FORTUNA MINING Business Summary

Fortuna Mining Corp. (FSM) is a Canadian-based precious metals producer that generates revenue through the extraction and sale of gold doré, silver concentrates, and base metal by-products, including lead and zinc. Following a strategic divestment of its San Jose and Yaramoko assets in mid-2025, the company’s primary business segments are centered on its high-margin Séguéla gold mine in Côte d'Ivoire, the Lindero gold mine in Argentina, and the Caylloma silver-lead-zinc mine in Peru. The company is currently transitioning into a gold-dominant intermediate producer, with its growth engine fueled by the Diamba Sud project in Senegal and underground expansions at Séguéla. In the competitive landscape, Fortuna competes directly with intermediate peers such as Hecla Mining, First Majestic Silver, Pan American Silver, and Endeavour Mining, distinguishing itself through a robust free cash flow profile and a low-cost production base in West Africa that offsets jurisdictional risks in Latin America. The company is led by co-founder Jorge A. Ganoza, who has served as President and CEO since 2006, bringing over 25 years of experience in the mining industry. The executive leadership team includes Luis D. Ganoza as Chief Financial Officer, Cesar E. Velasco as COO for Latin America, and David Whittle as COO for West Africa, supported by Eric Chapman, Senior Vice President of Technical Services. The board is chaired by David Laing, a seasoned mining engineer and former COO of Equinox Gold and True Gold Mining. Other notable board members include co-founder Mario Szotlender and independent directors Kylie Dickson and David Farrell, both of whom possess extensive backgrounds in mining M&A and corporate finance. Institutional stability is reinforced by the presence of Alfredo Sillau, CEO of Faro Capital, on the board, reflecting a leadership team with deep pedigree in both operational execution and capital markets.