the Company’s common shares; uncertainty relating to the Company’s ability to pay dividends in the future; risks relating to the market for the Company’s securities; risks relating to the convertible notes of the Company; and uncertainty relating to the enforcement of any U.S. judgments which may be brought against the Company; as well as those factors referred to in the “Risks and Uncertainties” section in this MD&A and in the “Risk Factors” section in our Annual Information Form for the financial year ended December 31, 2025 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar.shtml.  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 not to be as anticipated, estimated or intended.

​

Forward-looking Statements contained in this MD&A are based on the assumptions and factors management considers reasonable as at the date of this MD&A, including but not limited to: all required third party contractual, regulatory and governmental approvals will be obtained and maintained for the exploration, development, construction and production of its properties; there being no significant disruptions affecting operations, whether relating to labor, supply, power, blockades, damage to equipment or other matter; there being no material and negative impact to the various contractors, suppliers and subcontractors at the Company’s mine sites as a result of the Ukrainian – Russian, Iran – Israel and US, and  

Fortuna | 33

​	​
Fortuna Mining Corp. Management’s Discussion and Analysis For the three months ended March 31, 2026	(in US dollars, tabular amounts in millions, except where noted)

​

Israel – Hamas conflicts or otherwise that would impair their ability to provide goods and services; permitting, construction, development, expansion, and production continuing on a basis consistent with the Company’s current expectations;  expected trends and specific assumptions regarding metal prices and currency exchange rates; prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining consistent with current levels; production forecasts meeting expectations; any investigations, claims, and legal, labor and tax proceedings arising in the ordinary course of business will not have a material effect on the results of operations or financial condition of the Company; and the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates.

​

These Forward-looking Statements are made as of the date of this MD&A. 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, readers are cautioned not to place undue reliance on Forward-looking Statements. Except as required by law, the Company does not assume the obligation to revise or update these Forward-looking Statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

​

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF RESERVES AND RESOURCES

​

The Company is a Canadian “foreign private issuer” as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States.  

​

Technical disclosure regarding the Company’s properties included herein was prepared in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs from the disclosure requirements of the SEC generally applicable to U.S. companies. Accordingly, information contained herein is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Fortuna | 34

Exhibit 99.3

FORTUNA MINING CORP.

​

Form 52-109F2

Certification of Interim Filings – Full Certificate

​

I, Jorge Ganoza Durant, Chief Executive Officer of Fortuna Mining Corp., certify the following:

​

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “Interim Filings”) of Fortuna Mining Corp. (the “Issuer”) for the interim period ended March 31, 2026.

​

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the Interim Filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the Interim Filings.

​

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the Interim Filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the Interim Filings.

​

4. Responsibility: The Issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109, Certification of Disclosure in Issuers’ Annual and Interim Filings, for the Issuer.

​

5. Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the Issuer’s other certifying officer and I have, as at the end of the period covered by the Interim Filings

​

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

​

(i) material information relating to the Issuer is made known to us by others, particularly during the period in which the Interim Filings are being prepared; and

​

(ii) information required to be disclosed by the Issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

​

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the Issuer’s GAAP.

​

5.1 Control framework:  The control framework the Issuer’s other certifying officer and I used to design the Issuer’s ICFR is Committee of Sponsoring Organizations of the Treadway Commission.

​

5.2 N/A.

-2-

​

​

5.3N/A.

​

6. Reporting changes in ICFR: The Issuer has disclosed in its interim MD&A any change in the Issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the Issuer’s ICFR.

​

​

​

DATED: May 6, 2026

​

/s/ “Jorge Ganoza Durant”​ ​

JORGE GANOZA DURANT,

Chief Executive Officer

Exhibit 99.4

FORTUNA MINING CORP.

​

Form 52-109F2

Certification of Interim Filings – Full Certificate

​

I, Luis Ganoza Durant, Chief Financial Officer of Fortuna Mining Corp., certify the following:

​

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “Interim Filings”) of Fortuna Mining Corp. (the “Issuer”) for the interim period ended March 31, 2026.

​

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the Interim Filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the Interim Filings.

​

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the Interim Filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the Interim Filings.

​

4. Responsibility: The Issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109, Certification of Disclosure in Issuers’ Annual and Interim Filings, for the Issuer.

​

5. Design:  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the Issuer’s other certifying officer and I have, as at the end of the period covered by the Interim Filings

​

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

​

(i) material information relating to the Issuer is made known to us by others, particularly during the period in which the Interim Filings are being prepared; and

​

(ii) information required to be disclosed by the Issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

​

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the Issuer’s GAAP.

​

5.1 Control framework:  The control framework the Issuer’s other certifying officer and I used to design the Issuer’s ICFR is Committee of Sponsoring Organizations of the Treadway Commission.

​

5.2 N/A.

-2-

​

​

5.3N/A.

​

6. Reporting changes in ICFR: The Issuer has disclosed in its interim MD&A any change in the Issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the Issuer’s ICFR.

​

​

​

DATED: May 6, 2026

​

/s/ “Luis Ganoza Durant”​ ​

LUIS GANOZA DURANT,

Chief Financial Officer

Fortuna Reports Results for the First Quarter 2026

(All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated)

​

Fortuna generates record quarterly free cash flow¹ of $174.0 million and adjusted attributable net income¹ of $111.0 million

​

Vancouver, British Columbia, May 6, 2026: Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the first quarter of 2026.

(Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures, due to the classification of the assets as discontinued in the previous period.)

​

“Fortuna delivered new quarterly record results with free cash flow of $174.0 million and adjusted attributable earnings of $111.0 million while producing 72,872 gold equivalent ounces which keeps us on track to deliver our 2026 production guidance.” said Jorge A. Ganoza President and CEO of Fortuna. “At Séguéla, changes in the mine plan to accelerate the development of the Sunbird underground access portal from a pit wall are expected to push AISC to the higher end of the guidance range. This will reduce underground development costs and provide optionality for future production plans.” Mr. Ganoza concluded, “On April 23, we announced that we successfully expanded our mineral reserves by 15% year over year, which lends support to our next phase of growth. We also anticipate making key investment decisions regarding the Diamba Sud project and the Séguéla plant expansion by mid-year.”

​

First Quarter Highlights

Cash and Cash Flow

● Record free cash flow¹ from ongoing operations of $174.0 million; a QoQ increase of $41.7 million

● $213.3 million of net cash from operating activities before changes in working capital or $0.70 per share; a QoQ increase of $65.7 million

● Liquidity increased to $815.9 million, and the cash position strengthened to $665.9 million, from $554.0 million at the end of 2025, an increase of $111.9 million

​

Profitability

● Record adjusted attributable net income¹ was $111.0 million or $0.36 basic EPS; a QoQ increase of $0.14 per share

● Attributable net income of $111.0 million or $0.36 basic EPS

​

Return to Shareholders

● Year to date the Company has returned $40.0 million to shareholders via the repurchase of 4.2 million shares at an average price of $9.53 per share

​

Operational

● Gold equivalent production² (“GEO”) of 72,872 ounces

● Consolidated cash cost per GEO¹ of $951, down from $971 in the previous quarter

● Consolidated AISC per GEO¹ of $2,107 for Q1 2026, up from $2,054 in the previous quarter. The slight increase from the previous quarter is primarily due to the impact of higher metal prices on royalties and higher CAPEX

​

● Total recordable injury frequency rate for the quarter was 1.16 and zero lost time injuries, which reflects continued strong safety performance

​

Growth and Business Development

● Established a presence in a highly prospective district in the Guyana Shield through an earn-in agreement for the Quartzstone gold project. Refer to the news release dated April 20, 2026 “Fortuna Establishes Presence in the Guyana Shield Through Quartzstone Earn-In Agreement”

● Reported a 15% year over year increase in consolidated Mineral Reserves with significant growth at Sunbird underground. Refer to the news release dated April 23, 2026 “Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla”

● The Séguéla plant expansion and Diamba Sud project remain on track for final investment decisions by mid-year

​

Fortuna | 2

​

​

First Quarter 2026 Consolidated Results

​

​	​	​	​	​	​	​	​	​
​	​	Three months ended					​	​
(in millions of US dollars)	​	Dec. 31, 2025	​	Mar. 31, 2026	​	Mar. 31, 2025	​	Q1 % Change
OPERATING STATISTICS	​	​	​	​	​	​	​	​
GEO production from continuing operations (1)(2)	​	65,130	​	72,872	​	70,386	​	4%
Cash cost continuing operations($/oz GEO) (1)(2)	​	971	​	951	​	866	​	10%
AISC continuing operations($/oz GEO) (1)(2)	​	2,054	​	2,107	​	1,752	​	20%
FINANCIAL HIGHLIGHTS	​	​	​	​	​	​	​	​
Sales	​	270.2	​	342.5	​	195.0	​	76%
Attributable net income from continuing operations	​	68.1	​	111.0	​	35.4	​	213%
Attributable earnings per share from continuing operations - basic	​	0.22	​	0.36	​	0.12	​	200%
Adjusted EBITDA (1)	​	163.1	​	218.8	​	102.6	​	113%
CASH FLOW AND CAPEX	​	​	​	​	​	​	​	​
Net cash provided by operating activities - continuing operations	​	162.3	​	209.4	​	89.0	​	135%
Free cash flow from ongoing operations (1)	​	132.3	​	174.0	​	66.7	​	161%
Capital expenditures (3)	​	​	​	​	​	​	​	​
Sustaining	​	23.9	​	27.9	​	22.6	​	23%
Sustaining leases	​	6.6	​	6.8	​	4.9	​	39%
Growth capital	​	20.6	​	17.4	​	15.4	​	13%
​	​	​	​	​	​	​	​	​
​	​	​	​	Mar. 31, 2026	​	Dec. 31, 2025	​	% Change
Cash and cash equivalents and short-term investments	​	​	​	665.9	​	554.0	​	20%
Net liquidity position (excluding letters of credit)	​	​	​	815.9	​	704.0	​	16%
Shareholder's equity attributable to Fortuna shareholders	​	​	​	1,773.0	​	1,677.0	​	6%
​	​	​	​	​	​	​	​	​
(1) Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
(2) Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn for Q1 2026. Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn for Q1 2025. Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025
(3) Capital expenditures are presented on a cash basis
Figures may not add due to rounding
​

​

First Quarter 2026 Results

​

Q1 2026 vs Fourth Quarter 2025 (“Q4 2025”)

​

Cash cost per ounce and AISC

Cash cost per GEO sold from continuing operations was $951 in Q1 2026, representing a marginal decrease from $971 in Q4 2025.

​

All-in sustaining costs per GEO from continuing operations was $2,107 in Q1 2026 representing a $53 increase from the $2,054 recorded in Q4 2025. The rise was primarily driven by higher CAPEX and royalties derived from higher metal prices and partially offset by an increase in metal sold.

