Fortuna acquires Bambadji gold exploration project in Senegal
Fortuna Mining Corp. is excited to announce the acquisition of the 190 km² Bambadji advanced gold exploration project, located adjacent to its feasibility-stage Diamba Sud Gold Project in Senegal. The purchase of subsidiaries from Barrick Mining Corporation and IAMGOLD Corporation strengthens Fortuna’s presence along the highly prospective Senegal-Mali Shear Zone, a world-class gold corridor.
Jorge A. Ganoza, President and CEO of Fortuna, stated, “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.” He added, “The US$200 million investment reflects the value of multiple prime drill targets, the size of the land holding, an extensive historical exploration dataset, and the potential to significantly expand Diamba Sud in one of West Africa’s most promising gold districts, where acquiring quality ground is challenging.”
Project location and geological significance
The Bambadji Project consists of two properties covering approximately 190 km², extending over about 60 kilometers of prospective strike along the Senegal-Mali Shear Zone. It is contiguous with the eastern margin of Fortuna’s Diamba Sud Gold Project, which holds Mineral Reserves totaling 1.15 million ounces of gold, with a final investment decision expected soon. Established secondary roads provide direct access between the two projects.
The acquisition includes a rich exploration dataset featuring geochemical, geophysical, and lithological data, along with roughly 214,000 meters of historical drilling comprising auger, reverse circulation, and diamond drilling. Several gold mineralization styles have been identified across Bambadji, including analogues to Diamba Sud’s breccia-style mineralization, the Yalea sericite-albitite style, and the high-tourmaline Gara style. At least eight significant drill-defined prospects and multiple mineralized trends remain open along strike and at depth, offering clear targets for Fortuna’s planned exploration.
2026 exploration program
Fortuna has approved an initial US$8 million exploration budget for Bambadji for the remainder of 2026, targeting 51,000 meters of reverse circulation and diamond drilling. Drilling is planned to begin in the third quarter. The program aims to enhance confidence and refine several advanced drill-defined targets within a 20-kilometer radius of the proposed Diamba Sud processing plant. Eight priority targets have been identified for immediate focus, while ongoing generative exploration will advance additional targets across the project’s highly prospective mineralized trends.
Transaction details
Under definitive agreements dated 10th August 2026, Fortuna paid US$200 million in cash from its treasury to acquire the Bambadji Project, US$130.35 million to a Barrick subsidiary and US$69.65 million to an IAMGOLD subsidiary. Additionally, the sellers received a 0.5% net smelter return royalty on the first 1.75 million ounces of gold produced from the Bambadji Nord property, split as 0.325% to Barrick and 0.175% to IAMGOLD.
This acquisition reinforces Fortuna’s strategic position in one of West Africa’s premier gold corridors and highlights its commitment to advancing high-quality gold projects with significant growth potential.
