Fortuna Mining acquisition of Senegal gold assets

Fortuna Mining has expanded its presence in Senegal through the acquisition of assets from IAMGOLD Corporation.

Following the submission of a technical report for the Diamba Sud gold project, IAMGOLD completed the sale of its interests in the Bambadji Joint Venture and the Bambadji Sud exploration permit to Fortuna Mining Corp. The transaction generated approximately $70 million in cash proceeds for IAMGOLD. The company indicated that the divestiture was intended to monetize a non-core exploration asset to maintain focus on its existing operating and development portfolio.

In a subsequent expansion, Fortuna Mining acquired the Bambadji Gold Project in Senegal for US$200 million in cash from both Barrick and IAMGOLD. The acquisition covers a 190 km² area within the Senegal-Mali Shear Zone, a significant gold corridor. This project is contiguous with Fortuna’s Diamba Sud Gold Project, which is currently in the feasibility stage. The purchase includes extensive historical exploration data, including approximately 214,000 meters of drilling.

The acquisition spans approximately 60 kilometres of the Senegal-Mali Shear Zone. As part of the deal, 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.

Fortuna Mining plans to launch an initial US$8 million exploration program for Bambadji in 2026, with drilling expected to begin in the third quarter. This program includes approximately 51,000 metres of reverse-circulation and diamond drilling. President and CEO Jorge A. Ganoza stated the acquisition offers a “rare opportunity to consolidate a large-scale, prospective land package adjacent to existing assets.”