​

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations for the period was $111.0 million in Q1 2026, compared to $68.1 million in Q4 2025.

​

Fortuna | 3

​

​

After adjusting for non-recurring items, adjusted attributable net income was $111.0 million or $0.36 per share compared to $71.3 million or $0.23 per share in Q4 2025. The increase was primarily due to higher realized gold prices and gold sales volume. The realized gold price in Q1 2026 was $4,884 per ounce compared to $4,166 in Q4 2025. Higher gold sales were driven by higher gold production at Séguéla and Lindero.

​

Foreign Exchange

In Q1 2026, the Company recorded a foreign exchange loss of $2.1 million compared to a loss of $2.9 million in Q4 2025. The foreign exchange loss was due to the purchase of US dollars in Argentina for repatriation and movement in the Euro and the impact on cash and VAT balances in Côte d’Ivoire held in West Africa Francs.

​

Cash Flow

Net cash generated by operations before changes in working capital totaled $213.3 million or $0.70 per share. After adjusting for working capital, net cash generated by operations for the quarter was $209.4 million, an increase of $47.1 million compared to $162.3 million in Q4 2025. The increase was driven primarily by higher sales, partially offset by positive changes in working capital of $14.7 million in Q4 2025 compared to negative $4.0 million in Q1 2026.

​

Free cash flow from ongoing operations in Q1 2026 was $174.0 million, an increase of $41.7 million compared to $132.3 million in Q4 2025 reflecting higher cash from operating activities partially offset by higher sustaining capital expenditures.

​

In Q1 2026, the Company’s total capital expenditures were $45.3 million of which $27.9 million were classified as sustaining and $17.4 million as non-sustaining. Non-sustaining capital expenditures were comprised primarily of $8.8 million at the Diamba Sud project and $8.6 million in brownfields and greenfields exploration.

​

​

Q1 2026 vs Q1 2025

​

Cash cost per ounce and AISC

Consolidated cash cost per GEO increased to $951 in Q1 2026, representing a $85 increase compared to $866 recorded in Q1 2025. The increase was primarily due to the impact of higher gold prices on the calculation of GEOs at Caylloma. Lindero and Séguéla had modest increases in cash costs per ounce of $61 and $28 respectively.

​

All-in sustaining costs per GEO from continuing operations increased $355 to $2,107 in Q1 2026 from $1,752 in Q1 2025. This increase primarily resulted from higher royalties of $114, higher cash costs as described above and higher CAPEX and sustaining leases. This was partially offset by higher GEOs sold.

​

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations was $111.0 million, or $0.36 per share, compared to $35.4 million, or $0.12 per share, in Q1 2025.

​

After adjusting for non-recurring items, adjusted attributable net income from continuing operations was $111.0 million or $0.36 per share compared to $35.6 million or $0.12 per share in Q1 2025. The increase

Fortuna | 4

​

​

was primarily due to higher realized gold prices and 10% higher gold volume sold. Gold averaged $4,884 per ounce in Q1 2026 compared to $2,884 per ounce in Q1 2025. The higher gold volume sold was explained by higher gold production both at Séguéla and Lindero.

​

Depreciation and Depletion

Depreciation and depletion increased by $1.1 million to $45.9 million compared to $44.8 million Q1 2025. Depletion per GEO decreased primarily due to the increase in reserves at Séguéla and partially offset by higher depletion per GEO at Lindero due to an impairment reversal of $52.7 million recorded in Q3 2025. Depreciation and depletion in the period included $11.6 million related to the purchase price allocation from the 2021 Roxgold acquisition.

​

Cash Flow

Net cash generated by operations for the quarter was $209.4 million, an increase of $120.4 million compared to $89.0 million reported in Q1 2025. The increase was primarily driven by higher gold prices.

​

Free cash flow from ongoing operations in Q1 2026 was $174.0 million, an increase of $107.3 million compared to $66.7 million reported in Q1 2025. The increase was mainly due to higher cash flow from operations as discussed above partially offset by higher sustaining capital expenditures.

​

Fortuna | 5

​

​

Séguéla Mine, Côte d’Ivoire

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026	​ ​ ​	​	2025
Mine production	​	​	​	​	​	​
Tonnes milled	​	​	430,953	​	​	444,004
Average tonnes crushed per day	​	​	4,788	​	​	4,933
​	​	​	​	​	​	​
Gold	​	​	​	​	​	​
Grade (g/t)	​	​	3.21	​	​	2.76
Recovery (%)	​	​	93	​	​	93
Production (oz)	​	​	42,016	​	​	38,500
Metal sold (oz)	​	​	42,054	​	​	38,439
Realized price ($/oz)	​	​	4,906	​	​	2,888
​	​	​	​	​	​	​
Unit costs	​	​	​	​	​	​
Cash cost ($/oz Au) (1)	​	​	678	​	​	650
All-in sustaining cash cost ($/oz Au) (1)	​	​	1,760	​	​	1,290
​	​	​	​	​	​	​
Capital expenditures ($000's) (2)	​	​	​	​	​	​
Sustaining	​	​	18,017	​	​	8,613
Sustaining leases	​	​	4,264	​	​	3,639
Growth capital	​	​	6,644	​	​	9,207
​	​	​	​	​	​	​

¹ Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

² Capital expenditures are presented on a cash basis.

