SEC Filings

Fortuna Hits 64-Meter Gold Intercept At Kabewest In Senegal, Stock Up 3%

First drilling at Bambadji's Kabewest prospect found broad gold zones, with about 70% of assays in and a resource estimate planned.

Fortuna Mining, a Canadian precious metals miner, said its first drilling at Kabewest in Senegal returned 1.9 g/t gold over an estimated true width of 64 meters in hole FBRC0008, starting at 19 meters. FSM shares rose 2.70% to $9.12 in Monday trading, from a prior close of $8.88.

The best holes at Kabewest

Inside the 64-meter interval, a 1.5-meter section starting at 24 meters ran 16.3 g/t gold, according to the company's release. Hole FBDD0008 returned 3.2 g/t over 24 meters from surface, and FBRC0003 returned 3.1 g/t over 24.2 meters from 4 meters.

The initial program was 45 reverse circulation and diamond holes totalling 10,524 meters, and it is complete. Mineralization has been intersected over more than 600 meters of strike and remains open along strike and at depth.

Paul Weedon, Fortuna's Senior Vice President of Exploration, said the results "provide strong support for our geological interpretation and show clear similarities to the breccia-hosted mineralization at Diamba Sud."

Next to Diamba Sud

Kabewest is the most advanced drill-defined prospect at Bambadji, which Fortuna bought from Barrick and IAMGOLD, according to a company release dated August 10, 2026. It lies about 2.3 kilometers from the proposed plant site for Diamba Sud, Fortuna's feasibility-stage gold project in Senegal next door.

Fortuna also runs three operating mines, in Argentina, Côte d'Ivoire and Peru. Its market value was $2.6 billion in Monday trading.

The Kabewest work is the first phase of an $8 million, 51,000-meter drilling program across Bambadji through the end of 2026, focused on at least eight priority prospects. The six rigs have moved to the Wari and Latifa prospects, three at each.

Resource estimate due in 2027

About 70% of assays are in, and the rest are expected in the coming weeks. Fortuna plans an initial Inferred Mineral Resource estimate for Kabewest, which it expects to include in its annual reserve and resource update, planned for the first quarter of 2027, subject to completing the remaining technical work.

The company is also refining targets for the 2027 field season across more than 60 kilometers of strike at Bambadji, where three mineralized trends have been identified.

Weedon said the company looks forward to the remaining assays in the coming weeks as it works toward that first Kabewest resource estimate.