Fortuna rises on improved resource estimate for Senegal gold project

Fortuna Mining (NYSE: FSM; TSX: FVI) has boosted the mineral resource count for its Diamba Sud gold project in Senegal ahead of a preliminary economic assessment (PEA) later this year.

The Diamba Sud project now contains 724,000 ounces of gold in indicated resources, a 53% increase on the previous estimate since year-end 2024. The inferred resource also rose by 93% to 285,000 gold ounces.

The resource covers seven deposits — Area A, Area D, Karakara, Western Splay, Kassassoko, Southern Arc and Moungoundi — based on drilling data from a total of 1,178 diamond and reverse circulation holes completed since 2019.

The update incorporates over 31,000 metres of drilling (243 holes) completed on the property for the one-year period up until July 2025. It includes the first estimates for the Southern Arc and Moungoundi deposits, containing 194,000 and 31,000 ounces respectively.

In a press release Tuesday, Fortuna said it is planning further drilling for the fourth quarter of 2025. Meanwhile, the PEA work for Diamba Sud is also underway, with completion targeted also for Q4.

The ramp-up in exploration follows the company’s recent decision to exit from Burkina Faso due to jurisdictional risks. Its largest asset remains in West Africa — the Séguéla mine in Côte d’Ivoire — which entered production two years ago. Fortuna acquired Diamba Sud in 2023 to boost its presence in the region.

Shares of the Canadian-based gold miner jumped 7.3% to C$9.46 apiece by midday, for a market capitalization of C$2.93 billion.