• Fortuna boosts Séguéla gold reserves 68% year-on-year
• Company to invest $12.2 million in 2025 exploration
• Output could exceed 200,000 ounces, extending mine life

Canadian mining company Fortuna Mining said Thursday that mineral reserves at its Séguéla gold mine in Côte d'Ivoire rose 68% year-on-year to end-December 2024. The company said it intends to sustain that momentum and confirmed plans to invest $12.2 million in exploration work at the site this fiscal year.

The company said the investment will fund approximately 69,000 meters of exploration drilling. The program includes resource conversion drilling, primarily in the underground section of the mine, as well as infill and expansion drilling at the Kingfisher deposit. The company did not disclose financing details. The budget allocated to Séguéla nonetheless exceeds allocations for other group assets, including the Diamba Sud project in Senegal, which is set to receive $8.8 million.

By stepping up exploration, Fortuna aims to meet its growth targets for Séguéla. Based on the reserve increase and plant optimization at the mine, annual production levels above 200,000 ounces of gold are expected in the medium term, compared with a maximum target of 170,000 ounces for 2026. Results so far have improved the project's outlook, extending its mine life to nine years from the 7.5 years projected at its 2023 commissioning, while helping offset depletion from production.

Meeting that target would help Fortuna cement Séguéla as a flagship asset in its portfolio, against a backdrop of rising gold prices in recent years. The outlook also supports Côte d'Ivoire's gold production growth ambitions, helping sustain long-term revenue for the national budget, employees and local communities. The state holds a 10% stake in the mine, with the company holding the remaining 90%.

Aurel Sèdjro Houenou