• Fortuna Mining plans to invest about $100 million in 2026 to advance the Diamba Sud gold project in Senegal.

• The company targets a construction decision by mid-2026 and plans $69 million in pre-final investment this year.

• Diamba Sud could support average annual production of about 106,000 ounces and strengthen Senegal’s gold sector.

In an update published on Thursday, Jan. 15, Fortuna Mining said it plans to invest about $100 million in 2026 to develop its Diamba Sud project in Senegal. The company will allocate the funding across several uses, with a primary focus on early construction activities for what it expects to become the country’s next industrial gold mine.

Until 2025, Senegal’s industrial gold output relied mainly on the Sabodala-Massawa mine operated by Endeavour Mining and the Mako mine operated by Resolute Mining. Managem recently added the Boto mine to this portfolio. Fortuna could further expand the national gold landscape, as the company targets a construction decision for Diamba Sud by mid-2026. In the meantime, Fortuna plans to invest $69 million this year as “pre-final investment capital” for the project.

The company said the planned spending will cover completion of the feasibility study and the launch of initial construction works. Fortuna will also allocate about $28 million to ongoing exploration activities and operational capacity strengthening. The company said its current financial position, with estimated cash of $704 million, allows it to support these investments.

A production profile to optimize

Through the planned funding, Fortuna aims to advance an asset capable of delivering average annual production of about 106,000 ounces of gold, according to a preliminary economic assessment published in 2025. That study estimated initial development costs at $283.2 million. The company could revise these figures following completion of the definitive feasibility study, which Fortuna expects to publish in the second quarter.

Regardless of potential adjustments, Fortuna plans to position Diamba Sud as a key growth driver and aims to lift total company output to 500,000 ounces per year. Fortuna currently produces gold from the Séguéla mine in Côte d’Ivoire and the Lindero mine in Argentina, which together delivered 239,900 ounces in 2025. In Senegal, Diamba Sud should strengthen the existing portfolio of industrial mines and eventually generate new tax revenues.

Under Senegal’s mining framework, the state will receive a free 10% stake in the project, with an option to acquire up to an additional 25%. Beyond financing, development of Diamba Sud also depends on securing the required mining permits from the government. Investors will therefore track progress in the coming months, as gold prices remain elevated in 2026 after rising by about 70% last year.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum