FORTUNA MINING CORP.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 26, 2026
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Contents
EX-99.1 · 2024 Developments
2024 Developments
The expansion of the leach pad at the Lindero Mine which began in 2024 was the Company’s largest capital expenditure project during the year, with the Company investing $38.7 million in the project in 2024. The leach pad was designed for approximately 93 million tonnes of ore when considering an average bulk density of 1.60 t/m3, and to cover approximately 106 hectares of lined surface. The leach pad was constructed over three phases. The first phase which covers approximately 49 hectares was completed, and construction on Phase 2 began with the aim of increasing the total surface to approximately 94 hectares. The mine started placing the first lift of ore on the new leach pad expansion area in the second half of October 2024. As at December 31, 2024, Phase 2 of the leach pad expansion project was approximately 89% complete, and as of March 31, 2025 the project had been completed, with only minor close-out activities and demobilization taking place.
On February 8, 2024, the Company announced its target to reduce Scope 1 and Scope 2 GHG emissions by 15% in 2030 compared to “business as usual” forecast GHG emissions if no intervention measures were taken. In alignment with the Company’s commitment to reduce GHG emissions, in 2024 the Company began the construction of three significant projects:
| · | a solar plant at the Lindero Mine. The project is expected to result in the development of a Photovoltaic plant and a battery energy storage system, which will be incorporated into the existing diesel generation plant forming a hybrid electric power generation plant. The plant will prioritize the generation of renewable electric energy. As at December 31, 2024, the construction of the solar plant was 44 percent completed. The solar plant project was completed and became operational in June 2025. |
| · | the construction of a 6 mega watt photovoltaic solar plant at the Séguéla Mine to provide power during daylight hours and reduce consumption from the grid. The plant is intended to produce up to 30 percent of the mine’s energy requirements. The plant is expected to provide operational cost savings and contribute to the reduction of GHG emissions for the mine. As at December 31, 2024, the project was in the engineering stage and was 25 percent completed. |
The Séguéla Solar PV Project (6 MW) is currently in the final stage of construction. Commissioning activities are expected to commence at the end of March 2026. Based on the current project schedule, the Commercial Operation Date is anticipated by the end of April 2026, with May 2026 expected to represent the first full month of operation.
| · | the construction of a new cyclone plant at Caylloma. The purpose of the plant is to separate fine and coarse tailings. Coarse tailings will be pumped to the top of the mine area, which will then be used to backfill underground mine workings. Fine tailings will be sent to a tailings storage facility for storage. The cyclone plant will save operational costs, improve safety during operations and reduce GHG emissions by avoiding the use of trucks to haul coarse tailings. |
The cyclone plant project was completed and became operational in May 2025.
On April 1, 2024, the Company exercised its right to acquire one-half of the 1.2% net smelter return royalty at the Séguéla Mine for $10.0 million Australian Dollars pursuant to a royalty agreement with Franco Nevada Corporation dated March 30, 2021.
The Company renewed its NCIB on May 2, 2024 for a further 12-month period. During 2024, the Company repurchased an aggregate of 7,433,015 Common Shares at a weighted average price of $4.59 per share via open market purchases through the facilities of the NYSE for a total repurchase value of approximately $34.1 million, all of which shares were returned to treasury and cancelled.
On June 10, 2024, the Company announced the completion of an offering of 3.75% convertible senior notes (the “Notes”) which raised gross proceeds of $172.5 million (the “Offering”). The initial conversion rate for the Notes is 151.7220 Common Shares per $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately $6.59 per Common Share. Refer to*“Description of Capital Structure – Notes”* herein.
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