# Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, S&\#xE9;gu&\#xE9;la Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74 Original source: https://money.tmx.com/en/quote/FVI/news/8458385402125239/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est Publisher: tmx Original announcement: 2026-04-23T09:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Fortuna Mining Corp. - Ticker: FVI - Exchange: TSX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Silver, Lead, Zinc - Document categories: Resource update - Extracted: 2026-09-12 03:48:54 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Fortuna Mining Corp. announced a 15% year-over-year increase in consolidated Mineral Reserves and a 56% increase in Measured and Indicated Resources. This growth was primarily driven by successful infill and exploration drilling at the Séguéla Mine in Côte d’Ivoire, which saw a 34% increase in underground Mineral Reserves, and the Diamba Sud Project in Senegal, where Indicated Resources grew by 165%. The company also provided updated estimates for its Lindero and Caylloma operations, noting some depletion and grade changes. Reasoning: Fortuna Mining Corp. reported a substantial increase in consolidated Mineral Reserves and Measured & Indicated Resources, driven by successful drilling at Séguéla and Diamba Sud, which significantly de-risks and expands the company's asset base. While some projects experienced depletion or grade dilution, the overall growth and resource conversion are highly positive. The estimates are compliant with NI 43-101 and supported by Qualified Persons, enhancing confidence. - Positive factor: Significant year-over-year increase in consolidated Mineral Reserves \(15%\) and Measured & Indicated Resources \(56%\) - Positive factor: Strong growth in Séguéla's underground Mineral Reserves \(34%\) and Inferred Mineral Resources \(55%\) due to successful drilling - Positive factor: Exceptional growth in Diamba Sud's Indicated Mineral Resources \(165%\) driven by infill and exploration drilling - Positive factor: Resource upgrading to reserves, particularly at Séguéla, contributing to overall reserve growth - Positive factor: Estimates are NI 43-101 compliant and signed off by Qualified Persons - Positive factor: Metal equivalent assumptions are clearly disclosed - Negative factor: Lindero Mine Mineral Reserves decreased due to production depletion - Negative factor: Caylloma Mine Mineral Reserves and Resources were negatively impacted by production depletion and changes in metal price ratios - Negative factor: Séguéla's Proven and Probable gold grade decreased slightly despite tonnage growth - Negative factor: Diamba Sud's Inferred Mineral Resources decreased due to upgrading to higher confidence categories, indicating a shift rather than pure growth - Negative factor: Caylloma reports variable and sometimes low metallurgical recovery rates for gold \(21% or 58%\) Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 50 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Consolidated Proven and Probable Mineral Reserves increased by 15% year-over-year, and Séguéla's underground Mineral Reserves increased by 34%. Evidence · text > Fortuna successfully increased Mineral Reserves by 15% year-over-year **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Consolidated Proven and Probable Mineral Reserves increased by 15% year-over-year in GEOs, and Diamba Sud's Indicated Mineral Resources increased by 165% in gold ounces. Evidence · text > Consolidated Proven and Probable Mineral Reserves are reported containing 3.0 million gold equivalent ounces \(“GEOs”\) representing a year-over-year increase of 15%. **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The increase in Mineral Reserves is due to the upgrading of resources to reserves, primarily at Séguéla, and Diamba Sud's Inferred Resources decreased due to upgrading in resource classification. Evidence · text > Changes are due to the upgrading of resources to reserves representing 819,000 GEOs, primarily at Séguéla **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Eric Chapman, P. Geo. and Raul Espinoza, FAusIMM \(CP\) are named as Qualified Persons responsible for Mineral Resources and Mineral Reserves, respectively. Evidence · text > Eric Chapman, P. Geo. \(EGBC \#36328\), is the Qualified Person responsible for Mineral Resources; Raul Espinoza \(FAUSIMM \(CP\) \#309581\) is the Qualified Person responsible for Mineral Reserves **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Evidence · text > Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects \(“NI 43-101”\) **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: Séguéla's Proven and Probable gold grade decreased slightly from 3.38 g/t to 3.01 g/t Au, and Diamba Sud's Indicated gold grade decreased by 21%. Evidence · text > while the gold grade decreased slightly from 3.38 g/t to 3.01 g/t Au **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: Lindero Mine experienced a decrease in Mineral Reserves of 6.1 Mt due to year-over-year mining depletion, and Caylloma's Proven and Probable Mineral Reserve tonnes decreased from 2.44 Mt to 2.28 Mt. Evidence · text > Year-over-year mining depletion resulted in a decrease in Mineral Reserves of 6.1 Mt containing 121,000 ounces of gold. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: Diamba Sud's feasibility study remains on track for first-time reporting of Mineral Reserves. Evidence · text > Diamba Sud’s feasibility study remains on track for first-time reporting of Mineral Reserves **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides updated consolidated Mineral Reserve and Mineral Resource estimates for its operating mines and projects. Evidence · text > Fortuna Mining Corp. \(NYSE: FSM \| TSX: FVI\) provides updated consolidated Mineral Reserve and Mineral Resource estimates ## Extracted facts Stored fact records: 50. Some facts used in scoring do not have a stored record. ## Resource Estimates (50) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-0) Séguéla · gold #### Identity - Project: Séguéla - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:59a7d80d92874a01c170 #### Resource Data - Category: proven - Tonnes: 588000 - Grade: 1.6 - Grade Unit: g/t - Contained Metal: 30 - Contained Unit: koz - Cutoff Grade: 2.14 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-31 - Prior Tonnes: 9750000 - Prior Grade: 3.38 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Proven reserve contributes to the overall positive reserve growth at Séguéla, although its grade is lower than the Probable category. - Positive factor: Part of a significant overall reserve increase for the project - Positive factor: High confidence category \(Proven\) - Negative factor: Grade is lower than the project's probable reserve grade Evidence · table > 588 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 588000 against 9750000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.6 against 3.38 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-1) Séguéla · gold #### Identity - Project: Séguéla - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:2c2d4a5d4e1046d4b6fd #### Resource Data - Category: probable - Tonnes: 15768000 - Grade: 3.13 - Grade Unit: g/t - Contained Metal: 1586 - Contained Unit: koz - Cutoff Grade: 2.14 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-31 - Prior Tonnes: 9750000 - Prior Grade: 3.38 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Probable reserve represents a substantial portion of the increased underground reserves at Séguéla, indicating strong confidence and growth for the project. - Positive factor: Significant tonnage and contained gold in the Probable category - Positive factor: Contributes to a 34% increase in underground Mineral Reserves for Séguéla's Sunbird deposit - Positive factor: Grade is strong for an underground gold reserve - Negative factor: Grade is slightly lower than the prior estimate for P+P reserves Evidence · table > 15,768 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 15768000 against 9750000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.13 against 3.38 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-2) Séguéla · gold #### Identity - Project: Séguéla - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:c39ee92b4d2f6089b947 #### Resource Data - Category: probable - Tonnes: 16356000 - Grade: 3.01 - Grade Unit: g/t - Contained Metal: 1616 - Contained Unit: koz - Cutoff Grade: 2.14 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-31 - Prior Tonnes: 9750000 - Prior Grade: 3.38 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Proven + Probable reserve for Séguéla shows substantial growth in tonnage and contained metal, despite a slight decrease in grade, indicating successful resource conversion and expansion. - Positive factor: Significant increase in Proven + Probable tonnes \(68%\) and contained gold \(from 9.75 Mt to 16.36 Mt\) - Positive factor: Represents a 34% increase in underground Mineral Reserves for Séguéla's Sunbird deposit - Negative factor: Gold grade decreased slightly from 3.38 g/t to 3.01 g/t Au compared to the prior estimate Evidence · table > 16,356 Context: Proven + Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 16356000 against 9750000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.01 against 3.38 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-3) Lindero · gold #### Identity - Project: Lindero - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:4e7969e7eff8ba0c3785 #### Resource Data - Category: proven - Tonnes: 22291000 - Grade: 0.54 - Grade Unit: g/t - Contained Metal: 390 - Contained Unit: koz - Cutoff Grade: 0.25 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 70500000 - Prior Contained Metal: 1221 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Proven reserve contributes to the Lindero project, but the overall project reserves saw a decrease due to depletion. - Positive factor: High confidence category \(Proven\) - Negative factor: Overall Lindero reserves decreased due to production depletion Evidence · table > 22,291 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 22291000 against 70500000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 390 against 1221 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-4) Lindero · gold #### Identity - Project: Lindero - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:40a73adac62e51ecbc95 #### Resource Data - Category: probable - Tonnes: 42064000 - Grade: 0.53 - Grade Unit: g/t - Contained Metal: 718 - Contained Unit: koz - Cutoff Grade: 0.25 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 70500000 - Prior Contained Metal: 1221 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Probable reserve is part of the Lindero project, which experienced a decrease in overall reserves due to depletion. - Negative factor: Overall Lindero reserves decreased due to production depletion Evidence · table > 42,064 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 42064000 against 70500000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 718 against 1221 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-5) Lindero · gold #### Identity - Project: Lindero - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:ab271873eafdeafc0d3b #### Resource Data - Category: probable - Tonnes: 64355000 - Grade: 0.54 - Grade Unit: g/t - Contained Metal: 1108 - Contained Unit: koz - Cutoff Grade: 0.25 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 