Fortuna (NYSE: FSM) extends Séguéla mine life beyond nine years
Rhea-AI Filing Summary
Fortuna Mining Corp. reports a major update to its Séguéla Mine in Côte d'Ivoire, with Proven and Probable Mineral Reserves of 1.54 million ounces of gold in 16.0 million tonnes as of December 31, 2025. This reflects a 31% increase in contained gold ounces since October 31, 2025, driven in part by adding 401,000 ounces of underground reserves at the Sunbird deposit and higher average grades of 3.01 g/t Au.
The company states that Séguéla’s mine life now exceeds nine years at current production rates, with exploration drilling from late 2025 still to be incorporated into models. Measured and Indicated Mineral Resources, excluding reserves, decreased by 333,000 ounces as material was converted into underground reserves, while Inferred Resources remained relatively unchanged.
Fortuna has also started a processing plant expansion study to evaluate increasing capacity from 1.75 Mtpa to between 2.0 and 2.5 Mtpa, which it says has the potential to support annual gold production of more than 200,000 ounces at Séguéla.
Positive
- Séguéla Mineral Reserves up 31%: Proven and Probable Mineral Reserves increased to 1.54 million ounces of gold as of December 31, 2025, driven by higher tonnage, improved grades, and new underground reserves at Sunbird.
- Extended mine life: The company states Séguéla’s mine life now exceeds nine years at current production rates, enhancing long-term production visibility from this core asset.
- Growth optionality via plant expansion: A processing plant expansion study from 1.75 Mtpa to 2.0–2.5 Mtpa is underway, which the company indicates could support annual gold production in excess of 200,000 ounces at Séguéla.
Negative
- None.
Insights
Fortuna lifts Séguéla reserves 31% and studies a plant expansion that could lift annual gold output above 200,000 ounces.
Fortuna Mining Corp. now reports Proven and Probable Mineral Reserves at Séguéla of 1.54 million ounces of gold in 16.0 million tonnes as of December 31, 2025. Between October 31, 2025 and year-end, reserve tonnes grew 23% and average grade rose 7% to 3.01 g/t Au, yielding a 31% jump in contained ounces. A key driver is the inclusion of 401,000 ounces planned for underground mining at the Sunbird deposit.
The company notes Séguéla’s mine life now exceeds nine years at current production rates, which can enhance long-term visibility on production from this asset. Measured and Indicated Resources excluding reserves fell by 333,000 ounces as material was converted into underground reserves, while Inferred Resources were described as relatively unchanged versus October 31, 2025.
Fortuna has launched a processing plant expansion study to evaluate raising throughput from 1.75 Mtpa to a range of 2.0–2.5 Mtpa. The company states this has the potential to support annual gold production above 200,000 ounces at Séguéla, with study completion targeted for Q2 2026. Future updates on the study outcome, permitting for underground mining and any revised mine plans in subsequent disclosures will help clarify Séguéla’s long-term production profile.
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 January 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.
| Fortuna Mining Corp. | ||
| Date: January 20, 2026 | (Registrant) | |
| By: | /s/ "Jorge Ganoza Durant" | |
| Jorge Ganoza Durant | ||
| President and CEO | ||
Exhibits:
| 99.1 | News Release dated January 20, 2026 |
Exhibit 99.1
NEWS RELEASE
Fortuna Expands Mineral Reserve Gold Ounces by 31% and Extends Life of Mine to Over 9 Years at the Séguéla Mine, Côte d'Ivoire
Vancouver, January 20, 2026 - Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce updated Mineral Reserves and Mineral Resources, excluding Mineral Reserves, for the Séguéla Mine as of December 31, 2025. Mineral Reserves total 1.54 million ounces of gold, reflecting the inclusion of 401,000 ounces of gold planned for underground mining at the Sunbird deposit.
Jorge A. Ganoza, President and CEO, commented, “Séguéla’s mine life now exceeds 9 years at current production rates, with strong potential for further growth. This is supported by exploration drilling completed in the second half of 2025, the results of which have not yet been incorporated into our geological resource models.” Mr. Ganoza added, “Building on this exploration upside and our track record of resource and reserve growth, we have initiated a processing plant expansion study that has the potential to increase annual gold production to more than 200,000 ounces.”
