Production and cost guidance

2026E GEO Consolidated Production and Cost Guidance

Mine	Production (000)	Cash Cost^1,2,3,5	AISC^1,2,3,5
Silver	Ag Eq	($/oz Ag Eq)	($/oz Ag Eq)
Caylloma, Peru³	2,400 – 2,700	17.3 – 19.1	31.3 – 35.6
Gold	Au	($/oz Au)	($/oz Au)
Lindero, Argentina⁴	92 – 102	975 – 1,140	1,520 – 1,655
Séguéla, Côte d’Ivoire	160 – 170	735 – 815	1,630 – 1,730
GEO Consolidated Total	281 – 305³	$895 – 1,000⁶	$1,830 – 1,975⁶

Notes

Cash Cost and all-in sustaining cost (AISC) are non-IFRS financial measures and are not standardized financial measures under the financial reporting framework used to prepare the Company’s financial statements. As a result, these measures may not be comparable to similar financial measures disclosed by other issuers. Refer to the section titled “Non-IFRS Financial Measures” below.
Cash cost includes production cash cost and, for the Lindero Mine, is reported net of copper by-product credits. AISC includes sustaining capital expenditures, worker’s participation (as applicable), commercial and government royalties, mining taxes, export duties (as applicable), subsidiary general and administrative costs, and Brownfields exploration expenditures. AISC is estimated using metal prices of $ 3,750/oz Au, $45.00/oz Ag, $1,940/t Pb, and $2,750/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12. The guidance assumes an exchange rate of $0.83/EUR.
Gold and silver equivalent is calculated using metal prices of $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb and $2,750/t Zn.
Cost guidance for the Lindero Mine does not consider potential changes by the Argentine government to national macroeconomic policies, the taxation system, or import and export duties which, if implemented, may have a material impact on costs. The guidance assumes an annual inflation rate for Argentina of 22% and an annual devaluation of 13%.

Historical non-IFRS measure cost comparatives: The following table provides historical cash costs and historical AISC for the Caylloma, Lindero and Séguéla mines for the year ended December 31, 2024, as set below:

Mine	Cash Cost ^a,b,c	AISC ^a,b,c
Silver	($/oz Ag Eq)	($/oz Ag Eq)
Caylloma, Peru	14.12	21.72
Gold	($/oz Au)	($/oz Au)
Lindero, Argentina	1,051	1,793
Séguéla, Côte d’Ivoire	584	1,153

Cash cost and AISC are non-IFRS financial measures; refer to section titled “Non-IFRS Financial Measures” below.
Silver equivalent was calculated using metal prices of $2,233/oz Au, $27.88/oz Ag, $2,072/t Pb and $2,786/t Zn for the year ended December 31, 2024.
Further details on cash cost and AISC for the year ended December 31, 2024 are disclosed on pages 32 and 36 (with respect to cash cost) and pages 34 and 38 (with respect to AISC) of the Company’s management discussion and analysis (“MD&A”) for the year ended December 31, 2024 dated as of March 5, 2025 (“2024 MD&A”) which is available under Fortuna’s SEDAR+ profile at www.sedarplus.ca and is incorporated by reference into this news release, and the note under “Non-IFRS Financial Measures” below.

Refer to the section titled “2026 cash cost and consolidated AISC guidance” below.

2026 cash cost and consolidated AISC guidance

Cash cost guidance ($/GEO)	2026 Guidance
Lindero	975	–	1,140
Caylloma	1,440	–	1,590
Séguéla	735	–	815
Consolidated cash cost	895	–	1,000

AISC Guidance ($/GEO)	2026 Guidance
Lindero	1,520	–	1,655
Caylloma	2,610	–	2,965
Séguéla	1,630	–	1,730
Corporate G&A		138
Consolidated AISC	1,830	–	1,975

Note

Cash cost includes production cash cost and for Lindero, is net of copper by-product credit. AISC includes sustaining capital expenditures, worker’s participation (as applicable) commercial and government royalties mining tax, export duties (as applicable), subsidiary G&A and Brownfields exploration and is estimated at metal prices of $3,750/oz Au, $45.00/oz Ag, $1,940/t Pb, and $2,750/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.