Fortuna Mining reported a significant expansion of the mineral inventory at its flagship Séguéla Mine, marking a pivotal transition for the Ivorian operation from a purely open-pit play to a long-term underground producer.
The Vancouver-based miner announced Tuesday that Proven and Probable Mineral Reserves at Séguéla now total 16 million tonnes at 3.01 g/t Au, containing 1.54 million ounces of gold.
This represents a 31% increase in contained ounces since October 2025, a growth spike that more than offsets recent production depletion.
The reserve update is underpinned by the first-time inclusion of underground reserves at the Sunbird deposit, which contributed 401,000 ounces at a grade of 3.60 g/t Au.
The discovery of high-grade mineralization at depth has extended the mine's life beyond nine years, assuming the current processing rate of 1.75 million tonnes per annum (Mtpa).
“Building on this exploration upside, we have initiated a processing plant expansion study that has the potential to increase annual gold production to more than 200,000 ounces,” Jorge A. Ganoza, President and CEO of Fortuna, said in a statement.
The company is currently evaluating a throughput increase to between 2 and 2.5 Mtpa.
Technical studies for the expansion are slated for completion in the second quarter of 2026.
This growth strategy follows a record 2025 for Séguéla, which produced 152,426 ounces of gold, beating the upper end of its annual guidance by 4%.
Shares of Fortuna (NYSE:FSM) were trading at $10.42 in recent sessions, as investors weigh the company's aggressive West African expansion against a backdrop of volatile global trade tensions.