Updated Mineral Reserves and Mineral Resources Highlights
| · | Total Mineral Reserves of 16.0 million tonnes averaging 3.01 g/t Au, supporting a mine life of over 9 years at the current mining rate of 1.75 million tonnes per annum. |
| · | Growth in Mineral Reserves more than offset production-related depletion, totaling approximately 1.54 million ounces of gold, representing a 31% increase compared to October 31, 2025. |
| · | First time estimation of underground Mineral Reserves at Sunbird, comprising 3.5 million tonnes averaging 3.60 g/t Au and containing 401,000 ounces of gold. |
| · | Exploration drilling completed in 2025 indicates that mineralization at the Sunbird deposit remains open down plunge and down dip, with an updated estimate planned for Q2 2026. |
| · | Drilling at Kingfisher, Koula, and Ancien deposits demonstrates that mineralization remains open at depth, providing additional potential for further underground mining expansion. |
| · | Technical studies are progressing to evaluate the optimal plant expansion, anticipated to increase capacity by approximately 25% to between 2.0 and 2.5 million tonnes per year, with studies on track for completion in Q2 2026. |
Mineral Reserves
| Proven and Probable | ||||
| Contained Metal | ||||
| Location | Classification |
Tonnes (000) |
Au (g/t) |
Au (koz) |
| Stockpile | Proven | 626 | 1.39 | 28 |
| Open Pit (OP) | ||||
| Antenna | Probable | 2,398 | 2.17 | 167 |
| Koula | Probable | 757 | 5.35 | 130 |
| Ancien | Probable | 1,117 | 4.24 | 152 |
| Agouti | Probable | 754 | 2.61 | 63 |
| Boulder | Probable | 532 | 1.88 | 32 |
| Sunbird | Probable | 2,409 | 3.31 | 256 |
| Badior | Probable | 404 | 4.25 | 55 |
| Kingfisher | Probable | 3,497 | 2.28 | 257 |
| OP Combined | Proven + Probable | 12,494 | 2.84 | 1,142 |
| Underground (UG) | ||||
| Sunbird | Probable | 3,467 | 3.60 | 401 |
| UG Combined | Proven + Probable | 3,467 | 3.60 | 401 |
| Total | Proven + Probable | 15,961 | 3.01 | 1,543 |
Mineral Resources
| Measured and Indicated | ||||
| Contained Metal | ||||
| Location | Classification |
Tonnes (000) |
Au (g/t) |
Au (koz) |
| Open Pit (OP) | ||||
| Antenna | Indicated | 1,461 | 1.58 | 74 |
| Koula | Indicated | 149 | 5.33 | 26 |
| Ancien | Indicated | 112 | 4.19 | 15 |
| Agouti | Indicated | 59 | 2.26 | 4 |
| Boulder | Indicated | 329 | 1.47 | 16 |
| Sunbird | Indicated | 255 | 3.12 | 26 |
| Badior | Indicated | 61 | 3.48 | 7 |
| Kingfisher | Indicated | 752 | 1.66 | 40 |
| OP Combined | Indicated | 3,177 | 2.03 | 207 |
| Underground (UG) | ||||
| Koula | Indicated | 23 | 3.83 | 3 |
| Ancien | Indicated | 472 | 5.43 | 82 |
| Sunbird | Indicated | 1,483 | 3.55 | 169 |
| UG Combined | Indicated | 1,978 | 4.00 | 254 |
| Total | Indicated | 5,155 | 2.78 | 461 |
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| Inferred | ||||
| Contained Metal | ||||
| Location | Classification |
Tonnes (000) |
Au (g/t) |
Au (koz) |
| Open Pit (OP) | ||||
| Antenna | Inferred | 1,493 | 1.91 | 92 |
| Koula | Inferred | 155 | 3.61 | 18 |
| Ancien | Inferred | 25 | 4.87 | 4 |
| Agouti | Inferred | 160 | 1.64 | 8 |
| Sunbird | Inferred | 88 | 1.46 | 4 |
| Badior | Inferred | 46 | 5.08 | 8 |
| Kestrel | Inferred | 60 | 1.73 | 3 |
| Kingfisher | Inferred | 4,554 | 1.82 | 267 |
| OP Combined | Inferred | 6,582 | 1.91 | 403 |
| Underground (UG) | ||||
| Koula | Inferred | 316 | 4.70 | 48 |
| Ancien | Inferred | 22 | 3.86 | 3 |
| Sunbird | Inferred | 2,115 | 3.94 | 268 |
| Kingfisher | Inferred | 135 | 2.98 | 13 |
| UG Combined | Inferred | 2,589 | 3.98 | 332 |
| Total | Inferred | 9,171 | 2.50 | 736 |
Notes:
| 1. | Mineral Reserves and Mineral Resources are defined in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. |
| 2. | Mineral Resources are exclusive of Mineral Reserves. |
