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6-K 1 tmb-20260805x6k.htm 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR

15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number 001-35297

Fortuna Mining Corp.

(Translation of registrant’s name into English)

1111 Melville Street, Suite 820, Vancouver, British Columbia, Canada V6E 3V6

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

FORM 20-F ¨FORM 40-F þ

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 5, 2026

Fortuna Mining Corp.

(Registrant)

By: /s/ "Jorge Ganoza Durant"

Jorge Ganoza Durant

President and CEO

Exhibits:


99.1		Interim Financial Statements for the period ended June 30, 2026
99.2		Management’s Discussion and Analysis for the period ended June 30, 2026
99.3		CEO Certification
99.4		CFO Certification
99.5		News release dated August 5, 2026

EX-99.1 2 tmb-20260805xex99d1.htm EX-99.1

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

For the three and six months ended

June 30, 2026 and 2025

(UNAUDITED)

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Income

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


		Three months ended June 30,		Six months ended June 30,
	Note	2026 $	2025 $	2026 $	2025 $
Sales	17	318,413	230,419	660,884	425,456
Cost of sales	18	(134,949)	(125,390)	(265,584)	(240,085)
Mine operating income		183,464	105,029	395,300	185,371

General and administration	19	(18,673)	(21,575)	(46,466)	(45,476)
Foreign exchange (loss) gain		(6,284)	2,325	(8,354)	2,518
Write-off of mineral properties		–	(1,997)	–	(1,997)
Other expenses		(1,599)	(59)	(3,463)	(749)
		(26,556)	(21,306)	(58,283)	(45,704)

Operating income		156,908	83,723	337,017	139,667

Investment gains		230	1,679	372	2,998
Interest and finance costs, net	20	(2,106)	(3,423)	(4,039)	(6,467)
Loss on derivatives		(257)	(622)	(257)	(569)
		(2,133)	(2,366)	(3,924)	(4,038)

Income before income taxes		154,775	81,357	333,093	135,629

Income taxes
Current income tax expense		(62,741)	(23,848)	(104,276)	(47,543)
Deferred income tax expense		(8,286)	(9,804)	(25,124)	(1,497)
		(71,027)	(33,652)	(129,400)	(49,040)
Net income from continuing operations		83,748	47,705	203,693	86,589

Net (loss) income from discontinued operations, net of tax	21	–	(3,638)	–	22,287
Net income		83,748	44,067	203,693	108,876

Net income from continuing operations attributable to:
Fortuna shareholders		75,504	42,629	186,512	78,063
Non-controlling interests	25	8,244	5,076	17,181	8,526
		83,748	47,705	203,693	86,589
Net income attributable to:
Fortuna shareholders		75,504	37,314	186,512	95,817
Non-controlling interests	25	8,244	6,753	17,181	13,059
		83,748	44,067	203,693	108,876

Earnings per share from continuing operations attributable to Fortuna shareholders	16
Basic		0.25	0.14	0.62	0.25
Diluted		0.24	0.14	0.59	0.25

Earnings per share attributable to Fortuna shareholders	16
Basic		0.25	0.12	0.62	0.31
Diluted		0.24	0.12	0.59	0.31

Weighted average number of common shares outstanding ('000s)
Basic		301,010	306,960	303,164	306,788
Diluted		328,641	308,957	330,698	308,513

The accompanying notes are an integral part of these interim financial statements.

Page | 1

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Comprehensive Income

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


		Three months ended June 30,		Six months ended June 30,
	Note	2026 $	2025 $	2026 $	2025 $
Net income		83,748	44,067	203,693	108,876

Items that will remain permanently in other comprehensive income:
Changes in fair value of investments in equity securities, net of $nil tax		(2,197)	506	959	455
Items that are or may subsequently be reclassified to profit or loss:
Currency translation adjustment, net of tax ⁽¹⁾		–	1,350	–	2,099
Reclassification of translation adjustments on disposal of subsidiaries, net of $nil tax	21	–	1,701	–	1,701
Total other comprehensive (loss) income		(2,197)	3,557	959	4,255
Comprehensive income		81,551	47,624	204,652	113,131

Comprehensive income attributable to:
Fortuna shareholders		73,307	40,871	187,471	100,072
Non-controlling interests	25	8,244	6,753	17,181	13,059
		81,551	47,624	204,652	113,131

(1)

For the three and six months ended June 30, 2026, the currency translation adjustment is net of $nil tax (2025 - expense of $960 thousand and $914 thousand, respectively).

The accompanying notes are an integral part of these interim financial statements.

Page | 2

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


Balance at	Note		June 30, 2026 $	December 31, 2025 $
ASSETS
Current assets
Cash and cash equivalents			606,666	553,985
Restricted cash			12,629	–
Investments in equity securities	23		7,719	6,760
Trade and other receivables	4		65,115	74,361
Inventories	5		138,871	122,685
Prepaid expenses and other current assets	6		4,457	6,743
			835,457	764,534
Non-current assets
Restricted cash - non-current			1,021	788
Inventories - non-current	5		65,234	66,754
Mineral properties and property, plant and equipment	7		1,572,217	1,518,676
Advances and prepayments for capital projects			16,518	995
Other non-current assets	8		6,815	8,894
Total assets			2,497,262	2,360,641

LIABILITIES
Current liabilities
Trade and other payables	9		147,650	153,361
Income taxes payable			99,738	81,816
Lease obligations	11		30,810	21,199
			278,198	256,376
Non-current liabilities
Debt	12		138,905	134,410
Deferred tax liabilities			144,348	120,310
Closure and reclamation provisions	13		49,559	50,257
Lease obligations - non-current	11		64,451	55,687
Restricted share units	14		2,894	8,283
Total liabilities			678,355	625,323

SHAREHOLDERS' EQUITY
Share capital	15		1,089,015	1,125,215
Reserves			65,216	63,694
Retained earnings			612,725	488,125
Equity attributable to Fortuna shareholders			1,766,956	1,677,034
Equity attributable to non-controlling interests	25		51,951	58,284
Total equity			1,818,907	1,735,318
Total liabilities and shareholders' equity			2,497,262	2,360,641

Contingencies and Capital Commitments (Note 26)

The accompanying notes are an integral part of these interim financial statements.

/s/ Jorge Ganoza Durant

 

/s/ Kylie Dickson

Jorge Ganoza Durant

Kylie Dickson

Director

Page | 3

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Cash Flows

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


		Three months ended June 30,		Six months ended June 30,
	Note	2026 $	2025 $	2026 $	2025 $

OPERATING ACTIVITIES
Net income from continuing operations		83,748	47,705	203,693	86,589
Items not involving cash:
Depletion and depreciation		44,016	48,342	89,929	93,129
Accretion expense	20	1,969	1,903	4,066	3,657
Income taxes		71,027	33,652	129,400	49,040
Interest expense (income), net	20	137	1,520	(27)	2,810
Share-based payments, net of cash settlements	14	(561)	3,345	(8,758)	6,206
Write-off of mineral properties		–	1,997	–	1,997
Unrealized foreign exchange losses (gains)		2,309	(2,536)	1,945	(3,712)
Investment gains		(230)	(1,679)	(372)	(2,998)
Other		10	99	1,342	1,460
Changes in working capital	24	14,527	(4,196)	10,572	(12,176)
Cash provided by operating activities		216,952	130,152	431,790	226,002
Income taxes paid		(79,259)	(36,394)	(88,828)	(45,761)
Interest paid		(3,814)	(3,582)	(4,333)	(4,108)
Interest received		4,402	2,507	9,010	5,567
Net cash provided by operating activities - continuing operations		138,281	92,683	347,639	181,700
Net cash (used in) provided by operating activities - discontinued operations	21	–	(25,377)	–	11,984

INVESTING ACTIVITIES
Increase in restricted cash		–	–	(12,762)	(232)
Investments in equity securities	23	–	(6,045)	–	(6,045)
Additions to mineral properties and property, plant and equipment	7	(67,877)	(47,015)	(113,158)	(84,968)
Purchases of investments		–	(4,428)	–	(18,804)
Proceeds from sale of marketable securities and investment maturities		230	1,194	372	12,546
(Increase) decrease in advances and prepayments for capital projects		(13,800)	2,025	(14,386)	4,351
Other investing activities		–	–	(5,104)	–
Cash used in investing activities - continuing operations		(81,447)	(54,269)	(145,038)	(93,152)
Cash provided by investing activities - discontinued operations	21	–	73,286	–	71,680

FINANCING ACTIVITIES
Transaction costs on credit facility		–	–	–	(107)
Repurchase of common shares	15	(82,134)	–	(106,587)	(4,165)
Payments of lease obligations	11	(8,959)	(6,114)	(15,822)	(11,112)
Dividend payment to non-controlling interests	25	(23,514)	–	(23,514)	–
Cash used in financing activities - continuing operations		(114,607)	(6,114)	(145,923)	(15,384)
Cash used in financing activities - discontinued operations	21	–	(11,875)	–	(12,879)

Effect of exchange rate changes on cash and cash equivalents		(1,466)	1,996	(3,997)	3,151
(Decrease) increase in cash and cash equivalents during the period - continuing operations		(59,239)	34,296	52,681	76,315
Increase in cash and cash equivalents during the period - discontinued operations	21	–	36,034	–	70,785

Cash and cash equivalents, beginning of the period		665,905	308,092	553,985	231,322
Cash and cash equivalents, end of the period		606,666	378,422	606,666	378,422

Cash and cash equivalents consist of:
Cash		580,845	190,297	580,845	190,297
Cash equivalents		25,821	188,125	25,821	188,125
Cash and cash equivalents, end of the period		606,666	378,422	606,666	378,422

Segment totals for the discontinued operations are disclosed in Note 21

Supplemental cash flow information (Note 24)

The accompanying notes are an integral part of these interim financial statements.

Page | 4

Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Changes in Equity

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


			Share capital		Reserves
	Note		Number of common shares	Amount $	Share units reserve $	Equity component of convertible debt $	Other reserves $	Retained earnings $	Non-controlling interests $	Total equity $
Balance at December 31, 2025			305,760,679	1,125,215	27,236	37,050	(592)	488,125	58,284	1,735,318
Net income			–	–	–	–	–	186,512	17,181	203,693
Other comprehensive income			–	–	–	–	959	–	–	959
Total comprehensive income			–	–	–	–	959	186,512	17,181	204,652

Transactions with owners of the Company
Reclassification on derecognition of investments in equity securities			–	–	–	–	1,050	(1,050)	–	–
Dividend declared and paid to non-controlling interests	25		–	–	–	–	–	–	(23,514)	(23,514)
Repurchase of common shares	15		(10,800,693)	(39,747)	–	–	–	(60,862)	–	(100,609)
Shares issued on vesting of share units	14		997,401	3,547	(3,547)	–	–	–	–	–
Share-based payments	14		–	–	3,060	–	–	–	–	3,060
			(9,803,292)	(36,200)	(487)	–	1,050	(61,912)	(23,514)	(121,063)

Balance at June 30, 2026			295,957,387	1,089,015	26,749	37,050	1,417	612,725	51,951	1,818,907

Balance at December 31, 2024			306,928,189	1,129,709	26,701	37,050	(5,979)	216,384	62,208	1,466,073
Net income			–	–	–	–	–	95,817	13,059	108,876
Other comprehensive income			–	–	–	–	4,255	–	–	4,255
Total comprehensive income			–	–	–	–	4,255	95,817	13,059	113,131

Transactions with owners of the Company
Sale of Roxgold SANU S.A.	21		–	–	–	–	–	–	(10,250)	(10,250)
Dividend declared and paid to non-controlling interests	25		–	–	–	–	–	–	(24,539)	(24,539)
Repurchase of common shares	15		(916,900)	(4,165)	–	–	–	–	–	(4,165)
Shares issued on vesting of share units	14		948,697	3,294	(3,294)	–	–	–	–	–
Issuance of shares to non-controlling interests	25		–	–	–	–	–	(7,270)	7,270	–
Share-based payments	14		–	–	2,143	–	–	–	–	2,143
			31,797	(871)	(1,151)	–	–	(7,270)	(27,519)	(36,811)

Balance at June 30, 2025			306,959,986	1,128,838	25,550	37,050	(1,724)	304,931	47,748	1,542,393

The accompanying notes are an integral part of these interim financial statements.

Page | 5

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

1. NATURE OF OPERATIONS

Fortuna Mining Corp. (the “Company”) is a publicly traded company incorporated and domiciled in British Columbia, Canada.

The Company is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, Peru, and Senegal. The Company operates the open pit Lindero gold mine (“Lindero”) in northern Argentina, the open pit Séguéla gold mine (“Séguéla”) in southwestern Côte d’Ivoire, and the underground Caylloma silver, lead, and zinc mine (“Caylloma”) in southern Peru, and is developing the Diamba Sud gold project in Senegal.

The Company’s common shares are listed on the New York Stock Exchange (the “NYSE”) under the trading symbol FSM and on the Toronto Stock Exchange (the “TSX”) under the trading symbol FVI.

The Company’s registered and head offices are located at Suite 820, 1111 Melville Street, Vancouver, British Columbia, V6E 3V6, Canada.

2. BASIS OF PRESENTATION

Statement of Compliance

These unaudited condensed interim consolidated financial statements (“interim financial statements”) have been prepared by management of the Company in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, including IAS 34 Interim Financial Reporting. They do not include all the information required for full annual financial statements. These interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, which include information necessary for understanding the Company’s business and financial presentation.

Other than as described below, the same accounting policies and methods of computation are followed in these interim financial statements as compared with the most recent annual financial statements. Certain comparative figures have been reclassified to conform to the presentation adopted in the current period.

These unaudited condensed interim financial statements were approved and authorized for issuance by the Company's Board of Directors on August 5, 2026.

Basis of Measurement

These financial statements have been prepared on a going concern basis under the historical cost basis, except for those assets and liabilities that are measured at fair value (Note 23) at the end of each reporting period.

Adoption of new and future accounting standards

The Company adopted various amendments to IFRS, which were effective for accounting periods beginning on or after January 1, 2026. These include amendments to IFRS 7 and IFRS 9, Classification and Measurement of Financial Instruments. The impacts of adoption were not material to the Company's interim financial statements.

Page | 6

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

In April 2024, the IASB issued new IFRS 18, Presentation and Disclosure in Financial Statements. This standard, effective for annual periods beginning on or after January 1, 2027, replaces IAS 1, Presentation of Financial Statements and requires retrospective application. The standard introduces new classification categories and mandatory subtotals in the statement of income, as well as new disclosure requirements for management-defined performance measures (“MPM”), and it may affect what the Company reports as its operating profit or loss.

The Company is currently assessing the detailed implications of applying the new standard on the financial statements and the following potential impacts, among others, have been identified based on the Company’s preliminary assessment:

●

The Company has performed an initial assessment of the non-IFRS financial measures and other subtotals of income and expenses that it currently uses in its public communications outside the financial statements and the Company believes the following will meet the MPM definition: adjusted net income; adjusted attributable net income; and adjusted EBITDA;

●

Income and expenses will be classified into defined categories, including operating, investing, and financing. Consequently, some income and expense items may move to different sections of the statement of income compared to the current presentation;

●

The Company will be required to present specific subtotals, including operating profit and profit before financing and income taxes in the statement of income;

●

The Company will be required to provide additional note disclosures regarding the nature of certain operating expenses; and

●

The starting point for the indirect method of reporting cash flows from operating activities will change to operating profit (currently, net income from continuing operations).

3. USE OF ESTIMATES, ASSUMPTIONS, AND JUDGEMENTS

The preparation of these interim financial statements requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

The impact of such judgements and estimates are pervasive throughout the interim financial statements, and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

In preparing these interim financial statements for the three and six months ended June 30, 2026, the Company applied the critical estimates, assumptions and judgements as disclosed in Note 4 of its audited consolidated financial statements for the year ended December 31, 2025.

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Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

4. TRADE AND OTHER RECEIVABLES


	June 30, 2026 $	December 31, 2025 $
Trade receivables from doré and concentrate sales	12,666	20,761
Advances and other receivables	12,219	8,248
Value added tax receivables	40,230	45,352
Trade and other receivables	65,115	74,361

The Company’s trade receivables from concentrate and doré sales are expected to be collected in accordance with the terms of the existing concentrate and doré sales contracts with its customers. No amounts were past due as at June 30, 2026 and December 31, 2025.

As at June 30, 2026, the current Value Added Tax (“VAT”) receivables include $25.6 million (December 31, 2025 - $30.9 million) for Séguéla; and $11.4 million (December 31, 2025 - $11.9 million) for Lindero. An additional $5.9 million (December 31, 2025 - $7.7 million) of VAT receivable is classified as non-current (refer to Note 8).

5. INVENTORIES


	June 30, 2026 $	December 31, 2025 $
Ore stockpiles	111,307	109,035
Materials and supplies	48,713	46,032
Leach pad and gold-in-circuit	38,837	31,550
Doré bars	4,584	2,396
Concentrate stockpiles	664	426
Total inventories	204,105	189,439
Less: non-current portion	(65,234)	(66,754)
Current inventories	138,871	122,685

As at June 30, 2026, non-current portion of inventories include $61.9 million (December 31, 2025 - $60.0 million) at Lindero and $3.3 million (December 31, 2025 - $6.8 million) at Séguéla.

During the three and six months ended June 30, 2026, the Company expensed $112.9 million and $220.3 million, respectively, of inventories to cost of sales (June 30, 2025 - $111.3 million and $213.0 million, respectively).

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	June 30, 2026 $	December 31, 2025 $
Prepaid expenses	4,333	6,619
Other current assets	124	124
Prepaid expenses and other current assets	4,457	6,743

As at June 30, 2026, prepaid expenses include $1.6 million (December 31, 2025 - $2.5 million) related to deposits and advances to contractors.

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Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

7. MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT


	Mineral properties - depletable $	Mineral properties - non-depletable $	Construction in progress $	Property, plant & equipment $	Total $
COST
Balance as at December 31, 2025	1,270,610	184,341	32,280	876,909	2,364,140
Additions	50,443	41,176	31,432	31,261	154,312
Changes in closure and reclamation provision	(1,413)	–	–	(412)	(1,825)
Disposals and write-offs	–	–	–	(83)	(83)
Transfers	5,991	(672)	(24,384)	19,065	–
Balance as at June 30, 2026	1,325,631	224,845	39,328	926,740	2,516,544

ACCUMULATED DEPLETION AND IMPAIRMENT
Balance as at December 31, 2025	500,991	–	–	344,473	845,464
Disposals and write-offs	–	–	–	(83)	(83)
Depletion and depreciation	58,446	–	–	40,500	98,946
Balance as at June 30, 2026	559,437	–	–	384,890	944,327
Net book value as at June 30, 2026	766,194	224,845	39,328	541,850	1,572,217

As at June 30, 2026, non-depletable mineral properties include $137.6 million of exploration and evaluation assets (December 31, 2025 - $111.9 million).

As at June 30, 2026, property, plant and equipment include right-of-use assets with a net book value of $96.4 million (December 31, 2025 - $75.9 million). Related depletion and depreciation for the three and six months ended June 30, 2026, was $5.3 million and $10.1 million, respectively (June 30, 2025 - $4.6 million and $9.5 million, respectively).

Page | 9

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


	Mineral properties - depletable $	Mineral properties - non-depletable $	Construction in progress $	Property, plant & equipment $	Total $
COST
Balance as at December 31, 2024	1,619,651	269,345	73,892	1,017,240	2,980,128
Additions	81,365	52,355	45,048	39,266	218,034
Changes in closure and reclamation provision	2,668	–	–	(469)	2,199
Disposals and write-offs	–	(5,038)	(375)	(6,908)	(12,321)
Sale of discontinued operations ⁽¹⁾	(549,210)	(15,953)	(55)	(258,682)	(823,900)
Transfers	116,136	(116,368)	(86,230)	86,462	–
Balance as at December 31, 2025	1,270,610	184,341	32,280	876,909	2,364,140

ACCUMULATED DEPLETION AND IMPAIRMENT
Balance as at December 31, 2024	901,599	–	49	539,293	1,440,941
Disposals and write-offs	–	–	–	(6,115)	(6,115)
Sale of discontinued operations ⁽¹⁾	(507,347)	–	(49)	(245,781)	(753,177)
Reversal of impairment	(22,369)	–	–	(30,376)	(52,745)
Depletion and depreciation	130,039	–	–	86,521	216,560
Transfers	(931)	–	–	931	–
Balance as at December 31, 2025	500,991	–	–	344,473	845,464
Net book value as at December 31, 2025	769,619	184,341	32,280	532,436	1,518,676

(1)

Represents the net book value of mineral properties and property, plant and equipment of Cuzcatlan (as defined herein) and the Sanu Entities (as defined herein) that were sold during the second quarter of 2025. Refer to Note 21 for details.

8. OTHER NON-CURRENT ASSETS


	Note	June 30, 2026 $	December 31, 2025 $
Value added tax receivables	4	5,850	7,665
Unamortized transaction costs		690	949
Other		275	280
Total other non-current assets		6,815	8,894

As at June 30, 2026, non-current VAT receivables include $5.9 million (December 31, 2025 - $7.7 million) for Séguéla.

