Fortuna Mining acquires Bambadji gold project in Senegal for US$200 million

Fortuna Mining has agreed to acquire the Bambadji gold exploration project in Senegal for US$200 million in cash. The acquisition, made from subsidiaries of Barrick and IAMGOLD, covers approximately 190 square kilometers and extends across 60 kilometers of the Senegal-Mali Shear Zone.

The Bambadji project is located immediately adjacent to Fortuna’s Diamba Sud Gold Project, which is currently in the feasibility stage. The acquisition is intended to consolidate a large-scale land package and provide geological optionality to expand the Diamba Sud operation.

Fortuna has approved an initial US$8 million exploration budget for Bambadji for the remainder of 2026, which includes approximately 51,000 meters of reverse-circulation and diamond drilling. The sellers will retain a 0.5% net smelter return royalty on the first 1.75 million ounces of gold produced from the Bambadji Nord property.