Fortuna logs high-grade gold in Senegal, extends depth

AI desk brief

Fortuna reported high-grade step-out drilling at Diamba Sud in Senegal that extends mineralization at depth and supports near-pit growth, with Hole DSR1149 returning 40.8m at 3.9g/t gold from 228m and DSDD699 cutting 12m at 6.8g/t from 96m. The company says the project remains on track for a final investment decision this quarter, first production in Q2 2028, and eventual output growth toward 500,000 gold-equivalent ounces annually by 2028 from a 2026 forecast maximum of 305,000oz.

Diamba Sud holds probable reserves of 20.5Mt grading 1.75g/t for 1.15Moz contained gold, and Fortuna values the project at a $1bn after-tax NPV using a $3,500/oz gold price, a 60% IRR and one-year payback. The company is also advancing nearby Bambadji drilling with six rigs in a C$11mn 2026 campaign; National Bank’s Mohamed Sidibé said the new results support near-pit growth and that parallel structures remain open.