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​

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

​

​

​

​

​

​

​

​

​

​

​

​

For the three and six months ended

June 30, 2026 and 2025

(UNAUDITED)

​

​

​

​

​


Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Income

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

Note

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Sales

17

​

​

318,413

​

​

230,419

​

​

660,884

​

​

425,456

Cost of sales

18

​

​

(134,949)

​

​

(125,390)

​

​

(265,584)

​

​

(240,085)

Mine operating income

​

​

​

183,464

​

​

105,029

​

​

395,300

​

​

185,371

​

​

​

​

​

​

​

​

​

​

​

​

​

​

General and administration

19

​

​

(18,673)

​

​

(21,575)

​

​

(46,466)

​

​

(45,476)

Foreign exchange (loss) gain

​

​

​

(6,284)

​

​

2,325

​

​

(8,354)

​

​

2,518

Write-off of mineral properties

​

​

​

–

​

​

(1,997)

​

​

–

​

​

(1,997)

Other expenses

​

​

​

(1,599)

​

​

(59)

​

​

(3,463)

​

​

(749)

​

​

​

​

(26,556)

​

​

(21,306)

​

​

(58,283)

​

​

(45,704)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income

​

​

​

156,908

​

​

83,723

​

​

337,017

​

​

139,667

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment gains

​

​

​

230

​

​

1,679

​

​

372

​

​

2,998

Interest and finance costs, net

20

​

​

(2,106)

​

​

(3,423)

​

​

(4,039)

​

​

(6,467)

Loss on derivatives

​

​

​

(257)

​

​

(622)

​

​

(257)

​

​

(569)

​

​

​

​

(2,133)

​

​

(2,366)

​

​

(3,924)

​

​

(4,038)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

​

​

154,775

​

​

81,357

​

​

333,093

​

​

135,629

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

Current income tax expense

​

​

​

(62,741)

​

​

(23,848)

​

​

(104,276)

​

​

(47,543)

Deferred income tax expense

​

​

​

(8,286)

​

​

(9,804)

​

​

(25,124)

​

​

(1,497)

​

​

​

​

(71,027)

​

​

(33,652)

​

​

(129,400)

​

​

(49,040)

Net income from continuing operations

​

​

​

83,748

​

​

47,705

​

​

203,693

​

​

86,589

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net (loss) income from discontinued operations, net of tax

21

​

​

–

​

​

(3,638)

​

​

–

​

​

22,287

Net income

​

​

​

83,748

​

​

44,067

​

​

203,693

​

​

108,876

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations attributable to:

​

​

​

​

​

​

​

​

​

​

​

​

​

Fortuna shareholders

​

​

​

75,504

​

​

42,629

​

​

186,512

​

​

78,063

Non-controlling interests

25

​

​

8,244

​

​

5,076

​

​

17,181

​

​

8,526

​

​

​

​

83,748

​

​

47,705

​

​

203,693

​

​

86,589

Net income attributable to:

​

​

​

​

​

​

​

​

​

​

​

​

​

Fortuna shareholders

​

​

​

75,504

​

​

37,314

​

​

186,512

​

​

95,817

Non-controlling interests

25

​

​

8,244

​

​

6,753

​

​

17,181

​

​

13,059

​

​

​

​

83,748

​

​

44,067

​

​

203,693

​

​

108,876

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share from continuing operations attributable to Fortuna shareholders

16

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

​

0.25

​

​

0.14

​

​

0.62

​

​

0.25

Diluted

​

​

​

0.24

​

​

0.14

​

​

0.59

​

​

0.25

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share attributable to Fortuna shareholders

16

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

​

0.25

​

​

0.12

​

​

0.62

​

​

0.31

Diluted

​

​

​

0.24

​

​

0.12

​

​

0.59

​

​

0.31

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of common shares outstanding ('000s)

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

​

301,010

​

​

306,960

​

​

303,164

​

​

306,788

Diluted

​

​

​

328,641

​

​

308,957

​

​

330,698

​

​

308,513

The accompanying notes are an integral part of these interim financial statements.

​

​

Page | 1


Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Comprehensive Income

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

Note

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Net income

​

​

​

83,748

​

​

44,067

​

​

203,693

​

​

108,876

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Items that will remain permanently in other comprehensive income:

​

​

​

​

​

​

​

​

​

​

​

​

​

Changes in fair value of investments in equity securities, net of $nil tax

​

​

​

(2,197)

​

​

506

​

​

959

​

​

455

Items that are or may subsequently be reclassified to profit or loss:

​

​

​

​

​

​

​

​

​

​

​

​

​

Currency translation adjustment, net of tax (1)

​

​

​

–

​

​

1,350

​

​

–

​

​

2,099

Reclassification of translation adjustments on disposal of subsidiaries, net of $nil tax

21

​

​

–

​

​

1,701

​

​

–

​

​

1,701

Total other comprehensive (loss) income

​

​

​

(2,197)

​

​

3,557

​

​

959

​

​

4,255

Comprehensive income

​

​

​

81,551

​

​

47,624

​

​

204,652

​

​

113,131

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Comprehensive income attributable to:

​

​

​

​

​

​

​

​

​

​

​

​

​

Fortuna shareholders

​

​

​

73,307

​

​

40,871

​

​

187,471

​

​

100,072

Non-controlling interests

25

​

​

8,244

​

​

6,753

​

​

17,181

​

​

13,059

​

​

​

​

81,551

​

​

47,624

​

​

204,652

​

​

113,131

(1)For the three and six months ended June 30, 2026, the currency translation adjustment is net of $nil tax (2025 - expense of $960 thousand and $914 thousand, respectively).

​

The accompanying notes are an integral part of these interim financial statements.

​

​

Page | 2


Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

Balance at

Note

  ​ ​ ​

​

June 30,
2026
$

  ​ ​ ​

​

December 31, 2025
$

ASSETS

​

​

​

​

​

​

​

Current assets

​

​

​

​

​

​

​

Cash and cash equivalents

​

​

​

606,666

​

​

553,985

Restricted cash

​

​

​

12,629

​

​

–

Investments in equity securities

23

​

​

7,719

​

​

6,760

Trade and other receivables

4

​

​

65,115

​

​

74,361

Inventories

5

​

​

138,871

​

​

122,685

Prepaid expenses and other current assets

6

​

​

4,457

​

​

6,743

​

​

​

​

835,457

​

​

764,534

Non-current assets

​

​

​

​

​

​

​

Restricted cash - non-current

​

​

​

1,021

​

​

788

Inventories - non-current

5

​

​

65,234

​

​

66,754

Mineral properties and property, plant and equipment

7

​

​

1,572,217

​

​

1,518,676

Advances and prepayments for capital projects

​

​

​

16,518

​

​

995

Other non-current assets

8

​

​

6,815

​

​

8,894

Total assets

​

​

​

2,497,262

​

​

2,360,641

​

​

​

​

​

​

​

​

LIABILITIES

​

​

​

​

​

​

​

Current liabilities

​

​

​

​

​

​

​

Trade and other payables

9

​

​

147,650

​

​

153,361

Income taxes payable

​

​

​

99,738

​

​

81,816

Lease obligations

11

​

​

30,810

​

​

21,199

​

​

​

​

278,198

​

​

256,376

Non-current liabilities

​

​

​

​

​

​

​

Debt

12

​

​

138,905

​

​

134,410

Deferred tax liabilities

​

​

​

144,348

​

​

120,310

Closure and reclamation provisions

13

​

​

49,559

​

​

50,257

Lease obligations - non-current

11

​

​

64,451

​

​

55,687

Restricted share units

14

​

​

2,894

​

​

8,283

Total liabilities

​

​

​

678,355

​

​

625,323

​

​

​

​

​

​

​

​

SHAREHOLDERS' EQUITY

​

​

​

​

​

​

​

Share capital

15

​

​

1,089,015

​

​

1,125,215

Reserves

​

​

​

65,216

​

​

63,694

Retained earnings

​

​

​

612,725

​

​

488,125

Equity attributable to Fortuna shareholders

​

​

​

1,766,956

​

​

1,677,034

Equity attributable to non-controlling interests

25

​

​

51,951

​

​

58,284

Total equity

​

​

​

1,818,907

​

​

1,735,318

Total liabilities and shareholders' equity

​

​

​

2,497,262

​

​

2,360,641

​

Contingencies and Capital Commitments (Note 26)

​

The accompanying notes are an integral part of these interim financial statements.

