Séguéla Mine, Côte d’Ivoire

First gold pour achieved in May 2023

Overview

The Séguéla Mine in Côte d’Ivoire consists of the Antenna, Koula, Ancien, Agouti, Boulder, Sunbird, Badior, and Kingfisher deposits, which will be mined via open-pit methods. Within a total land package of 62,000 hectares, there are more than 30 highly prospective targets. It is located near existing infrastructure, including grid power, transport, and water resources. (Latitude: 8° 8.905′ N, Longitude: 6° 47.312′ W)

In September 2021, Fortuna made the decision to proceed with the construction of an open pit gold mine, with a 3,750 tpd processing plant. In May 2023, Séguéla poured its first gold on-time and on-budget. In 2025, Séguéla produced 152,426 ounces of gold.

Based on reserves reported as of December 31, 2025 the operation has a mine life of nine years.

The villages of Bangana, Tiéma, and Kouégo located several kilometers from the mine site are the closest settlements. Trust and strong relationships established with the local communities are pivotal to the success of the project development and its upcoming operation.

We have been building this trust and cultivating these relationships for over seven years. In 2025, we employed 1,844 direct employees and contractors.

The Inauguration of the Séguéla Mine – 2023

Commodities

Gold

Ownership

90%

(State of Cote d’Ivoire holds 10% interest)

Operation

1,718,973

tonnes milled in 2025

Exploration permit area

35,000

hectares

Deposit type

Orogenic gold

Mining method

Conventional open pit mining

Operating highlights	2025¹	2026E¹
Gold production (oz)	152,426	160,000 – 170,000
AISC² ($/oz Au)	–	1,630 – 1,730

Notes

Refer to Fortuna news release dated January 15, 2026, “Fortuna Achieves 2025 Production Guidance, Delivering 317,001 GEO, and Issues 2026 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

The Séguéla Mine is located in the Worodougou Region of the Woroba District, Côte d’Ivoire, approximately 500 km from Abidjan, via major highways to the regional city of Séguéla. From Séguéla, the property is accessed via 40 km of unsealed roads. The Séguéla Mine is operated under the Permis d’exploration minière No.56 and the adjacent Permis de recherche minière No.638 which combined cover an area of 62,000 hectares.

Learn more Learn more about our relationship with the Séguéla community

Geology and mineralization

The Séguéla Mine is an orogenic lode-style gold system,situated within the Paleoproterozoic (“Birimian”) Baoule-Mossi Domain of the West African Craton. Two cycles of volcanism/sedimentation are recognised within the Birimian rocks of the Baoule-Mossi Domain; each followed by a period of orogenesis, and together described as the Eburnian Orogeny which is dated c. 2.19–2.08 Ga.

Mineral reserves

16.0 million tonnes

averaging 3.01 g/t Au containing 1.5 Moz Au

Refer to Mineral Reserves and Resources table below for full disclosure

The Antenna deposit is hosted within a brittle-ductile quartz-albite vein stockwork that is predominantly contained in flow banded rhyolite units.
The Koula deposit is located approximately one kilometer to the east of Antenna and was discovered through field reconnaissance and coincident recent artisanal workings in an area previously considered to be a lower exploration priority.
The Ancien deposit is associated with an interpreted D2 sinistral shear zone. Significant mineralization is restricted to the more reactive and competent tholeiitic basalt unit and is best developed in zones of strong brittle-ductile brecciation and shearing, with selective sericite+/-silica alteration and intense quartz and quartz-carbonate veining.
The Boulder and Agouti prospects are both located within a distinct northerly-trending litho-structural corridor that extends from Boulder in the south to Gabbro in the north. Gold mineralization at the Boulder and Agouti prospects is associated with strongly foliated or mylonitized, quartz/quartz-carbonate veined basalt and the margins of the felsic intrusives.
The Sunbird deposit is hosted in the same mafic lithological package as Ancien and Koula, with the setting analogous to Koula. Hosted within a strongly foliated and sheared tholeiitic basalt unit, mineralization is best developed in discrete zones of strong shearing with associated biotite-sericite alteration and quartz-carbonate veining. Visible gold to 5mm is common within quartz veins, similar to what is also seen at Ancien and Koula. Mineralization remains open at depth.
The Kingfisher deposit is hosted in the same broad mafic lithological package as Boulder and Agouti. Gold mineralization is associated with strongly foliated or mylonitized, quartz/quartz-carbonate veined basalt and the margins of the felsic intrusives.

Brownfields exploration

The Brownfields exploration program budget for 2026 at Séguéla is $12.2 million, which includes approximately 69,000 meters of exploration drilling, supporting resource upgrade drilling primarily at the Sunbird Underground project, infill and expansion drilling at the Kingfisher deposit, and continued target generation.