70500000 - Prior Contained Metal: 1221 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Lindero Proven + Probable reserves show a decrease in contained gold year-over-year due to mining depletion, which is a negative for the project. - Negative factor: Lindero Mine Mineral Reserves decreased by 6.1 Mt containing 121,000 ounces of gold due to production depletion - Negative factor: Overall contained gold decreased compared to the prior year Evidence · table > 64,355 Context: Proven + Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 64355000 against 70500000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1108 against 1221 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-6) Caylloma · silver #### Identity - Project: Caylloma - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8ab95a8a18373033ebf2 #### Resource Data - Category: proven - Tonnes: 171000 - Grade: 114 - Grade Unit: g/t - Contained Metal: 19 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Proven silver reserve is part of the Caylloma project, which experienced an overall decrease in reserves. - Positive factor: High confidence category \(Proven\) - Positive factor: High silver grade - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 171 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 171000 against 2440000 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-7) Caylloma · gold #### Identity - Project: Caylloma - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8ab95a8a18373033ebf2 #### Resource Data - Category: proven - Tonnes: 171000 - Grade: 0.38 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Proven gold reserve has a low grade for an underground operation and is part of a project with overall reserve decline. - Positive factor: High confidence category \(Proven\) - Negative factor: Low gold grade for an underground reserve - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 0.38 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 171000 against 2440000 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-8) Caylloma · lead #### Identity - Project: Caylloma - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8ab95a8a18373033ebf2 #### Resource Data - Category: proven - Tonnes: 171000 - Grade: 2.8 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Proven lead reserve is part of the Caylloma project, which experienced an overall decrease in reserves. - Positive factor: High confidence category \(Proven\) - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 2.80 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 171000 against 2440000 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-9) Caylloma · zinc #### Identity - Project: Caylloma - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8ab95a8a18373033ebf2 #### Resource Data - Category: proven - Tonnes: 171000 - Grade: 2.77 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Proven zinc reserve is part of the Caylloma project, which experienced an overall decrease in reserves. - Positive factor: High confidence category \(Proven\) - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 2.77 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 171000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-10) Caylloma · silver #### Identity - Project: Caylloma - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:36794f13b73d2d0ba6a4 #### Resource Data - Category: probable - Tonnes: 2104000 - Grade: 86 - Grade Unit: g/t - Contained Metal: 218 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Probable silver reserve is part of the Caylloma project, which experienced an overall decrease in reserves. - Positive factor: Good silver grade - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 2,104 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2104000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-11) Caylloma · gold #### Identity - Project: Caylloma - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:36794f13b73d2d0ba6a4 #### Resource Data - Category: probable - Tonnes: 2104000 - Grade: 0.27 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Probable gold reserve has a low grade for an underground operation and is part of a project with overall reserve decline. - Negative factor: Low gold grade for an underground reserve - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 0.27 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2104000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-12) Caylloma · lead #### Identity - Project: Caylloma - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:36794f13b73d2d0ba6a4 #### Resource Data - Category: probable - Tonnes: 2104000 - Grade: 2.39 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Probable lead reserve is part of the Caylloma project, which experienced an overall decrease in reserves. - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 2.39 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2104000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-13) Caylloma · zinc #### Identity - Project: Caylloma - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:36794f13b73d2d0ba6a4 #### Resource Data - Category: probable - Tonnes: 2104000 - Grade: 3.56 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Probable zinc reserve is part of the Caylloma project, which experienced an overall decrease in reserves. - Negative factor: Overall Caylloma reserves decreased due to depletion and metal price ratios Evidence · table > 3.56 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2104000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-14) Caylloma · silver #### Identity - Project: Caylloma - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8cad9afae27410a10a3e #### Resource Data - Category: probable - Tonnes: 2275000 - Grade: 89 - Grade Unit: g/t - Contained Metal: 238 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Proven + Probable silver reserve shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project. - Positive factor: Good silver grade - Negative factor: Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year - Negative factor: Impacted by production related depletion and higher precious to base metal price ratios Evidence · table > 2,275 Context: Proven + Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2275000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-15) Caylloma · gold #### Identity - Project: Caylloma - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8cad9afae27410a10a3e #### Resource Data - Category: probable - Tonnes: 2275000 - Grade: 0.28 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Proven + Probable gold reserve has a low grade and shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project. - Negative factor: Low gold grade for an underground reserve - Negative factor: Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year - Negative factor: Impacted by production related depletion and higher precious to base metal price ratios Evidence · table > 0.28 Context: Proven + Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2275000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-16) Caylloma · lead #### Identity - Project: Caylloma - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8cad9afae27410a10a3e #### Resource Data - Category: probable - Tonnes: 2275000 - Grade: 2.42 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Proven + Probable lead reserve shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project. - Negative factor: Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year - Negative factor: Impacted by production related depletion and higher precious to base metal price ratios Evidence · table > 2.42 Context: Proven + Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2275000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-17) Caylloma · zinc #### Identity - Project: Caylloma - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:8cad9afae27410a10a3e #### Resource Data - Category: probable - Tonnes: 2275000 - Grade: 3.5 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 2440000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Proven + Probable zinc reserve shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project. - Negative factor: Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year - Negative factor: Impacted by production related depletion and higher precious to base metal price ratios Evidence · table > 3.50 Context: Proven + Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2275000 against 2440000 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-18) Consolidated Total · gold #### Identity - Project: Consolidated Total - Commodity: gold - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:5f53bcab15ed87fb7461 #### Resource Data - Category: probable - Tonnes: 80711000 - Grade: 1.04 - Grade Unit: g/t - Contained Metal: 2724 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Contained Metal: 2574.78 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The consolidated Proven + Probable gold reserve shows a strong year-over-year increase in contained metal, indicating overall growth for the company's reserve base. - Positive factor: Represents a 15% year-over-year increase in consolidated Mineral Reserves \(GEOs\) - Positive factor: Significant contained gold ounces Evidence · table > 80,711 Context: Total #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 2724 against 2574.78 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-19) Consolidated Total · gold #### Identity - Project: Consolidated Total - Commodity: gold - Ticker: FVI #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:e04681627c60d6417a09 #### Resource Data - Category: probable - Contained Metal: 2961 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Contained Metal: 2574.78 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The consolidated Proven + Probable GEOs show a strong year-over-year increase, indicating overall growth for the company's reserve base. - Positive factor: Represents a 15% year-over-year increase in consolidated Mineral Reserves \(GEOs\) - Positive factor: Significant contained gold equivalent ounces Evidence · table > 2,961 Context: Total #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 2961 against 2574.78 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-20) Séguéla · gold #### Identity - Project: Séguéla - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:e38de00cf99f16050436 #### Resource Data - Category: indicated - Tonnes: 5651000 - Grade: 2.58 - Grade Unit: g/t - Contained Metal: 469 - Contained Unit: koz - Cutoff Grade: 0.66 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-31 - Prior Tonnes: 3440000 - Prior Grade: 3.59 - Prior Contained Metal: 405.555 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Séguéla Indicated resource shows strong growth in tonnage and contained gold, but with a notable decrease in grade, which could impact project economics. - Positive factor: Significant increase in Measured + Indicated tonnes \(64%\) and contained gold \(18%\) compared to prior year - Positive factor: High confidence category \(Indicated\) - Negative factor: Gold grade decreased from 3.59 g/t to 2.58 g/t gold compared to the prior estimate Evidence · table > 5,651 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 5651000 against 3440000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.58 against 3.59 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 469 against 405.555 