Page | 10

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

9. TRADE AND OTHER PAYABLES


	Note	June 30, 2026 $	December 31, 2025 $
Trade accounts payable		81,813	77,927
Payroll and related payables		25,005	27,790
Mining royalty payable		15,300	14,317
Share units payable	14(a)(b)	19,042	25,471
Other payables		6,490	7,856
Total trade and other payables		147,650	153,361

As at June 30, 2026, other payables include $2.4 million (December 31, 2025 - $nil) related to 628 ounces (December 31, 2025 - none) of gold sold at Lindero under an advanced sales contract but not yet delivered. Although consideration was received, the related ounces had not yet been poured and did not meet the criteria for revenue recognition.

10. RELATED PARTY TRANSACTIONS

During the three and six months ended June 30, 2026 and 2025, the Company was charged for consulting services by Mario Szotlender, a director of the Company.

Other than transactions in the normal course of business and those noted above, with the Board of Directors and key management personnel, the Company had no transactions between related parties during the three and six months ended June 30, 2026 and 2025.

11. LEASE OBLIGATIONS

The Company’s lease obligations are primarily related to embedded leases in mining services and onsite power generation equipment contracts. A maturity analysis of the Company's lease obligations from its leased equipment contracts as at June 30, 2026 and December 31, 2025, were as follows:


	Minimum lease payments
	June 30, 2026 $	December 31, 2025 $
Less than one year	39,310	27,715
Between one and five years	63,303	53,222
More than five years	11,288	13,658
	113,901	94,595
Less: future finance charges	(18,640)	(17,709)
Present value of lease obligations	95,261	76,886
Less: current portion	(30,810)	(21,199)
Non-current portion	64,451	55,687

Page | 11

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

The reconciliation of the changes in the carrying amount of the Company’s lease obligations is presented below:


	June 30, 2026 $	December 31, 2025 $
Balance, beginning of the period	76,886	67,977
Payments of lease obligations	(15,822)	(24,374)
Additions	31,325	31,110
Accretion	2,908	5,660
Foreign exchange	(36)	521
Disposals and terminations	–	(4,008)
Balance, end of the period	95,261	76,886

12. DEBT

(a)

2024 Convertible Notes

The following table summarizes the changes in debt:


	June 30, 2026 $	December 31, 2025 $
Balance, beginning of the period	134,410	126,031
Amortization of discount and transaction costs	4,495	8,379
Balance, end of the period	138,905	134,410
Non-current portion	138,905	134,410

(b)

Credit Facility

The Company maintains a $150.0 million revolving credit facility (the “Credit Facility”) with an uncommitted accordion option of $75.0 million. The Credit Facility is subject to certain conditions and covenants customary for a facility of this nature. In order to be able to draw on the Credit Facility, the Company is required to comply with certain financial covenants which include among others: maintaining an interest coverage ratio (calculated on a rolling four fiscal quarter basis) of not less than 4.00:1.00; a Net Total Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 4.00:1.00; and a Net Senior Secured Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 2.25:1.00.

The Company has pledged significant assets, including those of its principal operating subsidiaries, as collateral for the Credit Facility.

As at June 30, 2026, the Credit Facility remained undrawn.

Page | 12

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

13. CLOSURE AND RECLAMATION PROVISIONS

The following table summarizes the changes in closure and reclamation provisions:


	Caylloma $	Lindero $	Séguéla $	Total $
Balance as at December 31, 2025	14,668	17,977	17,612	50,257
Changes in estimate	(600)	310	(1,535)	(1,825)
Reclamation expenditures	(31)	–	–	(31)
Accretion	383	427	348	1,158
Balance as at June 30, 2026	14,420	18,714	16,425	49,559
Non-current portion	14,420	18,714	16,425	49,559


	Caylloma $	Lindero $	Séguéla $	San Jose⁽¹⁾ $	Yaramoko⁽¹⁾ $	Total $
Balance as at December 31, 2024	15,356	15,470	15,110	14,677	14,724	75,337
Changes in estimate⁽²⁾	(1,033)	1,747	1,860	460	(375)	2,659
Reclamation expenditures	(452)	–	–	(143)	–	(595)
Accretion	797	760	642	341	156	2,696
Effect of changes in foreign exchange rates	–	–	–	(35)	–	(35)
Disposals	–	–	–	(15,300)	(14,505)	(29,805)
Balance as at December 31, 2025	14,668	17,977	17,612	–	–	50,257
Non-current portion	14,668	17,977	17,612	–	–	50,257

(1)

Represents the closure and reclamation provisions of Cuzcatlan and Sanu, which were sold during the second quarter of 2025. Refer to Note 21 for details.

(2)

The change in estimate for the San Jose mine of $0.5 million was included in net income from discontinued operations, net of tax in the Company's consolidated statements of income for the year ended December 31, 2025.

The following table summarizes certain key inputs used in determining the present value of reclamation costs related to mine and development sites:


	Caylloma $	Lindero $	Séguéla $	Total $
Undiscounted uninflated estimated cash flows	19,302	18,793	19,902	57,997
Discount rate	5.53%	4.94%	4.44%
Inflation rate	3.00%	3.20%	2.28%

The Company is expecting to incur progressive reclamation costs throughout the life of its mines.

Page | 13

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

14. SHARE-BASED PAYMENTS

During the three and six months ended June 30, 2026, the Company recognized share-based recoveries of $0.3 million and expenses of $7.5 million, respectively (June 30, 2025 - expenses of $4.5 million and $13.7 million, respectively), related to the amortization of deferred, restricted and performance share units.

(a)

Deferred Share Units


	Cash Settled
	Number of DSUs	Fair Value $
Outstanding, December 31, 2024	1,183,816	5,076
Granted	83,992	387
Changes in fair value	–	6,978
Outstanding, December 31, 2025	1,267,808	12,441
Granted	41,041	448
Changes in fair value	–	(1,845)
Outstanding, June 30, 2026	1,308,849	11,044

(b)

Restricted Share Units


	Cash Settled
	Number of RSUs	Fair Value $
Outstanding, December 31, 2024	3,548,993	8,987
Granted	1,354,613	–
Units paid out in cash	(1,401,895)	(7,448)
Forfeited or cancelled	(172,296)	(391)
Changes in fair value and vesting	–	20,165
Outstanding, December 31, 2025	3,329,415	21,313
Granted	618,051	–
Units paid out in cash	(1,471,993)	(16,428)
Forfeited or cancelled	(5,332)	(30)
Changes in fair value and vesting	–	6,037
Outstanding, June 30, 2026	2,470,141	10,892
Less: current portion		(7,998)
Non-current portion		2,894

RSUs granted during the six months ended June 30, 2026 had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62).

Page | 14

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


					Equity Settled
					Number of PSUs
Outstanding, December 31, 2024					2,054,962
Granted					743,709
Vested and paid out in shares					(802,164)
Outstanding, December 31, 2025					1,996,507
Granted					345,245
Vested and paid out in shares					(882,348)
Outstanding, June 30, 2026					1,459,404

PSUs granted during the six months ended June 30, 2026 had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62).

During the six months ended June 30, 2026, PSUs vested and were settled in shares. Based on agreed performance outcomes, a weighted average multiplier of 113% (December 31, 2025 - 118%) was applied, resulting in the issuance of 997,401 (December 31, 2025 - 948,697) common shares upon vesting.

(d) Stock Options

The Company’s Stock Option Plan, as amended and approved from time to time, permits the Company to issue up to 12,200,000 stock options. As at June 30, 2026, a total of 2,950,529 stock options are available for issuance under the plan. As at June 30, 2026, no stock options were outstanding (December 31, 2025 - none).

15. SHARE CAPITAL

Authorized Share Capital

The Company has an unlimited number of common shares without par value authorized for issue.

During the six months ended June 30, 2026, the Company acquired under its normal course issuer bid program (“NCIB”) and cancelled 10,800,693 common shares (June 30, 2025 - 916,900) at an average cost of $9.31 per share (June 30, 2025 - $4.53), excluding brokerage fees, for a total cost of $100.6 million (June 30, 2025 - $4.2 million).

On April 17, 2026, the Company announced the renewal of its NCIB program to purchase up to 15,227,869 common shares, being 5% of its outstanding common shares as at April 10, 2026. Under the NCIB, purchases of common shares may be made through the facilities of the NYSE. The share repurchase program started on May 4, 2026 and will end on the earlier of May 3, 2027; the date the Company acquires the maximum number of common shares allowable under the NCIB; or the date the Company otherwise decides not to make any further repurchases under the NCIB. Of the 10,800,693 common shares repurchased during the six months ended June 30, 2026, 6,800,000 were acquired under the current NCIB program. As at June 30, 2026, 8,427,869 common shares remain available for repurchase under this current NCIB.

Page | 15

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

16. EARNINGS PER SHARE


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Basic:
Net income from continuing operations attributable to Fortuna shareholders	75,504	42,629	186,512	78,063
Net income attributable to Fortuna shareholders	75,504	37,314	186,512	95,817

Weighted average number of shares ('000s)	301,010	306,960	303,164	306,788
Earnings per share from continuing operations - basic	0.25	0.14	0.62	0.25
Earnings per share - basic	0.25	0.12	0.62	0.31


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Diluted:
Net income from continuing operations attributable to Fortuna shareholders	75,504	42,629	186,512	78,063
Add: finance costs on convertible debt, net of $nil tax	3,918	–	7,730	–
Diluted net income from continuing operations for the period	79,422	42,629	194,242	78,063
Net income attributable to Fortuna shareholders	75,504	37,314	186,512	95,817
Add: finance costs on convertible debt, net of $nil tax	3,918	–	7,730	–
Diluted net income for the period	79,422	37,314	194,242	95,817

Weighted average number of shares ('000s)	301,010	306,960	303,164	306,788
Incremental shares from dilutive potential shares	27,631	1,997	27,534	1,725
Weighted average diluted number of shares ('000s)	328,641	308,957	330,698	308,513
Earnings per share from continuing operations - diluted	0.24	0.14	0.59	0.25
Earnings per share - diluted	0.24	0.12	0.59	0.31

The incremental shares from dilutive potential shares primarily consist of share units and, for the three and six months ended June 30, 2026, potential common shares issuable on conversion of the 2024 Convertible Notes. For the three and six months ended June 30, 2025, an aggregate of 26,172,045 potential common shares issuable on conversion of the 2024 Convertible Notes were excluded from the diluted earnings per share calculation as their effect would have been anti-dilutive. The Company's average share price exceeded the conversion price of the 2024 Convertible Notes during the three and six months ended June 30, 2026 (June 30, 2025 - below the conversion price).

Page | 16

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

17. SALES

The Company’s geographical analysis of revenue from contracts with customers attributed to the location of its products produced, is as follows:


	Three months ended June 30, 2026
	Argentina $	Côte d'Ivoire $	Peru $	Total $
Gold doré	90,259	185,719	–	275,978
Silver-lead concentrates	–	–	30,604	30,604
Zinc concentrates	–	–	14,162	14,162
Provisional pricing adjustments	–	–	(2,331)	(2,331)
Sales to external customers	90,259	185,719	42,435	318,413

	Three months ended June 30, 2025
	Argentina $	Côte d'Ivoire $	Peru $	Total $
Gold doré	75,681	126,454	–	202,135
Silver-lead concentrates	–	–	15,771	15,771
Zinc concentrates	–	–	12,628	12,628
Provisional pricing adjustments	–	–	(115)	(115)
Sales to external customers	75,681	126,454	28,284	230,419


	Six months ended June 30, 2026
	Argentina $	Côte d'Ivoire $	Peru $	Total $
Gold doré	191,762	392,043	–	583,805
Silver-lead concentrates	–	–	52,896	52,896
Zinc concentrates	–	–	26,016	26,016
Provisional pricing adjustments	–	–	(1,833)	(1,833)
Sales to external customers	191,762	392,043	77,079	660,884

	Six months ended June 30, 2025
	Argentina $	Côte d'Ivoire $	Peru $	Total $
Gold doré	128,835	237,452	–	366,287
Silver-lead concentrates	–	–	31,451	31,451
Zinc concentrates	–	–	27,764	27,764
Provisional pricing adjustments	–	–	(46)	(46)
Sales to external customers	128,835	237,452	59,169	425,456

Page | 17

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

18. COST OF SALES


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Direct mining, processing and other costs	55,012	46,545	102,656	88,522
Depletion and depreciation	43,036	47,533	87,711	92,012
Salaries and benefits	18,904	19,255	37,447	36,249
Royalties and other taxes	17,234	11,539	36,156	22,007
Workers' participation	763	518	1,614	1,295
Cost of sales	134,949	125,390	265,584	240,085

For the three and six months ended June 30, 2026, depletion and depreciation includes $5.1 million and $9.6 million, respectively, of depreciation related to right-of-use assets (June 30, 2025 - $4.2 million and $8.1 million, respectively).

19. GENERAL AND ADMINISTRATION


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
General and administration	10,025	7,851	17,616	15,041
Salaries, wages and benefits	8,807	9,086	20,819	16,638
Workers' participation	157	111	579	141
	18,989	17,048	39,014	31,820
Share-based (recoveries) payments	(316)	4,527	7,452	13,656
General and administration	18,673	21,575	46,466	45,476

20. INTEREST AND FINANCE COSTS, NET


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Interest income	4,516	3,083	9,140	6,143
2024 Convertible Notes interest	(1,617)	(1,617)	(3,234)	(3,234)
Amortization of discount and transaction costs	(2,430)	(2,181)	(4,754)	(4,272)
Bank stand-by, commitment fees and other interest	(606)	(805)	(1,125)	(1,447)
Accretion of closure and reclamation provisions	(582)	(528)	(1,158)	(1,090)
Accretion of lease liabilities	(1,387)	(1,375)	(2,908)	(2,567)
	(2,106)	(3,423)	(4,039)	(6,467)

Page | 18

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

21. DISCONTINUED OPERATIONS

On April 11, 2025, the Company completed the sale of its 100% interest in Compania Minera Cuzcatlan S.A. de C.V. (“Cuzcatlan”), which owns the San Jose silver and gold mine in southern Mexico (“San Jose”).

On May 12, 2025, the Company completed the sale of all of its interest in Roxgold SANU S.A. (“Sanu”), which owns and operates the underground and open pit Yaramoko gold mine in southwestern Burkina Faso (“Yaramoko”), and 100% of three other Burkina Faso subsidiaries (collectively with Sanu, the “Sanu Entities”), and ceased all operations in Burkina Faso.

Results of Discontinued Operation – Cuzcatlan

The following table presents the results of Cuzcatlan for the three and six months ended June 30, 2026 and 2025:

Three months ended June 30,

Six months ended June 30,

2026
$

2025
$

2026
$

2025
$

Sales

–

168

Cost of sales

–

(138)

–

(287)

Mine operating loss

–

(119)

–

(119)

General and administration

–

(638)

Foreign exchange loss

–

(178)

–

(190)

Other expenses

–

(10)

–

(2,202)

Operating loss

–

(307)

–

(3,149)

Interest and finance costs, net

–

(325)

Loss before income taxes

–

(307)

–

(3,474)

Income tax recovery

–

Net loss from operating activities, net of tax

–

(307)

–

(3,473)

Gain on sale of discontinued operation

–

7,646

–

7,646

Income from discontinued operation, net of tax

–

7,339

–

4,173

Income per share from discontinued operation attributable to Fortuna shareholders

Basic

–

0.02

–

0.01

Diluted

–

0.02

–

0.01

Page | 19

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

Results of Discontinued Operation – Sanu Entities

The following table presents the results of the Sanu Entities for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Sales	–	32,951	–	128,059
Cost of sales	–	(22,816)	–	(82,393)
Mine operating income	–	10,135	–	45,666

General and administration	–	14	–	(1,380)
Foreign exchange gain	–	2,384	–	4,254
Other expenses	–	(3,128)	–	(3,217)
Operating income	–	9,405	–	45,323

Interest and finance costs, net	–	26	–	44
Income before income taxes	–	9,431	–	45,367

Income taxes	–	(3,295)	–	(10,140)
Net income from operating activities, net of tax	–	6,136	–	35,227

Loss on sale of discontinued operation	–	(11,360)	–	(11,360)
Tax expense on sale of discontinued operation	–	(4,052)	–	(4,052)
Release of OCI on sale of discontinued operation	–	(1,701)	–	(1,701)
(Loss) income from discontinued operation, net of tax	–	(10,977)	–	18,114

(Loss) income from discontinued operation, net of tax attributable to:
Fortuna shareholders	–	(12,654)	–	13,581
Non-controlling interest	–	1,677	–	4,533
	–	(10,977)	–	18,114

(Loss) income per share from discontinued operation attributable to Fortuna shareholders
Basic	–	(0.04)	–	0.04
Diluted	–	(0.04)	–	0.04

Page | 20

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

Cash Flows of Discontinued Operations

The following table summarizes the cash flows attributable to Cuzcatlan and the Sanu Entities for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Cuzcatlan	–	(1,303)	–	(11,200)
Sanu Entities	–	(24,074)	–	23,184
Net cash (used in) provided by operating activities	–	(25,377)	–	11,984

Cuzcatlan	–	11,827	–	11,738
Sanu Entities	–	61,459	–	59,942
Cash provided by investing activities	–	73,286	–	71,680

Cuzcatlan	–	–	–	(22)
Sanu Entities	–	(11,875)	–	(12,857)
Cash used in financing activities	–	(11,875)	–	(12,879)
Net cash flows from discontinued operations	–	36,034	–	70,785

Page | 21

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

22. SEGMENTED INFORMATION

The Company’s operating segments are based on the reports reviewed by the senior management group that are used to make strategic decisions. The Chief Executive Officer, as chief operating decision maker, considers the business from a geographic perspective when considering the performance of the Company’s business units.

The following summary describes the operations of each reportable segment:

●

Mansfield Minera S.A. (“Mansfield”) – operates the Lindero gold mine

●

Roxgold SANGO S.A. (“Sango”) – operates the Séguéla gold mine

●

Minera Bateas S.A.C. (“Bateas”) – operates the Caylloma silver, lead, and zinc mine

●

Corporate – corporate stewardship and projects outside other segments

Discontinued operations:

●

Cuzcatlan – operates the San Jose silver-gold mine

●

Sanu – operates the Yaramoko gold mine


	Three months ended June 30, 2026
	Mansfield $	Sango $	Bateas $	Corporate $	Total $
Revenues from external customers	90,259	185,719	42,435	–	318,413
Cost of sales before depreciation and depletion	(31,279)	(44,854)	(15,780)	–	(91,913)
Depreciation and depletion in cost of sales	(15,155)	(23,406)	(4,475)	–	(43,036)
General and administration	(3,086)	(4,133)	(2,258)	(9,196)	(18,673)
Other (expenses) income	(4,284)	2,392	(193)	(5,798)	(7,883)
Finance items	(695)	(270)	(116)	(1,052)	(2,133)
Segment income (loss) before taxes	35,760	115,448	19,613	(16,046)	154,775
Income tax expense	(16,837)	(32,602)	(6,566)	(15,022)	(71,027)
Segment income (loss) after taxes from continuing operations	18,923	82,846	13,047	(31,068)	83,748

	Three months ended June 30, 2025
	Mansfield $	Sango $	Bateas $	Corporate $	Total $
Revenues from external customers	75,681	126,454	28,284	–	230,419
Cost of sales before depreciation and depletion	(27,608)	(36,726)	(13,523)	–	(77,857)
Depreciation and depletion in cost of sales	(13,331)	(29,934)	(4,268)	–	(47,533)
General and administration	(2,595)	(3,382)	(1,810)	(13,788)	(21,575)
Other (expenses) income	(3,064)	5,620	61	(2,348)	269
Finance items	774	(1,078)	(136)	(1,926)	(2,366)
Segment income (loss) before taxes	29,857	60,954	8,608	(18,062)	81,357
Income tax expense	(1,874)	(27,080)	(4,480)	(218)	(33,652)
Segment income (loss) after taxes from continuing operations	27,983	33,874	4,128	(18,280)	47,705

Page | 22

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)


	Six months ended June 30, 2026
	Mansfield $	Sango $	Bateas $	Corporate $	Total $
Revenues from external customers	191,762	392,043	77,079	–	660,884
Cost of sales before depreciation and depletion	(58,023)	(91,757)	(28,093)	–	(177,873)
Depreciation and depletion in cost of sales	(30,088)	(49,506)	(8,117)	–	(87,711)
General and administration	(6,148)	(8,921)	(3,599)	(27,798)	(46,466)
Other (expenses) income	(5,477)	(6,239)	273	(374)	(11,817)
Finance items	(1,630)	(626)	(247)	(1,421)	(3,924)
Segment income (loss) before taxes	90,396	234,994	37,296	(29,593)	333,093
Income tax expense	(25,452)	(61,914)	(12,693)	(29,341)	(129,400)
Segment income (loss) after taxes from continuing operations	64,944	173,080	24,603	(58,934)	203,693

	Six months ended June 30, 2025
	Mansfield $	Sango $	Bateas $	Corporate $	Total $
Revenues from external customers	128,835	237,452	59,169	–	425,456
Cost of sales before depreciation and depletion	(49,613)	(71,841)	(26,619)	–	(148,073)
Depreciation and depletion in cost of sales	(23,130)	(60,245)	(8,637)	–	(92,012)
General and administration	(5,094)	(5,984)	(4,383)	(30,015)	(45,476)
Other (expenses) income	(4,454)	7,101	(284)	(2,591)	(228)
Finance items	3,162	(2,064)	(258)	(4,878)	(4,038)
Segment income (loss) before taxes	49,706	104,419	18,988	(37,484)	135,629
Income tax expense	(3,095)	(35,213)	(7,613)	(3,119)	(49,040)
Segment income (loss) after taxes from continuing operations	46,611	69,206	11,375	(40,603)	86,589


As at June 30, 2026	Mansfield $	Sango $	Bateas $	Corporate $	Total $
Total assets	655,855	1,179,485	168,249	493,673	2,497,262
Total liabilities	94,015	326,493	52,729	205,118	678,355
Capital expenditures ⁽¹⁾	30,344	83,312	10,612	30,044	154,312

(1)

Capital expenditures are on an accrual basis for the six months ended June 30, 2026.