​

Quarterly Operating and Financial Highlights

​

During the first quarter of 2026, mine production totaled 392,728 tonnes of ore, averaging 3.69 g/t Au, and containing an estimated 46,640 ounces of gold from the Antenna, Ancien, and Koula pits. Ore tonnes mined were lower than tonnes milled during the quarter, in line with the mine plan and the strategy to reduce surface stockpiles. A total of 5,461,098 tonnes of waste was moved during the period, resulting in a strip ratio of 13.9:1. Stripping activities also commenced at the Sunbird pit, where 1,393,130 tonnes of waste were mined.

​

In the first quarter of 2026, Séguéla processed 430,953 tonnes of ore, producing 42,016 ounces of gold, at an average head grade of 3.21 g/t Au, a 3% decrease in tonnes of ore and 16% increase in average head grade, compared to the same period of the previous year.

​

Cash cost per gold ounce sold was $678 in the current quarter, comparable to the $650 for the first quarter of 2025 as higher operating costs were offset by increased production.

​

All-in sustaining cash cost per gold ounce sold was $1,760 for the first quarter of 2026 compared to $1,290 for the first quarter of 2025. The increase was primarily a result of higher sustaining capital from capitalized stripping and royalties due to higher gold prices and partially offset by the increase in ounces sold.

​

Fortuna | 6

​

​

Lindero Mine, Argentina

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026	​ ​ ​	​	2025
Mine production	​	​	​	​	​	​
Tonnes placed on the leach pad	​	​	1,525,826	​	​	1,753,016
​	​	​	​	​	​	​
Gold	​	​	​	​	​	​
Grade (g/t)	​	​	0.62	​	​	0.55
Production (oz)	​	​	21,545	​	​	20,320
Metal sold (oz)	​	​	21,183	​	​	18,655
Realized price ($/oz)	​	​	4,837	​	​	2,877
​	​	​	​	​	​	​
Unit costs	​	​	​	​	​	​
Cash cost ($/oz Au) (1)	​	​	1,208	​	​	1,147
All-in sustaining cash cost ($/oz Au) (1)	​	​	1,783	​	​	1,911
​	​	​	​	​	​	​
Capital expenditures ($000's) (2)	​	​	​	​	​	​
Sustaining	​	​	7,669	​	​	12,362
Sustaining leases	​	​	1,397	​	​	582
Growth capital	​	​	715	​	​	307

​

¹ Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

² Capital expenditures are presented on a cash basis.

​

​

Quarterly Operating and Financial Highlights

​

In the first quarter of 2026, a total of 1,525,826 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.62 g/t, containing an estimated 30,538 ounces of gold. Ore mined was 1.7 million tonnes, with a stripping ratio of 1.35:1.

​

Lindero’s gold production for the quarter was 21,545 ounces compared to 20,320 ounces in the previous period. Higher production was mainly due to higher head grade and improved mining sequence. In late-March 2026, Lindero commenced a planned 30-day replacement of the primary crusher steel foundations. Mining operations continued in advance of the scheduled work, with ore being stockpiled to support uninterrupted stacking on the leach pad during the foundation replacement period. Replacement of the primary crusher steel foundations was successfully completed on May 1, 2026 and the mine resumed full operations.

​

The cash cost per ounce of gold for the current quarter was $1,208 compared to $1,147 in the same period of 2025. The increase in cash costs was primarily driven by higher processing costs and macroeconomic factors increasing peso denominated costs and partially offset by higher production.

​

In the first quarter of 2026, AISC per gold ounce sold decreased to $1,783 compared to $1,911 in the previous period. The decrease was primarily driven by lower sustaining capital expenditures as the leach pad expansion was under construction in the comparable period. This was partially offset by higher cash costs.

Fortuna | 7

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​

Caylloma Mine, Peru

​	​	​	​	​	​	​
​	​	​	Three months ended March 31,
​	​ ​ ​	​	2026	​ ​ ​	​	2025
Mine production	​	​	​	​	​	​
Tonnes milled	​	​	136,701	​	​	136,659
Average tonnes milled per day	​	​	1,553	​	​	1,553
​	​	​	​	​	​	​
Silver	​	​	​	​	​	​
Grade (g/t)	​	​	72	​	​	67
Recovery (%)	​	​	82	​	​	83
Production (oz)	​	​	257,603	​	​	242,993
Metal sold (oz)	​	​	200,349	​	​	250,284
Realized price ($/oz)	​	​	82.69	​	​	31.77
​	​	​	​	​	​	​
Lead	​	​	​	​	​	​
Grade (%)	​	​	2.99	​	​	3.21
Recovery (%)	​	​	91	​	​	91
Production (000's lbs)	​	​	8,175	​	​	8,836
Metal sold (000's lbs)	​	​	7,039	​	​	9,199
Realized price ($/lb)	​	​	0.87	​	​	0.89
​	​	​	​	​	​	​
Zinc	​	​	​	​	​	​
Grade (%)	​	​	4.21	​	​	5.01
Recovery (%)	​	​	91	​	​	91
Production (000's lbs)	​	​	11,526	​	​	13,772
Metal sold (000's lbs)	​	​	11,017	​	​	13,826
Realized price ($/lb)	​	​	1.47	​	​	1.29
​	​	​	​	​	​	​
Unit costs	​	​	​	​	​	​
Cash cost ($/oz Ag Eq) (1,2)	​	​	30.26	​	​	12.80
All-in sustaining cash cost ($/oz Ag Eq) (1,2)	​	​	44.36	​	​	18.74
​	​	​	​	​	​	​
Capital expenditures ($000's) (3)	​	​	​	​	​	​
Sustaining	​	​	2,240	​	​	1,615
Sustaining leases	​	​	1,134	​	​	631
Growth capital	​	​	77	​	​	249

¹ Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.

² Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim financial statements for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

³ Capital expenditures are presented on a cash basis.

​

Quarterly Operating and Financial Highlights

​

In the first quarter of 2026, the Caylloma Mine produced 257,603 ounces of silver at an average head grade of 72 g/t, a 6% increase when compared to the same period of 2025.

​

Lead and zinc production for the current quarter was 8.2 million pounds and 11.5 million pounds, respectively. Head grades averaged 2.99% Pb and 4.21% Zn, a 7% and 16% decrease, respectively, when compared to the same quarter in 2025. Production was lower due to lower head grades and was in line with the mine plan.

​

Fortuna | 8

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​

The cash cost per silver equivalent ounce sold in the first quarter of 2026 was $30.26 compared to $12.80 during the first quarter of 2025. The higher cost per ounce for the current quarter was primarily the result of higher realized silver prices and the impact on the calculation of silver equivalent ounces sold.

​

The all-in sustaining cash cost per ounce of payable silver equivalent in the first quarter of 2026 increased 137% to $44.36 compared to $18.74 for the same period of 2025. The increase for the current quarter was the result of lower silver equivalent ounces due to higher silver prices.

Fortuna | 9

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​

Conference Call and Webcast

​

A conference call to discuss the financial and operational results will be held on Thursday, May 7, 2026, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, David Whittle, Chief Operating Officer - West Africa, and Cesar Velasco, Chief Operating Officer - Latin America.

​

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at https://www.webcaster5.com/Webcast/Page/1696/53929 or over the phone by dialing in just prior to the starting time.

​

Conference call details:

​

Date: Thursday, May 7, 2026

Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time

​

Dial in number (Toll Free): +1.888.506.0062

Dial in number (International): +1.973.528.0011

Access code: 788835

​

Replay number (Toll Free): +1.877.481.4010

Replay number (International): +1.919.882.2331

Replay passcode: 53929

​

Playback of the earnings call will be available until Thursday, May 21, 2026. Playback of the webcast will be available until Friday, May 7, 2027. In addition, a transcript of the call will be archived on the Company’s website.

​

​

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, and Peru, as well as the Diamba Sud Gold Project located 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 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 | Instagram | TikTok

​

Fortuna | 10

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Qualified Person

Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

​

Non-IFRS Financial Measures

The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: all-in costs; cash cost per ounce of gold sold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA, adjusted EBITDA margin and working capital.

These non-IFRS financial measures and non-IFRS ratios 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 and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS.

To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis for the three months ended March 31, 2026  (“Q1 2026 MDA”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor. The Q1 2026 MD&A may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar under the Company’s profile. The Company has calculated these measures consistently for all periods presented with the exception of the following:

● The calculation of Adjusted EBITDA was revised to no longer include right of use payments the cash flow statement. Management elected to make the change to simplify the calculation and to better align with our peers to improve comparability  

​

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Fortuna | 11

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​

​

Reconciliation of Debt to total net debt and net debt to adjusted EBITDA ratio as at March 31, 2026

​	​	​	​	​	​	​
(in millions of US dollars, except Total net debt to adjusted EBITDA ratio)	​	​		​	​	March 31, 2026
2024 Convertible Notes	​	​	​	​	​	172.5
Less: cash and cash equivalents and short-term investments	​	​	​	​	​	(665.9)
Total net debt	​	​	​	​	​	(493.4)
​	​	​	​	​	​	​

​

Income to attributable adjusted net income for the three months ended December 31, 2025 and March 31, 2026 and 2025

​	​	​	​	​	​	​
​	​	Three months ended
Consolidated (in millions of US dollars)	​	Mar. 31, 2026	​	Mar. 31, 2025	​	Dec. 31, 2025
Net income attributable to shareholders	​	111.0	​	58.5	​	68.1
Adjustments, net of tax:	​	​	​	​	​	​
Discontinued operations	​	–	​	(25.9)	​	–
Write off of mineral properties	​	–	​	–	​	2.3
San Jose ARO adjustment	​	–	​	0.3	​	–
Inventory adjustment	​	–	​	(0.1)	​	0.5
Other non-cash/non-recurring items	​	–	​	2.8	​	0.4
Attributable adjusted net income	​	111.0	​	35.6	​	71.3
Figures may not add due to rounding	​	​	​	​	​	​
​	​	​	​	​	​	​

​

Reconciliation of net income to adjusted EBITDA for the three months ended December 31, 2025 and March 31, 2026 and 2025

​	​	​	​	​	​	​
​	​	Three months ended
Consolidated (in millions of US dollars)	​	Mar. 31, 2026	​	Mar. 31, 2025	​	Dec. 31, 2025
Net income	​	119.9	​	64.8	​	74.0
Adjustments:	​	​	​	​	​	​
Discontinued operations	​	–	​	(25.9)	​	–
Inventory adjustment	​	(0.1)	​	–	​	0.5
Net finance items	​	1.9	​	3.0	​	2.7
Depreciation, depletion, and amortization	​	45.9	​	45.1	​	43.9
Income taxes	​	58.4	​	15.4	​	37.5
Other operating expenses (income)	​	(7.0)	​	–	​	–
Other non-cash/non-recurring items	​	(0.2)	​	0.2	​	4.6
Adjusted EBITDA	​	218.8	​	102.6	​	163.1
Sales	​	342.5	​	195.0	​	270.2
EBITDA margin	​	64%	​	53%	​	60%

