By Robb M. Stewart

Fortuna Mining expects a drop in production in 2026 following last year's exit from Burkina Faso, but still has its sights on hitting 500,000 ounces annually as the Canadian precious metals miner works to advance two key growth projects.

On 2026 guidance:

Fortuna said it is targeting production this year of between 281,000 and 305,000 gold equivalent ounces, as increased production at its Seguela mine in Ivory Coast is offset by lower output at the Caylloma mine in Peru due to the effect of a higher gold price on the gold-to-base-metal conversion used in the gold equivalent ounce calculation.

The company forecast a consolidated all-in sustaining cost for 2026 of between $1,830 and $1,975 an ounce, representing a slight increase compared with 2025 that is primarily attributable to higher royalties and the affect of relative metal prices at Caylloma. Fortuna also expects a higher cost base at Seguela after the mine last year benefited from the processing of an ore inventory with lower mining costs.

On 2025 production:

Fortuna produced 65,130 gold equivalent ounces in the final quarter of 2025, compared with 72,462 ounces the quarter before and 75,562 ounces in the fourth quarter of 2025. The decline was mainly due to mechanical downturn at the crushing circuit at the Lindero operation in Argentina, which the company said was resolved in December.

For the full year, gold-equivalent output hit 317,001 ounces, hitting the company's target of between 309,000 and 339,000 ounces. Production from continuing operations totaled 279,207 ounces in 2025, compared with 292,169 in 2024.

In May, Fortuna completed the sale of its stake in the parent of the Yaramoko mine in the Burkina Faso to private Mauritius company Soleil Resources International

On the project development and exploration:

Fortuna said 2026 is a key year in its growth, with a budget focused on materializing its existing brownfields projects with the aim of subsequently achieving a target of producing 500,000 ounces annually.

The company is allocating about $100 million to advance its Diamba Sud gold project in Senegal, including exploration, with a focus on early works to de-risk the project timeline as it moves toward a construction decision by mid-year.

At the Seguela Mine, a budget of about $14 million has been assigned to the development of underground infrastructure and mill expansion studies.

In addition, the company has a total mineral exploration budget of $55 million for 2026, compared with an estimated $49.9 million invested in 2025.

Brownfields exploration represents 52%, while new greenfields initiatives, including $8.8 million allocated to the Diamba Sud gold project in Senegal, representing 48%.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

January 15, 2026 07:35 ET (12:35 GMT)

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