​

​

​

​

/s/ Jorge Ganoza Durant

  ​ ​ ​

/s/ Kylie Dickson

Jorge Ganoza Durant

​

Kylie Dickson

Director

​

Director

​

​

​

Page | 3


Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Cash Flows

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

Note

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

​

​

2026
$

  ​ ​ ​

​

2025
$

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING ACTIVITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations

​

​

​

83,748

​

​

47,705

​

​

203,693

​

​

86,589

Items not involving cash:

​

​

​

​

​

​

​

​

​

​

​

​

​

Depletion and depreciation

​

​

​

44,016

​

​

48,342

​

​

89,929

​

​

93,129

Accretion expense

20

​

​

1,969

​

​

1,903

​

​

4,066

​

​

3,657

Income taxes

​

​

​

71,027

​

​

33,652

​

​

129,400

​

​

49,040

Interest expense (income), net

20

​

​

137

​

​

1,520

​

​

(27)

​

​

2,810

Share-based payments, net of cash settlements

14

​

​

(561)

​

​

3,345

​

​

(8,758)

​

​

6,206

Write-off of mineral properties

​

​

​

–

​

​

1,997

​

​

–

​

​

1,997

Unrealized foreign exchange losses (gains)

​

​

​

2,309

​

​

(2,536)

​

​

1,945

​

​

(3,712)

Investment gains

​

​

​

(230)

​

​

(1,679)

​

​

(372)

​

​

(2,998)

Other

​

​

​

10

​

​

99

​

​

1,342

​

​

1,460

Changes in working capital

24

​

​

14,527

​

​

(4,196)

​

​

10,572

​

​

(12,176)

Cash provided by operating activities

​

​

​

216,952

​

​

130,152

​

​

431,790

​

​

226,002

Income taxes paid

​

​

​

(79,259)

​

​

(36,394)

​

​

(88,828)

​

​

(45,761)

Interest paid

​

​

​

(3,814)

​

​

(3,582)

​

​

(4,333)

​

​

(4,108)

Interest received

​

​

​

4,402

​

​

2,507

​

​

9,010

​

​

5,567

Net cash provided by operating activities - continuing operations

​

​

​

138,281

​

​

92,683

​

​

347,639

​

​

181,700

Net cash (used in) provided by operating activities - discontinued operations

21

​

​

–

​

​

(25,377)

​

​

–

​

​

11,984

​

​

​

​

​

​

​

​

​

​

​

​

​

​

INVESTING ACTIVITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

Increase in restricted cash

​

​

​

–

​

​

–

​

​

(12,762)

​

​

(232)

Investments in equity securities

23

​

​

–

​

​

(6,045)

​

​

–

​

​

(6,045)

Additions to mineral properties and property, plant and equipment

7

​

​

(67,877)

​

​

(47,015)

​

​

(113,158)

​

​

(84,968)

Purchases of investments

​

​

​

–

​

​

(4,428)

​

​

–

​

​

(18,804)

Proceeds from sale of marketable securities and investment maturities

​

​

​

230

​

​

1,194

​

​

372

​

​

12,546

(Increase) decrease in advances and prepayments for capital projects

​

​

​

(13,800)

​

​

2,025

​

​

(14,386)

​

​

4,351

Other investing activities

​

​

​

–

​

​

–

​

​

(5,104)

​

​

–

Cash used in investing activities - continuing operations

​

​

​

(81,447)

​

​

(54,269)

​

​

(145,038)

​

​

(93,152)

Cash provided by investing activities - discontinued operations

21

​

​

–

​

​

73,286

​

​

–

​

​

71,680

​

​

​

​

​

​

​

​

​

​

​

​

​

​

FINANCING ACTIVITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

Transaction costs on credit facility

​

​

​

–

​

​

–

​

​

–

​

​

(107)

Repurchase of common shares

15

​

​

(82,134)

​

​

–

​

​

(106,587)

​

​

(4,165)

Payments of lease obligations

11

​

​

(8,959)

​

​

(6,114)

​

​

(15,822)

​

​

(11,112)

Dividend payment to non-controlling interests

25

​

​

(23,514)

​

​

–

​

​

(23,514)

​

​

–

Cash used in financing activities - continuing operations

​

​

​

(114,607)

​

​

(6,114)

​

​

(145,923)

​

​

(15,384)

Cash used in financing activities - discontinued operations

21

​

​

–

​

​

(11,875)

​

​

–

​

​

(12,879)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Effect of exchange rate changes on cash and cash equivalents

​

​

​

(1,466)

​

​

1,996

​

​

(3,997)

​

​

3,151

(Decrease) increase in cash and cash equivalents during the period - continuing operations

​

​

​

(59,239)

​

​

34,296

​

​

52,681

​

​

76,315

Increase in cash and cash equivalents during the period - discontinued operations

21

​

​

–

​

​

36,034

​

​

–

​

​

70,785

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents, beginning of the period

​

​

​

665,905

​

​

308,092

​

​

553,985

​

​

231,322

Cash and cash equivalents, end of the period

​

​

​

606,666

​

​

378,422

​

​

606,666

​

​

378,422

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents consist of:

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash

​

​

​

580,845

​

​

190,297

​

​

580,845

​

​

190,297

Cash equivalents

​

​

​

25,821

​

​

188,125

​

​

25,821

​

​

188,125

Cash and cash equivalents, end of the period

​

​

​

606,666

​

​

378,422

​

​

606,666

​

​

378,422

​

​

Segment totals for the discontinued operations are disclosed in Note 21

Supplemental cash flow information (Note 24)

The accompanying notes are an integral part of these interim financial statements.

​

​

​

​

​

Page | 4


Fortuna Mining Corp.

Condensed Interim Consolidated Statements of Changes in Equity

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Share capital

​

​

Reserves

​

​

​

​

​

​

​

​

​

​

Note

  ​ ​ ​

Number of 
common shares

​

​

Amount
$

  ​ ​ ​

​

Share units
reserve
$

​

​

Equity component of convertible debt
$

  ​ ​ ​

​

Other
reserves
$

  ​ ​ ​

​

Retained
earnings
$

  ​ ​ ​

​

Non-controlling interests
$

  ​ ​ ​

​

Total equity
$

Balance at December 31, 2025

​

​

305,760,679

​

​

1,125,215

​

​

27,236

​

​

37,050

​

​

(592)

​

​

488,125

​

​

58,284

​

​

1,735,318

Net income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

186,512

​

​

17,181

​

​

203,693

Other comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

959

​

​

–

​

​

–

​

​

959

Total comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

959

​

​

186,512

​

​

17,181

​

​

204,652

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transactions with owners of the Company

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reclassification on derecognition of investments in equity securities

​

​

–

​

​

–

​

​

–

​

​

–

​

​

1,050

​

​

(1,050)

​

​

–

​

​

–

Dividend declared and paid to non-controlling interests

25

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

(23,514)

​

​

(23,514)

Repurchase of common shares

15

​

(10,800,693)

​

​

(39,747)

​

​

–

​

​

–

​

​

–

​

​

(60,862)

​

​

–

​

​

(100,609)

Shares issued on vesting of share units

14

​

997,401

​

​

3,547

​

​

(3,547)

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

Share-based payments

14

​

–

​

​

–

​

​

3,060

​

​

–

​

​

–

​

​

–

​

​

–

​

​

3,060

​

​

​

(9,803,292)

​

​

(36,200)

​

​

(487)

​

​

–

​

​

1,050

​

​

(61,912)

​

​

(23,514)

​

​

(121,063)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at June 30, 2026

​

​

295,957,387

​

​

1,089,015

​

​

26,749

​

​

37,050

​

​

1,417

​

​

612,725

​

​

51,951

​

​

1,818,907

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at December 31, 2024

​

​

306,928,189

​

​

1,129,709

​

​

26,701

​

​

37,050

​

​

(5,979)

​

​

216,384

​

​

62,208

​

​

1,466,073

Net income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

95,817

​

​

13,059

​

​

108,876

Other comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

4,255

​

​

–

​

​

–

​

​

4,255

Total comprehensive income

​

​

–

​

​

–

​

​

–

​

​

–

​

​

4,255

​

​

95,817

​

​

13,059

​

​

113,131

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transactions with owners of the Company

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sale of Roxgold SANU S.A.

21

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

(10,250)

​

​

(10,250)

Dividend declared and paid to non-controlling interests

25

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

(24,539)

​

​

(24,539)

Repurchase of common shares

15

​

(916,900)

​

​

(4,165)

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

(4,165)

Shares issued on vesting of share units

14

​

948,697

​

​

3,294

​

​

(3,294)

​

​

–

​

​

–

​

​

–

​

​

–

​

​

–

Issuance of shares to non-controlling interests

25

​

–

​

​

–

​

​

–

​

​

–

​

​

–

​

​

(7,270)

​

​

7,270

​

​

–

Share-based payments

14

​

–

​

​

–

​

​

2,143

​

​

–

​

​

–

​

​

–

​

​

–

​

​

2,143

​

​

​

31,797

​

​

(871)

​

​

(1,151)

​

​

–

​

​

–

​

​

(7,270)

​

​

(27,519)

​

​

(36,811)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at June 30, 2025

​

​

306,959,986

​

​

1,128,838

​

​

25,550

​

​

37,050

​

​

(1,724)

​

​

304,931

​

​

47,748

​

​

1,542,393

The accompanying notes are an integral part of these interim financial statements.

​

Page | 5


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

1.   NATURE OF OPERATIONS

​

Fortuna Mining Corp. (the “Company”) is a publicly traded company incorporated and domiciled in British Columbia, Canada.

​

The Company is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d’Ivoire, Guinea, Guyana, Mexico, Peru, and Senegal. The Company operates the open pit Lindero gold mine (“Lindero”) in northern Argentina, the open pit Séguéla gold mine (“Séguéla”) in southwestern Côte d’Ivoire, and the underground Caylloma silver, lead, and zinc mine (“Caylloma”) in southern Peru, and is developing the Diamba Sud gold project in Senegal.

​

The Company’s common shares are listed on the New York Stock Exchange (the “NYSE”) under the trading symbol FSM and on the Toronto Stock Exchange (the “TSX”) under the trading symbol FVI.