Figures may not add due to rounding

​

Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended December 31, 2025 and March 31, 2026 and 2025

​	​	​	​	​	​	​
​	​	Three months ended
Consolidated (in millions of US dollars)	​	Mar. 31, 2026	​	Mar. 31, 2025	​	Dec. 31, 2025
Net cash provided by operating activities	​	209.4	​	126.4	​	162.3
Additions to mineral properties, plant and equipment	​	(45.3)	​	(39.6)	​	(44.5)
Payments of lease obligations	​	(6.9)	​	(6.0)	​	(6.7)
Free cash flow	​	157.2	​	80.8	​	111.1
Growth capital	​	17.4	​	15.4	​	20.6
Discontinued operations	​	–	​	(34.8)	​	–
Gain on blue chip swap investments	​	–	​	1.3	​	–
Other adjustments	​	(0.6)	​	4.0	​	0.6
Free cash flow from ongoing operations	​	174.0	​	66.7	​	132.3

Fortuna | 12

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​

Figures may not add due to rounding

​

​

Reconciliation of cost of sales to cash cost per ounce of GEO sold for the three months ended December 31, 2025 and March 31, 2026 and 2025

​	​	​	​	​	​	​	​	​
Cash cost per gold equivalent ounce sold - Q4 2025	​ ​ ​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​ ​ ​	GEO cash costs
Cost of sales	​	35,966	​	67,202	​	18,675	​	121,845
Depletion, depreciation, and amortization	​	(13,003)	​	(26,599)	​	(3,964)	​	(43,566)
Royalties and taxes	​	(82)	​	(14,339)	​	(330)	​	(14,751)
By-product credits	​	(1,097)	​	–	​	–	​	(1,097)
Other	​	(473)	​	–	​	(832)	​	(1,305)
Treatment and refining charges	​	–	​	–	​	1,744	​	1,744
Cash cost applicable per gold equivalent ounce sold	​	21,311	​	26,264	​	15,293	​	62,868
Ounces of gold equivalent sold	​	19,073	​	36,998	​	8,652	​	64,723
Cash cost per ounce of gold equivalent sold ($/oz)	​	1,117	​	710	​	1,768	​	971
​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025.
Figures may not add due to rounding.
​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​
Cash cost per gold equivalent ounce sold - Q1 2026	​ ​ ​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​ ​ ​	GEO cash costs
Cost of sales	​	41,678	​	73,004	​	15,952	​	130,634
Depletion, depreciation, and amortization	​	(14,933)	​	(26,099)	​	(3,643)	​	(44,675)
Royalties and taxes	​	(63)	​	(18,389)	​	(471)	​	(18,923)
By-product credits	​	(1,253)	​	–	​	–	​	(1,253)
Other	​	69	​	–	​	(840)	​	(771)
Treatment and refining charges	​	–	​	–	​	1,899	​	1,899
Cash cost applicable per gold equivalent ounce sold	​	25,498	​	28,516	​	12,897	​	66,911
Ounces of gold equivalent sold	​	21,111	​	42,054	​	7,230	​	70,395
Cash cost per ounce of gold equivalent sold ($/oz)	​	1,208	​	678	​	1,784	​	951
​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn
Figures may not add due to rounding.
​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​	​	​
Cash cost per gold equivalent ounce sold - Q1 2025	​ ​ ​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​ ​ ​	GEO cash costs
Cost of sales	​	31,805	​	65,425	​	17,463	​	114,693
Depletion, depreciation, and amortization	​	(9,799)	​	(30,310)	​	(4,369)	​	(44,478)
Royalties and taxes	​	(94)	​	(10,133)	​	(240)	​	(10,467)
By-product credits	​	(731)	​	–	​	–	​	(731)
Other	​	123	​	–	​	(659)	​	(536)
Treatment and refining charges	​	–	​	–	​	50	​	50
Cash cost applicable per gold equivalent ounce sold	​	21,304	​	24,982	​	12,245	​	58,531
Ounces of gold equivalent sold	​	18,580	​	38,439	​	10,539	​	67,558
Cash cost per ounce of gold equivalent sold ($/oz)	​	1,147	​	650	​	1,162	​	866
​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.80/oz Ag, $1,971/t Pb and $2,841/t Zn
Figures may not add due to rounding.
​

​

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​

Reconciliation of cost of sales to all-in sustaining cash cost per GEO sold from continuing operations for the three months ended December 31, 2025 and March 31, 2026 and 2025

​	​	​	​	​	​	​	​	​	​	​
AISC per gold equivalent ounce sold - Q4 2025	​ ​ ​	​	​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​	Corporate	​	GEO AISC
Cash cost applicable per gold equivalent ounce sold	​	21,311	​	26,264	​	15,293	​	–	​	62,868
Royalties and taxes	​	82	​	14,339	​	330	​	–	​	14,751
Worker's participation	​	–	​	–	​	965	​	–	​	965
General and administration	​	2,727	​	4,573	​	3,002	​	13,575	​	23,877
Total cash costs	​	24,120	​	45,176	​	19,590	​	13,575	​	102,461
Sustaining capital (1)	​	7,144	​	13,123	​	10,218	​	–	​	30,485
Blue chips gains (investing activities) (1)	​	–	​	–	​	–	​	–	​	–
All-in sustaining costs	​	31,264	​	58,299	​	29,808	​	13,575	​	132,946
Gold equivalent ounces sold	​	19,073	​	36,998	​	8,652	​	–	​	64,723
All-in sustaining costs per ounce	​	1,639	​	1,576	​	3,445	​	–	​	2,054
​	​	​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $4,167/oz Au, $56.0/oz Ag, $1,969/t Pb and $3,166/t Zn for Q4 2025.
Figures may not add due to rounding.
(1) Presented on a cash basis.
​	​	​	​	​	​	​	​	​	​	​

