Fortuna Mining advances Diamba Sud Gold Project permitting, Senegal
Fortuna Mining Corp. [NYSE: FSM; TSX: FVI] provided an update on its progress at the Diamba Sud gold project, Senegal, West Africa.
Jorge A. Ganoza, CEO and Director of Fortuna, commented, “Following our July final investment decision on the 30% plant expansion at our flagship Séguéla mine, and with Diamba Sud advancing through the final stages of permitting, we are progressing along a clear growth path. Together, these projects underpin our target of approximately 60% growth in annual gold production to an annualized rate of 500,000 ounces from mid-2028.”
Fortuna received the Notice of Admissibility for its Diamba Sud Exploitation Permit application from Senegal’s Ministry of Mines and Geology on November 2, 2026, following initiation of the application process in February 2026.
The notice confirms that the Ministry has completed the review of the application documentation, and the file complies with all regulatory requirements, marking an important final step toward the granting of the Exploitation Permit. The company and the Ministry have worked constructively to advance the application to this stage. With this milestone completed, the Company now expects the Government’s internal approval process for the final Exploitation Permit to be completed during the fourth quarter of 2026.
The project has already received the environmental decree from Senegal’s Ministry of Environment and Ecological Transition approving its Environmental and Social Impact Assessment, as announced on June 15, 2026. Fortuna is advancing early works and committing capital to protect the project schedule and its target of first gold in mid-2028. The company anticipates making a formal final investment decision (FID) upon receipt of the Exploitation Permit.
Fortuna is at an advanced stage of negotiations with the State of Senegal on a new Mining Convention for the Diamba Sud Project based on Senegal’s 2016 Mining Code, together with additional provisions intended to establish a fiscal stability framework for a ten-year period. The convention remains subject to finalization and the required Government approvals.
Full-scale construction of the mine remains subject to receipt of the Exploitation Permit, Board approval of the FID and some local level customary construction approvals. The results of the positive feasibility study (FS) announced June 29, 2026 demonstrated the project’s technical and economic viability.
Early works completed or underway to support the project schedule include assembly of the owner’s construction team, with a core of professionals largely drawn from the team that successfully delivered Fortuna’s flagship Séguéla mine in Côte d’Ivoire; selection of SENET, a leading African project management and engineering company, as the project’s engineering, procurement and construction management contractor, and award of a limited order to proceed to advance early works; completion of front-end engineering and design; 15% progress on detailed engineering for the processing plant; purchase orders placed and down payments for critical long-lead equipment, including the semi-autogenous grinding (SAG) mill, primary crusher, and carbon-in-leach tank plate work; manufacturing of the power station’s heavy fuel oil (HFO) and light fuel oil (LFO) generators with the LFO generators passing factory acceptance testing and shipped; tendering and award of key construction packages, including, bulk earthworks for process plant, water storage facility, tailings storage facility, power station, and fuel storage facilities; new accommodation camp earthworks 80% complete, civil works 40% complete and buried services nearing completion and land compensation and clearing for major infrastructure footprints.
Subject to receiving the Exploitation Permit and approval of the FID in 2026, the planned key project milestones are summarized: Q4 2026: FID, commencement of critical-path construction activities, including earthworks for the process plant and power station, and placement of all long-lead equipment orders; Q1 2027: completion of the 329-person accommodation camp and delivery of the LFO generators; Q2 2027: award of the mining contract, completion of the water storage dam and water harvest dam, and first concrete placed for the process plant; Q3 2027: mobilization and site establishment of the mining contractor and arrival of the HFO generators; Q4 2027: commencement of pre-production mining and arrival and installation of the SAG mill; Q1 2028: commissioning of the power station, availability of power for process plant commissioning and start-up, and completion of the TSF and Q2/Q3 2028: Process plant commissioning, first gold pour and ramp-up to nameplate plant throughput.
Fortuna Mining has three operating mines in Argentina, Côte d’Ivoire, and Peru, and the feasibility-stage Diamba Sud Gold Project in Senegal. Its exploration portfolio spans our operating jurisdictions as well as Guinea and Guyana.
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