​

The Company’s registered and head offices are located at Suite 820, 1111 Melville Street, Vancouver, British Columbia, V6E 3V6, Canada.

​

​

2.   BASIS OF PRESENTATION

​

Statement of Compliance

​

These unaudited condensed interim consolidated financial statements (“interim financial statements”) have been prepared by management of the Company in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, including IAS 34 Interim Financial Reporting. They do not include all the information required for full annual financial statements. These interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, which include information necessary for understanding the Company’s business and financial presentation.

​

Other than as described below, the same accounting policies and methods of computation are followed in these interim financial statements as compared with the most recent annual financial statements. Certain comparative figures have been reclassified to conform to the presentation adopted in the current period.

​

These unaudited condensed interim financial statements were approved and authorized for issuance by the Company's Board of Directors on August 5, 2026.

​

Basis of Measurement

​

These financial statements have been prepared on a going concern basis under the historical cost basis, except for those assets and liabilities that are measured at fair value (Note 23) at the end of each reporting period.

​

Adoption of new and future accounting standards

​

The Company adopted various amendments to IFRS, which were effective for accounting periods beginning on or after January 1, 2026. These include amendments to IFRS 7 and IFRS 9, Classification and Measurement of Financial Instruments. The impacts of adoption were not material to the Company's interim financial statements.

​

Page | 6


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

In April 2024, the IASB issued new IFRS 18, Presentation and Disclosure in Financial Statements. This standard, effective for annual periods beginning on or after January 1, 2027, replaces IAS 1, Presentation of Financial Statements and requires retrospective application. The standard introduces new classification categories and mandatory subtotals in the statement of income, as well as new disclosure requirements for management-defined performance measures (“MPM”), and it may affect what the Company reports as its operating profit or loss.

​

The Company is currently assessing the detailed implications of applying the new standard on the financial statements and the following potential impacts, among others, have been identified based on the Company’s preliminary assessment:

●The Company has performed an initial assessment of the non-IFRS financial measures and other subtotals of income and expenses that it currently uses in its public communications outside the financial statements and the Company believes the following will meet the MPM definition: adjusted net income; adjusted attributable net income; and adjusted EBITDA;
●Income and expenses will be classified into defined categories, including operating, investing, and financing. Consequently, some income and expense items may move to different sections of the statement of income compared to the current presentation;
●The Company will be required to present specific subtotals, including operating profit and profit before financing and income taxes in the statement of income;
●The Company will be required to provide additional note disclosures regarding the nature of certain operating expenses; and
●The starting point for the indirect method of reporting cash flows from operating activities will change to operating profit (currently, net income from continuing operations).

​

​

3.   USE OF ESTIMATES, ASSUMPTIONS, AND JUDGEMENTS

​

The preparation of these interim financial statements requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgements and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates.

​

The impact of such judgements and estimates are pervasive throughout the interim financial statements, and may require accounting adjustments based on future occurrences. These judgements and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively.

​

In preparing these interim financial statements for the three and six months ended June 30, 2026, the Company applied the critical estimates, assumptions and judgements as disclosed in Note 4 of its audited consolidated financial statements for the year ended December 31, 2025.

​

​

Page | 7


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

4.   TRADE AND OTHER RECEIVABLES

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Trade receivables from doré and concentrate sales

​

​

12,666

​

​

20,761

Advances and other receivables

​

​

12,219

​

​

8,248

Value added tax receivables

​

​

40,230

​

​

45,352

Trade and other receivables

​

​

65,115

​

​

74,361

​

The Company’s trade receivables from concentrate and doré sales are expected to be collected in accordance with the terms of the existing concentrate and doré sales contracts with its customers. No amounts were past due as at June 30, 2026 and December 31, 2025.

​

As at June 30, 2026, the current Value Added Tax (“VAT”) receivables include $25.6 million (December 31, 2025 - $30.9 million) for Séguéla; and $11.4 million (December 31, 2025 - $11.9 million) for Lindero. An additional $5.9 million (December 31, 2025 - $7.7 million) of VAT receivable is classified as non-current (refer to Note 8).

​

5.   INVENTORIES

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Ore stockpiles

​

​

​

111,307

​

​

109,035

Materials and supplies

​

​

​

48,713

​

​

46,032

Leach pad and gold-in-circuit

​

​

​

38,837

​

​

31,550

Doré bars

​

​

​

4,584

​

​

2,396

Concentrate stockpiles

​

​

​

664

​

​

426

Total inventories

​

​

​

204,105

​

​

189,439

Less: non-current portion

​

​

​

(65,234)

​

​

(66,754)

Current inventories

​

​

​

138,871

​

​

122,685

​

As at June 30, 2026, non-current portion of inventories include $61.9 million (December 31, 2025 - $60.0 million) at Lindero and $3.3 million (December 31, 2025 - $6.8 million) at Séguéla.

​

During the three and six months ended June 30, 2026, the Company expensed $112.9 million and $220.3 million, respectively, of inventories to cost of sales (June 30, 2025 - $111.3 million and $213.0 million, respectively).

​

6.   PREPAID EXPENSES AND OTHER CURRENT ASSETS

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Prepaid expenses

​

​

​

4,333

​

​

6,619

Other current assets

​

​

​

124

​

​

124

Prepaid expenses and other current assets

​

​

​

4,457

​

​

6,743

​

​

​

​

​

As at June 30, 2026, prepaid expenses include $1.6 million (December 31, 2025 - $2.5 million) related to deposits and advances to contractors.

​

​

Page | 8


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

7.   MINERAL PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mineral
properties -
depletable
$

​

​

Mineral
properties -
non-depletable
$

​

​

Construction in progress
$

​

​

Property, plant & equipment
$

​

​

Total
$

COST

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2025

​

​

​

1,270,610

​

​

184,341

​

​

32,280

​

​

876,909

​

​

2,364,140

Additions

​

​

​

50,443

​

​

41,176

​

​

31,432

​

​

31,261

​

​

154,312

Changes in closure and reclamation provision

​

​

​

(1,413)

​

​

–

​

​

–

​

​

(412)

​

​

(1,825)

Disposals and write-offs

​

​

​

–

​

​

–

​

​

–

​

​

(83)

​

​

(83)

Transfers

​

​

​

5,991

​

​

(672)

​

​

(24,384)

​

​

19,065

​

​

–

Balance as at June 30, 2026

​

​

​

1,325,631

​

​

224,845

​

​

39,328

​

​

926,740

​

​

2,516,544

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACCUMULATED DEPLETION AND IMPAIRMENT

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2025

​

​

​

500,991

​

​

–

​

​

–

​

​

344,473

​

​

845,464

Disposals and write-offs

​

​

​

–

​

​

–

​

​

–

​

​

(83)

​

​

(83)

Depletion and depreciation

​

​

​

58,446

​

​

–

​

​

–

​

​

40,500

​

​

98,946

Balance as at June 30, 2026

​

​

​

559,437

​

​

–

​

​

–

​

​

384,890

​

​

944,327

Net book value as at June 30, 2026

​

​

​

766,194

​

​

224,845

​

​

39,328

​

​

541,850

​

​

1,572,217

​

As at June 30, 2026, non-depletable mineral properties include $137.6 million of exploration and evaluation assets (December 31, 2025 - $111.9 million).

​

As at June 30, 2026, property, plant and equipment include right-of-use assets with a net book value of $96.4 million (December 31, 2025 - $75.9 million). Related depletion and depreciation for the three and six months ended June 30, 2026, was $5.3 million and $10.1 million, respectively (June 30, 2025 - $4.6 million and $9.5 million, respectively).

​

Page | 9


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mineral
properties -
depletable
$

​

​

Mineral
properties -
non-depletable
$

​

​

Construction in progress
$

​

​

Property, plant & equipment
$

​

​

Total
$

COST

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2024

​

​

​

1,619,651

​

​

269,345

​

​

73,892

​

​

1,017,240

​

​

2,980,128

Additions

​

​

​

81,365

​

​

52,355

​

​

45,048

​

​

39,266

​

​

218,034

Changes in closure and reclamation provision

​

​

​

2,668

​

​

–

​

​

–

​

​

(469)

​

​

2,199

Disposals and write-offs

​

​

​

–

​

​

(5,038)

​

​

(375)

​

​

(6,908)

​

​

(12,321)

Sale of discontinued operations (1)

​

​

​

(549,210)

​

​

(15,953)

​

​

(55)

​

​

(258,682)

​

​

(823,900)

Transfers

​

​

​

116,136

​

​

(116,368)

​

​

(86,230)

​

​

86,462

​

​

–

Balance as at December 31, 2025

​

​

​

1,270,610

​

​

184,341

​

​

32,280

​

​

876,909

​

​

2,364,140

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACCUMULATED DEPLETION AND IMPAIRMENT

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as at December 31, 2024

​

​

​

901,599

​

​

–

​

​

49

​

​

539,293

​

​

1,440,941

Disposals and write-offs

​

​

​

–

​

​

–

​

​

–

​

​

(6,115)

​

​

(6,115)

Sale of discontinued operations (1)

​

​

​

(507,347)

​

​

–

​

​

(49)

​

​

(245,781)

​

​

(753,177)

Reversal of impairment

​

​

​

(22,369)

​

​

–

​

​

–

​

​

(30,376)

​

​

(52,745)

Depletion and depreciation

​

​

​

130,039

​

​

–

​

​

–

​

​

86,521

​

​

216,560

Transfers

​

​

​

(931)

​

​

–

​

​

–

​

​

931

​

​

–

Balance as at December 31, 2025

​

​

​

500,991

​

​

–

​

​

–

​

​

344,473

​

​

845,464

Net book value as at December 31, 2025

​

​

​

769,619

​

​

184,341

​

​

32,280

​

​

532,436

​

​

1,518,676

​

(1)Represents the net book value of mineral properties and property, plant and equipment of Cuzcatlan (as defined herein) and the Sanu Entities (as defined herein) that were sold during the second quarter of 2025. Refer to Note 21 for details.

