Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has announced a significant update to Mineral Reserves and Resources at its Séguéla Mine in Côte d’Ivoire, marking the largest resource inventory in the project’s history.
The latest estimates include:
- Proven and Probable Reserves: 1.2Moz gold (+11% vs. Dec 2024)
- Indicated Resources (exclusive of reserves): 794koz gold (+100%)
- Inferred Resources: 712koz gold (+15%)
This growth offsets production depletion and underscores the success of ongoing exploration programs.
Jorge A. Ganoza, President and CEO of Fortuna Mining Corp. commented, “Continued exploration success over the last two years has created a clear pathway to not only extend the life of mine at Séguéla, but also to evaluate a further plant expansion and a potential increase in annual gold production.” Mr. Ganoza continued, “Séguéla now boasts a 7.5-year life of mine and its largest Mineral Resource inventory on record. In response, we have launched aggressive infill drilling programs, advanced underground mining studies, and initiated plant expansion evaluations to fully capture the opportunities created by our exploration success.” Mr. Ganoza concluded, “With robust exploration programs underway and continuing into 2026, we are confident in our ability to unlock further value from our commanding land position at Séguéla.”
Key Highlights:
- Kingfisher and Sunbird deposits host the largest reserves and remain open for further mineralization.
- Underground study at Sunbird could convert up to 502koz Indicated Resources into reserves by year-end 2025.
- Technical work underway to assess a 25% plant capacity increase to 2.0–2.5Mtpa, with results expected in Q2 2026.
Reserves Detail, as of October 31, 2025:
- 13.0Mt @ 2.81 g/t Au for 1.2Moz gold
- Reserve tonnes up 33%, grade down 17% due to inclusion of Kingfisher (lower grade, favourable strip ratio)
- Mining depletion: 129koz gold (Jan–Oct 2025)
Five rigs are active across Séguéla, targeting resource upgrades at Sunbird Underground and testing new prospects. Initial work at Gabbro North did not identify sufficient tonnes for an economic open pit.
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