As at December 31, 2025	Mansfield $	Sango $	Bateas $	Corporate $	Cuzcatlan $	Sanu $	Total $
Total assets	649,052	1,011,605	162,163	537,821	–	–	2,360,641
Total liabilities	66,829	293,762	56,364	208,368	–	–	625,323
Capital expenditures ⁽¹⁾	64,073	99,849	22,535	31,036	89	452	218,034

(1)

Capital expenditures are on an accrual basis for the year ended December 31, 2025.

Page | 23

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

23. FAIR VALUE MEASUREMENTS

(a)

Financial Assets and Financial Liabilities by Category

The carrying amounts of the Company’s financial assets and financial liabilities by category are as follows:


As at June 30, 2026	Fair value through OCI $	Fair value through profit or loss $	Amortized cost $	Total $
Financial assets
Cash and cash equivalents	–	–	606,666	606,666
Restricted cash	–	–	13,650	13,650
Trade receivables - concentrate sales	–	9,221	–	9,221
Trade receivables - doré sales	–	–	3,445	3,445
Investments in equity securities ⁽¹⁾	7,719	–	–	7,719
Other receivables	–	–	12,219	12,219
Total financial assets	7,719	9,221	635,980	652,920

Financial liabilities
Trade accounts payable	–	–	(81,813)	(81,813)
Payroll payable	–	–	(25,005)	(25,005)
Share units payable	–	(21,936)	–	(21,936)
2024 Convertible Notes	–	–	(138,905)	(138,905)
Other payables	–	–	(117,051)	(117,051)
Total financial liabilities	–	(21,936)	(362,774)	(384,710)


As at December 31, 2025	Fair value through OCI $	Fair value through profit or loss $	Amortized cost $	Total $
Financial assets
Cash and cash equivalents	–	–	553,985	553,985
Restricted cash	–	–	788	788
Trade receivables - concentrate sales	–	15,279	–	15,279
Trade receivables - doré sales	–	–	5,482	5,482
Investments in equity securities ⁽¹⁾	6,760	–	–	6,760
Other receivables	–	–	7,460	7,460
Total financial assets	6,760	15,279	567,715	589,754

Financial liabilities
Trade accounts payable	–	–	(77,927)	(77,927)
Payroll payable	–	–	(27,790)	(27,790)
Share units payable	–	(33,754)	–	(33,754)
2024 Convertible Notes	–	–	(134,410)	(134,410)
Other payables	–	–	(97,300)	(97,300)
Total financial liabilities	–	(33,754)	(337,427)	(371,181)

(1)

As at June 30, 2026, investments in equity securities include $7.6 million (December 31, 2025 - $6.7 million) representing the fair value of the Company's investment in Awalé Resources Limited, a mineral exploration company in Côte d’Ivoire. The fair value was determined based on quoted prices in active markets, a Level 1 fair value measurement, with changes in fair value recorded in other comprehensive income. The remaining balance consists of investments in other publicly traded exploration companies.

Page | 24

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

(b)

Fair Values of Financial Assets and Financial Liabilities

During the three and six months ended June 30, 2026 and 2025, there were no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy. The fair values of the Company’s financial assets and financial liabilities that are measured at fair value, including their levels in the fair value hierarchy are as follows:

As at June 30, 2026

Level 1
$

Level 2
$

Level 3
$

Total
$

Trade receivables - concentrate sales

–

9,221

–

9,221

Investments in equity securities

7,719

–

7,719

Share units payable

–

(21,936)

–

(21,936)

As at December 31, 2025

Level 1
$

Level 2
$

Level 3
$

Total
$

Trade receivables - concentrate sales

–

15,279

–

15,279

Investments in equity securities

6,760

–

6,760

Share units payable

–

(33,754)

–

(33,754)

(c)

Financial Assets and Financial Liabilities Not Already Measured at Fair Value

The table below presents the estimated fair values of the Company’s financial liabilities, categorized within Level 2 of the fair value hierarchy, not measured at fair value where amortized cost does not reasonably approximate fair value.

June 30, 2026

December 31, 2025

Carrying amount
$

Fair value
$

Carrying amount
$

Fair value
$

2024 Convertible Notes ⁽¹⁾

(138,905)

(265,219)

(134,410)

(293,681)

(1)

The carrying amounts of the 2024 Convertible Notes represents the liability components (Note 12), while the fair value represents the liability and equity components. The fair value of the 2024 Convertible Notes is based on the quoted prices in markets that are not active for the underlying securities.

24. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital for the three and six months ended June 30, 2026 and 2025 are as follows:


	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Trade and other receivables	6,693	(2,387)	14,591	(6,086)
Prepaid expenses	2,812	1,243	1,110	2,972
Inventories	(7,960)	(394)	(9,533)	(7,069)
Trade and other payables	12,982	(2,658)	4,404	(1,993)
Total changes in working capital	14,527	(4,196)	10,572	(12,176)

Page | 25

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

The significant non-cash financing and investing transactions during the three and six months ended June 30, 2026 and 2025 are as follows:



	Three months ended June 30,		Six months ended June 30,
	2026 $	2025 $	2026 $	2025 $
Mineral properties, plant and equipment changes in closure and reclamation provision	(953)	(1,636)	1,825	504
Additions to right-of-use assets	29,909	23,708	31,325	30,314
Share units allocated to share capital upon settlement	–	–	3,547	3,294

25. NON-CONTROLLING INTERESTS

As at June 30, 2026, the non-controlling interest (“NCI”) of the State of Côte d’Ivoire, which represents a 10% interest in Sango, totaled $52.0 million. The income attributable to the NCI for the three and six months ended June 30, 2026, totaling $8.2 million and $17.2 million, respectively, is based on net income for Séguéla (June 30, 2025 - $5.1 million and $8.5 million, respectively). During the six months ended June 30, 2026, Sango declared and paid dividends to the State of $23.5 million (June 30, 2025 - declared $12.9 million).

26. CONTINGENCIES AND CAPITAL COMMITMENTS

(a) Caylloma Letter of Guarantee

The Caylloma mine closure plan, as amended, that was in effect in September 2024, includes total undiscounted closure costs of $18.2 million, which consisted of progressive closure activities of $2.4 million, final closure activities of $13.5 million, and post closure activities of $2.3 million pursuant to the terms of the Mine Closing Law of Peru.

Under the terms of the current Mine Closing Law, the Company is required to provide the Peruvian Government with a guarantee in respect of the Caylloma mine closure plan as it relates to final closure activities and post-closure activities and related taxes. As at June 30, 2026, the Company provided a bank letter guarantee of $17.6 million to the Peruvian Government in respect of such closure costs and taxes, issued by Banco BBVA Perú (updated on January 14, 2026, expiring on January 28, 2027).

The proposed update to the Mine Closure Plan, submitted to the Peruvian Ministry of Energy and Mines in December 2025, remains under evaluation; the Company is currently responding to observations raised by the Peruvian Government.

(b) Other Commitments

Argentina

As at June 30, 2026, the Company had capital commitments of $3.6 million, for civil work, equipment purchases and other services at the Lindero mine, which are expected to be expended within one year.

Senegal

As at June 30, 2026, the Company had capital commitments of $21.5 million, for camp construction, civil works, and equipment purchases at the Diamba Sud gold project, which are expected to be expended within one year.

Page | 26

Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

Côte d’Ivoire

The Company entered into an agreement with a service provider at the Séguéla mine wherein if the Company terminates the agreement prior to the end of its term, in May 2028, the Company would be required to make an early termination payment, which is reduced monthly over 66 months. If the Company had terminated the agreement on June 30, 2026, and elected not to purchase the service provider’s equipment, it would have been subject to an early termination payment of $14.1 million. If the Company elected to purchase the service provider’s equipment, the early termination amount would be adjusted to exclude equipment depreciation and demobilization of equipment, and only include the portion of the monthly management fees and demobilization of personnel.

Additional early termination payments may apply under certain other service agreements, amounting to a cumulative fee of approximately $3.5 million as at June 30, 2026.

In addition, as at June 30, 2026, the Company had outstanding bank guarantees totaling $6.9 million, primarily securing obligations related to environmental rehabilitation, supplier contracts, and disputed tax assessments.

Finally, as at June 30, 2026, the Company had capital commitments of $18.0 million, primarily for the purchase of underground primary mining equipment, power plant civil works, camp expansion, and various engineering and feasibility studies at the Séguéla mine, which are expected to be expended within one year.

The Company is, from time to time, involved in various tax assessments arising in the ordinary course of business. The Company cannot reasonably predict the likelihood or outcome of these actions. The Company has recognized tax provisions with respect to current assessments received from the tax authorities in the various jurisdictions in which the Company operates, and from any uncertain tax positions identified. For those amounts recognized related to current tax assessments received, the provision is based on management's best estimate of the outcome of those assessments, based on the validity of the issues in the assessment, management's support for their position, and the expectation with respect to any negotiations to settle the assessment. Management re-evaluates the outstanding tax assessments regularly to update their estimates related to the outcome for those assessments taking into account the criteria above.

(d) Other Contingencies

The Company is subject to various investigations and other claims; and legal, and labour proceedings covering matters that arise in the ordinary course of business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved unfavourably for the Company. Certain conditions may exist as of the date these financial statements are issued that may result in a loss to the Company. None of these matters is expected to have a material effect on the results of operations or financial condition of the Company.

Page | 27

EX-99.2 3 tmb-20260805xex99d2.htm EX-99.2

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

MANAGEMENT’S DISCUSSION AND ANALYSIS

For the three and six months ended June 30, 2026

As of August 5, 2026

Fortuna | 1

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

This Management’s Discussion and Analysis (“MD&A”) of the financial position and results of operations for Fortuna Mining Corp. (the “Company” or “Fortuna”) (TSX: FVI and NYSE: FSM) should be read in conjunction with the audited consolidated financial statements of the Company for the years ended December 31, 2025 and 2024 (the “2025 Financial Statements”), and the unaudited condensed interim consolidated financial statements of the Company for the three and six months ended June 30, 2026 and 2025 (the “Q2 2026 Financial Statements”) and the related notes thereto which have been prepared in accordance with IAS 34, Interim Financial Reporting, using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). For further information on the Company, reference should be made to its public filings, including its annual information form, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

This MD&A is prepared by management and approved by the Board of Directors as of August 5, 2026. The information and discussion provided in this MD&A covers the three and six months ended June 30, 2026 and 2025, and where applicable, the subsequent period up to the date of issuance of this MD&A. Unless otherwise noted, all dollar amounts in this MD&A are expressed in United States (“US”) dollars. References to "$" or "US$" in this MD&A are to US dollars and references to C$ are to Canadian dollars.

Fortuna has a number of direct and indirect subsidiaries which own and operate assets and conduct activities in different jurisdictions. The terms "Fortuna" or the "Company" are used in this MD&A for simplicity of the discussion provided herein and may include references to subsidiaries that have an affiliation with Fortuna, without necessarily identifying the specific nature of such affiliation.

This MD&A contains forward-looking statements. Readers are cautioned as to the risks and uncertainties related to the forward-looking statements, the risks and uncertainties associated with investing in the Company’s securities and the technical and scientific information under National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”) concerning the Company’s material properties, including information about mineral reserves and resources, which classifications differ from the requirements required by the U.S. Securities and Exchange Commission (“SEC”) as set out in the cautionary note on page 32 of this MD&A. All forward-looking statements are qualified by cautionary notes in this MD&A as well as risks and uncertainties discussed in the Company’s Annual Information Form for fiscal 2025 dated March 23, 2026 and its Management Information Circular dated May 7, 2026, which are available on SEDAR+ and EDGAR.

This MD&A uses certain Non-IFRS financial measures and ratios that are not defined under IFRS, including but not limited to: all-in costs, cash cost per ounce of gold; cash cost per ounce of gold equivalent; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; cash cost per payable ounce of silver equivalent; all-in sustaining cash cost per payable ounce of silver equivalent sold; sustaining capital, growth capital; all-in cash cost per payable ounce of silver equivalent sold; free cashflow and free cashflow from ongoing operations; adjusted net income; adjusted attributable net income, adjusted EBITDA, EBITDA margin, net debt, total net debt to adjusted EBITDA ratio and working capital which are used by the Company to manage and evaluate operating performance at each of the Company’s mines and are widely reported in the mining industry as benchmarks for performance. Non-IFRS financial measures and non-IFRS ratios do not have a standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Non-IFRS measures are further discussed in the “Non-IFRS Measures” section on page 21 of this MD&A.

Where applicable, the Company has presented operating and financial results for the previous financial periods based on its continuing operations. Contributions from the San Jose and Yaramoko Mines have been removed as they were disposed of during the second quarter of 2025.

Fortuna | 2

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

CONTENTS




Business Overview	4
Highlights	4
Financial Results	7
Results of Operations	12
Quarterly Information	16
Exploration and Evaluation	17
Liquidity and Capital Resources	19
Financial Instruments	20
Share Position & Outstanding Options & Equity Based Share Units	21
Related Party Transactions	21
Non-IFRS Financial Measures	21
Risks and Uncertainties	34
Critical Accounting Estimates, Assumptions, and Judgements	35
Controls and Procedures	36
Cautionary Statement on Forward-Looking Statements	36
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources	39

Fortuna | 3

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

BUSINESS OVERVIEW

Fortuna is a growth focused Canadian precious metals mining company with operations and projects in South America and West Africa. The Company produces gold, silver, and base metals and generates shared value over the long-term through efficient production, environmental protection, and social responsibility. As at the date of the MD&A, the Company has three operating mines and exploration activities in Argentina, Côte d'Ivoire, Peru, Guyana, Guinea and Mexico as well as the Diamba Sud gold project in Senegal.

The Company operates the open pit Lindero gold mine (“Lindero” or the “Lindero Mine”) located in northern Argentina, the underground Caylloma silver, lead, and zinc mine (“Caylloma” or the “Caylloma Mine”) located in southern Peru, and the open pit Séguéla gold mine (“Séguéla” or the “Séguéla Mine”) located in southwestern Côte d’Ivoire. Each of the Company's producing mines is considered to be a separate reportable segment, along with the Company's corporate stewardship segment.

Fortuna is a publicly traded company incorporated and domiciled in British Columbia, Canada. Its common shares are listed on the New York Stock Exchange (“NYSE”) under the trading symbol FSM and on the Toronto Stock Exchange (“TSX”) under the trading symbol FVI.

CORPORATE DEVELOPMENTS

Awalé Investment

On July 28, 2026, the Company acquired 5,695,312 common shares of Awalé Resources Limited (“Awalé”), a mineral exploration company in Côte d’Ivoire, for $3.4 million, thereby increasing the Company’s investment to 20,732,905 common shares of Awalé and maintaining Fortuna’s ownership interest in Awalé at approximately 14.7%.

Séguéla Plant Expansion

On July 29, 2026, the Company announced an investment decision on the Séguéla Plant Expansion. The project includes an expansion of the Séguéla processing facility, upgrades to supporting infrastructure, and development of the Sunbird underground mine. Together, these investments are expected to increase throughput, improve gold recoveries, accelerate production from Séguéla’s growing resource base, and reinforce the mine’s position as a cornerstone asset in Fortuna’s portfolio. The expansion is expected to support average annual gold production of more than 200,000 ounces per year over the next decade at an estimated capital cost of $109 million. Funding for the project will be through operating cash flow and existing cash balances.

Fortuna plans to advance the Séguéla expansion through a phased execution plan designed to minimize disruption to ongoing operations.

Key milestones include:

●

H2 2026: Expected commencement of construction activities, including site preparation, camp expansion, procurement of long-lead items, and advancement of EPCM activities.

●

Q2 2027: Expected commencement of underground mining at the Sunbird deposit.

●

H2 2028: Targeted ramp-up to the expanded processing plant throughput of approximately 2.3 Mtpa.

HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2026

Financial

●	Sales were $318.4 million, an increase of 38% from the $230.4 million reported in the three months ended June 30, 2025 (“Q2 2025”)

Fortuna | 4

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

●	Mine operating income was $183.5 million, an increase of 75% from the $105.0 million reported in Q2 2025

●	Operating income was $156.9 million, an increase of $73.2 million from the $83.7 million in operating income reported in Q2 2025

●	Attributable net income from continuing operations was $75.5 million or $0.25 per share, an increase from attributable net income of $42.6 million or $0.14 per share reported in Q2 2025

●	Adjusted attributable net income (refer to Non-IFRS Financial Measures) was $75.5 million compared to $44.7 million in Q2 2025, representing a 69% increase

●	Adjusted EBITDA (refer to Non-IFRS Financial Measures) was $200.8 million compared to $133.3 million reported in Q2 2025, representing a 51% increase

●	Free cash flow from ongoing operations (refer to Non-IFRS Financial Measures) was $85.7 million compared to $57.4 million reported in Q2 2025, representing a 49% increase

●	Net cash provided by operating activities from continuing operations was $138.3 million, an increase of 49% from the $92.7 million reported in Q2 2025

Operating

●

Gold production of 62,512 ounces, a 1% increase from Q2 2025

●

Silver production of 231,294 ounces, a 4% decrease from Q2 2025

●

Lead production of 7,815,387 pounds, a 12% decrease from Q2 2025

●

Zinc production of 12,037,240 pounds, a 6% decrease from Q2 2025

●

Consolidated All-in Sustaining Costs (“AISC”) of $2,157 per ounce on a gold equivalent sold basis compared to $1,932 per ounce for Q2 2025. See “Non-IFRS Measures - All-in Sustaining Cash Cost per Ounce of Gold Equivalent Sold” for additional information

Health & Safety

With deep regret, we reported a fatal accident involving an employee of one of our mining contractors in May at the Séguéla Mine. The accident involved a haul truck. Following the accident, a comprehensive investigation was completed and resulting learnings have been incorporated into the Company’s ongoing safety and operational controls.

The Company recorded one lost time injury, one restricted work injury, and one medical treatment injury over 3.2 million hours worked during the period. As a result, the year-to-date lost time injury frequency rate (“LTIFR”) at the end of the quarter was 0.17 per million hours worked, compared to 0.00 in Q2 2025. The total recordable injury frequency rate (“TRIFR”) was 1.21 per million hours worked, compared to 0.87 in Q2 2025.

Environment

During the second quarter of 2026, there were no serious environmental incidents, no incidents of non-compliance related to water permits, standards, and regulations and no material environmental fines recorded.

Community Engagement

During the second quarter of 2026, there were no material disputes with communities at any of our sites. The Company recorded 517 local stakeholder engagement activities during the period, including consultation meetings with local administration and community leaders, participation in ceremonies and courtesy visits.

