• Fortuna Mining plans a construction decision for Diamba Sud in Q2 2026.

• New drilling results will feed an updated resource estimate early next year.

• A feasibility study and mining permit are expected to shape a potential 2028 start-up.

Fortuna Mining reaffirmed on Monday, December 8, that it intends to decide in the second quarter of 2026 whether to build the Diamba Sud gold mine in Sénégal. For the Canadian company, the coming months will be decisive as it pursues its ambition to deliver the country’s next major gold operation.

In its statement, Fortuna reported fresh drilling success at Southern Arc, one of the Diamba Sud deposits. The work intercepted grades of up to 6.8 g/t gold over 35.5 meters from a depth of 48.6 meters, and 4.5 g/t over 5.6 meters from 146 meters. According to Paul Weedon, vice president of exploration, these results will be incorporated into an updated mineral resource estimate planned for the first quarter of 2026.

According to the preliminary economic assessment released last October, Diamba Sud could produce 840,000 ounces of gold over an 8.1-year mine life. However, the projection relies on indicated and inferred mineral resources, both considered too speculative for determining a deposit’s economic potential. Ongoing drilling therefore aims to improve the reliability of the estimate. This will help finalize a feasibility study for the project in the second quarter of 2026, when Fortuna also aims to secure the mining permit.

With government approval and clearer guidance on expected gold output and required investment, the company would be well positioned to bring the mine online in the second quarter of 2028. Fortuna has not yet indicated how it plans to finance construction, whether through current operating cash flows, debt, or a mix of both.

In any case, the company is benefiting from favorable international market conditions, with gold prices hitting multiple records this year. With the metal trading at about $4,200 per ounce, the World Bank does not foresee a price decline before 2027.

Emiliano Tossou