FINWIRES · TerminalLIVE
FINWIRES

Fortuna Reports 15% Lift YoY in Consolidated Mineral Reserves and Updates Estimate of Sunbird Deposit, Seguela

-- Fortuna Mining Corp. (NYSE: FSM and TSX: FVI) was down 1.5% in US premarket trade Thursday after it provided an updated consolidated Mineral Reserve and Mineral Resource estimates for its operating mines and projects in West Africa and Latin America.

Mineral Reserves increased by 15% year-over-year, after accounting for production related depletion, Fortuna said in a statement.

An updated estimate for Seguela as of March 31, 2026, reported an increase of 34% in underground Mineral Reserves and a 55% increase in Inferred Mineral Resources for the Sunbird deposit "as a result of the successful infill and exploration drilling program executed in the second half of 2025", the company added.

Among highlights, Consolidated Proven and Probable Mineral Reserves are reported containing 3.0 million gold equivalent ounces representing a year-over-year increase of 15%, the company said. Changes are due to the upgrading of resources to reserves representing 819,000 GEOs, primarily at Seguela, offset by production related depletion of 378,000 GEOs, it added.

Consolidated Measured and Indicated Resources exclusive of Mineral Reserves are reported containing 2.1 million GEOs representing a year-over-year increase of 56%, Fortuna said. Primary drivers for the net increase are the result of drilling at Diamba Sud, upgrading 781,000 GEOs, a 165% increase, offset by the upgrading of resources to reserves at Seguela, it added.

Consolidated Inferred Mineral Resources are reported containing 2.2 million GEOs representing a year-over-year increase of 4%, the company said. The change is the result of drilling discovering 726,000 GEOs counteracting the impact of upgrading 628,000 GEOs, it added.

Underground Mineral Reserves for Seguela's Sunbird deposit are reported as 4.4 Mt averaging 3.80 g/t Au containing 539,000 ounces of gold, an increase of 34% to its maiden estimate, Fortuna said. Inferred Mineral Resources are reported as 2.9 Mt averaging 4.45 g/t Au containing 417,000 ounces of gold, a 55% increase, it added.

Diamba Sud's feasibility study remains on track for first-time reporting of Mineral Reserves in support of a construction decision by the end of this quarter, the company said.

Mineral Reserves are estimated using a gold price of US$2,300/oz and Mineral Resources are estimated using a gold price of $2,600/oz, except for the Diamba Sud Project where Mineral Resources are estimated using a gold price of $3,300/oz, the company noted.

Shares in Fortuna were up 2.75% in Canada and 2.7% in the U.S. yesterday.

Related Articles

Mining & Metals

BMO Initiates Coverage of Meridian Mining with an Outperform Rating, C$3.00 Price Target

BMO Capital Markets on Thursday initiated coverage of Meridian Mining (MNO.TO) with an outperform rating and C$3.00 price target.Meridian's Cabacal gold-copper deposit in Brazil stands out as a low-capex, low-complexity, and low-risk project, BMO said.The past-producing mine represents the flagship asset for Meridian and is central to other targets along the Cabacal belt, giving Meridian the opportunity to develop additional assets within the land package, BMO added.Construction is expected to commence in the second quarter of 2027, and Meridian's management is advancing permitting, engineering, and financing milestones, according to BMO.Price: $1.84, Change: $-0.01, Percent Change: -0.54%

$MNO.TO
Australia

Lam Research Likely to Benefit from Healthy Wafer Fabrication Equipment Landscape, RBC Says

Lam Research (LRCX) is likely to benefit from healthy wafer fabrication equipment environment for the next two to three years driven by generative AI demand and memory tightness, RBC Capital Markets said in a Wednesday research report.The brokerage said it raised its fiscal 2026 and 2027 EPS guidance to $5.65 and $7.72, respectively, from $5.30 and $6.84 earlier.The company's fiscal Q3 beat was particularly driven by strength in DRAM and improving NAND outlook amid continued momentum in high bandwidth memory, analysts wrote.China exposure declined during the quarter, and the company expects further declines as global spending accelerates, but overall, China demand remains steady, according to the note.RBC reiterated its outperform rating on the stock and boosted its price target to $310 from $290.Price: $261.88, Change: $-3.68, Percent Change: -1.38%

$LRCX
Asia Markets

Swiss Market Index Recovers; Nestlé, Galderma Shares Rise

The Swiss Market Index broke its three-day losing streak on Thursday, closing 1.38% in the green, amid a busy day of corporate financial updates and private sector data releases.Nestlé (NESN.SW) delivered an organic sales growth of 3.5% year over year in the first quarter, including a negative impact of 90 basis points from the precautionary recall of batches of its infant formula products globally, with total group sales reaching 21.32 billion francs. Real internal growth came in at 1.2% over the period. The consumer goods giant's stock added 5.89% at closing."A widespread, RIG led beat underpins maintained guidance (with consensus currently at the bottom of the range for sales growth guidance). It is good to see coffee back on song after last year's price squeeze, with RIG of 3.5% and organic sales growth of 9.3%," RBC Capital Markets said in a quick take note, describing the results as "impressive."Galderma Group (GALD.SW) also saw its shares rise 6.60% as it reported a "strong" start to the year, with net sales climbing to $1.47 billion in the first quarter from the year-ago $1.13 billion. For full-year 2026, the dermatology company reaffirmed its guidance of net sales growth between 17% and 20% at constant currency, expecting its exposure to US tariffs to remain "manageable."Other Switzerland-listed heavyweights that posted trading updates included pharmaceutical major Roche (RO.SW), testing and certification company SGS (SGSN.SW), and escalators and elevators manufacturer Schindler (SCHP.SW).On the macroeconomic front, Switzerland signed an investment protection agreement with Saudi Arabia during Swiss President Guy Parmelin's official visit to the Middle Eastern country. The deal is set to become effective following completion of internal approval procedures in both countries.Zooming out to the euro area, the seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index fell to a 17-month low of 48.6 in April from 50.7 in March. The latest reading marks the first time the index dropped below the neutral 50 threshold in 16 months.

$^SSMI$GALD.SW$NESN.SW$RO.SW$SCHP.SW$SGSN.SW