Fortuna | 5

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Operating and Financial Highlights From Continuing Operations

A summary of the Company’s consolidated financial and operating results for the three and six months ended June 30, 2026 and 2025 is presented below:


	Three months ended June 30,			Six months ended June 30,
Consolidated Metrics	2026	2025	% Change	2026	2025	% Change
Selected highlights

Gold
Metal produced (oz)	62,512	61,736	1%	126,073	120,556	5%
Metal sold (oz)	62,453	61,631	1%	125,876	118,725	6%
Realized price ($/oz)	4,447	3,307	34%	4,667	3,103	50%

Silver
Metal produced (oz)	231,294	240,621	(4%)	488,897	483,614	1%
Metal sold (oz)	285,916	251,798	14%	489,349	503,607	(3%)
Realized price ($/oz)	75.22	33.77	123%	78.32	32.77	139%

Lead
Metal produced (000's lbs)	7,815	8,924	(12%)	15,990	17,760	(10%)
Metal sold (000's lbs)	9,714	9,183	6%	16,753	18,382	(9%)

Zinc
Metal produced (000's lbs)	12,037	12,851	(6%)	23,563	26,623	(11%)
Metal sold (000's lbs)	12,707	12,283	3%	23,724	26,109	(9%)

Unit costs
Cash cost ($/oz Au Eq)⁽¹⁾⁽²⁾	1,034	929	11%	993	899	10%
All-in sustaining cash cost ($/oz Au Eq)⁽¹⁾⁽²⁾	2,157	1,932	12%	2,134	1,846	16%

Mine operating income	183.5	105.0	75%	395.3	185.4	113%
Operating income	156.9	83.7	87%	337.0	139.7	141%
Net income from continuing operations	83.7	47.7	76%	203.7	86.6	135%
Attributable net income from continuing operations	75.5	42.6	77%	186.5	78.1	139%
Attributable income from continuing operations per share - basic	0.25	0.14	79%	0.62	0.25	148%
Attributable net income	75.5	37.3	102%	186.5	95.8	95%
Attributable income per share - basic	0.25	0.12	108%	0.62	0.31	100%
Adjusted attributable net income from continuing operations⁽¹⁾	75.5	44.7	69%	186.5	80.4	132%
Adjusted EBITDA⁽¹⁾	200.8	133.3	51%	419.6	235.8	78%
Net cash provided by operating activities - continuing operations	138.3	92.7	49%	347.6	181.7	91%
Free cash flow from ongoing operations⁽¹⁾	85.7	57.4	49%	259.7	124.1	109%
Capital Expenditures⁽³⁾
Sustaining	36.6	31.4	17%	64.5	54.0	19%
Sustaining leases	8.9	6.0	48%	15.7	10.9	44%
Growth capital	31.3	15.6	101%	48.7	31.0	57%

(in millions of US dollars, except percentages)				June 30, 2026	December 31, 2025	% Change
Cash and cash equivalents				606.7	554.0	10%
Total assets				2,497.3	2,360.6	6%

Fortuna | 6

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Debt	138.9	134.4	3%
Equity attributable to Fortuna shareholders	1,767.0	1,677.0	5%
(1) Refer to Non-IFRS financial measures.
(2) Gold equivalent was calculated using the realized prices for gold of $4,447/oz Au, $75.22/oz Ag, $1,930/t Pb and $3,464/t Zn for Q2 2026. Gold equivalent was calculated using the realized prices for gold of $3,307/oz Au, $33.8/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025. Gold equivalent was calculated using the realized prices for gold of $4,667/oz Au, $78.32/oz Ag, $1,925/t Pb and $3,363/t Zn for YTD 2026. Gold equivalent was calculated using the realized prices for gold of $3,103/oz Au, $32.8/oz Ag, $1,958/t Pb and $2,747/t Zn for YTD 2025.
(3) Capital expenditures are presented on a cash basis.
Figures may not add due to rounding.
Discontinued operations have been removed where applicable.

FINANCIAL RESULTS FROM CONTINUING OPERATIONS

Sales


(in millions of US dollars,	Three months ended June 30,			Six months ended June 30,
except percentages)	2026	2025	% Change	2026	2025	% Change
Provisional sales
Lindero	90.3	75.7	19%	191.8	128.9	49%
Séguéla	185.7	126.5	47%	392.0	237.5	65%
Caylloma	44.8	28.4	58%	78.9	59.2	33%
Adjustments⁽¹⁾	(2.4)	(0.2)	1,100%	(1.8)	(0.1)	1,700%
Total sales	318.4	230.4	38%	660.9	425.5	55%

(1) Adjustments consist of mark to market, final price and assay adjustments.
Based on provisional sales before final price adjustments. Net after payable metal deductions, treatment, and refining charges.
Treatment charges are allocated to base metals at Caylloma.
Discontinued operations have been removed.

Second Quarter 2026 vs Second Quarter 2025

Consolidated sales from continuing operations for the three months ended June 30, 2026 were $318.4 million, a 38% increase from the $230.4 million reported in the same period in 2025. Sales by reportable segment for the three months ended June 30, 2026 were as follows:

●

Lindero recognized sales of $90.3 million from the sale of 20,404 ounces of gold, a 19% increase from the comparable period in 2025. Sales increased at Lindero as a result of higher realized metal prices of $4,422 per gold ounce compared to $3,293. Higher metal prices were partially offset by lower production due to a maintenance shutdown of the primary crusher and work completed on the agglomerator. See "Results of Operations – Lindero Mine, Argentina" for additional information.

●

Séguéla recognized sales of $185.7 million from the sale of 41,677 ounces of gold, an increase of 47% over the comparable period. Higher sales at Séguéla were the result of higher production from higher grades as well as a realized metal price of $4,456 per gold ounce compared to $3,315 in the comparable period. See "Results of Operations – Séguéla Mine, Côte d’Ivoire" for additional information.

●

Caylloma recognized sales of $44.8 million compared to $28.4 million reported in the same period in 2025. Increased sales were driven by higher realized silver prices of $75.33 per ounce compared to $33.76 per ounce in the comparable period. See "Results of Operations – Caylloma Mine, Peru" for additional information.

First Six Months of 2026 vs First Six Months of 2025

Consolidated sales from continuing operations for the six months ended June 30, 2026 were $660.9 million, a 55% increase from the $425.5 million reported in the same period in 2025. Sales by reportable segment for the six months ended June 30, 2026 were as follows:

Fortuna | 7

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

●

Lindero recognized sales of $191.8 million from the sale of 41,587 ounces of gold, a 49% increase from the comparable period in 2025. Sales increased at Lindero as a result of higher realized metal prices of $4,633 per gold ounce compared to $3,108. See "Results of Operations – Lindero Mine, Argentina" for additional information.

●

Séguéla recognized sales of $392.0 million from the sale of 83,731 ounces of gold, an increase of 65% over the comparable period. Higher sales at Séguéla were the result of higher production from higher grades as well as higher realized metal prices of $4,682 per gold ounce compared to $3,101 in the comparable period. See "Results of Operations – Séguéla Mine, Côte d’Ivoire" for additional information.

●

Caylloma recognized sales of $78.9 million compared to $59.2 million reported in the same period in 2025. Increased sales were driven by higher realized silver prices of $78.40 per ounce compared to $32.76 per ounce in the comparable period. The increase was partially offset by lower base metal production. See "Results of Operations – Caylloma Mine, Peru" for additional information.

Operating Income (Loss) and Adjusted EBITDA


	Three months ended June 30,				Six months ended June 30,
	2026	%⁽¹⁾	2025	%⁽¹⁾	2026	%⁽¹⁾	2025	%⁽¹⁾
Operating income (loss)
Lindero	36.5	40%	29.1	38%	92.0	48%	46.5	36%
Séguéla	115.7	62%	62.0	49%	235.6	60%	106.5	45%
Caylloma	19.7	46%	8.7	31%	37.5	49%	19.2	33%
Corporate	(15.0)		(16.1)		(28.1)		(32.5)
Total	156.9	49%	83.7	36%	337.0	51%	139.7	33%

Adjusted EBITDA ⁽²⁾
Lindero	51.4	57%	38.7	51%	121.9	64%	67.4	52%
Séguéla	139.8	75%	91.7	73%	284.5	73%	166.8	70%
Caylloma	24.4	57%	13.2	47%	45.7	59%	28.2	47%
Corporate	(14.8)		(10.3)		(32.5)		(26.6)
Total	200.8	63%	133.3	58%	419.6	63%	235.8	55%

(1) As a percentage of sales.
(2) Refer to Non-IFRS Financial Measures.
Figures may not add due to rounding.
Discontinued operations have been removed.

Second Quarter 2026 vs Second Quarter 2025

Operating income for the three months ended June 30, 2026 was $156.9 million, an increase of $73.2 million over the same period in 2025 which was primarily due to:

●

Higher operating income at the Lindero Mine was primarily the result of higher sales and partially offset by increased operating costs due to maintenance and rehandling costs as well as higher Argentine Peso denominated costs due to macroeconomic factors and rising diesel prices. Depletion per ounce also increased due to an impairment reversal on mineral properties in the third quarter of 2025.

●

The Séguéla Mine recognized operating income of $115.7 million in the second quarter compared to $62.0 million in the comparable period. The increase in operating income was a result of higher sales and lower depletion per ounce due to an increase in reserves partially offset by higher royalties. Operating income for the second quarter of 2026 included $11.5 million in depletion related to the purchase price of Roxgold Inc. in 2021.

●

Operating income at the Caylloma Mine for the second quarter of 2026 increased by $11.0 million compared to 2025 as a result of higher silver sales.

Fortuna | 8

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

After adjusting for items that are not indicative of future operating earnings, adjusted EBITDA (refer to Non-IFRS Financial Measures) was $200.8 million for the three months ended June 30, 2026, an increase of $67.5 million over the same period in 2025. Higher adjusted EBITDA was primarily the result of higher sales.

The most comparable IFRS measure to the Non-IFRS measure adjusted EBITDA is net income from continuing operations. Net income from continuing operations for the three months ended June 30, 2026 was $83.7 million, a $39.6 million increase from the $44.1 million reported in the comparable period. Refer to the discussion above and to the section entitled “Non-IFRS Measures” for more detailed information.

First Six Months of 2026 vs First Six Months of 2025

Operating income for the six months ended June 30, 2026 was $337.0 million, an increase of $197.3 million over the same period in 2025 which was primarily due to the same factors described above.

After adjusting for items that are not indicative of future operating earnings, adjusted EBITDA (refer to Non-IFRS Financial Measures) was $419.6 million for the six months ended June 30, 2026, an increase of $183.8 million over the same period in 2025. Higher adjusted EBITDA was primarily the result of higher sales

The most comparable IFRS measure to the Non-IFRS measure adjusted EBITDA is net income from continuing operations for the six months ended June 30, 2026 was $203.7 million, a $94.8 million increase from the $108.9 million reported in the comparable period. Refer to the discussion above and to the section entitled “Non-IFRS Measures” for more detailed information.

All-in Sustaining Cost (“AISC”)

Second Quarter 2026 vs Second Quarter 2025

Consolidated AISC per gold equivalent ounce (“GEO”) sold from continuing operations for the second quarter of 2026 was $2,157 compared to $1,932 for the comparable quarter. Factors that contributed to higher AISC for the period were:

●

A $105/oz increase in cash costs mainly due to maintenance shutdowns at Lindero, real appreciation of the Peso increasing USD operating costs, and rising diesel prices

●

A $74/oz increase from royalties as a result of higher realized metal prices

●

($48)/oz from lower G&A primarily due to lower share-based compensation

●

$94/oz for higher sustaining capital due to capitalized stripping at Séguéla and project work at Caylloma

First Six Months of 2026 vs First Six Months of 2025

Consolidated AISC per gold equivalent ounce (“GEO”) sold from continuing operations for the first six months of 2026 was $2,134 compared to $1,846 for the comparable period. Factors that contributed to higher AISC for the period were:

●

A $94/oz increase due to higher cash costs

●

A $93/oz increase from royalties as a result of higher realized metal prices

●

$90/oz for higher sustaining capital due to capitalized stripping at Séguéla and project work at Caylloma

●

The comparable period included a ($10)/oz benefit related to the gain on blue chip swaps in Argentina

Fortuna | 9

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

General and Administrative (“G&A”) Expenses


	Three months ended June 30,			Six months ended June 30,
(in millions of US dollars except percentages)	2026	2025	% Change	2026	2025	% Change
Mine G&A	9.3	7.8	19%	18.0	15.1	19%
Corporate G&A	9.5	9.2	3%	20.4	16.6	23%
Share-based payments	(0.3)	4.5	(107)%	7.5	13.7	(45)%
Workers' participation	0.2	0.1	100%	0.6	0.1	500%
Total	18.7	21.6	(14)%	46.5	45.5	2%

G&A expenses for the three months ended June 30, 2026 decreased 14% to $18.7 million compared to $21.6 million reported in the same period in 2025. The decrease was a result of lower share-based compensation caused by a decline in the Company’s share price and the resulting change in value of share units expected to settle in cash.

For the six months ended June 30, 2026, the G&A expenses increased 2% to $46.5 million compared to $45.5 million reported in the same period in 2025 with lower share-based compensation offsetting higher G&A costs due to timing of spend.

Foreign Exchange

Foreign exchange loss for the three months ended June 30, 2026 was $6.3 million compared to a $2.3 million gain reported in the same period in 2025. The higher foreign exchange loss in the quarter was due to the purchase of US dollars in Argentina to repatriate funds and a devaluation of the Peso and the impact on cash and VAT balances.

Foreign exchange loss for the six months ended June 30, 2026 was $8.4 million compared to a $2.5 million gain reported in the same period in 2025. The higher foreign exchange loss in the period was due to the purchase of US dollars in Argentina to repatriate funds and a devaluation of the foreign currencies relative to the US Dollar and the impact on cash and VAT balances held locally.

Income Tax Expense

Income tax expense for the three months ended June 30, 2026 was $71.0 million compared to $33.7 million reported in the same period in 2025. The $37.3 million increase in income tax expense was due to higher net income before taxes, the devaluation of the Peso and the impact on tax balances in local currency in Argentina as well as the accrual of $14.9 million in withholding taxes primarily for planned repatriation of cash from subsidiaries.

Income tax expense for the six months ended June 30, 2026 was $129.4 million compared to $49.0 million reported in the same period in 2025. The $80.4 million increase in income tax expense was due to higher net income before taxes as well as the accrual of $27.2 million in withholding taxes for planned repatriation of cash from subsidiaries.

The effective tax rate (“ETR”) for the three months ended June 30, 2026 was 46% compared to 41% for the same period in 2025. The increase in the ETR for Q2 2026 was primarily due to a higher deferred tax expense as a result of the accrual of withholding taxes and the impact of macro-economic factors on tax balances in Argentina.

The effective tax rate (“ETR”) for the six months ended June 30, 2026 was 39% compared to 36% for the same period in 2025. The increase in the ETR for 2026 was due to the same factors described above.

The Company is subject to tax in various jurisdictions, including Peru, Mexico, Argentina, Côte d’Ivoire, Senegal, Australia, and Canada. There are a number of factors that can significantly impact the Company’s ETR including the geographic distribution of income, variations in our income before income taxes, varying rates in different jurisdictions, the non-

Fortuna | 10

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

recognition of tax assets, local inflation rates, fluctuation in the value of the United States dollar and foreign currencies, changes in tax laws, and the impact of specific transactions and assessments. As a result of the number of factors that can potentially impact the ETR and the sensitivity of the tax provision to these factors, the ETR will fluctuate, sometimes significantly. This trend is expected to continue in future periods.

Fortuna | 11

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

RESULTS OF OPERATIONS

Lindero Mine, Argentina

The Lindero Mine is an open pit gold mine located in Salta Province in northern Argentina. Its commercial product is gold doré. The table below shows the key metrics used to measure the operating performance of the mine: tonnes placed on the leach pad, grade, production, and unit costs:


		Three months ended June 30,		Six months ended June 30,
		2026	2025	2026	2025
Mine production
Tonnes placed on the leach pad		1,558,750	1,828,520	3,084,036	3,581,536

Gold
Grade (g/t)		0.64	0.57	0.63	0.56
Production (oz)		20,829	23,550	42,374	43,870
Metal sold (oz)		20,404	23,487	41,587	42,142
Realized price ($/oz)		4,422	3,293	4,633	3,108

Unit costs
Cash cost ($/oz Au)⁽¹⁾		1,459	1,148	1,331	1,147
All-in sustaining cash cost ($/oz Au)⁽¹⁾		2,265	1,783	2,019	1,839

Capital expenditures ($000's)⁽²⁾
Sustaining		12,053	11,356	19,722	23,718
Sustaining leases		1,231	791	2,628	1,373
Growth capital		4,083	1,827	4,798	2,134

(1) Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.

(2) Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

In the second quarter of 2026, a total of 1,558,750 tonnes of ore were placed on the heap leach pad, with an average gold grade of 0.64 g/t, containing an estimated 32,008 ounces of gold. Ore mined was 1.38 million tonnes, with a stripping ratio of 1.81:1. During the first half of 2026, Lindero placed on the leach pad approximately 95% of the ounces planned for the period required to achieve the midpoint of its annual production guidance.

Lindero’s gold production for the quarter was 20,829 ounces compared to 23,550 ounces in the comparable period. Lower production was due to Lindero completing key capital projects aimed at improving comminution reliability and availability, which required a planned 30-day shutdown of the primary crusher to replace its steel foundations.

The cash cost per ounce of gold for the quarter was $1,459 compared to $1,148 in the same period of 2025. The increase in cash costs was primarily driven by lower gold production and higher maintenance costs associated with the 30-day shutdown of the primary crusher as well as real appreciation of the Argentine Peso increasing costs in US dollar terms and rising diesel prices.

In the second quarter of 2026, AISC per gold ounce sold increased to $2,265 compared to $1,783 in the comparable period of 2025. The increase in AISC was due to lower payable ounces sold and higher production cash costs.

Fortuna | 12

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Séguéla Mine, Côte d’Ivoire

The Séguéla Mine is located in the Woroba District of Côte d’Ivoire. The operation consists of an open pit mine, feeding ore to a single stage crushing circuit, with crushed ore being fed to a SAG mill followed by conventional carbon-in-leach and gravity recovery circuits prior to electro winning and smelting of gold doré. The table below shows the key metrics used to measure the operating performance of the mine: tonnes milled, grade, production, and unit costs:


		Three months ended June 30,		Six months ended June 30,
		2026	2025	2026	2025
Mine production
Tonnes milled		421,464	429,184	852,417	873,188
Average tonnes crushed per day		4,581	4,665	4,683	4,798

Gold
Grade (g/t)		3.46	3.00	3.33	2.88
Recovery (%)		92	93	93	93
Production (oz)		41,683	38,186	83,699	76,686
Metal sold (oz)		41,677	38,144	83,731	76,583
Realized price ($/oz)		4,456	3,315	4,682	3,101

Unit costs
Cash cost ($/oz Au)⁽¹⁾		676	670	677	660
All-in sustaining cash cost ($/oz Au)⁽¹⁾		1,765	1,634	1,762	1,461

Capital expenditures ($000's)⁽²⁾
Sustaining		18,729	18,065	36,746	26,678
Sustaining leases		6,491	4,484	10,755	8,123
Growth capital		10,594	5,538	17,238	14,745

(1) Cash cost and All-in sustaining cash cost are non-IFRS financial measures. Refer to Non-IFRS Financial Measures.
(2) Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

During the second quarter of 2026, Séguéla mined a total of 433,231 tonnes of ore, averaging 3.06 g/t Au and containing an estimated 42,555 ounces of gold from the Antenna, Ancien, Koula, and Sunbird pits. A total of 5,902,142 tonnes of waste was mined during the period, resulting in a strip ratio of 13.6:1. Additionally, 731,647 tonnes of waste were mined during the quarter at Sunbird South to gain access to the underground portal position.

In the second quarter of 2026, Séguéla processed 421,464 tonnes of ore, producing 41,683 ounces of gold, at an average head grade of 3.46 g/t Au, a 2% decrease in tonnes of ore and 15% increase in average head grade, compared to the same period of the previous year. Tonnes milled were slightly lower than in the previous quarter, reflecting a planned mill reline during the period.

Cash cost per gold ounce sold was $676, comparable to $670 for the second quarter of 2025 as higher operating costs were offset by increased production.

All-in sustaining cash cost per gold ounce sold was $1,765 for the second quarter of 2026 compared to $1,634 for the second quarter of 2025. The increase was primarily a result of higher royalties due to an increase in realized gold prices.

Fortuna | 13

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Caylloma Mine, Peru

Caylloma is an underground silver, lead, and zinc mine located in the Arequipa Department in southern Peru. Its commercial products are silver-lead and zinc concentrates. The table below shows the key metrics used to measure the operating performance of the mine: tonnes milled, grade, recovery, silver, lead, and zinc production and unit costs:


		Three months ended June 30,		Six months ended June 30,
		2026	2025	2026	2025
Mine production
Tonnes milled		141,337	138,471	278,038	275,130
Average tonnes milled per day		1,588	1,556	1,571	1,555

Silver
Grade (g/t)		62	64	67	65
Recovery (%)		82	84	82	83
Production (oz)		231,294	240,621	488,897	483,614
Metal sold (oz)		281,433	247,429	481,782	497,713
Realized price ($/oz)		75.33	33.76	78.40	32.76

Lead
Grade (%)		2.76	3.23	2.87	3.22
Recovery (%)		91	90	91	91
Production (000's lbs)		7,815	8,924	15,990	17,760
Metal sold (000's lbs)		9,714	9,183	16,753	18,382
Realized price ($/lb)		0.88	0.88	0.89	0.89

Zinc
Grade (%)		4.26	4.63	4.24	4.82
Recovery (%)		91	91	91	91
Production (000's lbs)		12,037	12,851	23,563	26,623
Metal sold (000's lbs)		12,707	12,283	23,724	26,109
Realized price ($/lb)		1.57	1.20	1.25	1.25

Unit costs
Cash cost ($/oz Ag Eq)^(1,2)		27.77	15.16	28.80	13.92
All-in sustaining cash cost ($/oz Ag Eq)^(1,2)		44.89	21.73	44.68	20.17

Capital expenditures ($000's) ⁽³⁾
Sustaining		5,779	1,988	8,020	3,602
Sustaining leases		1,150	741	2,284	1,372
Growth capital		123	305	199	554

(1) Cash cost silver equivalent and All-in sustaining cash cost silver equivalent are calculated using realized metal prices for each period respectively.
(2) Cash cost silver equivalent, and All-in sustaining cash cost silver equivalent are Non-IFRS Financial Measures, refer to Non-IFRS Financial Measures.
(3) Capital expenditures are presented on a cash basis.

Fortuna | 14

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Quarterly Operating and Financial Highlights

In the second quarter of 2026, the Caylloma Mine produced 231,294 ounces of silver at an average head grade of 62 g/t, a 4% decrease when compared to the same period of 2025.

