Fortuna gets Senegal environmental approval for Diamba Sud Gold Mine
Fortuna Mining Corp. (NYSE: FSM, TSX: FVI) secured the environmental decree from Senegal's Ministry of Environment and Ecological Transition for the Diamba Sud Gold Project. This approval, received nine months after application submission, confirms compliance with environmental regulations and social acceptance, moving the project closer to a mining permit. The company plans to advance early construction works while targeting a final investment decision in mid-2026, supported by a Preliminary Economic Assessment showing an after-tax IRR of 72% and an NPV5% of US$563 million.
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Fortuna Mining Corp. (NYSE: FSM, TSX: FVI) has secured the environmental decree from Senegal's Ministry of Environment and Ecological Transition for the Diamba Sud Gold Project. This authorization confirms that the project complies with all applicable environmental regulations and has achieved social acceptance from stakeholders. The approval represents a decisive step toward obtaining the mining permit, following the submission of the application to the Ministry of Energy, Petroleum, and Mines on February 4, 2026.
Jorge A. Ganoza, President and CEO, stated that obtaining the environmental permit just nine months from submission demonstrates the quality of the company's work and the competitive timeline for mining projects in Senegal. He highlighted the Government of Senegal's commitment to responsible mining sector development. With this approval, Fortuna will continue advancing early construction works, including camp construction and placing purchase orders for critical-path equipment packages, while targeting a final investment and construction decision in mid-2026.
The Diamba Sud Gold Project is in the late stages of permitting and feasibility. A Preliminary Economic Assessment (PEA) outlined robust project economics, including an after-tax Internal Rate of Return (IRR) of 72% and a Net Present Value (NPV5%) of US$563 million, based on a gold price of US$2,750 per ounce. The 2026 project budget is US$100 million. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to be categorized as mineral reserves, meaning there is no certainty the results will be realized.
PEA Key Highlights
| Metrics | Units | Results |
|---|---|---|
| Gold price | $/oz | 2,750 |
| Life of mine | years | 8.1 |
| Processing Duration | years | 7.9 |
| Total mineralized material mined | kt | 17.8 |
| Contained gold in mineralized material mined | koz | 932 |
| Strip ratio | Waste: mineralized material | 5.5:1 |
| Throughput initial 3 years (primarily oxide) | Mtpa | 2.5 |
| Throughput after 3 years (primarily fresh) | Mtpa | 2.0 |
| LOM grade | g/t | 1.63 |
| Recoveries | % | 90 |
| Gold production | ||
| Total Production over LOM | koz | 840 |
| Average annual production over LOM | koz | 106 |
| Average annual production over first 3 years | koz | 146 |
| Per unit costs LOM | ||
| Mining | $/t, mined | 4.82 |
| Processing | $/t, processed | 13.9 |
| G&A | $/t, processed | 6.7 |
| Cash costs | ||
| Average operating cash costs over LOM | $/oz | 1,081 |
| Average operating cash costs over first 3 years | $/oz | 759 |
| AISC | ||
| Average AISC over LOM | $/oz | 1,238 |
| Average AISC over first 3 years | $/oz | 904 |
| Capital costs | ||
| Initial capital expenditure | $ M | 283 |
| Sustaining capital expenditure + Infrastructure | $ M | 48 |
| Returns | ||
| NPV5%, pre-tax (100% Project basis) | $ M | 772 |
| Pre-tax IRR | % | 86 |
| NPV5%, after-tax (100% Project basis) | $ M | 563 |
| After-tax IRR | % | 72 |
| After Tax Payback Period | years | 0.8 |
| Annual EBITDA | ||
| Average EBITDA over LOM | $ M | 167 |
| Average EBITDA over first 3 years | $ M | 277 |
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Guinea, Guyana, and Peru, as well as the Diamba Sud Gold Project in Senegal.
What specific financing strategy will Fortuna employ to fund the initial $283 million capital expenditure given the mid-2026 construction decision target?
How might the inferred mineral resources currently categorized as speculative impact the eventual conversion to proven reserves and final feasibility study results?
What are the potential risks to the project timeline if the mining permit application process extends beyond the current expectations?
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