• Fortuna Mining allocates $19M to greenfields exploration in Côte d’Ivoire, Mexico, and Argentina.
• Work near Séguéla mine targets Guiglo and Tongon North, with drilling and surveys scheduled in late 2025.
• The company trims Burkina Faso exposure after new mining rules, retaining focus on stable jurisdictions.

Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has approved a $19 million generative exploration program for 2025, the company announced in September. The initiative will target greenfields opportunities in Côte d’Ivoire, Mexico, and Argentina, complementing a separate $22 million brownfields budget focused on resource extensions at existing operations.

The program is funded from Fortuna’s cash reserves, which stood at approximately $231 million at year-end 2024. The company stated that it will not issue new equity or take on debt to finance the program. The announcement comes as gold prices exceeded $3,650 per ounce on September 10, 2025, representing a rise of more than 25% over the past 12 months.

In Côte d’Ivoire, Fortuna will focus on two projects near its Séguéla mine: the Guiglo Project, covering 1,142 square kilometers across two granted permits with a third under application, and the Tongon North Project. At Guiglo, stream sediment sampling has outlined four anomalous catchments, with soil sampling defining a gold anomaly of five kilometers by two kilometers. Follow-up auger drilling and geophysical surveys are scheduled to begin in October 2025.

At Tongon North, scout drilling and target prioritization are under way, with prospects such as Poundi and Natogo identified for further work. These targets lie along structures interpreted to extend from Barrick’s Tongon Mine. Field programs are planned for November 2025, subject to seasonal conditions. Both Guiglo and Tongon North are located within 25–40 kilometers of Séguéla’s processing facilities, which may enable ore trucking if economic deposits are defined.

Séguéla itself is forecast to produce between 134,000 and 147,000 ounces of gold in 2025, with all-in sustaining costs (AISC) estimated at $1,500 to $1,600 per ounce. Guidance for 2026 anticipates production of 160,000 to 180,000 ounces at lower AISC of $1,260 to $1,390 per ounce. In the second quarter of 2025, the mine delivered 38,186 ounces at an AISC of $1,634 per ounce.

Beyond West Africa, Fortuna’s exploration program includes the Centauro and La Carmen projects in Mexico, where maiden drilling is imminent, and the Cerro Lindo and Arizaro projects in Argentina, located near the company’s Lindero mine. These targets are prospective for epithermal and high-sulphidation gold systems.

The company has also reduced exposure to Burkina Faso and Senegal. It retains ownership of the Yaramoko mine in Burkina Faso but has divested early-stage tenements and allowed a Senegal joint venture to lapse. The moves follow regulatory changes in Burkina Faso, where the state increased its mandatory stake in new projects from 10% to 15% and completed nationalization of five mines in June 2025. Fortuna said reallocation of exploration spending reflects a focus on jurisdictions with supportive investment climates.

Idriss Linge