Fortuna Mining Expands Its Footprint in West Africa with New Guinea Alliance

Fortuna Mining has taken a decisive step in strengthening its West African footprint by entering into a binding Heads of Agreement with Australia’s DeSoto Resources to establish a joint exploration alliance and venture across Guinea’s Siguiri Basin, one of the most prolific gold provinces in Africa. The partnership represents a strategic convergence of Fortuna’s financial and operational strength with DeSoto’s proven exploration expertise, particularly in West Africa, where its team has been credited with several major discoveries. The move not only expands Fortuna’s geographical reach but also underscores its long-term commitment to responsible resource development and sustainable exploration across the continent.

The agreement provides for the creation of a new joint venture company, JVCo, with equal board representation from both partners to ensure balanced oversight and collaborative decision-making. Fortuna will hold a 70% interest in the joint venture once a qualifying “Go Project” is confirmed, defined as a discovery that meets the partners’ agreed exploration and economic thresholds. During the Project Generation Phase, expected to last 36 months, the alliance will focus on identifying and evaluating high-potential targets within the Siguiri Basin through systematic geophysical surveys, geochemical sampling, and exploratory drilling. Fortuna will solely fund up to US$12.5 million in exploration or cover three years of expenditure, whichever extends longer, reaffirming its financial commitment to the venture’s early-stage success.

The Siguiri Basin, part of the broader Birimian greenstone belt, hosts several multi-million-ounce gold deposits, including Predictive Discovery’s 5.4-million-ounce Bankan Project, which was co-discovered by members of DeSoto’s current technical team. Leveraging this discovery track record, the alliance aims to fast-track new gold finds capable of underpinning long-life mining operations. Fortuna’s entry into Guinea complements its established portfolio spanning Senegal, Côte d’Ivoire, Argentina, Mexico, and Peru, expanding its exposure to some of the world’s most attractive jurisdictions for gold exploration and production.

Beyond exploration, the alliance also carries broader strategic significance for both companies. For Fortuna, it represents a major step toward achieving portfolio diversification and scaling its African growth strategy, while for Guinea, it brings fresh investment and technical expertise into a mining sector that continues to attract global attention. The partnership reinforces the country’s potential to rival traditional West African mining powerhouses such as Ghana and Mali in gold production and discovery momentum.

In the wider mining context, Fortuna’s collaboration with DeSoto exemplifies a growing trend of cross-border exploration alliances that combine capital, expertise, and regional experience to unlock underexplored mineral territories. If successful, the venture could yield new large-scale gold projects that not only enhance shareholder value but also deliver tangible socio-economic benefits to local communities, aligning with Africa’s broader vision for sustainable, inclusive mining-led growth.

Mini-Glossary

• Heads of Agreement: A preliminary binding document outlining the main terms of a proposed partnership or joint venture before detailed contracts are finalized.
• Joint Venture (JVCo): A new company jointly owned by two or more partners to pursue shared business objectives, in this case, mineral exploration.
• Go Project: A target or prospect that meets agreed criteria for further development based on geological and economic assessments.
• Birimian Greenstone Belt: A geologically rich zone in West Africa known for hosting numerous world-class gold deposits.
• Project Generation Phase: The initial exploration phase aimed at identifying promising mineral targets before intensive drilling and feasibility studies.
• Sustainable Exploration: A mining approach that prioritizes environmental responsibility, social inclusion, and long-term economic benefits alongside mineral discovery.