| 3. | Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |
| 4. | Factors that could materially affect the reported Mineral Resources or Mineral Reserves include changes in metal price and foreign exchange assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution, and mining recovery; and assumptions regarding continued ability to access the site, retention of mineral and surface rights titles, maintenance of environmental and other regulatory permits, obtaining Ministerial approval to include underground mining as a mining method; and obtaining approval to update its Environmental and Social Impact Assessment permit to include underground mining; and the social license to operate. |
| 5. | Mineral Resources and Mineral Reserves are reported as of December 31, 2025. |
| 6. | Mineral Reserves are reported on a 100% ownership basis and estimated using incremental gold grade cut-offs for open pit mining of 0.73 g/t Au for Antenna and Koula, 0.74 g/t Au for Sunbird, 0.75 g/t Au for Boulder and Kingfisher, 0.76 g/t Au for Agouti, and 0.83 g/t Au for the Ancien and Badior deposits, and for underground mining of 2.14 g/t for Sunbird. These estimates are based on a gold price of $2,300/oz, metallurgical recovery rates of 93.5%, except for Badior at 91.5%, surface mining costs ranging from $3.09/t to $5.74/t based on the pit location relative to the run-of-mine pad, underground mining cost of $84.56/t, processing costs of $21.28/t, general and administrative (G&A) costs of $16.21/t. Only Proven and Probable Mineral Reserves within the final pit designs are reported. Antenna, Ancien, Koula, Badior and Kingfisher pits were designed with inter-ramp angles of 30.6° to 40.7° for oxide material, 40.7° to 42.9° for transitional material, and 59.6° for fresh material. Agouti and Boulder pits were designed with inter-ramp angles of 36.8° for oxide, 44.2° for transitional, and 60.0° for fresh material. Sunbird pit was designed with inter-ramp angles of 40.7° for oxide, 36.5° to 59.6° for transitional, and 52.2° to 61.2° for fresh material. For underground mining, a dilution factor of 0.5-meter skin has been applied on both the hanging wall and footwall for longhole stoping. The reported Mineral Reserves incorporate modifying factors for mining dilution and recovery through regularization of block models to an appropriate Selective Mining Unit (SMU) block size. Mineral Resources for the Séguéla Mine are reported at gold grade cut-offs of 0.65 g/t Au for Antenna, 0.66 g/t Au for Kestrel, Boulder, Sunbird, and Kingfisher; 0.68 g/t Au for Agouti; and 0.73 g/t Au for Ancien and Badior. These estimates are based on an assumed gold price of $2,600/oz and are constrained within preliminary pit shells honoring all geotechnical parameters. Underground Mineral Resources are reported within optimized stope shapes based on a longhole stoping mining method at cut-off grades of 1.89 g/t Au for Sunbird, 2.32 g/t Au for Koula and Kingfisher, and 2.41 g/t Au for Ancien. The Séguéla Mine is subject to a 10% free-carried interest held by the State of Côte d’Ivoire. |
| 7. | Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; and Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves, both being employees of Fortuna Mining Corp. |
| 8. | Totals may not add due to rounding. |
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Mineral Reserves
As of December 31, 2025, the Séguéla Mine has Proven and Probable Mineral Reserves of 16.0 million tonnes containing 1.54 million ounces of gold.
Between October 31, 2025, and December 31, 2025, Mineral Reserve tonnes increased by 23%, while the average gold grade increased by 7% to 3.01 g/t Au, resulting in a net increase of 31% in contained gold ounces.
