Fortuna Mining Corp. filed an application for an exploitation permit for its Diamba Sud gold project in Senegal on February 4 2026, a step announced on February 10 2026 that brings the project one milestone closer to a construction decision slated for mid‑2026.
The Diamba Sud project sits on a 724,000‑ounce indicated resource and 285,000‑ounce inferred resource base, and a preliminary economic assessment completed in October 2025 projected a net present value of $563 million and an internal rate of return of 72% at a gold price of $2,750 per ounce. The project is expected to produce 840,000 ounces of gold over 8.1 years, with a first‑production target of Q2 2028 and an initial capital expenditure of $283.2 million that is expected to pay back in roughly ten months.
Fortuna’s balance sheet provides a strong funding foundation for the next phase. As of June 30 2025 the company reported $537.3 million in cash and a net cash position of $214.8 million, giving it ample liquidity to finance the detailed engineering, updated resource estimate, and feasibility study that will follow the permit approval.
The company will continue early works and detailed engineering to de‑risk the project, and it plans to publish an updated mineral resource estimate by the end of February 2026. That estimate will form the basis for a full feasibility study and support the construction decision that the company is targeting for the first half of 2026.
Fortuna acquired the Diamba Sud project in September 2023 to strengthen its West African presence and position a second African mine after its Séguéla operation in Côte d’Ivoire. The Senegalese government will hold a 10 % free‑carried interest and has the option to acquire an additional 25 % stake. An environmental and social impact assessment has already been submitted, and the company expects a mining license by June 2026, further underscoring the project’s regulatory momentum.
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