FORTUNA MINING CORP.

Other Developments

On January 10, 2025, the Government of Côte d’Ivoire revised a portion of the Côte d’Ivoire Mining Code and increased the gold price sliding scale royalty payable to the State by two percent. The royalty now ranges between 5 percent and 8 percent, depending on the price of gold, and is calculated on the gross revenue from gold produced after deduction of transportation and refining costs.

The Company renewed its NCIB on May 2, 2025 for a further 12-month period. During 2025, the Company repurchased an aggregate of 2,116,207 Common Shares at an average price of $7.67 per share via open market purchases through the facilities of the NYSE, for a total repurchase value of approximately $16.2 million. As at December 31, 2025, the Company held 199,307 repurchased Common Shares pending cancellation. These Common Shares were returned to treasury and cancelled in January 2026.

On August 29, 2025, the Company filed a short form base shelf prospectus (the “Base Shelf”) and registration statement on Form F-10 to qualify the distribution of various securities, including common shares in Canada and the United States. The distribution of such securities of the Company may be effected from time to time in one or more transactions at a fixed price or prices, which may vary with market prices prevailing at the time of sale, or at prices related to such prevailing market prices to be negotiated with purchasers and as set forth in an accompanying prospectus supplement, including transactions that are deemed to be at-the-market distributions. In accordance with Section 9B.6(1)(a) of National Instrument 44-102 - Shelf Distributions (“NI 44-102”), the Company confirms that it remains eligible to file a well-known seasoned issuer base shelf prospectus under Canadian securities legislation as the Company is (i) a “well-known seasoned issuer”, (ii) an “eligible issuer”, and (iii) not an investment fund, as those terms are defined in NI 44-102.