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-21) Séguéla · gold #### Identity - Project: Séguéla - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:e38de00cf99f16050436 #### Resource Data - Category: indicated - Tonnes: 5651000 - Grade: 2.58 - Grade Unit: g/t - Contained Metal: 469 - Contained Unit: koz - Cutoff Grade: 0.66 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-31 - Prior Tonnes: 3440000 - Prior Grade: 3.59 - Prior Contained Metal: 405.555 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Measured + Indicated resource for Séguéla shows strong growth in tonnage and contained gold, but with a notable decrease in grade, which could impact project economics. - Positive factor: Significant increase in Measured + Indicated tonnes \(64%\) and contained gold \(18%\) compared to prior year - Positive factor: High confidence category \(Indicated\) - Negative factor: Gold grade decreased from 3.59 g/t to 2.58 g/t gold compared to the prior estimate Evidence · table > 5,651 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 5651000 against 3440000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.58 against 3.59 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 469 against 405.555 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-22) Lindero · gold #### Identity - Project: Lindero - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:18dfbc95e3061323b3d7 #### Resource Data - Category: measured - Tonnes: 1692000 - Grade: 0.53 - Grade Unit: g/t - Contained Metal: 29 - Contained Unit: koz - Cutoff Grade: 0.23 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Measured resource at Lindero provides high confidence but has a relatively low gold grade for an open pit operation. - Positive factor: High confidence category \(Measured\) - Negative factor: Low gold grade for an open pit resource Evidence · table > 1,692 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-23) Lindero · gold #### Identity - Project: Lindero - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:7e2d42f5602f68ad79cb #### Resource Data - Category: indicated - Tonnes: 26975000 - Grade: 0.43 - Grade Unit: g/t - Contained Metal: 375 - Contained Unit: koz - Cutoff Grade: 0.23 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Indicated resource at Lindero has good tonnage but a relatively low gold grade for an open pit operation. - Positive factor: Good tonnage in the Indicated category - Negative factor: Low gold grade for an open pit resource Evidence · table > 26,975 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-24) Lindero · gold #### Identity - Project: Lindero - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:3ad111f4860db70ef9ee #### Resource Data - Category: indicated - Tonnes: 28668000 - Grade: 0.44 - Grade Unit: g/t - Contained Metal: 403 - Contained Unit: koz - Cutoff Grade: 0.23 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Measured + Indicated resource at Lindero has good tonnage but a relatively low gold grade for an open pit operation. - Positive factor: Good tonnage in the Measured + Indicated category - Negative factor: Low gold grade for an open pit resource Evidence · table > 28,668 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-25) Consolidated Total · gold #### Identity - Project: Consolidated Total - Commodity: gold - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:654e5eb717e440622706 #### Resource Data - Category: indicated - Tonnes: 34318000 - Grade: 0.79 - Grade Unit: g/t - Contained Metal: 873 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Contained Metal: 1378.84 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The consolidated Measured + Indicated gold resource shows strong year-over-year growth in contained metal, indicating overall expansion of the company's higher-confidence resource base. - Positive factor: Represents a 56% year-over-year increase in consolidated Measured + Indicated Resources \(GEOs\) - Positive factor: Significant contained gold ounces Evidence · table > 34,318 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 873 against 1378.84 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-26) Caylloma · silver #### Identity - Project: Caylloma - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:61d9ae50147154a5d761 #### Resource Data - Category: measured - Tonnes: 39000 - Grade: 99 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: koz - Cutoff Grade: 58 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Measured silver resource at Caylloma has high confidence and good grade, but is part of a project with overall resource challenges. - Positive factor: High confidence category \(Measured\) - Positive factor: Good silver grade - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 39 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-27) Caylloma · gold #### Identity - Project: Caylloma - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:61d9ae50147154a5d761 #### Resource Data - Category: measured - Tonnes: 39000 - Grade: 0.31 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Measured gold resource at Caylloma has high confidence but a low grade for an underground operation, and is part of a project with overall resource challenges. - Positive factor: High confidence category \(Measured\) - Negative factor: Low gold grade for an underground resource - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 0.31 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-28) Caylloma · lead #### Identity - Project: Caylloma - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:61d9ae50147154a5d761 #### Resource Data - Category: measured - Tonnes: 39000 - Grade: 1.3 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Measured lead resource at Caylloma has high confidence but is