Fortuna Mining Corp. has awarded a processing plant expansion study to Lycopodium Minerals Canada Ltd. for its Séguéla gold mine in Côte d’Ivoire. The study will evaluate options to raise the plant’s throughput from the current 1.75 million tonnes per annum (Mtpa) to between 2.0 and 2.5 Mtpa, a change that could unlock more than 200,000 ounces of gold per year.
The expansion aligns with Fortuna’s strategy to focus on high‑margin operations and accelerate production at its flagship mine. By increasing capacity, the company aims to capture additional resources from the Sunbird and Kingfisher deposits and support its 2026 production target of 160,000‑180,000 ounces. The study also underpins a broader plan to extend the mine life to 7.5 years and move toward an overall annual gold‑equivalent output of roughly 500,000 ounces within the next three years.
Lycopodium Minerals Canada has a proven track record on the Séguéla project, having designed and built the existing processing plant and worked on other West‑African gold projects such as Roxgold’s Séguéla Gold Project. Its experience in similar‑scale expansions gives the study a strong technical foundation.
Fortuna’s financial position supports the expansion. The company reported an EBITDA margin of 55% in Q2 2025 and maintains a robust liquidity profile with a net cash balance that can fund the study and subsequent capital expenditures. The strong margin reflects disciplined cost management and operational leverage.
President and CEO Jorge A. Ganoza said the study is a “key step in unlocking the next phase of growth for the mine and fully capturing the opportunities created by our exploration success.” He added that confidence in Lycopodium’s ability to deliver practical, innovative solutions underpins the company’s commitment to maximizing value.
The study’s outcome will determine the most efficient way to scale the plant, potentially reducing per‑ounce processing costs and improving overall throughput. Successful expansion would allow Fortuna to bring additional ore to the mill, increase gold recovery, and enhance cash‑flow generation, reinforcing the company’s high‑margin focus and supporting its long‑term growth objectives.
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