Lead and zinc production for the quarter was 7.8 million pounds and 12.0 million pounds, respectively. Head grades averaged 2.76% Pb and 4.26% Zn, a 15% and 8% decrease, respectively, when compared to the same quarter in 2025. Lower head grades and were in line with the mine plan.

The cash cost per silver equivalent ounce sold in the second quarter of 2026 was $27.77 compared to $15.16 during the second quarter of 2025. The higher cost per ounce for the quarter was primarily the result of higher realized silver prices and the impact on the calculation of silver equivalent ounces sold.

The all-in sustaining cash cost per ounce of payable silver equivalent in the second quarter of 2026 increased 107% to $44.89 compared to $21.73 for the same period of 2025. The increase for the quarter was the result of higher cash costs per ounce, an increase in treatment charges from concentrate sales, lower silver equivalent ounces due to higher silver prices, and an increase in spend on capital projects.

As of June 30, 2026, the project to expand the capacity of tailings storage facility No. 3 at the Caylloma Mine was 28% complete and progressing according to plan.

Fortuna | 15

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

QUARTERLY INFORMATION

The following table provides information for the last eight fiscal quarters up to June 30, 2026:


	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024
Sales	318.4	342.5	270.2	251.4	230.4	195.0	195.2	181.7
Mine operating income	183.5	211.8	148.4	133.1	105.0	80.3	69.0	64.1
Operating income	156.9	180.1	114.1	154.6	83.7	55.9	45.7	50.8
Net income	83.7	119.9	74.0	128.2	44.1	64.8	15.1	54.4
Attributable net income	75.5	111.0	68.1	123.6	37.3	58.5	11.3	50.5
Attributable net income from continuing operations	75.5	111.0	68.1	123.6	42.6	35.4	14.7	35.5

Attributable earnings per share from continuing operations - basic	0.25	0.36	0.22	0.40	0.14	0.12	0.05	0.11
Attributable earnings per share from continuing operations - diluted	0.24	0.35	0.21	0.38	0.14	0.12	0.05	0.11

Total assets	2,497.3	2,492.6	2,360.6	2,240.9	2,138.3	2,210.3	2,115.5	2,083.6
Debt	138.9	136.6	134.4	132.2	130.0	128.0	126.0	124.1

Figures may not add due to rounding.

Amounts have been restated to reflect the impact of discontinued operations.

The Company’s results over the past several quarters have primarily been influenced by fluctuations in the gold price, input costs, changes in gold equivalent production and foreign exchange rates.

Significant events that have impacted continuing operations from previous quarters include:

●

An impairment reversal of $52.7 million on mineral properties and the reversal of a previously recorded write-down of low grade stockpiles of $16.7 million at Lindero in Q3 2025

●

The recognition of $17.5 million in withholding taxes in Q2 2025 related to the timing of local Board approvals for the repatriation of cash balances in Côte d’Ivoire

Fortuna | 16

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

EXPLORATION AND EVALUATION

The Company capitalizes the cost of acquiring, maintaining its interest, and exploring mineral properties as exploration and evaluation assets until such time as the properties are placed into development, abandoned, sold, or considered to be impaired in value. Sustaining capital expenditures primarily consists of exploration activities to expand a known mineral reserve. Growth capital primarily consists of exploration activities to make new discoveries or convert a discovery to a mineral reserve. Exploration and evaluation expenditures for which the Company does not have title or rights are expensed when incurred.


Exploration by region		Three months ended June 30,		Six months ended June 30,
(in millions of US dollars)		2026	2025	2026	2025
Mine site		9.6	7.7	15.9	13.5
Argentina		1.4	–	1.8	–
Côte d’Ivoire		2.0	1.1	2.5	1.6
Senegal		0.1	0.5	0.3	0.7
Diamba Sud		4.8	3.5	8.5	6.2
Mexico		0.6	0.3	1.6	1.0
Total exploration		18.6	13.1	30.5	23.0
Sustaining		2.0	0.3	2.6	0.4
Growth		16.6	12.8	28.0	22.6

Figures may not add due to rounding.
Accrual basis.
Discontinued operations removed.

Côte d’Ivoire

Mine site exploration at Séguéla for the three months ended June 30, 2026 continued to focus on resource expansion of the Sunbird underground and Kingfisher open pit resources with 50 diamond drill holes completed for 16,118 meters, and 17 reverse circulation drill (“RC”) holes completed for 642 meters, and 52 precollar RC holes completed for 4,084 meters for a total of 20,844 meters.

Peru

Drilling at Caylloma continued during the period with three diamond drill holes for 2,708 meters at Animas, along with field mapping and prospect identification.

Argentina

Drilling to expand the footprint of Arizaro mineralization in Argentina commenced during the quarter, with three holes completed for 2,374 meters drilled. Drilling is expected to continue through to November, testing depth as well as potential strike extensions up to 2.5km to the south-west.

Two diamond drill holes and regional mapping were completed during the quarter at Cerro Lindo in Salta, Argentina before the program was paused for the winter season. Drilling is anticipated to re-commence in September. Field investigation and mapping also commenced at the Cerro Choique and Dos Lagunas properties in Rio Negro province, ahead of planned reconnaissance drilling later in the year.

Senegal

Greenfield activities were dominated by drilling at Diamba Sud with a total of 81 diamond drill holes for 15,938 meters, and 173 RC holes for 12,887 meters (including 129 grade control holes for 6,439 meters), with drilling focused primarily on the Southern Arc, Western Splay, Karakara and Kassasoko deposits. Auger drilling and termite mound sampling for target delineation also continued across the adjacent Bondala permit.

Fortuna | 17

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Guyana

The process of establishing a presence in Georgetown, Guyana continued during the quarter along with several field visits to the Quartzstone project site, ahead of an active field program anticipated late in the third quarter of 2026 after the easing of the regional rainy season.

Fortuna | 18

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

LIQUIDITY AND CAPITAL RESOURCES

Cash and Cash Equivalents

The Company had cash and cash equivalents of $606.6 million at June 30, 2026 compared to $554.0 million at the end of 2025. The increase in cash and cash equivalents was the result of higher metal prices driving higher cash flow from operations of $347.6 million partially offset by $106.6 million in share buybacks, $113.2 million in capital expenditures, $23.5 million in dividends to a non-controlling interest and $15.8 million in lease payments. Significant cash flow movements for the second quarter of 2026 are described below.

Operating Activities

Operating cash flow from continuing operations for the quarter was $138.3 million compared to $92.7 million in Q2 2025. Higher operating cash flow was driven by higher realized metal prices for gold of $4,447 in Q2 2026 compared to $3,307 in Q2 2025 and partially offset by higher income taxes paid of $79.3 million versus $36.4 million in the comparable period. The increase in taxes paid was due to higher earnings at Séguéla in 2025 and the timing of tax payments in Côte d’Ivoire.

Investing Activities

The Company invested $67.9 million in Q2 2026 compared to $47.0 million in Q2 2025 as outlined in the table below.


Capital investments		Three months ended June 30,		Six months ended June 30,
(in millions of US dollars)		2026	2025	2026	2025
Lindero		15.0	13.2	22.9	25.9
Séguéla		27.8	22.5	51.5	39.7
Caylloma		5.9	2.3	8.2	4.2
Mine site capital		48.7	38.0	82.6	69.8
Projects and other		16.5	7.9	26.4	13.5
Greenfields		2.7	1.1	4.1	1.8
Total capital		67.9	47.0	113.2	85.1
Sustaining		36.6	31.4	64.5	54.0
Growth		31.3	15.6	48.7	31.0

Figures may not add due to rounding.
Accrual basis.

The increase in the capital spend for the quarter was primarily due to higher capitalized stripping at Séguéla, project expenditures at Diamba Sud and capital maintenance projects at Lindero. The Company also advanced $13.8 million to vendors related to capital projects.

Financing Activities

Financing cash flows for the three months ended June 30, 2026 primarily consisted of $82.1 million for shares purchased under the Company’s Normal Course Issuer Bid program (“NCIB”) and $8.9 million in right of use payments. The Company also paid a dividend of $23.5 million to the government of Côte d’Ivoire with respect to their interest in Roxgold Sango which holds the Séguéla mine.

Fortuna | 19

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Capital Resources

The Company maintains a $150.0 million secured revolving credit facility (the “Credit Facility”) with an uncommitted accordion option of $75.0 million. The Credit Facility matures on October 31, 2028, and accrues interest on USBR Loans at the applicable US base rate plus an applicable margin of between 1.25% and 2.25% across all levels of the margin grid, and on Benchmark Loans at the adjusted term SOFR rate for the applicable term plus the applicable margin of between 2.25% and 3.25% across all levels of the margin grid.

As at August 5, 2026, the Credit Facility remains undrawn and the full $150.0 million was available to the Company.

Contractual Obligations

The expected maturity of our commitments and contractual obligations as at June 30, 2026 are outlined below:


	Expected payments due by year as at June 30, 2026
(in millions of US dollars)	Less than 1 year	1 - 3 years	4 - 5 years	After 5 years	Total
Trade and other payables	147.7	–	–	–	147.7
Debt	6.5	185.4	3.2	–	195.1
Closure and reclamation provisions	–	3.4	13.8	40.8	58.0
Income taxes payable	99.7	–	–	–	99.7
Lease obligations	39.3	52.6	10.7	11.3	113.9
Other liabilities	–	2.9	–	–	2.9
Total	293.2	244.3	27.7	52.1	617.3

Figures may not add due to rounding.
Debt includes principal and interest payments, except accrued interest which is included in trade and other payables.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements or commitments that are expected to have a current or future effect on the financial condition, results of operations, liquidity, capital expenditures, or capital resources that are material to investors.

FINANCIAL INSTRUMENTS

The Company does not utilize complex financial instruments in hedging foreign exchange or interest exposure. Any hedging activity requires approval of the Company’s Board of Directors. The Company will not hold or issue derivative instruments for speculative or trading purposes.

Provisionally priced trade receivables of $12.7 million and share units payable of $21.9 million are the Company’s Level 2 fair value assets and liabilities. The Company has no Level 3 fair value assets.

Provisionally priced trade receivables are valued using forward London Metal Exchange prices until final prices are settled at a future date. The fair value of the share units payable is calculated using the quoted market value of the Company’s common shares.

See note 3 (section l) and Note 28 of the 2025 Financial Statements for a discussion of the Company’s use of financial instruments, including a description of liquidity risks associated with such instruments.

Fortuna | 20

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

SHARE POSITION & OUTSTANDING OPTIONS & EQUITY BASED SHARE UNITS

The Company has 295,957,387 common shares outstanding as at August 5, 2026. In addition, there were 1,459,404 outstanding equity-settled share-based performance share units.

All of the outstanding share-settled performance units are subject to a multiplier ranging from 50% to 200% depending on the achievement level of certain performance targets.

On June 10, 2024, the Company issued an aggregate principal amount of $172.5 million of unsecured convertible senior notes (the “2024 Notes”). Subject to earlier redemption or purchase, holders may convert their 2024 Notes at any time until the close of business on the business day immediately preceding June 30, 2029. Upon conversion, holders of the 2024 Notes will receive common shares in the capital of the Company based on an initial conversion rate, subject to adjustment, of 151.7220 common shares per $1,000 principal amount of 2024 Notes. Assuming an initial conversion rate of 151.7220 common shares per $1,000 principal amount of 2024 Notes, a maximum of 26,172,045 common shares are issuable upon conversion of the 2024 Notes as at August 5, 2026.

Normal Course Issuer Bid

During the first six months of 2026, Company acquired under its NCIB program and cancelled 10,800,693 common shares at an average cost of US$9.31 per share.

RELATED PARTY TRANSACTIONS

Key Management Personnel

During the three and six months ended June 30, 2026 and 2025, the Company was charged for consulting services by Mario Szotlender, a director of the Company.

Other than transactions in the normal course of business and those noted above, and with the Board of Directors and key management personnel, the Company had no transactions between related parties during the three and six months ended June 30, 2026 and 2025.

NON-IFRS FINANCIAL MEASURES

The Company has disclosed certain financial measures and ratios in this MD&A which are not defined under IFRS and are not disclosed in the Financial Statements, including but not limited to: all-in costs; cash cost per ounce of gold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining costs per ounce of gold equivalent sold; all in cash cost per ounce of gold sold; cash cost per payable ounce of silver equivalent; all-in sustaining cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; all-in cash cost per payable ounce of silver equivalent sold; free cash flow and free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA; EBITDA margin; net debt and working capital.

Fortuna | 21

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by Management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. The Company has calculated these measures consistently for all periods presented with the exception of the following:

●

The calculation of Adjusted EBITDA was revised to no longer include right of use payments. Management elected to make the change to simplify the calculation and to better align with our peers to improve comparability

The following table outlines the non-IFRS financial measures and ratios, their definitions, the most directly comparable IFRS measures and why we use these measures.


Non-IFRS Financial Measure or Ratio	Definition	Most Directly Comparable IFRS Measure	Why we use this measure and why it is useful to investors
Silver Equivalent Ounces Sold	Silver equivalent ounces are calculated by converting other metal production to its silver equivalent using relative metal/silver metal prices at realized prices and adding the converted metal production expressed in silver ounces to the ounces of silver production.	Silver Ounces Sold	Management believes this provides a consistent way to measure costs.
Gold Equivalent Ounces Sold	Gold equivalent ounces are calculated by converting other metal production to its gold equivalent using relative metal/gold metal prices at realized prices and adding the converted metal production expressed in gold ounces to the ounces of gold production.	Gold Ounces Sold
Cash Costs	Cash costs include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining and processing costs, third-party refining and treatment charges, on-site general and administrative expenses, applicable production taxes and royalties which are not based on sales or taxable income calculations, and costs allocated to by-products, but are exclusive of the impact of non-cash items that are included as part of the cost of sales that is calculated in the consolidated Income Statement including depreciation and depletion, reclamation, capital, development and exploration costs.	Cost of Sales	Management believes that cash cost and AISC measures provide useful information regarding the Company's cost structure, ability to generate free cash flow and evaluate the relative performance of our operations. In addition, the Company believes that each measure provides useful information to our investors to evaluate cash flow generation and the costs necessary to maintain current production levels at an operation.
Cash Cost Per Ounce	This ratio is calculated by dividing cash costs by gold or silver equivalent ounces sold in the period.

Fortuna | 22

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)


Non-IFRS Financial Measure or Ratio		Definition	Most Directly Comparable IFRS Measure	Why we use this measure and why it is useful to investors
All-In Sustaining Costs (AISC)		The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted AISC and all-in sustaining cost measures based on guidance published by World Gold Council ("WGC"). The Company conforms its AISC and all-in cash cost definitions to that set out in the guidance and the Company has presented the cash cost figures on a sold ounce basis. We define All-in Sustaining Costs as total production cash costs incurred at the applicable mining operation but excludes mining royalty recognized as income tax within the scope of IAS-12, as well as non-sustaining capital expenditures. Sustaining capital expenditures, corporate selling, general and administrative expenses, gains from blue-chip swaps and brownfield exploration expenditures are added to the cash cost. AISC is estimated at realized metal prices.
AISC per Ounce Sold		This ratio is calculated by dividing AISC by gold or silver equivalent ounces sold in the period.
All-In Costs		All-In Costs is calculated consistently with AISC but is inclusive of growth capital.
Sustaining Capital		Sustaining capital represents the necessary capital investments to maintain current operations at their existing production levels including costs such as capitalized stripping and underground development.	Additions to Property Plant and Equipment	Management believes that sustaining and growth capital provide useful information to investors regarding the Company’s investment activities to both maintain the existing operations and invest in the future growth of the Company.
Growth Capital		Growth capital represents the capital investments necessary to expand current operations, develop new projects and build significant infrastructure.	Additions to Property Plant and Equipment
Free Cash Flow From Ongoing Operations		Free cash flow from ongoing operations is defined as net cash provided by operating activities, less sustaining capital expenditures and sustaining lease payments, plus blue-chip swap investments and adjusted for one-time items that the Company does not consider representative of future cash flows such as transaction costs and other non-recurring items.	Net Cash Provided by Operating Activities	This non-IFRS measure is used by the Company and investors to measure the cash flow available from its operations to fund the Company’s growth through investments and capital expenditures.
Free Cash Flow	Free cash flow is defined as net cash provided by operating activities less sustaining and growth capital expenditures and payment of lease obligations.		Net Cash Provided by Operating Activities	This non-IFRS measure is used by the Company to measure cash flow available after funding growth and sustaining capital and lease obligations to fund corporate activities without reliance on additional borrowings.

Fortuna | 23

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)


Non-IFRS Financial Measure or Ratio	Definition	Most Directly Comparable IFRS Measure	Why we use this measure and why it is useful to investors
Adjusted Net Income and Adjusted Attributable Net Income	Adjusted net income and adjusted attributable net income excludes the after-tax and non-controlling interest impact of specific items that are significant, which the Company believes are not reflective of the Company’s underlying performance for the reporting period, which includes but is not limited to: ◾ Acquisition/disposition gains and losses and the fees associated with executing the transaction; ◾ Impairment charges (reversals) related to mineral properties and PP&E; and ◾ Other items that are not indicative of the underlying operating performance of our core mining business	Net Income	Management believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information and information obtained from conventional IFRS measures to evaluate the Company’s performance.
Adjusted EBITDA	Adjusted EBITDA is a non-IFRS measure which is calculated as net income before interest, taxes, depreciation, and amortization, adjusted to exclude specific items that are significant, which the Company believes are not reflective of the Company’s underlying performance for the reporting period, which includes but is not limited to: ◾ Acquisition/disposition gains and losses and the fees associated with executing the transaction; ◾ Impairment charges (reversals) related to mineral properties and PP&E; and ◾ Other items that are not indicative of the underlying operating performance of our core mining business	Net Income	Management believes that adjusted EBITDA provides valuable information as an indicator of the Company’s ability to generate operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Adjusted EBITDA is also a common metric that provides additional information used by investors and analysts for valuation purposes based on an observed or inferred relationship between adjusted EBITDA and market value.
EBITDA Margin	This ratio is calculated by dividing Adjusted EBITDA by Sales
Working Capital	Working capital is a non-IFRS measure which is calculated by subtracting current liabilities from current assets.	Current Assets, Current Liabilities	Management believes that working capital is a useful indicator of the liquidity of the Company.
Net Debt	Net debt is a Non-IFRS measure which is calculated by adding together current and long term debt and then subtracting cash and cash equivalents.	Current Debt, Long Term Debt, Cash and Cash Equivalents	Management believes that net debt is a useful indicator of the liquidity of the Company.

Fortuna | 24

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Cash Cost per GEO Sold

The following tables present a reconciliation of cash cost per GEO sold to the cost of sales in the Q2 2026 Financial Statements for the three and six months ended June 30, 2026 and 2025:


Cash cost per gold equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	GEO cash costs
Cost of sales		46,434	68,260	20,258	134,952
Depletion, depreciation, and amortization		(15,155)	(23,406)	(4,475)	(43,036)
Royalties and taxes		(93)	(16,685)	(456)	(17,234)
Costs allocated to by-products		(1,492)	–	–	(1,492)
Other		15	–	(761)	(746)
Treatment and refining charges		–	–	2,272	2,272
Cash cost applicable per gold equivalent ounce sold		29,709	28,169	16,838	74,716
Ounces of gold equivalent sold		20,359	41,677	10,249	72,285
Cash cost per ounce of gold equivalent sold ($/oz)		1,459	676	1,643	1,034

Gold equivalent was calculated using the realized prices for gold of $4,447/oz Au, $75.22/oz Ag, $1,930/t Pb and $3,464/t Zn
Figures may not add due to rounding.


Cash cost per gold equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	GEO cash costs
Cost of sales		40,939	66,660	17,793	125,392
Depletion, depreciation, and amortization		(13,331)	(29,934)	(4,268)	(47,533)
Royalties and taxes		(92)	(11,152)	(295)	(11,539)
Costs allocated to by-products		(762)	–	–	(762)
Other		59	–	(663)	(604)
Treatment and refining charges		–	–	28	28
Cash cost applicable per gold equivalent ounce sold		26,813	25,574	12,595	64,982
Ounces of gold equivalent sold		23,350	38,144	8,484	69,978
Cash cost per ounce of gold equivalent sold ($/oz)		1,148	670	1,485	929

Gold equivalent was calculated using the realized prices for gold of $3,307/oz Au, $33.8/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025
Figures may not add due to rounding.


Cash cost per gold equivalent ounce sold - YTD 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	GEO cash costs
Cost of sales		88,112	141,264	36,210	265,588
Depletion, depreciation, and amortization		(30,088)	(49,506)	(8,117)	(87,711)
Royalties and taxes		(155)	(35,074)	(927)	(36,156)
Costs allocated to by-products		(2,745)	–	–	(2,745)
Other		84	–	(1,601)	(1,517)
Treatment and refining charges		–	–	4,169	4,169
Cash cost applicable per gold equivalent ounce sold		55,208	56,684	29,734	141,626
Ounces of gold equivalent sold		41,470	83,731	17,387	142,588
Cash cost per ounce of gold equivalent sold ($/oz)		1,331	677	1,710	993

Gold equivalent was calculated using the realized prices for gold of $4,667/oz Au, $78.32/oz Ag, $1,925/t Pb and $3,363/t Zn
Figures may not add due to rounding.

