Fortuna doubles indicated ounces at Séguéla

Fortuna Mining (TSX: FVI; NYSE: FSM) has reported higher reserves and resources at its Séguéla gold mine in Côte d’Ivoire, extending the operation’s outlook and prompting fresh studies on mine expansion.

The latest estimate represents an 11% increase in contained reserve ounces, a doubling of indicated resources and a 15% rise in inferred ounces compared with a December 2024 resource.

The Séguéla mine now hosts proven and probable mineral reserves of 13 million tonnes grading 2.81 grams gold per tonne for 1.2 million oz. contained metal, according to a Nov. 18 announcement. Measured and indicated mineral resources, excluding reserves, total 6 million tonnes grading 4.12 grams gold for 794,000 oz., while inferred resources stand at 8.8 million tonnes averaging 2.52 grams for 712,000 ounces.

7.5 years

With the new resource giving Séguéla a 7.5-year life of mine and its largest mineral resource to date, Fortuna has started “aggressive” infill drilling, and studies on underground mining and to expand plant capacity by about 25% to 2-2.5 million tonnes a year versus the annual 1.25 million tonnes Séguéla was commissioned at in 2023.

“Séguéla continues to operate above nameplate, and ongoing low-capital optimizations are anticipated to facilitate throughput of 1.75 million tonnes in 2026,” BMO Capital Markets mining analyst Kevin O’Halloran said in a note on Wednesday.

“The expanded resource base now provides visibility on an extended mine life, justifying investment in expanding plant capacity. Technical studies are underway and expected to be complete in the second quarter of 2026.”

Drilling program

“Continued exploration success over the last two years has created a clear pathway to not only extend the life of mine at Séguéla, but also to evaluate a further plant expansion and a potential increase in annual gold production,” president and CEO Jorge A. Ganoza said in the release.

Ganoza added that ongoing drilling and fieldwork through 2026 would help the company “unlock further value” across what he called a commanding land package at Séguéla.

Shares in Fortuna Mining gained 3.1% to close C$11.97 apiece on Wednesday, where they were at mid-Thursday, valuing the company at C$3.7 billion. The stock has gained 82% this year as near-record bullion prices boost producers.

Last month, the company said exploration drilling improved the odds of expanding underground to the Sunbird deposit.

The Kingfisher and Sunbird zones are the largest contributors to this week’s expanded resource, with mineralization remaining open at both deposits. Kingfisher entered reserves for the first time with 3.5 million tonnes grading 2.28 grams gold for 257,000 ounces.

Sunbird

The Sunbird underground project holds 3.6 million tonnes at 4.34 grams for 502,000 oz. in indicated resources that could be converted to reserves after an underground mining study due next month.

A year earlier, Séguéla contained 9.8 million tonnes grading 3.37 grams gold for about 1 million oz. in proven and probable reserves. Indicated resources, excluding reserves, were 2.7 million tonnes grading 4.54 grams for 397,000 oz., and inferred resources were 6.8 million tonnes grading 2.83 grams for 619,000 oz.

In the three months to Sept. 30, Fortuna produced 38,799 oz. gold from Séguéla, 24,417 oz. gold from the Lindero mine in Argentina and 9,246 gold-equivalent oz. from the Caylloma mine in Peru for a total of 72,462 gold-equivalent ounces. The company says it remains on track to meet its 2025 forecast of 309,000 to 339,000 gold-equivalent ounces.