Fortuna Mining Corp (NYSE: FSM | TSX: FVI | 0QYM), a Canadian precious metals producer operating mines in Argentina, Côte d'Ivoire, and Peru, announced on 2 November 2026 that it has received the Notice of Admissibility for its Diamba Sud Exploitation Permit application from Senegal's Ministry of Mines and Geology. The notice confirms the application documentation complies with all regulatory requirements, marking a critical milestone toward formal permit approval. The company now expects the Government's internal approval process to conclude during the fourth quarter of 2026, with a formal final investment decision anticipated upon receipt of the permit.

Key Points

  • Fortuna Mining Corp (NYSE: FSM | TSX: FVI | 0QYM) is a Canadian gold and silver producer with three operating mines and the Diamba Sud feasibility-stage gold project in Senegal.
  • Senegal's Ministry of Mines and Geology issued a Notice of Admissibility for the Diamba Sud Exploitation Permit application on 2 November 2026.
  • The feasibility study, announced 29 June 2026, reported an after-tax IRR of 60% and an NPV5% of US$1 billion using a gold price of US$3,500 per ounce.
  • Investors should watch for receipt of the formal Exploitation Permit and Board approval of the final investment decision, both targeted for Q4 2026.

Senegal Ministry of Mines Completes Regulatory Review of Diamba Sud Permit Application

The Notice of Admissibility, received on 2 November 2026, confirms that Senegal's Ministry of Mines and Geology has completed its review of Fortuna's Exploitation Permit documentation and that the application file satisfies all regulatory requirements. The application process was initiated in February 2026. Fortuna separately received the environmental decree from Senegal's Ministry of Environment and Ecological Transition approving its Environmental and Social Impact Assessment on 15 June 2026. The company states it is committing capital to early works to protect its project schedule, with first gold targeted for mid-2028.

Diamba Sud Feasibility Study Underpins 60% IRR and US$1 Billion NPV at US$3,500 Gold Price

The positive feasibility study published on 29 June 2026 demonstrated the technical and economic viability of the Diamba Sud gold project in Senegal, reporting an after-tax internal rate of return of 60% and an NPV5% of US$1 billion, calculated using a gold price assumption of US$3,500 per ounce. CEO Jorge A. Ganoza stated the project, combined with a 30% plant expansion at the flagship Séguéla mine in Côte d'Ivoire — where the final investment decision was made in July — underpins a target of approximately 60% growth in annual gold production to an annualised rate of 500,000 ounces from mid-2028.

Early Works and Construction Planning Progress Ahead of Formal Investment Decision

Fortuna has advanced multiple early-works activities at Diamba Sud while awaiting the Exploitation Permit. These include selecting SENET as engineering, procurement, and construction management contractor; completing front-end engineering and design; reaching 15% progress on detailed engineering for the processing plant; placing purchase orders for critical long-lead equipment including the SAG mill, primary crusher, and carbon-in-leach tank plate work; and progressing accommodation camp construction to 80% earthworks completion. Generators for the power station are in manufacturing, with light fuel oil generators having passed factory acceptance testing and shipped.

Mining Convention Negotiations and Remaining Approvals Represent Key Risks for Diamba Sud Timeline

Full-scale construction remains contingent on receipt of the Exploitation Permit, Board approval of the final investment decision, and local-level customary construction approvals. Fortuna is at an advanced stage of negotiations with the State of Senegal on a Mining Convention based on the country's 2016 Mining Code, which includes provisions aimed at establishing a fiscal stability framework for a ten-year period. The Convention remains subject to finalisation and Government approval, and any delays in permit issuance or changes to negotiated fiscal terms during the approval process represent company-specific risks that investors may wish to monitor closely.