Fortuna Mining has announced a significant increase in its mineral resource estimate for the Diamba Sud gold project located in Senegal. The update on Fortuna boosts resource estimate comes ahead of the company’s expected release of a preliminary economic assessment (PEA) later this year.
The most recent Fortuna boosts resource estimate indicates that Diamba Sud presently contains about 724,000 ounces of gold in indicated resources. This represents an impressive 53% surge from the earlier estimate in December 2024. Additionally, the inferred resource has also experienced a substantial increase of 93%, which now stands at around 285,000 ounces of gold.
The mineral resource is over seven deposits — Area A, Area D, Karakara, Western Splay, Kassassoko, Southern Arc and Moungoundi — based on drilling data from a combined total of 1,178 diamond and reverse circulation holes drilled since 2019.
The upgrade takes in more than 31,000 metres of drilling (243 holes) completed on the property for the last twelve months up to July 2025. It includes first estimates for the Moungoundi and Southern Arc deposits, containing 194,000 and 31,000 ounces, respectively.
Fortuna said it is planning further drilling for the fourth quarter of 2025. Meanwhile, the PEA work on Diamba Sud is in progress, with completion also envisioned for Q4.
Following up on the recent decision by the company to exit from Burkina Faso, where there are jurisdictional risks, its main asset is in West Africa, Séguéla mine in Côte d’Ivoire, which started producing two years ago. Diamba Sud was acquired in 2023 by Fortuna to increase its output within that region.
Shares of the Canadian-based gold miner jumped 7.3% to C$9.46 per share by midday, for a market capitalization of C$2.93 billion ($2.13 billion).