Changes in the Séguéla Mine's Mineral Reserves during this period reflect:
| · | Mining-related depletion during the final two months of 2025 totaling 27,600 ounces of gold. |
| · | The first-time estimation of underground Mineral Reserves at the Sunbird deposit, totaling 3.5 million tonnes at an average grade of 3.60 g/t Au, containing 401,000 ounces of gold. |
Mineral Resources
Measured and Indicated Mineral Resource gold ounces, exclusive of Mineral Reserves, decreased by 333,000 ounces of gold due to the application of modifying factors that enabled the first-time estimation of underground Mineral Reserves.
Inferred Resources remained relatively unchanged compared to October 31, 2025.
Plant Expansion Study
Fortuna has commenced a processing plant expansion study to evaluate the potential to increase throughput at Séguéla beyond its current capacity of 1.75 Mtpa to a range of 2.0 to 2.5 Mtpa. The study is expected to be completed in the second quarter of 2026 and has the potential to support annual gold production in excess of 200,000 ounces.
Qualified Person
Eric Chapman, Senior Vice President, Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website.
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ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube
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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 may include, without limitation, the Mineral Resource and Mineral Reserve estimates; statements regarding the life of mine at Séguéla and the potential for future growth; statements regarding underground mining at the Sunbird deposit, the expected timing for an updated estimate, and the inclusion of underground mineralization from the Sunbird deposit into the mine plan; statements regarding the potential for further underground mining expansion at the Kingfisher, Koula, and Ancien deposits; the Company’s expectations regarding the expansion of processing plant capacity and a potential increase in annual gold production at Séguéla; obtaining Ministerial approval to include underground mining as a mining method at Séguéla; obtaining approval to update its Environmental and Social Impact Assessment permit to include underground mining; the Company’s proposed exploration plans and objectives; statements about the Company’s business strategies, plans and outlook; the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company’s mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
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 associated with 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 related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; 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); 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, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining 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; property title matters; risks related to the ability to retain or extend title to the Company’s mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related 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; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the fiscal year ended December 31, 2024. 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 to differ from those anticipated, estimated or intended.
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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 Mineral 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 its 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); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; 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 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.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
All 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. 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 significantly 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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FAQ
How much did Fortuna Mining Corp. increase gold reserves at the Séguéla Mine (FSM)?
Fortuna reports that Proven and Probable Mineral Reserves at the Séguéla Mine increased by 31% in contained gold ounces between October 31, 2025 and December 31, 2025, reaching 1.54 million ounces of gold in 16.0 million tonnes at an average grade of 3.01 g/t Au.
What is the updated mine life at Fortuna’s Séguéla Mine in Côte d'Ivoire?
The company states that Séguéla’s mine life now exceeds nine years at current production rates, reflecting the larger Mineral Reserve base and inclusion of underground reserves at the Sunbird deposit.
What role does the Sunbird deposit play in Fortuna Mining’s new Séguéla reserves?
The update includes 401,000 ounces of gold planned for underground mining at the Sunbird deposit, which are now part of Séguéla’s Proven and Probable Mineral Reserves and contribute meaningfully to the 31% reserve increase.
How did Fortuna’s Mineral Resources at Séguéla change excluding reserves?
Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, decreased by 333,000 ounces of gold, mainly due to applying modifying factors that allowed the first-time estimation of underground Mineral Reserves. Inferred Resources remained relatively unchanged compared to October 31, 2025.
What expansion is Fortuna Mining Corp. studying for the Séguéla processing plant?
Fortuna has started a plant expansion study to evaluate increasing throughput at Séguéla from its current 1.75 Mtpa to between 2.0 and 2.5 Mtpa. The study, expected to be completed in Q2 2026, is described as having the potential to support annual gold production of more than 200,000 ounces.
Who is the Qualified Person for the Séguéla Mineral Reserve and Resource information?
The Qualified Person is Eric Chapman, Senior Vice President, Technical Services, a Professional Geoscientist (Registration Number 36328) with the Association of Professional Engineers and Geoscientists of British Columbia. He has reviewed and approved the scientific and technical information and verified the underlying data.
What jurisdictions does Fortuna Mining Corp. operate in besides Côte d'Ivoire?
Fortuna Mining Corp. operates three mines and exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, and also holds the Diamba Sud Gold Project in Senegal, reflecting a diversified Latin American and West African footprint.