Technical reports

Download the latest Séguéla Technical Report, effective date December 31, 2025 (4 MB)

Mineral reserves and resources

				Contained Metal
Location	Classification	Tonnes (000)	Au (g/t)	Au (koz)
Mineral Reserves – Proven and Probable
Stockpiles	Proven	626	1.39	28
Open Pit (OP)
Antenna	Probable	2,398	2.17	167
Koula	Probable	757	5.35	130
Ancien	Probable	1,117	4.24	152
Agouti	Probable	754	2.61	63
Boulder	Probable	532	1.88	32
Sunbird	Probable	2,409	3.31	256
Badior	Probable	404	4.25	55
Kingfisher	Probable	3,497	2.28	257
OP Combined	Proven + Probable	12,494	2.84	1,142
Underground (UG)
Sunbird	Probable	3,467	3.60	401
UG Combined	Proven + Probable	3,467	3.60	401
Total	Proven + Probable	15,961	3.01	1,543
Mineral Resources – Measured and Indicated
Open Pit (OP)
Antenna	Indicated	1,461	1.58	74
Koula	Indicated	149	5.33	26
Ancien	Indicated	112	4.19	15
Agouti	Indicated	59	2.26	4
Boulder	Indicated	329	1.47	16
Sunbird	Indicated	255	3.12	26
Badior	Indicated	61	3.48	7
Kingfisher	Indicated	752	1.66	40
OP Combined	Indicated	3,177	2.03	207
Underground (UG)
Koula	Indicated	23	3.83	3
Ancien	Indicated	472	5.43	82
Sunbird	Indicated	1,483	3.55	169
UG Combined	Indicated	1,978	4.00	254
Total	Indicated	5,155	2.78	461
Mineral Resources – Inferred
Open Pit
Antenna	Inferred	1,493	1.91	92
Koula	Inferred	155	3.61	18
Ancien	Inferred	25	4.87	4
Agouti	Inferred	160	1.64	8
Sunbird	Inferred	88	1.46	4
Badior	Inferred	46	5.08	8
Kestrel	Inferred	60	1.73	3
Kingfisher	Inferred	4,554	1.82	267
OP Combined	Inferred	6,582	1.91	403
Underground (UG)
Koula	Inferred	316	4.70	48
Ancien	Inferred	22	3.86	3
Sunbird	Inferred	2,115	3.94	268
Kingfisher	Inferred	135	2.98	13
UG Combined	Inferred	2,589	3.98	332
Total	Inferred	9,171	2.50	736

Notes:

Mineral Reserves and Mineral Resources are defined in accordance with 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 foreign exchange assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution, and mining recovery; and assumptions regarding continued ability to access the site, retention of mineral and surface rights titles, maintenance of environmental and other regulatory permits, obtaining Ministerial approval to include underground mining as a mining method; and obtaining approval to update its Environmental and Social Impact Assessment permit to include underground mining; and the social license to operate.
Mineral Resources and Mineral Reserves are reported as of December 31, 2025.
Mineral Reserves are reported on a 100% ownership basis and estimated using incremental gold grade cut-offs for open pit mining of 0.73 g/t Au for Antenna and Koula, 0.74 g/t Au for Sunbird, 0.75 g/t Au for Boulder and Kingfisher, 0.76 g/t Au for Agouti, and 0.83 g/t Au for the Ancien and Badior deposits, and for underground mining of 2.14 g/t for Sunbird. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93.5%, except for Badior at 91.5%, surface mining costs ranging from $3.09/t to $5.74/t based on the pit location relative to the run-of-mine pad, underground mining cost of $84.56/t, processing costs of $21.28/t, general and administrative (G&A) costs of $16.21/t. Only Proven and Probable Mineral Reserves within the final pit designs are reported. Antenna, Ancien, Koula, Badior and Kingfisher pits were designed with inter-ramp angles of 30.6° to 40.7° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. Sunbird pit was designed with inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. For underground mining, a dilution factor of 0.5-meter skin has been applied on both the hanging wall and footwall for longhole stoping. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery through regularization of block models to an appropriate Selective Mining Unit (SMU) block size. Mineral Resources for the Séguéla Mine are reported at gold grade cut-offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher; 0.68 g/t Au for Agouti; and 0.73 g/t Au for Ancien and Badior. These estimates are based on an assumed gold price of $2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within optimized stope shapes based on a longhole stoping mining method at cut-off grades of 1.89 g/t Au for Sunbird, 2.32 g/t Au for Koula and Kingfisher, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d’Ivoire.
Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; and Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves, both being employees of Fortuna Mining Corp.
Totals may not add due to rounding.