​

​

8.   OTHER NON-CURRENT ASSETS

​

​

​

​

​

​

​

​

​

​

Note

  ​ ​ ​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Value added tax receivables

4

​

​

5,850

​

​

7,665

Unamortized transaction costs

​

​

​

690

​

​

949

Other

​

​

​

275

​

​

280

Total other non-current assets

​

​

​

6,815

​

​

8,894

​

​

As at June 30, 2026, non-current VAT receivables include $5.9 million (December 31, 2025 - $7.7 million) for Séguéla.

​

​

​

​

​

Page | 10


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

9.   TRADE AND OTHER PAYABLES

​

​

​

​

​

​

​

​

​

​

Note

  ​ ​ ​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Trade accounts payable

​

​

​

81,813

​

​

77,927

Payroll and related payables

​

​

​

25,005

​

​

27,790

Mining royalty payable

​

​

​

15,300

​

​

14,317

Share units payable

14(a)(b)

​

​

19,042

​

​

25,471

Other payables

​

​

​

6,490

​

​

7,856

Total trade and other payables

​

​

​

147,650

​

​

153,361

​

​

As at June 30, 2026, other payables include $2.4 million (December 31, 2025 - $nil) related to 628 ounces (December 31, 2025 - none) of gold sold at Lindero under an advanced sales contract but not yet delivered. Although consideration was received, the related ounces had not yet been poured and did not meet the criteria for revenue recognition.

​

10.  RELATED PARTY TRANSACTIONS

​

During the three and six months ended June 30, 2026 and 2025, the Company was charged for consulting services by Mario Szotlender, a director of the Company.

​

Other than transactions in the normal course of business and those noted above, with the Board of Directors and key management personnel, the Company had no transactions between related parties during the three and six months ended June 30, 2026 and 2025.

​

​

11.  LEASE OBLIGATIONS

​

The Company’s lease obligations are primarily related to embedded leases in mining services and onsite power generation equipment contracts. A maturity analysis of the Company's lease obligations from its leased equipment contracts as at June 30, 2026 and December 31, 2025, were as follows:

​

​

​

​

​

​

​

​

​

​

​

Minimum lease payments

​

  ​ ​ ​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Less than one year

​

​

39,310

​

​

27,715

Between one and five years

​

​

63,303

​

​

53,222

More than five years

​

​

11,288

​

​

13,658

​

​

​

113,901

​

​

94,595

Less: future finance charges

​

​

(18,640)

​

​

(17,709)

Present value of lease obligations

​

​

95,261

​

​

76,886

Less: current portion

​

​

(30,810)

​

​

(21,199)

Non-current portion

​

​

64,451

​

​

55,687

​

​

Page | 11


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

The reconciliation of the changes in the carrying amount of the Company’s lease obligations is presented below:

​

​

​

​

​

​

​

​

​

​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Balance, beginning of the period

​

​

76,886

​

​

67,977

Payments of lease obligations

​

​

(15,822)

​

​

(24,374)

Additions

​

​

31,325

​

​

31,110

Accretion

​

​

2,908

​

​

5,660

Foreign exchange

​

​

(36)

​

​

521

Disposals and terminations

​

​

–

​

​

(4,008)

Balance, end of the period

​

​

95,261

​

​

76,886

​

​

12.  DEBT

​

(a)2024 Convertible Notes

​

The following table summarizes the changes in debt:

​

​

​

​

​

​

​

​

​

​

​

June 30,
2026
$

  ​ ​ ​

​

December 31,
2025
$

Balance, beginning of the period

​

​

134,410

​

​

126,031

Amortization of discount and transaction costs

​

​

4,495

​

​

8,379

Balance, end of the period

​

​

138,905

​

​

134,410

Non-current portion

​

​

138,905

​

​

134,410

​

(b)Credit Facility

​

The Company maintains a $150.0 million revolving credit facility (the “Credit Facility”) with an uncommitted accordion option of $75.0 million. The Credit Facility is subject to certain conditions and covenants customary for a facility of this nature. In order to be able to draw on the Credit Facility, the Company is required to comply with certain financial covenants which include among others: maintaining an interest coverage ratio (calculated on a rolling four fiscal quarter basis) of not less than 4.00:1.00; a Net Total Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 4.00:1.00; and a Net Senior Secured Debt (as defined in the facility) to EBITDA ratio (calculated on a rolling four fiscal quarters basis) of not more than 2.25:1.00.

​

The Company has pledged significant assets, including those of its principal operating subsidiaries, as collateral for the Credit Facility.

​

As at June 30, 2026, the Credit Facility remained undrawn.

​

​

​

​

Page | 12


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

13.  CLOSURE AND RECLAMATION PROVISIONS

​

The following table summarizes the changes in closure and reclamation provisions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

Caylloma
$

  ​ ​ ​

​

Lindero
$

​

  ​ ​ ​

Séguéla
$

​

​

Total
$

Balance as at December 31, 2025

​

​

​

14,668

​

​

17,977

​

​

17,612

​

​

50,257

Changes in estimate

​

​

​

(600)

​

​

310

​

​

(1,535)

​

​

(1,825)

Reclamation expenditures

​

​

​

(31)

​

​

–

​

​

–

​

​

(31)

Accretion

​

​

​

383

​

​

427

​

​

348

​

​

1,158

Balance as at June 30, 2026

​

​

​

14,420

​

​

18,714

​

​

16,425

​

​

49,559

Non-current portion

​

​

​

14,420

​

​

18,714

​

​

16,425

​

​

49,559

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Caylloma
$

  ​ ​ ​

​

Lindero
$

​

  ​ ​ ​

Séguéla
$

​

​

San Jose(1)
$

​

​

Yaramoko(1)
$

​

​

Total
$

Balance as at December 31, 2024

​

​

​

15,356

​

​

15,470

​

​

15,110

​

​

14,677

​

​

14,724

​

​

75,337

Changes in estimate (2)

​

​

​

(1,033)

​

​

1,747

​

​

1,860

​

​

460

​

​

(375)

​

​

2,659

Reclamation expenditures

​

​

​

(452)

​

​

–

​

​

–

​

​

(143)

​

​

–

​

​

(595)

Accretion

​

​

​

797

​

​

760

​

​

642

​

​

341

​

​

156

​

​

2,696

Effect of changes in foreign exchange rates

​

​

​

–

​

​

–

​

​

–

​

​

(35)

​

​

–

​

​

(35)

Disposals

​

​

​

–

​

​

–

​

​

–

​

​

(15,300)

​

​

(14,505)

​

​

(29,805)

Balance as at December 31, 2025

​

​

​

14,668

​

​

17,977

​

​

17,612

​

​

–

​

​

–

​

​

50,257

Non-current portion

​

​

​

14,668

​

​

17,977

​

​

17,612

​

​

–

​

​

–

​

​

50,257

(1)Represents the closure and reclamation provisions of Cuzcatlan and Sanu, which were sold during the second quarter of 2025. Refer to Note 21 for details.
(2)The change in estimate for the San Jose mine of $0.5 million was included in net income from discontinued operations, net of tax in the Company's consolidated statements of income for the year ended December 31, 2025.

​

The following table summarizes certain key inputs used in determining the present value of reclamation costs related to mine and development sites:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Caylloma
$

​

​

Lindero
$

​

​

Séguéla
$

​

​

Total
$

Undiscounted uninflated estimated cash flows

​

​

​

19,302

​

​

18,793

​

​

19,902

​

​

57,997

Discount rate

​

​

​

5.53%

​

​

4.94%

​

​

4.44%

​

​

​

Inflation rate

​

​

​

3.00%

​

​

3.20%

​

​

2.28%

​

​

​

​

The Company is expecting to incur progressive reclamation costs throughout the life of its mines.

​

​

Page | 13


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

14.  SHARE-BASED PAYMENTS

​

During the three and six months ended June 30, 2026, the Company recognized share-based recoveries of $0.3 million and expenses of $7.5 million, respectively (June 30, 2025 - expenses of $4.5 million and $13.7 million, respectively), related to the amortization of deferred, restricted and performance share units.