​
​​

​	​	​	​	​	​	​	​	​	​	​
AISC per gold equivalent ounce sold - Q1 2026	​ ​ ​	​	​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​	Corporate	​	GEO AISC
Cash cost applicable per gold equivalent ounce sold	​	25,498	​	28,516	​	12,897	​	–	​	66,911
Royalties and taxes	​	63	​	18,389	​	471	​	–	​	18,923
Worker's participation	​	–	​	–	​	1,273	​	–	​	1,273
General and administration	​	3,005	​	3,952	​	893	​	17,780	​	25,630
Other	​	–	​	874	​	–	​	–	​	874
Total cash costs	​	28,566	​	51,731	​	15,534	​	17,780	​	113,611
Sustaining capital (1)	​	9,066	​	22,281	​	3,374	​	–	​	34,721
Blue chips gains (investing activities) (1)	​	–	​	–	​	–	​	–	​	–
All-in sustaining costs	​	37,632	​	74,012	​	18,908	​	17,780	​	148,332
Gold equivalent ounces sold	​	21,111	​	42,054	​	7,230	​	–	​	70,395
All-in sustaining costs per ounce	​	1,783	​	1,760	​	2,615	​	–	​	2,107
​	​	​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.
​	​	​	​	​	​	​	​	​	​	​

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Fortuna | 14

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​	​	​	​	​	​	​	​	​	​	​
AISC per gold equivalent ounce sold - Q1 2025	​ ​ ​	​	​	​	​	​	​	​	​	​
(in thousands of US dollars, except ounces sold)	​	Lindero	​ ​ ​	Séguéla	​ ​ ​	Caylloma	​	Corporate	​	GEO AISC
Cash cost applicable per gold equivalent ounce sold	​	21,303	​	24,982	​	12,245	​	–	​	58,530
Royalties and taxes	​	94	​	10,133	​	240	​	–	​	10,467
Worker's participation	​	–	​	–	​	739	​	–	​	739
General and administration	​	2,480	​	2,224	​	2,455	​	15,373	​	22,532
Other	​	–	​	–	​	–	​	–	​	–
Total cash costs	​	23,877	​	37,339	​	15,679	​	15,373	​	92,268
Sustaining capital (1)	​	12,944	​	12,252	​	2,246	​	–	​	27,442
Blue chips gains (investing activities) (1)	​	(1,319)	​	–	​	–	​	–	​	(1,319)
All-in sustaining costs	​	35,502	​	49,591	​	17,925	​	15,373	​	118,391
Gold equivalent ounces sold	​	18,580	​	38,439	​	10,539	​	–	​	67,558
All-in sustaining costs per ounce	​	1,911	​	1,290	​	1,701	​	–	​	1,752
​	​	​	​	​	​	​	​	​	​	​
Gold equivalent was calculated using the realized prices for gold of $2,884/oz Au, $31.77/oz Ag, $1,971/t Pb and $2,841/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.
​	​	​	​	​	​	​	​	​	​	​

​

Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended December 31, 2025 and March 31, 2026 and 2025

​	​	​
Cash cost per silver equivalent ounce sold - Q4 2025	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cost of sales	​	18,675
Depletion, depreciation, and amortization	​	(3,964)
Royalties and taxes	​	(330)
Other	​	(832)
Treatment and refining charges	​	1,744
Cash cost applicable per silver equivalent sold	​	15,293
Ounces of silver equivalent sold (1,2)	​	644,249
Cash cost per ounce of silver equivalent sold ($/oz)	​	23.74
​	​	​
(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.
​
​	​	​

​

​	​	​
Cash cost per silver equivalent ounce sold - Q1 2026	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cost of sales	​	15,952
Depletion, depreciation, and amortization	​	(3,643)
Royalties and taxes	​	(471)
Other	​	(840)
Treatment and refining charges	​	1,899
Cash cost applicable per silver equivalent sold	​	12,897
Ounces of silver equivalent sold (1,2)	​	426,253
Cash cost per ounce of silver equivalent sold ($/oz)	​	30.26
​	​	​
(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.
​
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Fortuna | 15

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​	​	​
Cash cost per silver equivalent ounce sold - Q1 2025	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cost of sales	​	17,463
Depletion, depreciation, and amortization	​	(4,369)
Royalties and taxes	​	(240)
Other	​	(659)
Treatment and refining charges	​	50
Cash cost applicable per silver equivalent sold	​	12,245
Ounces of silver equivalent sold (1,2)	​	956,640
Cash cost per ounce of silver equivalent sold ($/oz)	​	12.80
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(1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures have been restated to remove Right of Use.
Figures may not add due to rounding.
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Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended December 31, 2025 and March 31, 2026 and 2025