Fortuna | 25

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)


Cash cost per gold equivalent ounce sold - YTD 2025
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	GEO cash costs
Cost of sales		72,744	132,085	35,256	240,085
Depletion, depreciation, and amortization		(23,130)	(60,245)	(8,637)	(92,012)
Royalties and taxes		(187)	(21,285)	(535)	(22,007)
Costs allocated to by-products		(1,493)	–	–	(1,493)
Other		182	–	(1,322)	(1,140)
Treatment and refining charges		–	–	78	78
Cash cost applicable per gold equivalent ounce sold		48,116	50,555	24,840	123,511
Ounces of gold equivalent sold		41,931	76,583	18,833	137,347
Cash cost per ounce of gold equivalent sold ($/oz)		1,147	660	1,319	899

Gold equivalent was calculated using the realized prices for gold of $3,103/oz Au, $32.8/oz Ag, $1,958/t Pb and $2,747/t Zn for YTD 2025
Figures may not add due to rounding.

All-in Sustaining Cash Cost and All-in Cash Cost per GEO Sold

The following tables show a breakdown of the all-in sustaining cash cost per GEO sold for the three and six months ended June 30, 2026 and 2025:


AISC per gold equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold		29,709	28,169	16,838	–	74,716
Royalties and taxes		93	16,685	456	–	17,234
Worker's participation		–	–	914	–	914
General and administration		3,023	3,486	2,080	9,044	17,633
Other		–	–	–	–	–
Total cash costs		32,825	48,340	20,288	9,044	110,497
Sustaining capital⁽¹⁾		13,284	25,220	6,929	–	45,433
Blue chips gains (investing activities)⁽¹⁾		–	–	–	–	–
All-in sustaining costs		46,109	73,560	27,217	9,044	155,930
Gold equivalent ounces sold		20,359	41,677	10,249	–	72,285
All-in sustaining costs per ounce		2,265	1,765	2,656	–	2,157

Gold equivalent was calculated using the realized prices for gold of $4,447/oz Au, $75.22/oz Ag, $1,930/t Pb and $3,464/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.

Fortuna | 26

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

AISC per gold equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold		26,813	25,574	12,595	–	64,982
Royalties and taxes		92	11,152	295	–	11,539
Worker's participation		–	–	760	–	760
General and administration		2,577	3,038	1,672	13,175	20,462
Other		–	–	–	–	–
Total cash costs		29,482	39,764	15,322	13,175	97,743
Sustaining capital⁽¹⁾		12,147	22,549	2,729	–	37,425
Blue chips gains (investing activities)⁽¹⁾		–	–	–	–	–
All-in sustaining costs		41,629	62,313	18,051	13,175	135,168
Gold equivalent ounces sold		23,350	38,144	8,484	–	69,978
All-in sustaining costs per ounce		1,783	1,634	2,128	–	1,932

Gold equivalent was calculated using the realized prices for gold of $3,307/oz Au, $33.8/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025
Figures may not add due to rounding.
(1) Presented on a cash basis.


AISC per gold equivalent ounce sold - YTD 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold		55,208	56,684	29,734	–	141,626
Royalties and taxes		155	35,074	927	–	36,156
Worker's participation		–	–	2,187	–	2,187
General and administration		6,028	7,438	2,973	26,824	43,263
Other		–	874	–	–	874
Total cash costs		61,391	100,070	35,821	26,824	224,106
Sustaining capital⁽¹⁾		22,350	47,501	10,304	–	80,155
Blue chips gains (investing activities)⁽¹⁾		–	–	–	–	–
All-in sustaining costs		83,741	147,571	46,125	26,824	304,261
Gold equivalent ounces sold		41,470	83,731	17,387	–	142,588
All-in sustaining costs per ounce		2,019	1,762	2,653	–	2,134

Gold equivalent was calculated using the realized prices for gold of $4,667/oz Au, $78.32/oz Ag, $1,925/t Pb and $3,363/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.

Fortuna | 27

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)


AISC per gold equivalent ounce sold - YTD 2025
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold		48,116	50,555	24,840	–	123,511
Royalties and taxes		187	21,285	535	–	22,007
Worker's participation		–	–	1,499	–	1,499
General and administration		5,057	5,262	4,127	28,548	42,994
Other		–	–	–	–	–
Total cash costs		53,360	77,102	31,001	28,548	190,011
Sustaining capital⁽¹⁾		25,091	34,801	4,974	–	64,866
Blue chips gains (investing activities)⁽¹⁾		(1,319)	–	–	–	(1,319)
All-in sustaining costs		77,132	111,903	35,975	28,548	253,558
Gold equivalent ounces sold		41,931	76,583	18,833	–	137,347
All-in sustaining costs per ounce		1,839	1,461	1,910	–	1,846

Gold equivalent was calculated using the realized prices for gold of $3,103/oz Au, $32.8/oz Ag, $1,958/t Pb and $2,747/t Zn for YTD 2025
Figures may not add due to rounding.
(3) Presented on a cash basis.

Production Cash Cost per Payable Ounce of Silver Equivalent Sold

The following tables present a reconciliation of cash cost per ounce of silver equivalent sold to the cost of sales for the three and six months ended June 30, 2026 and 2025:


Cash cost per silver equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cost of sales		20,258
Depletion, depreciation, and amortization		(4,475)
Royalties and taxes		(456)
Other		(761)
Treatment and refining charges		2,272
Cash cost applicable per silver equivalent sold		16,838
Ounces of silver equivalent sold^(1,2)		606,343
Cash cost per ounce of silver equivalent sold ($/oz)		27.77

(1) Silver equivalent sold is calculated using a silver to gold ratio of 63.1:1, silver to lead ratio of 1:86.1 pounds, and silver to zinc ratio of 1:47.9 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.


Cash cost per silver equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cost of sales		17,793
Depletion, depreciation, and amortization		(4,268)
Royalties and taxes		(295)
Other		(663)
Treatment and refining charges		28
Cash cost applicable per silver equivalent sold		12,595
Ounces of silver equivalent sold^(1,2)		830,824
Cash cost per ounce of silver equivalent sold ($/oz)		15.16

Fortuna | 28

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

1 Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
Figures have been restated to remove Right of Use.
Figures may not add due to rounding.


Cash cost per silver equivalent ounce sold - YTD 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cost of sales		36,210
Depletion, depreciation, and amortization		(8,117)
Royalties and taxes		(927)
Other		(1,601)
Treatment and refining charges		4,169
Cash cost applicable per silver equivalent sold		29,734
Ounces of silver equivalent sold^(1,2)		1,032,300
Cash cost per ounce of silver equivalent sold ($/oz)		28.80

(1) Silver equivalent sold is calculated using a silver to gold ratio of 61.1:1, silver to lead ratio of 1:89.8 pounds, and silver to zinc ratio of 1:51.4 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.


Cash cost per silver equivalent ounce sold - YTD 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cost of sales		35,256
Depletion, depreciation, and amortization		(8,637)
Royalties and taxes		(535)
Other		(1,322)
Treatment and refining charges		78
Cash cost applicable per silver equivalent sold		24,840
Ounces of silver equivalent sold^(1,2)		1,783,961
Cash cost per ounce of silver equivalent sold ($/oz)		13.92

¹ Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
² Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
Figures have been restated to remove Right of Use.
Figures may not add due to rounding.

All-in Sustaining Cash Cost and All-in Cash Cost per Payable Ounce of Silver Equivalent Sold

The following tables show a breakdown of the all-in sustaining cash cost per payable ounce of silver equivalent sold for the three and six months ended June 30, 2026 and 2025:


AISC per silver equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		16,838
Royalties and taxes		456
Worker's participation		914

Fortuna | 29

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

General and administration		2,080
Total cash costs		20,288
Sustaining capital⁽³⁾		6,929
All-in sustaining costs		27,217
Silver equivalent ounces sold^(1,2)		606,343
All-in sustaining costs per ounce		44.89

(1) Silver equivalent sold is calculated using a silver to gold ratio of 63.1:1, silver to lead ratio of 1:86.1 pounds, and silver to zinc ratio of 1:47.9 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.


AISC per silver equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		12,595
Royalties and taxes		295
Worker's participation		760
General and administration		1,672
Total cash costs		15,322
Sustaining capital⁽³⁾		2,729
All-in sustaining costs		18,051
Silver equivalent ounces sold^(1,2)		830,824
All-in sustaining costs per ounce		21.73

1 Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
(3) Presented on a cash basis.


AISC per silver equivalent ounce sold - YTD 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		29,734
Royalties and taxes		927
Worker's participation		2,187
General and administration		2,973
Total cash costs		35,821
Sustaining capital⁽³⁾		10,304
All-in sustaining costs		46,125
Silver equivalent ounces sold^(1,2)		1,032,300
All-in sustaining costs per ounce		44.68

(1) Silver equivalent sold is calculated using a silver to gold ratio of 61.1:1, silver to lead ratio of 1:89.8 pounds, and silver to zinc ratio of 1:51.4 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.


AISC per silver equivalent ounce sold - YTD 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		24,840
Royalties and taxes		535
Worker's participation		1,499
General and administration		4,127
Total cash costs		31,001
Sustaining capital⁽³⁾		4,974
All-in sustaining costs		35,975
Silver equivalent ounces sold^(1,2)		1,783,961

Fortuna | 30

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

All-in sustaining costs per ounce		20.17

1 Silver equivalent sold is calculated using a silver to gold ratio of 0.0:1, silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
(3) Presented on a cash basis.

Growth and Sustaining Capital Expenditures

The following tables present a reconciliation of growth and sustaining capital expenditures for the three and six months ended June 30, 2026 and 2025.



Capital expenditures for AISC - Q2 2026
(in thousands of US dollars)		Lindero	Séguéla	Caylloma	Corporate	Total
Additions to mineral properties and property, plant, and equipment		16,136	29,323	5,902	16,516	67,877
Growth capital		(4,083)	(10,594)	(123)	(16,516)	(31,316)
Sustaining capital		12,053	18,729	5,779	–	36,561
Sustaining leases		1,231	6,491	1,150	–	8,872
Capital expenditures for AISC		13,284	25,220	6,929	–	45,433

Figures may not add due to rounding.



Capital expenditures for AISC - Q2 2025
(in thousands of US dollars)		Lindero	Séguéla	Caylloma	Corporate	Total
Additions to mineral properties and property, plant, and equipment		13,183	23,603	2,293	7,936	47,015
Growth capital		(1,827)	(5,538)	(305)	(7,936)	(15,606)
Sustaining capital		11,356	18,065	1,988	–	31,409
Sustaining leases		791	4,484	741	–	6,016
Capital expenditures for AISC		12,147	22,549	2,729	–	37,425

Figures may not add due to rounding.


Capital expenditures for AISC - YTD 2026
(in thousands of US dollars)		Lindero	Séguéla	Caylloma	Corporate	Total
Additions to mineral properties and property, plant, and equipment		24,520	53,984	8,219	26,435	113,158
Growth capital		(4,798)	(17,238)	(199)	(26,435)	(48,670)
Sustaining capital		19,722	36,746	8,020	–	64,488
Sustaining leases		2,628	10,755	2,284	–	15,667
Capital expenditures for AISC		22,350	47,501	10,304	–	80,155

Figures may not add due to rounding.


Capital expenditures for AISC - YTD 2025
(in thousands of US dollars)		Lindero	Séguéla	Caylloma	Corporate	Total
Additions to mineral properties and property, plant, and equipment		25,852	41,423	4,157	13,536	84,968
Growth capital		(2,134)	(14,745)	(554)	(13,536)	(30,969)
Sustaining capital		23,718	26,678	3,603	–	53,999
Sustaining leases		1,373	8,123	1,372	–	10,868
Capital expenditures for AISC		25,091	34,801	4,975	–	64,867

Fortuna | 31

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)


Figures may not add due to rounding.

Free Cash Flow and Free Cash Flow from Ongoing Operations

The following table presents a reconciliation of free cash flow and free cash flow from ongoing operations to net cash provided by operating activities, the most directly comparable IFRS measure, for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,		Six months ended June 30,
(in millions of US dollars)	2026	2025	2026	2025

Net cash provided by operating activities	138.3	67.3	347.6	193.7
Additions to mineral properties, plant and equipment	(67.9)	(47.0)	(113.2)	(86.6)
Payments of lease obligations	(9.0)	(6.4)	(15.8)	(12.4)
Free cash flow	61.4	13.9	218.6	94.7
Growth capital	31.3	15.6	48.7	31.0
Discontinued operations	–	26.2	–	(7.7)
Gain on blue chip swap investments	–	–	–	1.3
Advances and other	(7.0)	1.7	(7.6)	4.8
Free cash flow from ongoing operations	85.7	57.4	259.7	124.1

Figures may not add due to rounding.

Adjusted Net Income

The following table presents a reconciliation of the adjusted net income from net income, the most directly comparable IFRS measure, for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,		Six months ended June 30,
(in millions of US dollars)	2026	2025	2026	2025
Net income	83.7	44.1	203.7	108.8
Adjustments, net of tax:
Discontinued operations	–	3.6	–	(22.3)
Write off of mineral properties	–	2.0	–	2.0
Other non-cash/non-recurring items	–	0.1	(0.1)	0.4
Adjusted net income	83.7	49.8	203.6	88.9

Figures may not add due to rounding.

Fortuna | 32

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Adjusted EBITDA

The following table presents a reconciliation of Adjusted EBITDA from net income, the most directly comparable IFRS measure, for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,		Six months ended June 30,
(in millions of US dollars)	2026	2025	2026	2025
Net income	83.7	44.1	203.7	108.8
Adjustments:
Community support provision and accruals	–	–	–	(0.2)
Discontinued operations	–	3.6	–	(22.3)
Inventory adjustment	–	–	(0.1)	–
Net finance items	2.1	3.4	4.0	6.5
Depreciation, depletion, and amortization	44.0	48.0	89.9	93.0
Income taxes	71.0	33.7	129.4	49.0
Investment income	–	(1.7)	–	(1.7)
Other operating expenses (income)	0.0	–	(7.0)	–
Other non-cash/non-recurring items	(0.0)	2.2	(0.3)	2.7
Adjusted EBITDA	200.8	133.3	419.6	235.8
Sales	318.4	230.4	660.9	425.5
EBITDA margin	63%	58%	63%	55%

Figures may not add due to rounding.

Adjusted Attributable Net Income

The following table presents a reconciliation of Adjusted Attributable Net Income from attributable net income, the most directly comparable IFRS measure, for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,		Six months ended June 30,
(in millions of US dollars)	2026	2025	2026	2025
Net income attributable to shareholders	75.5	37.3	186.5	95.8
Adjustments, net of tax:
Discontinued operations	–	3.6	–	(22.3)
Write off of mineral properties	–	2.0	–	2.0
Inventory adjustment	–	–	–	(0.2)
Other non-cash/non-recurring items	–	1.8	–	5.1
Adjusted attributable net income	75.5	44.7	186.5	80.4

Figures may not add due to rounding.

Net Debt

The following table presents a reconciliation of debt to total net debt and total net debt to adjusted EBITDA ratio as at June 30, 2026:



(in millions of US dollars, except Total net debt to adjusted EBITDA ratio)												June 30, 2026
2024 Convertible Notes												172.5
Less: cash and cash equivalents and short-term investments												(606.7)
Total net debt												(434.2)
Adjusted EBITDA (last four quarters)												707.6

Fortuna | 33

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Total net debt to adjusted EBITDA ratio

(0.6):1

Working Capital

The following table presents a calculation of working capital as at June 30, 2026 and 2025:


(in millions of US dollars)	June 30, 2026	June 30, 2025
Current assets	835.5	587.5
Current liabilities	278.2	217.0
Working capital	557.3	370.5

Figures may not add due to rounding.

Qualified Person

Eric Chapman, Senior Vice-President of Technical Services, is a Professional Geoscientist of the Engineers and Geoscientists of British Columbia (Registration Number 36328) and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this MD&A and has verified the underlying data.

Other Information, Risks and Uncertainties

For further information regarding the Company’s operational risks, please refer to the section entitled “Description of the Business - Risk Factors” in the Company’s most recent Annual Information Form that is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.shtml.

RISKS AND UNCERTAINTIES

In the exploration, development and mining of mineral deposits, we are subject to various significant risks. Several of these financial and operational risks could have a significant impact on our cash flows and profitability. The most significant risks and uncertainties we face include: operating hazards and risks incidental to mining activities; occupational health and safety hazards; mineral resources, mineral reserves and metal recoveries are estimated; the ability to replace mineral reserves; hazards and risks relating to tailings, heap leach and waste rock facilities; assumptions that the Company must make in determining production schedules, economic returns and costs; exploration projects such as Diamba Sud are uncertain; the substantial capital required for exploration and the development of infrastructure and for expansion projects, such as the expansion of the Séguéla processing plant and the development of underground mining at the Sunbird deposit at Séguéla; existing and future environmental regulation; political and economic risk in the jurisdictions in which we operate; uncertainties relating to new mining operations; uncertainties relating to obtaining all permits required for operations, including an exploitation permit for the Diamba Sud project and an environmental permit for underground mining at the Sunbird deposit at the Séguéla mine; global geopolitical risk; repatriation of funds; government regulations and permit requirements, environmental legislation; abnormal or extreme natural events; climate change and weather; risks related to securing required supplies of power and water; labor relations; taxation changes; potential conflicts in partnerships and joint arrangements; use of outside contractors; imposition of trade tariffs; maintenance of mining concessions, challenges to the Company’s title to its properties; the termination of mining concessions in certain circumstances; risks related to artisanal or informal mining on the Company’s properties; compliance with ILO Convention 169; maintaining relationships with local communities; reputational risk; opposition to the Company’s exploration, development or operational activities; funding for exploration and development; production risk at our operating mine sites; failure to complete proposed acquisitions or business arrangements; our ability to service and repay our debt; restrictive covenants that impose significant operating and financial restrictions; change of control restrictions; debt service obligations; breach and default under indebtedness; credit ratings; our ability to attract and retain a skilled

Fortuna | 34

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

workforce; critical infrastructure failures; the ability to maintain appropriate and adequate insurance across all jurisdictions; risks relating to conflicts of interests of our directors and officers; our compliance with corruption and antibribery laws and sanctions; risks related to legal proceedings that arise in the ordinary course of business; foreign currency risk; fluctuations in metal prices; our ability to sell to a limited number of smelters and off-takers; tax matters; credit risk on receivables; sufficiency of monies allotted by the Company for mine closure and reclamation obligations; risks relating to operational and governance practices being challenged by activist shareholders and proxy solicitation firms; risks related to the Company’s compliance with the United States Sarbanes-Oxley Act; risks related to information and operation technology systems; results of future legal proceedings and contract settlements; pandemics, epidemics and public health crises; volatility in the market price of the Company’s common shares; risks related to the 2024 Notes; dilution of shareholders from future offerings of the Company’s common shares or securities convertible into common shares; dividends; credit risk through VAT receivables; supply chain disruptions; tax-related risks, including tax and audits and reassessments; risks relating to the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); and competition. These risks are not a comprehensive list of the risks and uncertainties that we face. Risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results of operations and prospects. For a comprehensive discussion on risks and uncertainties, in respect of our business and share price, refer to the section 'Risk Factors' in our current Annual Information Form for the year ended December 31, 2025 as well as the section ‘Risks and Uncertainties’ in the management’s discussion and analysis for the year ended December 31, 2025 (which are available on SEDAR+ at www.sedarplus.ca).

Significant changes to our financial, operational and business risks exposure during the three and six months ended June 30, 2026 and up to the date of this MD&A include the following:

●

On February 28 2026, the United Stated initiated military action in Iran which has led to instability in the Middle East and the disruption of global energy markets. Heightened tensions and hostilities in the Middle East increase the risk of escalation of further military action, sanctions, trade disruptions, energy price volatility and broader geopolitical uncertainty. Such conflict may adversely affect global economic conditions, including through disruptions to international trade, capital markets, transportation networks and supply chains, increased inflationary pressures, higher interest rates, currency volatility and reduced investor confidence. Escalation of hostilities in the Middle East has also contributed to volatility in global energy markets, increasing fuel, power and transportation costs. Any sustained increase in such costs could negatively affect the Company’s operating costs, project economics, capital expenditures and margins.

CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS

The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

For further information on our significant judgements and accounting estimates, refer to note 4 of the 2025 Financial Statements.

Changes in Accounting Policies

Fortuna | 35

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

The Company is currently assessing the detailed implications of applying the new standard on the financial statements and the following potential impacts have been identified based on the Company’s preliminary assessment:

●

The Company will be required to present specific subtotals, including operating profit and profit before financing and income taxes;

●

The Company will be required to provide additional note disclosures regarding the nature of certain operating expenses; and

●

The starting point for the indirect method of reporting cash flows from operating activities will change to operating profit (currently, net income from continuing operations).

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures have been designed to provide reasonable assurance that all material information related to the Company is identified and communicated to management on a timely basis. Management of the Company, under the supervision of the President and Chief Executive Officer and the Chief Financial Officer, is responsible for the design and operation of disclosure controls and procedures in accordance with the requirements of National Instrument 52-109 of the Canadian Securities Administrators and as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended.

