Fortuna Reports Results for the Second Quarter 2026

Fortuna Mining Corp. Vancouver, Canada (All amounts are expressed in US dollars, tabular amounts in millions, unless otherwise stated) Fortuna Delivers Strong Q2 Results; Positioned To Deliver Our Next Phase of Growth VANCOUVER, British Columbia, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) (“Fortuna” or the “Company”) today reported its financial and operating results for the second quarter of 2026. (Results from the Company’s San Jose and Yaramoko assets have been excluded from the 2025 comparative figures as they were disposed of during the second quarter of 2025.) Jorge Ganoza, President and CEO of Fortuna, commented, “Fortuna delivered another strong quarter of production, generating $85.7 million of free cash flow from ongoing operations and $200.8 million in adjusted EBITDA, with a robust EBITDA margin of 63%. The second quarter is expected to be our peak AISC for the year and trend down in the second half with the completion of key capital projects at Lindero. At the same time, we are monitoring cost pressures from external factors, including royalties linked to gold prices, fuel costs, inflation, and macroeconomic conditions in Argentina, and the potential impact to our cost guidance for the year.” Mr. Ganoza continued, “We also achieved key milestones for our organic growth projects with the delivery of the Diamba Sud Feasibility Study and a construction decision for the Séguéla Plant Expansion. Combined, these two projects will grow our production by 60% to over 500,000 ounces per year.” Mr. Ganoza concluded, “The quarter also demonstrated the strength of our portfolio as we funded our growth projects, maintained a strong balance sheet, and still generated sufficient excess cash to return $82.1 million to shareholders through share buy-backs.” Second Quarter Highlights Cash and Cash Flow Free cash flow 1 from ongoing operations of $85.7 million; a QoQ decrease of $88.3 million, mostly due to timing of tax payments $123.7 million of net cash from operating activities before changes in working capital or $0.41 per share; a QoQ decrease of $89.6 million, mostly due to timing of tax payments Liquidity of $756.7 million and a net cash position of $435 million; strong balance sheet supports concurrent construction of the Séguéla Plant Expansion and Diamba Sud Project Profitability Adjusted attributable net income 1 of $75.5 million or $0.25 basic EPS; a QoQ decrease of $0.11 per share, due to lower gold price and higher effective tax rate Adjusted EBITDA 1 of $200.8 million with margins of 63%; a QoQ decrease of $18.0 million primarily due to lower gold prices Return to Shareholders Year to date the Company has returned $106.6 million to shareholders ($82.1 million in Q2 2026) via the repurchase of 10.8 million shares Operational Gold equivalent production 2 of 72,217 ounces and the Company remains on track to achieve its annual production guidance Consolidated cash cost per gold equivalent ounce (“GEO”) 1 of $1,034, up from $951 in the previous quarter Consolidated AISC per GEO 1 of $2,157 for Q2 2026, up from $2,107 in the previous quarter. Compared to the assumptions in our annual guidance, AISC contains a $49 impact from external factors, and $115 of one-time operational items. We expect AISC to trend down in the second half of the year. Excluding external factors, we expect unit costs within our control to downtrend within our full year guidance range. External cost factors, including metal price-linked royalties, macroeconomic factors in Argentina and diesel prices, remain potential impacts to our full-year outlook. Total recordable injury frequency rate for the quarter was 1.21. Growth and Business Development Delivered the Diamba Sud feasibility study, confirming an economically robust project