​

(a)Deferred Share Units

​

​

​

​

​

​

​

​

  ​ ​ ​

Cash Settled

​

​

Number of
DSUs

​

​

Fair Value
$

Outstanding, December 31, 2024

​

1,183,816

​

​

5,076

Granted

​

83,992

​

​

387

Changes in fair value

​

–

​

​

6,978

Outstanding, December 31, 2025

​

1,267,808

​

​

12,441

Granted

​

41,041

​

​

448

Changes in fair value

​

–

​

​

(1,845)

Outstanding, June 30, 2026

​

1,308,849

​

​

11,044

​

(b)Restricted Share Units

​

​

​

​

​

​

​

​

​

Cash Settled

​

​

Number of
RSUs

  ​ ​ ​

​

Fair Value
$

Outstanding, December 31, 2024

​

3,548,993

​

​

8,987

Granted

​

1,354,613

​

​

–

Units paid out in cash

​

(1,401,895)

​

​

(7,448)

Forfeited or cancelled

​

(172,296)

​

​

(391)

Changes in fair value and vesting

​

–

​

​

20,165

Outstanding, December 31, 2025

​

3,329,415

​

​

21,313

Granted

​

618,051

​

​

–

Units paid out in cash

​

(1,471,993)

​

​

(16,428)

Forfeited or cancelled

​

(5,332)

​

​

(30)

Changes in fair value and vesting

​

–

​

​

6,037

Outstanding, June 30, 2026

​

2,470,141

​

​

10,892

Less: current portion

​

​

​

​

(7,998)

Non-current portion

​

​

​

​

2,894

​

RSUs granted during the six months ended June 30, 2026 had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62).

​

Page | 14


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

(c)    Performance Share Units

​

​

​

​

​

​

​

​

​

​

​

​

Equity Settled

​

​

​

  ​ ​ ​

​

Number of
PSUs

Outstanding, December 31, 2024

​

​

​

​

2,054,962

Granted

​

​

​

​

743,709

Vested and paid out in shares

​

​

​

​

(802,164)

Outstanding, December 31, 2025

​

​

​

​

1,996,507

Granted

​

​

​

​

345,245

Vested and paid out in shares

​

​

​

​

(882,348)

Outstanding, June 30, 2026

​

​

​

​

1,459,404

​

PSUs granted during the six months ended June 30, 2026 had a fair value of C$14.95 per unit at the date of the grant (December 31, 2025 - C$6.62).

​

During the six months ended June 30, 2026, PSUs vested and were settled in shares. Based on agreed performance outcomes, a weighted average multiplier of 113% (December 31, 2025 - 118%) was applied, resulting in the issuance of 997,401 (December 31, 2025 - 948,697) common shares upon vesting.

​

(d)    Stock Options

​

The Company’s Stock Option Plan, as amended and approved from time to time, permits the Company to issue up to 12,200,000 stock options. As at June 30, 2026, a total of 2,950,529 stock options are available for issuance under the plan. As at June 30, 2026, no stock options were outstanding (December 31, 2025 - none).

​

​

15.  SHARE CAPITAL

​

Authorized Share Capital

​

The Company has an unlimited number of common shares without par value authorized for issue.

​

During the six months ended June 30, 2026, the Company acquired under its normal course issuer bid program (“NCIB”) and cancelled 10,800,693 common shares (June 30, 2025 - 916,900) at an average cost of $9.31 per share (June 30, 2025 - $4.53), excluding brokerage fees, for a total cost of $100.6 million (June 30, 2025 - $4.2 million).

​

On April 17, 2026, the Company announced the renewal of its NCIB program to purchase up to 15,227,869 common shares, being 5% of its outstanding common shares as at April 10, 2026. Under the NCIB, purchases of common shares may be made through the facilities of the NYSE. The share repurchase program started on May 4, 2026 and will end on the earlier of May 3, 2027; the date the Company acquires the maximum number of common shares allowable under the NCIB; or the date the Company otherwise decides not to make any further repurchases under the NCIB. Of the 10,800,693 common shares repurchased during the six months ended June 30, 2026, 6,800,000 were acquired under the current NCIB program. As at June 30, 2026, 8,427,869 common shares remain available for repurchase under this current NCIB.

​

​

Page | 15


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

16.  EARNINGS PER SHARE

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Basic:

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations attributable to Fortuna shareholders

​

​

75,504

​

​

42,629

​

​

186,512

​

​

78,063

Net income attributable to Fortuna shareholders

​

​

75,504

​

​

37,314

​

​

186,512

​

​

95,817

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of shares ('000s)

​

​

301,010

​

​

306,960

​

​

303,164

​

​

306,788

Earnings per share from continuing operations - basic

​

​

0.25

​

​

0.14

​

​

0.62

​

​

0.25

Earnings per share - basic

​

​

0.25

​

​

0.12

​

​

0.62

​

​

0.31

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Diluted:

​

​

​

​

​

​

​

​

​

​

​

​

Net income from continuing operations attributable to Fortuna shareholders

​

​

75,504

​

​

42,629

​

​

186,512

​

​

78,063

Add: finance costs on convertible debt, net of $nil tax

​

​

3,918

​

​

–

​

​

7,730

​

​

–

Diluted net income from continuing operations for the period

​

​

79,422

​

​

42,629

​

​

194,242

​

​

78,063

Net income attributable to Fortuna shareholders

​

​

75,504

​

​

37,314

​

​

186,512

​

​

95,817

Add: finance costs on convertible debt, net of $nil tax

​

​

3,918

​

​

–

​

​

7,730

​

​

–

Diluted net income for the period

​

​

79,422

​

​

37,314

​

​

194,242

​

​

95,817

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of shares ('000s)

​

​

301,010

​

​

306,960

​

​

303,164

​

​

306,788

Incremental shares from dilutive potential shares

​

​

27,631

​

​

1,997

​

​

27,534

​

​

1,725

Weighted average diluted number of shares ('000s)

​

​

328,641

​

​

308,957

​

​

330,698

​

​

308,513

Earnings per share from continuing operations - diluted

​

​

0.24

​

​

0.14

​

​

0.59

​

​

0.25

Earnings per share - diluted

​

​

0.24

​

​

0.12

​

​

0.59

​

​

0.31

​

The incremental shares from dilutive potential shares primarily consist of share units and, for the three and six months ended June 30, 2026, potential common shares issuable on conversion of the 2024 Convertible Notes. For the three and six months ended June 30, 2025, an aggregate of 26,172,045 potential common shares issuable on conversion of the 2024 Convertible Notes were excluded from the diluted earnings per share calculation as their effect would have been anti-dilutive. The Company's average share price exceeded the conversion price of the 2024 Convertible Notes during the three and six months ended June 30, 2026 (June 30, 2025 - below the conversion price).

​

Page | 16


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

17.  SALES

​

The Company’s geographical analysis of revenue from contracts with customers attributed to the location of its products produced, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30, 2026

​

​

​

Argentina
$

​

​

Côte d'Ivoire
$

​

​

Peru
$

​

​

Total
$

Gold doré

​

​

90,259

​

​

185,719

​

​

–

​

​

275,978

Silver-lead concentrates

​

​

–

​

​

–

​

​

30,604

​

​

30,604

Zinc concentrates

​

​

–

​

​

–

​

​

14,162

​

​

14,162

Provisional pricing adjustments

​

​

–

​

​

–

​

​

(2,331)

​

​

(2,331)

Sales to external customers

​

​

90,259

​

​

185,719

​

​

42,435

​

​

318,413

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30, 2025

​

​

​

Argentina
$

​

​

Côte d'Ivoire
$

​

​

Peru
$

​

​

Total
$

Gold doré

​

​

75,681

​

​

126,454

​

​

–

​

​

202,135

Silver-lead concentrates

​

​

–

​

​

–

​

​

15,771

​

​

15,771

Zinc concentrates

​

​

–

​

​

–

​

​

12,628

​

​

12,628

Provisional pricing adjustments

​

​

–

​

​

–

​

​

(115)

​

​

(115)

Sales to external customers

​

​

75,681

​

​

126,454

​

​

28,284

​

​

230,419

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2026

​

​

​

Argentina
$

​

​

Côte d'Ivoire
$

​

​

Peru
$

​

​

Total
$

Gold doré

​

​

191,762

​

​

392,043

​

​

–

​

​

583,805

Silver-lead concentrates

​

​

–

​

​

–

​

​

52,896

​

​

52,896

Zinc concentrates

​

​

–

​

​

–

​

​

26,016

​

​

26,016

Provisional pricing adjustments

​

​

–

​

​

–

​

​

(1,833)

​

​

(1,833)

Sales to external customers

​

​

191,762

​

​

392,043

​

​

77,079

​

​

660,884

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2025

​

​

​

Argentina
$

​

​

Côte d'Ivoire
$

​

​

Peru
$

​

​

Total
$

Gold doré

​

​

128,835

​

​

237,452

​

​

–

​

​

366,287

Silver-lead concentrates

​

​

–

​

​

–

​

​

31,451

​

​

31,451

Zinc concentrates

​

​

–

​

​

–

​

​

27,764

​

​

27,764

Provisional pricing adjustments

​

​

–

​

​

–

​

​

(46)

​

​

(46)

Sales to external customers

​

​

128,835

​

​

237,452

​

​

59,169

​

​

425,456

​

​

​

Page | 17


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

18.  COST OF SALES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

​

​

2026
$

  ​ ​ ​

​

2025
$

​

​

2026
$

  ​ ​ ​

​

2025
$

Direct mining, processing and other costs

​

​

55,012

​

​

46,545

​

​

102,656

​

​

88,522

Depletion and depreciation

​

​

43,036

​

​

47,533

​

​

87,711

​

​

92,012

Salaries and benefits

​

​

18,904

​

​

19,255

​

​

37,447

​

​

36,249

Royalties and other taxes

​

​

17,234

​

​

11,539

​

​

36,156

​

​

22,007

Workers' participation

​

​

763

​

​

518

​

​

1,614

​

​

1,295

Cost of sales

​

​

134,949

​

​

125,390

​

​

265,584

​

​

240,085

​

For the three and six months ended June 30, 2026, depletion and depreciation includes $5.1 million and $9.6 million, respectively, of depreciation related to right-of-use assets (June 30, 2025 - $4.2 million and $8.1 million, respectively).