Management’s Report on Internal Control over Financial Reporting

The Company’s internal control over financial reporting (“ICFR”) is designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external reporting purposes in accordance with IFRS as issued by the International Accounting Standards Board. However, due to its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements and fraud.

There have been no changes in the Company’s internal control over financial reporting for the three and six months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This MD&A and any documents incorporated by reference into this MD&A includes certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the United States Securities Exchange Act of 1934, as amended, and “forward-looking information” within the meaning of applicable

Fortuna | 36

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Canadian securities legislation (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are often, but not always, identified by the use of words such as “anticipates”, “believes”, “plans”, “estimates”, “expects”, “forecasts”, “targets”, “possible”, “potential”, “intends”, “advance”, “goal”, “objective”, “projects”, “budget”, “calculates” or statements that events, “will”, “may”, “could” or “should” occur or be achieved and similar expressions, including negative variations. The Forward-looking Statements in this MD&A include, without limitation, statements relating to: Mineral Resource and Mineral Reserve estimates as they involve the implied assessment, based on estimates and assumptions that the resources and reserves described exist in the quantities predicted or estimated and can be profitably produced in the future; the Company's plans and expectations for its material properties and future exploration, development and operating activities, including, without limitation, capital expenditure, production and cash cost and all-in sustaining costs (“AISC”) estimates, exploration activities and budgets, forecasts and schedule estimates, as well as their impact on the results of operations or financial condition of the Company; exploration plans; statements establishing sustainability and environmental targets, goals, and strategies, and the ability to meet the same; the future results of exploration activities; statements regarding the Company’s plans to expand the Séguéla processing plant, upgrade supporting infrastructure and develop the Sunbird underground mine, including the estimated capital cost of the expansion and how the project will be funded, the anticipated increased production, the timeline to complete the project and the proposed timing for the start of underground mining at the Sunbird deposit; the timeline for the Company to commence an exploration field program at the Quartzstone Project in Guyana; that the Company’s exploration activities will be successful and that it will be able to increase its mineral resources at its existing deposits; the ability of the Company to continue to repatriate funds from Argentina; the Company’s expectation that there are no changes in internal controls that are reasonably likely to materially affect the Company’s internal control over financing reporting; expected maturities of the Company’s financial liabilities, lease obligations and other contractual commitments; property permitting and litigation matters; the fluctuation of its effective tax rate in the jurisdictions where the Company does business; and statements regarding the NCIB program.

The forward-looking statements in this MD&A also include financial outlooks and other forward-looking metrics relating to Fortuna and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of Fortuna and its business and properties. These projections are provided to describe the prospective performance of the Company's business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.

Fortuna | 37

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

sustainability, environmental, diversity or safety targets, goals, and strategies (including greenhouse gas emissions reduction targets); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, Iran – Israel and US, and Israel – Hamas conflicts, and the impact they may have on global economic activity which may have impacts on the Company’s operational and capital expenditure budgets, including for the Diamba Sud project and the expansion of the Séguéla processing plant; risks relating to the termination of the Company’s mining concessions in certain circumstances; risks related to International Labor Organization (“ILO”) Convention 169 compliance; developing and maintaining good relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities and expansion projects such as the expansion of the Séguéla processing plant; substantial reliance on the Séguéla Mine and the Lindero Mine for revenues; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; reliance on key personnel; uncertainty relating to potential conflicts of interest involving the Company’s directors and officers; risks associated with the Company’s reliance on local counsel and advisors and the experience of its management and board of directors in foreign jurisdictions; adequacy of insurance coverage; operational safety and security risks; risks related to the Company’s compliance with the United States Sarbanes-Oxley Act; risks related to the foreign corrupt practices regulations and anti-bribery laws; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to pandemics, epidemics and public health crises; and the impact they might have on the Company’s business, operations and financial condition; the Company’s ability to access its supply chain; the ability of the Company to transport its products; and impacts on the Company’s employees and local communities all of which may affect the Company’s ability operate; competition; fluctuations in metal prices; regulations and restrictions with respect to imports; the imposition of trade tariffs and the effect that they might have on the Company’s operations; high rates of inflation; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and restrictions on foreign exchange and currencies; failure to meet covenants under its credit facility, or an event of default which may reduce the Company’s liquidity and adversely affect its business; tax audits and reassessments; risks relating to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; uncertainty relating to nature and climate change conditions; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; risks related to the volatility of the trading price of the Company’s common shares; dilution from further equity or convertible debenture financings; risks related to future insufficient liquidity resulting from a decline in the price of the Company’s common shares; uncertainty relating to the Company’s ability to pay dividends in the future; risks relating to the market for the Company’s securities; risks relating to the convertible notes of the Company; and uncertainty relating to the enforcement of any U.S. judgments which may be brought against the Company; as well as those factors referred to in the “Risks and Uncertainties” section in this MD&A and in the “Risk Factors” section in our Annual Information Form for the financial year ended December 31, 2025 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar.shtml. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Fortuna | 38

Fortuna Mining Corp.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

(in US dollars, tabular amounts in millions, except where noted)

Forward-looking Statements contained in this MD&A are based on the assumptions and factors management considers reasonable as at the date of this MD&A, including but not limited to: all required third party contractual, regulatory and governmental approvals will be obtained and maintained for the exploration, development, construction and production of its properties; there being no significant disruptions affecting operations, whether relating to labor, supply, power, blockades, damage to equipment or other matter; there being no material and negative impact to the various contractors, suppliers and subcontractors at the Company’s mine sites as a result of the Ukrainian – Russian, Iran – Israel and US, and Israel – Hamas conflicts or otherwise that would impair their ability to provide goods and services; permitting, construction, development, expansion, and production continuing on a basis consistent with the Company’s current expectations; expected trends and specific assumptions regarding metal prices and currency exchange rates; prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining consistent with current levels; production forecasts meeting expectations; any investigations, claims, and legal, labor and tax proceedings arising in the ordinary course of business will not have a material effect on the results of operations or financial condition of the Company; and the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates.

These Forward-looking Statements are made as of the date of this MD&A. There can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on Forward-looking Statements. Except as required by law, the Company does not assume the obligation to revise or update these Forward-looking Statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF RESERVES AND RESOURCES

The Company is a Canadian “foreign private issuer” as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States.

Technical disclosure regarding the Company’s properties included herein was prepared in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs from the disclosure requirements of the SEC generally applicable to U.S. companies. Accordingly, information contained herein is not comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Fortuna | 39

EX-99.3 4 tmb-20260805xex99d3.htm EX-99.3

Exhibit 99.3

FORTUNA MINING CORP.

Form 52-109F2

Certification of Interim Filings – Full Certificate

I, Jorge Ganoza Durant, Chief Executive Officer of Fortuna Mining Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “Interim Filings”) of Fortuna Mining Corp. (the “Issuer”) for the interim period ended June 30, 2026.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the Interim Filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, for the period covered by the Interim Filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the Interim Filings fairly present in all material respects the financial condition, financial performance and cash flows of the Issuer, as of the date of and for the periods presented in the Interim Filings.

Responsibility: The Issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109, Certification of Disclosure in Issuers’ Annual and Interim Filings, for the Issuer.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the Issuer’s other certifying officer and I have, as at the end of the period covered by the Interim Filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the Issuer is made known to us by others, particularly during the period in which the Interim Filings are being prepared; and

(ii)

information required to be disclosed by the Issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the Issuer’s GAAP.

5.1	Control framework: The control framework the Issuer’s other certifying officer and I used to design the Issuer’s ICFR is Committee of Sponsoring Organizations of the Treadway Commission.

5.2

N/A.

-2-

5.3N/A.

6.	Reporting changes in ICFR: The Issuer has disclosed in its interim MD&A any change in the Issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Issuer’s ICFR.

DATED: August 5, 2026

/s/ “Jorge Ganoza Durant” 

JORGE GANOZA DURANT,

Chief Executive Officer

EX-99.4 5 tmb-20260805xex99d4.htm EX-99.4

Exhibit 99.4

FORTUNA MINING CORP.

Form 52-109F2

Certification of Interim Filings – Full Certificate

I, Luis Ganoza Durant, Chief Financial Officer of Fortuna Mining Corp., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “Interim Filings”) of Fortuna Mining Corp. (the “Issuer”) for the interim period ended June 30, 2026.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the Issuer’s other certifying officer and I have, as at the end of the period covered by the Interim Filings

(a)

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)

material information relating to the Issuer is made known to us by others, particularly during the period in which the Interim Filings are being prepared; and

(ii)

(b)

5.1	Control framework: The control framework the Issuer’s other certifying officer and I used to design the Issuer’s ICFR is Committee of Sponsoring Organizations of the Treadway Commission.

5.2

N/A.

-2-

5.3N/A.

6.	Reporting changes in ICFR: The Issuer has disclosed in its interim MD&A any change in the Issuer’s ICFR that occurred during the period beginning on April 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Issuer’s ICFR.

DATED: August 5, 2026

/s/ “Luis Ganoza Durant” 

LUIS GANOZA DURANT,

Chief Financial Officer

EX-99.5 6 tmb-20260805xex99d5.htm EX-99.5

Fortuna Reports Results for the Second Quarter 2026

(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, August 5, 2026: 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 flow¹ 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 income¹ 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 EBITDA¹ 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 production² 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 GEO¹ 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 to anchor our next phase of growth. Refer to the News Release dated June 29, 2026 “Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz”.

●

Provided a final investment decision for the Séguéla Plant Expansion to unlock the potential of the mine and provide a pathway to production of over 200,000 ounces per year. Refer to the News Release dated July 29, 2026 “Fortuna Approves 30% Capacity Expansion of the Séguéla Gold Mine in Côte d’Ivoire”.

●

Management Promotions

●

Effective September 1, Luis Dario Ganoza will be promoted to President from his current role as Chief Financial Officer, and Kevin O’Reilly will be promoted to Chief Financial Officer from his current role as Vice President, Finance and Accounting. Luis and Kevin have been with Fortuna for 20 and 5 years, respectively, and these promotions reflect the Company’s next phase of growth as it prepares to advance construction of the Diamba Sud Project, execute the Séguéla mine expansion, and continue pursuing its broader growth ambitions.

Fortuna | 2

Second Quarter 2026 Consolidated Results


	Three months ended				Six months ended June 30,
(in millions of US dollars)	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Q2 % Change	2026	2025		% Change
OPERATING STATISTICS
GEO production from continuing operations⁽¹⁾⁽²⁾	72,872	72,217	71,229	1%	145,089		141,615	2%
Cash cost continuing operations($/oz GEO)⁽¹⁾⁽²⁾	951	1,034	929	11%	993		899	10%
AISC continuing operations($/oz GEO)⁽¹⁾⁽²⁾	2,107	2,157	1,932	12%	2,134		1,846	16%
Realized price Gold ($/oz)	4,884	4,447	3,307	34%	4,667		3,103	50%
FINANCIAL HIGHLIGHTS
Sales	342.5	318.4	230.4	38%	660.9		425.5	55%
Attributable net income from continuing operations	111.0	75.5	42.6	77%	186.5		78.1	139%
Attributable earnings per share from continuing operations - basic	0.36	0.25	0.14	79%	0.62		0.25	148%
Adjusted EBITDA⁽¹⁾	218.8	200.8	133.3	51%	419.6		235.8	78%
CASH FLOW AND CAPEX
Net cash provided by operating activities - continuing operations	209.4	138.3	92.7	49%	347.6		181.7	91%
Free cash flow from ongoing operations ⁽¹⁾	174.0	85.7	57.4	49%	259.7		124.1	109%
Capital expenditures⁽³⁾
Sustaining	27.9	36.6	31.4	17%	64.5		54.0	19%
Sustaining leases	6.8	8.9	6.0	48%	15.7		10.9	44%
Growth capital	17.4	31.3	15.6	101%	48.7		31.0	57%

					Jun. 30, 2026		Dec. 31, 2025	% Change
Cash and cash equivalents and short-term investments					606.7		554.0	10%
Net liquidity position (excluding letters of credit)					756.7		704.0	7%
Shareholder's equity attributable to Fortuna shareholders					1,767.0		1,677.0	5%

(1) Refer to Non-IFRS Financial Measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and for the three months ended March 31, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.
(2) Gold equivalent was calculated using the realized prices for gold of $4,447/oz Au, $75.22/oz Ag, $1,930/t Pb and $3,464/t Zn for Q2 2026. Gold equivalent was calculated using the realized prices for gold of $3,307/oz Au, $33.77/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025.Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn for Q1 2026. Gold equivalent was calculated using the realized prices for gold of $4,667/oz Au, $78.32/oz Ag, $1,925/t Pb and $3,363/t Zn for YTD 2026. Gold equivalent was calculated using the realized prices for gold of $3,103/oz Au, $32.8/oz Ag, $1,958/t Pb and $2,747/t Zn for YTD 2025.
(3) Capital expenditures are presented on a cash basis
Figures may not add due to rounding

Fortuna | 3

Second Quarter 2026 Results

Q2 2026 vs First Quarter 2026 (“Q1 2026”)

Cash cost per ounce and AISC

Cash cost per GEO sold from continuing operations was $1,034 in Q2 2026, representing an $83 increase compared to $951 recorded in Q1 2026 and All-in sustaining costs per GEO from continuing operations was $2,157 representing a $49 increase from the $2,107 recorded in the prior quarter. Compared to underlying annual guidance projections AISC contains a $49 impact from external factors and approximately $115 of one-time operational items; external factors consisted mainly of $41 from the appreciation of the Argentine peso at our Lindero mine, $37 higher royalties due to gold prices, $24 from higher diesel prices and inflationary effects on contractor unit prices, partially offset by $48 from a decrease in share-based compensation. Internal factors were mainly related to the primary crusher refurbishment shutdown at Lindero and mobilization costs of an added mining contractor at Séguéla.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations for the period was $75.5 million in Q2 2026, compared to $111.0 million in Q1 2026.

After adjusting for non-recurring items, adjusted attributable net income was $75.5 million or $0.25 per share compared to $111.0 million or $0.36 per share in Q1 2026. The decrease was primarily due to lower realized gold prices, a higher effective tax rate of 46% compared to 33% in Q1 2026 and a higher cost per GEO. The realized gold price in Q2 2026 was $4,447 per ounce compared to $4,884 in Q1 2026. The higher effective tax rate was mostly the result of higher deferred taxes at Lindero resulting from the devaluation of the Argentine peso. Higher cost per GEO was mostly due to the impact of increased costs at Lindero due to real appreciation of the Argentine peso and one-time items in the quarter and higher royalties at Séguéla.

Foreign Exchange

In Q2 2026, the Company recorded a foreign exchange loss of $6.3 million compared to a loss of $2.1 million in Q1 2026. The foreign exchange loss was due to the purchase of US dollars in Argentina for repatriation and movement in the Euro and the impact on cash and VAT balances in Côte d’Ivoire held in West African Francs.

Cash Flow

Net cash generated by operations before changes in working capital totaled $123.7 million or $0.41 per share. After adjusting for working capital, net cash generated by operations for the quarter was $138.3 million, a decrease of $71.1 million compared to $209.4 million in Q1 2026. The decrease was driven primarily by lower sales, and higher taxes paid of $69.7 million due to timing of installments, partially offset by positive changes in working capital of $14.7 million in Q2 2026 compared to negative $4.0 million in Q1 2026.

Fortuna | 4

Free cash flow from ongoing operations in Q2 2026 was $85.7 million, a decrease of $88.3 million compared to $174.0 million in Q1 2026 reflecting lower cash from operating activities and higher sustaining capital expenditures and advances to contractors.

In Q2 2026, the Company’s total capital expenditures were $67.9 million of which $36.6 million were classified as sustaining and $31.3 million as non-sustaining. Non-sustaining capital expenditures were comprised primarily of $10.9 million at the Diamba Sud project, $10.6 million in brownfields and greenfields exploration, and $5 million related to the earn-in agreement on the Quartzstone project in Guyana.

Q2 2026 vs Q2 2025

Cash cost per ounce and AISC

Consolidated cash cost per GEO increased to $1,034 in Q2 2026, representing a $105 increase compared to $929 recorded in Q2 2025. The increase was due to higher costs at Lindero and the effect of higher silver prices on the calculation of GEOs at Caylloma. Higher costs at Lindero were driven mostly by real appreciation of the Argentine peso, higher diesel costs, lower gold volume produced and higher operating expenses related to maintenance activities during the planned 30-day shut-down of the primary crusher.

All-in sustaining costs per GEO from continuing operations increased $225 to $2,157 in Q2 2026 from $1,932 in Q2 2025. This increase primarily resulted from higher cash costs as described above, higher CAPEX and sustaining leases, and higher royalties because of higher gold prices. This was partially offset by higher GEOs sold.

Attributable Net Income and Adjusted Net Income

Attributable net income from continuing operations was $75.5 million, or $0.25 per share, compared to $42.6 million, or $0.14 per share, in Q2 2025.

After adjusting for non-recurring items, adjusted attributable net income from continuing operations was $75.5 million or $0.25 per share compared to $44.7 million or $0.15 per share in Q2 2025. The increase was primarily due to higher realized gold prices and slightly higher gold volume sold, partially offset by higher cash cost per GEO, as discussed above, and higher royalty payments associated with higher gold prices. Gold averaged $4,447 per ounce in Q2 2026 compared to $3,307 per ounce in Q2 2025. Other items with an offsetting impact on higher sales were a foreign exchange loss of $6.3 million compared to a gain of $2.3 million in the comparable period, and a higher effective tax rate of 46% compared to 41% in Q2 2025.

Depreciation and Depletion

Depreciation and depletion decreased by $4.3 million to $44.0 million compared to $48.3 million Q2 2025. Depletion per GEO decreased primarily due to the increase in Mineral Reserves at Séguéla and partially offset by higher depletion per GEO at Lindero due to an impairment reversal of $52.7 million recorded in Q3 2025. Depreciation and depletion in the period included $11.5 million related to the purchase price allocation from the 2021 Roxgold acquisition.

Cash Flow

Net cash generated by operations for the quarter was $138.3 million, an increase of $45.6 million compared to $92.7 million reported in Q2 2025. The increase was primarily driven by higher sales, and

Fortuna | 5

positive working capital of $14.5 million compared to negative $4.2 million in Q2 2025, offset by higher taxes paid in Q2 2026 of $42.9 million.

Free cash flow from ongoing operations in Q2 2026 was $85.7 million, an increase of $28.3 million compared to $57.4 million reported in Q2 2025. The increase was mainly due to higher cash flow from operations as discussed above partially offset by higher sustaining capital expenditures.

Fortuna | 6

Séguéla Mine, Côte d’Ivoire


		Three months ended June 30,		Six months ended June 30,
		2026	2025	2026	2025
Mine production
Tonnes milled		421,464	429,184	852,417	873,188
Average tonnes crushed per day		4,581	4,665	4,683	4,798

Gold
Grade (g/t)		3.46	3.00	3.33	2.88
Recovery (%)		92	93	93	93
Production (oz)		41,683	38,186	83,699	76,686
Metal sold (oz)		41,677	38,144	83,731	76,583
Realized price ($/oz)		4,456	3,315	4,682	3,101

Unit costs
Cash cost ($/oz Au)⁽¹⁾		676	670	677	660
All-in sustaining cash cost ($/oz Au)⁽¹⁾		1,765	1,634	1,762	1,461

Capital expenditures ($000's)⁽²⁾
Sustaining		18,729	18,065	36,746	26,678
Sustaining leases		6,491	4,484	10,755	8,123
Growth capital		10,594	5,538	17,238	14,745

¹Cash cost and All-in sustaining cash cost are non-IFRS financial measures; refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim consolidated financial statements for the three and six months ended June 30, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

² Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

Cash cost per gold ounce sold was $676, comparable to $670 for the second quarter of 2025 as higher operating costs were offset by increased production.

Fortuna | 7

Lindero Mine, Argentina


		Three months ended June 30,		Six months ended June 30,
		2026	2025	2026	2025
Mine production
Tonnes placed on the leach pad		1,558,750	1,828,520	3,084,036	3,581,536

Gold
Grade (g/t)		0.64	0.57	0.63	0.56
Production (oz)		20,829	23,550	42,374	43,870
Metal sold (oz)		20,404	23,487	41,587	42,142
Realized price ($/oz)		4,422	3,293	4,633	3,108

Unit costs
Cash cost ($/oz Au)⁽¹⁾		1,459	1,148	1,331	1,147
All-in sustaining cash cost ($/oz Au)⁽¹⁾		2,265	1,783	2,019	1,839

Capital expenditures ($000's)⁽²⁾
Sustaining		12,053	11,356	19,722	23,718
Sustaining leases		1,231	791	2,628	1,373
Growth capital		4,083	1,827	4,798	2,134

² Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

Fortuna | 8

Caylloma Mine, Peru


		Three months ended June 30,		Six months ended June 30,
		2026	2025	2026	2025
Mine production
Tonnes milled		141,337	138,471	278,038	275,130
Average tonnes milled per day		1,588	1,556	1,571	1,555

Silver
Grade (g/t)		62	64	67	65
Recovery (%)		82	84	82	83
Production (oz)		231,294	240,621	488,897	483,614
Metal sold (oz)		281,433	247,429	481,782	497,713
Realized price ($/oz)		75.33	33.76	78.40	32.76

Lead
Grade (%)		2.76	3.23	2.87	3.22
Recovery (%)		91	90	91	91
Production (000's lbs)		7,815	8,924	15,990	17,760
Metal sold (000's lbs)		9,714	9,183	16,753	18,382
Realized price ($/lb)		0.88	0.88	0.89	0.89

Zinc
Grade (%)		4.26	4.63	4.24	4.82
Recovery (%)		91	91	91	91
Production (000's lbs)		12,037	12,851	23,563	26,623
Metal sold (000's lbs)		12,707	12,283	23,724	26,109
Realized price ($/lb)		1.57	1.20	1.25	1.25

Unit costs
Cash cost ($/oz Ag Eq)^(1,2)		27.77	15.16	28.80	13.92
All-in sustaining cash cost ($/oz Ag Eq)^(1,2)		44.89	21.73	44.68	20.17

Capital expenditures ($000's) ⁽³⁾
Sustaining		5,779	1,988	8,020	3,602
Sustaining leases		1,150	741	2,284	1,372
Growth capital		123	305	199	554

¹Cash cost per ounce of silver equivalent and All-in sustaining cash cost per ounce of silver equivalent are calculated using realized metal prices for each period respectively.