part of a project with overall resource challenges. - Positive factor: High confidence category \(Measured\) - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 1.30 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-29) Caylloma · zinc #### Identity - Project: Caylloma - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:61d9ae50147154a5d761 #### Resource Data - Category: measured - Tonnes: 39000 - Grade: 2.27 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Measured zinc resource at Caylloma has high confidence but is part of a project with overall resource challenges. - Positive factor: High confidence category \(Measured\) - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 2.27 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-30) Caylloma · silver #### Identity - Project: Caylloma - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:37ce340e5dc5ac8b65cd #### Resource Data - Category: indicated - Tonnes: 282000 - Grade: 95 - Grade Unit: g/t - Contained Metal: 21 - Contained Unit: koz - Cutoff Grade: 58 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Indicated silver resource at Caylloma has good grade but is part of a project with overall resource challenges. - Positive factor: Good silver grade - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 282 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-31) Caylloma · gold #### Identity - Project: Caylloma - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:37ce340e5dc5ac8b65cd #### Resource Data - Category: indicated - Tonnes: 282000 - Grade: 0.18 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Indicated gold resource at Caylloma has a very low grade for an underground operation and is part of a project with overall resource challenges. - Negative factor: Very low gold grade for an underground resource - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 0.18 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-32) Caylloma · lead #### Identity - Project: Caylloma - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:37ce340e5dc5ac8b65cd #### Resource Data - Category: indicated - Tonnes: 282000 - Grade: 1 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Indicated lead resource at Caylloma is part of a project with overall resource challenges. - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 1.00 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-33) Caylloma · zinc #### Identity - Project: Caylloma - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:37ce340e5dc5ac8b65cd #### Resource Data - Category: indicated - Tonnes: 282000 - Grade: 2.18 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Indicated zinc resource at Caylloma is part of a project with overall resource challenges. - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios Evidence · table > 2.18 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-34) Caylloma · silver #### Identity - Project: Caylloma - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97854a64097699d4aba8 #### Resource Data - Category: indicated - Tonnes: 321000 - Grade: 95 - Grade Unit: g/t - Contained Metal: 25 - Contained Unit: koz - Cutoff Grade: 58 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Measured + Indicated silver resource at Caylloma shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative. - Positive factor: Good silver grade - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades Evidence · table > 321 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-35) Caylloma · gold #### Identity - Project: Caylloma - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97854a64097699d4aba8 #### Resource Data - Category: indicated - Tonnes: 321000 - Grade: 0.2 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Measured + Indicated gold resource at Caylloma has a very low grade and shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative. - Negative factor: Very low gold grade for an underground resource - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades Evidence · table > 0.20 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-36) Caylloma · lead #### Identity - Project: Caylloma - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97854a64097699d4aba8 #### Resource Data - Category: indicated - Tonnes: 321000 - Grade: 1.03 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Measured + Indicated lead resource at Caylloma shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative. - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades Evidence · table > 1.03 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-37) Caylloma · zinc #### Identity - Project: Caylloma - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97854a64097699d4aba8 #### Resource Data - Category: indicated - Tonnes: 321000 - Grade: 2.19 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Measured + Indicated zinc resource at Caylloma shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative. - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades Evidence · table > 2.19 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-38) Diamba Sud · gold #### Identity - Project: Diamba Sud - Commodity: gold - Region: senegal - Reported Region: Senegal - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:95cddd9c15753f584e51 #### Resource Data - Category: indicated - Tonnes: 26027000 - Grade: 1.5 - Grade Unit: g/t - Contained Metal: 1254 - Contained Unit: koz - Cutoff Grade: 0.26 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-01-16 - Prior Tonnes: 7800000 - Prior Contained Metal: 473.333 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Diamba Sud Indicated resource shows exceptional growth in tonnage and contained gold, significantly advancing the project towards a construction