​

19.  GENERAL AND ADMINISTRATION

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

​

​

2026
$

  ​ ​ ​

​

2025
$

​

​

2026
$

  ​ ​ ​

​

2025
$

General and administration

​

​

10,025

​

​

7,851

​

​

17,616

​

​

15,041

Salaries, wages and benefits

​

​

8,807

​

​

9,086

​

​

20,819

​

​

16,638

Workers' participation

​

​

157

​

​

111

​

​

579

​

​

141

​

​

​

18,989

​

​

17,048

​

​

39,014

​

​

31,820

Share-based (recoveries) payments

​

​

(316)

​

​

4,527

​

​

7,452

​

​

13,656

General and administration

​

​

18,673

​

​

21,575

​

​

46,466

​

​

45,476

​

​

​

​

​

20.  INTEREST AND FINANCE COSTS, NET

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Interest income

​

​

4,516

​

​

3,083

​

​

9,140

​

​

6,143

2024 Convertible Notes interest

​

​

(1,617)

​

​

(1,617)

​

​

(3,234)

​

​

(3,234)

Amortization of discount and transaction costs

​

​

(2,430)

​

​

(2,181)

​

​

(4,754)

​

​

(4,272)

Bank stand-by, commitment fees and other interest

​

​

(606)

​

​

(805)

​

​

(1,125)

​

​

(1,447)

Accretion of closure and reclamation provisions

​

​

(582)

​

​

(528)

​

​

(1,158)

​

​

(1,090)

Accretion of lease liabilities

​

​

(1,387)

​

​

(1,375)

​

​

(2,908)

​

​

(2,567)

​

​

​

(2,106)

​

​

(3,423)

​

​

(4,039)

​

​

(6,467)

​

​

​

​

Page | 18


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

21.   DISCONTINUED OPERATIONS

​

On April 11, 2025, the Company completed the sale of its 100% interest in Compania Minera Cuzcatlan S.A. de C.V. (“Cuzcatlan”), which owns the San Jose silver and gold mine in southern Mexico (“San Jose”).

​

On May 12, 2025, the Company completed the sale of all of its interest in Roxgold SANU S.A. (“Sanu”), which owns and operates the underground and open pit Yaramoko gold mine in southwestern Burkina Faso (“Yaramoko”), and 100% of three other Burkina Faso subsidiaries (collectively with Sanu, the “Sanu Entities”), and ceased all operations in Burkina Faso.

​

Results of Discontinued Operation – Cuzcatlan

​

The following table presents the results of Cuzcatlan for the three and six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Sales

​

​

–

​

​

19

​

​

–

​

​

168

Cost of sales

​

​

–

​

​

(138)

​

​

–

​

​

(287)

Mine operating loss

​

​

–

​

​

(119)

​

​

–

​

​

(119)

​

​

​

​

​

​

​

​

​

​

​

​

​

General and administration

​

​

–

​

​

–

​

​

–

​

​

(638)

Foreign exchange loss

​

​

–

​

​

(178)

​

​

–

​

​

(190)

Other expenses

​

​

–

​

​

(10)

​

​

–

​

​

(2,202)

Operating loss

​

​

–

​

​

(307)

​

​

–

​

​

(3,149)

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and finance costs, net

​

​

–

​

​

–

​

​

–

​

​

(325)

Loss before income taxes

​

​

–

​

​

(307)

​

​

–

​

​

(3,474)

​

​

​

​

​

​

​

​

​

​

​

​

​

Income tax recovery

​

​

–

​

​

–

​

​

–

​

​

1

Net loss from operating activities, net of tax

​

​

–

​

​

(307)

​

​

–

​

​

(3,473)

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain on sale of discontinued operation

​

​

–

​

​

7,646

​

​

–

​

​

7,646

Income from discontinued operation, net of tax

​

​

–

​

​

7,339

​

​

–

​

​

4,173

​

​

​

​

​

​

​

​

​

​

​

​

​

Income per share from discontinued operation attributable to Fortuna shareholders

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

–

​

​

0.02

​

​

–

​

​

0.01

Diluted

​

​

–

​

​

0.02

​

​

–

​

​

0.01

​

​

Page | 19


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

Results of Discontinued Operation – Sanu Entities

​

The following table presents the results of the Sanu Entities for the three and six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Sales

​

​

–

​

​

32,951

​

​

–

​

​

128,059

Cost of sales

​

​

–

​

​

(22,816)

​

​

–

​

​

(82,393)

Mine operating income

​

​

–

​

​

10,135

​

​

–

​

​

45,666

​

​

​

​

​

​

​

​

​

​

​

​

​

General and administration

​

​

–

​

​

14

​

​

–

​

​

(1,380)

Foreign exchange gain

​

​

–

​

​

2,384

​

​

–

​

​

4,254

Other expenses

​

​

–

​

​

(3,128)

​

​

–

​

​

(3,217)

Operating income

​

​

–

​

​

9,405

​

​

–

​

​

45,323

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and finance costs, net

​

​

–

​

​

26

​

​

–

​

​

44

Income before income taxes

​

​

–

​

​

9,431

​

​

–

​

​

45,367

​

​

​

​

​

​

​

​

​

​

​

​

​

Income taxes

​

​

–

​

​

(3,295)

​

​

–

​

​

(10,140)

Net income from operating activities, net of tax

​

​

–

​

​

6,136

​

​

–

​

​

35,227

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss on sale of discontinued operation

​

​

–

​

​

(11,360)

​

​

–

​

​

(11,360)

Tax expense on sale of discontinued operation

​

​

–

​

​

(4,052)

​

​

–

​

​

(4,052)

Release of OCI on sale of discontinued operation

​

​

–

​

​

(1,701)

​

​

–

​

​

(1,701)

(Loss) income from discontinued operation, net of tax

​

​

–

​

​

(10,977)

​

​

–

​

​

18,114

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) income from discontinued operation, net of tax attributable to:

​

​

​

​

​

​

​

​

​

​

​

​

Fortuna shareholders

​

​

–

​

​

(12,654)

​

​

–

​

​

13,581

Non-controlling interest

​

​

–

​

​

1,677

​

​

–

​

​

4,533

​

​

​

–

​

​

(10,977)

​

​

–

​

​

18,114

​

​

​

​

​

​

​

​

​

​

​

​

​

(Loss) income per share from discontinued operation attributable to Fortuna shareholders

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

​

–

​

​

(0.04)

​

​

–

​

​

0.04

Diluted

​

​

–

​

​

(0.04)

​

​

–

​

​

0.04

​

Page | 20


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

Cash Flows of Discontinued Operations

​

The following table summarizes the cash flows attributable to Cuzcatlan and the Sanu Entities for the three and six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Cuzcatlan

​

​

–

​

​

(1,303)

​

​

–

​

​

(11,200)

Sanu Entities

​

​

–

​

​

(24,074)

​

​

–

​

​

23,184

Net cash (used in) provided by operating activities

​

​

–

​

​

(25,377)

​

​

–

​

​

11,984

​

​

​

​

​

​

​

​

​

​

​

​

​

Cuzcatlan

​

​

–

​

​

11,827

​

​

–

​

​

11,738

Sanu Entities

​

​

–

​

​

61,459

​

​

–

​

​

59,942

Cash provided by investing activities

​

​

–

​

​

73,286

​

​

–

​

​

71,680

​

​

​

​

​

​

​

​

​

​

​

​

​

Cuzcatlan

​

​

–

​

​

–

​

​

–

​

​

(22)

Sanu Entities

​

​

–

​

​

(11,875)

​

​

–

​

​

(12,857)

Cash used in financing activities

​

​

–

​

​

(11,875)

​

​

–

​

​

(12,879)

Net cash flows from discontinued operations

​

​

–

​

​

36,034

​

​

–

​

​

70,785

​

​

​

​

Page | 21


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

22.  SEGMENTED INFORMATION

​

The Company’s operating segments are based on the reports reviewed by the senior management group that are used to make strategic decisions. The Chief Executive Officer, as chief operating decision maker, considers the business from a geographic perspective when considering the performance of the Company’s business units.

