FORTUNA MINING CORP.

2025 Recent Developments

The San Jose Mine was placed on care and maintenance on December 24, 2024, as the Company decided to enter into a strategic process to divest of this non-core asset. On January 15, 2025, the Company announced that it had entered into a binding agreement with Minas del Balsas S.A. de C.V. (“MdB”), a private Mexican company, for the sale of the San Jose Mine. On March 6, 2025, the Company terminated the sale agreement with MdB and is now continuing with the sale process to divest the asset.

In December 2021, Fortuna’s Mexican subsidiary, Companía Minera Cuzcatlan (“Minera Cuzcatlan”) received a 12-year extension to the term of the environmental impact authorization (“EIA”) for the San Jose Mine. Since that time, Minera Cuzcatlan has been involved in various legal proceedings brought by Secretaria de Medio Ambiente y Recursos Naturales (“SEMARNAT”) which have challenged the extension of the EIA. On February 21, 2025, the SEMARNAT appeals were dismissed by the Mexican Collegiate Court and the extension of the EIA has been confirmed.

In March 2025, the Company announced results of recent exploration drilling at the Séguéla Mine property in Côte d’Ivoire (refer to Fortuna news release dated March 13, 2025). At the Kingfisher deposit, drilling has moved to infilling and improving the resource confidence along the 1-kilometer strike length of the current resource pit, with several notable intersections including 7.2 g/t Au over an estimated true width of 31.5 meters in drill hole SGRC2278.

An additional 100 drill holes, totaling 10,978 meters of a planned 28,000-meter drilling program, have been completed at Kingfisher as part of the resource confidence infill program. Drilling remains ongoing across the current pit-constrained Inferred Resource and will also extend to test the immediate margins, both at depth and along strike, where late 2024 drilling identified several promising intervals intersected after the initial resource estimate was