Fortuna Expands Séguéla Gold Mine to Boost Long-Term Production In Côte d’Ivoire

Fortuna Mining Corp. has approved a major expansion of its Séguéla Gold Mine in Côte d’Ivoire, marking another significant investment in West Africa’s growing gold mining sector. The project is designed to increase production capacity, improve processing efficiency and strengthen the mine’s role as one of the company’s flagship assets over the next decade.

The approved expansion will increase the mine’s processing capacity by 30%, raising throughput from 1.75 million tonnes per annum (Mtpa) to 2.3 Mtpa. Alongside the processing plant upgrade, Fortuna will develop the Sunbird underground mine and enhance supporting infrastructure, including power, water supply and accommodation facilities.

According to the company, the combined investment is expected to lift average gold recovery rates to approximately 94.5%, enabling Séguéla to maintain annual production of more than 200,000 ounces of gold over the next ten years.

Fortuna President and Chief Executive Officer Jorge A. Ganoza said the expansion builds on the strong performance of the operation since commercial production began in 2023.

He noted that increasing processing capacity while introducing underground mining would unlock additional value from the growing resource base, improve operational flexibility and support the company’s long-term production strategy.

The expansion carries an estimated capital cost of US$109 million, which Fortuna plans to finance through operating cash flow. The company said its strong financial position, including liquidity of approximately US$800 million at the end of the first quarter of 2026, provides sufficient capacity to fund the project without compromising its broader growth plans.

Engineering works will focus on upgrading the processing plant while maximising the use of existing infrastructure. The milling circuit will be converted from a single-stage SAG mill configuration to a combined SAG and ball mill system, increasing throughput while maintaining processing efficiency.

Additional improvements will include the installation of a new gravity recovery circuit, an intensive leach reactor, a pre-leach thickener and a second carbon-in-leach train. Supporting systems for reagent handling, oxygen supply, process water, plant air and tailings management will also be expanded to accommodate the higher processing volumes.

Construction activities are expected to begin during the second half of 2026, with site preparation, procurement of long-lead equipment and engineering works forming the initial phase of development. Underground mining at the Sunbird deposit is scheduled to commence during the second quarter of 2027, while the expanded processing plant is expected to reach full operating capacity during the second half of 2028.

Fortuna believes the investment will deliver strong financial returns, with the project expected to achieve a payback period of approximately 2.5 years through higher recoveries, increased gold production and stronger operating cash flow.

The Séguéla expansion also supports the company’s broader objective of increasing its consolidated annual gold production to approximately 500,000 ounces by 2028, alongside the planned development of its Diamba Sud Gold Project in Senegal.

As Côte d’Ivoire continues to attract international mining investment, projects such as Séguéla reinforce the country’s growing importance as one of Africa’s leading gold-producing destinations, supported by continued exploration success, expanding resources and ongoing investment in modern mining infrastructure.