​

The following summary describes the operations of each reportable segment:

●Mansfield Minera S.A. (“Mansfield”) – operates the Lindero gold mine
●Roxgold SANGO S.A. (“Sango”) – operates the Séguéla gold mine
●Minera Bateas S.A.C. (“Bateas”) – operates the Caylloma silver, lead, and zinc mine
●Corporate – corporate stewardship and projects outside other segments

​

Discontinued operations:

●Cuzcatlan – operates the San Jose silver-gold mine
●Sanu – operates the Yaramoko gold mine

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30, 2026

​

​

​

Mansfield
$

​

​

Sango
$

  ​ ​ ​

​

Bateas
$

​

​

Corporate
$

  ​ ​ ​

​

Total
$

Revenues from external customers

​

​

90,259

​

​

185,719

​

​

42,435

​

​

–

​

​

318,413

Cost of sales before depreciation and depletion

​

​

(31,279)

​

​

(44,854)

​

​

(15,780)

​

​

–

​

​

(91,913)

Depreciation and depletion in cost of sales

​

​

(15,155)

​

​

(23,406)

​

​

(4,475)

​

​

–

​

​

(43,036)

General and administration

​

​

(3,086)

​

​

(4,133)

​

​

(2,258)

​

​

(9,196)

​

​

(18,673)

Other (expenses) income

​

​

(4,284)

​

​

2,392

​

​

(193)

​

​

(5,798)

​

​

(7,883)

Finance items

​

​

(695)

​

​

(270)

​

​

(116)

​

​

(1,052)

​

​

(2,133)

Segment income (loss) before taxes

​

​

35,760

​

​

115,448

​

​

19,613

​

​

(16,046)

​

​

154,775

Income tax expense

​

​

(16,837)

​

​

(32,602)

​

​

(6,566)

​

​

(15,022)

​

​

(71,027)

Segment income (loss) after taxes from continuing operations

​

​

18,923

​

​

82,846

​

​

13,047

​

​

(31,068)

​

​

83,748

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30, 2025

​

​

​

Mansfield
$

​

​

Sango
$

  ​ ​ ​

​

Bateas
$

​

​

Corporate
$

  ​ ​ ​

​

Total
$

Revenues from external customers

​

​

75,681

​

​

126,454

​

​

28,284

​

​

–

​

​

230,419

Cost of sales before depreciation and depletion

​

​

(27,608)

​

​

(36,726)

​

​

(13,523)

​

​

–

​

​

(77,857)

Depreciation and depletion in cost of sales

​

​

(13,331)

​

​

(29,934)

​

​

(4,268)

​

​

–

​

​

(47,533)

General and administration

​

​

(2,595)

​

​

(3,382)

​

​

(1,810)

​

​

(13,788)

​

​

(21,575)

Other (expenses) income

​

​

(3,064)

​

​

5,620

​

​

61

​

​

(2,348)

​

​

269

Finance items

​

​

774

​

​

(1,078)

​

​

(136)

​

​

(1,926)

​

​

(2,366)

Segment income (loss) before taxes

​

​

29,857

​

​

60,954

​

​

8,608

​

​

(18,062)

​

​

81,357

Income tax expense

​

​

(1,874)

​

​

(27,080)

​

​

(4,480)

​

​

(218)

​

​

(33,652)

Segment income (loss) after taxes from continuing operations

​

​

27,983

​

​

33,874

​

​

4,128

​

​

(18,280)

​

​

47,705

​

Page | 22


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2026

​

​

​

Mansfield
$

​

​

Sango
$

  ​ ​ ​

​

Bateas
$

​

​

Corporate
$

  ​ ​ ​

​

Total
$

Revenues from external customers

​

​

191,762

​

​

392,043

​

​

77,079

​

​

–

​

​

660,884

Cost of sales before depreciation and depletion

​

​

(58,023)

​

​

(91,757)

​

​

(28,093)

​

​

–

​

​

(177,873)

Depreciation and depletion in cost of sales

​

​

(30,088)

​

​

(49,506)

​

​

(8,117)

​

​

–

​

​

(87,711)

General and administration

​

​

(6,148)

​

​

(8,921)

​

​

(3,599)

​

​

(27,798)

​

​

(46,466)

Other (expenses) income

​

​

(5,477)

​

​

(6,239)

​

​

273

​

​

(374)

​

​

(11,817)

Finance items

​

​

(1,630)

​

​

(626)

​

​

(247)

​

​

(1,421)

​

​

(3,924)

Segment income (loss) before taxes

​

​

90,396

​

​

234,994

​

​

37,296

​

​

(29,593)

​

​

333,093

Income tax expense

​

​

(25,452)

​

​

(61,914)

​

​

(12,693)

​

​

(29,341)

​

​

(129,400)

Segment income (loss) after taxes from continuing operations

​

​

64,944

​

​

173,080

​

​

24,603

​

​

(58,934)

​

​

203,693

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2025

​

​

​

Mansfield
$

​

​

Sango
$

  ​ ​ ​

​

Bateas
$

​

​

Corporate
$

  ​ ​ ​

​

Total
$

Revenues from external customers

​

​

128,835

​

​

237,452

​

​

59,169

​

​

–

​

​

425,456

Cost of sales before depreciation and depletion

​

​

(49,613)

​

​

(71,841)

​

​

(26,619)

​

​

–

​

​

(148,073)

Depreciation and depletion in cost of sales

​

​

(23,130)

​

​

(60,245)

​

​

(8,637)

​

​

–

​

​

(92,012)

General and administration

​

​

(5,094)

​

​

(5,984)

​

​

(4,383)

​

​

(30,015)

​

​

(45,476)

Other (expenses) income

​

​

(4,454)

​

​

7,101

​

​

(284)

​

​

(2,591)

​

​

(228)

Finance items

​

​

3,162

​

​

(2,064)

​

​

(258)

​

​

(4,878)

​

​

(4,038)

Segment income (loss) before taxes

​

​

49,706

​

​

104,419

​

​

18,988

​

​

(37,484)

​

​

135,629

Income tax expense

​

​

(3,095)

​

​

(35,213)

​

​

(7,613)

​

​

(3,119)

​

​

(49,040)

Segment income (loss) after taxes from continuing operations

​

​

46,611

​

​

69,206

​

​

11,375

​

​

(40,603)

​

​

86,589

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at June 30, 2026

​

​

Mansfield
$

​

​

Sango
$

​

​

Bateas
$

​

​

Corporate
$

​

​

Total
$

Total assets

​

​

655,855

​

​

1,179,485

​

​

168,249

​

​

493,673

​

​

2,497,262

Total liabilities

​

​

94,015

​

​

326,493

​

​

52,729

​

​

205,118

​

​

678,355

Capital expenditures (1)

​

​

30,344

​

​

83,312

​

​

10,612

​

​

30,044

​

​

154,312

(1)Capital expenditures are on an accrual basis for the six months ended June 30, 2026.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31, 2025

​

​

Mansfield
$

​

​

Sango
$

​

​

Bateas
$

​

​

Corporate
$

​

​

Cuzcatlan
$

​

​

Sanu
$

  ​ ​ ​

​

Total
$

Total assets

​

​

649,052

​

​

1,011,605

​

​

162,163

​

​

537,821

​

​

–

​

​

–

​

​

2,360,641

Total liabilities

​

​

66,829

​

​

293,762

​

​

56,364

​

​

208,368

​

​

–

​

​

–

​

​

625,323

Capital expenditures (1)

​

​

64,073

​

​

99,849

​

​

22,535

​

​

31,036

​

​

89

​

​

452

​

​

218,034

(1)Capital expenditures are on an accrual basis for the year ended December 31, 2025.

​

​

Page | 23


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

23.  FAIR VALUE MEASUREMENTS

(a)Financial Assets and Financial Liabilities by Category

​

The carrying amounts of the Company’s financial assets and financial liabilities by category are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at June 30, 2026

  ​ ​ ​

​

Fair value
through OCI
$

  ​ ​ ​

​

Fair value
through
profit or loss
$

​

​

Amortized
cost
$

​

​

Total
$

Financial assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

​

–

​

​

–

​

​

606,666

​

​

606,666

Restricted cash

​

​

–

​

​

–

​

​

13,650

​

​

13,650

Trade receivables - concentrate sales

​

​

–

​

​

9,221

​

​

–

​

​

9,221

Trade receivables - doré sales

​

​

–

​

​

–

​

​

3,445

​

​

3,445

Investments in equity securities (1)

​

​

7,719

​

​

–

​

​

–

​

​

7,719

Other receivables

​

​

–

​

​

–

​

​

12,219

​

​

12,219

Total financial assets

​

​

7,719

​

​

9,221

​

​

635,980

​

​

652,920

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Trade accounts payable

​

​

–

​

​

–

​

​

(81,813)

​

​

(81,813)

Payroll payable

​

​

–

​

​

–

​

​

(25,005)

​

​

(25,005)

Share units payable

​

​

–

​

​

(21,936)

​

​

–

​

​

(21,936)

2024 Convertible Notes

​

​

–

​

​

–

​

​

(138,905)

​

​

(138,905)

Other payables

​

​

–

​

​

–

​

​

(117,051)

​

​

(117,051)

Total financial liabilities

​

​

–

​

​

(21,936)

​

​

(362,774)

​

​

(384,710)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31, 2025

  ​ ​ ​

​

Fair value
through OCI
$

  ​ ​ ​

​

Fair value
through
profit or loss
$

​

​

Amortized
cost
$

​

​

Total
$

Financial assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

​

–

​

​

–

​

​

553,985

​

​

553,985

Restricted cash

​

​

–

​

​

–

​

​

788

​

​

788

Trade receivables - concentrate sales

​

​

–

​

​

15,279

​

​

–

​

​

15,279

Trade receivables - doré sales

​

​

–

​

​

–

​

​

5,482

​

​

5,482

Investments in equity securities (1)

​

​

6,760

​

​

–

​

​

–

​

​

6,760

Other receivables

​

​

–

​

​

–

​

​

7,460

​

​

7,460

Total financial assets

​

​

6,760

​

​

15,279

​

​

567,715

​

​

589,754

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

​

​

​

​

​

​

​

​

​

​

​

​

Trade accounts payable

​

​

–

​

​

–

​

​

(77,927)

​

​

(77,927)

Payroll payable

​

​

–

​

​

–

​

​

(27,790)

​

​

(27,790)

Share units payable

​

​

–

​

​

(33,754)

​

​

–

​

​

(33,754)

2024 Convertible Notes

​

​

–

​

​

–

​

​

(134,410)

​

​

(134,410)

Other payables

​

​

–

​

​

–

​

​

(97,300)

​

​

(97,300)

Total financial liabilities

​

​

–

​

​

(33,754)

​

​

(337,427)

​

​

(371,181)

(1)As at June 30, 2026, investments in equity securities include $7.6 million (December 31, 2025 - $6.7 million) representing the fair value of the Company's investment in Awalé Resources Limited, a mineral exploration company in Côte d’Ivoire. The fair value was determined based on quoted prices in active markets, a Level 1 fair value measurement, with changes in fair value recorded in other comprehensive income. The remaining balance consists of investments in other publicly traded exploration companies.

