10:07 AM EDT, 04/11/2025 (MT Newswires) -- Fortuna Mining ( FSM ) was at last look up 2.5% on Friday after agreeing to sell its interest in Roxgold Sanu SA which owns and operates the Yaramoko Mine, together with its three Burkina Faso units which hold exploration permits in country to Soleil Resources International.

SRI, a private Mauritius company, will buy all of the issued and outstanding shares of the acquired companies under the deal and Fortuna will receive an aggregate cash payment of about US$130 million.

Fortuna Mining ( FSM ) Chief Executive Jorge A. Ganoza commented, "Considering the limited remaining life of mineral reserves at Yaramoko (approximately one year), the cessation of our exploration activities in-country, and the increasingly challenging business climate in Burkina Faso, the Transaction represents a prudent exit that optimizes value, avoids approximately US$20 million in future mine closure liabilities, and provides Fortuna with additional liquidity as we pursue opportunities more closely aligned with our strategic objectives."

Under the terms of the agreement, Fortuna will receive US$70 million consideration payable on closing of the transaction and US$57.5 million in cash dividends from Roxgold Sanu. The company will also have the right to receive up to about US$53 million of value added tax receivables upon the completion of certain conditions.

Following completion of the transaction, Fortuna will cease to have any operations in Burkina Faso. The completion is subject to the payment by Roxgold Sanu to Fortuna of the cash dividend, receipt of the consent of the Minister of Mines, and customary conditions of closing for transactions of this nature and is expected to be completed in the second quarter of 2025.

Shares of the company were last seen up 3.5% at $9 on the Toronto Stock Exchange.

Price: 8.90, Change: +0.21, Percent Change: +2.42