Canadian miner Fortuna says reserves at its Séguéla mine rose to 1.54 million ounces, supporting a study to lift annual production above 200,000 ounces.

The Séguéla gold mine in Côte d’Ivoire now holds 1.54 million ounces of mineable reserves, up 31% from an estimate published in November 2025.

Canadian operator Fortuna Mining said in an update released on Tuesday, Jan. 20 that the new reserve estimate extends the mine’s operating life to more than nine years, compared with 7.5 years previously.

Fortuna attributed the increase to recent exploration success at the site. The updated mine plan now includes mineral reserves from the underground portion of the Sunbird deposit, where material previously identified was linked to the open-pit operation. The estimate also includes the Kingfisher, Ancien, Antenna, Koula, and Badior deposits.

“Séguéla’s mine life now exceeds 9 years at current production rates, with strong potential for further growth,” Fortuna President Jorge Ganoza said.

“Building on this exploration upside and our track record of resource and reserve growth, we have initiated a processing plant expansion study that has the potential to increase annual gold production to more than 200,000 ounces,” he added.

Expansion potential remains

The updated operating plan for Séguéla, based on a mine life of more than nine years, supports Fortuna’s broader growth strategy. The company is studying an expansion of the processing plant.

The project could increase processing capacity to 2.5 million tonnes of ore per year, up from 1.75 million tonnes per year currently, and raise annual gold output at Séguéla to more than 200,000 ounces.

That target would be well above the 152,426 ounces Fortuna reported at the mine in 2025. However, the mine-life estimate could still be revised, as Fortuna noted that the current figure is based on the site’s existing operating capacity. It is not yet clear how the mine plan would change once the planned plant expansion is incorporated.

The technical study assessing the expansion is expected to be completed in the second quarter of 2026. Its release should provide more clarity on potential changes to Séguéla’s production outlook. Further exploration success could also improve the mine plan and extend mine life.

If the expansion moves forward, Fortuna would strengthen long-term production from one of its key assets, while continuing to pursue growth in Senegal through the Diamba Sud project. The update also comes as Côte d’Ivoire targets higher national gold output in coming years, supported by strong gold prices. The Ivorian state holds a 10% stake in Séguéla, while Fortuna owns 90%.

Aurel Sèdjro Houenou