FORTUNA MINING CORP.

2024 Recent Developments

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. See “ Sustainability Governance – Climate Change” below for further details.

On March 11, 2024, the Company announced the results of its exploration programs at the Séguéla Mine. Following on the Barana, Badior and Kestrel discoveries made during 2022 and 2023, the Company has completed a 2,040-meter, 20-hole program at the newly discovered Kingfisher prospect identifying three lodes along a 1.9-kilometer strike, all of which remain open along strike and at depth. Results include drill hole SGRC1762 intersecting 2.9 g/t Au over an estimated true width of 19.6 meters from 106 meters downhole, and drill hole SGRC1763 intersecting 2.9 g/t Au over an estimated true width of 16.1 meters from 136 meters downhole.

The Kingfisher prospect is hosted in a set of quartz veins along a moderately sheared contact between a series of basalt-dolerite units which also hosts the Boulder and Agouti deposits, one and three kilometers, respectively, to the north, with a steep easterly dip consistent with the majority of other deposits at Séguéla. Additional drilling at Kingfisher is scheduled in the second quarter of 2024 to further test its strike and depth potential.

The Company completed a 3,106-meter, 12-hole program at the Koula deposit in December 2023. As part of the support for potential underground mining, the program was designed to infill and further improve the understanding of the structural controls on the central and hanging wall high-grade lodes. Results such as 22.5 g/t Au over an estimated true width of 9.8 meters from 208 meters downhole, including 68.0 g/t Au over an estimated true width of 2.1 meters from 215 meters downhole in drillhole SGRD1783, highlight the potential of Koula. Drilling continues to expand Koula’s underground potential and the further delineation of the hanging wall lodes. Please refer to the Company’s news release dated March 11, 2024 for full details of the Séguéla drill holes and assay results.

Subsequent to December 31, 2023 and up to March 22, 2024, in accordance with the Company’s NCIB the Company repurchased an aggregate of 790,589 Common Shares at a weighted average price of $3.40 per share via open market purchases through the facilities of the NYSE for a total repurchase value of approximately $2.69 million, all of which shares were or will be returned to treasury and cancelled.