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AISC per silver equivalent ounce sold - Q4 2025	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cash cost applicable per silver equivalent ounce sold	​	15,293
Royalties and taxes	​	330
Worker's participation	​	965
General and administration	​	3,002
Total cash costs	​	19,590
Sustaining capital (3)	​	10,218
All-in sustaining costs	​	29,808
Silver equivalent ounces sold (1,2)	​	644,249
All-in sustaining costs per ounce	​	46.27
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(1) Silver equivalent sold is calculated using a silver to gold ratio of 75.9:1, silver to lead ratio of 1:62.7 pounds, and silver to zinc ratio of 1:39.0 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
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AISC per silver equivalent ounce sold - Q1 2026	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cash cost applicable per silver equivalent ounce sold	​	12,897
Royalties and taxes	​	471
Worker's participation	​	1,273
General and administration	​	893
Total cash costs	​	15,534
Sustaining capital (3)	​	3,374
All-in sustaining costs	​	18,908
Silver equivalent ounces sold (1,2)	​	426,253
All-in sustaining costs per ounce	​	44.36
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(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
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AISC per silver equivalent ounce sold - Q1 2025	​ ​ ​	​
(in thousands of US dollars, except ounces sold)	​	Caylloma
Cash cost applicable per silver equivalent ounce sold	​	12,245
Royalties and taxes	​	240
Worker's participation	​	739
General and administration	​	2,455
Total cash costs	​	15,679
Sustaining capital (3)	​	2,246
All-in sustaining costs	​	17,925
Silver equivalent ounces sold (1,2)	​	956,640
All-in sustaining costs per ounce	​	18.74
​	​	​
(1) Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.
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Additional information regarding the Company’s financial results and ongoing activities is available in the unaudited condensed interim consolidated financial statements for the three months  ended March 31, 2026 and 2025 and accompanying Q1 2026 MD&A. These documents can be accessed on Fortuna’s website at www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgarwww.sec.gov/edgar.

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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 about the Company's plans for its mines and mineral properties; the Company’s expectation that it is on track to deliver its 2026 production guidance; the making and timing of a decision on the Séguéla plant expansion; the next phase of growth at the Diamba Sud project; the making and timing of a construction decision at the Diamba Sud project;  the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "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.

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The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. 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 the Company and its business and properties. These projections are provided to describe the prospective performance of the Company's business. 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.

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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; risks associated with war or other geo-political hostilities, such as the Ukrainian – Russian, Israel – Iran and US, and  Israel – Hamas conflicts, any of which could continue to cause a disruption in global economic activity; fluctuation in currencies and foreign exchange rates; increases in the rate of inflation; the imposition or any extension of capital controls in countries in which the Company operates; any changes in tax laws in Argentina and the other countries in which we operate; changes in the prices of key supplies; uncertainty relating to nature and climate change conditions; 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);  our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; technological and operational hazards in Fortuna’s mining and mine development activities; risks related to water and power availability; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; changes in the position of regulatory authorities with respect to the granting of approvals or permits; governmental and other approvals; changes in government, 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, 2025 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar. 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 not to be as anticipated, estimated or intended.

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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; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected

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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); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; 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, the ability to meet current and future obligations 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 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.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources 

Reserve and resource estimates included in this news release have 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. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

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FAQ

How did Fortuna Mining Corp. (FSM) perform financially in Q1 2026?

Fortuna reported much stronger Q1 2026 results, with sales of $342.5 million versus $195.0 million a year earlier. Net income from continuing operations was $119.9 million, and adjusted EBITDA reached $218.8 million, reflecting higher gold prices and solid mine performance.

What were Fortuna Mining Corp. (FSM) earnings per share for Q1 2026?

Basic earnings per share from continuing operations attributable to Fortuna shareholders were $0.36 in Q1 2026, up from $0.12 in Q1 2025. Diluted earnings per share from continuing operations were $0.35, reflecting potential shares from convertible notes and share units.

How much free cash flow did Fortuna Mining Corp. (FSM) generate in Q1 2026?

Fortuna generated free cash flow from ongoing operations of $174.0 million in Q1 2026, compared with $66.7 million in the prior year. Net cash provided by operating activities from continuing operations was $209.4 million, supporting higher cash balances and share repurchases.

What is Fortuna Mining Corp. (FSM) doing with its strong cash position?

With $665.9 million of cash and cash equivalents at March 31, 2026, Fortuna is funding share buybacks and growth. It repurchased 2.2 million shares for $20.4 million under its NCIB and paid $5.0 million to secure an earn-in option on the Quartzstone Project.

What are the key operating cost metrics for Fortuna Mining Corp. (FSM) in Q1 2026?

Consolidated cash cost per gold equivalent ounce was $951, and all-in sustaining cash cost per gold equivalent ounce was $2,107 in Q1 2026. At Séguéla, cash cost per gold ounce was $678, while Lindero’s cash cost per gold ounce was $1,208.

What is the Quartzstone Project earn-in agreement for Fortuna Mining Corp. (FSM)?

Fortuna can earn up to a 70% interest in the Quartzstone Project in Guyana. It may first earn 51% by drilling 60,000 meters in four years and paying all license fees, then increase to 70% by solely funding a feasibility study within three years of exercising the first option.

How much stock can Fortuna Mining Corp. (FSM) repurchase under its renewed NCIB?

Under the renewed normal course issuer bid, Fortuna may purchase up to 15,227,869 common shares, representing 5% of its outstanding shares as of April 10, 2026. The program runs from May 4, 2026 until the earlier of May 3, 2027 or when the maximum is repurchased.

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