Fortuna Mining Corp. has acquired the advanced gold exploration project in Senegal through a US$200 million cash purchase of subsidiaries held by Barrick Mining Corporation and IAMGOLD Corporation.

The transaction secures the 190 square kilometre Bambadji project, consolidating approximately 60 kilometres of prospective strike along the Senegal-Mali Shear Zone immediately adjacent to Fortuna’s feasibility-stage Diamba Sud Gold Project. The purchase price was funded entirely from treasury, with US$130.35 million paid to a Barrick subsidiary and US$69.65 million to an IAMGOLD subsidiary. In addition to the cash consideration, Fortuna granted the sellers a 0.5 percent net smelter return royalty on the first 1.75 million ounces of gold produced from the Bambadji Nord property, split 0.325 percent to Barrick and 0.175 percent to IAMGOLD.

“Bambadji represents a rare opportunity to consolidate a large-scale, highly prospective exploration land package immediately adjacent to our feasibility-stage Diamba Sud Gold Project. The US$200 million consideration paid for the project reflects multiple prime drill-defined targets, the scale of the land package, the extensive historical exploration dataset, and the potential to materially expand Diamba Sud in one of the most prospective gold districts in West Africa, where quality ground is difficult to assemble.”

— Jorge A. Ganoza, President and CEO

The acquisition brings an extensive exploration dataset comprising geochemical, geophysical, and lithological information, alongside approximately 214,000 metres of historical drilling completed across multiple past campaigns. Historic work has identified at least eight drill-defined prospects with mineralisation styles analogous to Diamba Sud, including breccia-style zones. Previous intercepts across the package include drill hole KBWDH006 at Kabewest, which returned 2.12 grams per tonne gold over 52.9 metres from 88.8 metres downhole, and KCRC008 at Kach, which intersected 15.22 grams per tonne gold over 7.0 metres from 29.0 metres.

To advance the newly acquired ground, Fortuna has approved an initial US$8 million exploration budget for the remainder of 2026. The program is set to kick off in the third quarter and will involve 51,000 metres of reverse circulation and diamond drilling focused on improving confidence across eight priority targets situated within a 20-kilometre radius of the proposed Diamba Sud processing plant site.

The consolidation bolsters Fortuna’s broader operational pipeline in West Africa. Diamba Sud holds Mineral Reserves containing 1.15 million ounces of gold. A final investment decision for Diamba Sud is anticipated shortly, supported by recent environmental approvals.

Read the full announcement: Fortuna acquires highly prospective Bambadji Project in Senegal from Barrick and IAMGOLD