² Cash cost per ounce of silver equivalent, and all-in sustaining cash cost per ounce of silver equivalent are non-IFRS financial measures, refer to non-IFRS financial measures section at the end of this news release and to the MD&A accompanying the Company’s condensed interim financial statements for the three and six months ended June 30, 2026 filed on SEDAR+ at www.sedarplus.ca for a description of the calculation of these measures.

³Capital expenditures are presented on a cash basis.

Quarterly Operating and Financial Highlights

In the second quarter of 2026, the Caylloma Mine produced 231,294 ounces of silver at an average head grade of 62 g/t, a 4% decrease when compared to the same period of 2025.

Fortuna | 9

As of June 30, 2026, the project to expand the capacity of tailings storage facility No. 3 at the Caylloma Mine was 28% complete and progressing according to plan.

Fortuna | 10

Conference Call and Webcast

A conference call to discuss the financial and operational results will be held on Thursday, August 6, 2026, at 9:00 a.m. Pacific time | 12:00 p.m. Eastern time. Hosting the call will be Jorge A. Ganoza, President and CEO, Luis D. Ganoza, Chief Financial Officer, David Whittle, Chief Operating Officer - West Africa, and Cesar Velasco, Chief Operating Officer - Latin America.

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at https://www.webcaster5.com/Webcast/Page/1696/54329 or over the phone by dialing in just prior to the starting time.

Conference call details:

Date: Thursday, August 6, 2026

Time: 9:00 a.m. Pacific time | 12:00 p.m. Eastern time

Dial in number (Toll Free): +1.888.506.0062

Dial in number (International): +1.973.528.0011

Access code: 233185

Replay number (Toll Free): +1.877.481.4010

Replay number (International): +1.919.882.2331

Replay passcode: 54329

Playback of the earnings call will be available until August 20, 2026. Playback of the webcast will be available until Friday, August 6, 2027. In addition, a transcript of the call will be archived on the Company’s website.

About Fortuna Mining Corp.

Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website at www.fortunamining.com

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director

Fortuna Mining Corp.

Investor Relations:

Fortuna | 11

Qualified Person

Eric Chapman, Senior Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328), and is the Company’s Qualified Person (as defined by National Instrument 43-101). Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

Non-IFRS Financial Measures

The Company has disclosed certain financial measures and ratios in this news release which are not defined under the International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, and are not disclosed in the Company's financial statements, including but not limited to: all-in costs; cash cost per ounce of gold sold; all-in sustaining costs; all-in sustaining cash cost per ounce of gold sold; all-in sustaining cash cost per ounce of gold equivalent sold; all-in cash cost per ounce of gold sold; production cash cost per ounce of gold equivalent; cash cost per payable ounce of silver equivalent sold; all-in sustaining cash cost per payable ounce of silver equivalent sold; all-in cash cost per payable ounce of silver equivalent sold; sustaining capital; growth capital; free cash flow from ongoing operations; adjusted net income; adjusted attributable net income; adjusted EBITDA, adjusted EBITDA margin and working capital.

These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS.

To facilitate a better understanding of these measures and ratios as calculated by the Company, descriptions are provided below. In addition see “Non-IFRS Financial Measures” in the Company’s management’s discussion and analysis for the three and six months ended June 30, 2026 (“Q2 2026 MDA”), which section is incorporated by reference in this news release, for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this news release, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor. The Q2 2026 MD&A may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar under the Company’s profile. The Company has calculated these measures consistently for all periods presented with the exception of the following:

●

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Reconciliation of Debt to total net debt as at June 30, 2026

(in millions of US dollars, except Total net debt to adjusted EBITDA ratio)

June 30,
2026

2024 Convertible Notes

172.5

Less: cash and cash equivalents and short-term investments

(606.7)

Total net debt

(434.2)

Income to attributable adjusted net income for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025


	Three months ended			Six months ended June 30,
Consolidated (in millions of US dollars)	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	2026	2025
Net income attributable to shareholders	75.5	37.3	111.0	186.5	95.8
Adjustments, net of tax:
Discontinued operations	–	3.6	–	–	(22.3)
Write off of mineral properties	–	2.0	–	–	2.0
Inventory adjustment	–	–	–	–	(0.2)
Other non-cash/non-recurring items	–	1.8	–	–	5.1
Attributable adjusted net income	75.5	44.7	111.0	186.5	80.4
Figures may not add due to rounding

Reconciliation of net income to adjusted EBITDA for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025


	Three months ended			Six months ended June 30,
Consolidated (in millions of US dollars)	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	2026	2025
Net income	83.7	44.1	119.9	203.7	108.8
Adjustments:
Community support provision and accruals	–	–	–	–	(0.2)
Discontinued operations	–	3.6	–	–	(22.3)
Inventory adjustment	–	–	(0.1)	(0.1)	–
Net finance items	2.1	3.4	1.9	4.0	6.5
Depreciation, depletion, and amortization	44.0	48.0	45.9	89.9	93.0
Income taxes	71.0	33.7	58.4	129.4	49.0
Investment income	–	(1.7)	–	–	(1.7)
Other operating expenses (income)	0.0	–	(7.0)	(7.0)	–
Other non-cash/non-recurring items	(0.0)	2.2	(0.2)	(0.3)	2.7
Adjusted EBITDA	200.8	133.3	218.8	419.6	235.8
Sales	318.4	230.4	342.5	660.9	425.5
EBITDA margin	63%	58%	64%	63%	55%

Figures may not add due to rounding

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Reconciliation of net cash from operating activities to free cash flow from ongoing operations for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025


	Three months ended			Six months ended June 30,
Consolidated (in millions of US dollars)	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	2026	2025
Net cash provided by operating activities	138.3	67.3	209.4	347.6	193.7
Additions to mineral properties, plant and equipment	(67.9)	(47.0)	(45.3)	(113.2)	(86.6)
Payments of lease obligations	(9.0)	(6.4)	(6.9)	(15.8)	(12.4)
Free cash flow	61.4	13.9	157.2	218.6	94.7
Growth capital	31.3	15.6	17.4	48.7	31.0
Discontinued operations	–	26.2	–	–	(7.7)
Gain on blue chip swap investments	–	–	–	–	1.3
Advances and other	(7.0)	1.7	(0.6)	(7.6)	4.8
Free cash flow from ongoing operations	85.7	57.4	174.0	259.7	124.1

Figures may not add due to rounding

Reconciliation of cost of sales to cash cost per GEO sold for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025


Cash cost per gold equivalent ounce sold - Q1 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	GEO cash costs
Cost of sales		41,678	73,004	15,952	130,634
Depletion, depreciation, and amortization		(14,933)	(26,099)	(3,643)	(44,675)
Royalties and taxes		(63)	(18,389)	(471)	(18,923)
Costs allocated to by-products		(1,253)	–	–	(1,253)
Other		69	–	(840)	(771)
Treatment and refining charges		–	–	1,899	1,899
Cash cost applicable per gold equivalent ounce sold		25,498	28,516	12,897	66,911
Ounces of gold equivalent sold		21,111	42,054	7,230	70,395
Cash cost per ounce of gold equivalent sold ($/oz)		1,208	678	1,784	951

Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn
Figures may not add due to rounding.


Cash cost per gold equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	GEO cash costs
Cost of sales		46,434	68,260	20,258	134,952
Depletion, depreciation, and amortization		(15,155)	(23,406)	(4,475)	(43,036)
Royalties and taxes		(93)	(16,685)	(456)	(17,234)
Costs allocated to by-products		(1,492)	–	–	(1,492)
Other		15	–	(761)	(746)
Treatment and refining charges		–	–	2,272	2,272
Cash cost applicable per gold equivalent ounce sold		29,709	28,169	16,838	74,716
Ounces of gold equivalent sold		20,359	41,677	10,249	72,285
Cash cost per ounce of gold equivalent sold ($/oz)		1,459	676	1,643	1,034

Gold equivalent was calculated using the realized prices for gold of $4,447/oz Au, $75.22/oz Ag, $1,930/t Pb and $3,464/t Zn
Figures may not add due to rounding.

Fortuna | 14

Cash cost per gold equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	GEO cash costs
Cost of sales		40,939	66,660	17,793	125,392
Depletion, depreciation, and amortization		(13,331)	(29,934)	(4,268)	(47,533)
Royalties and taxes		(92)	(11,152)	(295)	(11,539)
Costs allocated to by-products		(762)	–	–	(762)
Other		59	–	(663)	(604)
Treatment and refining charges		–	–	28	28
Cash cost applicable per gold equivalent ounce sold		26,813	25,574	12,595	64,982
Ounces of gold equivalent sold		23,350	38,144	8,484	69,978
Cash cost per ounce of gold equivalent sold ($/oz)		1,148	670	1,485	929

Gold equivalent was calculated using the realized prices for gold of $3,307/oz Au, $33.8/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025
Figures may not add due to rounding.

Reconciliation of cost of sales to all-in sustaining cash cost per GEO sold from continuing operations for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025


AISC per gold equivalent ounce sold - Q1 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold		25,498	28,516	12,897	–	66,911
Royalties and taxes		63	18,389	471	–	18,923
Worker's participation		–	–	1,273	–	1,273
General and administration		3,005	3,952	893	17,780	25,630
Other		–	874	–	–	874
Total cash costs		28,566	51,731	15,534	17,780	113,611
Sustaining capital⁽¹⁾		9,066	22,281	3,374	–	34,721
Blue chips gains (investing activities)⁽¹⁾		–	–	–	–	–
All-in sustaining costs		37,632	74,012	18,908	17,780	148,332
Gold equivalent ounces sold		21,111	42,054	7,230	–	70,395
All-in sustaining costs per ounce		1,783	1,760	2,615	–	2,107

Gold equivalent was calculated using the realized prices for gold of $4,884/oz Au, $82.69/oz Ag, $1,918/t Pb and $3,246/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.

Fortuna | 15


AISC per gold equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold		29,709	28,169	16,838	–	74,716
Royalties and taxes		93	16,685	456	–	17,234
Worker's participation		–	–	914	–	914
General and administration		3,023	3,486	2,080	9,044	17,633
Other		–	–	–	–	–
Total cash costs		32,825	48,340	20,288	9,044	110,497
Sustaining capital⁽¹⁾		13,284	25,220	6,929	–	45,433
Blue chips gains (investing activities)⁽¹⁾		–	–	–	–	–
All-in sustaining costs		46,109	73,560	27,217	9,044	155,930
Gold equivalent ounces sold		20,359	41,677	10,249	–	72,285
All-in sustaining costs per ounce		2,265	1,765	2,656	–	2,157

Gold equivalent was calculated using the realized prices for gold of $4,447/oz Au, $75.22/oz Ag, $1,930/t Pb and $3,464/t Zn
Figures may not add due to rounding.
(1) Presented on a cash basis.


AISC per gold equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Lindero	Séguéla	Caylloma	Corporate	GEO AISC
Cash cost applicable per gold equivalent ounce sold		26,813	25,574	12,595	–	64,982
Royalties and taxes		92	11,152	295	–	11,539
Worker's participation		–	–	760	–	760
General and administration		2,577	3,038	1,672	13,175	20,462
Other		–	–	–	–	–
Total cash costs		29,482	39,764	15,322	13,175	97,743
Sustaining capital⁽¹⁾		12,147	22,549	2,729	–	37,425
Blue chips gains (investing activities)⁽¹⁾		–	–	–	–	–
All-in sustaining costs		41,629	62,313	18,051	13,175	135,168
Gold equivalent ounces sold		23,350	38,144	8,484	–	69,978
All-in sustaining costs per ounce		1,783	1,634	2,128	–	1,932

Gold equivalent was calculated using the realized prices for gold of $3,307/oz Au, $33.8/oz Ag, $1,945/t Pb and $2,640/t Zn for Q2 2025
Figures may not add due to rounding.
(1) Presented on a cash basis.

Fortuna | 16

Reconciliation of cost of sales to cash cost per payable ounce of silver equivalent sold for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025


Cash cost per silver equivalent ounce sold - Q1 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cost of sales		15,952
Depletion, depreciation, and amortization		(3,643)
Royalties and taxes		(471)
Other		(840)
Treatment and refining charges		1,899
Cash cost applicable per silver equivalent sold		12,897
Ounces of silver equivalent sold^(1,2)		426,253
Cash cost per ounce of silver equivalent sold ($/oz)		30.26

(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.


Cash cost per silver equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cost of sales		20,258
Depletion, depreciation, and amortization		(4,475)
Royalties and taxes		(456)
Other		(761)
Treatment and refining charges		2,272
Cash cost applicable per silver equivalent sold		16,838
Ounces of silver equivalent sold^(1,2)		606,343
Cash cost per ounce of silver equivalent sold ($/oz)		27.77

(1) Silver equivalent sold is calculated using a silver to gold ratio of 63.1:1, silver to lead ratio of 1:86.1 pounds, and silver to zinc ratio of 1:47.9 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
Figures may not add due to rounding.


Cash cost per silver equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cost of sales		17,793
Depletion, depreciation, and amortization		(4,268)
Royalties and taxes		(295)
Other		(663)
Treatment and refining charges		28
Cash cost applicable per silver equivalent sold		12,595
Ounces of silver equivalent sold^(1,2)		830,824
Cash cost per ounce of silver equivalent sold ($/oz)		15.16

¹ Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
² Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
Figures have been restated to remove Right of Use.
Figures may not add due to rounding.

Fortuna | 17

Reconciliation of all-in sustaining cash cost and all-in cash cost per payable ounce of silver equivalent sold for the three months ended March 31, 2026 and the three and six months ended June 30, 2026 and 2025


AISC per silver equivalent ounce sold - Q1 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		12,897
Royalties and taxes		471
Worker's participation		1,273
General and administration		893
Total cash costs		15,534
Sustaining capital⁽³⁾		3,374
All-in sustaining costs		18,908
Silver equivalent ounces sold^(1,2)		426,253
All-in sustaining costs per ounce		44.36

(1) Silver equivalent sold is calculated using a silver to gold ratio of 59.5:1, silver to lead ratio of 1:95.1 pounds, and silver to zinc ratio of 1:56.2 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.


AISC per silver equivalent ounce sold - Q2 2026
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		16,838
Royalties and taxes		456
Worker's participation		914
General and administration		2,080
Total cash costs		20,288
Sustaining capital⁽³⁾		6,929
All-in sustaining costs		27,217
Silver equivalent ounces sold^(1,2)		606,343
All-in sustaining costs per ounce		44.89

(1) Silver equivalent sold is calculated using a silver to gold ratio of 63.1:1, silver to lead ratio of 1:86.1 pounds, and silver to zinc ratio of 1:47.9 pounds.
(2) Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices.
(3) Presented on a cash basis.


AISC per silver equivalent ounce sold - Q2 2025
(in thousands of US dollars, except ounces sold)		Caylloma
Cash cost applicable per silver equivalent ounce sold		12,595
Royalties and taxes		295
Worker's participation		760
General and administration		1,672
Total cash costs		15,322
Sustaining capital⁽³⁾		2,729
All-in sustaining costs		18,051
Silver equivalent ounces sold^(1,2)		830,824
All-in sustaining costs per ounce		21.73

1 Silver equivalent sold is calculated using a silver to lead ratio of 1:35.5 pounds, and silver to zinc ratio of 1:24.7 pounds.
2 Silver equivalent is calculated using the realized prices for gold, silver, lead, and zinc. Refer to Financial Results - Sales and Realized Prices
(3) Presented on a cash basis.

Additional information regarding the Company’s financial results and ongoing activities is available in the unaudited condensed interim consolidated financial statements for the three and six months ended June

Fortuna | 18

30, 2026 and 2025 and accompanying Q2 2026 MD&A. These documents can be accessed on Fortuna’s website at www.fortunamining.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgarwww.sec.gov/edgar.

Fortuna | 19

Forward-looking Statements

This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release include, without limitation, statements about the Company's plans for its mines and mineral properties; the Company’s expectation that it is on track to deliver its 2026 production guidance; statements regarding the Company’s anticipated areas of growth, including the Séguéla expansion project which anticipates an increase in annual production at the mine; the anticipated construction of the Diamba Sud project and statements regarding the economics of the project as presented in the project’s feasibility study; expectations regarding increased consolidated production resulting from the Séguéla plant expansion project and the proposed construction of a mine at the Diamba Sud project; expectations that the Company’s operating costs will trend downwards from the second quarter of 2026 to come within cost guidance by the end of the year; changes in Senior Management of the Company effective September 1, 2026 the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates, metal recovery rates, concentrate grade and quality; changes in tax rates and tax laws, requirements for permits, anticipated approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "estimated", “expected”, “anticipated”, "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

The forward-looking statements in this news release also include financial outlooks and other forward-looking metrics relating to the Company and its business, including references to financial and business prospects and future results of operations, including production, and cost guidance and anticipated future financial performance. Such information, which may be considered future oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of the Company and its business and properties. These projections are provided to describe the prospective performance of the Company's business. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks relating to mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; occupational health and safety hazards; hazards and risks relating to tailings, heap leach and waste rock facilities; critical infrastructure failures; uncertainties relating to new mining operations; uncertainties relating to the timing of obtaining permits for new projects, such as the exploitation permit for the Diamba Sud project, or for the expansion of existing projects, such as the environmental permit for underground operations at the Sunbird deposit at the Séguéla mine; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including maintaining, obtaining or renewing environmental permits and potential liability claims; inability to meet sustainability, environmental, diversity or safety targets, goals, and strategies (including greenhouse gas emissions reduction targets); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, Iran – Israel and US, and Israel – Hamas conflicts, and the impact they may have on global economic activity which may have impacts on the Company’s operational and capital expenditure budgets, including for the Diamba Sud project and the expansion of the Séguéla processing plant; risks relating to the termination of the Company’s mining concessions in certain circumstances; risks related to International Labor Organization (“ILO”) Convention 169 compliance; developing and maintaining good relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities and expansion projects such as the expansion of the Séguéla processing plant; substantial

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reliance on the Séguéla Mine and the Lindero Mine for revenues; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; reliance on key personnel; uncertainty relating to potential conflicts of interest involving the Company’s directors and officers; risks associated with the Company’s reliance on local counsel and advisors and the experience of its management and board of directors in foreign jurisdictions; adequacy of insurance coverage; operational safety and security risks; risks related to the Company’s compliance with the United States Sarbanes-Oxley Act; risks related to the foreign corrupt practices regulations and anti-bribery laws; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to pandemics, epidemics and public health crises; and the impact they might have on the Company’s business, operations and financial condition; the Company’s ability to access its supply chain; the ability of the Company to transport its products; and impacts on the Company’s employees and local communities all of which may affect the Company’s ability operate; competition; fluctuations in metal prices; regulations and restrictions with respect to imports; the imposition of trade tariffs and the effect that they might have on the Company’s operations; high rates of inflation; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and restrictions on foreign exchange and currencies; failure to meet covenants under its credit facility, or an event of default which may reduce the Company’s liquidity and adversely affect its business; tax audits and reassessments; risks relating to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; uncertainty relating to nature and climate change conditions; risks associated with climate change legislation; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); our ability to manage physical and transition risks related to climate change and successfully adapt our business strategy to a low carbon global economy; risks related to the volatility of the trading price of the Company’s common shares; dilution from further equity or convertible debenture financings; risks related to future insufficient liquidity resulting from a decline in the price of the Company’s common shares; uncertainty relating to the Company’s ability to pay dividends in the future; risks relating to the market for the Company’s securities; risks relating to the convertible notes of the Company; and uncertainty relating to the enforcement of any U.S. judgments which may be brought against the Company; as well as those factors referred to in the “Risks and Uncertainties” section in this MD&A and in the “Risk Factors” section in our Annual Information Form for the financial year ended December 31, 2025 filed with the Canadian Securities Administrators and available at www.sedarplus.ca and filed with the U.S. Securities and Exchange Commission as part of the Company’s Form 40-F and available at www.sec.gov/edgar.shtml. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); geo-political uncertainties that may affect the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices and currency exchange rates; that the Company will be successful in mitigating the impact of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations, the ability to meet current and future obligations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

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Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.

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