Fortuna Mining Acquires Senegal's Bambadji Gold Exploration Project for $200 Million

en.Wedoany.com Reported - Dimension News, August 10 — Canada's Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) announced the completion of its acquisition of the Bambadji advanced gold exploration project in Senegal for a consideration of $200 million. The project, covering 190 square kilometers in the Kédougou region of southeastern Senegal, was acquired through the purchase of Senegalese subsidiaries held by Barrick Mining Corporation and IAMGOLD Corporation.

The Bambadji project provides Fortuna with approximately 214,000 meters of historical drilling data, encompassing reverse circulation, diamond, and auger drilling records, as well as geochemical, geophysical, and lithological datasets. The project contains multiple drill-defined targets and is adjacent to Fortuna's Diamba Sud gold project, which is currently advancing a feasibility study. Upon consolidation, the two projects form a highly prospective mineralized strike of approximately 60 kilometers along the Senegal-Mali Shear Zone. This shear zone is a first-order gold belt in the West African Craton, having produced approximately 45 million ounces of gold.

Upon completion of the transaction, Barrick and IAMGOLD retain a 0.5% net smelter return royalty on the first 1.75 million ounces of gold production from the Bambadji Nord area.

Fortuna Mining President and CEO Jorge A. Ganoza stated that Bambadji presents a rare opportunity to consolidate a large, highly prospective exploration land package adjacent to Diamba Sud. The Diamba Sud project hosts 1.15 million ounces of gold mineral reserves, with a feasibility study completed in April 2026 and a mining permit application submitted. The company has allocated a $100 million budget for early works at Diamba Sud, with initial capital of $397.5 million and first gold production expected in the second quarter of 2028.

Fortuna has allocated an $8 million initial exploration budget for 2026, planning 51,000 meters of reverse circulation and diamond drilling at Bambadji, with drilling activities set to commence in the third quarter.