Key Takeaways
Fortuna Mining Corp. (NYSE: FSM) on April 23 announced a 15% year-over-year increase in its consolidated Mineral Reserves to 3.0 million gold equivalent ounces, after accounting for production-related depletion, primarily driven by successful exploration at its West African assets.
"Fortuna successfully increased Mineral Reserves by 15% year-over-year, after accounting for production related depletion," the company said in a statement. The update, which used a gold price of $2,300 per ounce for reserve calculations, significantly expands the miner's asset base compared to peer B2Gold Corp. (TSX: BTO), which reported a reserve decline in its last update.
The increase included the addition of 819,000 gold equivalent ounces from the upgrading of resources, which was offset by 378,000 ounces of depletion from mining. A significant portion of the growth came from the Séguéla Mine in Côte d’Ivoire, where underground reserves at the Sunbird deposit jumped 34% from its maiden estimate.
The update provides a significant boost to the company's asset base, with the market watching for a maiden reserve report from the Diamba Sud project in Senegal by the end of the second quarter of 2026. That report will support a construction decision and could further expand Fortuna's production pipeline.
The Séguéla Mine in Côte d’Ivoire was the primary contributor to the reserve growth. As of March 31, 2026, underground Mineral Reserves for the Sunbird deposit increased by 34% to 539,000 ounces of gold contained in 4.4 million tonnes grading 3.80 g/t Au. The deposit's Inferred Mineral Resources also saw a 55% increase to 417,000 ounces of gold. This followed an extensive drilling program in the second half of 2025.
At the Diamba Sud Gold Project in Senegal, successful infill and exploration drilling led to a 165% increase in Indicated Mineral Resource gold ounces to 1.25 million ounces. The company is advancing a feasibility study for the project, which is expected to be completed by the end of the second quarter of 2026 and will include the project's first-ever Mineral Reserve estimate.
Fortuna’s other mines saw mixed results. At the Lindero Mine in Argentina, mining depletion resulted in an 8% decrease in gold reserves, with a reduction of 121,000 ounces to 1.1 million ounces. The company plans approximately 6,000 meters of infill drilling to target Inferred resources below the current pit shell to potentially extend the mine's life.
The Caylloma Mine in Peru, the company's primary silver asset, saw Proven and Probable Mineral Reserve tonnes decrease to 2.28 million tonnes from 2.44 million tonnes year-over-year. While silver grades increased by 9%, this was offset by production depletion and lower grades for lead and zinc, which fell 11% and 16%, respectively.
This article is for informational purposes only and does not constitute investment advice.
