• Indicated gold resources at Diamba Sud rise 73% to 1.25 million ounces.

• Fortuna aims to complete a bankable feasibility study by mid-2026.

• The project could become Senegal’s fourth industrial gold mine by 2028.

Indicated gold resources at the Diamba Sud project in Senegal have reached 1.25 million ounces, up 73% from the previous estimate. Canadian mining company Fortuna Mining announced the update on February 19, as it moves the project closer to a construction decision.

A Step Closer to Final Investment Decision

Fortuna said the updated estimate reflects drilling carried out between July 2025 and January 2026. The increase mainly concerns ounces classified as “indicated” resources, a category considered more reliable than “inferred” resources. Inferred resources now stand at 77,000 ounces, bringing total resources across seven deposits, including Southern Arc and Moungoundi, to higher levels.

The company plans to accelerate technical studies to convert these resources into mineable reserves. The updated data will feed into a bankable feasibility study scheduled for completion by the end of the second quarter of 2026.

That study will update the economic parameters of Diamba Sud and underpin a final investment decision on construction. At this stage, the project is expected to produce an average of 106,000 ounces of gold per year, with initial capital spending estimated at $283.2 million.

“This updated Mineral Resource estimate represents a significant advancement for the Diamba Sud Gold Project, highlighted by a 73% increase in indicated gold ounces,” said Jorge Ganoza, chief executive of Fortuna Mining, stressing that it “provides a strong foundation for the feasibility study we plan to publish by mid‑year 2026 and materially advances the project toward a final investment decision.”

A Potential Fourth Gold Mine for Senegal

By advancing Diamba Sud in 2026, Fortuna is pursuing its broader growth strategy. The company currently operates two gold mines, Séguéla in Côte d’Ivoire and Lindero in Argentina. With the Senegal project, it aims to add a third producing mine and raise total annual output to 500,000 ounces, up from 239,900 ounces in 2025.

Diamba Sud also carries strategic weight for Senegal, which has been expanding its industrial gold mining sector. Until recently, only Sabodala-Massawa, operated by Endeavour Mining, and Mako, operated by Resolute Mining, were in production. Last year, Morocco’s Managem brought the Boto mine into operation, widening the country’s gold portfolio.

Scheduled to begin production in 2028, Diamba Sud could add further revenue for the Senegalese state, which is set to hold a 10% stake in the project.

Several steps remain before first production. Beyond the feasibility study and investment decision, Fortuna must secure financing in line with the final capital cost and complete regulatory procedures, including obtaining a mining permit. In January, the company said it plans to allocate $100 million in 2026 to advance development and exploration work at the project.

Aurel Sèdjro Houenou