<div id="readability-page-1"><div><div>1: Fortuna Mining Corp.: Strategy, Growth, and OpportunitiesThe evolution of Fortuna Mining over the past two decades shows a company steadily expanding beyond its origins. What began as a focused silver producer in Latin America has evolved into a diversified precious metals miner operating across multiple continents.The Caylloma silver mine in Peru played a significant role in shaping Fortuna's early identity, establishing the company as a reliable and efficient operator. The San Jose mine in Mexico also contributed to Fortuna's initial growth, but it is no longer producing and has been on care and maintenance since December 2024. Caylloma remains a key component of the company, serving as the foundation for a broader portfolio.A major turning point came on July 2, 2021, with the acquisition of Roxgold. More than a corporate transaction, it marked Fortuna's decisive shift into West Africa, adding high-quality gold operations: the Yaramoko mine in Burkina Faso, which Fortuna later sold, and the Seguela mine in Cote d'Ivoire. Seguela, now a key producing asset, has strengthened the company's balance sheet with its gold and silver production.Fortuna's Lindero mine in Argentina had already expanded its footprint, but Roxgold's assets brought a global dimension to the operation. That expansion continues with the Diambe Sud project in Senegal, signaling Fortuna's growing confidence in West Africa. With mines producing across Latin America and Africaand new growth anchored by Diambe SudFortuna has reshaped itself into a geographically and operationally diversified gold mining company, with gold representing 87% of total revenue in 3Q25.<figure></figure>Note: Copper was produced at Lindero Mine in approximately 96 GEOs.1.1: The Diamba Sud project holds significant midterm potential.Fortuna Mining's Diamba Sud project in Senegal could significantly impact the company's future. Recent updates show a 53% increase in indicated gold to 724,000 ounces and a 93% rise in inferred resources to 285,000 ounces, including maiden estimates from the Southern Arc and Moungoundi deposits.The Diamba Sud project represents a significant opportunity for value creation for FSM. With an after-tax Net Present Value (NPV) of $563 million, a 72% Internal Rate of Return (IRR), and a payback period of just 10 months, the project showcases strong economic fundamentals. The initial production is projected to be around 147,000 gold ounces per year, with an All-In Sustaining Cost (AISC) of $904 per ounce, ensuring a robust cash flow in the near term. Ongoing drilling is expected to expand resources and extend the mine's life, while advancements in permitting and early development work will help reduce associated risks. With FSM's strong liquidity position, Diamba Sud enhances the company's growth potential and improves its long-term financial outlook. I am encouraged by Fortuna's disciplined approach to early works and permitting. If plans move forward, construction could start in 4Q26, with initial gold production aimed for 2028. 1.2 - 2025 Production outlook.Below is a chart showing Fortuna Mining's annual gold production history since 2020. For 2025, the projected gold production is estimated to be between 720,000 and 770,000 ounces, with approximately 547,000 ounces already produced in the first nine months of the year. Production for the rest of the year will depend mainly on continued strong performance at the Lindero and Seguela mines. <figure></figure>1.3 - 3Q25 Production analysis.In the third quarter of 2025, Fortuna's three mines produced a total of 72,462 gold-equivalent ounces (GEO), representing a diverse range of metals. Fortuna's gold-equivalent production fell from 110,820 GEO in 3Q24 to 72,462 GEO in 3Q25, mainly due to portfolio changes and operational factors. Much of the decline reflects the exclusion of divested or discontinued mines, so 3Q25 includes only ongoing operations. Lower output of lead and zinc, along with changes in metal price assumptions for silver and base metals, also contributed. Gold production from continuing mines stayed relatively stable, so the drop largely reflects changes in scope and methodology rather than a sharp fall in overall metal output.<figure></figure> Seguela produced 38,799 ounces of gold, Lindero contributed 24,417 ounces of gold, and Caylloma delivered 233,612 ounces of silver, together with 8.49 million pounds of lead and 11.99 million pounds of zinc. While total output was slightly below the same quarter last year, it showed a modest increase over the previous quarter (considering 2Q25 continued operations), suggesting that Fortuna is gradually regaining momentum.<figure></figure>Fortuna also reports its quarterly production in gold equivalent ounces, or GEO. The chart is shown below.<figure></figure>Seguela, located in Cote d'Ivoire, remains the cornerstone of Fortuna's operations. Its consistent gold output offers reliability and confidence, demonstrating that steady production can be just as valuable as large-scale output. Lindero in Argentina shows adaptability. The production of gold from dore bars, rich fine carbon, and copper precipitate highlights its ability to optimize multiple production streams while maintaining efficiency, even amid fluctuating conditions. Caylloma in Peru contributes resilience through its polymetallic production. The combination of silver, lead, and zinc creates a stable foundation that broadens Fortuna's portfolio beyond gold, providing diversification that enhances overall performance. Together, these three mines exemplify a balanced and strategic approach. Seguela drives growth, Lindero adapts to challenges, and Caylloma offers depth. The modest decline in production is offset by increased output, reflecting the company's steady recovery and reinforcing Fortuna's strategic and operational strength in the third quarter of 2025.1.4 - Gold price realized in 3Q25 versus AISC.In the third quarter of 2025, Fortuna Mining showcased both the challenges and opportunities in the changing gold market. The company reached a gold price of about $3,467 per ouncea number that would have seemed unimaginable just a few years earlier. Silver reached $39.35. Its all-in sustaining cost was around $1,987 per gold-equivalent ounce, which is relatively high compared to many of its peers, who generally operate at noticeably lower sustaining costs, often several hundred dollars per ounce below Fortuna's level.<figure></figure>Despite this hiccup, Fortuna maintained a solid profit margin thanks to exceptionally high gold prices. What stands out is the company's resilience: even amid industry-wide pressures on fuel, labor, and materials, Fortuna maintained operational stability while navigating a challenging cost environment. This quarter highlights an industry facing uncertainty yet still finding opportunities for success. Looking ahead to 20252026, gold prices could remain high if interest rates decline and geopolitical tensions continue. However, shifts in monetary policy and global markets might lead to significant volatility.2: Financial analysis and gold price forecasts for 2025-20262.2.1: 3Q25 revenue and net income analysis.This quarter, Fortuna Mining reported $230 million in revenue, demonstrating resilience and effective operations. While a net income of $42.6 million may not make headlines, it shows steady progress and disciplined execution.<figure></figure>After selling non-core assets last year, Fortuna concentrated on its key mines, improved cash flow, and positioned itself for sustainable growth. These numbers tell a story of persistence and strategic planningproof that small, consistent gains today can lead to larger successes in the future.2.2: Free cash flow is demonstrating cautious progress.Fortuna Mining generated $62.8 million in free cash flow this quarter, showing solid operational performance. This figure reflects disciplined capital management but also highlights ongoing challenges, such as fluctuating metal prices and current project expenses. To me, it signifies cautious progresssteady but a reminder that resilience requires constant attention and careful planning.<figure></figure>2.3: Debt is not a problem here.Fortuna Mining carries $132.2 million in debt but holds $444.18 million in total cash, giving it a net cash position and very low leverage. With an interest coverage ratio of 48.9 and negative net debt-to-EBITDA, the company is financially flexible. While new projects still carry execution risk (Diamba Sud Gold and Segela), Fortuna's conservative debt profile and strong cash flow provide a solid foundation to fund growth without overextending.<figure></figure>2.4 - Why would an investor choose a relatively volatile mining stock over a simple gold tracker ETF like GLD?Fortuna Mining offers leveraged exposure to gold and silver, creating opportunities for strong upside when precious metal prices rise. Its higher volatility and frequent price swings make it well-suited for partial short-term trading strategies, such as LIFO, where active rotation can capture rapid gains. In contrast, a gold ETF like GLD provides steady, lower-risk exposure tied directly to gold prices, making it ideal for long-term stability and inflation protection. I combine both approaches, using FSM for tactical short-term trades and gold ETFs for dependable, long-term portfolio strength.3: Technical Analysis: Descending Channel Pattern.<figure></figure>Note: The chart has been adjusted to account for the dividend.FSM is currently trading within a descending channel, facing resistance around $9.95 and support near $9.05. FSM experienced a breakout of its pattern on November 24. The Relative Strength Index (RSI) stands at 58 and is on an uward trend, indicating a mild oversold condition. I suggest purchasing FSM and building up shares in the $9.15 to $8.80 range, with a possible lower target of $8.35. On the selling side, I suggest selling LIFO between $9.80 and $10.20, with a higher resistance level at $10.65.Note: It is essential to monitor and regularly update your technical analysis (TA) charts, given the rapidly changing market landscape.</div></div></div>

Fortuna Mining has evolved from a silver producer in Latin America to a diversified precious metals miner. The Diamba Sud project in Senegal is a key growth opportunity, with significant gold resource increases and strong economic fundamentals. The project has an NPV of $563 million and a 72% IRR. Fortuna's 2025 gold production is projected between 720,000 and 770,000 ounces. In 3Q25, production was 72,462 GEO, reflecting portfolio changes. Seguela and Lindero mines are key contributors, with Seguela being the cornerstone of operations.

Fortuna Mining: The Diamba Sud Project Makes It A Good Gamble