decision, despite a decrease in grade. - Positive factor: Exceptional increase in Measured + Indicated tonnes \(236%\) and contained gold \(165%\) compared to prior year - Positive factor: High confidence category \(Indicated\) - Positive factor: Feasibility study on track for first-time reporting of Mineral Reserves - Negative factor: Gold grade decreased by 21% compared to the prior estimate Evidence · table > 26,027 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 26027000 against 7800000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1254 against 473.333 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-39) Diamba Sud · gold #### Identity - Project: Diamba Sud - Commodity: gold - Region: senegal - Reported Region: Senegal - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:95cddd9c15753f584e51 #### Resource Data - Category: indicated - Tonnes: 26027000 - Grade: 1.5 - Grade Unit: g/t - Contained Metal: 1254 - Contained Unit: koz - Cutoff Grade: 0.26 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-01-16 - Prior Tonnes: 7800000 - Prior Contained Metal: 473.333 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The combined Measured + Indicated resource for Diamba Sud shows exceptional growth in tonnage and contained gold, significantly advancing the project towards a construction decision, despite a decrease in grade. - Positive factor: Exceptional increase in Measured + Indicated tonnes \(236%\) and contained gold \(165%\) compared to prior year - Positive factor: High confidence category \(Indicated\) - Positive factor: Feasibility study on track for first-time reporting of Mineral Reserves - Negative factor: Gold grade decreased by 21% compared to the prior estimate Evidence · table > 26,027 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 26027000 against 7800000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 1254 against 473.333 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-40) Consolidated Total · gold #### Identity - Project: Consolidated Total - Commodity: gold - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:2a2a4382049b471aee8a #### Resource Data - Category: indicated - Contained Metal: 2151 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Contained Metal: 1378.84 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The consolidated Measured + Indicated GEOs show strong year-over-year growth, indicating overall expansion of the company's higher-confidence resource base. - Positive factor: Represents a 56% year-over-year increase in consolidated Measured + Indicated Resources \(GEOs\) - Positive factor: Significant contained gold equivalent ounces Evidence · table > 2,151 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 2151 against 1378.84 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-41) Séguéla · gold #### Identity - Project: Séguéla - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:15c756036291e74fb821 #### Resource Data - Category: inferred - Tonnes: 9989000 - Grade: 2.74 - Grade Unit: g/t - Contained Metal: 879 - Contained Unit: koz - Cutoff Grade: 1.89 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-31 - Prior Tonnes: 6770000 - Prior Contained Metal: 621.428 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Séguéla Inferred resource shows strong growth in tonnage and contained gold, indicating significant exploration success and future potential, despite a slight grade decrease and lower confidence category. - Positive factor: Significant increase in Inferred Mineral Resource tonnes \(48%\) and contained gold \(42%\) compared to prior year - Positive factor: Represents a 55% increase in Inferred Mineral Resources for the Sunbird deposit - Negative factor: Gold grade decreased by 4% compared to the prior estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 9,989 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 9989000 against 6770000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 879 against 621.428 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-42) Lindero · gold #### Identity - Project: Lindero - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:99a2a1d9ba0641cd6cc7 #### Resource Data - Category: inferred - Tonnes: 29330000 - Grade: 0.46 - Grade Unit: g/t - Contained Metal: 434 - Contained Unit: koz - Cutoff Grade: 0.23 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: This Inferred resource at Lindero has good tonnage but a relatively low gold grade and lower confidence, indicating early-stage potential. - Positive factor: Good tonnage in the Inferred category - Negative factor: Low gold grade for an open pit resource - Negative factor: Inferred category has lower geological confidence Evidence · table > 29,330 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-43) Caylloma · silver #### Identity - Project: Caylloma - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97d89833930df53561eb #### Resource Data - Category: inferred - Tonnes: 3901000 - Grade: 96 - Grade Unit: g/t - Contained Metal: 381 - Contained Unit: koz - Cutoff Grade: 58 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3790000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Inferred silver resource shows a slight tonnage increase but is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects. - Positive factor: Good silver grade - Positive factor: Inferred tonnes increased by 3% year-over-year - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Inferred category has lower geological confidence - Negative factor: Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization Evidence · table > 3,901 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-44) Caylloma · gold #### Identity - Project: Caylloma - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97d89833930df53561eb #### Resource Data - Category: inferred - Tonnes: 3901000 - Grade: 0.38 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3790000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Inferred gold resource has a low grade and is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects. - Positive factor: Inferred tonnes increased by 3% year-over-year - Negative factor: Low gold grade for an underground resource - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Inferred category has lower geological confidence - Negative factor: Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization Evidence · table > 0.38 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-45) Caylloma · lead #### Identity - Project: Caylloma - Commodity: lead - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97d89833930df53561eb #### Resource Data - Category: inferred - Tonnes: 3901000 - Grade: 1.83 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3790000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Inferred lead resource shows a slight tonnage increase but is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects. - Positive factor: Inferred tonnes increased by 3% year-over-year - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Inferred category has lower geological confidence - Negative factor: Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization Evidence · table > 1.83 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-46) Caylloma · zinc #### Identity - Project: Caylloma - Commodity: zinc - Region: peru - Reported Region: Peru - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:97d89833930df53561eb #### Resource Data - Category: inferred - Tonnes: 3901000 - Grade: 2.81 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 3790000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Caylloma Inferred zinc resource shows a slight tonnage increase but is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects. - Positive factor: Inferred tonnes increased by 3% year-over-year - Negative factor: Overall Caylloma resources impacted by depletion and metal price ratios - Negative factor: Inferred category has lower geological confidence - Negative factor: Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization Evidence · table > 2.81 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-47) Arizaro · gold #### Identity - Project: Arizaro - Commodity: gold - Region: argentina - Reported Region: Argentina - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:bde70398ebbc40c5de6d #### Resource Data - Category: inferred - Tonnes: 32900000 - Grade: 0.38 - Grade Unit: g/t - Contained Metal: 402 - Contained Unit: koz - Cutoff Grade: 0.23 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-12-31 - Prior Contained Metal: 390.291 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Arizaro Inferred resource shows a modest increase in contained gold, driven by higher gold price assumptions, but remains a lower-confidence, low-grade resource. - Positive factor: Contained gold ounces increased by 3% compared to the prior year - Positive factor: Good tonnage in the Inferred category - Negative factor: Low gold grade for an open pit resource - Negative factor: Inferred category has lower geological confidence Evidence · table > 32,900 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-48) Diamba Sud · gold #### Identity - Project: Diamba Sud - Commodity: gold - Region: senegal - Reported Region: Senegal - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:87deb9143f8a9b5bbe1c #### Resource Data - Category: inferred - Tonnes: 2105000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 77 - Contained Unit: koz - Cutoff Grade: 0.26 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-01-16 - Prior Tonnes: 3100000 - Prior Contained Metal: 147.916 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The Diamba Sud Inferred resource shows a significant decrease in tonnage, grade, and contained gold, primarily due to successful upgrading to higher confidence categories, which is a positive for the project's overall maturity but a negative for the Inferred category itself. - Negative factor: Inferred Mineral Resource tonnes decreased from 3.1 Mt to 2.1 Mt - Negative factor: Gold grade decreased by 23% - Negative factor: Contained gold decreased by 48% due to upgrading in resource classification - Negative factor: Inferred category has lower geological confidence Evidence · table > 2,105 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 2105000 against 3100000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 77 against 147.916 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/fortuna-reports-15-increase-yoy-in-consolidated-mineral-reserves-and-updates-est--2f962cee-37a7-428b-8f5a-326bbb2aeb74#fact-resource-facts-49) Consolidated Total · gold #### Identity - Project: Consolidated Total - Commodity: gold - Ticker: FVI #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eric Chapman, Raul Espinoza - Resource group id: resource:d1313b434d0b4a7a7166 #### Resource Data - Category: inferred - Contained Metal: 2172 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Contained Metal: 2088.46 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-23T00:00:00.000Z Reasoning: The consolidated Inferred GEOs show a modest year-over-year increase, indicating continued exploration success, though in a lower confidence category. - Positive factor: Represents a 4% year-over-year increase in consolidated Inferred Mineral Resources \(GEOs\) - Positive factor: Significant contained gold equivalent ounces - Negative factor: Inferred category has lower geological confidence Evidence · table > 2,172 Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.