Fortuna Mining revealed updated mineral reserves and resources for the Séguéla Mine in Côte d’Ivoire. The company reported 1.2 million ounces of gold in mineral reserves, 794,000 ounces of gold in indicated resources, and 712,000 ounces of gold in inferred resources.
“Continued exploration success over the last two years has created a clear pathway to not only extend the life of mine at Séguéla, but also to evaluate a further plant expansion and a potential increase in annual gold production,” Jorge A. Ganoza, president and CEO, commented.
He added, “Séguéla now boasts a 7.5-year life of mine and its largest mineral resource inventory on record. In response, we have launched aggressive infill drilling programs, advanced underground mining studies, and initiated plant expansion evaluations to fully capture the opportunities created by our exploration success.”
Ganoza concluded, “With robust exploration programs underway and continuing into 2026, we are confident in our ability to unlock further value from our commanding land position at Séguéla.”
The company’s mineral reserves grew and offset production-related depletion. They estimated 1.2 million ounces of gold, an 11% increase compared to the previous year. Measured and indicated mineral resources, excluding mineral reserves, contained 794,000 ounces of gold, doubling from the previous year. Inferred mineral resources contained 712,000 ounces of gold, a 15% increase from the previous year.
Kingfisher and Sunbird hosted the largest mineral reserves and resources, with mineralization remaining open at both deposits. The company expected to complete an underground mining study by December 2025, potentially converting up to 502,000 gold ounces of Sunbird indicated resources into mineral reserves. They also initiated technical studies to evaluate a plant expansion of about 25% capacity, with completion expected in the second quarter of 2026.
As of October 31, 2025, Séguéla Mine had proven and probable mineral reserves of 13.0 million tonnes containing 1.2 million ounces of gold. Mineral reserve tonnes increased by 33%, while gold grade decreased by 17% to 2.81 g/t Au, resulting in an 11% net increase in contained gold ounces. The global reserve gold grade reduction resulted from incorporating the Kingfisher deposit mineral reserves and depleting higher grade material from Koula and Ancien deposits.
The company estimated mineral reserves for the Kingfisher deposit for the first time, totaling 3.5 million tonnes at an average grade of 2.28 g/t gold containing 257,000 ounces of gold. They also updated the geologic interpretation of the Koula deposit and adjusted operational costs and gold price assumptions.
Measured and indicated mineral resource gold ounces, excluding mineral reserves, doubled. The Sunbird underground project grew to 3.6 million tonnes averaging 4.34 g/t gold containing 502,000 gold ounces. The company updated gold metal prices and pit optimizations, incorporating an additional 110,000 ounces of gold across all deposits.
Inferred resources tonnage increased by 30% to 8.8 million tonnes, while gold grade decreased by 11% to 2.52 g/t, resulting in a 15% net increase in contained gold. The Kingfisher deposit drove this change, with new inferred resources totaling 267,000 ounces of gold. The Sunbird underground project also contributed, adding 53,000 ounces of gold to its inferred resources.
Fortuna Mining continued exploration and infill drilling across the Séguéla property with five active drill rigs. They focused on upgrading inferred to indicated resources at the Sunbird underground project and evaluating mineralization potential at existing deposits and across the wider land package.
The company advanced studies for process plant expansion. Séguéla’s processing plant, commissioned in mid-2023, initially had a design throughput capacity of 156 t/hr. After implementing low-capital optimization initiatives, they expected to treat 1.75 million tonnes per year beginning in 2026. Recent developments, including expanded mineral resources, strong conversion of inferred to indicated resources, and positive drilling results, supported the potential to extend mine life.
Fortuna Mining initiated engineering studies to evaluate options for further expansion of processing plant capacity. They continued engineering work on the Sunbird underground project, aiming to convert mineral resources to mineral reserves by December 2025. The project team completed major technical studies and developed the pre-feasibility report.
The company planned several upcoming activities for the Sunbird underground project. These included updating the project’s mineral resources by year end, ordering long-lead equipment for underground mining, planning and executing early works activities, and advancing government permitting.
For more information, please visit www.FortunaMining.com.
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