Lindero Mine, Argentina

First gold pour in October 2020

Overview

Our Lindero Mine is in Salta, Argentina. The open-pit mine is operated by Mansfield Minera S.A., an Argentinian subsidiary 100% owned by Fortuna.

Fortuna acquired the fully permitted, shovel-ready development-stage project in July 2016. Over the following year, we optimized the Feasibility Study and made a positive construction decision in September 2017. Mass earth moving activities began in 2018, and the mine’s first gold pour occurred on October 20, 2020. In 2024, the mine produced 97,287 ounces of gold.

The deposit is a gold porphyry, and, based on December 31, 2024 reserves, Lindero has a pit life of 9 years.

Crushing circuit at Lindero is designed to crush 18,750 tonnes of ore per day. The crushed ore is placed on a leach pad with the resulting pregnant solution pumped to SART (Sulphidisation, Acidification, Recycling and Thickening) and ADR (Adsorption – Desorption – Regeneration) plants before electrowinning and refining, where gold is poured as doré bars.

We recognize the role the Lindero Mine plays in the sustainable development in the Tolar Grande region. In 2024, we employed 1,296 direct employees and contractors.

Lindero Mine Video

Commodities

Gold

Ownership

100%

Operation

6,367,505

tonnes placed on the leach pad in 2024

Claim block area

3,500

hectares

Deposit type

Gold porphyry system

Mining method

Conventional open pit mining

OPERATING HIGHLIGHTS

Operating highlights	2024¹	2025E²
Ore placed on pad (Mt)	6.4	7.2
Gold production (koz)	97.3	93 – 105
AISC³ (US$/oz Au)	1,793	1,600 – 1,770

Notes

Refer to Fortuna news release dated March 5, 2024, “Fortuna Reports Results for the Fourth Quarter and Full Year 2024”
Refer to Fortuna news release dated January 21, 2025, “Fortuna reports record production of 455,958 Au Eq ounces for 2024 and provides 2025 outlook“
Cash Cost and all-in sustaining cost (AISC) are non-IFRS financial measures which are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures disclosed by other issuers. Refer to the note under “Non-IFRS Financial Measures” on this website.

Location

Our Lindero Mine is in the cold and dry Argentine Puna (plateau) at an altitude of approximately 3,500 to 4,000 meters above sea level (Latitude: 25° 04′ 56″ S, Longitude: 67° 46′ 47″ W). Mining occurs year-round. The mine is connected by road and railway to primary population centers. The regional capital, Salta, is 260 kilometres to the west and the closest town is Tolar Grande, approximately 75 kilometres from the mine.

Access to the mine is via National Route 51, which passes through the towns of San Antonio de Los Cobres and Olacapato, and by Provincial Route 27, which passes through the towns of Pocitos and Tolar Grande. Most of the Tolar Grande community are members of the traditional Kolla nation.

Learn more Learn more about our relationship with the Lindero community

Geology and mineralization

The Lindero deposit is a gold porphyry system hosted within a series of diorite to monzonite porphyritic stocks that intrude coarse-grained Ordovician granites and Early Tertiary red bed sandstones. Mineralization forms an inward plunging semi-circular shape approximately 600 meters in diameter and extends to a drill-tested depth of 600 meters. Gold-copper mineralization shows a strong relationship to lithology, potassium-feldspar alteration, and stockwork veining.

Mineral reserves

69.2 million tonnes

averaging 0.54 g/t Au containing 1.2 Moz Au

Refer to Mineral Reserves and Resources table below for full disclosure

Brownfields exploration

The Brownfields exploration budget for Lindero in 2025 is $3.4 million, which includes 5,000 meters of exploration drilling at Arizaro, following up on recent reinterpretations driven by additional geochemical sampling, and alteration mapping completed in 2024.

Technical reports

Download the latest Lindero Mine and Arizaro Project Technical Report, effective date: December 31, 2022 (15 MB)

Mineral reserves and resources

					Contained Metal
Property	Classification	Tonnes (000)	Au (g/t)	Cu (%)	Au (koz)
Mineral Reserves – Proven and Probable
Lindero, Argentina
	Proven	23,276	0.56	0.07	420
	Probable	45,897	0.53	0.11	786
	Proven + Probable	69,174	0.54	0.09	1,206
Mineral Resources – Measured and Indicated
Lindero, Argentina
	Measured	1,735	0.52	0.11	29
	Indicated	28,989	0.42	0.10	392
	Measured + Indicated	30,724	0.43	0.10	421
Mineral Resources – Inferred
Lindero, Argentina	Inferred	30,364	0.46	0.11	449
Arizaro, Argentina	Inferred	32,400	0.37	N/A	389

Notes:

Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
Mineral Resources are exclusive of Mineral Reserves
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
Mineral Resources and Reserves for the Lindero Mine are reported as of December 31, 2024
Mineral Reserves for the Lindero Mine are reported based on open pit mining within a designed pit shell based on variable gold cut-off grades and gold recoveries by metallurgical type: Met type 1 cut-off 0.26 g/t Au, recovery 75.4%; Met type 2 cut-off 0.25 g/t Au, recovery 78.2%; Met type 3 cut-off 0.25 g/t Au, recovery 78.5%; and Met type 4 cut-off 0.29 g/t Au, recovery 68.5%. Mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 10m x 10m x 8m size. The cut-off grades and pit designs are considered appropriate for long term gold prices of US$1,880/oz, estimated base mining costs of US$1.39 per tonne of material, total processing and G&A costs of US$10.28 per tonne of ore, and refinery costs net of pay factor of US$13.44 per ounce gold. Reported Proven Reserves include 9.9 Mt averaging 0.41 g/t Au of stockpiled material. Mineral Resources are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade based on the same parameters used for Mineral Reserves and a 15% upside in metal prices. Mineral Resources for Arizaro are reported within a conceptual pit shell above a 0.23 g/t Au cut-off grade using the same gold price and costs as Lindero and an additional US$0.52 per tonne of ore to account for haulage costs between the deposit and plant. A slope angle of 47° was used for defining the pit.
Eric Chapman is the Qualified Person responsible for Mineral Resources and Raul Espinoza is the Qualified Person responsible for Mineral Reserves both being an employee of Fortuna Mining Corp.
Totals may not add due to rounding procedures
N/A = Not Applicable