Page | 24


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

​

(b)Fair Values of Financial Assets and Financial Liabilities

​

During the three and six months ended June 30, 2026 and 2025, there were no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy. The fair values of the Company’s financial assets and financial liabilities that are measured at fair value, including their levels in the fair value hierarchy are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at June 30, 2026

  ​ ​ ​

​

Level 1
$

  ​ ​ ​

​

Level 2
$

  ​ ​ ​

​

Level 3
$

  ​ ​ ​

​

Total
$

Trade receivables - concentrate sales

​

​

–

​

​

9,221

​

​

–

​

​

9,221

Investments in equity securities

​

​

7,719

​

​

–

​

​

–

​

​

7,719

Share units payable

​

​

–

​

​

(21,936)

​

​

–

​

​

(21,936)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As at December 31, 2025

  ​ ​ ​

​

Level 1
$

  ​ ​ ​

​

Level 2
$

  ​ ​ ​

​

Level 3
$

  ​ ​ ​

​

Total
$

Trade receivables - concentrate sales

​

​

–

​

​

15,279

​

​

–

​

​

15,279

Investments in equity securities

​

​

6,760

​

​

–

​

​

–

​

​

6,760

Share units payable

​

​

–

​

​

(33,754)

​

​

–

​

​

(33,754)

​

(c)Financial Assets and Financial Liabilities Not Already Measured at Fair Value

​

The table below presents the estimated fair values of the Company’s financial liabilities, categorized within Level 2 of the fair value hierarchy, not measured at fair value where amortized cost does not reasonably approximate fair value.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

December 31, 2025

​

​

​

Carrying amount
$

​

​

Fair value
$

​

​

Carrying amount
$

​

​

Fair value
$

2024 Convertible Notes (1)

​

​

(138,905)

​

​

(265,219)

​

​

(134,410)

​

​

(293,681)

​

(1)The carrying amounts of the 2024 Convertible Notes represents the liability components (Note 12), while the fair value represents the liability and equity components. The fair value of the 2024 Convertible Notes is based on the quoted prices in markets that are not active for the underlying securities.

​

​

​

24.  SUPPLEMENTAL CASH FLOW INFORMATION

​

Changes in working capital for the three and six months ended June 30, 2026 and 2025 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

​

​

2026
$

  ​ ​ ​

​

2025
$

​

​

2026
$

  ​ ​ ​

​

2025
$

Trade and other receivables

​

​

6,693

​

​

(2,387)

​

​

14,591

​

​

(6,086)

Prepaid expenses

​

​

2,812

​

​

1,243

​

​

1,110

​

​

2,972

Inventories

​

​

(7,960)

​

​

(394)

​

​

(9,533)

​

​

(7,069)

Trade and other payables

​

​

12,982

​

​

(2,658)

​

​

4,404

​

​

(1,993)

Total changes in working capital

​

​

14,527

​

​

(4,196)

​

​

10,572

​

​

(12,176)

​

Page | 25


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

The significant non-cash financing and investing transactions during the three and six months ended June 30, 2026 and 2025 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended June 30,

​

​

Six months ended June 30,

​

​

​

2026
$

  ​ ​ ​

​

2025
$

  ​ ​ ​

​

2026
$

  ​ ​ ​

​

2025
$

Mineral properties, plant and equipment changes in closure and reclamation provision

​

​

(953)

​

​

(1,636)

​

​

1,825

​

​

504

Additions to right-of-use assets

​

​

29,909

​

​

23,708

​

​

31,325

​

​

30,314

Share units allocated to share capital upon settlement

​

​

–

​

​

–

​

​

3,547

​

​

3,294

​

​

25.  NON-CONTROLLING INTERESTS

​

As at June 30, 2026, the non-controlling interest (“NCI”) of the State of Côte d’Ivoire, which represents a 10% interest in Sango, totaled $52.0 million. The income attributable to the NCI for the three and six months ended June 30, 2026, totaling $8.2 million and $17.2 million, respectively, is based on net income for Séguéla (June 30, 2025 - $5.1 million and $8.5 million, respectively). During the six months ended June 30, 2026, Sango declared and paid dividends to the State of $23.5 million (June 30, 2025 - declared $12.9 million).

​

​

​

​

26.  CONTINGENCIES AND CAPITAL COMMITMENTS

​

(a)    Caylloma Letter of Guarantee

​

The Caylloma mine closure plan, as amended, that was in effect in September 2024, includes total undiscounted closure costs of $18.2 million, which consisted of progressive closure activities of $2.4 million, final closure activities of $13.5 million, and post closure activities of $2.3 million pursuant to the terms of the Mine Closing Law of Peru.

 

Under the terms of the current Mine Closing Law, the Company is required to provide the Peruvian Government with a guarantee in respect of the Caylloma mine closure plan as it relates to final closure activities and post-closure activities and related taxes. As at June 30, 2026, the Company provided a bank letter guarantee of $17.6 million to the Peruvian Government in respect of such closure costs and taxes, issued by Banco BBVA Perú (updated on January 14, 2026, expiring on January 28, 2027).

​

The proposed update to the Mine Closure Plan, submitted to the Peruvian Ministry of Energy and Mines in December 2025, remains under evaluation; the Company is currently responding to observations raised by the Peruvian Government.

​

(b)    Other Commitments

​

Argentina

​

As at June 30, 2026, the Company had capital commitments of $3.6 million, for civil work, equipment purchases and other services at the Lindero mine, which are expected to be expended within one year.

​

Senegal

​

As at June 30, 2026, the Company had capital commitments of $21.5 million, for camp construction, civil works, and equipment purchases at the Diamba Sud gold project, which are expected to be expended within one year.

​

Page | 26


Fortuna Mining Corp.

Notes to Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited – Tabular amounts presented in thousands of US dollars, except share and per share amounts)

​

Côte d’Ivoire

​

The Company entered into an agreement with a service provider at the Séguéla mine wherein if the Company terminates the agreement prior to the end of its term, in May 2028, the Company would be required to make an early termination payment, which is reduced monthly over 66 months. If the Company had terminated the agreement on June 30, 2026, and elected not to purchase the service provider’s equipment, it would have been subject to an early termination payment of $14.1 million. If the Company elected to purchase the service provider’s equipment, the early termination amount would be adjusted to exclude equipment depreciation and demobilization of equipment, and only include the portion of the monthly management fees and demobilization of personnel.

​

Additional early termination payments may apply under certain other service agreements, amounting to a cumulative fee of approximately $3.5 million as at June 30, 2026.

​

In addition, as at June 30, 2026, the Company had outstanding bank guarantees totaling $6.9 million, primarily securing obligations related to environmental rehabilitation, supplier contracts, and disputed tax assessments.

​

Finally, as at June 30, 2026, the Company had capital commitments of $18.0 million, primarily for the purchase of underground primary mining equipment, power plant civil works, camp expansion, and various engineering and feasibility studies at the Séguéla mine, which are expected to be expended within one year.

​

(c)    Tax Contingencies

​

The Company is, from time to time, involved in various tax assessments arising in the ordinary course of business. The Company cannot reasonably predict the likelihood or outcome of these actions. The Company has recognized tax provisions with respect to current assessments received from the tax authorities in the various jurisdictions in which the Company operates, and from any uncertain tax positions identified. For those amounts recognized related to current tax assessments received, the provision is based on management's best estimate of the outcome of those assessments, based on the validity of the issues in the assessment, management's support for their position, and the expectation with respect to any negotiations to settle the assessment. Management re-evaluates the outstanding tax assessments regularly to update their estimates related to the outcome for those assessments taking into account the criteria above.

​

(d)    Other Contingencies

​

The Company is subject to various investigations and other claims; and legal, and labour proceedings covering matters that arise in the ordinary course of business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved unfavourably for the Company. Certain conditions may exist as of the date these financial statements are issued that may result in a loss to the Company. None of these matters is expected to have a material effect on the results of operations or financial condition of the Company.

Page | 27