11:44 AM EST, 11/19/2025 (MT Newswires) -- (Updates shares.)

Fortuna Mining ( FSM ) late Tuesday reported an updated estimate that increased mineral reserves and resources at its Seguela mine in Cote d'Ivoire.

Mineral reserves increased 11% compared to Dec. 31, 2024, estimate, to an estimated 1.2-million ounces of gold.

Measured and indicated resources, exclusive of mineral reserves, surged 100% to 794,000 ounces of gold. Inferred mineral resources rose 15% to 712,000 ounces of gold.

The Kingfisher and Sunbird deposits host the largest mineral reserves and mineral resources, the company said.

Fortuna expects to complete an underground mining study in December, supporting the potential conversion of up to 502,000 gold ounces of Sunbird indicated resources into mineral reserves.

Technical studies have been initiated to evaluate a plant expansion of about 25% capacity to 2.0 million to 2.5 million tonnes per year. Studies are expected to be completed in the second quarter of 2026.

Fortuna shares wee last seen up $0.19 to $11.80 on the Toronto Stock Exchange.

Price: 11.81, Change: +0.20, Percent Change: +1.72